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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5 Ways to Get Your Team to be More Creative

May 16, 2017 No Comments

It’s been amply demonstrated the mother of invention is necessity, which of course by its very nature, requires out-of-the-box thinking. That’s the fundamental dynamic behind creativity, allowing us to find new inspiration, dream-up new possibilities, and turn them into reality. Creativity itself is difficult to define by pinpoint details, though we all know when it strikes, it’s the proverbial “ah-ha moment.” This is one of the qualities you look for as a business leader–talented, disciplined individuals to join the team and infuse another level of inventiveness. Your organization needs as much resourcefulness as it can muster, but, there will be times when that flow of ideas and crafting slow down, or, worse yet, come to a screeching halt. That’s when you need to re-spark imagination and get your team to use their ingenuity. 5 Ways to Get Your Team to be More Creative So, how exactly do you cause inspiration to happen without being fake about it, or, without looking desperate for new ideas? More often than not, coming up with new ideas is not necessarily a matter of brainstorming, though it can be just that. Your team looks to you for direction, but sometimes, it’s best to look to them, and allow them to think just among themselves. Giving over the reigns of power is a proposition that few entrepreneurs relish because of their very nature. However, you’ve already taken a big chance to realize your dream, so, you are familiar with having to give up something in order to get something in return. Everyone can be creative–it has nothing to do with smarts. In fact, having smarts is no guarantee that you can or will be creative. But just what is creativity? Dr. Teresa Amabile of Harvard Business School defines it as the process of doing something differently that works. That’s it. Real easy. —Entrepreneur.com When those ideas slow and you become frustrated with the inevitable fallout, there are ways to inspire creativity in your team members. You don’t necessarily have to make an announcement that everyone needs to start coming-up with blockbuster next moves, but, you can do things to get the creativity flowing once again: Start with feedback on current and past projects. Look at customer feedback on past projects, particularly negative or ho-hum feedback. These will let you know where you failed to wow them and make future changes. In addition, take a fresh look at what you’re currently doing and play devil’s advocate to tweak where necessary. Take a little time to ruminate separately and then collectively. There’s nothing wrong with brainstorming, but don’t put the pressure on in an artificial way. Instead, let everyone separate, take time alone, and then come back and exchange thoughts. Give them a nice and inspiring change of scenery Get out of the workplace and go somewhere that’s beautiful and stimulating, and let the scenery work its magic. You might well be surprised by what inspires you and your team. Reverse engineer what already works. You no doubt have competitors, and, they no doubt have done things which have been a success. No matter what it might be, focus on it and reverse engineer just how they got from start to finish. During the process, you’re bound to come up with new takes and innovations. Reward team members for workable ideas. When you get good, viable ideas, be sure to give thanks with a reward. It shows appreciation and imparts a sense of genuine gratitude that will come back to you in a positive way. Once you do have a new direction, it’s always a good idea to keep your team motivated by rewarding them collectively as benchmarks are met. After you’ve crossed the finish line, follow-up with one-on-one, personalized “thank you” gestures. [shareaholic app=”follow_buttons” id=”26833294″]

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″]

Custer’s Last Stand, the Dade Massacre, and Your Business

January 10, 2025 No Comments

Small business owners often wear many hats, juggling the roles of visionary, manager, marketer, and more. While confidence is a crucial trait for any entrepreneur, unchecked arrogance and overconfidence can lead to a series of missteps that can threaten the very survival of a business.