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Network Event Do’s and Don’ts

Some people have an innate ability to walk into a room full of strangers and start connecting and uncovering business contacts galore. They seem to glide through the room, smiling, freely introducing themselves, while holding conversation. These people know how to read a room and individuals naturally. Then, there are people who move through events quickly, collecting an astounding number of business cards while shaking hand after hand. The difference between the two personalities couldn’t be more stark. One is making new contacts, the other is doing little more than trying to bag new clients. It’s obvious which one will benefit and which one won’t.

The purpose of networking events is to do just that: meet new people and have conversations. It’s how you go about it that makes all the difference. Connecting with people is an art form, and, is learned over time. Before there’s any real connection, though, you’ve got to be prepared to meet new people.

Network Event Do’s and Don’ts

There’s a huge difference between meeting new people and connecting with them. Meeting a group of new people is even more of a challenge than meeting a single person or a very small group. Attending a networking event is something that stirs excitement and anxiety. These events tend to be noisy, where it’s not easy to hold a conversation. What’s more, you’re expected to participate and interact with several people.

We network because we don’t work and live in a silo. Due to human nature, we tend to trust doing business with people we know or who are referred to us. People often think of the need to network whenever their jobs are in jeopardy, or whenever they’re in search of new business. —Career Builder

When you go to a networking event, you do so to open new doors. There won’t be time to establish a relationship and connect with others, but there will be plenty of opportunity to introduce yourself and hold brief, casual conversations. To accomplish this simple, yet challenging feat, you ought to know the do’s and don’ts of event networking.

Network Event Do’s

Go prepared. You ought to have a brief list of topics to discuss and/or experiences to share. It’s okay to go over these out loud and practice introducing yourself. Just don’t practice too much, or, it will sound rehearsed and artificial.
Keep one hand free at all times. Keep your dominant hand free of snacks, drinks, and other objects. You’ll be able to freely shake hands without having an awkward moment to find a place to temporarily set something down.
Know who to approach. Just because someone is standing alone doesn’t mean you ought to rush over to approach. Take a moment to read his or her face and body language. When you do make eye contact, confidently approach and introduce yourself.
Look for opportunities to offer help. One of the most powerful and likable gestures is to ask questions and offer your assistance. Only offer to help when it’s realistic and be sure to follow-up. Don’t make the mistake of over-promising or over-extending.

Network Event Don’ts

Believe collecting business cards is a measure of success. Remember, the purpose of attending these events is to meet people — not just to collect business cards. If that’s all you accomplish, the whole exercise is for naught.

Be on the lookout for someone else while speaking with another. If you do have the misfortune of getting into a boring conversation, find a gracious and courteous way to excuse yourself. What you should avoid is awkwardly scanning the room for someone else to speak with to break away.

Try to impress others with jargon or facts. Using big words, insider jargon, or trying to impress with a barrage of facts is a turn off. It’s pretentious and tells others you lack self confidence. What’s more, it keeps you from having a genuine conversation.

Speak over or interrupt others. This sounds obvious, but, it’s something that can be unintentional when you’re nervous. When you do approach someone else and introduce yourself, be courteous, ask polite questions, and listen.

Yes, the purpose of attending Network Events is ultimately to acquire new business. However, do not go to a Network Event if that is your initial purpose. Your priority for attending a Network Event is to develop Relationships which you can foster over time into a business opportunity with that connection or with someone they introduce to you. Minimize your agenda, and spend time listening and asking the other person questions about themselves and their business. Show them genuine interest and watch how your relationship moves to trust even during the Network Event.

Isn’t it more rewarding to leave a Network Event with 3 or 4 really good, meaningful connections where both of you developed a relationship and can follow up after the event to further explore opportunities together?

When is the last time you attended a Network Event and made some meaningful connections that turned into real business?

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What to Do When Your PPP Money Runs Out

May 7, 2020 No Comments

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead

January 3, 2024 No Comments

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead We all know the drill: the calendar year flips, dreams are dreamt, and then you’re face-to-face with the annual performance review behemoth. And while quarterly check-ins might feel like another item on the ever-growing to-do list, they’re actually your secret weapon for keeping everyone – you and your team – motivated, on track, and slaying those business goals. But the key to making these quarterly chats sing? Setting clear, impactful baselines that guide the way. Setting Realistic Expectations but With Confidence Let’s ditch the dry performance review templates and talk real – real goals, real progress, and real conversations that ignite your team’s potential. Buckle up, friends, because we’re diving deep into the world of crafting practical and persuasive baselines for your quarterly employee evaluations, all with a healthy dose of small business swagger. Now, let’s get into the nitty gritty and go step-by-step on how to set performance baselines for quarterly employee evaluations: Step 1: Big Picture Vision, Microscopic Focus Before we zoom in on individual roles, let’s paint the bigger picture. Where do you see your business soaring this year? Define your key company goals, the ones that make your entrepreneurial heart skip a beat. Think of increased revenue, expanded product lines, or dominating that local market share. Get specific, dream big, and write these down – they’ll be your North Star throughout the year. Step 2: Deconstructing Dreams into Doable Deeds Now, let’s break down those dreamy company goals into bite-sized chunks for each quarter. Think of them as the stepping stones on your path to success. What measurable milestones need to be reached each quarter for your vision to unfold? And, as always, be SMART about it – Specific, Measurable, Achievable, Relevant, and Time-bound. Don’t overwhelm your team with a Mount Everest of tasks; focus on the key metrics that drive progress. Step 3: Mapping Personal Paths to Collective Triumph Here’s where the magic happens! Align individual roles with those quarterly company goals. What specific contributions can each team member make to hit those milestones? Tailor these individual baselines to each role’s strengths and responsibilities. Think sales targets for your star hustler, conversion rate improvements for your marketing whiz, and customer satisfaction benchmarks for your service champion. Remember, these baselines should be challenging yet achievable, sparking that “I got this!” feeling in your team. Step 4: Metrics that Matter (and Don’t) Numbers talk, but not all those figures sing. Choose metrics that truly reflect individual and collective progress toward your goals. Sales figures are great, but what about customer retention rates or lead generation efforts? Don’t get bogged down in vanity metrics that look good on paper but don’t tell the whole story. Focus on the data that drives actual impact and motivates your team to go the extra mile. Step 5: Communication is King (or Queen, or Both!) Open and honest communication is the engine that fuels high-performing teams. Share your company goals and individual baselines with your team in a clear, transparent way. Get them involved in the process, gather their feedback, and make sure everyone feels like they’re rowing in the same direction. Remember, these baselines aren’t meant to be shackles, but stepping stones – a roadmap for collaborative success. Step 6: Check-Ins, Tweaks, and Cheers! Quarterly reviews aren’t just about checking boxes; they’re opportunities for growth, celebration, and course correction. Use these check-ins to gauge progress, adjust baselines if needed, and offer actionable feedback that empowers your team to reach their full potential. And don’t forget the high fives and virtual confetti showers! Recognizing achievements motivates continued excellence and keeps the fire burning bright. How It All Wraps Up Setting quarterly baselines takes effort, yes, but the rewards are immense. You’ll see increased employee engagement, boosted morale, and a laser-sharp focus on achieving your shared vision. So, ditch the performance review dread and embrace these baselines as the springboard to your small business success story. Remember, you’ve got this – and your awesome team by your side! Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? Let’s solve your biggest challenge – right now! We invite you to a FREE 30-minute consulting session where you can describe your biggest business challenge and we will then gladly share our 150 years of combined business experience solving that challenge. We have worked with hundreds of clients with challenges just like yours. Call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

How to Set Business Product and Service Prices

May 16, 2017 No Comments

Pricing products and services is difficult for any new business owner. Though it might seem to be a simple equation, that’s hardly the case. There are quite a few factors which go into setting your price or prices. Even within industries that buy from manufacturers to sell directly to consumers, there are variables from one vendor to another. Location is part of pricing, not just distance, but also demand and population. Services aren’t much different in this respect. Let’s say that you’re a dietitian, and you work with various doctors, hospitals, and gyms over a large geographic region. You travel quite a bit, so you go from big cities to rural communities. Chances are excellent you’ll charge more for your professional services in the metropolitan area than you will in sparsely populated rural areas. How to Set Business Product and Service Prices One important aspect to keep in mind when setting prices for goods and/or services, is they are promises to your customers. A price reflects value and consumers are careful about which products and/or services they choose. This means that price, while a very important factor, isn’t the only consideration consumers take into account when purchasing. For instance, a big bag of individually wrapped chips complete with select flavors is priced for $6.99. Next to it is a generic store brand priced at $4.99. Based solely on price, you’d opt to save $2 and go with the store brand. After all, you’ll save money and the chips will taste the same. Price is the most important factor in determining profit. Yet countless businesses fail to get their pricing strategy right. The price you charge for your products or services is directly related to your Cost of Goods (labor & materials to produce the product/service), your overhead and the competition or demand. Your focus needs to be on your desired Gross Margin. Price is a major way you communicate your firm’s value in the marketplace. Yet many small business owners set prices arbitrarily or sheepishly follow the crowd. —Bloomberg Business Now as you wind your way through the grocery store you visit the meat department. Inside the display case there are four ready-to-cook hamburger patties made mouthwatering with fresh bacon bits and cheese and is priced at $12.49. Right across the aisle in the frozen section there’s a 10-count box of plain, frozen hamburgers for $9.99. Suddenly, saving $2.50 doesn’t seem worthwhile and you splurge because the fresh, mouthwatering ready-to-cook hamburgers are simply irresistible. The point, of course, is perceived value — you’ll have to base your business’ product and service prices on their value. However, that’s just one factor of many others which go into pricing. Here are some steps you can take to help you set the right price: Learn about demand in your area. No matter how wonderful your product or service might be, if there’s no demand for it in the area, it won’t sell. Think about the old sales joke, “Selling ketchup popsicle sticks to customers in white gloves.” Obviously, people wearing white gloves have no need for such a mess. The same holds true for demand in your area. If you’re selling snow shovels, it’s should be to consumers in climates where it snows. Check out competitors’ pricing. This is a simple way of learning what consumers will pay for a product or service. Of course, you should only rely on established prices by flourishing businesses. Always factor-in costs. There’s no getting around the fact that it costs money to run a business. Even freelancer contractors have operating costs. For brick-and-mortar operations, there’s rent, utilities, insurance, inventory, employee pay and benefits, and other costs. Be willing to discount. One way retailers sell products is by offering discounts. This is a great strategy, if it doesn’t wipe-out your margin, or it’s a one-time deal to establish a relationship for future business. Don’t undercut simply to attract business. A big mistake that some new to business make is to undercut competitor pricing, only to learn the hard way they can’t deliver. After all, it does no good to attract business if customers aren’t receiving what they expect. Pricing is a science and an art. The science is an equation based on your Labor + Materials (Cost of Goods) divided by your desired Margin or divisor. If you desire a 40% Gross Profit Margin (the amount left over after you cover your Labor and Materials), then your divisor is 60% and not a 40% markup. Using a 60% divisor based off your Cost of Goods will yield a 40% Gross Profit Margin. A mistake many businesses make is to mark up their Cost of Goods which yields a lesser Gross Profit Margin closer to 28%. We call this “Profit by Accident”. Because it is feasible to guarantee your business makes a profit, we developed our “Profit by Design” strategy. Contact us for a complimentary consultation to review your pricing strategy and learn more about “Profit by Design”. Now, what about the art of pricing? The art is in the research, testing, creative marketing and demand for your product or service and how you promote its value. The art is in your ability to pivot and massage all of the components (labor, materials, overhead, marketing, value, customer perception, etc.) to work together. Combined, you will develop a pricing strategy that proves out in your bottom line profits and more money in your pockets! Pricing is a delicate balance, but with some research and a bit of critical thinking, you’ll be able to set prices for your business’ products and/or services. Do you know and understand your pricing strategy, or is yours Profit by Accident? [shareaholic app=”follow_buttons” id=”26833294″]

Network Event Do’s and Don’ts

Network Event Do’s and Don’ts

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What to Do When Your PPP Money Runs Out

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead

How to Set Business Product and Service Prices

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