Why do we always view frustrations as a bad thing? The truth is that getting frustrated over something can be a great help for your business. But you have to see it in the right way. Here are 3 ways to turn frustrations into Business Gold.
Frustrations happens when you can’t reach a goal. So what’s so great about that? It means that you are heading somewhere – that you are not just sitting still in your business. That should be encouraging. But we need to dig a bit deeper if we are going to turn that frustration into something truly valuable.
- Check Your Goal. Is it a good goal, a realistic goal, what assumptions went into that goal? For example, if you have a goal to grow your business by 10% a year, why do you think that is attainable? And how does that goal line up with your other company goals (employee retention, customer satisfaction, etc.)? Arbitrary, unexamined goals can cause a lot of grief for both employees and customers. Modify (or eliminate) goals with bad assumptions.
- The Warning Light. If your frustration is coming from inside your company treat it like an ‘engine’ warning light on your business dashboard. Do some diagnostic work. Don’t assume the surface issue is the real issue. If you are having problems holding onto your people, start doing exit interviews. If you are having cash flow problems, ask your bookkeeper why they pay the bills at certain times. Step back, stay calm and really listen.
- The Golden Nugget. If the frustration is coming from outside, then you might have hit on a truly golden opportunity. If a customer is complaining that you aren’t providing X, then consider offering a new line of services or products. If you are frustrated with a vendor, then you might save a ton of money by changing vendors (or renegotiating your existing terms). There is a lot of valuable information available in a frustration. Look for the hidden gem.
Sometimes a frustration is just a frustration. You fix it and move on. But, as a business owner, you need to regular examine your frustrations – especially if they keep repeating themselves – to improve your company and discover new opportunities. Happy Prospecting!