Business Education

Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example.

Why Businesses should Never Mislead the Public or Consumers

As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy.

One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review

Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Dunkin’ Donuts just Streamlined Its Menu — Is it Time for You to Do the Same?

January 22, 2018 No Comments

Dunkin’ Donuts just reduced its menu offering by 10 percent. While that doesn’t seem like a big decrease, it actually is. The company is removing afternoon sandwiches and some other items, starting New England, then onto the rest of the country. The reasons are obvious — some food choices just don’t sell nearly as well. But, it also represents a sound business practice. That is, the strategy of streamlining. Why Streamlining should be a Top Priority Business owners are go-getters. They look for the right people and avoid toxic personalities. But, they also can easily fall into a routine. After all, once a measure of success is achieved and maintained, it’s actually difficult not to fall into a routine. However, this usually presents a problem. It stops you from innovating or looking at things through a different prism. In short, it’s a comfortable but dangerous place. Streamlining your business removes wasteful or redundant steps to improve efficiency. Streamlining may involve modernization of your equipment, outsourcing organizational activities, and minimizing low-performing products and services to focus on what your company does best. In business, time is money, so a small business achieves several financial and operational advantages from streamlined operations. You reduce costs, attract more customers through nimble response times, drive higher revenue and compete effectively. —Biz Fluent.com It’s dangerous because you can no longer effectively see your blind spot. And, seasoned business professionals know once you stop seeking out an edge, you’re in for trouble. Take the defunct Blockbuster chain. One time a huge success, it fell prey to its own slow and stubborn adaptation of streaming. The list it joined is very long. This is where streamlining comes into play. It forces you to rethink a lot of things; and, that’s good. How to Streamline Your Business But, what can you streamline if you feel your company is already efficient? The answer is likely longer than the following suggestions. Think of these as a good jumping off point. From there, you can take more steps. Here are some helpful tips for how to streamline your business: Go paperless. While there are certainly industries where paper is a logistical and legal necessity, there are far more which simply don’t need paper. Go paperless wherever you can. This way, you’ll cut down on sorting and sifting when you need to find a specific document. Outsource. This is a great way to increase overall productivity. It’s also some entrepreneurs worst nightmare because it gives a level of control to others. But, the benefits far outweigh any negatives. So, give outsourcing a go and reap the rewards of higher productivity in shorter amounts of time. Automate repetitive tasks. Every business has those monotonous, repetitive takes. Identify these and then seek to automate them. Doing so will free up a little more time and also take the boring feeling out of doing them. Reduce your travel time. Let’s face it, when you need face-to-face meetings, you don’t have to travel across the state, county, or country. You can use video and voice conferencing. This not only cuts down on travel time (which is generally unproductive), it also reduces travel expenses. What’s more, it’s very convenient. How do you streamline your business? What steps do you take to make it more efficient? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Did the Solar Eclipse Reveal Your Business Blind Spot?

August 30, 2017 No Comments

Did the solar eclipse reveal your business blind spot? Probably not. And, you’ve likely not even considered you actually have a business blind spot. But, there’s a really high probability you do — you just don’t see it. Sure, life throws obstacles in our way — that’s expected. However, one of the most obtuse isn’t always from an outside source — it’s from within. What’s more, you don’t recognize it for what it truly is and that’s your business blind spot. How to Find Your Business Blind Spot It could well be you’re relying too much on short-cuts in communication — texting instead of actual face-to-face interactions. Or, it might just be something completely different. In a vehicle, it’s quite easy to identify the blind spot. We all know where it’s located in the cars we drive. But, when it comes to business, your blind spot hides until you actively look for it. And, it’s probably tripping you up clandestinely. Entrepreneurs regularly confront a host of tough challenges. Just a sampling among them: landing their first sale, growing their customer base, hiring the right employees, managing cash flow and getting access to funding. But the biggest challenge entrepreneurs may face is either a self-limiting or self-inflated view of their capabilities. Possessing fear, self-doubt, over-confidence, in-group thinking, misplaced commitment to a selected course of action or entrepreneurial myopia are just some ways an entrepreneur can sabotage his or her business. —Entrepreneur.com For some entrepreneurs, it’s not effectively dealing with critics. Hey, why waste time on such a thing? For others, it’s being too myopic, focusing on one thing and not seeing the bigger picture. So, what’s your business blind spot? What is it that you just don’t see? The best way to uncover it is to seek information from different sources. Once you have a more robust picture, you’ll easily be able to pin down your own business blind spot: Introspection. A little self-reflection goes a long, long way, particularly when you’re completely honest. Look inside for some answers. What is it that you already know is an inherent weakness? You can also look back on a time when you fell short and examine that event to uncover answers. Team input. After you look inward, it’s time to see if that lines up with what others who work with you observe. Don’t be surprised if you’ve missed the mark. While Introspection can really be insightful, it can also lead to blind spots if we don’t bring balance with other perspectives. Customer feedback. Your customers are also a great source of information. Solicit feedback and take it to heart. Don’t dismiss what you learn because they want you to be your best. After all, it benefits them, as well. So listen earnestly and take appropriate action thereafter. Retracing your steps. When you make a mistake, you learn from the experience. But, it shouldn’t be cursory. Carefully retrace your steps. What is it that you did that lead you in the wrong direction? Even if it’s an outside force, you made a decision. Look into your weaknesses. Your weaknesses are sometimes known as excuses. But, like mistakes, you can learn from your weaknesses and best of all, work to make improvements. It could be your business blind spot lies in a weakness. Have you identified your business blind spot? What steps did you use to uncover what you didn’t clearly see? Please share your thoughts and experiences by leaving a comment! Would you like to read more about Blind Spots? My friend, Kevin McCarthy, keynote speaker, trainer and author just published a compelling and informative book describing how his blind spots landed him in a federal prison for 33 months for a crime he didn’t knowingly commit. Learn more about: “Blind Spots – Why Good People Make Bad Choices”. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Hey Entrepreneurs, If You’re Comfortable in Your Role, You’re Probably Doing it Wrong

June 21, 2021 No Comments

Comfort. It’s a wonderful feeling. When we’re comfortable, we feel secure, often content, and better still, in control. But, control is an illusion. Just like the security of a job or a long-established business. That is, until something goes seriously awry. Then, it becomes quite clear security is not forever. Comfort most definitely falls into the same category, but sometimes, for different reasons. So, if you’ve become comfortable in your role, chances are excellent you’re doing it wrong. Here’s why. Comfort Usually Leads to Complacency Isn’t it strange how the mind works? When someone thinks of “comfort,” he or she gets an entirely different feeling than when thinking about “complacency.” Sure, they are two different things. And, this becomes all-too apparent when compared with one another. Unfortunately, it’s at this juncture that reality sets in hard. Making a concerted effort to challenge yourself will inspire you and help prepare your business for the future. As a result, you will be able to lead your company with the confidence that you’re making good decisions — because you are. —Entrepreneur.com Someone who is comfortable is generally complacent. He or she typically doesn’t have any nagging concerns. It’s basically the manifestation of complacency. A point at which one’s guard is so far down, it might as well not exist. This state of mind is a precarious one because it can easily lead to bad outcomes. So, it’s best to be on one’s toes and that’s possible by stepping out of your comfort zone. 4 Big Benefits of Stepping Outside Your Professional Comfort Zone You’ve probably heard this philosophy before — getting out of your comfort zone will be to your advantage. Moreover, it will do so in more than one way. For instance, it will, at the very least, help you to break away from the ordinary. It breaks up routines. So, let’s start with the most obvious benefit. Stepping outside your comfort zone helps you to get away from routines (in other words, a disruption or end to the monotony). If you step outside your comfort zone, you can better reassess your schedule and inject a little (and much-needed) variety. It gives you more creative chances. Breaking away from your comfort zone also gives you the opportunity to indulge in creativity. That can be beneficial in a number of ways. For example, the ability to think unconventionally and entertain solutions to difficult and/or stubborn problems. It helps you effectively deal with stress. Another big advantage to stepping outside your comfort zone is that it helps teach you to more effectively deal with stressful situations. This lessens panic in uncertain times and that’s a very important trait to learn. It provides opportunities to build confidence. Last but certainly not least, you’ll feel more confident when you successfully step away from your comfort zone. This, especially if you return to a normal routine thereafter. In a short period of time, you can again step away to build even more confidence. What other suggestions do you have? Please take a brief moment to share your thoughts and experiences so others can benefit from your unique perspective! (You may never know who you’ll help out.) Interested in learning more about business? Then just visit Waters Business Consulting Group.