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Limitations equal innovation in business…

A phrase I often use with my clients is “don’t tell me why you can’t do it; tell me how you are going to do it”. All business ventures share some type of limitations; in most cases, it is a shortage of working capital. In today’s high tech world I have also heard the excuse; “I am not a techie person, therefore I cannot compete”. The same statement holds true, “don’t tell me what you can’t do; tell me how you are going to get it done.” I mentioned just two limitations; I am sure that as you think about your business, you can share many others.

When a business is challenged due to a limitation, it has the option to create a different business model or to create a new marketing approach. Traditional business models have become so ingrained in our business minds that we stop exploring alternatives that can become the stimulus for growth in a new and better direction.

The 50% plus failure rate among small businesses is due, in my opinion, to an inability to think creatively. Like any other business tool, creative thinking is a process that can be developed, but it requires dedication and belief in your ability to overcome the limitation.

I have met very few people that alone have been able to overcome the tendency to surrender, to overcome anxiety, apprehension, tension, etc. and within themselves find the strength to persevere to an innovative solution. These limitations or fears exist in the mind and create a barrier, that by yourself, may be very difficult to overcome.

There are many ways to “skin a cat”, and by having a strong mentor/coach with an innovative thinking capability, a limitation can be the focus of an action plan. By focusing on the creation of innovative ways to overcome a limitation, many alternatives will come to mind, and one will be the correct solution.

This is my version of a small business “think tank”. Companies such as Apple can gather a large group and challenge them to solve a problem; notice, they don’t select only one person to overcome a limitation.

No, we haven’t always come up with the correct answer in a few hours. It may take us days and occasionally weeks, but the end result is an innovative solution that allows the business to grow. This process at the small business level will also remain with the owner and limitations no longer become insurmountable obstacles.

Share your business limitation with me…chances are excellent that together we can overcome it.

Nick J. Petra CFP     602-989-1592

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