Solve to Learn #06:
Dan Prudhomme | March 12, 2023
Not Subscribed Yet?
WHO I’M QUOTING:
“Rather, ten times, die in the surf, heralding the way to a new world, than stand idly on the shore.”
Florence Nightingale— Social Impact Pioneer
WHAT’S ON READING RADAR:
"Thinking, Fast and Slow” by Daniel Kahneman (@kahneman_daniel)
This book explains how our brains and how we make decisions, can help us identify and overcome cognitive biases that can prevent us from effectively solving problems.
“Getting Things Done: The Art of Stress-Free Productivity by David Allen (@gtdtimes)
This book offers practical advice for managing your time and tasks, which can help you be more productive and focused when working on solving problems.
“The 7 Habits of Highly Effective People” by Stephen Covey (@StephenRCovey)
This book offers practical advice for managing your time and tasks, which can help you be more productive and focused when working on solving problems.
SOLVE TO LEARN FRAMEWORK:
SITUATION-FIRST: Most people take an average of 2-3 minutes to jump to a conclusion versus a diagnosis of the facts.
SOLVE: Get to know the situation.
TO (THE OUTLINE): Familiarize yourself with the content and understand the outline.
-
Situation
-
The 5 Whys
-
Analysis
-
Revenue
LEARN: Embrace the opportunity and absorb the knowledge!
STAR OUTLINING SYSTEM- SCENARIO
Situation
-
A local hardware store has been experiencing declining revenue over the past year.
-
The owner is concerned about the future of the business and is looking for solutions to turn things around.
-
To identify the root cause of the revenue decline and come up with a situation to address it.
The 5 Whys
-
Why is revenue declining?
-
Because fewer customers are coming to the store.
-
Why are there fewer customers coming in?
-
Because there is more competition from larger hardware stores in the area.
-
Why are the larger hardware stores attracting more customers?
-
Because they have a wider selection of products and can offer lower prices.
-
Why can’t the local hardware store offer a wider selection of products and lower prices?
-
Because they have limited resources and cannot afford to expand their inventory or decrease their prices.
-
Why do they have limited resources?
-
Because they are a small business with a limited budget.
Analysis
-
Based on the 5 Whys analysis, it is clear that the local hardware store is struggling to compete with larger stores due to limited resources.
-
To increase revenue, the store needs to find a way to differentiate itself from the competition and offer something unique that customers cannot find elsewhere.
Revenue Solutions
-
Specialize in a niche area: The store could specialize in a particular area of hardware, such as plumbing or electrical supplies, and become known as the go-to place for those products.
-
Offer exceptional customer service: The store could provide exceptional customer service to its customers, making them feel valued and appreciated.
-
Create a loyalty program: The store could create a loyalty program that rewards repeat customers with discounts or special offers.
-
Expand online presence: The store could expand its online presence by setting up an e-commerce website or using social media to reach potential members.
-
Host events: The store could hold events such as workshops or seminars on DIY projects, which would attract customers and provide an opportunity to showcase the store’s products and expertise.
BURNOUT BUSTING
The lower hardware store owner, who was feeling overwhelmed and exhausted from the constant pressure of trying to increase revenue while competing with larger hardware stores, was facing burnout. Here are a few ways they can overcome burnout and create an action plan.
-
Take a break: Sometimes stepping away from work can help clear the mind and recharge.
-
After months of struggling to come up with new strategies to boost sales, the owner decided to take a break and attend a small business conference.
-
Get inspired: The local hardware owner met other small business owners who were facing similar challenges and learned about different ways to approach marketing, customer service, and operations.
-
Get feedback: The local hardware owner can ask for feedback from regular customers or even hold a focus group to get ideas about engagement and new approaches learned from the conference.
-
The owner began implementing some of the strategies learned at the conference, such as creating a loyalty program and hosting workshops and noticed an immediate improvement in customer engagement and sales.
-
Delegate: The local hardware owner can delegate some of the implementation and testing to other staff members or even hire a consultant to help with the process.
-
The owner realized that taking a step back and seeking inspiration from others was an important aspect of avoiding burnout and maintaining a healthy work-life balance.
-
Simply: The local hardware owner can start by introducing a few new ideas and insights learned at a time than overhauling the entire approach all at once.
-
This can help to prevent burnout, prioritize self-care, and also allow for easier testing and tweaking of new items.
By taking these steps, the local hardware owner can overcome burnout and create a new incentive plan that is fresh, exciting, and appealing to customers, which can help to increase revenue and bring in new business.
FUNNY ORIGINS:
Legend has it that when the store first opened many years ago, the owner’s young daughter was asked to come up with a name for the business.
Being a fan of a popular cartoon character at the time, she suggested calling the store “The Hammerhead” after the character’s distinctive head shape. The owner found the name amusing and decided to go with it, even though it didn’t seem like the most conventional name for a hardware store.
Over the years, “The Hammerhead” became a beloved fixture in the community, with locals referring to the store by its quirky name. Customers would even come in and ask for “that hardware story with the funny name.”
As the store faced challenges in the modern era, the owner decides to embrace its unique origins and use it as a marketing tool. They began incorporating the cartoon character into their branding and even started selling merchandise featuring the character.
The funny and unexpected origins of the store’s name ended up becoming a memorable part of its identity, helping it stand out from the competition and build a loyal customer base.
SEAL THE DEAL
Embracing change is a process that involves a willingness to accept, new ideas, adapt to new situations, and evolve.
Once a large number of individuals have developed a growth mindset, a culture of innovation can be fostered.
Overall, embracing change is an essential tool in the “solve to learn” approach, as it allows problem-solvers to explore multiple perspectives, challenge assumptions and identify innovative solutions to even the most complex problems.
By implementing these strategies, you can foster a culture of change and innovation within your business, which can lead to solving to learn solutions, staying competitive and relevant in an ever-changing industry.
Just keep unriddling!
DP
If you like threads like this, join subscribers who received this issue in more detail yesterday and hit the follow button.
RESOURCES
|
|
