Identifying the problems your business struggles with is easy. Determining what you need to solve those problems and prioritizing them can be more challenging. No business is good at everything and when times get tough it becomes very obvious where the overlooked parts of the business are. Many entrepreneurs and business owners approach their business with an attitude of “if it isn’t broke let’s not fix it” instead of “let’s always be best in class at one or two things and then continuously work on everything else in priority to the things we are great at”. When your business is in trouble you may find your business being forced to become great at something instead of average at everything.
The product or service that your business offers is meant to solve a problem for your customers. That’s why they pay you. Working backwards from your goal of being profitable, what do you need in order of priority to make sure that your business is profitable? Do your potential customers know you exist? Are you building relationships with existing customers and create new relationships with new customers? Do your customers have an amazing experience when they interact with your business? Do your costs line up with your income so that your business is making money? These types of questions should lead you to creating a prioritized list of the activities that your business needs to focus on AND what the business needs in order to be profitable.
If you can identify the specific challenges you believe your business is facing you will then be able to specifically identify the solutions your business needs to overcome them. It’s not unusual for an entrepreneur or business owner to be broad in their understanding of what they are facing however the better you can articulate your problems, the better you will be able to find solutions.