Business Leaders This Responsibility Rule Exemption Doesn’t Apply to You

It’s the dreaded, seemingly unbelievable news Apple warned its investors about earlier this month. The sales of its most important product, the iPhone, free-fell by 15 percent. Since these devices account of 60 percent of Apple’s business, that’s a big, big deal. Overall, the tech company’s sales dropped 5 percent; a sizable setback, indeed. How Setbacks can Impact Businesses What this demonstrates, quite starkly, is that no company is immune from setbacks. No matter how popular their products and/or services. Regardless of the economic climate. Despite strong consumer sentiment. Any business can suffer setbacks. Reconnecting with the determination that’s helped you succeed takes re-examining your strengths and a little creativity. When challenging scenarios have you hanging your head, shore up your confidence with these skills so you can get back up, dust yourself off and look the challenge in the eye to overcome. —Forbes.com It’s not just monetary losses, either. When a setback occurs, it can shatter confidence. So much it’s difficult to get it back again. In other words, a setback can not only take away from the bottom line, it can take an emotional, psychological toll. And, these shouldn’t be understated. Ways Businesses can Overcome Setbacks So, just how do businesses deal with setbacks? What can they do to turn things around and get back into a positive groove? Here are some effective ways to deal with setbacks: Face it head-on. There’s no sense in denying reality. Acknowledge the situation to start to understand just what’s happening. And, take comfort in the fact that you’re now a bit wiser for the experience. Avoid the blame game. Sure, there’s probably a person or two you can point to as the culprit(s). But, this is only useful in getting to the core of the problem itself. Playing the blame game does nothing to move you forward. Identify the source, accept it, and move on from there. Give it a little time. Instead of just jumping into a fix, allow some time for introspection and reflection. If you hurry, you’ll probably only make things worse for rushing into the first rash solution. Impatience is very powerful at undermining because it takes time to heal. Move forward with caution. If you take your time, you’re much more apt to pinpoint the problem points and come up with workable, realistic solutions. Proceed with caution and then, if there’s headway, push past your comfort zone. After all, if you step outside of your comfort zone, you’re bound to see things in a totally different way than before. How do you deal with setbacks? What other remedies would you recommend people try? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The T-Mobile-Sprint merger is generating a plethora of headlines. Some think it’s a bad idea. Others believe it will provide certain benefits. Still others don’t see a clear winner. Regardless of where you stand, it does raise a few interesting questions. We all understand what a merger is — the combining of two entities into one. But, there’s a lot more to it than just this simple explanation. The truth is, there are distinct advantages and disadvantages of merging two organizations. Common Merger Disadvantages Let’s begin with one of the most obvious pain points — employee morale. The reason two brands come together is to improve their performance. However, this often means the elimination of duplicate roles. And, rank-and-file employees instinctively know this fact. Another downside to merging is that it can create more debt. Teaming up means taking on the balance sheet obligations, which can easily become problematic. …making changes to your business include the economic and political climate in which you operate. Determine whether tax or trade laws in your region are friendly toward the types of modifications you want to make. You may come to the conclusion that now is a good time to move forward with the desired alterations or you may elect to wait for circumstances to change in your favor. —Bix Fluent.com Then, there’s another intangible — company cultures. One organization might operate with a completely different dynamic than the other. Which might manifest trouble when the two become one entity. Of course, merging means the essential elimination of the top decision maker. Instead, there are at least a few people on either side of the aisle. Biggest Merger Advantages Now, let’s take a look at the upsides of merging. The point of coming together is to improve the performance and ensure a better future for both companies. Here are the top merger advantages: Improved efficiency. We’ve already partially mentioned this but here’s the other side of eliminating redundant positions — increased efficiency. A merger can provide a new environment to improve efficiency on many levels. New territories. When two companies come together, it’s likely that one (or both) parties will benefit from the introduction of new territories. It’s a way to tap into market share without undergoing the growing pains. Cost-effective expansion. Speaking of growing pains, a merge creates an opportunity to expand without all the normal hassles. It allows for the identification of the best assets, which means increased productivity. Multiple growth opportunities. Two previously competing businesses combined as one opens up a number of growth opportunities. Instead of working to beat one another, they now work in unison toward one or more goals. What other consideration would you factor into such a decision? What experiences have you had in this scenario? Please feel free to share your thoughts by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.