How to Turn Obstacles into Opportunities in Business

Stuck with a demanding problem that is threatening to hamper your business? It is a common scenario for entrepreneurs who often have to face the he...

  • How to Turn Obstacles into Opportunities in Business
    Daniel Hall Image Daniel Hall

    How to Turn Obstacles into Opportunities in Business

    • Updated: Tuesday 5th of January 2021
    • Strategy

    Stuck with a demanding problem that is threatening to hamper your business? It is a common scenario for entrepreneurs who often have to face the heat of a wrong decision, economic slowdown, or scarcity of demand. Nevertheless, they work against all odds to meet their goals and emerge triumphant because they have the ability to turn obstacles into opportunities. There have been examples where business owners have turned problems into solutions and altered the course of history.

    Many success stories set an example for budding entrepreneurs looking for a business for sale in New Zealand. From the well-known British author JK Rowling to Chinese business tycoon Jack Ma, many made it big the hard way. Thus, it is highly significant to understand the qualities and abilities that can be imbibed from successful entrepreneurs. Here is how you can make things work when the chips are down.

    1. View Difficulties as Learning Experiences

    You have to change your perspective towards upheavals as they will be a part of your business forever. No company can have a constant smooth sail. Turbulences are a part of the game, which need to be addressed with an open mind. One of the most celebrated entrepreneurs, Steve Jobs, was ousted from his company (Apple) in 1985 by the board members.

    However, he took up the debacle as an opportunity to grow and went to launch another company NeXT, which was eventually acquired by Apple, and he became the CEO once again. He brought Apple back into the race and made it the biggest player in the tech market before he passed away in 2011. Thus, you need to look at things in a different way to make them work. You cannot get bogged down or get into a panic mode when confronted by a troubling situation. You must look for the chances of growth and use the experience as a lesson for the future.

    2. Make the Most of Any Situation

    Keeping calm and finding the best solution is the only way to get out of a bad phase. Thus, you must try to leverage it as much as possible. The COVID-19 pandemic and the consequent lockdown was a jolt for most entrepreneurs. The demand for most products and services went down, and social distancing made it impossible for customers to reach the markets.

    However, most far-sighted business owners utilised the shutdown time to develop a strategy to operate in the pandemic. They started working on improving online services and contactless deliveries. Many shops offered curbside pick-up to maintain minimum contact. The restaurants which were unable to start functioning began selling liquor and fresh food supplies through food delivery apps. Several innovative ideas saw the light of the day and things gradually came back to normal. Therefore, it is vital to look at the silver lining in the dark cloud to keep moving ahead.

    3. Focus on the Solution

    If you keep thinking about the problem on hand, you will create more problems for yourself.The key is to focus on finding a solution rather than mulling over the challenge lying ahead. Involve the best people in your team to sit together and brainstorm on the best way out. You can ask them to sit in solitude and to do the same, whichever is suitable to an individual. Ask for feedback from your employees.

    Sometimes you can get the best input from the most unexpected places. Think out of the box and write down everything that comes to your mind even if it seems absurd at that moment. After you have created a list of all the ideas, start refining your results and identify the best possible outcome that can meet your needs effectively.

    4. Attach A Sense of Urgency

    Urgency does not mean that you have to become anxious or get flustered. Lending a sense of urgency to the plan of action helps in expediting the process. It makes all the employees motivated to work to the best of their ability. You must always remember that you will miss the opportunity if you do not act in time.

    So, make sure that you are on top of the things and working relentlessly to improve sales and productivity. Recognise the weak links in your hierarchy and fill the gaps as soon as possible. Procrastinating can make you lag in the competitive marketplace. If you are expecting a call back from a potential client, then do not wait for long. Follow up with them to get the feedback to avoid any delay.

    5. Never Lose Sight of Your Goals

    A complex situation can come up at any time of the day. From bombardment of negative reviews online to defective products distributed in the market, the trouble could take any form. However, you must not forget what you have set out to accomplish with this venture. You must continue with the same passion and zeal you displayed when you took over the entrepreneur's charge. There are many ways of reaching the destination. You should be able to find a path to the top even if it is long and filled with hurdles with your long-term business strategy. Find the best way to handle the situation and get into the damage control mode.

    6. Look for Expert Advice and Inspiration

    If you cannot find a workable solution to the problem internally, you must look outside. You can ask seasoned individuals in your field for suggestions and advice, such as veterans or subject matter experts. Knowledgeable entrepreneurs have vast experience, and they can share their valuable insight related to a similar predicament they may have encountered in their tenure. If you are struggling with some technical issue, you can hire a qualified and skilled technician to give you the right guidance. Similarly, you can read a variety of business books, case studies and whitepapers to gain more information on the matter.

    7. Be Ready to alter Your Plans

    Every entrepreneur has a business plan and likes to play by the rules. However, economic conditions and consumer behaviour can change overnight. Thus, you cannot keep holding on to the plans while the world is changing. Embrace new technology, even if it seems disruptive at the beginning. You must re-evaluate the roadmap you created to achieve your business objectives. If you think it needs adjustments to accommodate the new marketing tactics or the latest technological advancements, do not hesitate to make those alterations. A regular assessment can help make the required improvements that can aid in adapting according to the current market conditions.

    Conclusion

    You must have heard the saying that when life gives you lemons, make lemonade. Use the same strategy in your entrepreneurial career to emerge stronger and more determined from each crisis. Thus, if you plan to purchase a business for sale in New Zealand, follow the tips mentioned above to turn obstacles into opportunities and attain success.

  • Author Info Daniel Hall

    Daniel is a business strategist with an experience of over 25 years in business acquisitions and investment portfolio management. He has been working with small and medium-sized enterprises as well as entrepreneurs, helping them to achieve their business buying and selling goals. His wisdom and vast industry knowledge have transformed the careers of a variety of individuals. Business2Sell is excited to welcome Daniel onboard as a guest author for our blog.