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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How Small Business Owners Can Determine Which Social Media Sites Are Best Suited to Promote Their Products and Services

July 20, 2023 No Comments

With the launch of Threads by Instagram, parent company Meta has introduced yet another social media platform. On its first day alone, the site acquired more than 70 million sign-ups. By the weekend, it accumulated over 100 million. That’s an impressive feat, given the current landscape is dominated by the likes of Facebook, with 2.9 billion monthly active users, Instagram, with 2.35 billion monthly active users, and YouTube, with 2.6 billion monthly active users. But, it also adds to the already large pool of social sites, with roughly 128 portals. However, the average person only engages with 5 or 6 at the most. So, that means small business owners need to choose wisely. How Small Business Owners Can Determine Which Social Media Sites Are Best Suited to Promote Their Products and Services In today’s digital age, social media has become an essential tool for small business owners to promote their products and services. However, with an abundance of social media platforms available, it can be overwhelming to determine which ones are best suited for your business. Below is a simple guide small business owners can use to help them determine the right social media platforms to effectively promote their products and services. Understand Your Target Audience The first step is to clearly define your target audience. Understand their demographics, interests, and online behaviors. Consider factors such as age, location, gender, and preferences. This understanding will help you identify the social media platforms where your target audience is most likely to be active. Research Popular Social Media Platforms Conduct thorough research on the various social media platforms available. Familiarize yourself with their features, strengths, and user demographics. Some popular platforms include Facebook, Instagram, Twitter, LinkedIn, Pinterest, and YouTube. Each platform has a unique user base and offers different features and advertising options. Analyze Platform User Demographics Compare the demographics of your target audience with the user demographics of each social media platform. Look for alignment between your target audience and the user base of the platform. Evaluate factors such as age, gender, income level, and interests. This analysis will help you identify platforms that have a higher concentration of your target audience. Consider Platform Features and Content Format Different social media platforms offer various features and support different content formats. Consider the nature of your products or services and determine which content formats would best showcase them. For instance, if your business relies heavily on visual content, platforms like Instagram or Pinterest may be more suitable. If your business focuses on professional services, LinkedIn might be a better fit. Assess Competitors’ Social Media Presence Analyze how your competitors are utilizing social media. Identify the platforms they are active on and observe their engagement and follower base. This analysis can give you insights into which platforms are effective for businesses in your industry. However, remember to differentiate your strategy and not merely replicate what your competitors are doing. Determine Your Resources and Time Commitment Consider your available resources and the time you can allocate to social media marketing. Each platform requires time and effort to create and maintain a strong presence. Evaluate your capacity to consistently create quality content, engage with followers, and respond to inquiries on different platforms. It’s better to focus on a few platforms and excel rather than spreading yourself too thin. Test and Measure Platform Effectiveness Start with a few selected platforms that align with your target audience, business goals, and available resources. Create compelling content, engage with your audience, and measure the results. Monitor key metrics such as reach, engagement, click-through rates, and conversions. Analyze which platforms yield the best results and focus your efforts on those that generate the highest return on investment (ROI). Adapt and Evolve Your Strategy As your business evolves and social media trends change, be open to adapting your strategy. Monitor emerging platforms, stay up to date with industry trends, and be willing to experiment with new platforms if they align with your target audience. Regularly assess the effectiveness of your chosen platforms and make adjustments to maximize your social media marketing efforts. In summary, choosing the right social media platforms for small business promotion is crucial for effective marketing and reaching your target audience. By understanding your target audience, researching platform demographics, considering features and content formats, assessing competitor presence, and evaluating your resources, you can make informed decisions. Regular testing and measurement of platform effectiveness will allow you to refine your strategy and maximize the impact of your social media marketing efforts. Remember, social media is a dynamic landscape, so be flexible and adapt your approach to stay ahead of the curve and connect with your audience effectively. What other suggestions do you have for how small business owners can determine which social media sites are best suited to promote their products and services? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

I Reopened My Business, but Now I’m Short-Staffed, What Do I Do?

February 9, 2021 No Comments

The COVID-19 pandemic and subsequent shutdowns affected different businesses in different ways. Some industries, like financial services, online retail, and even real estate, experienced growth. However, other industries suffered big losses, particularly hospitality, restaurants, and brick and mortar retailers; even some office environments experienced significant setbacks. Now, with plans to reopen and resume business as normal underway, some companies are faced with a labor shortage. Obviously, it’s difficult to service customers without the proper employee support. So, let’s look at some ways to shore up your business staff in short order. Employees are the Single-Most Valuable Business Asset Regardless of what industry your company serves, you’ve probably learned over the years — or have least heard — that employees are true assets to any business. Companies who do not treat their employees as assets suffer from high rates of turnover, low quality work, and often poor morale. Before you start evaluating candidates, ask yourself what traits you want to have in those employees to ensure you’re aligning your new hires with your business objectives. Some common traits that I’ve seen among hiring for eCommerce and physical retailers include flexibility, high energy, and fast learner —Business 2 Community Conversely, businesses that treat their employees as valued assets enjoy quality production, higher rates of production, a strong camaraderie and positive morale, and very low turnover. The reason isn’t a mystery — treat employees well and they will in turn do their best. Of course, that begs the question of how to bring on several people in a short amount of time that will make a good fit? How to Find Quality Employees on Short Notice In order to staff a business quickly, you need to first determine which roles to prioritize. And, know exactly what type of personalities best fit said roles. Here are three attitudes you must embrace to find the right staff in a pinch: Be patient. You probably already have existing employees taking on expansive responsibilities out of necessity. You should continue that practice but with a goal to reach. It’s better to rely on known qualities and compensate them well than to rush through the hiring process simply to fill positions. Start with previous employees to fill empty roles and give them more responsibilities for the short-term. Be flexible. Of course, you should streamline your hiring and training processes. But along with these changes, it’s also smart to think strategically. In other words, if a new hire isn’t working out in a particular role, move him or her into a different position instead of letting them go and having to go through the process all over again. Be confident. Sure, this might be a time of uncertainty. It’s unnerving, upsetting, and can be difficult to cope with. But, if you remain calm and show confidence, that will permeate through the company and help your employees greatly. What other attributes would you suggest business owners take on in order to get through a period of short staff? Please take a moment to share your thoughts and experiences by commenting so others can benefit from your unique perspective. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs, Let’s Talk Frankly About the Dreaded “S” Word

September 19, 2024 No Comments

There are many experiences entrepreneurs will thoroughly enjoy building up a business, but there are also circumstances they anxiously dread. The proverbial roller coaster ride of running a business is something that delivers a plethora of challenges and rewards alike. Still, for all the difficulties, most individuals learn to adapt and successfully transform problems into solutions by making them valuable learning lessons. Although nearly half of all new businesses fail within the first 3 to 5 years, others cannot only persevere but profit and gain an impressive track record that even exceeds their expectations. Some entrepreneurs find themselves far more successful than hoped and enjoy long and fulfilling careers. However, nothing lasts forever and this inevitability can be a very frightening reality for those who are unprepared. These individuals face a very stark set of circumstances, having to come to grips with the fact they cannot run the company forever because every entrepreneur must take on the unenviable challenge of handing the company over. Whether they want to utter the word aloud or not, all business owners must deal with the dreaded “S” word: succession. Business Succession Planning Shouldn’t be So Scary You went into business for yourself and now, it’s thriving. Earnings are up, costs are down, and you’ve got a great team around you, even better, very happy customers. At this point, it feels like everything has finally come together. You made it through the trials and tribulations, and now, you’re feeling financially secure. The future looks right, but then you realize your business won’t always be yours. Maybe you’re lucky enough to have trusted family step up and take your place. But, even family businesses aren’t immune from incompetent or lazy people who you just cannot trust to take the reins. This means crafting a clear and actionable succession plan. Creating a succession plan is crucial for business owners, yet many are apprehensive about actually doing it. So, let’s talk about why it’s important and better yet, how to overcome that hesitation. The Importance of Succession Planning A succession plan is vital for business owners as it guarantees a smooth transfer of leadership and ownership when key figures retire, leave, or pass away. It helps maintain operations without major disruptions, preserves the company’s value, and secures its long-term legacy and stability during transitional periods. Here are the reasons why having a plan in place is critical. First of all, a succession plan greatly aids business continuity. It ensures the company can continue operating smoothly in case of unexpected events like illness, death, or retirement of key leaders. Secondly, a succession plan helps to preserve value. A well-planned transition maintains the business’s value and reputation, protecting stakeholders’ interests. Third, it reduces uncertainty because it provides clarity for employees, clients, and partners about the company’s future direction. Additionally, a meaningful succession plan facilitates strategic planning by encouraging long-term thinking about the company’s goals and leadership needs. What’s more, having a well-thought-out succession plan minimizes conflicts. This is due to the fact that clearly defined succession plans can prevent disputes among potential successors or family members. 7 Effective Ways to Overcome Your Apprehension As you know, running a business isn’t just about managing employees or keeping customers happy. Often, the challenges are more personal. Many business owners find themselves sacrificing valuable family time, personal hobbies, and social activities in order to grow and sustain their company. One of the most feared challenges is handing the company over to another person to run it. This can easily lead to unnecessary and perhaps damage-inducing procrastination. While apprehension about such scenarios is natural, it’s important to take control and get over your fear by taking the following steps: Start early. Begin planning well before you intend to step down. This removes immediate pressure and allows time for careful consideration. Break it down. Tackle the process in smaller steps rather than trying to create a comprehensive plan all at once. Seek professional advice. Consult with lawyers, accountants, and business advisors who can guide you through the process and address specific concerns. An experienced business coach is an invaluable resource in these situations. Involve key stakeholders. Engage trusted employees, family members, or partners in discussions to gain different perspectives and build support. Focus on opportunities. View succession planning as a chance to secure your legacy and ensure the business thrives beyond your tenure. Also, educate yourself. Learn about successful succession stories in your industry to gain insights and inspiration. Consider multiple scenarios. Develop plans for various situations (e.g., planned retirement, unexpected illness) to feel more prepared for different outcomes. Regularly review and update. Treat the succession plan as a living document that evolves with your business, reducing the pressure to create a “perfect” plan immediately. (Be sure to periodically review and update your plan as needed so it accurately reflects the current situation and is viable for near-future use.) By taking steps to overcome apprehension, business owners can better secure their company’s future and their legacy. Although doing so may create anxiety and uncover some unpleasant realities, this is absolutely necessary to maintain the health and integrity of the company. 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 480-636-1720, 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.