Considering Setting Up an Employee Profit-Sharing Plan? Here’s What You Need to Know

As every savvy business owner knows, their company is not only subject to seasonality in at least some industries, but it can also be positively or negatively impacted by the overall national economic landscape and more particularly, the macroeconomy of their local community. So, there are cycles, or ups and downs, which more or less can be predicted. However, these factors don’t necessarily dictate every aspect of how they operate their businesses during good or bad times. Entrepreneurs still have quite a bit of say and it’s essential to understand that business owners are not totally helpless in uncertain times. The smartest and boldest entrepreneurs know and understand this, which is why they use recessionary periods to their advantage. One of the biggest debates in the business world really centers around individual personalities. In other words, two business owners in the same industry competing for the same consumer dollars might react in two totally different ways. When inflation spikes, interest rates go up, and consumers pull back their spending, one entrepreneur might also decide to pull back and scale down. This is not the time for inertia and despair or running around like the proverbial scaredy-cat. Instead of dwelling on the negatives as so many others do, realize that their preoccupation gives you a chance to one-up them. In fact, to be really contrarian about it, think of this catastrophe as a gift. The gift of challenges and opportunities. Challenges are what make business so exciting. Now’s the time to look for new, sustainable opportunities to grow your business and make it stronger. —Inc.com Meanwhile, the other business owner looks at this as an opportunity. Although consumers may be pulling back a bit, it doesn’t mean they can totally go without the goods and services they need. And, seeing that one of his chief competitors has decided to play it safe means there is a serious opportunity to be had for the bold entrepreneur. How Successful Entrepreneurs Turn a Recession into Opportunity Unfortunately, as stated above, this really depends on personality or more particularly mindset. Entrepreneurs who play it safe and try to ride out economic downturns will probably survive and even grow when things turn around. But, those people who played it safe might see a competitor grab up more market share because that rival decided to do the opposite. Here are some of the ways savvy business owners can take advantage of a recession: Increase advertising. The companies who continue to market their businesses aggressively will practically always reap the rewards and gain a return on investment. While others cut back on their advertising, entrepreneurs who are bolder and continue or increase their advertising put themselves in a stronger position in the marketplace. Buy out competition. This is something that happens regularly in certain professions, for instance, financial advisors. When one individual retires or a firm is winding down its operations, buying a book of business is quite common. Think about doing the same in your industry and how that could benefit your company in the long term. Streamline operations strategically. It’s not all just about going bigger, it’s also about being smart about how you’re running your business. Take some time to review your logistics and budget to see where you can streamline things to cut expenses while maximizing revenue. What other suggestions do you have? Please take a moment to share your thoughts and experiences so others can learn from you! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Vandalism protection isn’t something most business owners think about. After all, it’s a rare occurrence. But, vandalism can and does happen as we’ve seen or experienced with the recent protests and riots. When it becomes a reality, too many business owners are unprepared. This is due to the fact that the majority of businesses are focused and prepared for theft — not defacing, smashing, and wrecking. So, read on to learn more about how to protect a business against vandalism. The Truth about Vandalism Sure, today’s headlines probably have you thinking about the possibility more than ever. But, the truth be told, vandalism — to just about any degree — is possible at any given moment. At the very least, it could be a total accident. (Like those weird news stories about a driver who accidentally hit the accelerator instead of the brake. Or, the vehicle involved in a collision that hurled out of control and smashed into a building.) When considering how to prevent vandalism, home and business owners often despair. The crime can be committed in an instant, yet it can have an enormous financial impact. It can be carried out by rivals or total strangers. It can occur in the middle of the working day, or the dead of night. You need to know how to deter vandalism— [and] what options are available —ADT Commercial Security The point obviously being, is that it’s far better to be prepared than it is to get caught completely off guard. The latter will cost far more time and money, stress, and more negatives. However, being proactive can help to prevent the scenario or reduce the amount of damage. Most Effective Ways to Protect a Business against Vandalism Now, let’s get to the nuts and bolts of the situation — how to protect your business from vandalism. While it’s not simple or inexpensive, it’s most definitely worthwhile for a little more peace of mind and to mitigate the extent of the destruction. Here are some effective ways to protect a business against vandalism: Identify weak points. Huge windows, poor lighting, outdated or insufficient security/safety measures. All of these can and will prove very detrimental if vandals strike your place of business. Use landscape and lighting. There’s a reason all those big box retailers and chains have landscaping and lighting — to help prevent damage from a variety of sources. You can use landscaping and lighting to not only improve aesthetics, but also, to help ward off trouble. Install security cameras and more. Of course, this is the most obvious measure to take proactively. But, be sure to place those cameras and other hardware strategically to get the most out of them. Keep an up-to-date store inventory. This not only helps to reduce over-stocking and identify shrinkage, but it can equally help if things are damaged — due to vandalism or another reason, like a natural event. Be sure to have the right insurance in-place. Just because you carry insurance doesn’t mean you have the right coverage. Take some time to go over your policy to ensure you have ample protection. What other suggestions do you have? Please take a moment to share your thoughts and experiences by commenting and letting others know your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.