Business Education

Now is the Perfect Time to Plan for the Next Big Disruption

Pandemics, natural disasters, and other unfortunate events might be a rarity, but they do happen. While it’s certainly possible we may not experience a major event in the near future, it’s irresponsible to ignore the possibility. After all, there’s an undeniable truth to the old adage, “Better safe than sorry.” Even if it is only a minor occurrence, being prepared is just plain smart.

Fortune Favors the Prepared

You’ve no doubt heard the expression, “Fortune favors the prepared.” The reason it’s been around so long, is because it’s proven true time and time again. When you have a plan in-place, you’re much less likely to panic. Stress and anxiety are very powerful emotions which can cause you to make rash decisions. And, everyone knows that making decisions in a rush often leads to worsening already bad situations.

Today’s business landscape has several unique features, which will add new complexities on top of the historical playbook. This makes it important for business leaders to prepare for the specific circumstances of the next downturn, as well as exploiting the right lessons from the past. —Harvard Business Review

So, knowing what you’re going to do in advance provides you with an immense advantage. You’ll be able to follow along a predetermined path. At the very least, you’ll have parameters in-place to help guide you, should your plan not be totally applicable.

Planning for the Next Big Disruption

We’ve already gone over some of these points before, but most, if not all, warrant repeating. When you prepare, it’s much easier to take decisive action, virtually eliminating the need to debate a course of action. Here are some helpful tips for how to plan for the next unplanned event:

Ready your team for truly remote capabilities. When the impact of the novel coronavirus was foreboding and uncertain, precautionary steps were the only responsible thing to do. If you allowed your employees to work from home, they did so on the fly. And, since reopening, might have returned part- or full-time to the office. However, they probably did not have and still don’t have all the necessary resources to truly work remotely. Put those tools in place now and this will offer you a more seamless transition if needed in the future.
Prepare your place of business. We previously discussed protecting a business from vandalism. Although this is unpleasant to think about, it is something that you should plan for. Having the right security and structural preparedness is a necessity to limit damage caused by vandalism. Additionally, you should have prevention and recovery tools in place for other events, like natural disasters, criminal activity, and other unfortunate events.
Streamline your organization. Due to the global pandemic and subsequent shutdowns, many businesses furloughed or outright terminated employees. But, expenses remained, despite a marked decrease or near complete cutoff of earnings. While you may have made some temporary adjustments or even cut some expenses out altogether, now is an ideal time to re-examine your operations, pinpointing duplication, inflated expenses, and other unnecessary elements.

The overall point being, even if you managed to pull through this last disruption, you may not be able to do so again. Now is an ideal time to plan ahead put in place measures so they are ready to go at a moment’s notice.

What other suggestions do you have getting prepared? Please, take a moment to share your thoughts and experiences by commenting and benefiting others!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Best Ways to Manage Your Time and Energy

May 24, 2017 No Comments

Building a business isn’t easy and it requires a lot of time and energy to be successful. For the majority of entrepreneurs, challenges are met by putting in long hours and trying to be more productive. However, this leaves little time for family and friends, exercise, and hobbies. While it’s generally accepted as just part of the cost of doing business, eventually, a hectic schedule and overdrive pace will take its toll. This can lead to health issues, deteriorating relationships, and personal dissatisfaction. You might also come to despise your own creation and view it as a curse, rather than a blessing. Best Ways to Manage Your Time and Energy If your business is an energy drain, it will do more damage than just make you tired. It will also cause you to make decisions that aren’t necessary in your best interest or your employees’. You’ll probably begin to rationalize assigning certain responsibilities to different team members, it won’t necessary be for the good of the company, but rather, just to give you a break. That’s not a good practice and will lead to even more poor decisions. The core problem with working longer hours is that time is a finite resource. Energy is a different story. Defined in physics as the capacity to work, energy comes from four main wellsprings in human beings: the body, emotions, mind, and spirit. In each, energy can be systematically expanded and regularly renewed by establishing specific rituals—behaviors that are intentionally practiced and precisely scheduled, with the goal of making them unconscious and automatic as quickly as possible. —Harvard Business Review If you feel tired, unenthusiastic, and generally uninterested, it’s because this very phenomenon is happening to you, and, it’s time to realize its unhealthy impact and do something about it. Your energy, like your time, as the nearby quote states, is finite. Both must be managed in order for you to be productive and content. If you’re not productive and content, then, you’re sabotaging your own company, and doing your employees and customers a disservice. The best way to manage your energy is to manage your time and here are some ways you can improve your time management skills: Create useful lists. One reason people tire is they are hand-wringing over what needs to be done and that often wastes enough time to cause them to rush. When you write down a list, you have a clear, actionable plan. Prioritize your lists and entries to ensure that you have ample time for what’s most important. This might take some time to master, but, eventually, you’ll become more organized and discover how much time was wasted when you didn’t have lists to follow. Minimize company meetings. The not-so-subtle truth about meetings is nothing actually gets done. Okay, so you lay out a course of action, or, come-up with a strategy, but, you don’t execute during meetings — you execute after them. So, keep company meetings to a minimum to increase productivity. Take advantage of waiting times. You wait in traffic, you wait at the doctor’s office, you wait, you wait, you wait here and there. What’s more, you’re fully aware of the fact that waiting means time is being wasted. So, make it productive. These are great times to go over or create to-do lists, write out a grocery list, reply to email, make a phone call, the possibilities go on and on. Stop trying to multitask. There’s a persistent myth that multitasking is a way to get more done in less time. However, when you multitask, you’re asking your body, mind, and senses to do something that isn’t natural. It’s counterproductive and conducive to making mistakes. Instead, focus on one thing at a time to do it right. Delegate responsibilities. Delegating doesn’t have to be a four-letter word. It’s part of being a good leader and giving others the power to unleash their own potential. It’s also a great way to avoid multitasking and get more done. When you accomplish something, be sure to reward yourself. Do so in a healthy, upbeat way and without excess. You’ll find that you enjoy what you do more and be more optimistic about the future. As you transition into 2016, knowing you have a finite amount of time to achieve your goals with the energy you have, what will you do different to better manage your time so that you remain energized, productive and get results? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Thinking About Rebranding Your Small Business? Here’s What You Really Need to Know

August 4, 2023 No Comments

After Elon Musk rebranded Twitter to X, the move probably got a lot of small business owners thinking. However, rebranding is a strategic decision that small businesses may contemplate as they evolve, adapt to market changes, or seek to revitalize their image. When done correctly, rebranding can breathe new life into a business, attract new customers, and strengthen brand loyalty. Although, it is a complex process that requires careful planning and consideration. What You Need to Know about Rebranding a Small Business With all that in mind, it’s very important to diligently explore what small businesses should consider when thinking about rebranding and examine the pros and cons of undertaking a rebranding initiative. Then, carefully and strategically think about different scenarios, and play out some strategies, while taking a few contingencies into account, too. Considerations for Rebranding a Small Business First and foremost, small businesses should clearly define the purpose of rebranding and set specific goals. Rebranding may be aimed at targeting a new audience, differentiating from competitors, updating an outdated image, or reflecting a change in the business’s mission. Ask yourself, what are your brand’s strengths and weaknesses? What do your customers know and love about your brand? It’s important to have a clear understanding of your current brand identity before you start rebranding. This will help you avoid making changes that will alienate your existing customers. Then, take some time to factor in and act on the following: Market research. Comprehensive market research is essential to understand customers’ perceptions, preferences, and pain points. This data will inform the rebranding strategy, ensuring it aligns with customer expectations and demands. Brand identity. Rebranding involves more than just changing a logo or name. It extends to the business’s values, personality, and overall identity. Small businesses must be prepared to redefine their brand essence. Competitive analysis. Evaluating competitors’ branding strategies can offer valuable insights. A successful rebrand should differentiate the business from competitors and communicate a unique value proposition. Customer feedback. Gathering feedback from existing customers can help identify areas for improvement and ascertain whether rebranding is necessary or well-received. Financial implications. Rebranding can be a costly undertaking, so it’s important to factor in the cost before you make a decision. There are a number of factors that will affect the cost of rebranding, including the size of your business, the scope of the rebrand, and the fees of the branding agency you work with. Rebranding can be a significant investment. Small businesses must carefully assess the financial impact and budget accordingly. Employee buy-in. Rebranding affects employees, and their support is crucial. Engage them early in the process, explain the reasons behind the rebrand, and involve them in shaping the new brand identity. Rebranding is a big decision for any business, but it can be especially daunting for small businesses. There are a lot of factors to consider, and it’s important to weigh the pros and cons carefully before making a decision. Pros of Rebranding a Small Business Now that we’ve gone through some of the basics, let’s go ahead and list the advantages of a rebrand. Of course, this isn’t an exhaustive list, but it includes the most pertinent. Here are the biggest benefits of rebranding a small business: Fresh impression. Rebranding presents an opportunity for a fresh start, allowing the business to shed any negative associations or outdated perceptions. Attracting new customers. A successful rebrand can attract new customers who may have overlooked the business previously. It can also re-engage dormant customers. Competitive edge. By strategically positioning the brand in the market, rebranding can create a unique selling proposition, setting the business apart from competitors. Increased brand equity. A well-executed rebrand can boost brand equity and strengthen customer loyalty, leading to higher customer retention rates. Adaptation to market changes. Rebranding enables small businesses to adapt to changing market trends, preferences, and demands, ensuring long-term relevance. And, last but certainly not least – expansion and diversification. If a business expands its product or service offerings or enters new markets, rebranding can reflect these changes and signal growth. Cons of Rebranding a Small Business Obviously, there are always downsides. When a company undergoes such a change, it can have certain drawbacks that you’ll naturally want to avoid or mitigate as much as possible. So, here are the most common pitfalls of rebranding a small business: Cost and resources. Rebranding can be expensive and resource-intensive, impacting a small business’s budget and operations. Customer confusion. Sudden and drastic rebranding can confuse existing customers, leading to a temporary drop in sales and loyalty. Time-consuming process. Rebranding is a time-consuming process that requires meticulous planning, design, and execution. It can divert attention from day-to-day operations. Brand equity erosion. If not executed well, rebranding can erode existing brand equity, resulting in lost customer trust and a weakened market position. Also, consider a possible negative perception. Some customers may perceive rebranding as a sign of instability or desperation, impacting the business’s credibility. Summing It All Up Rebranding is a strategic decision that small businesses should approach with careful consideration. By conducting thorough market research, defining clear goals, and involving employees, small businesses can increase their chances of a successful rebranding initiative. While rebranding offers numerous benefits, it is essential to weigh the pros and cons to determine if it aligns with the business’s long-term objectives. When done thoughtfully, rebranding can be a powerful tool for small businesses to evolve, adapt, and thrive in a dynamic market landscape. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Economists Call It Induced Demand, Entrepreneurs Refer to It as a Learning Curve – But the Lesson is the Same

August 28, 2024 No Comments

Economists Call It “Induced Demand,” Entrepreneurs Refer to It as a “Learning Curve” – But the Lesson is the Same Decades ago, California attempted to alleviate and lighten heavy traffic congestion on its highways by adding more lanes. Upon completing construction, the new thoroughfares opened, and, congestion significantly dissipated. Then, gradually, traffic became heavier and heavier. Eventually, the very problem the state tried to tackle returned, but there were more vehicles than before, and traffic moved even slower. The new travel lane additions didn’t solve the problem – they only made congestion worse. Economists call this phenomenon “induced demand.” This term is a fancy way to say it entices and causes more people to use something. The concept of induced demand, first proposed by economist Anthony Downs in his 1982 book “Stuck in Traffic,” suggests that increasing road capacity may not diminish traffic congestion due to the Triple Convergence Theory. This theory posits that new capacity attracts three types of travelers: those who change routes, those who adjust their travel times, and those who switch modes of transportation to driving. These shifts in behavior lead to increased usage of the new capacity, negating the intended benefits of reduced congestion. The lesson in the California road expansion project is simple – the state planned based on theory and had little to no quantifiable data that widening the highways would work. Although it seems perfectly logical to add additional lanes to lessen traffic congestion, the reaction by motorists wasn’t fully considered. And, it’s this very intention that can land entrepreneurs into considerable trouble. Why Entrepreneurs Should Carefully Experiment Before Fully Committing Growing a business can be a challenging process, and it’s easy to make mistakes that can cost time and money. So, you need to be prepared and understand a few things before you attempt to move forward. Now, here are some strategies entrepreneurs can use to avoid expensive or time-consuming mistakes when growing their businesses: Start with thorough market research. Before expanding, conduct detailed market research to understand your target audience, competitors, and industry trends. This will help you make informed decisions and avoid costly mistakes. Then, take the time to develop a solid business plan. Create a comprehensive business plan that outlines your growth strategy, target market, financial projections, and potential risks. This will help you stay focused and make better decisions. Next, learn to lean on your strengths and do the following: Focus on your core competencies. Stick to what you do best and avoid diversifying too quickly. Expanding into new markets or products can be risky and expensive. Invest in technology. Leverage technology to streamline operations, improve customer experience, and increase efficiency. This can help you scale your business without incurring significant costs. Build a strong team. Hire the right people and invest in their development. A strong team can help you avoid costly mistakes and drive growth. Remember, to succeed, you need to rely on others to help you accomplish your ultimate goals because you can’t do it all on your own. Monitor cash flow. Keep a close eye on your cash flow to ensure you have enough money to cover expenses and invest in growth. Try to avoid debt as much as possible. The less you owe, the more options you’ll have. Freeing up resources will do wonders when you experience leaner times. Be agile and adaptable. Be prepared to pivot your strategy if market conditions change or if you encounter unexpected challenges. Unfortunately, too many entrepreneurs become stubborn and refuse to make adjustments, typically leading to unpleasant results. Learn from mistakes. Use mistakes as learning opportunities and adjust your strategy accordingly. When you do this, you’ll build a healthy habit. One that will allow you to reevaluate situations and change direction to avoid bad results. Seek professional advice. Consult with experts, mentors, or advisors who can provide valuable insights and guidance. It’s highly advisable to speak with an experienced business consultant who can provide you with the right advice. And obviously, stay organized and focused. Keep track of your progress, set clear goals, and stay focused on your priorities. By following these strategies, entrepreneurs can avoid expensive or time-consuming mistakes and increase their chances of successfully growing their businesses. 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,