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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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How Does a Successful Entrepreneur Recover from a Bad and Costly Business Decision?

March 7, 2024 No Comments

How Does a Successful Entrepreneur Recover from a Bad and Costly Business Decision? When it comes to being an entrepreneur, navigating the unpredictable landscape of business is quite common. After all, even the most seasoned entrepreneurs can find themselves facing the aftermath of a bad and costly business decision. In these challenging times, it is essential to embrace resilience and proactively seek strategies for recovery. So, how exactly does an otherwise successful business owner not only cope but overcome a bad and costly decision? Fortunately, there are some concrete steps you can take to get past such a trying set of circumstances. Here are the most effective ways to recover from a bad and costly business decision. Acknowledge the Mistake Without Self-Blame Acknowledging a misstep is the first step towards recovery. It is crucial for entrepreneurs to recognize that making mistakes is a part of the journey towards success. By reframing the perspective from self-blame to a learning opportunity, entrepreneurs can begin the process of moving forward with clarity and determination. Assess the Damage and Deploy Damage Control Quantify the impact of the decision as accurately as possible. Evaluate financial losses, lost opportunities, and damage to your reputation. A clear understanding of the extent of the damage is essential for creating a recovery plan. Take immediate steps to mitigate further losses. Be decisive, communicate transparently with stakeholders, and seek professional advice if necessary. Quick actions help control the situation and prevent things from getting worse. Formulate a Recovery Plan Realign your strategy in light of the setback. Reassess goals, revise budgets, and identify areas for improvement. This plan should be realistic, adaptable, and focused on creating a sustainable path forward. Put your recovery plan into action and closely track the progress. Remain flexible and ready to adjust the plan as needed. It’s essential to stay agile and react to new information as you move forward with execution. Also, don’t waste mental energy on things outside your control. Channel your energy and resources into actionable steps that will make a real difference in rebuilding stability. Embrace a Growth Mindset for Future Success In the face of adversity, cultivating a growth mindset is key to overcoming setbacks. Viewing challenges as opportunities for growth and development can fuel the entrepreneurial spirit and pave the way for future success. By focusing on continuous learning and adaptation, entrepreneurs can position themselves for long-term prosperity. Seek Guidance and Mentorship for Strategic Insights Navigating the aftermath of a costly business decision can be a daunting task. Seeking guidance from mentors or experienced professionals in the industry can provide valuable insights and perspectives. By leveraging the knowledge and expertise of others, entrepreneurs can gain a fresh outlook on their situation and identify strategic pathways towards recovery. Pivot Towards Innovation and Creativity In times of crisis, innovation and creativity can serve as powerful tools for reimagining the future. Entrepreneurs who have faced setbacks can harness their creativity to explore new opportunities, pivot their business model, or diversify their offerings. By thinking outside the box, entrepreneurs can unlock new possibilities for growth and success. Take Calculated Risks with Strategic Planning Recovering from a costly business decision requires a balanced approach to risk-taking. By engaging in strategic planning and carefully evaluating potential risks and rewards, entrepreneurs can make informed decisions that align with their long-term goals. Taking calculated risks can lead to new opportunities and propel entrepreneurs towards renewed success. As always, the journey of an entrepreneur is filled with highs and lows, successes and setbacks. When faced with the aftermath of a bad business decision, it is essential to approach the situation with resilience, innovation, and a growth mindset. By embracing the challenges as opportunities for growth and learning, entrepreneurs can navigate the road to recovery and reignite their path towards success. 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 602-435-5474, 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.

Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

August 14, 2018 No Comments

Tesla is back in the news. Headlines proclaim the electric car manufacturer actually approached some of its suppliers, requesting cash back in an effort to realize profitability. Elon Musk quickly reacted to the reports. Now, it’s a he-said-she-said storyline. But, that’s just another fight the media will happily play up for clicks and tune-ins. The reality is Tesla is not a profitable company. Even though it enjoys so much buzz and customer loyalty, it can’t turn a profit. The Top Reason Small Businesses Fail The company reportedly burned through $1 billion in a quarter. And, it’s promised to bring its expenditure to under $3 billion this year. That, after it went through $3.4 billion last year. Not to mention, it lost $710 million in Q1 of this year alone. Just as good cash flow keeps a business afloat, poor cash flow can sink it. In fact, poor cash flow is a big reason why one in every four businesses doesn’t make it past the first year. And why more than half don’t survive past the fifth. —Fresh Books.com It gets worse. The company might not reach a stock conversion price of $560.64. Which means it will have to shell out $230 million to obtain a convertible bond in November. Its stock fell by nearly 4.5 percent just in the last twelve months and continues to struggle. This is an important lesson to those who’d like to start a small business because it’s one of the main reasons startups fail in the first place: inadequate cash flow and reserves. Problems with cash is typically the reason small businesses fail. Top Small Business Cash-Flow Mistakes to Avoid So, if cash is the biggest reason new companies fail, then how do they actually get into such a pickle? Well, it’s not just avoiding bad business ideas (although that’s certainly helpful), it’s more about being smart with money in the first place: Impulse spending. We all know retailers embrace this practice. But, it’s far too easy to fall into the trap of impulse spending, particularly during the startup phase. It’s also a shortcut to failure because it’s the ultimately lack of responsible cash management. Past-due receivable apathy. When cash is rolling in, it’s very easy to let an invoice or two or more slide. After all, there’s plenty of money coming in, so why bother? It’s important to stay on top of receivables because it sends the wrong signal when you become apathetic. Plus, you might be able to put that money to good use in the future. Not sticking to a real budget. You wouldn’t spend more money that’s in your personal bank account. However, when it comes to business finances, too many owners just don’t adhere to a realistic and strict budget. And, that’s a recipe for failure. Failure to put some cash aside. Feast or famine. That’s an old cliché but it’s entirely true for many businesses. That reality means it’s best to have some cash on-hand when needed because it’s very likely that time will come. What other ways do small business mishandle cash? What other advice would you give about maintaining positive cash-flow? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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.

Should I Build an App for My Business

Biggest Business App Cons

Top Business App Benefits

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Related Posts

How Does a Successful Entrepreneur Recover from a Bad and Costly Business Decision?

Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

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

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