Business Education

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

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.

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Now is the Time to Get a Sweet Deal on Office Space

September 9, 2020 No Comments

In the midst of the COVID-19 shutdown, and the simultaneous rise of WFH or work-from-home dynamic, commercial real estate is steadily on the decline. With many businesses closing and others surviving on minimal staff, office space, retail locations, and other commercial real estate is and will continue to experience a huge vacancy rate. While that’s not good news for them, for savvy business owners, it presents a prime opportunity. Meaning, it’s very possible to lease (or buy) commercial property for a really good deal. The Buy Low, Sell High Strategy Everyone’s heard of the old “buy low, sell high” investment strategy. But, only those who actually act on it are the ones who benefit. When the market is down, investment advisors often tell their clients to buy why everything is on sale. However, too many people are just too risk-averse and don’t follow the advice. Asking rent prices have yet to fall, which is typical in a down cycle as landlords try to hold out as long as possible, says CBRE chief economist Richard Barkham. At the same time, Barkham says, landlords are eager to fill space, so they’re willing to offer a bevy of concessions to the right tenants, including rent-free periods, build-out expenses, and flexible lease terms. —Inc.com In fact, more people tend to cash-out when the market goes through a downturn. They “realize” an otherwise “paper loss.” The point obviously being that the adage of “buy low, sell high” really works. And, it works so well, it’s repeated over and over. The real trick is to just do it. How to Negotiate the Best Office Space Deal With all that said, now is the time to take advantage of the circumstances and land a sweet deal on commercial space. Here are some helpful tips for how to lease commercial space at a substantial discount: How long has the space been vacant? Learn how long the space has been vacant because it will give you a sense of how eager the landlord or owner is to fill it. Of course, the longer it’s been empty, the more motivated the landlord will be to sign a new lease. Are there other interested parties? If there aren’t any other companies interested in the space, that will definitely work in your favor. Simply put, the less interest, the better for you. After all, that means there’s no competition. Does the property have other vacancies? A property landlord or owner with multiple vacancies will be far more willing to negotiate in order to fill as much space as possible. Learn about subletting policies. If it’s allowable, subletting can help to offset the cost of leasing commercial space and make it even more affordable. Do your homework on similar properties. Another thing you can do is learn about similar spaces. Use this knowledge to negotiate a better deal. For instance, if another landlord/owner offers a better lease rate, you can use that as leverage to bargain on a property for less. What other suggestions do you have? Please share your thoughts and experiences by commenting and giving others some valuable advice! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Microsoft just Demonstrated Why the Hard Sell doesn’t Work — Again

February 25, 2020 No Comments

Microsoft just undermined its launch of its newly released Edge browser by hard selling it. You may not know about this because it’s niche-worthy news. But, it’s a lesson that the company should have learned many years ago. Instead, it continues to make the same mistake over and over again. Here’s what it is, what it means, and why it proves the hard sell doesn’t work. Why the Hard Sell doesn’t Work Microsoft recently introduced a new version of its Edge browser. In order to promote it, the company shamelessly inserted a conspicuous ad in its Windows 10 menu. The advertisement “suggests” that users switch from their current browser of choice over to Edge. Of course, people don’t like this assertive tactic and are taking to social media to complain about it. Small-business owners successful at sales know the best way to sell something is not to sell it. You listen to potential customers about what they want or need, and then you introduce your product as the answer. You want people to think buying your services was their idea. —American Express Turns out that Microsoft is not willing to learn from its many repeated mistakes of the past. That is, the corporation’s insistence on pushing its customers into buying or using proprietary products and services that are promoted through the company’s various platforms. This is not only annoying, it’s obnoxious. Plus, it demonstrates the many problems with hard selling. There is no empathy, no relationship, no trust, and so it goes against human nature. Trying to badger people into becoming loyal customers is simply not a winning strategy. 3 Proven Ways to Sell without Being Pushy (or Obnoxious) So, how do you promote your products and/or services without hard selling? It’s actually easier than one would think. Better yet, it works and works very well. Here are three effective ways to sell without being pushy or obnoxious: Take your time. Rushing will only backfire. When you sell at a hurried pace, you don’t give your customer enough time to process what you’re offering. It’s confusing and overwhelming and unsurprisingly, it typically won’t work. Let potential customers do all the talking. Well, maybe not all the talking, but most definitely, the majority of it. This way, you’ll learn quite a bit about him or her and gain a better understanding of his or her needs. You’ll be regarded as empathetic and trustworthy and those two key elements are important to building any relationship. Focus on their problem, not your product or service. This goes hand-in-hand with the second point. You need to understand precisely what their problem is in order to offer an effective solution. You won’t be forcing a sale, but rather giving them answers they need. What other strategies do you use in-place of hard selling techniques? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Most Tactful Strategies for Pushing Customer Deadlines Back without Upsetting Them

May 31, 2022 No Comments

As a business owner, you know that sometimes things come up that prevent you from meeting a customer deadline. Maybe there was an unexpected delay in getting the product or service finished, or maybe your team just got swamped with work. Whatever the reason, pushing back a customer deadline can be tricky business. You don’t want to upset them and lose their business, but you also don’t want them to feel like they’re being ignored or getting something that appears rushed. So, let’s discuss some of the most tactful ways to push back deadlines without upsetting your customers. Best Ways to Push Back Client Deadlines and Still Make Customers Happy One way to push back a deadline without upsetting your customer is to provide them with regular updates. Let them know what’s going on and why the deadline can’t be met. Customers appreciate transparency, and they’ll be more understanding if they know what’s going on. You should keep lines of communication open and stay in touch regularly. Don’t make the mistake of updating your client once and then going silent – it will only cause more problems. Missing a deadline is something that happens even to the best of us. Whether you got sick and couldn’t finish your tasks on time or the project took you much longer than expected, one thing is clear – you’re about to miss the deadline and need to communicate it to the client. —Simone Smith on Brain Leaf Another way to push back a deadline without upsetting your customer is to offer them a discount or some other type of compensation. This shows that you value their business and that you’re willing to go the extra mile to make up for any inconvenience. This doesn’t have to be a deep price reduction, but enough to show him or her you’re aware of their time and budget and are appreciative of their patience. Finally, one of the best ways to retain customers even when deadlines can’t be met is to provide excellent customer service. Be responsive, friendly, and helpful, and try to resolve any issues as quickly as possible. If you make an effort to take care of your customers, they’ll be more likely to stick with you even when things don’t go according to plan. Pushing back customer deadlines can be a delicate process, but if you handle it tactfully, you can retain your customers and keep them happy. By following these tips, you’ll be able to push back deadlines without upsetting your clients. It is of utmost importance to be honest with your customers, be upfront as soon as the situation changes, and be willing to accept some criticism. If you handle the circumstances with professionalism and tactfully, they’ll be far more willing to accommodate you and will greatly appreciate your candor. What other suggestions would you make about dealing with pushing client deadlines back without angering them? Please, take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.