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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It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse?

August 8, 2024 No Comments

It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse? We’ve all heard “beware of style over substance.” It’s a common expression that means a person may appear to have all the answers but in reality, there is very little or nothing behind his or her facade. Likewise, it also describes someone who puts greater value on appearance than depth of knowledge or skill. In either case, it fools others into thinking an individual possesses something special when in fact, they aren’t extraordinary after all. This distinction is particularly important when it comes to choosing a business partner, a vendor, or even a client. So, entrepreneurs need to be aware and alert of the telltale signs and more critically, what the downsides of each personality are. Sure, it seems obvious that all style and no substance is bad. However, it’s equally vital to understand that the opposite can be harmful, too. The Dangers of Style Over Substance A person who is all style and no substance may have all the necessary skills. But when the moment of truth arrives, he or she is lost. However, that’s a broad generalization of a greater specific. So, let’s take a look at some of the particular reasons why a businessperson with all style and no substance can be problematic: Lack of follow-through. They might make grand promises or claims but fail to deliver on them due to a lack of underlying strategy or execution skills. Superficial relationships. They may prioritize networking and appearances over building genuine connections, leading to fleeting and ultimately unproductive partnerships. Misalignment with company values. A style-over-substance leader may struggle to foster a culture of substance and results if a business’s success depends on innovation or problem-solving. Short-term thinking. They might focus on quick wins and flashy projects rather than building a sustainable and long-term strategy for the business. Potential for ethical lapses. Without a strong foundation of integrity and competence, such individuals might resort to unethical tactics to maintain appearances. It’s important to note that style and charisma can be valuable assets in business. However, without substance to back them up, they can be detrimental to long-term success. Downsides of a Substantively-Focused Business Partner with No Personality or Style Now, we’ll get into the opposite scenario. Although people are familiar with the shortcomings of style over substance, what are the downsides of an individual who has very little or no charisma? While substance is undoubtedly crucial in business, a complete lack of personality or style can also present big challenges, such as the following: Limited networking and relationship building. Someone with little personality might need to work on building rapport with clients, partners, or employees. Effective business relationships often involve personal connection. Lack of creativity and innovation. A purely analytical approach can sometimes hinder creative problem-solving and out-of-the-box thinking. Difficulty adapting to change. A rigid, no-nonsense approach might make it challenging to adapt to changing market conditions or unexpected challenges. Poor communication. A lack of personality can sometimes manifest in poor communication skills, leading to misunderstandings and inefficiencies. Uninspiring leadership. If the person takes on a leadership role, their lack of charisma could demotivate employees and hinder team morale. Limited market appeal. In customer-facing roles or industries focused on branding, a personality-devoid individual might struggle to connect with the target audience. Again, it’s important to note that a balance between substance and style is often ideal. A strong foundation of knowledge and skills combined with effective communication and interpersonal abilities can create a highly successful business partnership. 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,

Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

March 25, 2021 No Comments

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved. Final Endings can be Just as Healthy as New Beginnings Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning. Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over. How to Effectively End Bad Business Relationships Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how: Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one. Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out. Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings. Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible. Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on. What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Is Your Business Charging Enough for its Products and Services? Probably Not. Here’s Why…

September 30, 2021 No Comments

“Sure, we lose money on every sale, but we make up for it on volume.” This witty saying is often repeated in the business world because it effectively demonstrates a fundamental flaw with a company’s operating model. But, like any really good bit of humor, it contains an undeniable truth. Plus, it is probably applicable to your own business in an abstract way. If you have ever wrestled with raising the prices you charge for your business’ goods and services, then now is a great time to resolve that issue. Why Businesses Don’t Raise their Prices Although large corporations and big companies do raise their prices fairly routinely, small business owners are averse to doing the same. It’s not because small business owners aren’t smart operators, it’s merely the fear of the possible repercussions. Perhaps the biggest objection is that maintaining lower prices attracts new customers and greatly influences repeat business. While this might be ostensibly true, it can’t exist in perpetuity. A major part of running a successful business is knowing at what price to value your services or products. Entrepreneurs and business owners must ensure a balance in price between costs and gains. While low prices are certainly an attractive selling point, a variety of factors can bring pressure to bear on your bottom line, necessitating a higher charge for your services. —Forbes.com Another reason small businesses don’t raise their prices is that they’ve become so accustomed to their charging schedule. Though it sounds like a cop-out, it’s just the comfort of complacency that allows them to dismiss the notion of increasing their prices. Then, there are the logistical factors that come into play, which is particularly true in retail, where items must be individually updated, along with point of sale systems. Three Compelling Reasons Businesses should Charge More Even though most small business owners would gladly welcome a pay bump in their bottom line, they avoid increasing what they charge because they fear it will result in a loss of customers. However, this only looks at one side of the equation. Here are three compelling reasons why businesses should charge more for their products and services: There model is outdated. It’s a real accomplishment to stay in business for years on end. Everyone knows the statistics, that a high percentage of businesses fail in the first two to three years. But thereafter, they become not only viable but probably profitable enough to sustain a few sets of disruptive circumstances. Since business owners always experience ups and downs, they find a great deal of unconscious comfort in their pricing models that they established at the outset. But, as years go by, prices should go up incrementally to keep up with the times. There’s a lack of other service providers. The very fact that so many businesses fail, compounded by the shutdowns resulting from the global pandemic, means there are likely fewer service providers around right now. This represents a prime opportunity to market more aggressively, raise your prices, and build out quality staff. If you don’t, you’re missing a key moment that you’ll probably regret in the future. The cost of doing business just keeps rising. Of course, everything costs more now than it did just a short time ago. It’s not just the shortage of materials that the world is currently experiencing, but also other dynamics, such as inflation, the always rising costs of employee benefits, insurance, rent, and just about everything else associated with the cost of doing business is going up. What other reasons warrant raising prices? Please take a few minutes to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Coronavirus Presents an Opportunity to Teach Your Children about Business

Crisis can Turn into Opportunity

Three Lessons the Coronavirus Business Owners can Teach their Kids

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It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse?

Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

Is Your Business Charging Enough for its Products and Services? Probably Not. Here’s Why…

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