All, Business Education

Big Benefits of Business Coaching

It takes a lot of determination, grit, and optimism to start and grow a business in today’s environment. The duality of the web is that you can broadcast further than ever before, reaching more potential customers, but so can your competition. The internet certainly changes the dynamics of business, but it’s not your only tool. You have more at your disposal, and for many entrepreneurs, they don’t look to much else. That certainly creates a problem, but it’s one that can be overcome, with the right attitude and mindset.

Put another way, business owners succeeded before the advent of the web, and, those who are now growing do so making the most of what’s available. These entrepreneurs understand that ultimately, business is all about people, and, having the advice of an experienced professional does so much.

The Big Benefits of Business Coaching

You’ve heard about business coaching but might wonder why companies utilize their services. One advantage is gaining insight into what growing a company looks like from someone that’s been through the process time and again. Often times, companies lack experience in dealing with problems not faced before. They simply don’t know where to begin, or, what tack to take.

Business coaching is not just for entrepreneurs with small to medium sized enterprises.
In fact, studies have shown that over 58% of large corporations have expanded their use of business coaching over the last few years. Why? Because it works. —Enterprise Hub

That’s a really a bad place to be and decisions made with uncertainty rarely have good outcomes. It’s not just fear that fells companies and alters their direction, but also, lack of preparation and not having an adequate, workable system in place. There are still more reasons companies benefit from business coaching, including the following:

Organization and time management. A huge problem for most business owners is that so many things compete for their attention. That can easily lead to becoming disorganized, and, to poor time management. With someone helping to set priorities, schedules, and boundaries, a lot more will get done with the most important tackled at the right time, with limited distraction.
Setting achievable goals to build momentum. One thing that can weigh down a business and get an entrepreneur stuck is lack of achievement. The reason material is taught in a incremental, tiered fashion, practically no matter the subject, is because it works. People are naturally motivated to reach other goals when they’ve had success. Sure, there is always the possibility of failure, but when it has a small impact, it’s a lot easier to overcome.
Making team members accountable. A hobgoblin of business is one the wreaks havoc both subtly and overtly: little to no assigned accountability. For team members, as well as owners, to be truly productive, creative, and deliver their best, everyone in the organization needs to be held accountable. The trouble with this scenario is those on the inside usually have difficulty seeing the forest for the trees. Put another way, it’s hard to assign accountability to each team member because you’re dealing with personalities and emotions. A third party will have a much more clear view.
Smart financial projecting and planning. It’s not easy to make financial projections and plan for the future when you’re trying to run a business. While you likely have a grasp on potential, there will be contingencies. Here again, having an experienced hand will take off pressure and keep you from diluting the numbers for a variety of reasons.
Creating a better, more open environment. When everyone in the organization feels valued and is encouraged to contribute creatively, there’s a lot of good that will come as a result. Tapping into those resources must be done in a positive, proactive, and genuine way.

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My Biggest, Most Important Client is #!@_&% — How can I Keep Them and Not Go Crazy

February 10, 2022 No Comments

Fill in the blank. Angry, anxious, cheapskate, short-tempered, impatient, annoying, hard-to-please. No one enjoys dealing with difficult business clients, but sometimes we have to. These clients can be demanding, angry, and anxious. They can sap our energy and make us feel like we’re going crazy. But don’t worry – there are strategies for how to deal with them. Running a Business Means Dealing with Challenges No one ever said that running a business would be easy. In fact, it can often be downright difficult to deal with the various challenges and situations that come up. Whether you’re struggling to keep afloat or trying to figure out how to take your company to the next level, there are some effective ways to deal with difficult business situations. Many small business owners have ‘em—you know, the clients who make you cringe when you see that they’re calling. The ones who drain your energy, criticize everything, and are slow to pay. Difficult customers exist in every business, for every company, and even though you may want to kick them to the curb some days, you know that it’s better to keep them if you can. So, how might you keep your difficult clients and your sanity? —American Express The key attributes are persistence and patience. Entrepreneurs who stay the course but don’t rush into things tend to be the most successful over the long term. They push when necessary and recognize futility for what it is. In other words, they act appropriately to the circumstances they experience and do not try to bend reality. Best Strategies for Managing Impossible Clients Dealing with difficult business clients can be a nightmare. They can be demanding, angry, and anxious, and they can really put a damper on your day. However, with the right strategies in place, you can manage them effectively and keep them from ruining your business relationships, like the following: Keep your cool. One of the most important things to remember when dealing with difficult clients is to stay calm and collected. If you start getting angry or frustrated, it will only make the situation worse. Take a few deep breaths and try to relax. This will help you think more clearly and come up with a plan of action. Put on their shoes. Another thing to keep in mind is that these clients are just people. They have their own problems, and they’re probably stressed out too. Try to put yourself in their shoes and see things from their point of view. This will help you understand where they’re coming from so you can better address the problem at hand. Don’t retaliate in anger. If possible, avoid getting into arguments with these clients. You might think this is impossible, but it can be done. Stay calm and collected — even if they’re yelling at you or cussing you out. If necessary, take a break from the situation. Politely end the phone call or meeting and go for walk outside. This will give both parties time to cool down and reset. Walk the walk, talk the talk. Finally, always try to stay professional. These clients are probably already angry and frustrated, so don’t add to the problem by being rude or unprofessional. Address the issue at hand in a polite and respectful manner. You’ll be surprised how much this can help diffuse the situation. What other strategies would you use to deal with difficult customers? Please, take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Thinking About Rebranding Your Small Business? Here’s What You Really Need to Know

August 4, 2023 No Comments

After Elon Musk rebranded Twitter to X, the move probably got a lot of small business owners thinking. However, rebranding is a strategic decision that small businesses may contemplate as they evolve, adapt to market changes, or seek to revitalize their image. When done correctly, rebranding can breathe new life into a business, attract new customers, and strengthen brand loyalty. Although, it is a complex process that requires careful planning and consideration. What You Need to Know about Rebranding a Small Business With all that in mind, it’s very important to diligently explore what small businesses should consider when thinking about rebranding and examine the pros and cons of undertaking a rebranding initiative. Then, carefully and strategically think about different scenarios, and play out some strategies, while taking a few contingencies into account, too. Considerations for Rebranding a Small Business First and foremost, small businesses should clearly define the purpose of rebranding and set specific goals. Rebranding may be aimed at targeting a new audience, differentiating from competitors, updating an outdated image, or reflecting a change in the business’s mission. Ask yourself, what are your brand’s strengths and weaknesses? What do your customers know and love about your brand? It’s important to have a clear understanding of your current brand identity before you start rebranding. This will help you avoid making changes that will alienate your existing customers. Then, take some time to factor in and act on the following: Market research. Comprehensive market research is essential to understand customers’ perceptions, preferences, and pain points. This data will inform the rebranding strategy, ensuring it aligns with customer expectations and demands. Brand identity. Rebranding involves more than just changing a logo or name. It extends to the business’s values, personality, and overall identity. Small businesses must be prepared to redefine their brand essence. Competitive analysis. Evaluating competitors’ branding strategies can offer valuable insights. A successful rebrand should differentiate the business from competitors and communicate a unique value proposition. Customer feedback. Gathering feedback from existing customers can help identify areas for improvement and ascertain whether rebranding is necessary or well-received. Financial implications. Rebranding can be a costly undertaking, so it’s important to factor in the cost before you make a decision. There are a number of factors that will affect the cost of rebranding, including the size of your business, the scope of the rebrand, and the fees of the branding agency you work with. Rebranding can be a significant investment. Small businesses must carefully assess the financial impact and budget accordingly. Employee buy-in. Rebranding affects employees, and their support is crucial. Engage them early in the process, explain the reasons behind the rebrand, and involve them in shaping the new brand identity. Rebranding is a big decision for any business, but it can be especially daunting for small businesses. There are a lot of factors to consider, and it’s important to weigh the pros and cons carefully before making a decision. Pros of Rebranding a Small Business Now that we’ve gone through some of the basics, let’s go ahead and list the advantages of a rebrand. Of course, this isn’t an exhaustive list, but it includes the most pertinent. Here are the biggest benefits of rebranding a small business: Fresh impression. Rebranding presents an opportunity for a fresh start, allowing the business to shed any negative associations or outdated perceptions. Attracting new customers. A successful rebrand can attract new customers who may have overlooked the business previously. It can also re-engage dormant customers. Competitive edge. By strategically positioning the brand in the market, rebranding can create a unique selling proposition, setting the business apart from competitors. Increased brand equity. A well-executed rebrand can boost brand equity and strengthen customer loyalty, leading to higher customer retention rates. Adaptation to market changes. Rebranding enables small businesses to adapt to changing market trends, preferences, and demands, ensuring long-term relevance. And, last but certainly not least – expansion and diversification. If a business expands its product or service offerings or enters new markets, rebranding can reflect these changes and signal growth. Cons of Rebranding a Small Business Obviously, there are always downsides. When a company undergoes such a change, it can have certain drawbacks that you’ll naturally want to avoid or mitigate as much as possible. So, here are the most common pitfalls of rebranding a small business: Cost and resources. Rebranding can be expensive and resource-intensive, impacting a small business’s budget and operations. Customer confusion. Sudden and drastic rebranding can confuse existing customers, leading to a temporary drop in sales and loyalty. Time-consuming process. Rebranding is a time-consuming process that requires meticulous planning, design, and execution. It can divert attention from day-to-day operations. Brand equity erosion. If not executed well, rebranding can erode existing brand equity, resulting in lost customer trust and a weakened market position. Also, consider a possible negative perception. Some customers may perceive rebranding as a sign of instability or desperation, impacting the business’s credibility. Summing It All Up Rebranding is a strategic decision that small businesses should approach with careful consideration. By conducting thorough market research, defining clear goals, and involving employees, small businesses can increase their chances of a successful rebranding initiative. While rebranding offers numerous benefits, it is essential to weigh the pros and cons to determine if it aligns with the business’s long-term objectives. When done thoughtfully, rebranding can be a powerful tool for small businesses to evolve, adapt, and thrive in a dynamic market landscape. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Coronavirus Presents an Opportunity to Teach Your Children about Business

June 16, 2020 No Comments

The Sword of Damocles tells a very important story about the stark reality of being in a position of power. For those unfamiliar, Damocles is a court sycophant or flatterer, who pines for the power of King Dionysus II. The king gives his throne to Damocles, who in-turn enjoys fine food and drink, opulence, and entertainment, only to be surprised by a razor-sharp sword dangling over his head, held in-place by a single horsehair. In an instant, Damocles learns power comes with a price. That every leader is under constant threat of being replaced or worse. Crisis can Turn into Opportunity A pandemic was probably the furthest thing on any business leader’s mind prior to the outbreak of COVID-19. Now, hindsight being 20/20, it’s easy to see the sword comes in many forms. And, it’s a great time to teach your children about the inevitable ups and downs of owning and running a business. By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. —CNBC.com You can teach many lessons by having your kid(s) start and operate a small business. But, as we adults know, failure is where the hard but necessary lessons lie. Use this crisis to show your children how to cope and face adversity. It’s a terrific time because there’s no shortage of awareness about the outbreak and quarantines. Meaning, there’s a lot of context and therefore, makes it easier to use real-world examples. Three Lessons the Coronavirus Business Owners can Teach their Kids The moment we’re all experiencing as business owners, managers, and team leaders causes us to question a whole lot of things. And, that’s not a bad thing, especially when it comes to teaching business lessons to children who can later use that information. Here are three important business lessons entrepreneurs can teach their kids: Debt. Everyone knows the risk accumulating debt carries. But, it’s so commonplace, we just don’t appreciate how dangerous it can be when things go wrong. While debt is very often used by companies of all shapes and sizes, when there’s a disruption in the economy, it remains an obligation that can’t be ignored. Debt is sometimes necessary but when it’s used in excess, it can financially ruin a business and even personal lives in a devastating way. Hard choices. Another important lesson to teach is about having to make tough decisions. Being able to evaluate the circumstances, choose essential personnel, and identify where cuts can be made certainly isn’t easy. But, it’s a wonderful life lesson to relate that will make a life-long impression. Streamlining. Call it identifying redundancy or creating efficiency. If you take an honest look at everything inside your business, you’re going to find unnecessary duplication or just flat out waste. Use these examples and make them relatable on an age-appropriate level. What other lessons would you add to this list? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.