Business Education

Top Ways to Deal with Critics

There’s simply no way to run a business without dealing with critics. As an entrepreneur, you’ll face doubt in many forms. You’ll face inner doubt, ruminate over which next step to take, receive less-than-positive feedback, and plenty more. What’s more, you’ll have to do so much more, like find ways to keep company secrets safe and navigate through industry changes. Running a business isn’t for the faint of heart and when critics chime-in, that’s precisely where it will hurt most.

Top Ways to Deal with Critics

Let’s face it, there is no shortage of bad news to discourage you. For instance, if you dream of opening a retail shop, no doubt the latest news out of that sector is troubling. But, it’s commonplace for unpleasant experiences to unfold. This certainly isn’t to say it’s all bad all the time. In fact, that’s part of the problem. When things are going good most of the time, criticism is the biggest wet blanket. Doubters rain on your parade and you scramble for cover.

Criticism is part of life, but often times being criticized can make us feel like we aren’t good enough, like we’ve done something wrong, or even cause us to be uncertain about our future. People often take criticism as a personal attack, but in reality, criticism can often be positive. —Fast Company

While it’s normal to experience periods of struggle, eventually, you’ll fight through and start to win. Any setback serves as a valuable lesson going forward. And, over time, you’ll enjoy long periods of success without much or any trouble. Then, seemingly out of nowhere, the critics will appear. That’s when you need to be prepared. Otherwise, you’ll become too distracted and won’t have the energy to fully function. So, here are some of the top ways to deal with critics:

Teach them, no matter your feelings. Okay, so you don’t particularly like the person who is criticizing you (or your business). And, it’s natural to take it personally because it is your business. But, don’t let this become a missed opportunity. Instead, redirect your feelings and teach him or her. You’ll probably enjoy some accomplishment while turning a critic into a fan.
Tell them the truth and do not be fake. You’ll receive at least a little criticism because of your success since it breeds jealousy. That jealousy will manifest into criticism and possibly into anger, even hate. If this does happen, don’t make the mistake of defending your success. Instead, talk about your failures to allow them to relate.
Accept that doubters will always be there. Keep in mind that doubt is not the same as an insult (though you just might feel insulted). Rather, doubt is a disbelief in something unfamiliar. And, it isn’t personal, just a way of expressing uncertainty. So, find out what’s doubted and use it to teach.
Trial and error isn’t perfect and that’s okay. Sometimes, a new idea can come off as foolish, gimmicky, or silly. But, trial and error are part of business. You need to experiment to know what does and does not work. If you receive criticism, accept it and just move on.
Know when it’s time to give a sincere apology. If the criticism is legitimate, you might need to apologize. Know when it’s the right time to say you’re sorry and be sincere when you do. You’ll learn from the experience and move past the criticism, which are good things.

How do you deal with critics? What strategies do you use to cope with doubters and doubt? What are your most useful experiences with critics? 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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The Most Common Characteristics Successful Business Owners Possess that New Entrepreneurs can Emulate

January 12, 2023 No Comments

Starting a new business is a risky venture, and unfortunately, many start-ups do not make it. According to the U.S. Bureau of Labor Statistics, approximately 20% of small businesses fail within the first year, and this number increases to 50% within the first five years. While there are many factors that contribute to business failure, there are a few common reasons why so many start-ups don’t make it. To gain an advantage, successful business owners employ a number of traits and these help them overcome various obstacles that might otherwise derail their plans for building a profitable organization. The Biggest Reasons New Companies Fail Businesses fail due to a wide variety of reasons. But, the most prominent reasons come down to just five. First and foremost is the lack of planning. Many businesses fail because they do not have a solid business plan in place. Without a clear plan for how to generate revenue, manage expenses, and achieve their goals, businesses may struggle to succeed. Another common reason for business failure is a lack of financial resources. Many start-ups do not have enough capital to cover the costs of launching and operating their businesses, which can lead to financial difficulties down the line. Poor management is also a notorious culprit. Successful businesses require strong leadership and effective management, and those that lack these qualities may struggle to succeed. Poor management can lead to a lack of direction, disorganization, and conflicts within the company, which can ultimately lead to failure. It takes the lucky convergence of opportunity and ambition to create success. Successful business owners, regardless of industry, share a few critical traits that set them apart from the rest of society. Leveraging these skills allows them to turn their business ideas into profitable realities. —Forbes.com An inability to adapt is another factor. The business world is constantly changing, and those who are unable to adapt to these changes may struggle to stay competitive. Businesses that are resistant to change or unwilling to try new things may find it difficult to meet the needs of their customers and keep their businesses relevant. Finally, many businesses fail because there is simply not enough demand for their products or services. Without a sufficient customer base, businesses will struggle to generate revenue and may eventually go under. Successful Business Characteristics Entrepreneurs can Copy Starting a business is no easy feat, and it takes a certain type of person to be successful in the world of entrepreneurship. While there are many characteristics that successful business owners possess, there are a few that stand out as particularly important. By emulating these traits, new entrepreneurs can increase their chances of building profitable companies. Passion. Successful business owners are passionate about their ventures and the products and/or services they offer. This passion drives them to put in the hard work and long hours necessary to make their businesses a success. As a new entrepreneur, it’s important to be passionate about what you do, because this will help you persevere through the tough times and keep you motivated. Determination. Starting a business requires a lot of hard work and perseverance, and successful business owners are determined to see their visions through to the end. They are not easily discouraged and are willing to put in the effort necessary to overcome obstacles and achieve their goals. As a new entrepreneur, it’s important to be determined and never give up, even when things get tough. Adaptability. The business world is constantly changing, and successful business owners are able to adjust to these changes in order to stay competitive. They are willing to pivot and try new things in order to stay relevant and meet the needs of their customers. As a new entrepreneur, it’s important to be adaptable and open to new ideas, as this will help you stay ahead of the curve and keep your business moving forward. Confidence. Successful business owners are confident in their abilities and the value of their products or services. This confidence helps them to sell their ideas and convince others to invest in their ventures. As a new entrepreneur, it’s important to be confident in your business and your ability to succeed, as this will help you persuade others to believe in your vision and support your endeavors. Vision. Successful business owners have a clear vision for their businesses and are able to communicate this vision to others. They have a long-term plan for their company and are able to inspire and motivate their team to work towards a common goal. As a new entrepreneur, it’s important to have a clear vision for your business and to be able to communicate this vision to your team and potential investors. By emulating these characteristics, new entrepreneurs can increase their chances of building successful and profitable businesses. Remember that starting a business is not easy, and it will require hard work and determination. However, with the right mindset and approach, it is possible to achieve your entrepreneurial goals and build a successful company. What other qualities should entrepreneurs emulate from successful business owners? Please, go ahead and take a moment or two to share your own thoughts and experiences so others can benefit from your perspective! Are you interested in learning more about business? Then just visit Waters Business Consulting Group.

Could Your Business Survive Morristown-Like Conditions?

December 6, 2024 No Comments

Contrary to popular belief, Valley Forge wasn’t the worst winter the American Continental Army faced during the War for Independence. The revolution against Britain posed many challenges, but perhaps the worst was experienced in Morristown, New Jersey. During the 6-month deployment, temperatures only rose above freezing for two days, it even snowed in May. Chilled to the bone and without food, some soldiers wrote in their diaries they built fires not only for warmth but to cook and eat their own shoes. Conditions were so bad, that extreme hunger and starvation, along with a lack of provisions and building supplies, caused many infantrymen to either starve to death, contract disease, desert, or plot a mutiny. Morale became so low the camp devolved into extensive chaos, forcing George Washington to order the execution of eight men. They were marched to the gallows, where fresh graves and open pine coffins lay right in front of them. Just as the nooses were being put around their throats, a junior officer emerged from Washington’s quarters and yelled, “Reprieve, reprieve, reprieve!” Quickly after, seven of the prisoners were set free, but one desperate, unfortunate soul, was hanged to death in front of the entire camp that day. While Valley Forge is the most recognizable historical event, when it comes to prolonged suffering, Morristown was markedly worse. One could argue the siege of Charleston rivaled such trying times given the sheer terror unleashed. Residents of the city faced for 40-plus days as the British bombarded the town day and night. The Continental troops, severely and woefully outnumbered, tried to hold the Red Coats off, but to no avail. Eventually, commander General Benjamin Lincoln was forced to capitulate and had no choice but to surrender. Obviously, the American colonists persisted in their move for Independence against the crown, and today, the United States is the most powerful and prosperous nation on the planet. But it didn’t happen without great sacrifice and perseverance through extraordinary circumstances. The country has experienced at least a few huge economic downturns. Business cycles that were so bad, they forced several companies to shutter their doors forever. 7 Strategies for Small Businesses to Survive During Lean Economic Times While you probably won’t experience such extreme circumstances, a struggling economy can bring harsh times. Small businesses often face significant challenges during lean economic times. However, with strategic planning and thoughtful decision-making, they can navigate these difficult periods and emerge stronger. Here are some key strategies for small businesses to survive and thrive during economic downturns: 1. Manage Cash Flow Prudently Cash flow is the lifeblood of any business, especially during tough economic times. To manage cash flow effectively: Monitor cash flow regularly. Keep a close eye on your cash flow statements to understand where money is coming from and where it’s going. Delay non-essential expenses. Postpone any non-essential expenditures and focus on spending money on what keeps the business running. Improve receivables. Encourage prompt payment from customers by offering early payment discounts or tightening credit terms. 2. Cut Costs Wisely Reducing expenses without compromising the quality of products or services is crucial: Negotiate with suppliers. Talk to your suppliers to get better deals or extended payment terms. Reduce overheads. Look for ways to reduce overhead costs, such as downsizing office space, reducing energy consumption, or transitioning to remote work if feasible. Outsource non-core functions. Consider outsourcing non-essential functions like IT, payroll, or marketing to reduce staffing costs. 3. Diversify Revenue Streams Relying on a single source of revenue can be risky during economic downturns: Expand product/service offerings. Introduce new products or services that complement your existing offerings. Explore new markets. Identify and target new customer segments or geographic areas. Leverage online sales. If not already, establish a strong online presence to reach a broader audience and increase sales. 4. Enhance Customer Relationships Maintaining and strengthening relationships with existing customers can provide stability: Communicate regularly. Keep in touch with customers through email newsletters, social media, and other channels to keep them engaged and informed. Offer value. Provide exceptional customer service and value-added services to retain loyal customers. Seek feedback. Actively seek customer feedback and use it to improve your products and services. 5. Optimize Inventory Management Effective inventory management can free up cash and reduce waste: Just-in-time inventory. Implement just-in-time inventory practices to reduce holding costs and minimize excess stock. Use inventory management software. Leverage technology to keep track of inventory levels and make data-driven decisions. Negotiate with suppliers. Arrange for smaller, more frequent shipments to keep inventory levels low and responsive to demand changes. 6. Invest in Marketing and Branding Cutting back on marketing may seem logical during tough times, but it’s important to stay visible: Utilize cost-effective marketing channels. Focus on digital marketing channels such as social media, email marketing, and content marketing to reach customers cost-effectively. Enhance your brand. Strengthen your brand’s presence and reputation to stand out from competitors. Measure results. Track the effectiveness of your marketing efforts and adjust strategies as needed. 7. Seek Financial Assistance Explore available financial assistance to maintain liquidity: Government grants and loans. Look for government programs offering grants or low-interest loans to small businesses. Line of credit. Establish a line of credit with your bank to provide a financial cushion in times of need. Crowdfunding. Consider crowdfunding platforms to raise capital from a broader community of supporters. And here’s a bonus tip: adapt and innovate. Keep in mind that flexibility and innovation can help small businesses stay relevant by embracing technology. You can implement new technologies to improve efficiency and customer experience. Also, be open to adjusting your business model to meet changing market demands and consumer behavior. What’s more, stay Informed. Keep abreast of industry trends and economic forecasts to make informed decisions. By implementing these strategies, small businesses can better navigate lean economic times, avoid going out of business, and position themselves for future growth. Remember, resilience and adaptability are key to weathering economic storms and coming out stronger on the other

5 Steps to Immediately Take when a Business Partner Quits

February 11, 2020 No Comments

We’ve already gone over the most common signs a business partnership is in trouble. Dave Ramsey is well known for saying that “The only ship that won’t sail is a partnership.” Indeed, far many more business partnerships fail then succeed. But, what happens after a partner leaves the company? What do you do then? 5 Steps to Immediate Take when a Business Partner Quits Your first step — and perhaps the most important step — is to take a step back. Don’t panic. Even if it’s abrupt, now is not the time to come apart at the seams. Though easier said than done, it’s imperative to remain calm in order to think clearly. If you don’t maintain control, it will only add to the anxiety and uncertainty. At the beginning of any business partnership, the partners usually envision a long-term relationship. Unfortunately, expectations notwithstanding, longevity is often limited; the goals and expectations of the individual partners will change at least to some degree over a period of time. This is why an exit strategy must be developed by and between all partners. It will ensure that if one partner leaves the company, his or her absence will not destroy the integrity of the company and its ability to stay afloat. —Entrepreneur.com Second, get in the know. Jump into his or her schedule, work product, etc, and find out exactly what’s been going on. This is where you’ll learn what he or she was actually doing. And it could reveal some very upsetting findings. Although, if his or her work was exceptional, that too might also cause you to panic because now it’s an even bigger role to fill. What to Do when a Business Partner Leaves When a business partner leaves the company, you not only have to remain calm and learn exactly what’s been happening in his or her roll, you’ll also have to do the following for the sake of continuity: Assess what’s necessary. Next, you’ll need to take on at least some of his or her job roles. It’s really dependent on the particular situation, but you might consider absorbing one or more of his or her roles in the business. In the alternative, it might be better to parcel the work out to others within the company, or even outsource. Delegate responsibilities. If your former partner had people under him or her, these people will likely have a wealth of knowledge. They are also ideal candidates to delegate responsibilities. That will help to keep things going without really missing a beat. Formulate a plan for the future. Once you’ve filled the void and things settle down, it’s time to think about what to do in the future. Even if you don’t take on a new business partner, it’s important to have a continuity plan for the sake of the company. This is where an experienced business consultant or coach’s advice can really come in handy. What other advice do you have? Please comment and let us know your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top Ways to Deal with Critics