Business Education

How to Think Clearly when Times are Crazy

Only a few short months ago, the economy was on fire. Then, a slow moving disaster crept across the globe. Shortly after, the coronavirus pandemic triggered a drastic response. An almost total shutdown ensued. Now, re-openings are happening everywhere. But, the unprecedented reaction upended so much, it’s very difficult to return to normalcy. And, it’s enough to make your head spin.

The Real Cost of Rash Decisions

Rash decisions typically equal regret. But, it’s not just the let down. It’s also the waste of time and money. We all know this, which is precisely why we instinctively hate making rushed decisions. It’s the reason we take time to understand the circumstances. But, when the pressure is on, it’s difficult to resist in the moment.

…we need information and we need help to face our problems. But we can only arrive at the solutions by ourselves. The trick is giving our minds the space they need. —Psychology Today

Everyone responds to stress differently. Although, there are most definitely commonalities. Fast heart beat, perspiration, even trembling, are all physical symptoms. Then, there’s the toll it takes on your emotions and it becomes very difficult to think clearly.

Effective Ways to Think Clearly

So, just how do you clear your head? Most people will take a deep breath (which makes the list below). But, sometimes, that’s not enough. Here are some helpful suggestions for how to think clearly during crazy times:

Take a deep breath. Okay, this is an obvious bit of advice. But, it bears repeating because it’s not only simple, but often, effective. Taking a moment to slow down and breath deeply can work wonders. Unfortunately, this isn’t always sufficient.
Focus on the problem, not the outcome. While taking a bit of time out might help, it could fall short. If you’re worried about the outcome, that’s perfectly normal. But, if that worry is preventing you from taking any action, then focus on the problem or process and not the potential outcome.
Hope for the best, plan for the worst. Of course, it’s always best to plan. So, follow the old adage and plan for the best result while being prepared for the worst case scenario. If you can’t completely sidestep a bad outcome, at least mitigate its impact.
Solicit advice from several sources. Two heads are better than one. This not only gives you different points of view, it also helps to take the pressure off and gives you more options. Remember, you don’t always have to make decisions alone.
Set the situation aside and work on something else. Another great way to clear your head is to occupy yourself with something else temporarily. You’ll get the satisfaction of completing a task and it gives you time to think a bit outside the box.
Meditate and/or Pray. Find a moment to be still. You could do this during your breathing exercise noted above. Calm your mind. Find a moment to listen to your breathing and close your eyes. Now meditate on all you’ve been given and how grateful you are for what you have. Thank God for the challenges and opportunities your dealing with and trust Him for His guidance and wisdom to get you through knowing he works all things for good.

What other suggestions do you have for thinking clearly? Please, take a moment to share your thoughts and experiences by commenting and benefiting others!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Get Your Body Butter and Toothbrush Rentals Here! What could Possibly Go Wrong?

April 10, 2019 No Comments

Strangely, no one is lining up outside the body butter and toothbrush rental stand. How odd? Who would have guessed such an idea wouldn’t take off? After all, you have a huge selection. So, there are plenty of choices. Yet, no one is interested. Something’s amiss here and you can’t quite put your finger on it. Even Good Business Ideas are Not Guaranteed Winning Strategies Okay, so the headline says it all. It’s a totally ridiculous business model. There’s not a person near or far interested in renting body butter or a toothbrush. Yet, people do come up with some strange concepts to sell and are surprised when they don’t pan out. You’ve created something unheard of. You’re passionate about it. You believe in it. You’ve also spent an insane amount of time figuring the whole business out down to the tiniest detail. By now, you can talk about it for hours — and to top it off, it actually is a great idea. But for some reason, you can’t sell it. So, what’s the problem? —Forbes.com On the flip side, there’s no guarantee a really good idea will widely succeed. Even the best concepts run into problems. In other words, solid products and services aren’t immune from the realities of the marketplace. Put another way, there is no straight path from unknown to sensation. How to Test a Business Idea So, how do you know if a business idea is worth pursuing in the first place? How can you determine if it’s something which has a real chance of making it in the free market? Try these suggestions to establish a baseline: Look for successful competition. Everyone wants to believe their idea is “new.” But, that’s usually not the case. In-part or whole, it’s likely been done before. So, look for examples and see how they fared. Test different versions several times. There’s no such thing as perfect. Meaning, your business idea isn’t without some sort of flaw. Even if you’re really confident in what you’ll offer, it could perform better or worse, depending on a few tweaks. Offer a variety and see which works. Explore the industry to gain an understanding. It’s certainly true good ideas are boxed out of the marketplace because they aren’t allowed. Perhaps it’s too heavily regulated or there are just too many obstacles to make it feasible. Think about how it can scale and adapt over time. If the business can’t scale up to meet demand, that’s a big, red flag. And, if it’s not able to evolve with the changing times, that too, is a big obstacle. Think about creating a Minimum Viable Product (MVP). Ok, what the heck is an MVP. A minimum viable product (MVP) is a concept from Lean Startup that stresses the impact of learning in new product development. Eric Ries, defined an MVP as that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. This validated learning comes in the form of whether your customers will actually purchase your product. A key premise behind the idea of MVP is that you produce an actual product (which may be no more than a landing page, or a service with an appearance of automation, but which is fully manual behind the scenes) that you can offer to customers and observe their actual behavior with the product or service. Seeing what people actually do with respect to a product is much more reliable than asking people what they would do. If the business can’t scale up to meet demand, that’s a big, red flag. And, if it’s not able to evolve with the changing times, that too, is a big obstacle. How do you test a business idea to ensure it’s a viable one? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Business Leaders This Responsibility Rule Exemption Doesn’t Apply to You

July 2, 2020 No Comments

“You’re not responsible for the irresponsibility of others.” Or, “You can only control you, not other people.” Both are great pieces of advice to live by. Except, when you’re in a position of leadership. When you’re in charge, you are responsible for the actions of others. It’s a stark contrast to the peer-to-peer world. Because, your employees aren’t your peers. Sure, they’re good people. But, they aren’t your equal. At least, in terms of business structure. You are the authority. So, when a team member is irresponsible, you’re the one the customer will blame. It’s not fair, but it’s reality. Why Employees Act Irresponsibly Everyone does something irresponsible at some point. But, there are people who just can’t seem to get it together long-term. However, these are the exceptions, rather than the rule, a tiny percentage by comparison. You might have even been one of them, but eventually “grew” out of that phase. In almost every workplace, there is bound to be someone who isn’t pulling their own weight. When you’re an ambitious, hard-working [business owner] who is committed to growing your career and the company, it’s frustrating to work with someone who seems interested in only doing the bare minimum. —Fast Company People act irresponsibly because they just don’t take their jobs seriously. To them, it’s just a paycheck — a paycheck they can get almost anywhere. Of course, this is very short sighted but it speaks to their mindset and overall attitude. When that personality shows up in your business, you’ll have to deal with it. There is no passing it off. How to Deal with an Irresponsible Employee If you’re in this unenviable position, you’ll need to deal with the situation directly. While it’s tempting to pass this off to a subordinate who is above the person in question, letting him or her know their behavior is known at the top is very powerful. (This alone could be enough to correct him or her.) But, it’s best to be clear. Here’s how to deal with an irresponsible employee: Put the onus on him or her. Ask him or her how they can improve. Let them be a part of the solution right from the beginning. If they are unwilling or standoffish, that’s a big red flag that probably signals his or her time at the company is coming to an end. Persuade but don’t preach. You can (and should) remind him or her of the company’s policies and procedures. But explain why, instead of just hitting him or her with a litany of do’s and don’ts. Enter into a discussion rather than just making proclamations. Always lead by example. This is something you should already be doing routinely. Showing leadership not only helps others to reach their goals, it inspires others to succeed in more ways than one. Otherwise, you’re not really leading the company, you’re just a figurehead and people will instinctively understand that fact. Follow-up regularly. Obviously, you’ll need to follow-up with him or her. But, think twice about doing so on a set schedule. The element of surprise will motivate him or her to do the right thing. If they don’t, it means you’re dealing with someone who just doesn’t care and isn’t a true asset to the business. What other suggestions do you have for dealing with an irresponsible employee? Please go ahead and share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Use Social Media to Promote Your Business

February 13, 2018 No Comments

Social media can really become a workplace problem. And, it’s always a good idea to have an effective social media employee policy. But, it is also one of the most powerful marketing tools business have at their disposal. It’s free. It can potentially reach thousands to tens of thousands of people. Plus, it’s very easy to use. Well, that’s not always the case because some businesses actually don’t quite know how to use it correctly. Why Social Media is an Important Business Tool Social media is an important business marketing tool because it’s part of our day-to-day lives. The vast majority of consumers are on at least one or two platforms. Therefore, the exposure is far and wide. It’s not just about branding and marketing outright, either. Social media offers customers yet another contact and engagement point. Customers should know you are serious about promoting your company, about announcing when there is a new milestone, about company news that might make them want to buy a product, not just laugh at a video. They need to see effort, not occasional hits. —Inc.com There are plenty of instances where companies have used social media to their advantages. (Of course, there are plenty of examples where companies have publicly dropped the ball.) But, more often, social media is an avenue to build a following. The more followers, the more interest and sales a business receives. How to Use Social Media to Promote Your Business To really tap into the power of social media, you should know some basic ground rules. If you’re going to make it work for you, it’s important to understand how to go about it. Otherwise, you’ll simply be wasting your time. Here are some helpful tips for how to use social media to promote your business: Make all profiles uniform. Most businesses set-up more than one social media account. Facebook, Twitter, and Instagram are among the most popular. Whatever platforms fit your business, they should all be uniform. In other words, present the same “face.” The same profile picture, the same bio or about, and so on. This provides a seamless experience and avoids confusing people. Provide value. Whatever you share, it should have some sort of value. Be it advice or just good for a laugh. And, you should always use the 1-in-7 rule — one post overtly promotes your business, the other six provide valuable information. Showcase your expertise. It’s always a good idea to periodically share insider information. (No, not the kind that goes against insider trading rules.) Rather, the kind of information the average person does not know or know much about. Ask questions that beg answers. The whole point of social media marketing for business is to get users to engage. So, ask questions that are conversation starters. And, when people respond, be sure to interact. Use images to your advantage. It’s a well known fact that posts with images gain a whole lot more attention than text-only posts. Use interesting, mood-evoking images for the best results. How do you use social media to promote your business? What techniques work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.