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Should I Build an App for My Business

If you’re thinking about building an app for your business, there are a few things you should know. Yes, these can be great marketing and communication tools, but there are most definitely downsides.

So, it’s important to understand a few key factors in order to make an informed decision. As with anything else, there are pros and cons.

Biggest Business App Cons

The first negative is the cost. Not only the initial expense to build out the application but the ongoing costs associated with maintaining it.

Then, there is the use factor. Just how useful will this app be to your customers? Remember, even if it provides a lot of necessary function, there’s another challenge, which is adoption.

From a business standpoint, a dedicated mobile app can offer a variety of new capabilities and benefits. Mobile apps allow you to engage customers on a deeper level, building stronger customer relationships and allowing access to a suite of features that can help retain existing customers, encourage repeat purchases, and tap into brand new markets. But it’s not all upside: mobile apps come with drawbacks, as well. —Small Biz Daily

Consumers already suffer from a phenomenon known as app fatigue. And, the numbers are astounding. Fewer than .01 percent of all mobile apps will return a positive ROI. Also, approximately 52 percent of all mobile apps lose at least half their peak users after just three months.

Additionally, any changes will incur substantial costs. In other words, changing up or integrating new features will prove expensive.

Top Business App Benefits

Of course, it’s not all bad news. There are some good reasons to build a mobile app for a business. Here are the largest advantages of having an app for your business:

Speed. Desktop websites and even mobile sites are generally slower. By contrast, mobile apps usually sport a quicker response time, which is key.
Communication. Mobile apps offer a few different methods of communications, all from the same jumping point. Plus, you can send push notifications to let customers know about an upcoming event, discount offers, and other important information.
Ease of access. Another attractive feature of a mobile app is the fact it’s always within reach. Customers do not have to remember a web address or conduct an online search to find important information quickly.
Exclusivity. When someone opens an app for a business, be it for a restaurant, hotel, or retailer, they are there for a specific purpose. And, because it’s your app, the experience is exclusive. Plus, there’s no threat of distractions like there is in organic search, a browser with several open tabs that compete for attention, or even a desktop site which might display ads.

What other upsides and downsides would you add to this list? Have you built an app for your business? 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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Reasons Why Your Business Stays Cash Poor

May 16, 2017 No Comments

Business owners and management professionals alike know the importance of maintaining positive cash-flow. It serves as the bloodline of a company, no matter its size, or even its asset position. In fact, some businesses learn the hard lesson that too much tied-up in assets is a liability. Having to sell such leverage just to meet obligations isn’t exactly a sign of good management. Another irony is found in two of the biggest reasons business fail: too little business or too much business. It is certainly strange the latter exists, but it’s nonetheless a reality. In fact, a proprietary study conducted by U.S. Bank provides proof — 82 percent of business failures result directly from poor cash management. Even though these entities earn more than enough business to keep their doors open — a lack of proper management is far too destructive. Reasons Why Your Business Stays Cash Poor The fundamentals of cash flow aren’t complicated to understand, but rather, to execute. The movement of funds in and out of a company is what constitutes cash flow — it can be positive or negative. When money is left over after all expenses are paid, that is positive cash flow. Conversely, when outflow exceeds inflow it constitutes negative cash flow — often a death knell of businesses experiencing the same. Cash flow is one of the most critical components of success for a small or mid-sized business. Without cash profits are meaningless. Many a profitable business on paper has ended up in bankruptcy because the amount of cash coming in doesn’t compare with the amount of cash going out. Firms that don’t exercise good cash management may not be able to make the investments needed to compete, or they may have to pay more to borrow money to function. —Inc.com Many businesses struggle with keeping expenses in-check and that’s normal. It’s due to the dynamic ebb-and-flow of a free system in which goods and materials costs can rise or fall as market conditions fluctuate. However, when cash flow is continually poorly managed, it manifests itself in a number of ways. Here are some of the most common reasons why your business stays cash poor: There’s too much tied-up in inventory and materials. Glance back to the first paragraph and this demonstrates a trap into which some businesses fall. That is, acquiring assets of value which must be liquidated to meet an obligation. The entire point of acquiring business assets is to retain same, not to liquidate, especially for day-to-day operating expenses. You’re not constantly examining business-to-business expenses. One of the most common bits of consumer advice circulated is going over every one of your monthly bills one line at a time. The reason, of course, is to be vigilant and discover any unauthorized charges or find slight up-charges in normal line items. Businesses ought to do the same because it’s easy to let recurring monthly bills be paid on autopilot without any real scrutiny. Accounts receivables stay sparsely busy. This is perhaps one of the most unpleasant aspects of doing business — collecting money owed. For some companies debt collecting is left to a single person or small team. For many others it’s the responsibility of the owner. Every dollar that’s in the receivables column is one that isn’t working for your business. There’s poor cash-flow forecasting. What the probable future looks like is very important. While you probably won’t be able to forecast to the penny (even a lot more) it’s worthwhile to have a glimpse into the future, especially when cash-flow is anemic. Growth is reducing cash-flow. Here again we see irony. When a business is growing, it surely must have positive cash flow — right? Not necessarily. There are a number of tricks a company can use to ostensibly grow. Even in a healthy environment, growth can still be a drain on cash and slowing growth can actually improve cash flow assuming your margins and overhead are in line. Another dynamic which can wreak havoc on a business is out of sync credit accounts. When vendors expect to be paid but accounts receivables aren’t set to accept payments before those dates, it unnecessarily reduces a business’ cash position. Obviously, not paying vendors on-time is something to be avoided because it can cost your company in terms of creditworthiness and reputation. You might be the heart beat of your business, but cash flow is the “life blood” of a business. Please follow me on: Facebook | Twitter | Pinterest | Instagram [shareaholic app=”follow_buttons” id=”26833294″]

Relocating a business can seem like a high-stakes gamble, but for many small business owners, it could be the most strategic move they ever make.

Strategies Entrepreneurs Can Use to Grow a New Company Fast without Making Fatal Mistakes

November 17, 2023 No Comments

Strategies Entrepreneurs Can Use to Grow a New Company Fast without Making Fatal Mistakes Starting a new company is an exhilarating journey filled with opportunities, challenges, and risks. Entrepreneurs often find themselves on a tightrope, balancing the need for rapid growth with the necessity of avoiding critical mistakes that could derail their venture. Due to this precariousness, we’ll take some time to explore essential strategies that entrepreneurs can employ to grow a new company swiftly while sidestepping potential pitfalls that could prove fatal to their business endeavors. Remember, Failing is Not Only Normal, it’s Also Informative Failure is a normal part of the entrepreneurial journey. Everyone makes mistakes. The important thing is to learn from your mistakes and to keep moving forward. Don’t let the fear of failure hold you back from pursuing your dreams. Growing a new company fast is a challenging task, but it is possible to do it without making fatal mistakes. Here are some strategies that entrepreneurs can use to achieve this goal: Market Research: Knowledge is Power One of the most common mistakes entrepreneurs make is diving into a venture without conducting thorough market research. Understanding your target audience, analyzing competitors, and identifying market trends are crucial steps in building a successful business. By gathering valuable insights, entrepreneurs can make informed decisions, identify gaps in the market, and tailor their products or services to meet customer demands effectively. Build a Solid Team: Collaboration Breeds Success A company is only as strong as its team. Entrepreneurs should focus on recruiting individuals who not only possess the necessary skills and expertise but also align with the company’s vision and values. Building a diverse and dedicated team fosters creativity, innovation, and effective problem-solving. Strong teamwork ensures that the company can navigate challenges collectively and capitalize on opportunities collaboratively. Scalable Business Model: Plan for Growth Happy customers are the backbone of any successful business. Entrepreneurs should prioritize building strong relationships with their customers, understanding their needs, and providing exceptional customer service. Implementing feedback loops, actively listening to customer concerns, and addressing issues promptly not only enhance customer satisfaction but also foster brand loyalty. Satisfied customers are more likely to become advocates, promoting the company through word-of-mouth and positive reviews. Financial Prudence: Manage Resources Wisely One fatal mistake many entrepreneurs make is mismanaging finances. Effective financial planning, budgeting, and cash flow management are vital for the survival and growth of a new company. Entrepreneurs should avoid unnecessary expenditures, negotiate favorable terms with suppliers, and monitor financial metrics closely. Seeking professional advice from financial advisors or accountants can provide valuable insights into managing resources wisely and avoiding financial pitfalls. Continuous Learning: Stay Ahead of the Curve The business landscape is constantly evolving, driven by technological advancements, changing consumer behaviors, and emerging trends. Entrepreneurs must commit to continuous learning and staying updated on industry developments. Attending workshops, industry conferences, and networking events can provide valuable knowledge and insights. By embracing a growth mindset and adapting to change, entrepreneurs can position their companies at the forefront of innovation and remain competitive in the market. What We’ve Learned Growing a new company rapidly while avoiding fatal mistakes requires a combination of strategic planning, adaptability, and a customer-focused approach. By conducting comprehensive market research, building a strong team, creating a scalable business model, nurturing customer relationships, managing finances prudently, and staying informed, entrepreneurs can set the foundation for sustainable growth and long-term success. Embracing these strategies will not only accelerate the company’s expansion but also ensure its resilience in the face of challenges, allowing entrepreneurs to build thriving businesses that stand the test of time. 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. It’s 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!

Apprenticeships That Actually Work

March 30, 2026 No Comments

Training the next generation of tradespeople requires more than hiring entry-level workers and hoping they figure things out. Effective apprenticeship programs provide structured learning and mentorship that help workers build real skills. Create a learning pathway A strong apprenticeship program includes clear milestones. New workers should understand what skills they are expected to learn and how their responsibilities will grow over time. This clarity builds confidence and motivation. Pair apprentices with mentors Experienced workers play a critical role in developing new talent. Mentorship allows apprentices to learn directly from professionals who understand the craft and culture of the industry. Celebrate progress Recognizing achievements keeps apprentices motivated. Certifications, promotions and public recognition within the company reinforce the value of continued learning.