This month’s blog and newsletter topic is “Can you manage by hope?” In these confusing times, if you and your company run without analysis, prediction and planning, you’re managing by hope.
The same is true when there seem to be no solutions. Where there are apparently no solutions, there only seems to be hope.
It’s a Tough Environment
Today, we are surrounded by all kinds of issues. The pandemic, with all of its restrictions, finally ended. It seemed that we would finally be able to operate like we used to—but now there are multiple issues with conducting business. Some feel that all they can do is hope things get better because they seem to have no answers.
Inflation could be considered to be too high. As a result, expenses have become burdensome.
There are issues on the individual level as well, which your employees are encountering in their day-to-day lives. Food costs have risen, as have utility and general living costs.
Hoping, though, is a complete toss-up. Things may get better, or they may not. Chances are, if you have no ways to deal with your issues, they won’t.
Evolve Solutions
The only real answer, of course, is to begin evolving solutions for your company’s challenges. It’s the sole method of once again providing your company with a competitive edge. Hope then transitions into real results.
A major example of today’s issues given above is inflation. There are number of measures a company can take to successfully deal with it.
The first thought company management will often have will be to raise prices. The problem with that is that unless prospects and customers perceive that value has also somehow increased, price increases can negatively impact business.
To start with, a business should analyze its pricing versus its costs. Next, the company needs to evolve a plan to be more efficient. The goal here would be to figure out how to provide the same product or service the company has always offered without being overpriced.
Another solution would be to provide a customer value they don’t expect. When you do that, your business gains a reputation of delivering added benefits at the same cost.
Yet another approach is to position your company’s products and services as having particular value related to today’s uncertain environment.
If you can bring about one or more of these solutions, your company will continue to grow despite inflation.
Solutions are Contagious
One great aspect of solutions is that they are contagious. When your staff sees management working hard to develop solutions to the company’s issues, they will become solution-minded, too. They’ll realize that there is always “something you can do about it” (which, of course, is true) and take positive actions themselves.
Marketing will start coming up with company communications that clearly demonstrate the value of the company’s products and services, especially in this uncertain environment. Salespeople will start utilizing similar messaging. Even those in non-public-facing positions will begin to find ways in which their jobs can provide more value.
Do everything you can to move the company entirely out of hope and into solutions.
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