Business Education

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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7 Steps to Start a Business from Zero

May 5, 2017 No Comments

Companies, no matter their size, don’t start on their own. Someone, somewhere, someway, started something that eventually became a profitable entity. We’ve heard all the terms, like crowd funding, venture capital, angel investment, and the list goes on and on. While all these do exist, the majority of businesses are started with very little to no money. The reason people succeed isn’t because of their cash position but because those entrepreneurs had zeal, a vision, and a passion. In fact, no amount of money guarantees success, even if a business is well-funded from its inception and follows a smart plan in a strategic way, it can still fail. The Edsel is a perfect example. Produced by one of the most successful corporations in the world, the Ford Motor Company, the Edsel rolled off the assembly line from 1958 to 1960. It was, in its day, by far, one of the most advanced private passenger vehicles. It featured such technology as the Teletouch system and had many other creature comforts, as well as plenty of functionality. However, the line failed to the tune of $350 million, an astounding $2.8 billion in today’s dollars. Follow these 7 Steps to Start a Business with Little to No Money Failure is a terrific teacher, if you are willing to learn from it. A good lesson to learn and accept early on in starting a business is that money, as the Edsel clearly demonstrates, doesn’t equal success. Incremental growth, accompanied by patience, tempered with realism, does wonders because such a combination requires focus. When you set aside the distant future, you necessarily put the present at the forefront. …now is the time to have a heart-to-heart with reality. Reality of what? Well, start with yourself. Your experiences, gifts, passion, life goals and areas of weakness. Seriously. Knowing thyself is the first place to start on your trek toward your vision. —Forbes In other words, you’ve got to use what you have now, and turn your natural talents into marketable products and services, which is the very essence of business. Richard Branson, who has dyslexia, started his entrepreneurial career breeding budgerigars at age 11 and it didn’t work. Neither did his plan to sell Christmas trees. Next, with practically no money, the future billionaire started Student Magazine, which morphed into Virgin Records. He, like many mega-successful entrepreneurs, started with little to no money, and you can do this too, by doing a few simple things: Do your homework about the market and competition. The reason so many businesses fail is due to misunderstanding the market and not having a clear conception about the competition. Don’t worry if it seems as though the market is flooded, because you can carve-out a niche. Take small, incremental steps and don’t dive-in. A card table, a favorite spot on the couch, a workbench, or a kitchen are all acceptable places to start a business. When you first begin, do it part time and don’t rack-up expenses. If you commit too much time and/or too much money, you’ll put a lot of undue pressure on yourself and make bad decisions. Try to build out a niche. This bit of advice really bears repeating. If you find a smart way to separate yourself from the competition, you can build a stronger, more attractive business. Set small, tangible money and benchmark goals. When you set high goals, you need to do a lot more to reach them and that often leads to failure. When you set small goals, you’re more likely to accomplish them and that makes for a ton of motivation and satisfaction. Build a responsive, easy to navigate website. You need a presence on the internet, which you probably know. There are very inexpensive and easy to use platforms that will be more than sufficient to get you started. Get out and network but don’t sell. Your website, though a necessary tool, isn’t going to be a salesperson; but you can be, if you network to become a known quantity and not to sell. Finally, give yourself permission to make mistakes and don’t make the huge mistake of waiting for perfection to launch your business. [shareaholic app=”follow_buttons” id=”26833294″]

How to Say No When a Demanding Customer Expects a Submissive Yes

July 24, 2024 No Comments

How to Say “No” When a Demanding Customer Expects a Submissive “Yes” Customers are the lifeblood of any business, but sometimes, their demands can push boundaries and test your patience. When faced with a customer who expects a submissive “yes” to every request, regardless of reason, knowing how to politely yet firmly decline becomes crucial. Fortunately, there are proven tools and strategies you can use to navigate these situations with confidence. With these, you’ll be able to say “no” effectively, while maintaining a positive customer relationship, and protecting your business from unreasonable expectations. So, let’s get into how to handle demanding customers with grace and professionalism. Most Effective Ways to Politely and Professionally Turn Down Unreasonable Customer Requests When dealing with a demanding customer who expects a submissive “yes,” it can be challenging to assert your boundaries and maintain a professional relationship. Below, we’ll explore effective strategies for saying “no” in a way that is respectful yet firm, allowing you to protect your business interests and maintain your integrity. Here’s a detailed explanation of how to handle such sticky and unpleasant situations: Start by expressing sincere gratitude. Begin by thanking the customer for purchasing your services. This sets a positive tone for the conversation. For instance, you can say, “Thank you for considering us for additional services. We appreciate your confidence in our business.” Explain your services. Clarify what services your business provides and how they are priced. This helps set clear expectations. Here’s a good example: “Our services include X, Y, and Z, which are priced at $A, $B, and $C respectively. We offer these services to ensure quality and maintain the value of our work.” Emphasize your value. Highlight the value of your services and the expertise that goes into them. This can help customers understand why extra work is not offered for free. Explain your position this way, “Our team is highly skilled and experienced, and we take pride in delivering high-quality work. This level of service comes at a cost, which is reflected in our pricing.” Offer alternatives. If possible, suggest alternative solutions that are within the scope of your services. This shows that you are willing to help the customer within your business model. For example: “While we cannot provide the extra service you requested for free, we can offer you a similar service that is within our standard offerings. Would you like to consider that option?” Be firm but polite. If the customer insists on receiving extra work for free, remain firm in your decision. Politely reiterate that your business model does not allow for such concessions. Politely respond, “I understand your request, but unfortunately, we cannot provide the extra service you’re asking for without a corresponding charge. Our pricing structure is designed to ensure fairness to all our customers and the sustainability of our business.” Reiterate your commitment. Close the conversation by reaffirming your commitment to quality and customer satisfaction within the parameters of your business model. You can explain, “We value your business and are committed to providing the best service possible within our standard offerings. We hope you understand our position and look forward to serving you in the future.” Finally, follow up. After declining the request, consider following up with the customer to ensure they are satisfied with the resolution. This shows that you care about their experience even when you cannot fulfill their specific request. Consider explaining, “Thank you for understanding our position. We hope you are satisfied with our services. Please don’t hesitate to contact us if you have any further questions or concerns.” 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) 541-1760, or, if you prefer,

Reasons Why Your Business Stays Cash Poor

May 16, 2017 No Comments

Business owners and management professionals alike know the importance of maintaining positive cash-flow. It serves as the bloodline of a company, no matter its size, or even its asset position. In fact, some businesses learn the hard lesson that too much tied-up in assets is a liability. Having to sell such leverage just to meet obligations isn’t exactly a sign of good management. Another irony is found in two of the biggest reasons business fail: too little business or too much business. It is certainly strange the latter exists, but it’s nonetheless a reality. In fact, a proprietary study conducted by U.S. Bank provides proof — 82 percent of business failures result directly from poor cash management. Even though these entities earn more than enough business to keep their doors open — a lack of proper management is far too destructive. Reasons Why Your Business Stays Cash Poor The fundamentals of cash flow aren’t complicated to understand, but rather, to execute. The movement of funds in and out of a company is what constitutes cash flow — it can be positive or negative. When money is left over after all expenses are paid, that is positive cash flow. Conversely, when outflow exceeds inflow it constitutes negative cash flow — often a death knell of businesses experiencing the same. Cash flow is one of the most critical components of success for a small or mid-sized business. Without cash profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn’t compare with the amount of cash going out. Firms that don’t exercise good cash management may not be able to make the investments needed to compete, or they may have to pay more to borrow money to function. —Inc.com Many businesses struggle with keeping expenses in-check and that’s normal. It’s due to the dynamic ebb-and-flow of a free system in which goods and materials costs can rise or fall as market conditions fluctuate. However, when cash flow is continually poorly managed, it manifests itself in a number of ways. Here are some of the most common reasons why your business stays cash poor: There’s too much tied-up in inventory and materials. Glance back to the first paragraph and this demonstrates a trap into which some businesses fall. That is, acquiring assets of value which must be liquidated to meet an obligation. The entire point of acquiring business assets is to retain same, not to liquidate, especially for day-to-day operating expenses. You’re not constantly examining business-to-business expenses. One of the most common bits of consumer advice circulated is going over every one of your monthly bills one line at a time. The reason, of course, is to be vigilant and discover any unauthorized charges or find slight up-charges in normal line items. Businesses ought to do the same because it’s easy to let recurring monthly bills be paid on autopilot without any real scrutiny. Accounts receivables stay sparsely busy. This is perhaps one of the most unpleasant aspects of doing business — collecting money owed. For some companies debt collecting is left to a single person or small team. For many others it’s the responsibility of the owner. Every dollar that’s in the receivables column is one that isn’t working for your business. There’s poor cash-flow forecasting. What the probable future looks like is very important. While you probably won’t be able to forecast to the penny (even a lot more) it’s worthwhile to have a glimpse into the future, especially when cash-flow is anemic. Growth is reducing cash-flow. Here again we see irony. When a business is growing, it surely must have positive cash flow — right? Not necessarily. There are a number of tricks a company can use to ostensibly grow. Even in a healthy environment, growth can still be a drain on cash and slowing growth can actually improve cash flow assuming your margins and overhead are in line. Another dynamic which can wreak havoc on a business is out of sync credit accounts. When vendors expect to be paid but accounts receivables aren’t set to accept payments before those dates, it unnecessarily reduces a business’ cash position. Obviously, not paying vendors on-time is something to be avoided because it can cost your company in terms of creditworthiness and reputation. You might be the heart beat of your business, but cash flow is the “life blood” of a business. Please follow me on: Facebook | Twitter | Pinterest | Instagram [shareaholic app=”follow_buttons” id=”26833294″]