3 Big Reopening Mistakes Businesses should Avoid

Any experienced financial advisor will tell his or her clients to buy when the market experiences a downturn. “Everything is on sale,” is the old adage, and for good reason. If an investor rides the roller coaster, he or she will make up any “paper losses” only to add real gains later on. Business owners know this but are often too afraid to take the risk. Then, later regret not seizing the opportunity. Why Economic Downturns Create Opportunity Most economic downturns hurt a variety of industries. By the same token, that creates opportunities for those unaffected, and even those who are. Here’s an example. A construction business will probably suffer during an economic downturn as more people will attempt to go the DIY route. But, once the homeowner gets in over his or her head, they’ll need a professional. Entrepreneurs are often reluctant to spend money to make acquisitions, expand capacity or open new markets during an economic downturn. However, downturns can be an ideal time to invest in your business. Every recession creates opportunities for innovative entrepreneurs. And inaction doesn’t mean safety in uncertain times. Rather than simply hope things will get better, you should act to improve your operations and position yourself for growth when the economy recovers. —Business Development Bank of Canada The contractor who continues to aggressively market their services will likely be the one to benefit. Because their competition will likely cut back on advertising and maybe even layoff crew, the construction firm that remains publicly out front will reap the rewards of strategic marketing. Meanwhile, those who pulled back will only continue to shrink. 3 Reasons Now is the Time to Expand Your Business Even though just about everyone knows that a bear market presents opportunity, a good percentage will err on the side of caution, rather than taking a risk. So, it’s important to know the rewards that favor those who seize the opportunity. Here are three reasons now the time to expand your business: Commercial real estate is slow. Because of the nature of this economic downturn, commercial real estate is in a slump. That means you can use the circumstances to your advantage and negotiate a favorable deal. With a little bit of swagger and confidence, and a keen eye on opportunity, it’s possible to negotiate aggressively and score a real win. Remote work costs less than on-site. It’s no secret that remote workers cost substantially less than on-site employees. This is a great way to expand your workforce while getting a substantial discount and expand your business as a result. This also allows you to streamline your processes to get more productivity without paying more for it. There’s a larger pool of talent available. When the economy slides, many talented individuals become unemployed. That means, if you’re discerning enough, you can put their advanced skill sets to work for your business. What’s more, motivated and successful individuals will most likely come to you, while lackluster individuals and people who aren’t ambitious won’t. What other suggestions do you have for expanding a business? Please share your thoughts and experiences by commenting and giving others some ideas! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Public speaking is a skill that many business owners must master to succeed in their ventures. Whether it’s delivering a sales pitch, presenting to investors, or addressing a room full of employees, effective communication is essential for building credibility and fostering connections. However, fear of public speaking is a common obstacle that can hinder business owners from reaching their full potential. 5 Methods Entrepreneurs Can Use for Getting Over the Fear of Public Speaking It’s generally known that public speaking is a widespread fear plaguing many people, but it can be especially daunting for business owners. After all, as a business owner, you need to be able to speak in front of different groups of people on a regular basis. If you’re a business owner who’s afraid of public speaking, don’t worry – you’re not alone. There are plenty of effective tips and tricks that can help you overcome your fear and become a more confident public speaker. 1) Understand and Acknowledge Your Fear Let’s begin with the obvious. The first step in overcoming any fear is to acknowledge its presence. Recognize that feeling nervous or anxious about public speaking is entirely normal. Understanding the root cause of your fear can be helpful as well. Is it a fear of judgment, making mistakes, or forgetting what to say? Identifying these triggers allows you to address them directly and work on building your confidence. 2) Prepare Thoroughly Preparation is the key to reducing anxiety and boosting confidence in public speaking. Rehearse your speech or presentation multiple times to internalize the content. Familiarity with your material will help you feel more in control and less likely to forget important points. Create an outline or use note cards to keep you on track during your presentation. 3) Start Small and Build Gradually If public speaking terrifies you, begin by speaking in front of smaller, more supportive groups. Consider joining local networking events, workshops, or even speaking clubs. These environments offer a safe space to practice your speaking skills and receive constructive feedback. 4) Visualize Success Visualization is a powerful tool used by many successful public speakers. Close your eyes and imagine yourself delivering a confident and engaging presentation. Picture the audience responding positively to your words. Visualization can help boost your self-assurance and create a positive mindset before the actual event. 5) Focus on the Message, Not Perfection Rather than striving for flawless delivery, concentrate on conveying your message effectively. Audiences appreciate authenticity and passion. Let your enthusiasm for your topic shine through, and don’t worry about minor mistakes. Remember that mistakes are a natural part of public speaking, and they often go unnoticed or are dismissed by the audience. With a little practice and effort, you can overcome your fear of public speaking and become a more confident business owner. Remember, you’re not alone. Many people are afraid of public speaking, but it’s a skill that can be learned with practice. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Tips for Holding Employees Accountable without Being Rude or Micromanaging Them Holding employees accountable is a vital aspect of effective leadership. However, finding the balance between accountability and maintaining a positive work environment can be challenging. Micromanaging or being rude can lead to demotivated employees and a toxic workplace. How Small Business Owners Can Effectively Hold Their Employees Accountable Again, holding employees accountable is an important part of being an owner or manager. It helps to ensure that employees are meeting expectations and that the team is on track to achieve its goals. Still, it is essential to hold employees accountable in a way that is respectful and does not micromanage them. Here are some tips for holding employees accountable without being rude or micromanaging them: Set clear expectations. Establish clear, specific, and measurable goals for each employee. When expectations are transparent, employees understand what is required of them, making it easier to hold them accountable. Discuss these expectations openly during meetings or performance reviews. Encourage ownership. Encourage employees to take ownership of their tasks and projects. When employees feel a sense of ownership, they are more likely to hold themselves accountable. Foster an environment where employees feel responsible for their work, and acknowledge their achievements and responsibilities. Communicate effectively. Open and honest communication is key. Provide regular feedback, both positive and constructive. Clearly communicate the impact of their work on the organization, emphasizing the importance of accountability for overall success. Listen actively to their concerns and be receptive to their feedback. Implement Key Performance Indicators (KPIs). Establish specific Key Performance Indicators (KPIs) that align with organizational objectives. Regularly monitor these KPIs and discuss progress with employees. This data-driven approach makes it easier to objectively assess performance and hold employees accountable for their results. Provide adequate resources. Ensure employees have the necessary resources, tools, and training to fulfill their responsibilities because a lack of resources can lead to unmet expectations. Regularly assess their needs and address any gaps promptly. Adequate resources empower employees to be accountable for their tasks. Encourage problem-solving. When issues arise, encourage employees to participate in problem-solving. Instead of imposing solutions, involve them in finding resolutions. This collaborative approach fosters accountability as employees take responsibility for implementing the solutions they propose. Recognize and reward accountability. Acknowledge and appreciate employees who demonstrate accountability. Publicly recognize their achievements and efforts. Rewards, both monetary and non-monetary, can motivate employees to maintain their accountable behavior. Celebrating accountability creates a positive reinforcement loop within the workplace. Lead by example. Leadership sets the tone for the entire organization. Demonstrate accountability in your actions and decisions. When employees see leaders taking responsibility, they are more likely to follow suit. Be transparent about your own challenges and how you overcome them, emphasizing the importance of accountability. Foster a supportive environment. Create a supportive work environment where employees feel comfortable asking for help or clarification. Encourage teamwork and collaboration. When employees feel supported, they are more likely to be accountable, knowing they can seek assistance when needed. Lastly, be sure to address accountability lapses, but do so professionally. If an employee consistently fails to meet expectations, address the issue professionally and respectfully. Schedule a private meeting to discuss concerns, providing specific examples of their behavior. Offer support and resources to help them improve. Approach the situation with empathy, understanding that everyone faces challenges. Right now, you can get John Waters’ latest book for FREE! (Currently selling for $19.95 on Amazon). This inspiring book titled “Profit by Design: The Blueprint to Successfully Scale Your Business and Regain Your Freedom” is a must-read for business owners who want to do just that! Request your FREE copy in any of the following ways: Phone 602-435-5474 Visit Waters Business Consulting Group Send a quick email: Steve@WatersBusinessConsulting.com