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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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!

How to Keep Employees Motivated During the Holidays

May 24, 2017 No Comments

With Christmas and the new year right around the corner, now is a time when productivity slips, attention spans shorten, and minds wander. It’s no surprise considering there’s so much going on outside the company: trip planning, shopping, decorating, and family gatherings. Inside, it’s supposed to be business as usual, but, the holiday season takes over. No one wants to be a Grinch during the holidays and it’s easy to let festive spirit slow things down. However, in the remaining days of the year, the pressure is on and it’s not always simple to stay the course. How to Keep Employees Motivated during the Holidays While some team members will be on vacation, others will still be showing up and this creates an unstable atmosphere. What’s more, you are not immune from the holiday fever and find it’s difficult enough just to keep yourself on-task. If you’re not careful, you’ll unconsciously let it be known and that’s tantamount to telling everyone to take it easy and slack off. While you certainly don’t want to portray yourself as Ebenezer Scrooge, you do need to set an example and temper your own excitement with good work ethic. Keeping your employees engaged in their work can be a challenge during the holiday season. Considering that the holiday season lasts roughly from the week of Thanksgiving until after New Year’s, managers who don’t find ways to keep their team motivated risk losing a lot of money during the fall and winter months. —Business News Daily.com Doing so won’t necessarily be simple and might even strike you as unnatural, but, if you want to be an effective leader, you’ve got to learn how to play different roles well. That’s what being an entrepreneur is really all about: being flexible and knowing when to take off one hat to put on another. For your employees, the holidays are not only exciting and distracting, it’s the end of the year and looking forward to next year takes their eyes off today. Here are some helpful tips on how to keep employees motivated during the holidays: Be flexible with schedules. The last thing you should do is create conflict and ill will during this time of year. Try to be as flexible as possible with schedules and don’t be afraid to ask for others to step-up when necessary. If you act with team effort, you’ll get a lot more cooperation and positive responses. Let the excitement in the office. There’s nothing wrong with allowing employees to decorate, exchange gifts, and fill the space with holiday music. It puts the spirit of the season to work for you instead of against you. Openly communicate expectations. No one likes the sneaky, sly boss who surprise employees with unpleasant things. You have goals to reach and tasks to get done, so don’t just bark out orders, communicate in a friendly manner and always open up the discussion to new ideas — you might be very surprised by what you hear. Actively engage and manage your team. While people don’t like to be micromanaged, they do appreciate being guided. You’re in a position of authority and this is a wonderful opportunity to sharpen your leadership skills, as well as demonstrate your ability to motivate. Take time to reflect on the year’s accomplishments. Remind people of this year’s accomplishment and be sure to give congratulations with enthusiasm. Speak about being vigilant and finishing the year strong for the good of everyone in your organization. In addition to these, you should also carve out some time for a party or even a dinner. Keep it simple and ask for ideas from your team about what they’d like to do and where to hold it. Give small gifts or even a Christmas card to your employees and let them know just how appreciative you are of their work and dedication. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Do Businesses Really have a Credit Score?

February 26, 2021 No Comments

Do businesses actually have a credit score? The short answer is — yes. And, these measures of financial responsibility are calculated much in the same way individual credit worthiness is determined. Although it’s not something that’s widely discussed or known about in the consumer world, businesses do have credit histories, and therefore detailed reports which give them scores. Read on to learn the basics about business credit scores and what you need to know. How Business Credit Scores are Calculated As mentioned above, a business credit score is measured very similar to the way individual scores are calculated. Meaning, the length of credit history, types of credit used, payment history, debts owed, and other factors. Unsurprisingly, the better a business handles its financials, the better score it earns. Businesses of all sizes may need credit. A carpenter with no employees may want to borrow money to buy equipment. A marketing professional with a few employees may be ready to purchase furniture and computers for a new office. A salon owner with subcontractors but no employees may want to buy, rather than rent, commercial property. Any type of business could benefit from a business credit card. —US News and World Report Of course, there are some differences, one of the most minor being the scores themselves. While individual credit scores range from a low of 300 to a high of 850, business scores range from 0 to 100, with 100 being the highest. Additionally, business credit scoring services use different models in order to determine the creditworthiness of companies. Also, instead of there being three main credit reporting bureaus for individuals, Equifax, Experian, and TransUnion, there are two principal business credit scoring entities: Dun & Bradstreet and Experian. How to Improve a Business’ Credit Score Since business credit scores rely on many of the same elements as individual consumers, nearly the same factors are used to assign a credit worthiness score. So, in order to maintain or improve a business’s credit score, companies must do the following: Keep debts manageable. Opening too many accounts and taking on large amounts of debt will only increase your financial risk. This not only hurts your business’s credit worthiness, it also puts a lot of strain on you as the owner. This is why it’s best to keep your credit accounts to a minimum and pay off as much debt as possible. Utilize different types of credit. Credit mix is also a consideration, meaning businesses having different types of credit accounts. While it’s advantageous to have various types of credit, it is equally advantageous to keep these to a minimum so you’re able to pay what’s owed in a timely manner. For instance, you might finance or lease vehicles through your business, have a business credit card, and maintain vendor credit accounts. All of these will go into determining your business’s creditworthiness. Be vigilant with your personal credit. One misnomer that entrepreneurs have about business credit is that it’s somehow separate from their personal credit and/or financial responsibilities. However, this is completely false. Business credit accounts almost always require an individual or personal guarantee. This of course means that if the business defaults on a line of credit, you are personally responsible for that particular debt. Moreover, business credit is partially scored on your personal credit, so it’s best to maintain a good personal score for the benefit of your company’s creditworthiness. What other suggestions do you have about maintaining a business’ credit score? Please take a moment 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.