Business Education

Entrepreneurs, It’s Time to Ask, “Is Technology Helping or Holding You Back?”

In 1944 during World War II, two US submarines, the USS Robalo and the USS Flyer, went down in the South China Sea. Since then, different explorers have been trying to pinpoint the location of the downed ships. Approximately 80 years later, modern-day shipwreck experts have been using the latest technology to try to pinpoint the location of the sunken submarines, but have been unable to do so.

Desperate to find clues, the high-tech team recruited local Filipino divers to help them find the remains of these ships. Using nothing more than homemade diving gear, pieced-together from discarded plywood and plastic, and without technological tools, the locals, using just their unsophisticated equipment, found the sunken submarines.

When to Ditch the Tech: Why Old-School Methods Are Your Secret Weapon

Entrepreneurs today lean heavily on tools, apps, and analytics. While technology is essential in driving efficiency, it can’t replace foundational business skills. When facing uncertainty, reverting to old-school techniques can provide the clarity and perspective needed to navigate complex situations.

The Perils of Tech Overdependence

Data Overload and Analysis Paralysis

Business owners of today can often drown in data. The very tools that should help can end up hindering progress. A survey revealed that nearly 70% of entrepreneurs struggle with decision-making due to excessive data, leading to a condition known as analysis paralysis. This paralysis can halt growth and lead to missed opportunities.

The Illusion of Control

Tech often gives entrepreneurs a false sense of control. Automated processes can create an appearance of preparedness. However, when the unexpected occurs, this reliance can crumble. Entrepreneurs may find themselves unprepared to handle reality, as the software cannot predict every scenario.

Ignoring Essential Human Interaction

Technology diminishes the value of personal relationships. Face-to-face communication remains vital for networking and collaboration. A handshake can often open doors that a few emails may not. Ignoring this core principle can lead to missed connections and lost business opportunities.

The Power of Old-School Techniques

Direct Customer Interaction

Speaking directly with customers can yield invaluable insights. Surveys, focus groups, and casual conversations often reveal preferences and needs that data alone cannot. For instance, when Starbucks implemented customer feedback into their menu changes, they saw a significant increase in customer satisfaction and sales.

The Art of Networking

Building genuine relationships with mentors and fellow entrepreneurs can provide immense benefits. According to networking expert Debra Fine, “Your network is your net worth.” Tapping into the experiences and advice of others can offer guidance that no software program can replicate.

Market Research the Old-Fashioned Way

On-the-ground research can be eye-opening. Visiting competitors, attending industry events, and observing consumer behavior offers real-world insights that spreadsheets cannot capture. Understanding the market landscape in person can lead to an edge that purely digital methods cannot touch.

Strategic Planning Beyond Spreadsheets

The Value of Pen-and-Paper Brainstorming

Getting ideas down on paper offers more than just a traditional approach; it enhances creativity. Studies show that writing by hand can boost memory and comprehension. It helps entrepreneurs distill their thoughts clearly without the noise of digital distractions.

SWOT Analysis

The classic SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is a straightforward yet powerful tool. This simple diagnosis helps entrepreneurs visualize their business’s position. For example, a local bakery that excels in quality (strength) but struggles with marketing (weakness) can identify unique opportunities for growth through community events.

Developing a Tangible Plan of Action

Having a clear, written action plan is crucial. This plan, crafted without reliance on software, can serve as a roadmap amid uncertainty. A good plan outlines goals and the steps required for success without becoming buried in digital clutter.

Mastering the Blend: Technology and Tradition

Integrating Tech for Efficient Execution

Using technology can enhance traditional methods, not replace them. Tools can streamline processes and maintain organization, but they should support rather than dictate decisions. Finding a balance is essential for success.

Leveraging Data Insights Strategically

Filtering through data to focus on key metrics is vital. Businesses should prioritize meaningful insights over an overload of information. This approach aids in making informed decisions without drowning in excessive data.

Setting Boundaries and Prioritizing

Time management is crucial in blending old and new. Entrepreneurs should set limits on tech use, allowing ample time for networking and direct customer interaction. Striking this balance can lead to a more rounded business strategy.

The Balanced Approach to Entrepreneurship

As you can see, blending technology with old-school practices can empower entrepreneurs. While modern tools offer immense benefits, they shouldn’t overshadow essential traditional methods.

Keep in mind that a flexible mindset will help adapt to changing circumstances. The journey is not just about tech; it’s about blending proven techniques with modern strategies for lasting success.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at 480-636-1720, or, if you prefer, Waters Business Consulting Group to learn more about us and the services we offer.

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What to Do When Your PPP Money Runs Out

May 7, 2020 No Comments

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Small Businesses are Increasingly Turning to Alternative Lenders – Here’s What You Need to Know before Borrowing

April 28, 2023 No Comments

Even before the collapse of Silicon Valley Bank or SVB, there was a tightening in the commercial credit market. Post-collapse, small businesses have found it increasingly more difficult to secure capital from traditional lenders. Still in need of cash infusions and lines of credit, small businesses are turning to alternative lenders. Advantages and Disadvantages of Borrowing from Alternative Small Business Lenders Alternative small business lenders are non-bank lenders that provide financing to small businesses. They offer a variety of loan products, including term loans, lines of credit, and equipment financing. Alternative lenders often have more flexible lending criteria than traditional banks, making them a good option for small businesses that may be turned down for a loan from a traditional lender. Of course, even though all of this sounds good, there are reasons small businesses have historically relied on traditional lenders. This is due to the fact that there are not only upsides but also, downsides to using an alternative lender. So, let’s take a look at the pros and cons of borrowing from alternative lenders. Pros of Borrowing from Alternative Lenders Faster approval and funding. Alternative lenders often have a streamlined application process that can be completed online or over the phone. This can lead to faster approval and funding, which can be critical for businesses that need money quickly. More flexible terms. Alternative lenders may be more willing to work with businesses that have less-than-perfect credit or that are in the early stages of growth. They may also be more willing to offer loans with longer terms or lower interest rates. More options. Alternative lenders offer a wider variety of loan products than traditional banks. This includes term loans, lines of credit, and merchant cash advances. No personal guarantee required. Some alternative lenders do not require a personal guarantee from the business owner. This means that the business owner’s personal assets are not at risk if the loan is not repaid. Although these are some quite compelling reasons to seek out capital from an alternative lender, there are also a few considerations you should take into account so you have a better understanding of how these lenders work. Cons of Borrowing from Alternative Lenders Higher interest rates. Alternative lenders typically charge higher interest rates than traditional banks. This is because they are taking on more risk by lending to businesses that may not be as creditworthy. Shorter terms. Alternative lenders often offer loans with shorter terms than traditional banks. This means that the business owner will have to make larger payments over a shorter period of time. Hidden fees. Some alternative lenders charge hidden fees, such as origination fees or prepayment penalties. These fees can add to the overall cost of the loan. Less customer service. Alternative lenders may have less customer service than traditional banks. This can make it difficult to get help if you have questions or problems with your loan. Now you have a better idea of what to expect from alternative lenders, you are more informed about your options and this will give you additional choices. Taking it a step further, you should also consider the following if you are in need of a line of credit or some operating capital. When to Borrow from an Alternative Lender Alternative lenders can be a good option for small businesses that need money quickly, have less-than-perfect credit, or are in their early stages of growth. However, it is important to carefully consider the pros and cons before choosing an alternative lender. If you are considering borrowing from an alternative lender, be sure to shop around and compare rates and terms from multiple lenders. You should also read the fine print carefully to understand all of the fees and conditions associated with the loan. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

5 Words Smart Entrepreneurs Always Avoid

May 16, 2017 No Comments

We all have our quirks when it comes to language and nowhere is it more prominent than email. Because there is no body language, gesticulations, facial expressions, and attitude, we are left to find context, solely from the words we read. When you think about that for a moment, it’s a wonder that any business gets done from day-to-day. Ironically, just two years ago, a study conducted in the United Kingdom, surveying 2,500 office employees, revealed that an astounding 94 percent preferred email over telephones. It’s clear that email is our number one means of communication, and, because it’s become so commonplace, we don’t regard it in the same way as we do face-to-face encounters. Our demeanor, tone, and delivery differs greatly from email to spoken word. Since email is so important to business, you would think that it’s used in the utmost professional manner, but, it’s not. 5 Words Smart Entrepreneurs Always Avoid The fact is, we just don’t pay attention to what we’re writing most of the time. To many business professionals, it’s an informal method of communication, and, it’s closest cousin, texting, is even more relaxed (read: lazy). However, that’s simply not the case. Email is important, so much so, it can make all the difference. The words you type or tap are going to be read by someone else. That person or persons will not only read what’s in the message body, but read into the message itself. If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful. —Entrepreneur Let that stir a moment and go back to the introduction. Since there’s no interpersonal communication, every word matters. This is why smart entrepreneurs are conscience about what they write, how it’s phrased, and what message is delivered. If you aren’t practicing the same discipline, you might be sending more than an email, you might be sending a message that you lack confidence, are somewhat lazy, or, unsophisticated. Here are the top five words you ought to avoid: Might. The word “might,” is generally used in different ways, but often, it’s meant to point out a possibility. When you use the word “might,” you are essentially communicating that you’re unsure. That’s okay in casual, social situations, but dangerous in business communication. Likely. When you use the word “likely,” you are making a very unsure prediction. What you’re really doing is opening wide and wild interpretation. Here again, use of this word in social and casual conversation is fine, but, when you’re using it in the business world, you’re telling the recipient that’s it’s unlikely you are in-the-know. Alot. First of all, this is not how the phrase is spelled–it’s two separate words, “a lot.” Because it’s run together so often, it’s become commonplace for people to write it incorrectly. It’s the reason the ampersand was dropped as the last letter of the alphabet. It used to be recited, ending with “x, y, z, and ‘and per se,’” which evolved into “ampersand.” If you write, “alot,” you’re taking a risk that the recipient won’t notice you don’t know this. Won’t. This is one of the best ways to ensure a negative vibe, along with a lot of frustration. While you’re being emphatic, you’re also demonstrating just how stubborn, or, unwilling you are in your ways of doing things. Usually. This is the opposite of the pithy directive delivered so often by the Joe Friday character from Dragnet. It tells the recipient that you don’t have all the facts, nor do you care. Here’s a bonus: “irregardless.” Though there are some who say that it’s fine to use, it’s just unnecessary. Instead, use “regardless.” And remember that communication is made up of words, tone and non-verbal communication. Based on multiple studies, non-verbal carries the largest percentage of influence in communication while words carry the least amount of influence. So, picking up the phone to use your words and tone is more effective than just text or e-mail. When it is possibly or efficient, use Skype or Google Video or an actual face to face conversation to communicate more effectively. Business gets done through trusted relationships, and these are built on solid communication which ultimately requires words, tone and non-verbal. Now go build your business with good communication. Who do you need to improve your communication with this month to grow your relationship, your business or career? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]