Business Education

Is Your Business Really Ready to Expand in the Coming New Year

Is your business really ready to expand in the coming new year? Although the question seems complicated, it’s not too difficult to answer. Just four key factors can quickly help you determine if you’re ready to expand your business. And, perhaps more importantly, if your company is ready to expand.

What it Really Means to Expand a Business

Business owners often think about two elements when it comes to expansion — output and sales. Of course, it’s not that simple. However, these are two very important parts of the overall equation. Nonetheless, what it really means to expand a business is to take on a whole new level of responsibility.

Even thinking about growing your business is exciting. Expansion means more products or services, customers, sales, and income for you. And, for businesses with physical locations, expansion might mean opening a bigger or second location. Before you rush into expanding your small business, you need to make sure your company is actually ready for growth. Your recent business success isn’t the only thing you should look at.
—Forbes.com

It also means the business having to respond to a new level of production while not losing it’s nimbleness or its personalized customer service. After all, if it can’t do the latter two — stay agile and maintain customer care quality — it will hurt the company greatly.

4 Signs It’s Time to Expand Your Business

So, just what are the signs that it’s time to expand a business? Well, it comes down to only a select group of factors, which include the following:

You have too much business. Time and again, you’re falling behind because you simply lack the resources to get all the work done. You’ve streamlined every single solitary step along the way and still, you’re not able to adequately keep up. Worse yet, it’s starting to show itself to customers. Too much work and too few resources to get it done in a timely manner.
You have a strong team in-place. Your team members are your secret sauce. Without them, you’d really be in big trouble. Fortunately, they’re able to pull off magnificent feats over and over again. Well, that’s not only good news for the present, but really good for a future expansion.
You have the money to expand. Expanding usually means incurring significant expenses. But, if you have some retained earnings saved and a strong forecast for the next several months, you probably can afford to expand your operation.
You have a plan to upscale your operation. While the first three elements are absolutely critical, this is perhaps the most important of all because it will define your way forward. (It’s also where winging it just won’t cut it.) So, take the time to consult an experienced business consultant and coach. Someone who has helped companies grow before. Work together to formulate an actionable expansion plan.

What other advice would you give business owners who want to know if it’s time to expand? 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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Microsoft will Ditch its Own Tech in Favor of Rival Google — Here’s What it Means to Your Business

January 14, 2019 No Comments

If you haven’t heard this news, that’s okay. It’s really a niche story but it does make a very important point. Here’s the short version. Microsoft tried to create its own web browser to replace Internet Explorer. It’s known as “Edge.” And, the code behind it has proven too troublesome. So, the software giant will build a new web browser-based on the technology Google uses to power Chrome. What it Really Means to Reinvent the Wheel Let’s get to the real meat of this cliché. Like many other adages, it’s a truism. The reason people say it is precisely because it is an unavoidable fact. It makes a very blunt point. That is, the wheel already serves a purpose and there’s no need to try to come up with something better because it works so well. The general public typically has a distorted view of entrepreneurship. They think of visionary leaders who created something no one had ever seen before and became household names in the process. While it’s true that some figures have achieved this level of notoriety, the reality for 99 percent of entrepreneurs is very different. Their success is based not on creating an earth-shattering new product from scratch, but on learning what their customers want, making user-centric adjustments to existing products or services and providing it for them. —Inc.com We’ve all heard the saying more than one time. But, it still alludes business leaders who believe they can do “it” better, whatever “it” might well be. Call it hubris or stubbornness, it can get the best of the best. How Entrepreneurs can Avoid the Reinventing the Wheel Trap So, how does one avoid the temptation to reinvent the wheel in business? It’s not simple because the urge is so very strong to come up with the next big thing. Here are three ways to avoid the reinventing the wheel trap: Take a step back. If you feel the compunction to try to reinvent the wheel, take a step back look at the big picture. Take a deep breath and think about how to incorporate what you need that already exists instead of trying to come up with something new. Ask for team member input. Okay, here’s another cliché, “two heads are better than one.” And, it’s also a truism. Getting different perspectives and points of view can really work wonders. Apply your existing resources. You might already have the tools on-hand to accomplish what’s needed. Put those to good use rather than putting a lot of extra time and effort into something which might not pay off. How do you avoid the urge to reinvent the wheel? What practices work best? Which steps can other entrepreneurs take to avoid this mistake? Please, comment and give us your experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs — Post-Pandemic, This One Single Word will Become Your most Powerful Tool

June 11, 2020 No Comments

Just one word can serve as your most powerful ally in a coming post-pandemic business world. It’s actually one of the shortest words in the English language, but wields an incredible amount of influence. It’s a single syllable that can save you from a lot of trouble, and even one that can help you realize a profit. This magical word? It’s “no,” and it will be very difficult to utter in the coming months. Why “No” will Become Absolutely Necessary Risk is inherent in entrepreneurship, and that’s why it’s so difficult to turn things down. Business owners realize when they do not seize upon a seeming opportunity, they ostensibly lose out in one way or another. Call it FOMO or fear of missing out. Call it pride or even stubbornness. Whatever it is, there’s an impulse to accept things as they come. It’s easy to say yes and hard to say no. Anyone who has children knows how effortless it is for kids to learn the word ‘no.’ They love to say it—all the time! So, it’s curious that as we get older, the word ‘no’ becomes a distant memory and ‘yes’ is the order of the day. This is especially true if you are a people pleaser. Let’s face it, deep down we all want to be liked. For an entrepreneur, learning to say no is crucial because it can mean the difference between success and failure. —Forbes This isn’t to say it’s necessary or even smarter to avoid risk, but rather, to measure it on a case-by-case basis. And in a time when you’re in a position to help others out in their time of need, it will be extra tempting to accept rather than pass. This can easily become detrimental to your business in a very short period of time. So, it’s critical that you learn or relearn how to say “no.” How to Say “No” The real problem with saying “no” is that you’re not saying “yes.” If you think about it for a moment, that becomes fairly profound. In other words, “yes” carries a positive connotation, while its antonym is, understandably negative. But, that doesn’t mean that saying “no” can’t have a positive income. Here’s how to say “no,” when you impulsively want to say the opposite: Suggest alternatives. Instead of just posing an objection and leaving it at that, suggest alternative scenarios. It will help you to feel a sense of usefulness and even a sense of accomplishment, perhaps pride. This way, you’re offering solutions rather than shutting the other person out. Explain your reasoning. Although we’ve all heard the phrase “No is a complete sentence,” in many instances, it’s just not enough. So, take a moment to explain why you’re saying “No thanks,” and don’t belabor the point(s). After all, if you do prolong the situation, you’re opening yourself up to self-doubt. Don’t rationalize your decision.This goes right along with the last point. If you begin to rationalize, you’ll send yourself out on a path to going the opposite way to “yes.” And, that defeats the entire purpose of saying “no” in the first place. What other suggestions would you add? Please share your thoughts and experience by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Turn Your Idea into a Business

January 3, 2018 No Comments

It’s easy to turn your skills into a business. That’s one thing. You already have methodologies and experience. But, what if you just have an idea? Something you can’t seem to shake? It’s there day-in and day-out. You simply can’t get it out of your head. But, you’re afraid to tell anyone because you’re not sure it has merit. Or, it’s a take on something else that’s a proven model. Whatever the case, you’re eager to turn your idea into a business. How to Know when It’s Time to Start a Business The biggest barrier people have to starting-up a business isn’t money. It’s not a lack of motivation. The largest barriers are self-imposed. It’s over thinking things. In other words, a kind of paralysis by analysis. People come up with all sorts of reasons they can’t start a business. Funds. Time. Competition. Take your pick because there’s no lack of excuses. Which ultimately, that’s what these so-called reasons really are in practice. Ideas are just ideas. An idea is the seed of a successful product or service. Without proper care and maintenance, it will not bloom. Ideas require solid research of the target market, a good strategy and a sound business plan, without which, ideas cannot go much further. If you want to start a business and make a go of it, you need more than just an idea. —Entrepreneur.com We’ve all heard the success stories about entrepreneurs who didn’t give up. Take Walt Disney for example. Turned down by lender after lender, he never gave up. So many years later, we all see his crazy idea as a terrific business. Now, those theme parks are the best of the best. But, it all started with an idea — nothing more. How to Turn Your Idea into a Business Of course, you might not think your idea is necessarily business worthy. However, you don’t know until you give it a genuine try. Although it’s intimidating, there’s a big reward just waiting if you put in the effort. Here’s a few suggestions for how you can turn your idea into a business: Ask friends and family for feedback. Don’t let fear stand in your way. Your idea needs feedback. If you speak with a few people about it, you’ll learn something interesting. This is a great way to flesh it out. And, it might even give you more ideas that contribute in a wonderful way. Try to find working versions of it. If your idea isn’t out there as a reality yet, chances are excellent there’s something like it. Look for similar businesses and see how they operate. Even if it’s a new take on a common business model, you’ll learn through some simple research. Start by giving it away for free. Next, put it into action. Set aside some time to give it away for nothing (or a very cheap price). When you put it into practice, you’ll see where it naturally takes you. And, you’ll also learn if it can actually be monetized. Be ready to rework it along the way. Of course, you’ll need to give yourself permission to make mistakes. Use them to your advantage to better the service or product. As you do it over and over again, you’ll refine the process. What other suggestions do you have to turn an idea into a business? Where did you start your company? How can someone set up for success with just an idea? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.