If you’re not making as much money as you’d like, it’s likely because you’re focusing on the wrong things. Problem-solving in business is critical for long-term survival and growth. Many business owners get caught up in chasing missed opportunities, but these shiny distractions can pull focus from resolving the core problems that threaten your business.

Why Problem-Solving Should Be Your Top Priority

A problem in business is something that directly threatens your future livelihood. Customer complaints, failing sales teams, and issues with your processors are all examples of problems that can jeopardize your business if left unresolved. These are issues that demand immediate attention, as they impact your ability to operate effectively.

On the other hand, missed opportunities are tasks that could expand or grow your business but do not pose an existential threat if ignored. While they may seem exciting and new, such as implementing a new marketing strategy or expanding your product line, they are not as urgent as problems that need fixing now.

The Problem with Chasing Missed Opportunities

The allure of missed opportunities is that they often feel more exciting and more fun to pursue. Entrepreneurs tend to love the challenge of capturing new opportunities. However, when you focus too much on these hypothetical growth opportunities, you risk growing your problems alongside them. Unresolved problems only get bigger, and expanding a business without addressing its weaknesses can lead to collapse.

Allocating Resources to Solve Problems First

As an entrepreneur, you have limited resources—both time and money. The best way to allocate those resources is to focus on solving existing problems. When you solve a problem, you immediately improve your business’s operational efficiency, which leads to growth. Conversely, chasing opportunities without solving your problems first will eventually lead to more issues down the road.

Problem-solving should always take priority over chasing opportunities. Not only does it reduce the risks your business faces, but it also creates a strong foundation for sustainable growth. In fact, many entrepreneurs find that once they’ve addressed the major issues in their business, new opportunities seem to arise naturally.

Use Data to Drive Your Problem-Solving Decisions

To effectively solve problems in your business, you need data. The data you gather should directly influence the decisions you make. Ask yourself: “If this data changes, will it affect what we’re doing?” If the answer is no, then you’re focusing on noise, not signal.

In addition to data, always prioritize your resources. You need to distinguish between problems that must be solved and opportunities that are merely nice to have. Strategic thinking is key here—focusing on what will improve your business today, rather than what could hypothetically improve it tomorrow.

Actionable Steps to Improve Your Problem-Solving

Here’s a simple four-step process you can implement for solving problems in your business:

1. Identify the problem: Define the problem clearly, and understand what it is costing your business.
2. Hypothesize a solution: Come up with a hypothesis for how you can solve this problem. What actions do you need to take?
3. Measure the impact: Test your hypothesis and measure the results. Did solving this problem improve your business as expected?
4. Refine and repeat: Continue refining your problem-solving approach as new data and results come in.

When you solve your problems first, you ensure that your business is operating efficiently and that it has a strong foundation for growth. Only after you’ve addressed your major issues should you turn your attention to those missed opportunities.

Focus on Problems Today for Tomorrow’s Success

The key to successful business growth is focusing on the problems you face today, not the opportunities you might capture tomorrow. By addressing the problems that are currently holding your business back, you will unlock greater potential for long-term growth.

If this content was valuable for you, take action by focusing on your biggest problems today. The growth opportunities will still be there when your business is running smoothly.