Problem solving approaches

There is no business venture which does not have its fair share of problems. A successful business is one where the problems faced by the venture are dealt with in an appropriate and profitable manner. When these problems are not given their due attention promptly they tend to snowball and may even cause the doom of the business. It is no wonder then that problem solving techniques form the backbone of almost all business studies.

Comprehending these problems solving techniques and executing them at the required time will help make the business profitable and successful. An analysis of the problem solving approaches follows-

• Identify – Much like a disease, a problem can also be cured only once its cause is identified. When faced with a problem, begin with locating its roots. Figure out whether the problem is a financial one, related to HR or any other compartment of the business.

• Segregate - Once the problem area has been identified set it aside from the other well functioning sections of the venture. Mixing with departments that are running smoothly will only cause confusion and make the solution difficult to execute.

•Understand – Comprehend why the problem arose, what are the various areas of the business that it will affect and other relevant properties of the problem at hand.

• Break down – Break the problem into smaller manageable portions so as to be able to delegate both time and man power according to the demand of the problem.

• SWOT – Assess the strength, weakness, opportunity and threat of the business venture so as to be able to find the most suitable solution for the problem.

• Viability – The solution that is eventually selected to harness the problem must be a financially and practically viable one. Choosing a solution that cannot be followed through or causes financial loss to the business will be adding to the problems rather than decreasing them.

•Risk – Contemplate and evaluate the risk factor that is involved in the solution. The risk factor must be in proportion to the problem at hand. Taking unnecessary large risks to solve problems that are smaller in proportion may lead to a bigger problem than the one initially on hand.

•Larger picture – Always keep the larger goal of the business in mind when solving a problem. If the solution adversely affects the ultimate goal of the business then it will be futile to adopt it.

•Execution – Once the most feasible solution has been decided it is imperative to immediately execute it. Talk does not cook rice, so it is the final execution of the solution that will solve the problem at hand.

•Follow up - After the execution of the solution there must be proper follow up to assess if the chosen solution is helping in resolving the problem. If the solution is doing its job it can be allowed to continue and if not then the chosen solution shall be abandoned and another answer needs to be figured out.

Approach the problem at hand with a clear and calm mind. Adopt the above discussed steps to emerge the winner in the battle with the problem.