Business Education

Apple Reluctantly Admits iPhone Sales Dropped 15% — Here’s What that Means for Your Business

It’s the dreaded, seemingly unbelievable news Apple warned its investors about earlier this month. The sales of its most important product, the iPhone, free-fell by 15 percent. Since these devices account of 60 percent of Apple’s business, that’s a big, big deal. Overall, the tech company’s sales dropped 5 percent; a sizable setback, indeed.

How Setbacks can Impact Businesses

What this demonstrates, quite starkly, is that no company is immune from setbacks. No matter how popular their products and/or services. Regardless of the economic climate. Despite strong consumer sentiment. Any business can suffer setbacks.

Reconnecting with the determination that’s helped you succeed takes re-examining your strengths and a little creativity. When challenging scenarios have you hanging your head, shore up your confidence with these skills so you can get back up, dust yourself off and look the challenge in the eye to overcome. —Forbes.com

It’s not just monetary losses, either. When a setback occurs, it can shatter confidence. So much it’s difficult to get it back again. In other words, a setback can not only take away from the bottom line, it can take an emotional, psychological toll. And, these shouldn’t be understated.

Ways Businesses can Overcome Setbacks

So, just how do businesses deal with setbacks? What can they do to turn things around and get back into a positive groove? Here are some effective ways to deal with setbacks:

Face it head-on. There’s no sense in denying reality. Acknowledge the situation to start to understand just what’s happening. And, take comfort in the fact that you’re now a bit wiser for the experience.
Avoid the blame game. Sure, there’s probably a person or two you can point to as the culprit(s). But, this is only useful in getting to the core of the problem itself. Playing the blame game does nothing to move you forward. Identify the source, accept it, and move on from there.
Give it a little time. Instead of just jumping into a fix, allow some time for introspection and reflection. If you hurry, you’ll probably only make things worse for rushing into the first rash solution. Impatience is very powerful at undermining because it takes time to heal.
Move forward with caution. If you take your time, you’re much more apt to pinpoint the problem points and come up with workable, realistic solutions. Proceed with caution and then, if there’s headway, push past your comfort zone. After all, if you step outside of your comfort zone, you’re bound to see things in a totally different way than before.

How do you deal with setbacks? What other remedies would you recommend people try? 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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What is a PEO Service and Does My Small Business Need One

November 22, 2023 No Comments

What is a PEO Service and Does My Small Business Need One? As a small business owner, you are constantly juggling a multitude of tasks, from managing finances and operations to overseeing marketing and sales. With so much on your plate, it can be difficult to keep up with all the administrative and HR responsibilities that come with running a business. And, this is where Professional Employer Organizations (PEOs) can step in and provide valuable support. What is a PEO? A PEO is a company that provides a comprehensive suite of human resource (HR) services to small and medium-sized businesses (SMBs). PEOs essentially act as an extension of your company’s HR department, handling tasks such as payroll, benefits administration, workers’ compensation, and employee relations. However, they don’t run your company. They don’t get involved in business decisions. Nor do they enter day-to-day operations – all of that remains your exclusive domain. How Does a PEO Work? So, when you partner with a PEO, you actually enter into a co-employment relationship. This means that the PEO becomes the legal employer of record for your employees, while you maintain control over day-to-day operations. The PEO usually assumes responsibility for all HR-related tasks, including: Payroll processing and tax administration Benefits administration and enrollment Workers’ compensation insurance and claims management HR compliance and regulatory guidance Employee training and development Recruitment and onboarding Performance management Employee relations and conflict resolution Benefits of Using a PEO There are numerous benefits to using a PEO, including: Reduced administrative workload. PEOs take on the burden of HR administration, freeing up your time to focus on core business activities. Access to expert HR resources. PEOs have a team of experienced HR professionals who can provide expert advice and guidance on a wide range of HR-related matters. Improved compliance. PEOs ensure that your business is compliant with all federal, state, and local employment laws. Reduced risk of HR-related lawsuits. PEOs have the expertise to handle HR issues effectively, reducing the risk of costly lawsuits. Access to better benefits. PEOs often have access to better benefits at more affordable rates than small businesses can obtain on their own. Streamlined onboarding and offboarding. PEOs can streamline the onboarding and offboarding process, making it easier to hire and terminate employees. Does My Small Business Need a PEO? Whether or not your small business needs a PEO depends on several factors, including your company’s size, growth plans, and HR needs. If your business has fewer than 50 employees and is experiencing rapid growth, a PEO can be a valuable asset. PEOs can also be beneficial for businesses that have complex HR needs or are facing HR challenges. Here are some questions to ask yourself to determine if a PEO is right for your business: Do you have the time and resources to manage HR tasks effectively? Are you confident in your ability to comply with all HR laws and regulations? Are you concerned about the risk of HR-related lawsuits? Would you like to access better benefits at more affordable rates? Do you want to streamline the onboarding and offboarding process? If you answered “yes” to any of these questions, then a PEO may just be a good fit for your business. How to Choose a PEO If you decide to use a PEO, it is important to choose a reputable and experienced provider. Here are some factors to consider when choosing a PEO: Experience. How long has the PEO been in business? Reputation. Does the PEO have a good reputation in the industry? Services. What services does the PEO offer? Costs. How much does the PEO charge for its services? References. Can the PEO provide references from other small businesses that they have worked with? Wrapping It All Up PEOs can be a valuable resource for small businesses that are looking to reduce their administrative workload, improve HR compliance, and access better benefits. If you are considering using a PEO, be sure to do your research and choose a reputable provider that can meet your specific needs. Now, do you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. This is a $1495 value we are offering in November for only $99. Contact us for dates and times. We offer a 100% money-back guarantee if you don’t leave the workshop confident that you know what to do to grow your company in 2024. So, go ahead and contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business forward!

Embracing the Pressure: What Small Business Owners Can Learn from “Pressure is a Privilege”

January 16, 2025 No Comments

You’ve probably heard the analogy that running a small business is like walking a tightrope. There’s the thrill of balancing on your own terms, but also the pressure of the long fall looming below. However, it’s precisely this pressure that holds immense value. As tennis legend Billie Jean King once said, “Pressure is a privilege.” This phrase isn’t just an aphorism for sports; it’s a profound lesson that small business owners can embrace to better their companies.

Why Hosting Thanksgiving Dinner Teaches Us a Great Business Lesson

December 11, 2017 No Comments

Yes; you read the title correctly, hosting Thanksgiving dinner can teach us a very good business lesson. How; you might ask? Well, think about it this way. When Thanksgiving rolls around and you’re hosting dinner, what’s one of the first concerns which goes off in your head? Of course, being anxious about getting the meal cooked right is one. But, equal to that is how much of a mess your home is! You begin to panic. It’s a total mess. Things are everywhere. The floor is dirty. And, you notice just how cluttered it is. Time to do some serious cleaning and organizing. Why Hosting Thanksgiving Dinner Teaches Us a Great Business Lesson It’s a known fact that where you work affects just how you work. For example, if you worked in a chaotic environment, like an elementary classroom, you’d have little choice but to stay well-organized. However, too many business professionals let their workplace become disorganized. And, it causes needless wasting of time. So you’ve got a messy office you’d like to tame. We’ve all been there, and many of us still are there. You may think that the people behind your favorite productivity and organization blogs are immune to such things like clutter and disorganization, but more often than not we’re brimming with organization tips, tricks, and solutions because of our own struggles with disorganization. —Lifehacker.com Now, you might disagree. There are people who believe a messy workplace doesn’t really matter at all. But, it actually does. Organization is a key factor. It’s particularly integral to success. Without organization, there’s too many loose ends. Those can easily become distractions. Or worse, cause serious problems. How to Do Office Organization Right When you ignore disorganization, it inevitably comes back to bite you. It’s a quasi-blind spot. A well-organized workplace has big advantages. First and foremost, it gives you a genuine feeling of control and competence. That directly translates into improved and increased productivity. Second, because it’s organized, you’re more free of pointless or counterproductive distractions. Third, it allows you to put your focus where it bests serves your interests. So, let’s look at how to do office organization right: Purge with purpose. The first step is to get rid of as much junk and useless stuff as possible. Purge everything that’s unnecessary or unusable. Take this seriously and you’ll feel an instant sense of gratification. You’ll also be amazed how much space you free up. Designate catch-it spaces. There are all kinds of things that come into a workspace, be it an office, a workshop, or retail store. So, designate where that stuff goes. For instance, a place for things like an umbrella, bags or briefcases. As well as a place for incoming documents and other things. Basically, live the phrase, “A place for everything and everything in its place.” Keep your workspace clutter free. The single best way to stay organized is to keep clutter away. Don’t ignore junk, things, and stuff that come into your workspace or you’ll fall right back into the same cycle. Keep it free of clutter and you’ll develop a good habit. Prioritize and always act accordingly. Another good habit to develop is prioritizing. It’s a great way to know what’s next and what can wait. A shotgun approach is a sure-fire way to disorganization and confusion. Plus, you’re unlikely to get very much done. How do you deal with junk and get organized? Have you found you’re more productive when your office is neatly organized? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.