All, Fix Company Problems

How to Fire a Client

Every entrepreneur will eventually fire an employee or severe a relationship with a supplier or vendor. These are the most common scenarios we associate with pink slips and the practice of doing business. However, there’s another we don’t often think about, or, only privately suffer because it’s difficult to own-up to a mistake. In this particular situation, you’ll have to fire a client and it can be very difficult to face. You must consider the financial impact, and, the dynamics [read: pain point] it will unleash on your business in the aftermath. You might be confronted with a negative review, an unpleasant back-and-forth, or even a total disruption of your business workplace.

Ways to Fire a Client

With the new year fast approaching, you’ve probably begun to focus on your personal and professional resolutions. One of them could very well be to purge toxic relationships, which include bad clients. These can be individuals who love to demand rather than delegate, micromanage work to the point there’s no real point someone else does any of it, insists on rushing which compromises quality, or other detrimental behaviors.

When you are just getting started with your business, you’re probably willing to work with any and every client who comes your way. However, not every client is a good one. The emotional, physical, and mental drain caused by a bad client relationship can keep you from enjoying your job and negatively impact the work you do for other clients. At times, the best way to grow your business is to let go of those clients who are holding you back. —Forbes.com

It could be a well paying client who has a penchant to promote pandemonium, one who expects deep discounts but superior work quality, wastes your time without remorse or even any acknowledgement of it. You know who he or she is because you dread any contact and even the sight mention of his or her name is enough to make you cringe. Still, you put-up with their bad conduct because you feel a sense of loyalty.

So, how are to you end such a relationship? Start with some genuine, introspective soul-searching. Is it something that you’re taking offense to that’s more about your personality? Are you contributing to the chaos with your own behavior? If you’re honestly not part of the problem, then try to resolve the situation first. Approach it subtly, but earnestly, and see what happens. If this doesn’t work, there are ways to fire a client and depending on the situation, one will probably be the best solution:

Inform the client you are refocusing your efforts. Every new entrepreneur will accept any type of work when first starting out, even if it’s not a strong-suit. At this early juncture, revenue flow is a top priority. However, it undermines and erodes the relationship over time. Use this to your advantage and explain how you are not serving his or her best interest. Point this out and gracefully bow-out.

Announce to the client you have to raise your rates. Money is a big deal — make no mistake about it. You know it to be true as does the professional who’s always espousing the healthy attributes of professional relationships, giving back to the community, good will, and the like. While those are indeed wonderful things, money is a practical part of business and announcing you’re raising your rates might just be the nudge which sets you free.

Give him or her options for other service providers. Explain you are moving in a direction to serve a specific subset of your clientele. Along with it, give him or her options, recommending different competitors.

Manage his or her expectations by providing actionable steps. Some clients will resist ending the relationship at nearly any cost. They’ll make promises about changing their behavior, bringing you more business, or other saving graces. Since you want to sever the relationship cleanly and permanently, provide a list of actionable steps he or she can take without your assistance.

If you aren’t necessarily dealing with a problem client, just one who is no longer profitable, but still pays on-time and is good-natured, speak with less expensive, alternative service providers and give them the business. This creates a win-win scenario for all parties.

In my past businesses and as a business consultant and coach, I have experience in each of these circumstances with customers and clients. I have found that the best approach is an honest approach with a strong dose of caring and encouragement. So, what customers will you fire or have that crucial conversation with in 2016?

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Effective Methods Entrepreneurs can Use to Juggle Priorities

April 20, 2023 No Comments

As an entrepreneur, you’re constantly juggling priorities. There are always a million things to do, and it can be tough to know where to start. But if you don’t learn how to prioritize your tasks, you’ll quickly find yourself overwhelmed and stressed out. Effective Tips for Juggling Priorities as an Entrepreneur If those two emotional states of mind aren’t attractive, it’s because they are inherently counterproductive. Entrepreneurs would much rather be in control and calm. To achieve this, it’s important to know how to juggle priorities and that can be quite difficult because everything that’s important deserves due attention. So, here are some effective strategies for juggling priorities: Set clear goals and objectives. The first step to effective prioritization is to have a clear understanding of your goals and objectives. What do you want to achieve with your business? Once you know your goals, you can start to identify the tasks that are most important to achieving them. Create a to-do list. Once you know your priorities, it’s time to create a to-do list. This will help you keep track of what needs to be done and when it needs to be done. When creating your list, be sure to estimate how long each task will take. This will help you create a realistic timeline for completing your work. Prioritize your tasks. Not all tasks are created equal. Some tasks are more important than others, and some tasks are more urgent than others. When prioritizing your tasks, it’s important to consider both the importance and urgency of each task. Delegate tasks. If you’re trying to juggle too many priorities, it’s important to delegate tasks to others. This will free up your time so you can focus on the most important tasks. When delegating tasks, be sure to choose people who are capable of completing the tasks to your satisfaction. Additionally, take breaks. It’s important to take breaks when you’re juggling multiple priorities. If you try to work non-stop, you’ll quickly become overwhelmed and feel stressed out. When you take breaks, give yourself a chance to relax and recharge. This will help you come back to your work refreshed and focused. Between catering to the needs of customers, ensuring employees are engaged, remaining true to the values of the organization, and staying compliant with changing laws, running a business naturally requires entrepreneurs to balance several different priorities all at once. No matter how experienced a leader is or how top-notch their juggling skills are, any person would struggle with these responsibilities. —Newsweek Juggling priorities is a challenge for any entrepreneur, but it’s essential to the success of your business. By following these tips, you can learn to manage your time effectively and achieve your goals. Even More Ways to Organize Your Business Priorities In case you’re already accustomed to using these methods, there are more that you can also adopt. In addition to the above, here are a few more tips for deciding which priorities are most important: Consider the impact of each task. What impact will completing or not completing each task have on your business? Some tasks may have a more immediate impact, while others may have a more long-term impact. Think about your resources. Do you have the time, money, and people power to complete each task? If not, you may need to prioritize tasks that are more feasible. Factor in your goals. What are your short-term and long-term goals for your business? Prioritize tasks that will help you achieve your goals. Be flexible. Things change, and your priorities may need to change as well. Be prepared to adjust your priorities as needed. Juggling priorities is an ongoing challenge for entrepreneurs, but it’s a necessary part of running a successful business. By following these tips, you can learn to manage your time effectively and achieve your goals. What other advice would you give to business owners about how to effectively juggle priorities and put pressing matters in the proper order? Please take a few moments to share your experiences and anecdotes so others can benefit from your input! 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.

Learn this Uber London Quebec Business Lesson Right Now

October 4, 2017 No Comments

Uber just lost its operating license in London. Then, Quebec passed tough new regulations. That caused Uber to announce a cessation of operations starting next month. There are many cities, municipalities, and unions suing Uber. Their claim is the ride-share company isn’t restricted by the same rules as taxis and like services. However, Uber remains popular with the public. It provides a different experience and often for a lower cost. But, it is definitely learning taking on government regulations is no easy task. 4 Helpful Tips for Entering a Regulated Business Industry You might want to start a business to help people. And, that’s what many others do successfully. Although, if it’s in a heavily or even a moderately regulated industry, you’ll face several extra obstacles than entrepreneurs in different fields. The truth of the matter is, starting a business in any industry presents inherent risks. But, this certainly doesn’t mean it’s impossible. If you’re building a new social network, creating a tech-enabled food delivery business, or developing an artificial-intelligence translation tool, there aren’t many demanding rules to adhere to. But if your startup deals with issues such as health care, finance, or education, things can be rather more difficult. —MIT Technology Review It’s actually far from impossible. You just have to be realistic and pragmatic. In fact, you need to take many things into account before you jump into a regulated industry. After all, you’re chances of stumbling or outright failing are undoubtedly higher. That’s okay, if you take it as a challenge, you’ll probably get some worthwhile lessons along the way. Here are four helpful tips for entering a regulated business industry: Conduct extensive research. This should go without stating but sometimes the obvious really needs emphasis. You need to conduct a lot of research before you take step one. Knowledge is power and there’s nothing more damaging than ignorance. As the saying goes, “You don’t know what you don’t know.” And, that’s not a place to start. So, do all the research you can. Talk to people already thriving. Chances are excellent there’s already somebody, somewhere succeeding in that particular industry. Find him or her and personally reach out. Be upfront and honest about your ambitions. If you are respectful and open, they’ll be far more generous with important information. Start very small and scale up slowly. One bit of advice that works quite well in every industry is to start small and scale up incrementally. It’s very risky to jump right in, front-loaded with debt, and hope everything works out. So, start small, test the market, get to know it, and grow little by little. Keep abreast of all pertinent regulations. Regulations don’t necessarily stay the same. The rules can change at any time. Understanding and accepting this is key. Do yourself a huge favor and keep up with those changes so you aren’t taken by surprise. Have you built a business in a heavily regulated industry? What other advice do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]