Business Education

Top Networking Mistakes Too Many Entrepreneurs Make

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.

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Want More Sales? Simple. Create a Problem, then Solve It.

October 22, 2021 No Comments

One impressive attribute to Apple’s incredible success is solving problems. More particularly, “creating” a problem and then offering an attractive solution. Distilled down, this is the art of identifying a common issue or need, and then supplying a fix or a fill for said need. Steve Jobs was a master of this strategy. Prior to the introduction of the iPod, consumers simply didn’t realize they had a need for an entertainment device that could store thousands of songs. The story goes like this. Steve Jobs was out for a run when he experienced problems with his MP3 device. This led to inspiration, which he realized that if consumers were given a far superior — albeit much more expensive alternative — they would leap at the chance to buy it. Of course, history shows that Steve Jobs’ instinct was spot on. Another epiphany struck him again and Jobs responded, ordering his company to get to work on a new state-of-the-art device. This, because he feared that competitors would take his successful iPod and integrate it into a multi-functional phone. Of course, this is the birth of the iPhone. Perceived Necessity is also a Mother of Invention The business lesson that people can take from these instances is that there are always consumer needs. Even if they are somewhat obscure, they still exist and are waiting to be filled. Both of these electronic devices prove that there was indeed consumer desire for such things, even if the public didn’t yet know they wanted them. …when developing new products, processes, or even businesses, most companies aren’t sufficiently rigorous in defining the problems they’re attempting to solve and articulating why those issues are important. Without that rigor, organizations miss opportunities, waste resources, and end up pursuing innovation initiatives that aren’t aligned with their strategies. —Harvard Business Review Both products became huge sales successes, as everyone now knows. But at the time, they were a gamble. After all, these were largely luxury items and did not completely match a fundamental, utilitarian purpose. However, their form factor and marketing made them irresistible to consumers and that’s why they’ve gone down in history as two of the most remarkable innovations of their era. How to Identify a Problem to Solve and Sell Although it might seem like too big a feat to pull off, you can take a page from the same playbook. (This is especially true if you’ve been in business for many years, but even that amount of experience isn’t necessary.) The point is that there’s always a need for some type of improvement, innovation, or invention. The question really comes down to necessity and appeal. Here are a few suggestions for how to identify a common problem to solve and sell its solution: Identify a problem or need. Let’s begin with the super obvious — the need to hone in on a need or an issue that can be filled or fixed. If you’ve been working in your industry for some time now, this might even be a common gripe of yours. Think about some type of flaw or problem and that should get you started. Structure an attractive solution. Once you’ve identified a need or problem, it’s time to come up with a workable solution. Of course, this is a lot easier said than done, but the time and effort could be worthwhile in the end. Keep in mind that there are certain elements that can really help your solution sell. For instance, being appealing, convenient, cost-effective, and applicable to a wide enough consumer base to make it valuable to the public. (Or, even to others inside of your own industry.) Test out your new product or service. After you’ve come up with a methodology or product, it’s time to test it out. You should experiment in at least a few different settings, with various scenarios applied to the test environment. This will help reveal any shortcomings and will also provide inspiration as you see it in action. Testing will also help you determine its overall viability in the marketplace. What other suggestions do you have for identifying a want, need, or issue and coming up with the right fulfillment or fix? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

My Employees are Making Excuses about Coming Back to the Office — What Can I Do?

March 31, 2021 No Comments

Although many parts of the country are reopening, some people might not be ready (or comfortable) with returning to the workplace. Of course, if this is happening to your business, it can not only be frustrating, but quite harmful to your company’s overall health. And, it’s certainly more preferable to bring back known quantities, rather than to try and replace trusted staff. But, you’ll have to convince those reluctant individuals first. Common Coronavirus-Related Excuses Employees might say they get the same amount from unemployment as they earned prior. Some will say their child’s school is closed or they take care of an elderly parent. Others might cite ongoing health conditions and any exposure to COVID is a severe risk. Unfortunately, these reasons are difficult to argue against. While a one-time incident may be overlooked, small-business owners cannot afford to accept excuses for ongoing performance problems. In a small organization, other employees quickly notice when excuses are allowed. By tolerating excuses, you create a culture of avoidance rather than responsibility. —Houston Chronicle Small Business However, employees who believe the workplace is unsafe is another matter. It’s much easier to convince them about proactive and other protective measures. But, that certainly doesn’t mean it’s a cinch to change their minds, either. How to Deal with Employees Who are Stalling Coming Back to Work Obviously, if someone is obstinate enough, it might not be worth the time and energy. But, if there are a few minimal concerns, it’s entirely possible to convince them to return to the workplace. Here are some helpful suggestions: Emphasize safety. If they are concerned about being around a large group of people again, you can always reduce the number of people in the office, and/or space them apart. Having the office sanitized from top to bottom by a professional cleaning service will also go a long way in reducing worry and anxiety. Give them more flexibility. Consider changing your sick policy in order to accommodate people who might be out for an extended period of time. You can also look into different health insurance plans to see if there’s something better available. Offer incentives. If someone is truly fearful about returning to the workplace, this probably won’t work. However, people that would rather continue to work from home will most definitely want to take advantage. The type and amount of incentives are up to you, but they could go a long way in changing minds. Use your influence. While you might prefer not to result to ultimatums, sometimes these are the only way to really get through to the most stubborn people. Obviously, you can’t do anything illegal, but you can change your businesses policies in regard to working remotely versus remotely working on-site. What other suggestions do you have to deal with employee excuses about returning to the workplace? Please take a few minutes to share your thoughts and experiences. Perhaps others can benefit from your unique perspective. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Know when It’s Time to Walk Away from a Business

July 19, 2018 No Comments

Walking away from a business is always a tough decision. Even if it’s a much-needed cathartic relief, there’s still the matter of the unknown as to what comes next. Regardless of circumstances, you should know that it’s ultimately the right decision. That’s not always an easy thing to do because it’s human nature to second-guess or to look back with 20/20 hindsight. If you’re thinking about walking away, that notion certainly doesn’t come out of nowhere. There is something driving it and you need to understand when it’s no longer worth your time and effort. Walking Away from a Business doesn’t necessarily Mean Shutting It Down Let’s begin with the fact that it’s not always a bad situation. There are definitely times when the right move is to move on to something new. For example, you’ve set a goal and now have realized it. So, go out on top and start something new. Or, if you’ve always wanted to try this or that and the company you’re running now is humming along, then go for it. In business, it’s important to understand the difference between bad luck and bad judgement. Misfortune will often masquerade as a mistake, and has caused many talented people to walk away from their business ventures prematurely. Getting a startup past the first year is commonly regarded as the biggest challenge to any entrepreneur. Sometimes hitting a bump in the road is just that and the best approach is to weather the storm, keep calm and carry on. But how do you know if your business still has a future and how do you turn around the fortunes of your struggling enterprise? —The Guardian The point is, there are times when it’s perfectly fine to walk away from a business without having to close the doors. You can hand over the company to a protegé, or pass it on to your children. It’s healthy to build something up, watch it grow, and then enjoy the fruits of your labor. Signs It’s Time to Walk Away from a Business Now, it’s not always the case that you succeed. And, failure does come in many forms. You just need to know when it’s time to throw in the towel. Now, not all are as obvious as a natural disaster, but, there are some which do mean it’s no longer worth the fight: It’s consistently busy but unprofitable. This is perhaps the most perplexing circumstance but it does happen. Some businesses have enough or more than enough business, yet they simply can’t realize a profit. If you’ve already reduced your operating expenses and if customers/clients will not pay more for your services or product, and you still can’t produce a profit, staying open is just an exercise in futility. Key employees keep leaving. You might well be profitable but only marginally. What’s worse is that you can’t seem to keep the best talent. This is a sign there’s something serious going awry and if you can’t identify it, it might just be time to walk away. There’s no clear path forward. If you can’t seem to envision the future clearly, there’s definitely a reason why. And, without a clear path ahead, you’re essentially walking blindfolded, which can easily lead to a bad set of inescapable circumstances. Do you have an accurate picture on your backorders or pipeline of prospective business that is required to meet your sales to produce a profit? Customers have mixed experiences. Another sign it’s time to move on is inconsistent feedback. You hear good and bad without any obvious reason. If you can’t get to the bottom of it, you’ll never make it work right. What other signs tell you it’s time to go? Please share your thoughts and experiences by commenting! Interested in learning more about why your business isn’t performing? Then just visit Waters Business Consulting Group.

Top Networking Mistakes Too Many Entrepreneurs Make