Business Education

The Samsung Galaxy Fold Demonstrates this Powerful Business Lesson

The mobile technology world experienced one of the biggest public blunders of all time. Samsung shipped a number of demo units of its $2,000 foldable smartphone to several high-profile reviewers.

Within 48 hours, a good number of the devices were broken. The reviewers shared their surprise and since, Samsung has delayed the release of its “Foldable Phone of the Future.”

The Samsung Galaxy Fold Unfolds Unnecessary Bad Publicity

To be fair, some broken due to reviewer mishandling. They mistook a part of the screen as a protective layer that all smartphones ship with. Others noticed bulges in corners near the fold.

While the former did inadvertently damage the devices, the latter simply watched as the units failed.

You’re anxious to get your business off the ground or get your latest product out to the public as quickly as possible. Perhaps you’ve already started your marketing and promotional campaigns. You’ve got visions of a best-selling product dancing in your head. But selling too quickly can be dangerous; there can be drawbacks if you are putting the cart before the proverbial horse. Businesses that start selling new or innovative products without taking the time to put their ducks in a row often regret their decision. —All Business

It’s yet another example of a manufacturer rushing a product to market before it’s truly ready. When such bad PR situations occur, these can lead to companies going out of business outright.

The Negative Effects of Rushing a Product to Market

Companies rush products to market. It does happen. And, it’s a huge and completely unnecessary risk. Here’s why:

Damage to reputation. Let’s begin with the obvious. While mega corporations can weather such storms, small businesses might suffer tarnishes to large to overcome.
It sends the wrong message. Thomas Edison practically invented “vapor-ware,” the introduction of a product which doesn’t actually exist. When you release something prematurely, you’re sending a message you care more about turning a profit than your customers.
It causes a loss of trust. If the gamble fails to payoff, it means you’ve sacrificed trust. Consumers just won’t trust your brand in the future and that’s never a good thing.
Your team will also suffer. Pushing out a product before it’s ready just might lead to a loss of key employees. Some could walk away, not wanting an association with a company who isn’t willing to wait until it’s right.
You’ll regret the decision. Of course, as the leader of the organization, it’s you who takes all the blame. Ultimately, you’ll have to accept making a bad decision and the consequences which inevitably follow thereafter.

What other negative consequences does rushing a product to market have? 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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Top Networking Mistakes Too Many Entrepreneurs Make

June 13, 2017 No Comments

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make. Top Networking Mistakes too Many Entrepreneurs Make There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right. There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make: Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead. Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it. Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing. Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener. Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across. What networking mistakes do you think should be included? How do you approach networking at-large? 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″]

Creative Ways Entrepreneurs can Expand their Small Businesses

May 3, 2023 No Comments

Starting a small business is a big undertaking, but it can be incredibly rewarding. However, growing a small business can be just as challenging. There are many factors to consider, such as marketing, financing, and staffing. But with a little creativity and ingenuity, entrepreneurs can expand their businesses and achieve their goals. Creative Ways Entrepreneurs Can Expand Their Small Businesses One neat trick (that isn’t necessarily easy to pull off) is to expand in order to provide not only additional revenue streams but stability, too. This helps to meet basic financial needs when certain products and/or services fail to perform to their normal or even desired standards. Fortunately, it’s possible to expand a small operation without incurring a lot of time and expense. You’ll find some of these strategies don’t require work or capital whatsoever. In fact, a few are quite simple and straightforward. So let’s take a look at a few creative ways entrepreneurs can expand their small businesses: Partner with other businesses. One way to expand your business is to partner with other businesses that complement your own. For example, if you own a restaurant, you could partner with a local bakery to offer delivery or catering services. Or, if you own a retail store, you could partner with a local marketing firm to help you with your advertising and promotions. Expand into new markets. Another way to grow your business is to expand into new markets. This could mean opening up new locations, selling your products online, or targeting new demographics. For instance, if you own a clothing store, you could expand into new markets by opening up a location in a different city or by selling your products online. Develop new products or services. Another way to expand your business is to develop new products or services. This could mean adding new items to your product line, offering new services, or creating a new line of business altogether. Here’s one example to follow, if you own a landscaping company, you could develop a new line of gardening products or offer lawn care services. Offer franchising opportunities. If you have a successful business model, you can consider franchising your business to expand your reach. This involves licensing your business model to other entrepreneurs who can operate their own franchises. Franchising can help you expand your brand and increase revenue without incurring the costs and risks associated with opening new locations. Create a loyalty program. A loyalty program can help you retain customers and encourage repeat business. You can create a loyalty program that rewards customers for their purchases or referrals. This can help you build a loyal customer base and increase sales. Attend industry events. One way to stay ahead of the curve and learn about new trends is to attend industry events. This is a great way to network with other entrepreneurs, learn about new products and services, and get inspired. So, let’s say you own a restaurant. You could attend a food and beverage trade show to learn about new trends in the industry. Get involved in your community. Another way to grow your business is to get involved in your community. This could mean sponsoring local events, volunteering your time, or donating to local charities. Getting involved in your community is a great way to build goodwill and support for your business. These are just a few creative ways entrepreneurs can expand their small businesses. By being creative and thinking outside the box, entrepreneurs can achieve their goals and grow their businesses into successful enterprises. Obviously, this isn’t a complete or exhaustive list of ways entrepreneurs can expand their small businesses. If you have any other bits of advice or suggestions, please take a moment to comment and share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

I’m Struggling with a Staff Shortage and Inexperienced Workers — What can I Do?

January 20, 2022 No Comments

There’s a popular meme going around the internet right now that reads, “Everyone is short-staffed, please be patient.” It’s a polite reminder of the current environment amidst serious disruptions in the supply chain, scarcity of materials, and most importantly, the lack of workers. Last week’s employment numbers were, to say the least, unimpressive, coming in at about half of what economists forecasted. Such a tight labor market means that businesses can’t afford to be picky in order to staff their operations. Unfortunately, this means that some companies will hire individuals that are completely inexperienced in their industries. This causes two major problems simultaneously and business owners and managers must deal with both. Hiring during a Labor Shortage Hiring is always challenging, even during normal times. But it becomes far more problematic when the labor pool is so very small. It sometimes necessitates relaxing some qualification standards and can even mean abandoning those parameters outright. Although it’s best to screen applicants as normal, this might not be realistic. The process of hiring a new employee doesn’t end when the offer is accepted. A key part of onboarding new team members is training. Having a good training process in place is crucial for making the new hire feel comfortable at your company – it’s also a great opportunity to communicate your business’ culture, encourage good habits and ensure alignment on long-term goals and strategies from the beginning of the relationship. —National Federation of Independent Business The result can easily lead to hiring individuals who don’t meet your expectations. It’s important to remember that this isn’t your fault or even theirs. It is simply a reflection of the economic circumstances of the times. So, there’s no personal blame assignable and it’s best to set this aside and address the most real and immediate problems first. Strategies for Training Inexperienced Workers Exasperated business owners can successfully transform inexperienced employees into productive team members by doing one or more of the following: Exercise patience. Your very first order of business is to put yourself in the right mindset. You yourself were probably once green and inexperienced. Just as then, these individuals will need to learn the trade. So, give them a stripped-down, crash course. Begin with the highest priorities first and make this repetitive so it quickly becomes second nature. During this time, you’ll need to be patient as they struggle through a learning curve. Create a boot camp course or environment. If you’re in a franchise business that already has training materials, make good use of these. If not, come up with a simple, point-by-point flow chart that your employees can follow and build a productive routine. Make this process as simple as possible, highlighting the priorities over and over again. The point is to get them as familiar with the operations as possible without confusing them with extraneous details and/or minutia. Offer incentives. A great way to motivate your inexperienced hires is to give them rewards when they reach certain goals. Remember, they’re the ones who showed up for the job in the first place and therefore have the work ethic that you would expect. Put this self-starter mentality to work to your advantage by offering little incentives when they reach milestones. This will also help you readily identify the leaders in the pack and will also reveal who isn’t actually motivated. What other suggestions do you have for training inexperienced workers? Please take a few moments to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.