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5 Words Smart Entrepreneurs Always Avoid

We all have our quirks when it comes to language and nowhere is it more prominent than email. Because there is no body language, gesticulations, facial expressions, and attitude, we are left to find context, solely from the words we read. When you think about that for a moment, it’s a wonder that any business gets done from day-to-day. Ironically, just two years ago, a study conducted in the United Kingdom, surveying 2,500 office employees, revealed that an astounding 94 percent preferred email over telephones.

It’s clear that email is our number one means of communication, and, because it’s become so commonplace, we don’t regard it in the same way as we do face-to-face encounters. Our demeanor, tone, and delivery differs greatly from email to spoken word. Since email is so important to business, you would think that it’s used in the utmost professional manner, but, it’s not.

5 Words Smart Entrepreneurs Always Avoid

The fact is, we just don’t pay attention to what we’re writing most of the time. To many business professionals, it’s an informal method of communication, and, it’s closest cousin, texting, is even more relaxed (read: lazy). However, that’s simply not the case. Email is important, so much so, it can make all the difference. The words you type or tap are going to be read by someone else. That person or persons will not only read what’s in the message body, but read into the message itself.

If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful. —Entrepreneur

Let that stir a moment and go back to the introduction. Since there’s no interpersonal communication, every word matters. This is why smart entrepreneurs are conscience about what they write, how it’s phrased, and what message is delivered. If you aren’t practicing the same discipline, you might be sending more than an email, you might be sending a message that you lack confidence, are somewhat lazy, or, unsophisticated. Here are the top five words you ought to avoid:

Might. The word “might,” is generally used in different ways, but often, it’s meant to point out a possibility. When you use the word “might,” you are essentially communicating that you’re unsure. That’s okay in casual, social situations, but dangerous in business communication.
Likely. When you use the word “likely,” you are making a very unsure prediction. What you’re really doing is opening wide and wild interpretation. Here again, use of this word in social and casual conversation is fine, but, when you’re using it in the business world, you’re telling the recipient that’s it’s unlikely you are in-the-know.
Alot. First of all, this is not how the phrase is spelled–it’s two separate words, “a lot.” Because it’s run together so often, it’s become commonplace for people to write it incorrectly. It’s the reason the ampersand was dropped as the last letter of the alphabet. It used to be recited, ending with “x, y, z, and ‘and per se,'” which evolved into “ampersand.” If you write, “alot,” you’re taking a risk that the recipient won’t notice you don’t know this.
Won’t. This is one of the best ways to ensure a negative vibe, along with a lot of frustration. While you’re being emphatic, you’re also demonstrating just how stubborn, or, unwilling you are in your ways of doing things.
Usually. This is the opposite of the pithy directive delivered so often by the Joe Friday character from Dragnet. It tells the recipient that you don’t have all the facts, nor do you care.

Here’s a bonus: “irregardless.” Though there are some who say that it’s fine to use, it’s just unnecessary. Instead, use “regardless.”

And remember that communication is made up of words, tone and non-verbal communication. Based on multiple studies, non-verbal carries the largest percentage of influence in communication while words carry the least amount of influence. So, picking up the phone to use your words and tone is more effective than just text or e-mail. When it is possibly or efficient, use Skype or Google Video or an actual face to face conversation to communicate more effectively. Business gets done through trusted relationships, and these are built on solid communication which ultimately requires words, tone and non-verbal. Now go build your business with good communication. Who do you need to improve your communication with this month to grow your relationship, your business or career?

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Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power

September 13, 2023 No Comments

Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power Entrepreneurship is often seen as a journey filled with highs and lows, successes and setbacks. One of the most significant challenges entrepreneurs face is rejection. Whether it’s rejection from investors, customers, partners, or even employees, it can be disheartening and discouraging. However, rejection doesn’t have to be the end of the road; in fact, it can be a powerful catalyst for growth and success. 7 Effective Ways Small Business Owners Can Overcome Rejection and Turn it Into Power Rejection is an unavoidable part of life, but it can be especially tough for entrepreneurs. After all, they are constantly putting themselves out there, pitching their ideas, and trying to win all sorts of people over. When they get rejected, it can be easy to feel discouraged and give up. Fortunately, there are a number of ways to cope. Even better to get over the sting and turn a negative into a positive. Of course, this takes time and a considerable amount of practice before becoming a healthy behavior. However, if you learn to use these strategies, they’ll eventually feel natural. 1. Embrace Resilience Resilience is the ability to bounce back from setbacks, and it’s a trait that successful entrepreneurs cultivate. Instead of dwelling on rejection, view it as an opportunity to build resilience. Understand that setbacks are a common part of the entrepreneurial journey and that they can make you stronger and more determined. 2. Reframe Rejection as Feedback Rejection often provides valuable feedback that can help you refine your business idea, product, or pitch. Instead of taking rejection personally, view it as an opportunity to gather insights and make improvements. Analyze the reasons behind the rejection and use this feedback to refine your approach. 3. Maintain a Growth Mindset A growth mindset is the belief that your abilities and intelligence can be developed through dedication and hard work. Entrepreneurs with a growth mindset view rejection as a chance to learn and grow. They see challenges as opportunities to acquire new skills and knowledge, which can ultimately lead to success. 4. Seek Support and Mentorship Entrepreneurship can be a lonely journey, but you don’t have to go through it alone. Seek out support from fellow entrepreneurs, mentors, or business advisors – even family and friends. They can offer guidance, perspective, and encouragement during challenging times. They’ve also faced rejection and can share their experiences and strategies for overcoming it. 5. Stay Persistent Persistence is a key trait of successful entrepreneurs. Rejection should not deter you from pursuing your goals. Use rejection as fuel to drive your determination and persistence. Keep pushing forward, even when faced with obstacles. Remember that many successful entrepreneurs faced numerous rejections before achieving their goals. 6. Develop Emotional Intelligence Emotional intelligence involves understanding and managing your emotions effectively. It’s crucial for handling rejection in a healthy way. Instead of reacting emotionally to rejection, take a step back, assess your feelings, and develop the emotional intelligence to respond thoughtfully and constructively. 7. Refine Your Pitch and Presentation If you’re facing rejection from investors or customers, it may be time to revisit your pitch or presentation. Seek feedback from trusted sources and refine your approach. A well-crafted pitch can significantly improve your chances of gaining support. Two Other Key Strategies for Transforming Rejection into Power Also, stay focused on your vision. Rejection can be distracting, pulling your focus away from your ultimate vision. Remind yourself of your long-term goals and stay committed to your vision. A clear sense of purpose can help you stay motivated and resilient when it counts the most. And, be sure to use rejection as motivation. Instead of allowing rejection to demotivate you, use it as a source of motivation. Let the desire to prove doubters wrong fuel your determination to succeed. Many entrepreneurs have turned rejection into a powerful driving force for their businesses. What We’ve Learned Rejection is an inevitable part of the entrepreneurial journey, but it doesn’t have to be a roadblock. If you can overcome rejection, you will be well on your way to entrepreneurial success. So don’t let it stop you from achieving your dreams. Remember that many successful entrepreneurs faced rejection before achieving their goals, and it’s often those who persevere through rejection who ultimately find success. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer. You can phone 602-435-5474 or send us an email.

Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

August 14, 2018 No Comments

Tesla is back in the news. Headlines proclaim the electric car manufacturer actually approached some of its suppliers, requesting cash back in an effort to realize profitability. Elon Musk quickly reacted to the reports. Now, it’s a he-said-she-said storyline. But, that’s just another fight the media will happily play up for clicks and tune-ins. The reality is Tesla is not a profitable company. Even though it enjoys so much buzz and customer loyalty, it can’t turn a profit. The Top Reason Small Businesses Fail The company reportedly burned through $1 billion in a quarter. And, it’s promised to bring its expenditure to under $3 billion this year. That, after it went through $3.4 billion last year. Not to mention, it lost $710 million in Q1 of this year alone. Just as good cash flow keeps a business afloat, poor cash flow can sink it. In fact, poor cash flow is a big reason why one in every four businesses doesn’t make it past the first year. And why more than half don’t survive past the fifth. —Fresh Books.com It gets worse. The company might not reach a stock conversion price of $560.64. Which means it will have to shell out $230 million to obtain a convertible bond in November. Its stock fell by nearly 4.5 percent just in the last twelve months and continues to struggle. This is an important lesson to those who’d like to start a small business because it’s one of the main reasons startups fail in the first place: inadequate cash flow and reserves. Problems with cash is typically the reason small businesses fail. Top Small Business Cash-Flow Mistakes to Avoid So, if cash is the biggest reason new companies fail, then how do they actually get into such a pickle? Well, it’s not just avoiding bad business ideas (although that’s certainly helpful), it’s more about being smart with money in the first place: Impulse spending. We all know retailers embrace this practice. But, it’s far too easy to fall into the trap of impulse spending, particularly during the startup phase. It’s also a shortcut to failure because it’s the ultimately lack of responsible cash management. Past-due receivable apathy. When cash is rolling in, it’s very easy to let an invoice or two or more slide. After all, there’s plenty of money coming in, so why bother? It’s important to stay on top of receivables because it sends the wrong signal when you become apathetic. Plus, you might be able to put that money to good use in the future. Not sticking to a real budget. You wouldn’t spend more money that’s in your personal bank account. However, when it comes to business finances, too many owners just don’t adhere to a realistic and strict budget. And, that’s a recipe for failure. Failure to put some cash aside. Feast or famine. That’s an old cliché but it’s entirely true for many businesses. That reality means it’s best to have some cash on-hand when needed because it’s very likely that time will come. What other ways do small business mishandle cash? What other advice would you give about maintaining positive cash-flow? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Better Keep Track of Small Business Expenses in the New Year

January 21, 2021 No Comments

Keeping track of small business expenses is no easy task. In fact, it’s one of the least liked chores or responsibilities that come with running a business of any size. And, it’s little wonder why. After all, these various costs range greatly in amount and frequency, making them very difficult to keep straight. Plus, when more than one person is spending money on such expenses, it complicates the matter even more. Fortunately, there are ways to keep better track of your small business expenses. Business Expenses vs Personal Expenses According to the IRS, a business expense is something “ordinary and necessary” – expenses that are commonplace in your trade or profession and which are helpful for your business. While that’s a very broad definition, most people understand in order to qualify, expenses have to directly relate to the operation of a business. (Of course, there are instances where it’s necessary to rely on the advice of an experienced accountant and/or tax professional to determine which expenses are and which aren’t “ordinary and necessary.”) Handling business finances is often one of the least favorite parts of running a small business. Having a firm grasp on your cash flow, knowing what’s tax deductible and what’s not, understanding what you spent each quarter; it all translates into a more positive and less stressful experience at tax time. You might be dreading that expense tracking is going to be a thorn in your side. But with knowledge comes power. Understanding how to properly track expenses will help ease the pain. —Inc.com Obviously, personal use disqualifies purchases from being classified as business expenses. Unfortunately, some businesses take the risk of trying to write off expenses that don’t truly qualify. And, it’s a big risk because it could very well cost a lot more in the end than it’s worth in the short-term. So, it’s critical to keep track of those genuine business expenses. How to Better Keep Track of Small Business Expenses In order to better keep track of small business expenses, you’ve got to get into certain habits and use the right tools. Here are three ways to keep track of your business expenses in the new year: Use only corporate accounts. This is one of the easiest ways to keep track of your business’ expenses. Use only business credit cards or debit cards and you’ll have all those transactions in one place for quick reference. What’s more, it makes accounting for all your purchases a lot less complicated and simpler to find when needed. Run cloud accounting software. Approximately 9 out of 10 small businesses already use some form of cloud accounting software. While that’s a great way to help keep track of expenses, if it isn’t used properly, it won’t be an effective tool. Get in the habit of going over the program on a regular basis so you’re familiar with how it works. This way, when you need to pinpoint something, it won’t be a big deal. Store all your business receipts. Here’s where too many businesses go wrong — they don’t store all their expense receipts in an orderly manner. Remember, not all your transactions will have a digital trail, so it’s very important to keep paper receipts. Recently, I asked my accountant for some app solutions he would recommend for one of our clients, and is his recommendation; If you want basic functionality you can use Scan Manager build right into QuickBooks Desktop versions. In QuickBooks online there is a new “receipts” application located from the “banking” menu choice. You can scan/upload anything and link it to a job/invoice/bill, etc. The online version supports smart phone uploads. For something more sophisticated, Expensify is popular. It has good functionality to support field staff and ties into QuickBooks well. It is relatively inexpensive at $5.00 per remote user per month, plus $ 9.00 per month for admin users. You can get more details from the app menus. What other suggestions do you have to help keep track of business expenses? Please share your thoughts and experiences; your comments could help others better run their businesses! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 Words Smart Entrepreneurs Always Avoid

5 Words Smart Entrepreneurs Always Avoid

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Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power

Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

How to Better Keep Track of Small Business Expenses in the New Year