Business Education

How Businesses can Deal with Inventory Supply Shortages

Inventory supply shortages will happen. Sometimes, it’s due to overwhelming consumer demand, leaving businesses unable to keep stock. Other times, like now, inventory supply shortages occur as a result of material shortages and/or manufacturing issues. At this time, lumber and other essential construction materials are in short supply. Likewise, computer processing chips are also limited in supply. So, if this happens to your business, you need to be prepared.

Inventory Shortages are Inevitable

There’s no such thing as unlimited supply when it comes to material inventory. Whether it’s a disruption in the supply chain or sudden and unexpected limit of raw materials, the end result is the same — businesses can’t keep their shelves stocked. When put in this precarious situation, sales are inevitably affected, usually negatively.

COVID-19 has had a disruptive effect on the global supply chain, and small businesses are not immune. An average of more than 30% of American small business owners across sectors still reported a disruption to their supply chain in June 2020 data, months into the pandemic. Supply-chain disruptions can affect small businesses in many ways: They can reduce revenue, inflate costs, cut into market share, or cause issues with production—all of which can damage a company’s bottom line. —The Balance Small Business

Of course, a drop off in sales can be temporary and inflict minimal damage. But, a prolonged shortage will certainly cause a lot of monetary damage. If there’s enough inventory missing for a long enough period of time, it can spell the end of a business altogether.

Ways Businesses can Deal with Inventory Supply Shortages

When inventory supply shortages occur, it’s only prudent to react with strategic means. Business owners must act immediately, particularly if there’s a sense the shortage will go on for a lengthy period of time. Here are four ways businesses can deal with an inventory supply shortage:

Explore alternative vendors. Fortunately, there are usually a few or more vendors who supply businesses with the same types of inventory. Even a source that’s a bit more expensive can be worthwhile if it keeps customers coming through the door. (And, better still, if competitors aren’t willing to pay a higher sourcing price.)
Clearly communicate with customers. There’s simply nothing good that can come from not being totally up-front with your customers. In fact, there’s hardly more that is counterproductive. If you experience an inventory supply shortage, let your customers know what’s going on — especially if it’s expected to last for a significant amount of time.
Tap into super-sized, large bulk orders. Much like the first suggestion, you might find inventory for products in short supply in larger bulk orders. Obviously, you’ll have to run the numbers to determine if it’s financially viable and doesn’t present too much a risk.
Identify problems with inventory management. There are times when businesses have inventory issues that are caused by their own ordering and selling practices. Go over your procedures to identify any problems and then apply sensible solutions.

What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Want to Make Your Business More Successful? Start by Helping Others

September 21, 2017 No Comments

There are a number of things you can stop doing to benefit your business. But, there are also plenty of things you should do to be more successful. Hurricane Harvey and Hurricane Irma clearly show there’s always a need to help your fellow citizens. Although Hurricane Harvey and Hurricane Irma are now gone, their impact remains. And, that presents a great opportunity for you personally, as well as your company. The Numbers Prove Helping Others is Good for Business It doesn’t have to be a natural disaster, either. You can help others in several different ways. For instance, taking a new entrepreneur under your wing is just one. Volunteering your time to speak to others who are starting up or creating a new venture is another. Even donating your time to a local charitable organization is a way to grow personally and help your business in the process. Plus, statistics show this is the case. Mentored businesses increase their revenue by 83 percent, compared to 16 percent for non-mentored counterparts. Moreover, 83 percent of mentored businesses survived, compared to 74 percent of non-mentored companies. When you decided to become an entrepreneur, what reasons motivated that decision? For some people it is the opportunity to make a lot of money, the freedom to live by their own convictions, or to live a certain lifestyle. While these are great personal goals, too much focus on these things can lead you down the wrong path. —Inc.com The thing is, you need real face time with real people. Put technology aside and showcase your own strengths. If you have a skill set that’s not particularly useful for your company, put it to work elsewhere. And, do so with an open heart. Because if you approach it purely as a business opportunity, people will take notice. Why Helping Others is Good for Business When you go into business for yourself, it’s not all about you. While you might start a company to be more independent, you’re still serving the needs of others. And, that’s a good thing because it does offer some real advantages. Here are a few great reasons why helping others is good for business: You make more meaningful connections. When you help others out, you immediately tell people it’s not all about you. That means you are more genuine and therefore, someone who is interested in others. Such unselfish behavior inherently means you’ll make more meaningful connections. You have greater appeal to quality clients. It’s true that when you help other people, you’ll gain better personal qualities. Those are apparent to others and that’s a wonderful stepping stone to find quality customers. You provide real benefit to the community. Not only do you feel personally rewarded for helping others, you also provide benefit to the community around you. So, people within the community will definitely take notice and that’s another advantage. You inspire others to get involved and improve. Giving your time sets an example others will follow. Which makes you a leader and that’s a great attribute. You’ll be regarded as a leader and someone who gives back to the community at-large. How do you help others? What have you done to serve other people that’s benefited your business? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

3 Effective Ways to Beat Zoom Fatigue

March 23, 2021 No Comments

Zoom fatigue?!?! Yes. If you haven’t yet heard, Zoom fatigue is a real thing. The origin of the phrase is obvious. Still, some people are just hearing about it for the first time. Perhaps, because they are experiencing its symptoms. Regardless, Zoom fatigue can be harmful in a number of ways. So, read on to learn how to best deal with Zoom fatigue and what you need to know. What is Zoom Fatigue? Simply put, Zoom fatigue is a phenomenon that causes tiredness, along with worry and burnout. These emotions are due to the overuse of video or virtual communication platforms, most commonly videoconferencing. The symptoms come from excessive amounts of highly intense eye strain. Experts also say people seeing themselves during video chats also causes unnecessary stress and fatigue because their every movement is captured. Do you audibly sigh every time you have to log on to what feels like your thousandth Zoom meeting of the day? You’re not alone. While we’re all more or less used to video calls and meetings being the norm now, the newly coined effect of Zoom fatigue hasn’t gone away. Since working from home is here to stay, video calls are here for the long run too. This makes it incredibly important to find a way to prevent Zoom fatigue from taking over your workday. —Forbes Then, there’s the immobility of videoconferencing. Unlike speaker phone conversations, which are pure audio, people can walk around and think on their feet. But, that’s not the case with video. Lastly, there’s cognition overload, since non-verbal communication interpretation is so much more difficult between parties. All of these can contribute to Zoom fatigue, which leads to negative emotions, as well as poor work production. 3 Effective Ways to Beat Zoom Fatigue Fortunately, there are ways to deal with the digital burnout. If you’re tired of videoconferencing, you are certainly not alone. But, there’s more good news. You can effectively combat the effects of Zoom fatigue by doing one or more of the following: Disable the self-view feature. When you get up in the morning, get ready as you normally do, dressing up as a professional. You’ve done this countless times before and probably continue the habit, even while working remotely. Since you’ve already dressed up and are presentable, there’s no sense in looking in the mirror (or seeing yourself on video). So, turn off the self-view feature, which is one of the single biggest causes of Zoom fatigue. Take regular breaks. Okay, there’s nothing magical about taking breaks. It’s obvious advice. But, it’s also something people forget to do when they’re working virtually because they aren’t in their normal workplace. However, breaks are necessary throughout the day. From time-to-time, take a few minutes to walk around, get outside for a little while, and take regular breaks. Switch communications. If you’re feeling stressed and/or resentful of videoconferencing, then just switch up the way you communicate. Instead of video, use voice conferencing so you have more freedom of movement and can enjoy the benefit of thinking on your feet. What other suggestions do you have to combat Zoom fatigue? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective. After all, you never know who you’ll help out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Pros and Cons of Working for a Startup

November 9, 2018 No Comments

There are pros and cons of working for a startup — everyone knows this. But, it’s the actual realities versus the imaginary which cause a lot of undue anxiety and stress. Of course, it’s only natural to feel a bit uneasy about joining a fledgling organization. Even if it’s a great idea and a wonderful team of individuals, there are still up and downsides of working for a startup. Cons of Working for a Startup Let’s begin with the downsides first. It’s certainly no secret that salary is a huge concern. Often, what you’re paid is either low or in some circumstances, it’s “sweat equity.” Even if there’s an acceptable salary, there’s the real possibility your job description will contain a whole host of duties. In such an environment, it’s quite common for specialists to become jacks of all trades. Working for a startup can involve a lot of risk, that’s no secret; according to the Wall Street Journal, three out of every four startups fail. In fact, there are startups funerals in Silicon Valley where CEOs can highlight the demise of their defunct companies and ruminate on any mistakes made. But that doesn’t mean taking a job with a startup – even one that ultimately fails – won’t allow you to gain valuable experience and skills to add to your resume. —Monster.com Then, there’s the real possibility of working with less. It isn’t unheard of to have little to practically no resources at your disposal. Of course, one of the most common downsides of joining a startup is those long, irregular hours. Finally, there’s the real risk of untimely failure or an inescapable decline toward failure. Pros of Working for a Startup Obviously, it’s not all bad news. (If it was, no one would ever even consider working for startups. In fact, startups might not exist.) So, here are the upsides for working for a startup: A potential huge ROI. We’ll begin with the ultimate enticement — a gigantic payout. After all, isn’t this why startups get going in the first place? And, there’s certainly no shortage of examples out there to showcase big-time successes. Big gain in experience. Okay, let’s suppose you just earn a good salary and don’t hit the entrepreneurial lottery. You’ll gain a whole lot of experience during your journey that’s probably not available anywhere else. Making new connections. Another advantage of joining a startup is your ability to make new connections. You’ll meet a host of people in different roles which can really expand your professional network. The intangible excitement factor. It’s not just all about money and experience. There’s also the excitement of an unknown journey. It’s all wrapped up in a whirlwind of circumstances and emotions. What other factors would you say play into joining a startup? Please let others know about your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.