Business Education

Now Might be an Opportune Time to Expand Your Business — Here’s Why

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.

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Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power

September 13, 2023 No Comments

Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power Entrepreneurship is often seen as a journey filled with highs and lows, successes and setbacks. One of the most significant challenges entrepreneurs face is rejection. Whether it’s rejection from investors, customers, partners, or even employees, it can be disheartening and discouraging. However, rejection doesn’t have to be the end of the road; in fact, it can be a powerful catalyst for growth and success. 7 Effective Ways Small Business Owners Can Overcome Rejection and Turn it Into Power Rejection is an unavoidable part of life, but it can be especially tough for entrepreneurs. After all, they are constantly putting themselves out there, pitching their ideas, and trying to win all sorts of people over. When they get rejected, it can be easy to feel discouraged and give up. Fortunately, there are a number of ways to cope. Even better to get over the sting and turn a negative into a positive. Of course, this takes time and a considerable amount of practice before becoming a healthy behavior. However, if you learn to use these strategies, they’ll eventually feel natural. 1. Embrace Resilience Resilience is the ability to bounce back from setbacks, and it’s a trait that successful entrepreneurs cultivate. Instead of dwelling on rejection, view it as an opportunity to build resilience. Understand that setbacks are a common part of the entrepreneurial journey and that they can make you stronger and more determined. 2. Reframe Rejection as Feedback Rejection often provides valuable feedback that can help you refine your business idea, product, or pitch. Instead of taking rejection personally, view it as an opportunity to gather insights and make improvements. Analyze the reasons behind the rejection and use this feedback to refine your approach. 3. Maintain a Growth Mindset A growth mindset is the belief that your abilities and intelligence can be developed through dedication and hard work. Entrepreneurs with a growth mindset view rejection as a chance to learn and grow. They see challenges as opportunities to acquire new skills and knowledge, which can ultimately lead to success. 4. Seek Support and Mentorship Entrepreneurship can be a lonely journey, but you don’t have to go through it alone. Seek out support from fellow entrepreneurs, mentors, or business advisors – even family and friends. They can offer guidance, perspective, and encouragement during challenging times. They’ve also faced rejection and can share their experiences and strategies for overcoming it. 5. Stay Persistent Persistence is a key trait of successful entrepreneurs. Rejection should not deter you from pursuing your goals. Use rejection as fuel to drive your determination and persistence. Keep pushing forward, even when faced with obstacles. Remember that many successful entrepreneurs faced numerous rejections before achieving their goals. 6. Develop Emotional Intelligence Emotional intelligence involves understanding and managing your emotions effectively. It’s crucial for handling rejection in a healthy way. Instead of reacting emotionally to rejection, take a step back, assess your feelings, and develop the emotional intelligence to respond thoughtfully and constructively. 7. Refine Your Pitch and Presentation If you’re facing rejection from investors or customers, it may be time to revisit your pitch or presentation. Seek feedback from trusted sources and refine your approach. A well-crafted pitch can significantly improve your chances of gaining support. Two Other Key Strategies for Transforming Rejection into Power Also, stay focused on your vision. Rejection can be distracting, pulling your focus away from your ultimate vision. Remind yourself of your long-term goals and stay committed to your vision. A clear sense of purpose can help you stay motivated and resilient when it counts the most. And, be sure to use rejection as motivation. Instead of allowing rejection to demotivate you, use it as a source of motivation. Let the desire to prove doubters wrong fuel your determination to succeed. Many entrepreneurs have turned rejection into a powerful driving force for their businesses. What We’ve Learned Rejection is an inevitable part of the entrepreneurial journey, but it doesn’t have to be a roadblock. If you can overcome rejection, you will be well on your way to entrepreneurial success. So don’t let it stop you from achieving your dreams. Remember that many successful entrepreneurs faced rejection before achieving their goals, and it’s often those who persevere through rejection who ultimately find success. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer. You can phone 602-435-5474 or send us an email.

The ‘Ghost Money’ Formula: How Small Businesses Can Hand Out Meaningful Annual Bonuses Without Draining the Bank

November 26, 2025 No Comments

Small businesses and bonuses aren’t synonymous. Such “lavish” gifts are associated with big companies and organizations with tons of employees, bringing in oversized profits. But there’s no denying the benefits of bonuses: increased motivation and productivity, improved morale and retention, and better alignment with company goals. However, small businesses often operate on small margins or moderate profits, making every expense count. So, how can a small company reap the benefits of giving employees bonuses when money is tight?

Entrepreneurs Avoid the Top Mistakes that Put New Companies Out of Business

March 30, 2023 No Comments

Starting a new business is an exciting venture, but it’s important to be aware of the risks involved. According to research, about 20% of new businesses fail in their first year, and about 50% fail within five years. While there are many factors that can contribute to business failure, some are more common than others. Big Mistakes New Entrepreneurs should Avoid The numbers above aren’t the only ones that are out there. Other studies reveal the new business failure rate is as high as 75% (depending on how “failure” is defined.) However, most findings agree fewer than half will survive long enough to celebrate their fifth year in business. …being an entrepreneur and founding a successful startup is difficult. It’s a long and difficult road, and you will make mistakes, regardless of how hard you try not to. In fact, there are a few common mistakes that entrepreneurs make, especially during their first time attempting to start a business. Thankfully, the key to mitigating risk from those mistakes, and hopefully avoiding them altogether, is understanding as much about them as possible. —Forbes.com What’s more, of the less than half that do make it to their fifth year, a mere 33% of those entities will go on to celebrate their tenth year in business. So, let’s take some time to explore the most common reasons new businesses go broke and how entrepreneurs can avoid failing. Lack of Market Research One of the most common reasons new businesses fail is a lack of market research. It’s important to understand the needs of your target audience, as well as the competition, in order to create a successful business. Entrepreneurs who skip this step may find that their product or service is not in demand, or that they are unable to compete with established businesses in the industry. To avoid this mistake, conduct thorough market research before launching your business. This may involve surveys, focus groups, or other methods of gathering feedback from potential customers. By understanding the needs of your target audience and the competition, you can create a business that is more likely to succeed. Poor Financial Planning Another common reason new businesses fail is poor financial planning. Entrepreneurs may underestimate the costs involved in starting and running a business or fail to secure adequate funding to cover these costs. Additionally, some entrepreneurs may overspend on non-essential items, such as fancy office spaces or unnecessary equipment. To avoid this miscalculation, create a detailed business plan that includes financial projections and a budget. This can help you estimate the costs involved in starting and running your business, as well as identify potential sources of funding. It’s also important to keep track of your expenses and income and to adjust your budget as needed. Lack of Marketing and Branding Even if your product or service is high-quality, it’s important to effectively market and brand your business. Entrepreneurs who fail to do so may find that they are unable to attract customers or establish themselves as a reputable business. To avoid this blunder, create a marketing plan that includes branding, advertising, and other promotional efforts. This may involve creating a logo and website, networking with potential customers and industry professionals, and investing in online and offline advertising. Poor Management Effective management is key to the success of any business. Entrepreneurs who lack management experience may struggle to make important decisions, delegate tasks, or create a positive company culture. Additionally, entrepreneurs who try to do everything themselves may become overwhelmed and burned out, which can negatively impact the business. To avoid these missteps, hire experienced managers and delegate tasks effectively. It’s also important to create a positive company culture that promotes productivity, teamwork, and employee satisfaction. Inflexibility Finally, entrepreneurs who are unwilling or unable to adapt to changing market conditions may struggle to keep their businesses afloat. This may involve being unwilling to pivot the business model, invest in new technologies, or adjust pricing and marketing strategies. To avoid this foil, remain open-minded and adaptable. This may involve regularly monitoring market conditions, soliciting feedback from customers, and being willing to make changes when necessary. As we all know, starting a new business is a risky endeavor, but by avoiding common mistakes and implementing effective strategies, entrepreneurs can increase their chances of success. What other mistakes would you include and warn entrepreneurs about? Please take a few brief moments to share your experiences and more so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.