There are countless business owners each and every day that give up on their dreams of being an entrepreneur when they are unknowingly about to cross the finish line. If you’re starting to feel like all of the bulky parts of your business are falling into place, but you still aren’t able to quite turn the key, you may need a wrench!
The Wrench Metaphor
In order to successfully use your wrench, you’ll first need to be able to accept the fact that there are in fact some pieces of your company that aren’t properly bolted together. Next, you’ll need to be able to identify where the loose bolts or poor fitting pieces are so that you can begin to strategize a solution. Finally, you’ll need to fix the issue; whether that means replacing, reconfiguring, or even reinventing new parts!
Accepting the Problem
The reason that ‘The Wrench Metaphor’ is so relatable is because it’s easy to picture a car rolling down the road with parts hanging off, or a wobbling wheel. Unfortunately, for many business owners, jumping over the psychological hurdle of accepting that their company may not be bolted together correctly is much more difficult than taking a car in for an oil change or tune up. In most cases breaking out a wrench doesn’t mean disassembling the entire business and starting brand new. There may only be a few bolts that need tightening or even room for a new part that may lead to the metaphorical vehicle running more efficiently!
Identifying the Loose Parts
At a certain point in this process it becomes evident that identifying loose bolts or misconfigured pieces is just as important as brainstorming a solution. Can you imagine a large automaker manufacturing parts and creating molds for a piece that may not even have to be replaced in the new model? They would never waste that valuable time and you shouldn’t either. Once you’ve found the first bolt, be sure to continue to examine the rest of your business with that same mindset, leaving no part untested.
Have you asked your employees and customers about their perception of where the problem may be? Have you looked at your data to determine if there is a glaring discrepancy in front of your nose? Have you asked yourself the hard questions about what is truly malfunctioning? By utilizing these three methods you’ll quickly find yourself at the root of any issue.
At first, it may feel like bolts are scattered across the floor, but that is normal and expected! In order to avoid feeling overwhelmed, it’s important to tackle one task before moving on to the next as opposed to losing focus trying to finish the entire project at once. Break down your business one principal at a time, Product, Infrastructure and then your Conversations. If you’ve noticed that your product has some loose bolts, the solution may be a simple add-one or even just a small adjustment. Your product may have been developed correctly but now could be improved upon to satisfy your consumers shifting needs over time. At the end of the day, any fix you make should lead to a better valuation for your company, more time in your day, higher profits, and better offerings!
It’s important to remember, even if all of the business fragments you are currently in possession of fit in their current arrangement, there may still be other ways of assembling the same pieces or even a way to reinvent more efficient parts. Too many business owners wipe their hands of a project once it has been assembled the first time and never think of breaking out a wrench to tinker, which can be a disastrous mistake. If you don’t take action, nothing is ever going to happen, and your business will never be back on the road racing towards a higher valuation!
For more information about business strategy and tactics visit the website Exitmindset.com.