Business Education

3 Effective Ways to Emerge from the Pandemic Even Stronger

With every crisis, there is a conclusion. Each economic downturn eventually transforms into recovery. Sometimes, the two are extreme and stark contrasts. Other times, they are mildly separated, yet perceptible. It’s how businesses act and react that is most important. Unfortunately, too many business owners react in a reflexive, impulsive way. Meaning, they don’t fully think through the situation overall, rather they merely act in the moment. Conversely, business owners that see long-term benefit even when there’s an economic downturn. Those companies come out stronger after the crisis passes.

Seize Opportunities When they Arise

Property investors who buy when the real estate market slides hold their assets until the market recovers and sell for a profit. Similarly, investors buy stocks when they fall amidst economic turmoil.

When the crisis subsides, the temptation will be to turn back that progress and retreat into old behaviors. But entrepreneurs need to shift from overload to shared load, and to practices that can transform team performance to find unexpected growth–and lower unsuspected risk. —Inc.com

These savvy people also sell when the prices begin ticking up again. There’s most definitely a pattern here and a lesson to be learned. That being, it’s possible to turn an otherwise bad situation into a beneficial one with the right moves. These individuals understand that the laws of physics do work in reverse when it comes to economic circumstances. Ironically, what goes down must inevitably go up. These people use that counterintuitive dynamic to their advantage.

3 Effective Strategies for Emerging Out of an Economic Downturn

So, just how do some business owners make the proverbial lemonade out of a bowl of lemons? These entrepreneurs don’t get caught in a negative mindset. In fact, they look at things pragmatically and create strategies that benefit them. Here are three ways to come out of an economic downturn stronger:

Know the numbers. The very first thing you need to do is fully understand precisely where your business stands at this point in time. If you don’t know the numbers, any plans you come up with will only reveal the true matter of the situation and this could be very costly. Take the time to get into the numbers to know exactly what you’re dealing with.

Devise a realistic, workable plan. Next, you’ll need to devise a realistic, strategic, and actionable play-by-play plan. It’s okay to look at the big picture, but be sure to address possible scenarios with contingencies. You don’t have to plan for every possible set of circumstances, but you should definitely have ways to work through the most likely.

Invest heavily in strategic relationships. Another smart strategy is to invest as much as you can in strategic relationships. Good entrepreneurs know this intuitively and leverage these relationships in ways that benefit everyone. Come up with ways that are advantageous to all parties involved and work towards those goals.

What other steps would you suggest to overcome an economic crisis? Please take a moment to share your thoughts and experiences; it could prove very helpful to others!

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

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My Biggest, Most Important Client is #!@_&% — How can I Keep Them and Not Go Crazy

February 10, 2022 No Comments

Fill in the blank. Angry, anxious, cheapskate, short-tempered, impatient, annoying, hard-to-please. No one enjoys dealing with difficult business clients, but sometimes we have to. These clients can be demanding, angry, and anxious. They can sap our energy and make us feel like we’re going crazy. But don’t worry – there are strategies for how to deal with them. Running a Business Means Dealing with Challenges No one ever said that running a business would be easy. In fact, it can often be downright difficult to deal with the various challenges and situations that come up. Whether you’re struggling to keep afloat or trying to figure out how to take your company to the next level, there are some effective ways to deal with difficult business situations. Many small business owners have ‘em—you know, the clients who make you cringe when you see that they’re calling. The ones who drain your energy, criticize everything, and are slow to pay. Difficult customers exist in every business, for every company, and even though you may want to kick them to the curb some days, you know that it’s better to keep them if you can. So, how might you keep your difficult clients and your sanity? —American Express The key attributes are persistence and patience. Entrepreneurs who stay the course but don’t rush into things tend to be the most successful over the long term. They push when necessary and recognize futility for what it is. In other words, they act appropriately to the circumstances they experience and do not try to bend reality. Best Strategies for Managing Impossible Clients Dealing with difficult business clients can be a nightmare. They can be demanding, angry, and anxious, and they can really put a damper on your day. However, with the right strategies in place, you can manage them effectively and keep them from ruining your business relationships, like the following: Keep your cool. One of the most important things to remember when dealing with difficult clients is to stay calm and collected. If you start getting angry or frustrated, it will only make the situation worse. Take a few deep breaths and try to relax. This will help you think more clearly and come up with a plan of action. Put on their shoes. Another thing to keep in mind is that these clients are just people. They have their own problems, and they’re probably stressed out too. Try to put yourself in their shoes and see things from their point of view. This will help you understand where they’re coming from so you can better address the problem at hand. Don’t retaliate in anger. If possible, avoid getting into arguments with these clients. You might think this is impossible, but it can be done. Stay calm and collected — even if they’re yelling at you or cussing you out. If necessary, take a break from the situation. Politely end the phone call or meeting and go for walk outside. This will give both parties time to cool down and reset. Walk the walk, talk the talk. Finally, always try to stay professional. These clients are probably already angry and frustrated, so don’t add to the problem by being rude or unprofessional. Address the issue at hand in a polite and respectful manner. You’ll be surprised how much this can help diffuse the situation. What other strategies would you use to deal with difficult customers? Please, take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What to Do with an Unwanted Inherited Business

September 16, 2021 No Comments

Owning a business is not something that everyone aspires to do. Sure, many people like the idea of being their own boss. But, there are definitely individuals who prefer to avoid the stress and anxiety of being an entrepreneur. Of course, there are many different sets of circumstances. For instance, children who follow their parents and run the family business, taking it over after their parents retire. Or, people who unintentionally fall into their own business without actually setting out to do so. For example, someone who inherits a business from a relative. Although this might seem a bit far-fetched, it does happen more often than one would think. So, what options are available to an heir who really does not want to take over the business? Types of Inherited Businesses Probably the most common form of an inherited business is a family company. Usually, the children grow up in and around the operation and are at least familiar with it. Other times, the children aspire to follow their own career path and never work in the organization. Additionally, there are heirs who inherit a family-owned business that they have never really been acquainted with whatsoever. If you’ve inherited a company, there might be a lot of questions on your mind. You might not want to be an entrepreneur, or even if you do, you might prefer to work in a different industry. Even if you’re ready to take on the business, you might be unsure about how to deal with current employees and suppliers. —Nerd Wallet Though these circumstances are far less common, they do occur. One prime example is someone who inherits a commercial property. That property is leased by several other businesses and generates a profit. The owners may not even be directly involved with the day-to-day operation and rely on a firm or individual to handle the necessities. These would include things like maintenance, repairs, negotiating leases, upgrades, and more. What to Do with an Unwanted Inherited Business Your first instinct could be to just sell it and be out of the situation as quickly as possible. But, if it’s generating a consistent profit, that might not be a wise idea. On the other hand, even if it does generate a profit and you’re completely unfamiliar with it, it could turn into a gigantic mess. Here are some possible options to explore: Learn about the business. Regardless if you’re set on selling it or remotely considering taking it over, you’ve got to know what you’re dealing with first. It’s imperative that you educate yourself about the business in order to make an informed decision as to which way to go. Don’t make the mistake of letting your emotions take over. Instead, take at least a little time to understand precisely what it is and more importantly, how much it’s really worth. Consider being an absentee owner. Although this is quite common in the business world, it’s always a risky proposition. And, it’s probably why you don’t want to get involved in the first place. If you let other people run it, you’re putting your trust into others and that could easily lead to a very regrettable set of circumstances. However, if it is something like commercial property and your relative was also an absentee owner, at least give it some serious thought. Invest in the business. If you do want to give it a try, don’t go it alone. Bring in a business coach to guide you through the process of taking on an entrepreneurial role and become familiar with all it takes to head up this type of operation. If you find it isn’t a good fit, you can always sell it and move on. What other suggestions would you give someone in this position? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure. Here’s Why

October 27, 2023 No Comments

Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure: Here’s Why Entrepreneurship is a realm often associated with innovation, risk-taking, and adaptability. However, in the quest for success, entrepreneurs can sometimes fall into the trap of overplanning, meticulously trying to account for every detail. Ironically, this excessive planning, which might seem like a prudent approach, can impede their journey toward success. Why Overplanning is So Counterproductive Overplanning is a common pitfall for entrepreneurs. It can be tempting to spend hours, days, or even weeks crafting the perfect business plan before taking any action. However, overplanning can actually prevent entrepreneurs from succeeding in business. Here are a few reasons why: Overplanning can lead to analysis paralysis. When entrepreneurs spend too much time planning, they can become so bogged down in the details that they never actually take action. This can be a fatal mistake, especially in the early stages of a business when it’s important to be agile and adaptable. Overplanning can lead to missed opportunities. The business world is constantly changing, and entrepreneurs who are too focused on their plans may miss out on new opportunities that arise. For example, if an entrepreneur is spending months developing a new product, they may miss out on the chance to launch a similar product that is in high demand now. Overplanning can lead to wasted resources. Time and money are precious resources for entrepreneurs, and overplanning can lead to a waste of both. Entrepreneurs who spend too much time planning may not have enough time or money to execute their plans effectively. Overplanning can lead to bad timing. An entrepreneur may spend a lot of time developing a new product, only to find that there is no demand for it when it is finally launched. This is because the market may have changed in the period since the entrepreneur started planning the product. Overplanning can lead to counterproductivity. An entrepreneur may spend too much time planning their marketing strategy, and not enough time actually executing it. This can lead to missed sales opportunities. Overplanning can lead to poor ROI. An entrepreneur may overspend on developing their website or other marketing materials, only to find that they don’t generate the desired results. This is because the entrepreneur may have not done enough research to understand their target market and what they are looking for. How Entrepreneurs Can Avoid the Overplanning Trap While planning is indeed a necessity, it can easily be overdone to the point it becomes problematic instead of advantageous. With this in mind, it’s important to know how to stay away from its trap. So, how can entrepreneurs avoid overplanning? Here are a few tips: Set a deadline for your planning. Give yourself a reasonable amount of time to develop a business plan, and then stick to that deadline. Don’t let yourself get bogged down in the details. Focus on the most important things. When you’re planning your business, focus on the most important things, such as your target market, your value proposition, and your financial projections. Don’t worry about the less important details until later. Be flexible and adaptable. Be prepared to change your plans as needed. The business world is always changing, and entrepreneurs need to be able to adapt their plans accordingly. Take action. Don’t wait until your plan is perfect to start taking action. The best way to learn is by doing. So, get out there and start testing your ideas. While planning is undeniably essential in entrepreneurship, there is a fine line between thoughtful preparation and overplanning. Entrepreneurs must strike a balance, embracing the unpredictable nature of the business world. Flexibility, adaptability, and a willingness to learn from mistakes are qualities that can propel entrepreneurs to success. By avoiding the pitfalls of overplanning, entrepreneurs can successfully navigate the challenges of entrepreneurship with agility and resilience, increasing their chances of long-term success in the ever-changing business landscape. 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: By phone 602-435-5474 Visit Waters Business Consulting Group By email: Steve@WatersBusinessConsulting.com