Whenever we face a problem in our business, we tend to look outward for a solution. We look for the best in a class specialist to help us with the problem. Instead, if we look inward and think creatively, we might get the solution as well, without paying high paycheques.
Suppose we want to put a nail on the wall, and we do not have a hammer. Our basic instinct will be to get a hammer. We either buy a hammer or ask a friend for a hammer as a favour. We think a hammer is the best tool for putting the nail in the wall. Yes, it might be the best tool available. But the best tool might not be required in every case. A roadside stone might do the job as well.
It is better to utilize our internal strengths to the maximum by being resourceful. Resourcefulness maximizes the internal strengths, lowers the risk factors and overcomes the chasing attitude. A perfect environment for sustainability.
Let’s say we want to hire an employee, and we want a best in a class employee so that we can relax depending on him.
Bringing in a high salaried employee into the business and thinking he or she will take care of the job very well is not always the case. If the synergy is not there, no matter how much we are paying the employee it will result in a disaster. Better to work on the existing employees and make them do those quality works we are expecting. It is beneficial for both parties, and it will not happen just like that. We have to invest time in the process.
Before looking for the best employees on the market, we must ask ourselves, do we really need them? Can we not do it with what we have already? Because all struggles in business cannot be won by spending more.
We should think about how can we get maximum productivity from our existing employees? What do they need from us to give the little extras? How to manage them properly to make them better? How to better work with them?
Not being resourceful has made so many promising startups fail miserably. They had multimillion dollars of investments, and with that much cash, they started chasing.
They started hiring the best managers, the best engineers, the best CEOs and so on. Hiring the bests with top tier wages requires strong sustainability in the business. Which a startup generally does not have. Spending too much to chase better projections is not smart thinking. We must recognise and react to the present state as well.
With this burn rate of cash without results, their investments stopped coming and they collapsed like houses of cards.
This happened to a lot of startups in the dot-com era. Still continues to happen now around the globe. We must do some introspection and become resourceful to stop chasing.
