Business Education

Microsoft will Ditch its Own Tech in Favor of Rival Google — Here’s What it Means to Your Business

If you haven’t heard this news, that’s okay. It’s really a niche story but it does make a very important point. Here’s the short version. Microsoft tried to create its own web browser to replace Internet Explorer. It’s known as “Edge.” And, the code behind it has proven too troublesome. So, the software giant will build a new web browser-based on the technology Google uses to power Chrome.

What it Really Means to Reinvent the Wheel

Let’s get to the real meat of this cliché. Like many other adages, it’s a truism. The reason people say it is precisely because it is an unavoidable fact. It makes a very blunt point. That is, the wheel already serves a purpose and there’s no need to try to come up with something better because it works so well.

The general public typically has a distorted view of entrepreneurship. They think of visionary leaders who created something no one had ever seen before and became household names in the process. While it’s true that some figures have achieved this level of notoriety, the reality for 99 percent of entrepreneurs is very different. Their success is based not on creating an earth-shattering new product from scratch, but on learning what their customers want, making user-centric adjustments to existing products or services and providing it for them.
—Inc.com

We’ve all heard the saying more than one time. But, it still alludes business leaders who believe they can do “it” better, whatever “it” might well be. Call it hubris or stubbornness, it can get the best of the best.

How Entrepreneurs can Avoid the Reinventing the Wheel Trap

So, how does one avoid the temptation to reinvent the wheel in business? It’s not simple because the urge is so very strong to come up with the next big thing. Here are three ways to avoid the reinventing the wheel trap:

Take a step back. If you feel the compunction to try to reinvent the wheel, take a step back look at the big picture. Take a deep breath and think about how to incorporate what you need that already exists instead of trying to come up with something new.
Ask for team member input. Okay, here’s another cliché, “two heads are better than one.” And, it’s also a truism. Getting different perspectives and points of view can really work wonders.
Apply your existing resources. You might already have the tools on-hand to accomplish what’s needed. Put those to good use rather than putting a lot of extra time and effort into something which might not pay off.

How do you avoid the urge to reinvent the wheel? What practices work best? Which steps can other entrepreneurs take to avoid this mistake? Please, comment and give us your experiences!

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

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4 Big Problems with a WFH and On-Site Hybrid Business Operation

June 15, 2021 No Comments

With the roll-backs of local, state, and federal COVID-19 restrictions, businesses are attempting to return to a state of normalcy. But, reinstating pre-pandemic conditions isn’t as simple as they ought to be, and too many entrepreneurs are experiencing such a cruel reality. So, some are experimenting with a hybrid solution: a combination of work-from-home or WFH and on-site business operation. Sure, it certainly sounds like a logical solution. But, every solution breeds new problems. Meaning, there are distinct disadvantages to adopting a WFH and on-site business model. Biggest Hybrid Workplace Advantages Obviously, corporations around the world wouldn’t put a hybrid model in-place unless it had substantial benefits. And, there are some compelling reasons, like the potential of increased productivity via a customizable schedule. After all, happy employees are more productive and that’s certainly good for the bottom line. Then, there’s the morale boost which comes from being able to choose from WFH and on-site. Employees cherish the freedom and that too, helps to boost both productivity and morale. What many companies are converging on is a mixture of remote working and traditional office working, known as the hybrid workplace. A hybrid workplace exists when a business allows their employees to work either remotely or from the office. In a typical hybrid workplace, employees have the choice of working in a central office, working from home, or splitting their time between the two. —WeWork Ideas Blog Additionally, it can help to reduce operating costs, which decrease with the lessened need of supporting individuals constantly on-site. Moreover, it allows employees to avoid toxic situations. For instance, two or more employees who don’t get along very well in-person can find relief by not having to be in close proximity. 4 Issues with a WFH and On-Site Hybrid Business Operation While a hybrid operation might sound like a perfect answer, that just isn’t the case. Unfortunately, there are big potential problems with adopting a hybrid model, as the following issues might present: Managing a hybrid team is very difficult. Anyone with experience in managing a team is familiar with the vast time and effort that goes into making it work. Now, add-in a bunch of other variables that weren’t present before and it’s easy to imagine just how more difficult or nightmarish managing people in totally different physical locations is in reality. Some WFH employees will take advantage. Put this problem in the all-too-obvious column: some employees will exploit the new policies to their own personal advantage, even if it results in harming others and/or the company. While it’s not something you might relish thinking about, it is most definitely a possibility or perhaps, even a probability. A hybrid scenario can easily foster resentment. Another potential problem is along the same lines as the one above — that one or more employees will gain a sense of others’ nefarious behaviors regarding the hybrid operation. That could very well cause resentment to rear its ugly head. Not everyone will contribute the same amount. Expounding on the last two possible issues, is the real possibility one or more employees will shuffle responsibilities off their own shoulders and onto their coworkers through a form of sleight of hand. What other suggestions do you have to deal with potential work-from-home issues? Please take a few minutes to share your thoughts and experiences. Perhaps others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The Pros and Cons of Hiring Remote Workers

May 17, 2019 No Comments

Hiring remote contractors or employees, like anything else, has its pros and cons. It’s a difficult decision, particularly if you haven’t done it before. When you need more hands on deck, you might wonder if it’s really necessary to bring in a full-time person into the workplace. With all it entails, it’s a big leap, no matter how many times you’ve done it before. So, what about hiring someone to work remotely? What are the pros and cons of hiring remote employees? Let’s take a quick look. Remote Staff Cons Hiring remotely can mean having to make a few adjustments, including time differences. You might find a great fit in a candidate who lives in another time zone. Sometimes, even an hour or two can make a huge difference. Hiring remote employees can be an efficient and cost-effective way to solve problems for small businesses. For many business owners, knowing the benefits of remote hires can open up a variety of benefits, from cost savings to efficiency. —On Deck.com Another possible stumbling stone is communications. Yes, today’s technology makes it far more easy to communicate over just about any distance. But, it still has it limitations, no question at all. Then, there’s the challenge of training. This might well prove the most difficult obstacle to hiring a remote employee or contractor. Remote Employee Pros Of course, there are some very good reasons to hire a remote staff member. Here are a few benefits to hiring a remote worker: Reduced cost. This can’t be understated. When you hire remotely — especially for a contract position — you’ll get the benefit of saving money on labor. A remote contractor can save money in the form of health care and other benefits. Plus, remote contractors might accept a little less in the way of compensation for their own convenience of not having to commute. Skill-set access. Sometimes, it’s just too costly to hunt down the right person with a needed skill-set in your location. (That person might not even be available or live in your area.) In situations like these, needing a particular set of skills, a remote employee could be a great fit. Time advantages. What works one way can work another. Someone who lives in a time zone that’s a couple or few hours ahead of you can serve as a big benefit to getting a head start. He or she can produce what’s needed and do so before you even get into the office. Less office drama. One thing most people don’t think about when it comes to the benefits of hiring remotely is that it doesn’t add to any office politics. Someone who isn’t physically on-site won’t feed into the gossip, which is another advantage. What other points would you add to these? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Fire a Client

May 24, 2017 No Comments

Every entrepreneur will eventually fire an employee or severe a relationship with a supplier or vendor. These are the most common scenarios we associate with pink slips and the practice of doing business. However, there’s another we don’t often think about, or, only privately suffer because it’s difficult to own-up to a mistake. In this particular situation, you’ll have to fire a client and it can be very difficult to face. You must consider the financial impact, and, the dynamics [read: pain point] it will unleash on your business in the aftermath. You might be confronted with a negative review, an unpleasant back-and-forth, or even a total disruption of your business workplace. Ways to Fire a Client With the new year fast approaching, you’ve probably begun to focus on your personal and professional resolutions. One of them could very well be to purge toxic relationships, which include bad clients. These can be individuals who love to demand rather than delegate, micromanage work to the point there’s no real point someone else does any of it, insists on rushing which compromises quality, or other detrimental behaviors. When you are just getting started with your business, you’re probably willing to work with any and every client who comes your way. However, not every client is a good one. The emotional, physical, and mental drain caused by a bad client relationship can keep you from enjoying your job and negatively impact the work you do for other clients. At times, the best way to grow your business is to let go of those clients who are holding you back. —Forbes.com It could be a well paying client who has a penchant to promote pandemonium, one who expects deep discounts but superior work quality, wastes your time without remorse or even any acknowledgement of it. You know who he or she is because you dread any contact and even the sight mention of his or her name is enough to make you cringe. Still, you put-up with their bad conduct because you feel a sense of loyalty. So, how are to you end such a relationship? Start with some genuine, introspective soul-searching. Is it something that you’re taking offense to that’s more about your personality? Are you contributing to the chaos with your own behavior? If you’re honestly not part of the problem, then try to resolve the situation first. Approach it subtly, but earnestly, and see what happens. If this doesn’t work, there are ways to fire a client and depending on the situation, one will probably be the best solution: Inform the client you are refocusing your efforts. Every new entrepreneur will accept any type of work when first starting out, even if it’s not a strong-suit. At this early juncture, revenue flow is a top priority. However, it undermines and erodes the relationship over time. Use this to your advantage and explain how you are not serving his or her best interest. Point this out and gracefully bow-out. Announce to the client you have to raise your rates. Money is a big deal — make no mistake about it. You know it to be true as does the professional who’s always espousing the healthy attributes of professional relationships, giving back to the community, good will, and the like. While those are indeed wonderful things, money is a practical part of business and announcing you’re raising your rates might just be the nudge which sets you free. Give him or her options for other service providers. Explain you are moving in a direction to serve a specific subset of your clientele. Along with it, give him or her options, recommending different competitors. Manage his or her expectations by providing actionable steps. Some clients will resist ending the relationship at nearly any cost. They’ll make promises about changing their behavior, bringing you more business, or other saving graces. Since you want to sever the relationship cleanly and permanently, provide a list of actionable steps he or she can take without your assistance. If you aren’t necessarily dealing with a problem client, just one who is no longer profitable, but still pays on-time and is good-natured, speak with less expensive, alternative service providers and give them the business. This creates a win-win scenario for all parties. In my past businesses and as a business consultant and coach, I have experience in each of these circumstances with customers and clients. I have found that the best approach is an honest approach with a strong dose of caring and encouragement. So, what customers will you fire or have that crucial conversation with in 2016? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]