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Dunkin’ Donuts just Streamlined Its Menu — Is it Time for You to Do the Same?

Dunkin’ Donuts just reduced its menu offering by 10 percent. While that doesn’t seem like a big decrease, it actually is. The company is removing afternoon sandwiches and some other items, starting New England, then onto the rest of the country. The reasons are obvious — some food choices just don’t sell nearly as well. But, it also represents a sound business practice. That is, the strategy of streamlining.

Why Streamlining should be a Top Priority

Business owners are go-getters. They look for the right people and avoid toxic personalities. But, they also can easily fall into a routine. After all, once a measure of success is achieved and maintained, it’s actually difficult not to fall into a routine. However, this usually presents a problem. It stops you from innovating or looking at things through a different prism. In short, it’s a comfortable but dangerous place.

Streamlining your business removes wasteful or redundant steps to improve efficiency. Streamlining may involve modernization of your equipment, outsourcing organizational activities, and minimizing low-performing products and services to focus on what your company does best. In business, time is money, so a small business achieves several financial and operational advantages from streamlined operations. You reduce costs, attract more customers through nimble response times, drive higher revenue and compete effectively. —Biz Fluent.com

It’s dangerous because you can no longer effectively see your blind spot. And, seasoned business professionals know once you stop seeking out an edge, you’re in for trouble. Take the defunct Blockbuster chain. One time a huge success, it fell prey to its own slow and stubborn adaptation of streaming. The list it joined is very long. This is where streamlining comes into play. It forces you to rethink a lot of things; and, that’s good.

How to Streamline Your Business

But, what can you streamline if you feel your company is already efficient? The answer is likely longer than the following suggestions. Think of these as a good jumping off point. From there, you can take more steps. Here are some helpful tips for how to streamline your business:

Go paperless. While there are certainly industries where paper is a logistical and legal necessity, there are far more which simply don’t need paper. Go paperless wherever you can. This way, you’ll cut down on sorting and sifting when you need to find a specific document.
Outsource. This is a great way to increase overall productivity. It’s also some entrepreneurs worst nightmare because it gives a level of control to others. But, the benefits far outweigh any negatives. So, give outsourcing a go and reap the rewards of higher productivity in shorter amounts of time.
Automate repetitive tasks. Every business has those monotonous, repetitive takes. Identify these and then seek to automate them. Doing so will free up a little more time and also take the boring feeling out of doing them.
Reduce your travel time. Let’s face it, when you need face-to-face meetings, you don’t have to travel across the state, county, or country. You can use video and voice conferencing. This not only cuts down on travel time (which is generally unproductive), it also reduces travel expenses. What’s more, it’s very convenient.

How do you streamline your business? What steps do you take to make it more efficient? 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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How to Better Keep Track of Small Business Expenses in the New Year

January 21, 2021 No Comments

Keeping track of small business expenses is no easy task. In fact, it’s one of the least liked chores or responsibilities that come with running a business of any size. And, it’s little wonder why. After all, these various costs range greatly in amount and frequency, making them very difficult to keep straight. Plus, when more than one person is spending money on such expenses, it complicates the matter even more. Fortunately, there are ways to keep better track of your small business expenses. Business Expenses vs Personal Expenses According to the IRS, a business expense is something “ordinary and necessary” – expenses that are commonplace in your trade or profession and which are helpful for your business. While that’s a very broad definition, most people understand in order to qualify, expenses have to directly relate to the operation of a business. (Of course, there are instances where it’s necessary to rely on the advice of an experienced accountant and/or tax professional to determine which expenses are and which aren’t “ordinary and necessary.”) Handling business finances is often one of the least favorite parts of running a small business. Having a firm grasp on your cash flow, knowing what’s tax deductible and what’s not, understanding what you spent each quarter; it all translates into a more positive and less stressful experience at tax time. You might be dreading that expense tracking is going to be a thorn in your side. But with knowledge comes power. Understanding how to properly track expenses will help ease the pain. —Inc.com Obviously, personal use disqualifies purchases from being classified as business expenses. Unfortunately, some businesses take the risk of trying to write off expenses that don’t truly qualify. And, it’s a big risk because it could very well cost a lot more in the end than it’s worth in the short-term. So, it’s critical to keep track of those genuine business expenses. How to Better Keep Track of Small Business Expenses In order to better keep track of small business expenses, you’ve got to get into certain habits and use the right tools. Here are three ways to keep track of your business expenses in the new year: Use only corporate accounts. This is one of the easiest ways to keep track of your business’ expenses. Use only business credit cards or debit cards and you’ll have all those transactions in one place for quick reference. What’s more, it makes accounting for all your purchases a lot less complicated and simpler to find when needed. Run cloud accounting software. Approximately 9 out of 10 small businesses already use some form of cloud accounting software. While that’s a great way to help keep track of expenses, if it isn’t used properly, it won’t be an effective tool. Get in the habit of going over the program on a regular basis so you’re familiar with how it works. This way, when you need to pinpoint something, it won’t be a big deal. Store all your business receipts. Here’s where too many businesses go wrong — they don’t store all their expense receipts in an orderly manner. Remember, not all your transactions will have a digital trail, so it’s very important to keep paper receipts. Recently, I asked my accountant for some app solutions he would recommend for one of our clients, and is his recommendation; If you want basic functionality you can use Scan Manager build right into QuickBooks Desktop versions. In QuickBooks online there is a new “receipts” application located from the “banking” menu choice. You can scan/upload anything and link it to a job/invoice/bill, etc. The online version supports smart phone uploads. For something more sophisticated, Expensify is popular. It has good functionality to support field staff and ties into QuickBooks well. It is relatively inexpensive at $5.00 per remote user per month, plus $ 9.00 per month for admin users. You can get more details from the app menus. What other suggestions do you have to help keep track of business expenses? Please share your thoughts and experiences; your comments could help others better run their businesses! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

How to Tell Your Employees You’ve Fired Someone

April 30, 2018 No Comments

How do you tell your employees you’ve fired someone? The topic makes most entrepreneurs very uncomfortable. But, there are certain situations which call for this type of action. Previously, we’ve talked about how to fire someone. However, what happens thereafter? It’s not like people won’t notice he or she is gone. So, how do you deal with remaining employees in a way that moves your company forward? The truth is, there is no such thing as a perfect transition. However, there are ways to make it go smoother. Signs it’s Time to Terminate an Employee Before you do take the final step of termination, you should be totally sure it’s the only recourse. For instance, a team member who consistently drags down productivity (and, won’t take steps to correct their behavior). Or, an employee who drains morale or constantly stirs-up drama are also toxic — don’t let your organization suffer unnecessarily. Also, an employee who is apathetic doesn’t care about their work product or customers isn’t worth keeping around. One thing we know about human nature is that when there’s a mystery, people will solve it themselves: They make up the ending, and it’s almost always worse than reality. And that’s the problem–if you don’t tell people why, they’ll make up why. And the wrong why is almost always destructive. Information vacuums fill with rumors, and rumors lead to anxiety. —Inc.com Then, there’s the serial rule violator. Someone who just refuses to play by the rules. It’s time to stop banging your head against the wall and do your business a favor. These situations are typically the most disruptive and harmful to a company. How to Tell Your Employees You’ve Fired Someone Now, if it’s time to let a team member go, you’ll have to navigate your employees through a weird experience. Here are some helpful suggestions for how to tell your employees you have fired someone: Make a simple announcement. Convene a meeting or send out a memo. Simply state, “Bob no longer works here. Our transition steps are 1, 2, and 3. If you have any questions, please see Sue.” That’s it. Straightforward and to the point. Don’t share details or communicate negatively. After terminating an employee, the human temptation is to share your reasons for the termination in order to rationalize your decision. And, sometimes this leads to making negative comments about the terminated employee. Do not fall into this trap! Be a leader. Otherwise, any other communication is destructive and deteriorates your culture and you lose respect with your existing employees. Don’t tolerate rumors. Rumors are inevitable in these situations. Keep your ears open and if you hear one, nip it in the bud. Be polite but direct and firm. Do not let rumors become a distraction. Give people a chance to step-up. Since there’s an open position, you can ask who is willing to step-in and fill the void. This is a great chance to see which team members are the most eager and loyal. Seize the opportunity. This is likewise an opportunity to reset the company narrative. You might want to take it in a different direction or get back to fundamentals. Whatever change you’d most like to make, now is a prime opportunity. How do you tell your staff you’ve let someone go? What other suggestions do you have for these situations? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.