What’s your biggest problem? It will make you money
Ever think your problems are an obstacle that keep you stuck? In truth, your problems are the gateway to unimaginable wealth.
I’m going to jump straight into an example so you don’t confuse me with Pollyanna.
To reiterate, the problem is the pathway to wealth. ALWAYS!
Usually I talk about my individual clients, but business and personal finance are governed by the same rules. So, I’m going to showcase an example from one of my business clients.
Whenever I meet with a new client I ask them to tell me about their biggest problems. Company X’s problem was that every summer their sales decreased by $20,000 a month. For three consecutive months!!! Digging a little deeper, I realized it came from one specific type of service. The service was sun sensitive and required the client to stay out of the sun or suspend their membership.
Clearly most clients chose to suspend their membership and have fun in the sun. As big as the problem was, it only made the required thinking list. There wasn’t an active pursuit to a solution. Until Company X got sued.
The grievance was minor, but because of the litigious society that we live in, it was an ideal case where a lawyer could make a fast buck costing the company $250K. (Read: possible bankruptcy. This is a mom and pop shop, not Chase Bank.) This provided a very serious long-term problem. A minor infraction, that is guaranteed to happen*, that can rise insurance premiums to unprofitability and ultimately uninsurability?! Must solve, or go down with the ship.
Upon further analysis, it was noted that this service was responsible for the decrease in summer sales. Although that answer may look obvious, it took me six months to come up with a solution. The solution: focus on selling other stuff and ultimately discontinue the service.
So, that’s the course of action we set in place. But, doesn’t it seem deceptively simple? Even writing this blog I feel the answer is freakishly obvious. Now that I found it. But the reality is it’s very hard to give up something that brings us money, even if there is a cost, or risk. Let alone coming up with a solution and taking massive action, which involve lots of painful trial and error, to implement the change.
So how does this relate to your personal finance? Looking at your finances, what causes you the most stress and problems? Look at this problem through a new lens and imagine it’s the source of your future fortune.
Turning this problem into a win might take some time. Be patient for the solution to appear. Your subconscious mind will go to work on helping you solve it. The answer might show up in the shower! I actually didn’t think of the solution to the summer decrease until the business got sued.
Pre-suit, I was coming up with these elaborate schemes of new services and special packages. It was only when the problem compounded itself that I was able to see that eloquent, simple and moneymaking solution available to me. It’s important to let your mind be open to the possibility.
Now business owner Mr. X is like, “You make it seem so easy! Doubling my sales in other membership categories is no easy feat. If it was, I would have already done it!”
And I said, “You mis-take me.”
Success is a three-part solution. First you need to know the problem you’re trying to solve. (Hence your problems are the source of your wealth). Second, you need to come up with a solution. Now you are two-thirds of the way home, but, just like any marathon, the last part feels the hardest, and you have to implement your strategy. And keep trying, through trial and error, until success is achieved. That’s the progression of success.
So, the next time you have a problem, realize it’s an opportunity to make your financial dreams come true, and because you are looking at it that way, you’re already ⅓ of the way home.
* Human error is guaranteed to happen given extended periods of time.