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These Marketing Channels area Waste of Money

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization.

Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business.

Don’t Waste Money on These Marketing Channels

Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools.

Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com

A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment:

Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility.
Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition.
Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page.
Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention.
Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain.

Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low.

The smart way to get your brand noticed is to build personal relationships.

One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale!

So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile.

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Pros and Cons of Buying New vs Refurbished Office Equipment

April 12, 2023 No Comments

Office equipment can be quite expensive. But, it’s necessary. So, there’s not a lot of choice precisely because it is an absolute must. Although, there are a couple of options. It’s entirely possible to procure office equipment in two different ways. Small business owners can buy new or purchase refurbished. However, this, of course, raises a number of questions. So, let’s take a look at all the benefits and downsides of purchasing new versus buying refurbished. Pros of Buying New Office Equipment There are many pros and cons to consider when deciding whether to buy new office equipment for your small business. Here are some of the key factors to think about before you commit to obtaining new equipment: Improved productivity and efficiency. With new office equipment, your employees can work faster and more efficiently, which can lead to increased productivity and profits. For example, a new computer system with faster processors and more memory can help your employees complete tasks more quickly. Reduced costs. New office equipment can also sometimes help you reduce your costs in the long run. For example, a new energy-efficient printer can save you money on your energy bills. Improved customer service. Yet another benefit is new office equipment can help you provide better customer service to your clients. For example, a new phone system with call forwarding and voicemail can help you keep your business running smoothly even when you’re not in the office. Enhanced security. Additionally, new office equipment can help you protect your business from security threats. For example, a new firewall can help you protect your computer systems from hackers. Improved morale. New office equipment can help boost morale among your employees, which can lead to increased productivity and loyalty. For example, new office furniture can make your employees feel more comfortable and productive. As you can see, there are some very convincing reasons to buy new. However, just because it’s new does not mean that it’s the right choice for your organization. Just like anything else, there are also some downsides you should be aware of. Here are the disadvantages of buying new. Cons of Purchasing New Office Equipment While these are some compelling reasons to buy new, this doesn’t mean that it won’t come with a few disadvantages, for example: Initial investment. Buying new office equipment can be a significant upfront investment. You’ll need to factor in the cost of the equipment itself, as well as any installation or maintenance costs. Depreciation. The value of new office equipment will depreciate over time, which means you’ll eventually need to replace it. Obsolescence. New office equipment can quickly become obsolete as new technologies emerge. This means you may need to upgrade your equipment more often than you’d like. Maintenance. Of course, new office equipment will require regular maintenance to keep it running properly. This can add to the overall cost of ownership. Training. Your employees may need training on how to use new office equipment. This can be a time-consuming and costly process. Ultimately, the decision of whether to buy new office equipment is a complex one that depends on your specific needs and budget. Weigh the pros and cons carefully before making a decision. Advantages of Buying Refurbished Office Equipment Now, we’ll take a look at the benefits of purchasing refurbished office equipment. Here are the biggest upsides to going this route instead of buying new: Cost savings. Refurbished office equipment is often much cheaper than new equipment. This can be significant savings for small businesses that are on a tight budget. Environmental benefits. Buying refurbished office equipment helps to reduce waste and conserve resources. This is a positive environmental impact that can help you feel good about your business practices. Similar quality to new equipment. Refurbished office equipment is often just as good as new equipment. It has been thoroughly tested and repaired, and it comes with a warranty. Flexibility. You may be able to find refurbished office equipment that is not available new. This can give you more options when choosing the right equipment for your business. Disadvantages of Procuring Refurbished Office Equipment Obviously, there are also some downsides to consider when it comes to refurbished equipment. Here are the things you might come across if you choose to buy refurbished rather than new equipment: Limited warranty. Refurbished office equipment typically comes with a shorter warranty than new equipment. This is something to keep in mind if you are concerned about the potential for repairs or replacements. Possible cosmetic issues. Unfortunately, refurbished office equipment may have some cosmetic issues, such as scratches or dents. This is usually not a major concern, but it is something to be aware of. Compatibility issues. If you are buying refurbished office equipment from a third-party seller, there is a risk that it may not be compatible with your other equipment. This is why it is important to do your research and buy from a reputable seller. Ultimately, the decision of whether to buy refurbished office equipment is a complex one that depends on your specific needs and budget. Weigh the pros and cons carefully before making a decision. What other pros and cons would you add to these when it comes to buying new or refurbished office equipment? Please take a moment to share your own thoughts and experiences so other people can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Effective Ways to Show Your Employees You Actually Care

November 30, 2018 No Comments

Happy employees are great employees. It’s that simple. When your team members feel good about their work and its environment, your company benefits immensely. It’s certainly no secret that any organization’s survival (and profits) rely almost solely on its employees. Furthermore, unhappy employees will do more to drag down your business than any other factor. So, it’s very important your team members feel appreciated. Why Appreciative Employees are the Most Productive and Loyal Okay, there’s no mystery to the reality that appreciative employees are indeed the most productive and loyal. When people are treated — not only with respect and adulation — they respond in positive ways. And, creating this culture does much to make the entire entity stronger and more cohesive. Employees who feel appreciated feel valued. And when people feel valued, they’re more likely to go above and beyond for the organization. They’re quicker to hold themselves accountable for their part of a project. Most importantly, they’re happier in their roles, which means, they’re less likely to leave. When leaders disregard opportunities to connect with their team and show employees their appreciation, they lose a secret weapon in building a dedicated, long-term team. —Inc.com Everyone wants to be treated fairly and feel valued. When you routinely act in a way that imparts your thankfulness, your team will definitely pick up on it. The result is a better workplace and one that delivers on each and every project. How to Show Your Employees You Care about Them Other than competitive pay and good benefits, how do you show your employees you really appreciate them and what they do? Well, there are some subtle and overt ways to show employees you really care about them: Give them extras. We’ll start with the most obvious. Reward them with little extras. An additional paid day off. Tickets to a show or game. A gift card. There are dozens of little things you can do to overtly show your appreciation. And do this when they least expect it, and where possible, reward them in front of their peers. Get to know them. A subtle way to show employees you care is just to get to know them. Talk with them about things other than work. Check in on their sick mother, or pets or kids school projects or sports. Sure, it sounds all-too-obvious but you’d be surprised just how many bosses only talk about work. Let them be the boss. Here’s an interesting idea — be a coach and not a “boss.” This approach allows employees to feel empowered. In other words, let them be their own boss. Employees who are given the reins are happier and more productive team members. Show you have their back. The customer is always right, right? No. Reality is quite different. There are times when the customer is wrong and when an employee is in their crosshairs, let him or her know you have their back. What other ways do have you shown appreciation and how do they work? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Tired of New Employees Abruptly Quitting? Here’s a Novel Solution for Recouping Your Training Costs

November 4, 2022 No Comments

One of the most costly and infuriating aspects of running a business is training new employees only to have them up and abruptly quit. It takes a lot of time, effort, and extra expense to onboard new hires and get them familiar with practices and procedures. When they depart shortly after their training, it means having to fill that position all over again. Since this is such a huge hassle and a costly one at that, some companies are actually billing employees who quit. The strategy is to ensure new employees don’t receive critical industry training only to leave and use their new skills at a competitor paying higher wages and/or offering more enticing benefits packages. Companies Recovering Employee Training Costs through TRAPs Healthcare, retail, trucking, beauty, and more companies are adopting a new approach in order to reduce their workforce losses. Known as Training Repayment Agreement Provisions or TRAPs, these clauses are included in employee contracts. Nearly 10% of all American companies are now using these provisions, according to a recent report by Reuters News. When a valued employee quits, the loss can have a detrimental effect on the person’s team and department and maybe even on the entire company. Not only can an unexpected departure lead to lost revenue, but it also could lower the morale and productivity of remaining employees. —Society for Human Resource Management Other industries may follow this emerging trend if it proves successful and legal. There are already federal and state government agencies looking into the practice, and it appears to be legitimate. If it continues to grow in popularity, it should be not only a big benefit to businesses but to employees as well, as both parties will know precisely what’s expected of them and how to proceed accordingly. How to Use Employee Training Repayment Agreement Provisions Because this is somewhat new, it’s very important to take thoughtful, measured steps in order to implement such a practice. Here are some suggestions for how to use an employee training repayment agreement provision in your business: Consult a labor law attorney. The very first thing you should do is to speak with a lawyer who specializes in labor law in your state. Even if a future employee willingly signs such an agreement, there may be something on the books that does not allow you to enforce such a provision. So, be crystal clear it is legal and actionable in your state. Speak with your human resources department. Obviously if you are able to include an employee training repayment agreement provision in your hiring contracts, you’ll need to get the right people in your organization on board and in the know. You can help to develop a new section in your training process that discloses and advises potential hires and new team member about this provision. Make sure new hires are made fully aware of the provision. When you’re recruiting someone new to your organization, be sure this is made abundantly clear before you proceed with follow-up interviews and probably before the very first, initial interview. Any job candidate should be made aware of this provision well before you get deep into the hiring process. Include a mechanism to recoup new employee training costs. Of course, you’ll need a way to actually recoup those training costs. So, if you offer a sign-on bonus, that may be one way to recapture the expense. Here again, you’ll need to consult an experienced, licensed labor law attorney in your state to establish a recuperation mechanism for the provision. What else would you suggest business owners do to deal with new hires who quit shortly after being brought on? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.