Business Education

So, You and Your Business Partner always Agree – Why that’s Really Bad News

“If two people in a relationship are the same, one of them is unnecessary.” You’ve probably heard this worded in one way or another. And, it does demonstrate a very good point. Often most attributable to romantic relationships, it’s just as true for business partnerships. After all, opposites attract and we’ve seen successful pairs throughout history. Take for instance Steve Jobs and Steve Wozniak. One, a marketing genius. The other, a hardware guru. And, completely different personalities. Winston Churchill and General Bernard Montgomery are another unlikely pair. But together, an unstoppable force. So, why is that?

Why Business Partnerships are so Difficult

The truth of the matter is, the business world is a tough environment. Partnerships supposedly make it easier. But, there’s the notorious five D’s of partnerships: death, disability, disinterest, drugs, and divorce. Each one alone can split up a business partnership.

Successful startups often have partners who have different strengths. One person might be the technical genius, while the other takes what they do and sells it to the masses. Having two personalities allows each individual to grow. If you can’t be challenged by a partner, you probably shouldn’t be in business at all. —Fast Company.com

Why do business partnerships fail so often? It could well be one of the five D’s. Then again, it could also be the two are too much alike. That takes us right back to the notion that if two people are the same, one of them isn’t necessary.

Why Your Business Partner should be Your Polar Opposite

Now, let’s take a quick look at why your business partner should actually be your polar opposite. Sure, it seems counterproductive and most certainly feels counterintuitive. But, there are the following advantages:

It brings strengths to the surface. A business partner who is your opposite will more clearly define your weaknesses. Hence, reveal your strengths, in the process. By the way, that’s a two-way street and the same will benefit your partner. Ultimately, making it a win-win scenario.
It allows both of you to learn and grow. When your business partner is the opposite, you’ll begin to see things from a different perspective, over time. That’s also a good thing because both of you will learn from one another and grow as a result.
It creates a more dynamic environment. Friction is a difficult phenomenon but it is very productive at the same time. Being challenged gives rise to a number of positives — a dynamic environment is just one example.
It allows you to leverage your differences. Your differences can also be a real source of inspiration and productivity. Use your differences strategically and you’ll find them advantageous in more ways than one.

What other advantages are there to having such opposites? Have you found working with someone who is totally different is more beneficial? Please share your thoughts and experiences!

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

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Tips for Choosing a Brand Name

September 20, 2018 No Comments

Okay, so you have a great idea and want to launch a brand. You’ve got plenty of inspiration in every other aspect. But, when it comes to giving it a brand name, the well is just plain dry. So, you’re looking for various ideas to give you some direction. Well, one thing is for sure, it’s got to resonate with people. Or, does it? Now that’s a scary thought. However, it’s a necessary thought-experiment. Differences between a Company Name and a Brand Name Let’s first look at what we’re actually talking about. If you’re going into a trade or profession, it’s customary and wise to go with tradition. In other words, if you’re going to open a specialty bakery, it’s perfectly okay to go with something like “Little Miss Muffin.” People will get it. Although, you might toy with the prospect of giving it a more eccentric name. Just be aware, doing so is a big gamble. Throughout the entire life cycle of your business one thing is constant – your business name. And this means getting it right, the first time. Why? Consider this – assuming you optimize your Web site, post your business on local online listings, develop a social media strategy, and deliver a great service, your business name and all that it represents will go viral (and hopefully in a good way). —Small Business Trends That’s really the difference between a company name and a brand name. Think about it this way. If you were approached in 2005 and asked “What is Facebook?” Or, “What is Twitter?” Could you answer? Nope. The reason why is obvious, neither existed back then. But today, they are household names. Even though their names do not describe what they are or what they offer. Tips for Choosing a Brand Name Let’s put it another way, when you choose a brand name, you’re giving your entity a brand or an identity. Now, it makes sense to name it after yourself or to take off from an existing brand. But, doing so creates some problems. So, here are some helpful tips on how to choose a brand name: Conduct several web searches. Dropbox. Twitch. YouTube. Though familiar to nearly everyone now, at one time, these were unknowns. A good place to start is simply by searching the web to learn if there’s already a spot-on or similarly named company out there. Compare and contrast what’s out there. Speaking of out there, once you begin to identify organizations, take the time to compare and contrast what’s similar and dissimilar. It’s definitely worthwhile because you’ll learn important lessons. Find something that will set your brand apart. Of course, you’ve got to pick a brand name that will set you apart from the competition. But, don’t go too far out or you might confound anyone who encounters it. Don’t rely on incumbent brands because it’s a mistake. One the other side of the coin, some organizations take an approach of building off another entity. For instance, publications like “Android Police and Mac Rumors.” While these make sense for the present, they could well look outdated in the future. After all, Google might rebrand its mobile platform or Apple could very well come out with a new line of computers. What other suggestions do you have for choosing a brand name? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Help! My Sibling is Sabotaging Our Small Business – What Should I Do?

February 1, 2024 No Comments

Help! My Sibling is Sabotaging Our Small Business – What Should I Do? We all know that running a small business can be challenging. It requires a lot of hard work, dedication, and the right team to make it successful. But what happens when the person who is supposed to be your right-hand man or woman turns out to be the one sabotaging your business? Below, we’ll discuss some practical steps you can take if you find yourself in this unfortunate situation. Recognizing the Signs of Sabotage Before we dive into the solutions, let’s first discuss the signs that your sibling might be sabotaging your business. Here are some common indicators that something is seriously awry and that you’re suspicions are probably valid: Your sibling consistently misses deadlines or fails to complete tasks. He or she spreads negative gossip or talks poorly about the business to others. They withhold important information or resources from you. Your sister or brother makes decisions that negatively impact the business without consulting you. They take credit for your ideas or successes and do so without including you or specifically attempt to exclude your time and effort. If you notice any of these behaviors in your sibling, it might be time to take action. But, don’t just leap without thinking things through. You need to take a step back and look at the entire situation with a realistic perspective. Addressing the Issue with Your Sibling The first step in dealing with a sabotaging sibling is to have an open and honest conversation with them. Make sure to approach the conversation calmly and objectively, and avoid making accusations or placing blame. Instead, focus on how their behavior is affecting the business and your relationship. During the conversation, try to understand the reasons behind their actions. Perhaps they are feeling overwhelmed or frustrated with their role in the business. Or maybe they are dealing with personal issues that are affecting their work. Whatever the reason, try to work together to find a solution that benefits both the business and your relationship. Creating a Plan of Action Once you’ve had a conversation with your brother or sister, it’s time to create a plan of action. This plan should address any issues that were brought up during the conversation and outline clear expectations for both of you moving forward. Some things to consider when creating your plan of action include: Clearly defining each person’s role and responsibilities within the business. Establishing regular check-ins to discuss progress and address any concerns. Setting up a system for open communication and feedback. Identifying any areas where additional support or resources may be needed. Remember, the goal of this plan is to create a healthy and productive working environment for both you and your sibling. It’s not – by any means – to establish a rivalry or force a hierarchy. Seeking Outside Help If you’ve tried addressing the issue with your sibling and creating a plan of action, but things are still not improving, it may be time to seek outside help. This could mean hiring a business coach or consultant to help you navigate the situation, or even seeking the advice of a professional mediator if the situation is particularly difficult. Remember, there is no shame in asking for help. Running a small business is hard enough without the added stress of dealing with a sabotaging sibling. Seeking outside help can provide you with the guidance and support you need to overcome this challenge. What We’ve Learned Dealing with a sabotaging sibling in your small business can be a difficult and emotional experience. However, by recognizing the signs, addressing the issue, creating a plan of action, and seeking outside help if needed, you can overcome this challenge and continue to build a successful business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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″]