Turn that problem into opportunity

Every problem or challenge that you face presents an opportunity to become better and make the world better. That is the Coffin and Tow Truck (CTT) principle.

Coffin makers often locate their businesses near large hospitals. A good number display their wares near the mortuary. When a person dies, it is often the nearest coffin maker who supplies the casket. Similarly, tow trucks, park near police stations so that they are the first to respond to reports of accidents, breakdowns or impounded vehicles.

When you meet or go through financial or business problems, look for the opportunity in the problem. Take the case of John (not real name) who had a debt problem. John needed money to redeem family land that was about to be auctioned. He approached his employer for a salary advance. The request was neither approved nor rejected. Believing that the salary advance would be approved soon, John went ahead to borrow from money lenders. Five months later, John can barely keep up with the monthly interest payment which amounts to Shs500,000 per month.

The opportunities for John include the following. He has learnt the difference between good and bad debt and he has taken more responsibility for managing his finances. Eventually, John got a bank loan to pay off the money lenders. He also sold off some livestock to reduce the debt burden to a manageable level.

Sometimes the solution needed is an improvement to an already existing solution. This has already happened in the coffins space with the coming of funeral homes. The funeral homes have created many products apart from coffins. They offer transportation, wreaths, grave digging, public address systems, even preparation of meals during the vigil.
May the Coffin and Tow Truck principle lead you to more innovation and productivity in life.

James Abola is a business and finance consultant.
Email: [email protected]