Business Education

Here’s the Most Important Takeaway from the Trump ZTE Fiasco

ZTE who? What? Wait just a moment. There’s headlines all over and most Americans don’t know what to make of the situation. In fact, it’s a bit confusing since it deals with a very boring subject. But, it’s really not that difficult to understand. Ostensibly, it’s the result of bad business practices, and it’s causing real-world consequences for a very large company. At the most basic level, it delivers a great business lesson, which many entrepreneurs would otherwise avoid. It’s an uncomfortable topic but it’s also a never-ending threat — complying with the law.

The Trump, ZTE Fiasco in a Nutshell

Of course, very few business owners intentionally break the law. However, this doesn’t mean it’s not possible to accidentally cross the line. (In fact, it’s entirely possible to inadvertently make a mistake, only to realize it when it’s too late. After all, there are so many laws, it’s nearly impossible to always be in-the-know, all the time.) Basically, the Chinese company, ZTE, sold its products to Iran and North Korea. Now, what triggers the trouble is the fact those products contained American-made components.

Today’s business owners have a wide array of concerns, not the least of which is turning a profit in what can be a volatile economy. However, financial success is of little consequence if the government compels you to dissolve your company for failing to comply with legal requirements. —Intuit Quickbooks

The net result is a colossal fine of $1.19 billion. Yes, “billion, with a ‘B.'” That’s the cost of violating trade agreements and it’s one which will surely make every international company take notice. But, such a financial penalty will put ZTE out of business. That’s where the controversy comes into play.

What to Do if Your Business is Out of Compliance

Now, let’s look at the core lesson here — operating a business within the confines of the law. Sure, breaking the law is not something you set out to do. Although, this doesn’t mean it can’t happen. If it does, here are some helpful suggestions for how to deal with a compliance issue:

Don’t try to hide it or ignore it. Whatever you do, don’t attempt to hide it or ignore it. The problem won’t magically go away. It will only worsen and that’s much more damaging. Face it, apologize, ask for forgiveness, take responsibility and do so humbly.
Get sound legal advice, right away. If your business does break a law, it’s not necessarily the end of the world. Sure, it’s definitely unpleasant and uncomfortable. But, that means it’s time to tackle it head-on, as soon as possible. Speak with a lawyer, if necessary to learn about your options.
Openly address the situation carefully. Chances are excellent your team members will learn about it at some point. Do yourself a favor and address it pragmatically. Just like when you fire an employee, there will be questions and you have a duty to provide answers.
Learn from your mistake and move on. While it’s a bad experience, that doesn’t mean it’s worthless. Take the opportunity to learn from your mistake and then put it behind you.

Have you ever experienced violating a code or law? What other advice would you offer about learning and getting past the experience? Please share your thoughts by commenting!

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

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No, It’s Not Too Late to Cash In on the Holiday Shopping Spree, but You’ve Got to Act Fast

December 7, 2023 No Comments

No, It’s Not Too Late to Cash In on the Holiday Shopping Spree, but You’ve Got to Act Fast The holiday season is a magical time for businesses, both large and small. While you might think you’ve missed the boat, it’s not too late to dive into the holiday shopping spree. In fact, with some strategic planning and swift action, small business owners can maximize their profits and make a significant impact during this festive period. Ways Small Businesses Can Take Advantage of Holiday Shopping The holiday shopping season is already underway, and small business owners know what that means: a chance to make a big chunk of their annual revenue. But with so many businesses competing for customers’ attention, it can be tough to stand out. If you’re worried that you’ve missed the boat on the holiday shopping spree, don’t despair. There are still plenty of things you can do to attract customers and boost sales this season. Here are a few tips: Make sure your website is up-to-date and ready for holiday shoppers. This means having a festive design, a user-friendly interface, and a secure checkout process. You should also ensure that your website is mobile-friendly, as more and more people are shopping on their smartphones and tablets. Offer holiday promotions and discounts. This is a great way to attract new customers and encourage existing customers to spend more money. You can offer discounts on specific products or services, or you can offer free shipping or other incentives. Run social media contests and giveaways. This is another great way to attract new customers and generate excitement about your brand. You can offer prizes such as gift cards, free products, or even a trip to your store. Partner with other local businesses. This could involve cross-promoting each other’s products or services, or hosting a joint event. Partnering with other businesses is a great way to reach a new audience and increase your visibility. Get involved in your community. Sponsor local events, donate to charities, or simply volunteer your time. Getting involved in your community is a great way to build goodwill and show potential customers that you care about more than just making money. If you follow these tips, you’ll be well on your way to a successful holiday shopping season. But remember, you need to act fast. The holiday shopping season is short, so it’s important to start planning and implementing your marketing strategies now. More Strategies Small Businesses Can Use to Promote Their Products and Services During the Holidays While the above advice will certainly help, if you’ve already got most or all of those bases covered, there are still other things you can do. So, here are a few additional tips for small businesses to cash in on the holiday shopping spree: Focus on your best-selling products and services. Don’t try to sell everything to everyone. Instead, focus on the products and services that you’re best at selling and that your customers love. Make it easy for people to shop with you. Offer a variety of payment options and make sure your checkout process is quick and easy. You should also offer free shipping or low shipping rates. Personalize your shopping experience. Send personalized emails to your customers with recommendations and special offers. You can also offer gift wrapping and gift notes. Provide excellent customer service. This is especially important during the busy holiday shopping season. Be responsive to customer inquiries and go the extra mile to make sure your customers have a positive experience. While it may be a little late in the game, small business owners can still cash in on the holiday shopping spree by acting swiftly and strategically. Understand the mindset of last-minute shoppers, optimize your online presence, leverage social media, offer irresistible deals, collaborate with local businesses, and maximize customer experience. Do you want to grow your company in 2024 but you are not sure what’s required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. It’s a $1495 value we are offering in November for only $99. Contact us for dates and times. We offer a 100% money-back guarantee if you don’t leave the workshop confident that you know what to do to grow your company in 2024. So, go ahead and contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com

Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

March 25, 2021 No Comments

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved. Final Endings can be Just as Healthy as New Beginnings Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning. Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over. How to Effectively End Bad Business Relationships Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how: Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one. Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out. Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings. Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible. Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on. What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Should You Scale or Scuttle Your Startup

May 16, 2017 No Comments

When business begins to slow, your sense of confidence can slide, and it’s a scary sensation that usually follows. Facing the possibility of having to close the doors isn’t a pleasant one, and, you could feel like a complete failure. Before you begin to pack-up your office, take some time to look at the situation objectively. Ask yourself what’s the most likely cause and begin to take steps to solve rather than scuttle. If you are experiencing a steady slide in sales, there’s obviously a reason why that’s so. The good news is, there are always options, which can range from scaling out, scaling down, or, shutting down. The latter might not be the most welcome, but, sometimes it’s the best option, providing you with an opportunity to try something else. How to Solve the Scale or Scuttle Situation Should you be facing a mountain of bills, not seeing a jump in revenue, and having to cut back where you’ve never cut before, it certainly can be frightening and frustrating. The first place to begin is with yourself, your emotions, dreams, and, mental state. If you’re in a situation that simply taxes you too much and drains your energy, you ought to consider closing and starting fresh with something new. However, if you believe you can turn things around, you should seriously consider scaling down or out. …you’re stressed out, your relationships are fraying and your resolve is destroyed. Nevertheless,you must take action in order to end the turbulence with as much poise as possible. You can’t change the past, but you can certainly determine how you [proceed]. —Entrepreneur.com Scaling down is obviously taking measures to reduce your business workload to concentrate on key accounts. Scaling out isn’t the same as going up, it’s more lateral, providing more of what you already do, not offering new things. If you’re still wondering which way to go, take the following into consideration to make an informed, well-thought decision: Look at your workable options. One mistake some failing businesses make is to hammer a square peg into a circle, meaning they attempt to go beyond their core competencies, and, that’s just not a good idea. You’ll nearly inevitably see this backfire and make things go from bad to worse. Be prepared to stunt growth. Some businesses falter, not because of the lack of revenue, but because they take on too much. Should you and your team be stretched thin, it’s time to scale back and produce the best you can deliver. What you’ll find is more happy customers, co-workers, and self contentment. Get some unbiased advice. An outside view by an experienced business consultant can shed a lot of light on problems you didn’t even realize existed. Have your business evaluated and get some helpful advice that isn’t tainted by being too close or too attached. Know your company’s limits, and, its potential. Here again, if your company can’t comfortably keep pace with demand, it’s time to pull back and deliver quality over quantity. Should you be experiencing a spike, consider your business’ potential and grow incrementally. Understand your cash position. Having less cash isn’t necessarily or always a bad thing. It causes you to look at and prioritize expenses, weeding out what’s not needed. You’ll find creativity if you don’t succumb to fear. Another factor you’ll have to face is the emotional adjustment. We’re told all our lives that quitters never win and winners never quit, but, that goes against reality. Be willing to make an emotional adjustment and deal with the reality. [shareaholic app=”follow_buttons” id=”26833294″]