Business Education

Coronavirus Presents an Opportunity to Teach Your Children about Business

The Sword of Damocles tells a very important story about the stark reality of being in a position of power. For those unfamiliar, Damocles is a court sycophant or flatterer, who pines for the power of King Dionysus II. The king gives his throne to Damocles, who in-turn enjoys fine food and drink, opulence, and entertainment, only to be surprised by a razor-sharp sword dangling over his head, held in-place by a single horsehair. In an instant, Damocles learns power comes with a price. That every leader is under constant threat of being replaced or worse.

Crisis can Turn into Opportunity

A pandemic was probably the furthest thing on any business leader’s mind prior to the outbreak of COVID-19. Now, hindsight being 20/20, it’s easy to see the sword comes in many forms. And, it’s a great time to teach your children about the inevitable ups and downs of owning and running a business.

By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. —CNBC.com

You can teach many lessons by having your kid(s) start and operate a small business. But, as we adults know, failure is where the hard but necessary lessons lie. Use this crisis to show your children how to cope and face adversity. It’s a terrific time because there’s no shortage of awareness about the outbreak and quarantines. Meaning, there’s a lot of context and therefore, makes it easier to use real-world examples.

Three Lessons the Coronavirus Business Owners can Teach their Kids

The moment we’re all experiencing as business owners, managers, and team leaders causes us to question a whole lot of things. And, that’s not a bad thing, especially when it comes to teaching business lessons to children who can later use that information. Here are three important business lessons entrepreneurs can teach their kids:

Debt. Everyone knows the risk accumulating debt carries. But, it’s so commonplace, we just don’t appreciate how dangerous it can be when things go wrong. While debt is very often used by companies of all shapes and sizes, when there’s a disruption in the economy, it remains an obligation that can’t be ignored. Debt is sometimes necessary but when it’s used in excess, it can financially ruin a business and even personal lives in a devastating way.
Hard choices. Another important lesson to teach is about having to make tough decisions. Being able to evaluate the circumstances, choose essential personnel, and identify where cuts can be made certainly isn’t easy. But, it’s a wonderful life lesson to relate that will make a life-long impression.
Streamlining. Call it identifying redundancy or creating efficiency. If you take an honest look at everything inside your business, you’re going to find unnecessary duplication or just flat out waste. Use these examples and make them relatable on an age-appropriate level.

What other lessons would you add to this list? 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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Most Effective Networking Strategies Successful Entrepreneurs Practice

April 13, 2018 No Comments

Networking strategies can really help grow a business. But of course, you must put in the time and effort for any networking opportunities to achieve a tangible ROI. Statistics vary, however, many reveal it takes up to seven contact points before landing a sale. Regardless of these figures, the time-honored practice of networking pays off. (If it didn’t people wouldn’t bother wasting their time.) So, it’s really about taking the right approach. Why Successful Entrepreneurs Network Networking isn’t new in any sense. It’s an activity that helps to promote a business. But, that long track record doesn’t mean that it always works. There are several networking mistakes people make all the time and don’t realize it. That is, until they don’t see any fruits from their labor. Sales is about influence. There are methods of persuasion that work very well in business. But, there are also several fundamentals that need to be in place if you want to succeed. If those fundamentals aren’t in place, you can pretty much kiss your chances for success goodbye. —Entrepreneur.com Successful entrepreneurs network because it gives them an opportunity to grow their network and not necessarily to sell their products and services. Did you catch that? Networking is more about growing a circle of regular contacts rather than selling products and services. Think about it this way, would you go to a networking event that’s run in a hard-sell environment? Most Effective Networking Strategies You can Use So, now that you know networking is about extending your contacts and getting familiar with others and not selling, how do you do it right? In other words, what are the most effective networking strategies? Well, here are some helpful bits of advice about how to network: Be confident in your value. It all begins with your confidence. If you aren’t self-confident about your own personality (and comfortable with your faults), you’ll give off the wrong vibe. Go into any networking situation with confidence in your value. Don’t expect anything in return. Successful people aren’t afraid to give and not receive anything in return. Now, that sounds scary but it’s actually a sound business practice so long as it doesn’t cost very much. In other words, you can give expert advice, speak to a class, or do something else others find valuable. Find common ground right away. When you meet someone, be sure to find common ground as soon as possible. This way, you’re more comfortable. And, be sure to give genuine compliments often. Don’t sell your product or service. We’re back to the same philosophy about growing your network. When appropriate, speak about your work. For example, how you’ve solved a customer’s problem. But, do not go into a sales pitch. Let other see your value in more ways than one. What other suggestion do you have for networking? How and where do you find networking opportunities? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Here are the 3 Biggest Leadership Blind Spots Harming Businesses Right Now

January 1, 2019 No Comments

The top leadership blind spots aren’t new phenomenon. In fact, these are common and have persisted for practically as long as the market existed. Even in an age of readily available information, it’s far too easy to get caught up in these traps. So, let’s take a quick look at the most common leadership blind spots to avoid. Leadership Blind Spots Lead to Failure Blockbuster. Walden Books. Barnes and Noble. MySpace. J.C. Penny. Sears. K-Mart. Edsel. Steak and Ale. The list goes on and on and on and on. Of course, hindsight is 20/20. But, even in when things began to unravel, these brands just didn’t do enough to adapt. When you look closely at what triggers crises in organizations, you often see that there is a major leadership oversight or blind spot that has allowed the crisis to exist in the first place – and then grow, unrecognized, until it’s too late. Just as many leaders want to be perceived as trustworthy in a rapidly changing environment, leaders themselves need to be aware of who and what they are trusting. Misplaced trust is a clear precursor to trouble. —Forbes What so many in the public saw as clear writing on the wall, the powers-that-be or rather, were, internally didn’t fully comprehend or heed. The result — utter failure. All of the above examples are prime examples of blind spots taking over and leading straight to obsolescence. Top Leadership Blind Spots Harming Businesses It’s not altogether clear what actually happened to bygone companies but it is readily clear what action was taken simply did not suffice. Okay, that’s a bit obvious. However, it’s not always easy to see what’s truly going on and that’s what gives blind spots their names. Here are the top three leadership blind spots harming businesses today: The dreaded status quo. Sure, we’ve all heard and even used the term. Still, it’s used so much that its meaning has nearly been lost. Status quo ante or literally, “the state in which before,” says it all. “Before,” meaning a shift occurred. When things are going well, it’s all too easy to forego considering what might lie ahead and that’s a big blind spot. Spending even more money. When a project doesn’t go the way it’s planned, there just might be a temptation to turn it around — by throwing more money at it. But, bailing out is only a stop-gap measure, it doesn’t actually remedy the problem. Focusing on the short-term instead of long-term. Although short-term wins do much they also can obscure long-term consequences or trends. While it’s great to accomplish something that pays off today, it’s very damaging to let that satisfy and take the edge off the unknown of tomorrow. What other leadership blind spots would you include? And, how do you identify and get past them and others? Please share your experiences by leaving a comment! For more good reading on Blind Spots, please click on these links for a book written by a good friend, author and paid keynote speaker, Kevin McCarthy. Bestselling book: Blind Spots: Why Good People Make Bad Choices Www.KevinMcCarthy.com Www.LinkedIn.com/in/kevinmccarthyCSP Www.Twitter.com/kevinmccarthy01 Immediate Past President for National Speakers Association, Oregon Chapter. NSA Chapter Member of the Year 2014-2015. Interested in learning more about business? Then just visit Waters Business Consulting Group.

3 Big Reopening Mistakes Businesses should Avoid

June 24, 2020 No Comments

Businesses are anxious to reopen. Consumers are likewise ready to return to normal (or as close to normal as possible). But, any business reopening must do so responsibly. After all, not providing a safe environment will only backfire and cost them in a number of ways. This means taking a smart, incremental approach and one that can help to get things back on track. What to Know about Post-Pandemic Reopening The first thing any business owner needs to know is exactly what their state and local governments will allow and disallow. If you run afoul of the rules, even those which seem unfair, you’re only setting yourself for a lot of grief and probably a huge amount of regret. For these small businesses to come back after the pandemic abates, and once again serve as an engine of American innovation, they need aid. The Coronavirus Aid, Relief and Economic Security (or CARES) Act set aside $349 billion in loans and assistance for small businesses and there may be more to come. But business owners also need to make the best possible decisions to get them through this difficult period. —Harvard Business Review Another thing to know about reopening is how your patrons or clients will respond. Just because there’s a green light to open from the state and local government doesn’t mean the public will respond positively. In other words, you need to understand public sentiment. 3 Big Reopening Mistakes Businesses should Avoid Now, as for reopening, there are many things you should do to get back to full operation. But, there are also things you need to avoid doing, as well. Here are three of the biggest reopening mistakes businesses should avoid: Expecting employees to immediately return to work. Just because you’re ready (and willing), doesn’t mean your team members will feel or act the same way. So, speak with each one individually and listen to their concerns. Plus, encourage them to be open about their circumstances and be supportive, if necessary. Some business owners are expressing challenges with employees who are receiving unemployment which exceeds what they earned as an employee so they are reluctant to return. Business owners need to be prepared by discussing the need to help the business serve its customers. Also, if the employee does not return, there is no guarantee the employer will not have replaced the employee’s position when the previous employee’s unemployment checks end Not having procedures in place to maintain social distancing. At this time, it’s expected there will still be a need for social distancing into the foreseeable future. So, be sure to formulate a realistic plan to maintain those social distances in order to provide a safe and healthy environment. Trying to rush through the reopening process to get things back to normal ASAP. Whatever you do, don’t fall into the trap of trying to reopen to soon or at too fast a pace. While it’s completely understandable you’re ready to resume operations, if you rush, you’re likely to make rash decisions that will cost you in more ways than one. Remember to offer what the Customer wants. Instead of trying to reinvent your service offerings, ask the Customer what they want and most enjoyed or valued about your services and deliver what the Customer wants. What other mistakes would you say businesses that reopen are likely to experience? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.