How Strangers Can Teach You to Personally Connect

With regular life all but suspended and so much uncertainty, small businesses will most definitely feel the impact. Although most of it will occur in the short term, it could well have long-term impacts, lasting far beyond the next several weeks. That means it’s time to hunker down and get serious about the situation to minimize any potential damage. 5 Ways Small Businesses can Weather Uncertain Economic Times The very first thing to do is to review all expenses. Not just some or the top, but everything. You’ll likely be reminded of at least one that’s either unnecessary or simply too costly to maintain in its current status. In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability. The good news is a large-scale company overhaul isn’t necessary. It’s often simple, common sense steps that improve the bottom line, especially for a small business. Q1, 2020 is a good time to step back and look carefully at your business practices. —American Express Then, it’s time to start to reduce discretionary spending. Here again, don’t just settle for around the margins. Instead, think about where you can cut when it comes to discretionary spending. You’ll probably be surprised by how much you’re wasting and don’t even realize it. More Ways of Dealing with an Economic Downturn Of course, those two things won’t do it alone. While reviewing expenses and cutting down on discretionary spending will most certainly help out, you’ll probably be able to do more — a lot more. For instance, you can do the following: Buy more carefully. This is different from discretionary because these entail essentials. Although these things are necessities to run your business, you can probably get away with buying a little less. Doing so across a few or several items will have a cumulative savings effect that will make a real difference. Cut down on extras. Overtime, perks, even benefits are all part of this particular category. (You should be doing this periodically, about once to twice per year, anyway.) Again, you’ll likely be a bit shocked by how much these items are costing you, especially when added-up together. Consider cutting pay. This doesn’t just apply to your employees, but you as the owner, as well. Yes, you. It might be necessary to reduce team member hours, and even take a temporary pay cut yourself. This will not only help you weather the storm, but also, it shows real leadership. Moreover, it sends a clear message that you are part of the solution, rather than part of the larger problem. Innovate. Huddle up with your key employees and leaders and challenge everyone with to come up with 2 or 3 innovative strategies to create or capture new revenue sources that you are currently not generating. Many successful businesses have found way to survive and in some cases developed entirely new services and products that resulted from innovating during difficult times. Necessity is the mother of invention. Plato. What other measures would you suggest? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make. Top Networking Mistakes too Many Entrepreneurs Make There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right. There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make: Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead. Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it. Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing. Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener. Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across. What networking mistakes do you think should be included? How do you approach networking at-large? Please, share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]