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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Guest Post: How To Collect Receivables Faster

July 15, 2018 No Comments

Any business that sends out invoices knows the frustration of waiting to get paid. This is especially true when you’re dependent on those payments to make payroll or fund necessary business expenses. How can you keep running your business when your clients drag their feet about paying you? Is there anything more frustrating than the endless cycle of hassling customers about their bills? If you’re facing this challenge, what you need are ideas for motivating your clients to pay on time. With that in mind, here are seven tips for how to collect receivables faster. 1. Use customer-friendly accounts receivable practices. To be certain you’re not the reason payments get delayed, make sure you are following your clients’ accounts payable procedures. It’s well worth the extra effort to make sure your invoices are not missing information that will delay processing. Likewise, bill promptly — immediately upon delivery or completion of the service, not weeks later. Also, a few days before an invoice is due, contact the client to make sure it has everything needed to pay you. 2. Meticulously track your outstanding A/R balances. One key step in reducing Average Days to Pay is tracking. Create an accounts receivable (A/R) aging report to track and measure the payment status of all your customers. Typically, an aging report breaks down accounts into length of time since invoices were issued: 0-30 days, 31-60 days, 61-90 days and past 90 days. Each account will list the business name and how much is owed in each applicable timeframe. Creating and using a report like this will enable you to quickly, seamlessly check for potential problems so you immediately know when someone’s slow to pay — and then determine your best course of action. 3. Be proactive about getting payments. Believe it or not, your clients are less likely to pay you the longer their invoices are outstanding. In other words, the longer they go without paying, the less likely they are to ever pay. Don’t wait until payments are far past due to contact your clients. A week before the due date, send clients a friendly alert. Soon after the bill is due, start contacting them with gentle reminders that payment needs to be made. 4. Encourage advance payments. Whether you require a retainer on projects or request an advance, finding ways to get clients to pay something upfront can make a huge difference in your business cash flow. Advance payments greatly improve cash flow, as well as reduce your exposure to late or uncollectable receivables — giving you peace of mind as well as a more solid financial foundation. 5. Provide an early payment discount. While you may not want to discount your invoices, consider this: If a two percent discount gets you payment, that’s 98 percent more than you’d have gotten while you were waiting for a client to pay its bill. Try giving clients a small discount if they pay within 10 days, for example. In exchange for the small decrease, you might boost your overall cash flow. 6. Accept multiple payment options. Make it easier for your clients to pay you by accepting a variety of payment options, including checks, credit cards, PayPal and other online payment solutions. You may even want to suggest automatic payments for recurring clients to simplify and automate the billing process — something that may be very appealing to your clients. 7. Know when to enlist collection agencies. Most companies don’t want to resort to unleashing collection agencies on their clients, especially when they’re trying to maintain good relationships with them. In situations where accounts are severely delinquent, however, you may have no other choice. Research several options, look for a company that will deal professionally with you and your clients, and move forward confidently, knowing how important it is to get paid. Nobody enjoys the hassle of chasing down payments — yet knowing how to collect accounts receivable in a timely manner is essential to successful business. If you’re struggling with getting clients to pay on time, start implementing the tips above. It could make all the difference in your cash flow month to month. Author bio: Shanna Mallon is a copywriter for Straight North, a Chicago-based Internet marketing agency that specializes in B2B SEO, PPC, email marketing and web design. A freelance writer, Shanna has been creating online content professionally since 2007.

Less Texting More Face Time Equals More Success in Business

September 12, 2017 No Comments

No, I am not talking about the Facetime application … I am talking real, live one-on-one face time! Texting has become as normal a standard in our world as eating and sleeping, and in some cases it has become more important to some people than eating or sleeping! With texting, the level of trust is low. Texting does not allow for relationship building and real relationship building is required to develop trust. Texting only provides tentative, at best, minimal trust. It’s important to understand that low trust does not translate to success in business! Why Personal Contact Always Beats Out Texting in Business Ok, I am as guilty as anyone using text to communicate. Texting is an efficient and immediate form of communication that allows the sender and recipient to respond on their own terms. It’s very convenient. The benefits of texting are numerous, but the problems that texting develop or cause are now beginning to surface as we track data; auto accidents, pedestrian accidents, sleeplessness, lack of productivity, poor communication skills … and now less success in business due to limited and poor planning! Texting has its place, but not while walking, driving, during meetings, or especially at the dinner table. You want to improve your relationships with family, friends, and business associates, along with clients/customers? Call them, meet them for coffee or lunch, and build a relationship with eye-to-eye contact instead of sending texts. We never talk any more: The problem with text messaging – From CNN Tech Web site By Jeffrey Kluger As texting use rises, the phone call is becoming a dying institution American age 18-29 send an average of nearly 88 text messages a day Psychologists worry social skills in young texters won’t develop Habitual texters may hurt relationships, miss out on new ones Because texting is convenient and can be done almost anywhere, it tends to substitute proper planning in advance for last minute texting to coordinate meetings, directions, critical information, etc. Recently, it hit me why last minute texting is a pet peeve of mine. Why? It minimizes our need to plan because we expect immediate responses. So why plan in advance when you can text at the last minute? Is it not more convenient? Does this rationalization sound familiar? Let me provide a real-world example. When texting or cell phones didn’t exist, we all had to plan out our days, our travel, our meetings … our whole day-to-day life. It required goal setting and developing a plan because there was no cell or text to connect at the last minutes. We had to pre-plan even if the plan was just meeting someone for lunch, or meeting someone at an event. Today, I hear many people say, “We’ll figure it out; I’ll text you.” Real success occurs when you plan in advance by writing down your goals and when you have a plan to achieve those goals. Or in the case of meeting or connecting with someone, you plan in advance so that you minimize the use of text while driving to the meeting! Achieving Your Goals Statistics show more than 70 percent of people never have goals. And, only 28 percent say they have some kind of goals, with just a meager 2 percent having written goals. Moreover, it’s estimated that this 2 percent controls over 90 percent of all income. Goals require planning. This includes planning your weekly business calendar of priorities which are part of your strategy to achieve you goals. So, if you have a plan, you can easily set a meeting and location based on your schedule. If you have no plan, and your plan is to “figure it out and text” at the last minute, then your potential for success diminishes greatly. Align your plan with your goals, by scheduling your plan in a calendar. Instead of texting for directions or meeting locations or times at the last minute, usually while driving and walking, pre-plan your meeting in advance and call or e-mail the information. Then use the time while driving to clear your mind and prepare for your meeting. That will produce far more effective and successful meetings than texting at the last minute. “By failing to prepare, you are preparing to fail.” –Benjamin Franklin Try this for 2 weeks Take 1 hour to plan your week by pre-scheduling all the priorities you need to accomplish in your plan for achieving your goals for the next two weeks. Put each priority in your schedule under a block of time. Allow time for travel, meals, errands, family, work outs, etc. (This takes thinking in advance, but by pre-planning, you will address any logistical challenges in preparing your plan and be able to adjust prior to your meeting or event.) Call and use your voice to communicate your plans with those you are meeting. When you get to the meeting or event, avoid texting and focus on eye contact and listening to your client, customer, vendor, or associate. In doing so, you will have less stress, higher productivity and greater success … with less aggravating, last minute, in between traffic lights and phone call texts … I guarantee it! So, put down your mobile device and start planning for Less texting and more real face time that will help you succeed in business!

How to Get Past All the Hype about a New Business

September 7, 2018 No Comments

Samuel Langhorne Clemens, otherwise known by the pen name Mark Twain, once said, “There are three types of lies: lies, damn lies, and statistics.” Today, we’re past the sad story of Theranos and the fall of Elizabeth Holmes. But, Elon Musk and Tesla are filling the void. (As are a number of other brands and emerging technologies.) You can pick your favorite, because there are a number of these hyped or buzz generating entities out there. And, it’s precisely the attention and shine that fools so many people. This includes people looking for opportunities to go into business for themselves. So, how do you know if it’s legitimate or just hype? Why Hype often Falls Short Let’s begin with an important lesson. Buzz dies down and hype eventually wears off. But why? The question is more about a matter of time than some exotic explanation. The fact of the matter is, when an organization or a product is surrounded by hype, it’s usually due to an artificial yet real, phenomenon. In other words, some outrageous (or ingenious) marketing tactics work. People are awe-struck and want to believe. Fortunes were made on products using such hype marketing strategies. Many a consumer bought in to the sizzle once, never to be burned again by products that couldn’t possibly live up to the hype. The world’s a different place today, and consumers are far more demanding. The list of tactics that no longer work on today’s savvy consumers is long, and so is the list of things you can learn from the failures of hype-marketing tactics. —American Express OPEN Forum Although, we all know, reality will rear its presence, at some point. There comes a time when hype and buzz just can’t conceal the fact there’s not much there, there. When the dust settles, hindsight becomes 20/20. Now, sometimes, like in the case of Theranos and Elizabeth Holmes, it’s just investigative reporting. But other times, it’s just high expectations. Remember when the Segway concept first leaked to the public? It proclaimed the future of transportation. That fell way short. How to Get Past All the Hype about a New Business So, just how do you tell if a business idea or even a product or service is only hype? What are the telltale signs? Unfortunately, there’s no magic bullet. But, there are some things you can to do get past all the hype about a new business: Quick! Stop the press! Thomas Edison didn’t exactly invent much. In fact, he once said he’s more of a sponge than an inventor. He also used what’s known as the vaporware marketing tactic. Hearing a rival would soon introduce the first incandescent light bulb, he invited newspaper reports to see his, first. He brought them into a room, one-by-one. And, showed them a prototype. He’d then hurry them out just before it burned out. The same remains true today. You’ve got to look past the glowing press coverage. Look at the fundamentals. Speaking of looking past the media buzz, how about going a bit deeper and actually investigating the fundamentals. Is the company sound? Does it have a workable plan to grow? These and other questions will help you separate fact from fiction. If it sounds too good to be true… Okay, this is practically cliché. Or is it? Take a big step back. Take time to breathe. And, come back with a fresh disposition. If it sounds too good to be true, it probably is. But, it takes an objective look to cut through the buzz. What other ways do you spot hype? How do you look past the buzz and get to the real story? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.