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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Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage

July 19, 2024 No Comments

Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage Did you know your local service providers may not actually be part of an independent, small business? That’s right. The plumber you’ve called before, the electrician you’ve seen working down the street, or even the HVAC tech who has been at your neighbor’s house. While you may recognize their names and logos and think they’re a mom-and-pop organization, they very well be working for a large corporation. For people in the trades, this isn’t news. They’ve known about this for some time. It goes back to the COVID shutdowns when conglomerates realized the true value of “essential” services. These megacorporations recognized the potential earning power of local service providers and began to quietly acquire them. In order to maximize these new assets, the conglomerates allowed them to keep their existing names. But, when people call what they believe is their local service provider, they are really talking to a call center in another state or country. While many independent, small businesses use call centers, the difference is the technicians working for the acquisitions are no longer just trade professionals – they are now salespeople who push additional products and services. The individuals employed by these bought-out companies take the opportunity of their visits to upsell and their customers aren’t aware the familiar mom-and-pop business does not directly employ them. But, it’s not just the fact that these companies are ostensible fronts for selling additional products and services to increase profits for big corporations. It’s also the fact that legitimate small businesses must compete for the same customers. How Independent Businesses Can Take Advantage of Conglomerates Acquiring Competitors to Better Market Themselves Although it may be discouraging to compete against other companies backed by such deep pockets, there are some benefits you as a small business owner can tap into and use to grow your customer base. Yep, small, local businesses can use this trend to their advantage by emphasizing their authenticity and commitment to the community in their marketing efforts. Here are some strategies they can use you can copy in your own community: Highlight your local ownership. Emphasize your business is locally owned and operated by community members who are invested in the area. This can be done through website content, social media posts, and even in-store signage. Also, any vehicles, uniforms, and equipment. Engage with the community. Participate in local events, sponsor community initiatives, and collaborate with other local businesses to demonstrate your commitment to the community. This helps build trust and loyalty among local customers. Personalize your marketing. Use personalized marketing strategies, such as email campaigns, to connect with customers on a more personal level. Share the stories of vendors, employees, and customers to create a sense of community and belonging. Offer unique, local products or services. Highlight any unique products or services that are specific to your local area or that cater to the needs of the community. This can help differentiate your business from larger corporations and attract customers who value local products and services. Leverage online reviews and testimonials. Encourage satisfied customers to leave positive reviews on platforms like Google, Yelp, or social media. Share these reviews in marketing materials to showcase your support of the local community. Maintain a strong online presence. Ensure your business has a well-optimized website, active social media accounts, and accurate listings on local directories and review sites. This helps potential customers find your business and learn more about its local roots and commitment to the community. Offer superior customer service. Small businesses can often provide a more personalized and attentive customer experience compared to larger corporations. Emphasize this in your marketing materials and strive to consistently deliver exceptional service to build a loyal customer base. By focusing on local roots, community involvement, and personalized service, small businesses like yours can effectively differentiate themselves from larger corporations and attract customers who value authenticity and local connections. 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) 541-1760, or, if you prefer,

Pros and Cons of Working for a Startup

November 9, 2018 No Comments

There are pros and cons of working for a startup — everyone knows this. But, it’s the actual realities versus the imaginary which cause a lot of undue anxiety and stress. Of course, it’s only natural to feel a bit uneasy about joining a fledgling organization. Even if it’s a great idea and a wonderful team of individuals, there are still up and downsides of working for a startup. Cons of Working for a Startup Let’s begin with the downsides first. It’s certainly no secret that salary is a huge concern. Often, what you’re paid is either low or in some circumstances, it’s “sweat equity.” Even if there’s an acceptable salary, there’s the real possibility your job description will contain a whole host of duties. In such an environment, it’s quite common for specialists to become jacks of all trades. Working for a startup can involve a lot of risk, that’s no secret; according to the Wall Street Journal, three out of every four startups fail. In fact, there are startups funerals in Silicon Valley where CEOs can highlight the demise of their defunct companies and ruminate on any mistakes made. But that doesn’t mean taking a job with a startup – even one that ultimately fails – won’t allow you to gain valuable experience and skills to add to your resume. —Monster.com Then, there’s the real possibility of working with less. It isn’t unheard of to have little to practically no resources at your disposal. Of course, one of the most common downsides of joining a startup is those long, irregular hours. Finally, there’s the real risk of untimely failure or an inescapable decline toward failure. Pros of Working for a Startup Obviously, it’s not all bad news. (If it was, no one would ever even consider working for startups. In fact, startups might not exist.) So, here are the upsides for working for a startup: A potential huge ROI. We’ll begin with the ultimate enticement — a gigantic payout. After all, isn’t this why startups get going in the first place? And, there’s certainly no shortage of examples out there to showcase big-time successes. Big gain in experience. Okay, let’s suppose you just earn a good salary and don’t hit the entrepreneurial lottery. You’ll gain a whole lot of experience during your journey that’s probably not available anywhere else. Making new connections. Another advantage of joining a startup is your ability to make new connections. You’ll meet a host of people in different roles which can really expand your professional network. The intangible excitement factor. It’s not just all about money and experience. There’s also the excitement of an unknown journey. It’s all wrapped up in a whirlwind of circumstances and emotions. What other factors would you say play into joining a startup? Please let others know about your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

If You’re Too Nice, You’ll Hurt Your Business, Here’s Why

August 30, 2018 No Comments

Just be nice. You’ve heard it from your mother. You heard it in kindergarten (and through school). It’s on tee-shirts and bumper stickers. And, it’s good advice, for the most part. But, it’s a recipe for disaster when it’s always your default disposition. Sure, you should be nice to people as it’s the polite thing to do. But, being too nice will cause all kinds of unintentional issues. Read on to see why. How Assertiveness can Hurt You On the flip side, being too assertive can also be quite harmful. Don’t get the wrong impression. You do need to be assertive, just at the right “temperature.” If you are too assertive, you’ll come across as overbearing. And, downright mean, in some situations. People also might think you too coarse and possibly aloof or antipathetic. Leaders are placed under a tremendous amount of pressure to be relatable, human and … nice. Many yield to this instinct, because it feels much easier to be liked. Few people want to be the bad guy. But leaders are also expected to make the tough decisions that serve the company or the team’s best interests. Being too nice can be lazy, inefficient, irresponsible, and harmful to individuals and the organization. —Havard Business Review Assertiveness can also be taken as overly self-serving. Basically, it’s an attitude that can easily come across the wrong way in more ways than one. Although, assertiveness does have a purpose and when it’s used strategically, it’s highly effective. That’s because striking a balance gives you the best of both worlds and a positive perspective. Which ultimately helps you to see things more clearly and make better decisions. Top Ways being Too Nice is Harmful Conversely, being too nice, is at best, problematic. It creates illusions that simply can’t be sustained. In essence, it’s a false impression, even if you’re being genuine. How? Well, here’s how being too nice is harmful in business: You project weakness. When you’re overly nice, you’re perceived as a pushover. It’s that simple. People who have this impression will try to take advantage, when and where they can. And, that sets-up a bad scenario. You attract the wrong people. Another problem with being too nice is that it does attract the wrong sort of people. Some others will take this as a green light to burden you with their own problems. Which means, you’re inviting unnecessary stress and drama into your life. People might feel distrustful. Niceness can bring out negative feelings in others you interact with. For instance, someone could sense you’re actually concealing your true feelings and merely putting up a front. So, they manifest a sense of distrustfulness. You bias your own expectations. When you’re constantly nice, you might make others feel better. But, you’re also inadvertently warping your own expectations, thinking everyone else should treat you the same. How do you balance being courteous and polite with also being assertive? What other advice would you offer? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.