Not Conducting Exit Interviews? Here’s What You’re Missing

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.

Startup financing is something that’s necessary but not always a welcome prospect. In fact, financing is typically one of the most difficult factors in any venture. It’s because raising money or applying for a loan is an unnerving process. After all, you don’t know what you don’t know. And, it’s that very ignorance which creates even more stress. But, with the right preparation, you can find the right startup financing. Startup Financing Sources Right now, there are good and bad signs in the economy. While tech companies are booming, retail chains are down. Of course, this is the natural cycle of the business world. So, don’t let headlines ruin your business dreams. Instead, focus on possible startup financing sources. Take a good look at what you really need first. If possible, bootstrap it incrementally. In other words, start off as a side gig. …for an entrepreneur starting out, it can be hard to sort through the many funding options available to determine which are most lucrative. While it would be ideal to line a roomful of investors out and let them fight it out for the honor of funding your business, that is often, unfortunately, not the reality. —Forbes.com If you don’t jump into full-time, you can grow it slowly. That means very little startup capital, as well as time. But, if you need to go another route, consider going through the small business administration. Or, take out a small personal loan. Obviously, if you have the cash, use it. Startup Financing Tips You can Use The problem many entrepreneurs encounter with startup financing, is taking a cavalier, shotgun approach. Put another way, they go after funding without a serious plan. And, that’s a recipe for disaster. Just trying to wing it will only invite chaos and confusion. So, here are some helpful startup financing tips you can use: Create a detailed business plan. Speak with an experienced business consultant about drafting a detailed business plan. This will reveal many things you might easily miss. Plus, it’s typically a commercial loan requirement. You need a clear roadmap and demonstrate your ability to monetize your idea. Seek advice from established businesses. Chances are excellent there are already people doing what you want. So, don’t let that be an intimidation or just look at them as the dreaded competition. Instead, seek out their advice and learn. Keep an eye on your personal credit score. If you do apply for a loan, your personal credit file will certainly be a big factor. Order your three credit files from Annual Credit Report.com. Then, go through each carefully to review for errors. Dispute inaccuracies and raise your credit score. Develop a good network with the right people. Networking is an invaluable resource. In fact, you’ll learn quite a lot from others. And, since that knowledge is readily available, there’s no reason not to tap into it. Outline a realistic budget and shop for financing. Finally, set a realistic budget and then shop for funding. Comparison shop and take your time. You’ll come out much better if you do and be thankful for your patience. What other startup financing options can you add to the list? Have you found or know more creative ways to get startup financing? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Networking strategies can really help grow a business. But of course, you must put in the time and effort for any networking opportunities to achieve a tangible ROI. Statistics vary, however, many reveal it takes up to seven contact points before landing a sale. Regardless of these figures, the time-honored practice of networking pays off. (If it didn’t people wouldn’t bother wasting their time.) So, it’s really about taking the right approach. Why Successful Entrepreneurs Network Networking isn’t new in any sense. It’s an activity that helps to promote a business. But, that long track record doesn’t mean that it always works. There are several networking mistakes people make all the time and don’t realize it. That is, until they don’t see any fruits from their labor. Sales is about influence. There are methods of persuasion that work very well in business. But, there are also several fundamentals that need to be in place if you want to succeed. If those fundamentals aren’t in place, you can pretty much kiss your chances for success goodbye. —Entrepreneur.com Successful entrepreneurs network because it gives them an opportunity to grow their network and not necessarily to sell their products and services. Did you catch that? Networking is more about growing a circle of regular contacts rather than selling products and services. Think about it this way, would you go to a networking event that’s run in a hard-sell environment? Most Effective Networking Strategies You can Use So, now that you know networking is about extending your contacts and getting familiar with others and not selling, how do you do it right? In other words, what are the most effective networking strategies? Well, here are some helpful bits of advice about how to network: Be confident in your value. It all begins with your confidence. If you aren’t self-confident about your own personality (and comfortable with your faults), you’ll give off the wrong vibe. Go into any networking situation with confidence in your value. Don’t expect anything in return. Successful people aren’t afraid to give and not receive anything in return. Now, that sounds scary but it’s actually a sound business practice so long as it doesn’t cost very much. In other words, you can give expert advice, speak to a class, or do something else others find valuable. Find common ground right away. When you meet someone, be sure to find common ground as soon as possible. This way, you’re more comfortable. And, be sure to give genuine compliments often. Don’t sell your product or service. We’re back to the same philosophy about growing your network. When appropriate, speak about your work. For example, how you’ve solved a customer’s problem. But, do not go into a sales pitch. Let other see your value in more ways than one. What other suggestion do you have for networking? How and where do you find networking opportunities? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.