What to Do When Your PPP Money Runs Out

Small businesses often find it difficult to compete with larger businesses, not just in terms of scale and resources, but also in terms of visibility. However, by partnering with local businesses, small businesses can create an ecosystem where they can mutually benefit from each other’s strengths. In this article, we will explore four ways that small businesses can make the best use of local partnerships to improve their business. After all, this is one of the best and most powerful growth strategies available, and better still, it’s often just a matter of making the right arrangements. How Small Businesses can Make the Best Use of Local Partnerships The first way that small businesses can make the best use of local partnerships is by optimizing customers’ experience. Local partnerships give small businesses an opportunity to provide their customers with a more personalized and customized experience. By partnering with other local businesses, small businesses can offer their customers a one-stop-shop solution that meets all their needs. One of a small business owner’s most strategic, and potentially profitable relationships, is the one he establishes with fellow business owners. When business owners offer complementary services, they can form partnerships to help them reach new customers and expand the products and services they offer. These local partnerships help businesses increase their visibility and build customer loyalty. —Houston Chronicle Small Business Another way that small businesses can benefit from partnering with other local businesses is by using local partnerships to experiment with variations. Small businesses often lack the resources to experiment with different product offerings or marketing strategies. However, by partnering with other local businesses, they can test out different variations without incurring too much risk. Third, small businesses can create complementary offerings through local partnerships. For example, a coffee shop can partner with a local bakery to offer customers a discount when they purchase both coffee and pastries. This principle can also apply to a number of other businesses. So, co-existing industry peers, like in real estate, such as a title company and a mortgage broker, or a residential sales broker and an interior decorator can do the same. By partnering with other businesses, small businesses can offer their customers a more complete package that meets all their needs. Finally, small businesses can give and receive customer referrals through local partnerships. By partnering with other businesses in the same industry, small businesses can tap into each other’s customer base and generate more leads. In addition, by giving referrals, small businesses can build trust and credibility with their partners, which can lead to more business opportunities in the future. Local partnerships are a great way for small businesses to improve their business. By optimizing customers’ experience, experimenting with variations, creating complementary offerings, and giving and receiving customer referrals, small businesses can make the best use of local partnerships to improve their business. What other benefits do local partnerships offer? Please take a few minutes to share your own thoughts and experiences so others get the most out of these relationships. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs Beware! Upselling will Undermine Your Business, So Do This Instead We’ve all experienced it – visiting an electronics chain to purchase a single item. Something you want and you’re excited to use. Reaching the checkout counter, an uneasy and annoying feeling begins to creep up. Just wanting to complete a simple transaction, you present your payment, only to be asked if you’d like to add a warranty. Then comes the follow-up savings pitch – you could save a significant percentage if you open a new credit card. Declining both, you walk out, disappointed but unsurprised at what could have been a good experience. The figures don’t lie. Retailers often earn more upselling add-ons than the margins on their products. It’s why consumers have to endure these unwelcome offers time and again. Such encounters persuade people to skip the physical store and just order what they need online to mitigate the upsell tactic. After all, it’s much easier to swipe or click past such offers than to tell another human being “No.” Now, apply this mindset to your own business. Upselling may seem like a tempting strategy to boost your revenue, but it could be the very thing that undermines your sales. Instead of pushing more products or services onto your customers, you should focus on building genuine relationships and delivering exceptional value. Why Upselling Hurts Businesses Let’s face it – most people, whether retail employees or skilled tradespeople, don’t relish upselling customers. It’s uncomfortable because they’ve been in the same position too. Like everyone else, those individuals also endured the awkward upsell and don’t want to be required to do the same. Worse still, upselling, when done improperly, can harm a business. But, that’s not all; upselling can be counterproductive for several reasons. For instance: Customer trust. Aggressive upselling or misleading customers into purchasing more expensive products can erode customer trust. Customers value honesty and transparency from businesses. If they feel a company is trying to take advantage of them through upselling, they may lose trust in the brand and choose to shop elsewhere. Negative experience. Here’s the most obvious reason. Overly pushy or frequent upselling can create a negative customer experience. Customers may feel pressured or annoyed by constant attempts to upsell, which could lead to dissatisfaction and potentially drive them away from a business. Unmet expectations. Upselling can sometimes lead to customers purchasing products or services that don’t meet their expectations or needs. This can result in dissatisfaction and negative reviews that can harm a business’s reputation. Lost sales. If customers feel they’re being upsold too aggressively, they may decide not to make any purchase at all. This could result in lost sales for the business and bad word of mouth from dissatisfied customers too eager to share their negative experiences with others. Resource misallocation. Focusing too heavily on upselling can divert resources away from other important areas of the business, such as customer service or product development – two positive and helpful things. Damage to brand image. This bears repeating, if a business gains a reputation for aggressive or misleading upselling, it could damage its brand image and make it harder to attract new customers. To avoid these pitfalls, businesses should focus on providing value to their customers, rather than just trying to increase sales at any cost. This means only offering upsells that genuinely benefit the customer and being transparent about the value of the upsell. Better yet, instead of upselling, try upserving. 7 Compelling Reasons to Upserve Instead of Upsell You may have heard the term “upserving” before. Regardless if you’re familiar with it or not, it’s a great alternative because it puts customers’ needs first. So, businesses should focus on upserving their customers instead of upselling for many compelling reasons: Customer satisfaction. Upserving means providing more value to the customer. Again, this could take the form of offering a product or service that genuinely meets a need or enhances their experience. When customers feel that a business is looking out for their best interests, it increases their satisfaction and loyalty. Long-term relationships. Upselling can sometimes feel like an annoying sales tactic, one that can erode trust and damage the long-term relationship with the customer. On the other hand, upserving builds trust and fosters a stronger, more positive relationship. Positive brand image. Businesses that focus on upserving are seen as customer-centric and trustworthy. This enhances the brand’s image and reputation. What’s more, customers are much more likely to make referrals based on such positive experiences. Increased sales. While upselling can increase sales in the short term, upserving can lead to even greater sales in the long run. Satisfied customers are more likely to make repeat purchases and recommend the business to others. Customer retention. Upserving helps to retain customers. It’s much more cost-effective to retain an existing customer than to acquire a new one. When you upsell, you run the risk of losing a customer because they feel like you’re putting your bottom line before their needs. Differentiation. In a crowded market, upserving can be a key differentiator. It sets the business apart from competitors who may be more focused on upselling. Customer Lifetime Value. Upserving can increase the customer lifetime value (CLV). CLV is a measure of how much a customer is worth to a company throughout their relationship. By upserving, businesses can increase this value. So, upserving is about putting the customer first and providing them with more value. This leads to increased customer satisfaction, loyalty, and ultimately, more sales over the long term. 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,

So, you had a wonderful staff and everything was going really well. Then, the whole world fell into chaos due to the pandemic. But, you managed to work your way through and even brought on additional personnel. It was a reasonable and logistical decision. Now, you’re caught in a quagmire because your tenured employees aren’t syncing with your new hires. What can you do before it becomes too big a problem? Simple, take immediate action, size up differences, be impartial, formulate an action plan, and then keep an eye out. Every Solution Breeds New Problems It sure seems that when you find a way to fix an issue, it only creates another problem. Although it’s a well-known cliche, it’s certainly something that practically every business has experienced. When you brought aboard fresh talent, you probably pictured them working side by side with your existing staff. Instead, you’ve got a kind of civil war unfolding in your place of business. …it is important to intervene early. In extreme examples, the conflict might be due to one employee who is creating a problem, but most often it is a matter of having two personalities that don’t mesh well together. The sooner a solution is reached, the sooner both employees will be happy to be able to move on—and the sooner their coworkers will be relieved to feel the easing of tensions in the office. —The Balance Careers Obviously, you can’t let this go on and need to address it as quickly as possible. If you don’t, it will only worsen over time and divisions will grow deeper among your combative team members. They might even go so far as to quit abruptly in a moment of anger and leave you to deal with the very untimely fallout. Instead of letting this situation grow out of control, you need to intervene and take rational, measured action. Otherwise, you might also become emotionally overcharged and that will only lead to a lot more trouble. How to Deal with Employees Who Don’t Work Well Together There is always a potential for personalities to clash. It’s the opposite problem of having employees who get along too well, to the point they isolate themselves from the rest of the staff and that too becomes an issue. Because people are inherently social, they really like to get along. But, there are individuals who feel an innate need to do their own thing and this also can present a number of problems. If you have a tenured staff that isn’t meshing with new hires, here are a few bits of advice about how to deal with these circumstances: Identify the problem(s). We’ll start with the most obvious step to take. And that is, to identify the root issues of what’s causing so much chaos. You might find there are very petty differences here that have managed to quickly balloon out of proportion. If so, that’s actually good news because it’s a much easier fix. However, if you discover it’s a very wide and deep rift, you’ll have your work cut out for you. Understand basic personalities. It’s not just enough to understand what’s going on at the most basic level, it’s imperative that you also know precisely what types of personalities are involved. If you don’t have a firm grip on these elements, there’s really nothing that you can do to end the feud. If necessary, take a little time to get to know your new people better so that you can approach this with confidence. Don’t show favoritism to anyone. If there’s one thing that will sabotage all of your healing attempts, it’s showing favoritism. Usually, this trait appears on behalf of the people you know best and is biased against the new people in the business. Even if it’s the other way around, favoritism is a poison pill. Be objective and think things through before you take any significant action. Present some real, workable solutions. Obviously, as the leader of the business, you’ll be the one who needs to come up with one or more solutions or a set of compromises. Regardless of what these are, don’t apply them unilaterally. Instead, speak to people individually in order to get a sense of what they think is most fair, then bring everyone together as a group to talk it out. Monitor the situation objectively thereafter. Lastly, don’t pull yourself away from the situation too quickly. Instead, watch what unfolds over the next few days to several weeks and be ready to make changes if necessary. You could discover that it’s just not workable and have to make changes to your staff or even put people in different roles. Hopefully, they will begin to work well together and develop strong professional relationships. What other suggestions do you have for dealing with team members who don’t necessarily get along? Please take a moment or two to express your thoughts and experiences; you might just help someone else out in a big way! Interested in learning more about business? Then just visit Waters Business Consulting Group.