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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Should I Build an App for My Business

June 14, 2019 No Comments

If you’re thinking about building an app for your business, there are a few things you should know. Yes, these can be great marketing and communication tools, but there are most definitely downsides. So, it’s important to understand a few key factors in order to make an informed decision. As with anything else, there are pros and cons. Biggest Business App Cons The first negative is the cost. Not only the initial expense to build out the application but the ongoing costs associated with maintaining it. Then, there is the use factor. Just how useful will this app be to your customers? Remember, even if it provides a lot of necessary function, there’s another challenge, which is adoption. From a business standpoint, a dedicated mobile app can offer a variety of new capabilities and benefits. Mobile apps allow you to engage customers on a deeper level, building stronger customer relationships and allowing access to a suite of features that can help retain existing customers, encourage repeat purchases, and tap into brand new markets. But it’s not all upside: mobile apps come with drawbacks, as well. —Small Biz Daily Consumers already suffer from a phenomenon known as app fatigue. And, the numbers are astounding. Fewer than .01 percent of all mobile apps will return a positive ROI. Also, approximately 52 percent of all mobile apps lose at least half their peak users after just three months. Additionally, any changes will incur substantial costs. In other words, changing up or integrating new features will prove expensive. Top Business App Benefits Of course, it’s not all bad news. There are some good reasons to build a mobile app for a business. Here are the largest advantages of having an app for your business: Speed. Desktop websites and even mobile sites are generally slower. By contrast, mobile apps usually sport a quicker response time, which is key. Communication. Mobile apps offer a few different methods of communications, all from the same jumping point. Plus, you can send push notifications to let customers know about an upcoming event, discount offers, and other important information. Ease of access. Another attractive feature of a mobile app is the fact it’s always within reach. Customers do not have to remember a web address or conduct an online search to find important information quickly. Exclusivity. When someone opens an app for a business, be it for a restaurant, hotel, or retailer, they are there for a specific purpose. And, because it’s your app, the experience is exclusive. Plus, there’s no threat of distractions like there is in organic search, a browser with several open tabs that compete for attention, or even a desktop site which might display ads. What other upsides and downsides would you add to this list? Have you built an app for your business? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Out-of-Date Phrases Small Business Owners Should Stop Using Around Gen Z Employees

November 2, 2023 No Comments

Out-of-Date Phrases Small Business Owners Should Stop Using Around Gen Z Employees Gen Z is the first generation to grow up with the internet and social media. They’re also the most diverse generation in American history. As a result, they have a unique perspective on the world and a different way of communicating than previous generations who came into adulthood in a completely different landscape with some technology that’s now either gone or changed dramatically over the years. Some Phrases Harm Company Culture In the ever-evolving environment of the modern workplace, effective communication is paramount. However, small business owners often unknowingly cling to outdated phrases and terminologies that can create a disconnect, especially with Gen Z employees who are now a significant part of the workforce. As the first truly digital generation, Gen Zers bring fresh perspectives and expectations to the workplace, and using out-of-date phrases can undermine a business’s company culture in several ways. Phrases Entrepreneurs Shouldn’t Use Around Gen Z Employees Small business owners who want to attract and retain Gen Z employees need to be aware of this and avoid using outdated phrases. Using old language can undermine your company culture and make you seem out of touch. Here are a few out-of-date phrases that small business owners should stop using around Gen Z employees: “Think outside the box.” This phrase has been around for decades and has been used to death. It’s also vague and doesn’t really mean anything to most Gen Z people. Instead of telling your employees to “think outside the box,” give them specific instructions on what you want, along with constructive advice about how to deliver. “Synergy.” This word is often used in business jargon, but it’s actually meaningless. Yes, it’s a real word, but it’s also just a way to sound sophisticated and Gen Z employees have probably heard it too much. Avoid using the word “synergy” and instead be clear and concise in your communication. “Work hard, play hard.” This phrase is often used to justify long hours and overwork. However, Gen Z employees greatly value work-life balance and don’t want to sacrifice their personal lives for their jobs. Instead, focus on creating a positive work environment where employees feel valued and supported. “Face time.” Traditionally meaning spending time with someone in person, this phrase can create confusion with Gen Z employees. In the digital context, “Face time” now refers to FaceTime, the video-calling application. Using outdated meanings of terms can lead to miscommunication and make the business owner appear out of sync with contemporary tech culture. ”Out of pocket.” To Boomers and Gen X, this phrase means “unavailable” or, is used to convey when someone is out of the office. However, to Gen Z, it means something entirely different – “wild and unhinged” or “out of character.” In addition to avoiding outdated phrases, small business owners should also be mindful of their body language and tone of voice when communicating with Gen Z employees. Gen Z employees are more likely to trust and respect leaders who are authentic and approachable. So, what other phrases and language would you suggest avoiding using around Gen Z employees? Please take a moment to share your experiences and suggestions so others can benefit from your input! Go ahead, take a few moments, and contribute to the conversation! Do you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. It’s a $1495 value we are offering in November for only $99. Contact us for dates and times. We offer a 100% money-back guarantee if you don’t leave the workshop confident that you know what to do to grow your company in 2024. So, go ahead and contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business forward!

Why Hosting Thanksgiving Dinner Teaches Us a Great Business Lesson

December 11, 2017 No Comments

Yes; you read the title correctly, hosting Thanksgiving dinner can teach us a very good business lesson. How; you might ask? Well, think about it this way. When Thanksgiving rolls around and you’re hosting dinner, what’s one of the first concerns which goes off in your head? Of course, being anxious about getting the meal cooked right is one. But, equal to that is how much of a mess your home is! You begin to panic. It’s a total mess. Things are everywhere. The floor is dirty. And, you notice just how cluttered it is. Time to do some serious cleaning and organizing. Why Hosting Thanksgiving Dinner Teaches Us a Great Business Lesson It’s a known fact that where you work affects just how you work. For example, if you worked in a chaotic environment, like an elementary classroom, you’d have little choice but to stay well-organized. However, too many business professionals let their workplace become disorganized. And, it causes needless wasting of time. So you’ve got a messy office you’d like to tame. We’ve all been there, and many of us still are there. You may think that the people behind your favorite productivity and organization blogs are immune to such things like clutter and disorganization, but more often than not we’re brimming with organization tips, tricks, and solutions because of our own struggles with disorganization. —Lifehacker.com Now, you might disagree. There are people who believe a messy workplace doesn’t really matter at all. But, it actually does. Organization is a key factor. It’s particularly integral to success. Without organization, there’s too many loose ends. Those can easily become distractions. Or worse, cause serious problems. How to Do Office Organization Right When you ignore disorganization, it inevitably comes back to bite you. It’s a quasi-blind spot. A well-organized workplace has big advantages. First and foremost, it gives you a genuine feeling of control and competence. That directly translates into improved and increased productivity. Second, because it’s organized, you’re more free of pointless or counterproductive distractions. Third, it allows you to put your focus where it bests serves your interests. So, let’s look at how to do office organization right: Purge with purpose. The first step is to get rid of as much junk and useless stuff as possible. Purge everything that’s unnecessary or unusable. Take this seriously and you’ll feel an instant sense of gratification. You’ll also be amazed how much space you free up. Designate catch-it spaces. There are all kinds of things that come into a workspace, be it an office, a workshop, or retail store. So, designate where that stuff goes. For instance, a place for things like an umbrella, bags or briefcases. As well as a place for incoming documents and other things. Basically, live the phrase, “A place for everything and everything in its place.” Keep your workspace clutter free. The single best way to stay organized is to keep clutter away. Don’t ignore junk, things, and stuff that come into your workspace or you’ll fall right back into the same cycle. Keep it free of clutter and you’ll develop a good habit. Prioritize and always act accordingly. Another good habit to develop is prioritizing. It’s a great way to know what’s next and what can wait. A shotgun approach is a sure-fire way to disorganization and confusion. Plus, you’re unlikely to get very much done. How do you deal with junk and get organized? Have you found you’re more productive when your office is neatly organized? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.