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

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.

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Easy Ways to Build Up Retained Business Earnings

June 23, 2021 No Comments

The U.S. Bureau of Labor Statistics estimates about one-third of new businesses fail in their first two years of operation. Approximately half go out of business within the first five years. Banking statistics reveal around 82 percent fail due to cash flow issues. Those are grim and stark figures. But, these unfortunate circumstances can be avoided by building up a business emergency fund in the form of retained earnings. Top Reasons to Save Retained Earnings There are several benefits to saving retained earnings in any business, no matter how small. (But more particularly, for medium to large sized organizations.) Obviously the most important is for emergency situations. It could be a natural disaster, a pandemic, a sizable dip in the economy. Regardless, emergencies do happen and your business will benefit from having savings in-place. Retained earnings reflect the amount of net income a business has left over after dividends have been paid to shareholders. Anything that affects net income, such as operating expenses, depreciation, and cost of goods sold, will affect the statement of retained earnings. —The Blueprint, a Motley Fool Service Another advantage of having retained earnings ready-to-go is for opportunity buys. Your business might have the good fortune of being able to purchase inventory and/or equipment in bulk at a substantial discount. Or, there might well be a circumstance where cash becomes temporarily tight. Retained earnings are an ideal source of capital that can later be replenished. Clever Ways to Save Retained Business Earnings It’s not always easy (or simple) to put aside money within a business that isn’t specifically for something like inventory, equipment, materials, et cetera. But, there are ways to save retained earnings for your business — it just takes a substantial amount of discipline and patience. Here are some effective ways to save retained business earnings: Make it simple. Rather than trying to save money in a business checking account and “pad” the balance, open a dedicated account, such as a money market (since it earns interest) and that will provide more incentive to set money aside. This way, you’ll largely avoid the temptation to spend what you’ve ostensibly saved. Automate savings. Once you have a money market account to save retained earnings, set up automatic deposits to go into that account on a regularly scheduled basis. After a time, it won’t be such a big deal and you’ll grow accustomed to it. Take advantage of discounts. If you’re planning on a big purchase and have a budget set for the expense, take some time to find the same item at a discount. Or, broaden your search to find something similar but less expensive. Then, take the difference you save and put it in retained earnings. Sell off old or unused items. You’ve probably bought one or more things in the past that you rarely use or have grown out-of-date. So, go through your assets and find prime candidates to sell off and then put the money into retained earnings. Take advantage of higher revenue. Whenever business is good, it’s a good idea to put some money aside for a rainy day. While many business owners do this, it’s only sporadic. But, making this a priority and a habit will help to beef up retained earnings. What other suggestions do you have for building up retained business earnings? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your strategies. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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What the Google Pixel 2 and iPhone X Actually have in Common

October 11, 2017 No Comments

The Google Pixel 2 and iPhone X are certainly receiving a whole lot of media attention. It’s two creative titans battling it out, attempting to win more customers. But, these two companies have quite a bit in common. At least, in one aspect. And, it applies to you as an entrepreneur. What the Google Pixel 2 and iPhone X Actually have in Common What you might think as rivals vying for bigger sales numbers is actually an important business lesson. It’s all about momentum. Keep momentum going and it serves up great rewards. After all, the Google Pixel and Pixel XL were hits. And, we all know the iPhone revolutionized the tech, communications, and entertainment worlds. So, it’s great to take away a valuable lesson from this latest product introduction round. As the momentum starts and objectives are met watch for a change in pace; just like an out-of-shape runner, the tendency for many will be to stop part way up the hill to pat themselves on the back and look at how much distance they’ve covered. Don’t let them stop! You are pushing a rock uphill, as the momentum starts and everyone sees progress you need to double your efforts to keep it moving. —Inc.com You probably know there are many components to running a successful business. That’s certainly no secret. But, specific actions can work wonders. For instance, giving up bad habits and other hangups are prime examples. Another strategy is to get in front of people personally. However, you need momentum to stay on track. How to Keep Momentum Going That’s what the announcement and release of the Google Pixel 2 teaches us. It’s a follow-up, designed to entice consumers. And, it’s generated a whole lot of media buzz. Now, every single thing about it will certainly be poured over by tech lovers. You can apply this lesson to your business. Keep momentum going and reap the rewards by doing the following: Set new goals and objectives. As you hit milestones, dedicate yourself to setting new goals and objectives. Planning ahead means moving forward and that’s a great way to keep momentum working for you. Automate where it is possible. Use automation to your advantage to maximize productivity. Don’t get bogged down where and when it isn’t necessary. You can set content marketing and social media marketing on a schedule, as two examples. Always keep inspiration nearby. Research from Harvard and MIT reveals books are a great source of inspiration. Engaging your brain in something you love breathes inspiration. And, it also increases your knowledge, so it’s two-for-one. Schedule time off and actually use it. Another way to keep momentum going is to take time off. That sounds strange at first but makes a lot of sense when you consider the benefits of rest and relaxation. What ways do you keep momentum going? How do you stay motivated? What methods work best for pushing forward you’ve done? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

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