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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Here are the 3 Biggest Leadership Blind Spots Harming Businesses Right Now

January 1, 2019 No Comments

The top leadership blind spots aren’t new phenomenon. In fact, these are common and have persisted for practically as long as the market existed. Even in an age of readily available information, it’s far too easy to get caught up in these traps. So, let’s take a quick look at the most common leadership blind spots to avoid. Leadership Blind Spots Lead to Failure Blockbuster. Walden Books. Barnes and Noble. MySpace. J.C. Penny. Sears. K-Mart. Edsel. Steak and Ale. The list goes on and on and on and on. Of course, hindsight is 20/20. But, even in when things began to unravel, these brands just didn’t do enough to adapt. When you look closely at what triggers crises in organizations, you often see that there is a major leadership oversight or blind spot that has allowed the crisis to exist in the first place – and then grow, unrecognized, until it’s too late. Just as many leaders want to be perceived as trustworthy in a rapidly changing environment, leaders themselves need to be aware of who and what they are trusting. Misplaced trust is a clear precursor to trouble. —Forbes What so many in the public saw as clear writing on the wall, the powers-that-be or rather, were, internally didn’t fully comprehend or heed. The result — utter failure. All of the above examples are prime examples of blind spots taking over and leading straight to obsolescence. Top Leadership Blind Spots Harming Businesses It’s not altogether clear what actually happened to bygone companies but it is readily clear what action was taken simply did not suffice. Okay, that’s a bit obvious. However, it’s not always easy to see what’s truly going on and that’s what gives blind spots their names. Here are the top three leadership blind spots harming businesses today: The dreaded status quo. Sure, we’ve all heard and even used the term. Still, it’s used so much that its meaning has nearly been lost. Status quo ante or literally, “the state in which before,” says it all. “Before,” meaning a shift occurred. When things are going well, it’s all too easy to forego considering what might lie ahead and that’s a big blind spot. Spending even more money. When a project doesn’t go the way it’s planned, there just might be a temptation to turn it around — by throwing more money at it. But, bailing out is only a stop-gap measure, it doesn’t actually remedy the problem. Focusing on the short-term instead of long-term. Although short-term wins do much they also can obscure long-term consequences or trends. While it’s great to accomplish something that pays off today, it’s very damaging to let that satisfy and take the edge off the unknown of tomorrow. What other leadership blind spots would you include? And, how do you identify and get past them and others? Please share your experiences by leaving a comment! For more good reading on Blind Spots, please click on these links for a book written by a good friend, author and paid keynote speaker, Kevin McCarthy. Bestselling book: Blind Spots: Why Good People Make Bad Choices Www.KevinMcCarthy.com Www.LinkedIn.com/in/kevinmccarthyCSP Www.Twitter.com/kevinmccarthy01 Immediate Past President for National Speakers Association, Oregon Chapter. NSA Chapter Member of the Year 2014-2015. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Apple, Amazon Hit $1 Trillion while Brick-and-Mortars Lose — Here’s the Lesson

September 30, 2018 No Comments

News recently hit that Apple and Amazon have reached $1 trillion in market value. Wow. That’s really something but not unexpected. After all, it was only a matter of time. Meanwhile, brick-and-mortar retailers continue to struggle — especially legacy stores. So, why such a disparity? We all know the quick answer — failure to adapt to a changing marketplace. (It’s why there’s just one, lone Blockbuster in the entire United States.) The underlying lesson is the ones getting left behind might have well enjoyed a lot of past success. But now, they’re stuck. And, that’s the most important takeaway. How to Know if You’re Stuck So, what does it mean to be stuck? More importantly, what does it feel like? Unfortunately, this is a phenomenon which isn’t always readily apparent. It might slowly creep up and surprise you in an unexpected moment. The good news is, you can usually tell. For instance, if you just don’t experience the thrill or feel the passion. That’s the most obvious. It’s not uncommon for a business to begin to spin its wheels. For you company owners, it will feel like you’re treading water, and while you may not wake up to it right away, eventually it will start to weigh on your mind. Most of the time, these periods will pass, as they may simply be down to such things as seasonal trends or other outside market forces. But when they drag on too long, it could indeed be time to make some significant changes. —Entrepreneur.com A more subtle telltale sign is when you rationalize a rut as a normal routine. Or, when you see the competition moving ahead, yet you can’t seem to make any real headway. Those too, are signs you’re stuck in-place. Tops Ways to Get Unstuck Now, if you feel stuck, you probably are and fortunately, there are ways out. The good news is, you don’t have to make huge changes. Here are a few helpful suggestions for how to get unstuck: Try something new. Change up your routine. Or, go in a different direction. The point is to try something new out and do so with flexibility. In other words, don’t go all-in. Instead, slowly dip your toes in the water and test it out. You’ll probably feel excitement and even experience some inspiration. Take an impromptu hiatus. You probably have a trip planned. But, in the meantime, there you are, feeling stuck; feeling uninspired. So, change it up and take an impromptu hiatus to relax, refresh, and unwind. You’ll come back with a whole new outlook. Reach out to an experienced business coach. One of the reasons you feel stuck is because you’re stuck inside of you. Put another way, you’re not looking at things with a fresh set of eyes. Get a different perspective and advice from an experienced business coach. Take advantage of seeing what someone on the outside sees. Then, embrace what you learn. What other suggestions would you offer to get unstuck? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Steps to Starting a Successful Side Business

May 16, 2017 No Comments

There’s nothing wrong with supplementing your income, or, to start on a journey to pursue a dream. A side business is an avenue for both, but, like most full-time employees, you’re wondering just how to get started. It might surprise you, but it’s not just about the logistics. While the nuts-and-bolts are certainly vital, you’ll also have to deal with other things. In other words, it’s not just about carving out the time, being able to deliver on your promises, but also, finding personal fulfillment. Too many people start side businesses, burn the candle from both ends, and wind-up burning out. What you do need to understand is that, especially early on, the right mindset is key to future success. You’ll probably start out on fire, ready to tackle whatever comes your way. Inevitably, there will be problems, whether big obstacles or temporary setbacks. If you keep in a positive frame of mind and learn from mistakes, you’ll go much further. You’ll also need a workable game plan that rewards each achievement step you reach. Steps to Starting a Successful Side Business First, you must consider a few things, such as: is this a needed service or product? Can I deliver on a tight schedule? What competition will I face? Is there room for scaling-up? Of course, the biggest question will be can the time invested turn a profit and if not immediately, when will it realistically do so? People’s initial motivation is often money – they want to save more, pay off debt or simply afford a better lifestyle for themselves and their families. But then, it often morphs into something deeper, as people realize that their side businesses allow for a creative expression and satisfaction that can be hard to find in their full-time jobs. —Entrepreneur.com Next, understand and accept that you’ll have two demanding jobs. That’s going to bring some stress, it’s just unavoidable, and, it will also zap your energy. The trick is to set your sights on your goals and be convinced they are within reach, it’s okay if it takes time to realize. Don’t make the mistake of rushing because you’ll likely sabotage yourself and be willing to give it a solid test run, knowing that it might not work out. If you’re willing to make the commitment, get past the planning and taking action, you can make it work. Getting down to the nitty-gritty, the following steps are what you’ll need to do in order to start a successful side business: Reframe your way of thinking. Don’t let your day job be an obstacle, instead, think about all the positive things it provides. First, it does put a constraint on you, but that’s a good thing because it spurs creativity. In addition, look at your full time position as a funding source and a place to sharpen your skills. Determine workable, key actions. You’ll need a written list of workable, key actions — things that will move your idea forward, but don’t just keep ruminating. Every step should move you in the right direction with purpose. Restructure your schedule. This probably sounds too obvious, but too many people who try to start a side business, fall prey into thinking their schedules are already set. Dedicate routine times to work your side gig and be willing to make adjustments as necessary. Network whenever you can. If circumstances allow it, you can network at your full-time position, letting co-workers know what you’re offering. If not, there are plenty of other venues: your child’s school, your church, your gym, places you volunteer and visit often. Entrepreneurs are one of America’s greatest assets! Whether you are starting a business part time or full time, now it’s your turn to be an All American Entrepreneur while achieving your goals and growing our economy one great business idea at a time! [shareaholic app=”follow_buttons” id=”26833294″]

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

The Trump, ZTE Fiasco in a Nutshell

What to Do if Your Business is Out of Compliance

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Here are the 3 Biggest Leadership Blind Spots Harming Businesses Right Now

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