Business Education

The T-Mobile-Sprint Merger Raises these Important Questions

The T-Mobile-Sprint merger is generating a plethora of headlines. Some think it’s a bad idea. Others believe it will provide certain benefits. Still others don’t see a clear winner. Regardless of where you stand, it does raise a few interesting questions. We all understand what a merger is — the combining of two entities into one. But, there’s a lot more to it than just this simple explanation. The truth is, there are distinct advantages and disadvantages of merging two organizations.

Common Merger Disadvantages

Let’s begin with one of the most obvious pain points — employee morale. The reason two brands come together is to improve their performance. However, this often means the elimination of duplicate roles. And, rank-and-file employees instinctively know this fact. Another downside to merging is that it can create more debt. Teaming up means taking on the balance sheet obligations, which can easily become problematic.

…making changes to your business include the economic and political climate in which you operate. Determine whether tax or trade laws in your region are friendly toward the types of modifications you want to make. You may come to the conclusion that now is a good time to move forward with the desired alterations or you may elect to wait for circumstances to change in your favor. —Bix Fluent.com

Then, there’s another intangible — company cultures. One organization might operate with a completely different dynamic than the other. Which might manifest trouble when the two become one entity. Of course, merging means the essential elimination of the top decision maker. Instead, there are at least a few people on either side of the aisle.

Biggest Merger Advantages

Now, let’s take a look at the upsides of merging. The point of coming together is to improve the performance and ensure a better future for both companies. Here are the top merger advantages:

Improved efficiency. We’ve already partially mentioned this but here’s the other side of eliminating redundant positions — increased efficiency. A merger can provide a new environment to improve efficiency on many levels.
New territories. When two companies come together, it’s likely that one (or both) parties will benefit from the introduction of new territories. It’s a way to tap into market share without undergoing the growing pains.
Cost-effective expansion. Speaking of growing pains, a merge creates an opportunity to expand without all the normal hassles. It allows for the identification of the best assets, which means increased productivity.
Multiple growth opportunities. Two previously competing businesses combined as one opens up a number of growth opportunities. Instead of working to beat one another, they now work in unison toward one or more goals.

What other consideration would you factor into such a decision? What experiences have you had in this scenario? Please feel free to share your thoughts by leaving a comment!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How You’re Sabotaging Your Own Business

May 16, 2017 No Comments

You put a lot into your business and have a commitment to make it grow. It’s likely that you want to do more than provide for your family, you probably would like to leave a legacy, and, feel the satisfaction of accomplishment. However, what’s holding your company back from its potential isn’t necessarily sinister, uncontrollable, outside forces–it’s you who is the culprit. That might sound strange, but it’s a reality that plagues many organizations, from the mom and pop brick and mortar, to software as a service, to large community companies. While you’re busy being busy and worrying about this and that, you’re likely missing some behaviors and practices you personally do to sabotage your own business. Sure, you know about your propensity to push yourself and try to keep a sound balance between work and home life, but, there are other ways you could be causing harm. How You’re Sabotaging Your Own Business Entrepreneurs have a dedication to an idea, and ironically, it’s that commitment which can cloud judgment, or, cause myopia–not seeing the bigger picture. There’s more to building a business than recruiting the right people, networking, and delivering a good level of service, along with the products or a services you offer or provide. Success begins with you, and, while you might have the drive to make it a worthwhile venture, you might also be impeding growth. Most entrepreneurs have the drive and desire to succeed. It’s what we grow up learning and what we want from an early age. But many of us have also been adversely wired by negative experiences in ways that sabotage or hinder our chances of personal and business success. The good news is that we can rewire ourselves in ways that not only neutralize our negative programming, but also put us on an even stronger path to success. —Forbes Most business owners understand that the right pricing, marketing, and brand building are crucial factors for success. What goes largely unnoticed is certain behaviors and practices that can inflict real damage, some of which can be long lasting. So, if you’re doing one of these things, identify them, and settle on a fix. Over-promising. It’s easy to give-in to pleasing your customers, and, doing so is laudable. However, when you over-promise, you run the very real risk of coming-up short. That’s a bad place to be and finding a way out of such a situation won’t be simple. Micromanaging. When you have every member of your organization under your thumb, you are sending a message that says you believe them to be incompetent. What’s more, you’re indirectly telling them they are only a tool, not an asset to your company. Not delegating. It’s one thing to micromanage, but it’s not the same as not delegating. You can be hands-off and not delegate, which can create chaos and decrease efficiency, as well as output. You ought to delegate to streamline your organization and make it work better. Keeping dead weight on staff. When you keep toxic team members on-board, you are sending a bad signal to others. What’s more, that particular person can project a negative image to your customers and to the outside world. Not setting achievable goals. You’ve probably heard the Zig Ziglar quote, “If you aim at nothing, you will hit it every time.” That’s certainly true, and, it’s just as true of setting goals that aren’t realistic. Set workable goals, reach them, and then repeat. Another way you can easily sabotage your own business is to take things personally. There will be setbacks, even outright failures, and, you’ll lose good people along the way. Don’t take things personally because you’ll make emotional decisions, not sound ones. [shareaholic app=”follow_buttons” id=”26833294″]

These Marketing Channels area Waste of Money

May 16, 2017 No Comments

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization. Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business. Don’t Waste Money on These Marketing Channels Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools. Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment: Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility. Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition. Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page. Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention. Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain. Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low. The smart way to get your brand noticed is to build personal relationships. One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale! So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile. [shareaholic app=”follow_buttons” id=”26833294″]

I Want to Create a New Position for My Small Business – So How Do I Go about It?

August 25, 2022 No Comments

Entrepreneurs wear many, many hats. It is not at all unusual for a small business owner to perform several different roles. But, this Jack of all trades, master of none can’t go on in perpetuity. The longer it lasts, the less chance there is that the business can scale up. In order to grow a company, it’s necessary to have help and many business owners reach a point where it is unavoidable. So, they make a few hires but still continue to perform various functions until they realize that a new position will free them up to pursue their main goals. Hiring should Equal Growth It’s very common for small business owners to be nervous about their first hires. However, they eventually get past this and the team settles into a comfortable routine. This can easily result in a false sense of security and it’s not at all unusual for the owner to slip right back into or continue bad habits. If a heavy workload causes your employees to feel overwhelmed and frustrated, it may be time to add new positions to your department. Hiring an additional staff member or two can help you split tasks between employees more equitably and give employees the time they need to devote to their work. —Houston Chronicle Sure, someone has to perform those functions and the owner typically feels it is his or her responsibility. But, there comes a time when it’s clear that handing off at least some of those tasks to someone else would be very beneficial. What generally holds a business owner back is not having a clearly defined position, as they did with previous hires. Fortunately, there are some steps you can take to create a new employee position. How to Create a New Employee Position for a Small Business When it becomes obvious that you’re taking on too much, be it administrative tasks or something else, it’s time to seriously consider hiring someone to do that work for you. Here are some steps you can take in order to create a new employee position: Estimate its ROI. Before you start posting job openings, take some time to work out the most likely return on investment. Ask yourself if one or more of your current employees can assume these responsibilities. If not, then it is more likely you need to create a brand new position. Just work out a realistic scenario on how much this will add to expenses and what size return of investment you’ll get for this potential hire. Determine if it’s part or full time. Next, you’ll need to determine whether this is a part-time or full-time position. Go over your schedule and create a ballpark figure of how much time you spend on these tasks. This will give you a pretty good idea of the number of hours you’ll give over to a new employee. Plus, it will tell you how much time you gain back doing more important things. Compile a list of applicable skills. Last but certainly not least, you’ll need to create a list of applicable skills that a new employee would need to possess. This will also tell you if these responsibilities are truly interrelated or if they are a mixed bag. What’s more, it will point you in a more specific direction and help you to hone in on the right personality. What other suggestions do you have for an entrepreneur who is considering creating a new team member role? Please share your experiences and thoughts so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The T-Mobile-Sprint Merger Raises these Important Questions

Common Merger Disadvantages

Biggest Merger Advantages

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How You’re Sabotaging Your Own Business

These Marketing Channels area Waste of Money

I Want to Create a New Position for My Small Business – So How Do I Go about It?

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