Business Education

I Have New Competition that’s Eating into My Sales, What can I Do

New competition can unnerve even the most seasoned business owners. After all, it’s new (meaning it brings a new presence, new energy, and a new atmosphere). Even if it offers something that’s already long-available — such as retail goods — it just seems like it’s got an immediate edge. So, people give it a try.

When it appears it’s starting to take away sales, that can be cause for concern. But, it doesn’t mean the end of your business whatsoever. Read on to learn more about how to deal with new competition.

New Competition Means New Opportunity

New competition might well be frightening. It’s scary to think of someone else coming into the area to poach customers. And, if it starts to occur, that’s downright troublesome. However, it also means there’s new opportunity.

…if you don’t have a strategy to beat the competition, you probably shouldn’t be in the business in the first place. But how can your business out-compete competition when the business world is such a tough place to survive? Much of it is about understanding the competitive threats and overcoming them.
—Cleverism

It’s important to remember that opportunity comes in many forms. Although this is one that is unexpected and probably unwelcome, it nonetheless remains an opportunity for your business. If you think about it in terms of opportunity rather than crisis, you will make far better decisions than you would otherwise. This means adopting a positive mindset that allows you to see and act clearly.

3 Practical Steps for Deal with New Competition

A new business has opened in your market and you’re worried that it will or is taking sales away from your company. It’s an unsettling experience to say the least, but you can take three strategic steps to effectively deal with the situation:

Don’t panic. It’s imperative to put things into perspective right away. Remember, your business is already established and the competition is new to the area. This means they have to make inroads where you’ve already been successful. Additionally, there is no cause for concern when you have an existing loyal customer base.
Do some research. Take a little time to do some research. You can always visit the business yourself (online and in-person) to see what’s going on first-hand. Additionally, you can ask people who’ve patronized the company about their experiences. Between your own observations, and soliciting feedback from others, you’ll get a complete picture.
Take appropriate action. Now, you can use that information along with anything else you gathered about your competition, to create a plan of action. Since you already know the local market, including demographics, your target customers, the overall niche, as well as other relevant factors, you still retain the advantage. Leverage this to retain your current customer base and to position your business as the established, trusted choice.

What other suggestions do you 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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Stop and Read This Right Now and Then, Quit Procrastinating

April 18, 2019 No Comments

It’s nearing the end of another deadline. And, you’re too far behind to finish comfortably. The rush is on and time isn’t on your side. If only you’d started earlier. You can’t afford to spend time reflecting. But, you can’t help but feel a strong sense of regret. How did this happen again? You’ve fallen victim to your own procrastination and you vow not to put yourself in this position ever again. Top Reasons We Procrastinate Everyone knows procrastination leads to trouble. So, why do we do it in the first place? What causes people, even the best of us, to procrastinate? Sometimes, it’s because we feel events are out of control and it leads to paralysis. Or, it could be due to a lack of energy. On a neurological level, procrastination is not the slightest bit logical — it’s the result of the emotional part of your brain, your limbic system, strong-arming the reasonable, rational part of your brain, your prefrontal cortex. The logical part of your brain surrenders the moment you choose Facebook over work, or decide to binge another episode of House of Cards when you get home. But there’s a way you can give the logical side of your brain the upper hand. —Harvard Business Review Of course, perhaps the single biggest cause of procrastination are distractions. Having attention taken away from the task at-hand can really undermine productivity. Other times, it’s just feelings of sadness or depression. Most Effective Ways to Deal with Procrastination If it’s so common, just how does one beat procrastination? Fortunately, there are a few ways to deal with procrastination. First, recognize when you’re procrastinating to start. Then, do the following: Commit to just one task. If you feel the urge to procrastinate, instead of doing nothing, do something, but something meaningful. Commit to just one task, even a small one that will give you a real sense of satisfaction and accomplishment. Give yourself a reward. Another way to overcome procrastination is to promise yourself a reward. If you tackle the task you’re tempted to put off, you’ll give yourself an enjoyable reward. You’ll be amazed at how you’re able to buckle down and focus. Act on things as they happen. Okay, so you might feel a bit intimidated by a particular type of task. That’s okay, deal with it by taking things in order, as they come. This way, you’ll build momentum. And, if it’s the first item on your plate, take comfort in the fact once it’s done, it’s out-of-the-way (at least, for the day). Minimize distractions around you. Alright, this is obvious advice. But, it definitely warrants inclusion. Get rid of any (or as many) distractions as possible to help beat procrastination. What other suggestions do you have to deal with procrastination? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Entrepreneurs Can Strategically Deal with the Key Personnel Dependency Trap

February 15, 2024 No Comments

How Entrepreneurs Can Strategically Deal with the Key Personnel Dependency Trap Small businesses often rely on a few key individuals whose knowledge, skills, and experience are vital to the company’s success. The loss of such a key person can be devastating, especially when they possess specific knowledge or skills that are not easily transferable or replaceable. The Key Person Dependency Risk Imagine this: your small business thrives thanks to a key employee – let’s call them the “key holder” – who possesses unique knowledge or skill set crucial to your operation. But then, the unthinkable happens: they leave. Whether through planned retirement, unexpected departure, or unforeseen circumstances, their absence creates a gaping hole, leaving you wondering, “Where do we even begin?” All right, don’t go into a panic. While losing a key holder can feel like a devastating blow in the immediate moment, you as a small business owner have weathered similar storms before. So, here’s a roadmap to navigate this challenging situation that you can follow and restore order: 1) Assess the Damage Identify critical knowledge. Start by mapping out the specific knowledge and skills the departing key holder possessed. What processes did they manage? What information did they hold? Involve other team members to ensure a comprehensive understanding. Evaluate impact. Analyze the potential consequences of their absence. Which areas will be affected the most? What could go wrong if this knowledge remains inaccessible? Take some time to quantify the potential risks to prioritize your response. 2) Take Immediate Action Secure existing information. Before anything else, prioritize safeguarding critical information. Collect all documents, notes, passwords, and resources linked to the key holder’s expertise. Create a central repository for easy access and prevent accidental deletion. Communicate internally. Inform your team about the departure and express appreciation for the key holder’s contributions. Acknowledge the challenges but emphasize your commitment to overcoming them together. Open communication fosters team spirit and resilience. 3) Long-Term Solutions Knowledge transfer. If possible, initiate a knowledge transfer before the key holder leaves. Encourage them to document processes, create training materials, and mentor colleagues to pass on their expertise. This may require incentivizing their participation. Seek external resources. Consider hiring consultants or freelancers with similar knowledge to bridge the gap temporarily. Leverage external expertise while building internal solutions. Upskill existing employees. Identify team members with potential and invest in training programs to develop their skills in the lost expertise area. This fosters loyalty and builds internal capacity for the future. Embrace alternative solutions. Explore technology or software that can automate previously manual tasks handled by the key holder. Consider if digitalization can replace or mitigate the knowledge gap. Remember Be proactive, not reactive. Start planning for potential departures before they happen. Cross-train employees and document crucial processes to mitigate future risks. Invest in your team. Empower your employees by encouraging initiative, providing continuous learning opportunities, and fostering a knowledge-sharing culture. Seek support. Don’t be afraid to ask for help. Industry associations, professional networks, and business mentors can offer valuable guidance and resources during challenging times. Losing a key holder can be a daunting experience, but it doesn’t have to spell doom for your small business. By taking swift action, fostering a collaborative environment, and investing in your team’s growth, you can overcome this hurdle and emerge stronger, more resilient, and prepared for future challenges. 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.

What to Do When You Lose Your Biggest Client

July 29, 2021 No Comments

Losing any client is a blow to any business owner. But, it’s particularly troubling when it’s the largest paying customer your company has a working relationship with (or had at one time). While it’s disturbing for any size client to stop doing business, it’s an absolute crisis when it’s the single largest one. Or is it? The answer really depends on how you handle the situation. So, read on to learn more about how to deal with losing your largest client. Seize the Opportunity Entrepreneurs are usually able to identify opportunity when it presents itself. But, in cases where there’s a tentative failure or bad fortune, it can be very difficult to see it and act upon the moment. Sure, it’s a setback and this makes it quite hard to get past the shock. However, the sooner you spring into action, the better. (Though don’t mistake this for making rash, uninformed decisions.) Whether you’re a Fortune 500 company or a small mom-and-pop business, losing a massive client is always shocking, uneasy and frustrating. Unfortunately, it’s something that almost every entrepreneur experiences at some point in time. —Forbes.com Instead, take a step back and give yourself time to form a generalized overview, one that’s not out of panic and fear. After all, it’s far better to take an honest assessment and determine precisely where you stand in order to determine exactly what actions are necessary in the short-term. This way, you’ll make informed decisions that are based on reality and not trepidation, anxiety, and alarm. 3 Ways to Deal with Losing Your Biggest Client Losing a big-time client is a real reason for concern. However, it’s also not an excuse to give up and close your doors for good. There are more than a few things you can do to prevent significant damage and/or start building new streams of revenue. Here are three of the most effective strategies you can use after losing your biggest client: Expand existing business relationships. The easiest way to make up for the difference is to leverage your existing business relationships. After all, current customers are the easiest ones to deal with and the most obvious place to double down. Since you have an existing relationship, you can offer more products and/or services to them and that will get you through in the short term. Take the opportunity to expand offerings. This is also a prime time for expanding what you offer to the public. This is a great opportunity to expand your business by focusing on your most popular selling items, whatever these are now and in the near future. Prevent the same situation from happening again. Of course, you probably don’t want to go through the same ugliness again at any time in the future. So, make sure to develop strategies that prevent this type of loss from happening again and you’ll gain a better sense of security. What other suggestions do you have that might be of help? Please share your thoughts and experiences by commenting so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.