Small business owners face a multitude of roles and challenges daily, particularly amid a cost-of-living crisis and evolving consumer behavior, resource availability, and manpower dynamics that threaten their longevity. Amelia Kruse, a leadership and executive coach, highlights on the Inside Small Business website how embracing a holistic approach to decision-making and problem-solving enhances day-to-day operations.
A holistic mindset involves comprehending the interconnectedness of various dimensions before making decisions, leading to improvements in navigating challenges, more effective prioritization, increased adaptability, and innovation. For instance, when faced with declining sales and customer complaints about a poor checkout experience, a holistic-minded store owner would assess the entire customer journey rather than focusing solely on the checkout process.
Effective prioritization under a holistic approach entails zooming in and out of different aspects of the business to identify bottlenecks and prioritize operations and client management based on project complexity, client importance, resource availability, and long-term business goals. This broader perspective allows for a more informed decision-making process.
Moreover, a holistic mindset fosters increased adaptability and innovation by anticipating and responding to change with agility, informed by an understanding of the broader industry and market context. For example, a family-owned restaurant facing competition and changing consumer preferences would need to review industry dynamics and potentially adjust menu offerings and marketing strategies to stay relevant and competitive.