Business Education

Is This the Most Valuable Business Lesson of the Ukraine War?

Sensational headlines about ending the Ukraine-Russia war dominated the news last week and will likely continue for several days, weeks, or months. It’s a huge international affair that’s gripped the Western world since the conflict began. Now, attempts to bring the fighting to a peaceful resolution are underway and there’s a valuable business lesson entrepreneurs can take from such circumstances.

Negotiations, in all shapes and sizes, take time to bring about desired outcomes for all parties involved. Concessions are inevitably made, which creates an ostensible win/lose situation. However, the most skilled negotiators know that it’s entirely possible to sit at the bargaining table and still have leverage, even from a weekened position.

Negotiation Strategies for Small Business Owners in a Weakened Bargaining Position

Negotiating from a position of strength is every small business owner’s dream. However, reality often presents challenges that leave business owners feeling like they are negotiating from a weaker position. Small business owners can still secure favorable deals by employing smart negotiation tactics, Whether due to financial constraints, market conditions, or other external factors. With this in mind, let’s take a few minutes to look at some strategies that can help turn the tide in your favor:

1. Preparation is Key

Knowledge is power. So, research thoroughly. Understand the market, the value of what you are negotiating for, and the needs and goals of the other party. Also, know your limits. Identify your best alternative to a negotiated agreement (BATNA). Knowing your fallback plan will give you confidence and leverage during negotiations. Then, gather data. Compile relevant data and case studies that support your position. Facts and figures can be compelling and help make your case stronger. Next, take the following steps.

2. Build Relationships

Establish rapport. People are more likely to negotiate favorably with those they know and trust. Take the time to build a positive relationship with the other party.
Find common ground. Look for shared interests and values. Emphasizing common goals can create a sense of partnership rather than adversarial negotiation.

3. Focus on Value, Not Price

Highlight value. Instead of fixating on price, focus on the unique value your product or service offers. Demonstrate how your offerings can solve the other party’s problems or meet their needs better than competitors.
Offer creative solutions. Be open to alternative arrangements such as extended payment terms, bundling services, or additional support. Flexibility can create win-win situations.

4. Effective Communication

Listen actively. Pay close attention to the other party’s concerns and priorities. Understanding their perspective can help you tailor your proposals to better align with their needs.
Articulate clearly. Present your case confidently and clearly. Avoid ambiguity and ensure that your key points are well understood.

5. Leverage Timing

Choose the right moment. Timing can significantly impact negotiation outcomes. Try to negotiate when the other party is more likely to be receptive or under pressure to close a deal.
Be patient. Avoid rushing the negotiation process. Patience can convey confidence and help you avoid making hasty concessions.

6. Seek Win-Win Outcomes

Collaborative approach. Frame the negotiation as a collaborative effort to find mutually beneficial solutions. This mindset can foster goodwill and lead to more favorable results.

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The Corona Virus is a Stark Reminder of How Businesses should Deal with the Flu

March 16, 2020 No Comments

As the coronavirus continues to dominate the news headlines, people grow ever-more concerned about its spread and possible contagion. While the risk of contracting the illness is very slight, it does help to raise awareness about the spread of common infections, like the cold and flu. And, this is something businesses need to be prepared for, particularly when employees start getting sick. Why Illness and Work just Don’t Mix Either an outbreak of a cold or flu strain can wreak havoc on any small business. Worse yet, in more ways than one. First and foremost is of course, the spread of it to other team members. Then, there’s the productivity hit that follows. With fewer people on the job, it’s more difficult to keep up and quality eventually begins to suffer. The threat cold-and-flu season poses to companies isn’t something to sneeze at. According to the Centers for Disease Control, the flu alone costs U.S. companies $10.4 billion in direct costs including hospitalizations and outpatient visits. The CDC also estimates up to one-fifth of the U.S. population will get the flu in a given flu season, and more than 200,000 Americans will be hospitalized with seasonal, flu-related complications. —Entrepreneur.com Even employees who can power their way through a sickness can’t bring their A game and that can make the difference in key situations. Plus, it encourages people to spread the illness to others without regard to employees’ health. How to Prevent the Flu from Spreading in Your Business The flu or a cold can be devastating to any small business. But, it’s better to handle it in a smart way than trying to go about business as usual. Here are some effective ways the Centers for Disease Control and Prevention recommends businesses prevent the spread of cold and flu in the workplace: Encourage team members to get a flu vaccine. The CDC advises anyone who is 6 months of age and older to get an annual flu vaccine. (Remember, this is just a recommendation and not a requirement.) Develop and stick-with good sick leave policies. Create sick policies which encourage employees to take time off without fear of losing out on compensation or fear of reprisal. Advise sick employees to stay home for enough time. Anyone who gets a cold or the flu should not return to work until at least 24 hours after they get over a fever. This way, they aren’t a continuing source for infecting others. Allow well employees with sick family members to work (at home). Although the CDC says healthy employees with sick relatives can come to work, it’s not always a good idea. For instance, if a child or elderly parent is sick, their head won’t be in the game anyway. Provide proactive, preventative necessities throughout the workplace. Things like hand sanitizer, tissues, hand soap, and more preventative necessities should be readily available, all throughout the workplace. What other suggestions do you have to deal with a cold or flu outbreak in the workplace? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Know When You’re Ready to Become Your Own Boss

May 24, 2017 No Comments

Everyone knows there’s risk involved starting a new business. Even though the wheel isn’t being reinvented, carving out market share is hard work. Most people like the comfort and security of having a job. The problem with this notion is the fact that it’s only an illusion. There’s just no guarantee the company won’t go out of business, downsize, or, require relocation. Still, these are not enough to motivate many people to take the initiative to go into business for themselves. It’s a fact: being an employee is far different from being an employer. However, there are people with dreams, visions, and, full of entrepreneurial spirit. You might be one, wanting to be your own boss, but, you’re unsure whether or not the time is right. How to Know when You’re Ready to become Your Own Boss There are many reasons to start a business, but, it’s often the case you can talk yourself out of enterprising with a few justifications. You might justify not to strike out because owning your own company makes your customers your boss. It could be that you’re uncertain about taking out a business loan. Perhaps you aren’t comfortable with managing employees without a corporate structure to back you. Thinking about starting a new business? Running a company can be an amazing adventure, and it can even give you more security than a regular day job. Being your own boss may sound like heaven on earth, but what you have to remember is that it’s still a lot of hard work. It’s easy to feel ready much earlier than you actually are, and it’s equally easy to let fear hold you back long after you should have jumped. —Entrepreneur.com Maybe you just aren’t ready to take-on a full-time venture without the guarantee of income. There’s no doubt about it, starting a new business is a challenge, but it’s not insurmountable. If you really have the urge to start your own business, you’re probably wondering how to know when it’s time, and, if you’re ready to become your own boss. Well, the following signs are great indicators that you’re ready to start your own business: You’ve done more than just think about it. If you’ve been running scenarios in your head, done long calculations, looked into costs, and, done market research, you are definitely readying yourself to start a new company. Putting time and effort into due diligence means you have more than just a little curiosity. Chances are excellent you want other qualifiers to substantiate going into business for yourself. You’re ready to take a measurable risk. Researching the market and running numbers means that you’re already looking for potential risks and rewards. You are investing your energy to be educated about costs and revenue. What’s more, if you’ve studied the competition and know the industry, you’ve likely identified pitfalls and where improvements can be made. You know your strengths and weaknesses. This goes right along with the first two indicators because it means that you’re accepting you have certain weaknesses and can do something about them. Knowing your strengths and weaknesses also means that you understand where you’ll need help and where you can take charge. You are ready to earn money on your own. If you’ve troubled by the fact you’re relying on someone else for your income, you’re definitely not alone. What you should know is that successful entrepreneurs do not usually hate their jobs, or, their bosses. Instead, they know their own potential isn’t being unleashed and want to strike out on their own. You want to build something for your family. Building a business and leaving a legacy is something that every entrepreneur envisions. It’s usually one of their biggest motivations for starting a new company. If you have this inclination, it’s time to start exploring the possibilities. If you’re still unsure about being your own boss, you don’t have to take a giant leap. Instead, you can start part-time and grow it incrementally. It often doesn’t require a lot of upfront capital to start a new business, just an actionable plan and a focused vision with a commitment to your dream and strong determination to pursue your dream relentlessly every day. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

How Business Owners Can Effectively Deal with Loud Quitting

December 1, 2023 No Comments

How Business Owners Can Effectively Deal with Loud Quitting In the extremely fast-paced world of small business, a unique and often frustrating trend has emerged that’s a disturbing sequel to Quiet Quitting known as “Loud Quitting.” This phenomenon refers to employees who depart from their positions in a manner that disrupts the workplace, creating tension and negatively impacting team morale. As a small business owner, dealing with loud quitting can be challenging, but it’s crucial to address the issue head-on to maintain a healthy work environment. Understanding Loud Quitting Loud quitting can manifest in various ways, from confrontational resignations and public outbursts to passive-aggressive behavior during the notice period. It often stems from dissatisfaction, stress, or a lack of communication within the workplace. Identifying the root causes is the first step in effectively dealing with this disruptive trend. The trend began to gain traction earlier this year and reached a peak during mid to late summer. Since then, it’s not particularly been as widespread but with the end of the year fast approaching and 2024 right around the corner, the lasting impressions of The Great Resignation could very well spark another robust round of bold employee departures. So, it’s best to be prepared rather than just hope it won’t happen again. The Impact on Business Loud quitting can have far-reaching consequences for a small business. It not only disrupts the daily workflow but also has the potential to harm the company’s reputation both internally and externally. A toxic work environment resulting from loud quitting can contribute to decreased employee morale, increased turnover, and difficulties in attracting new talent. Tips for Dealing with Loud Quitting Fortunately, there are ways companies of all sizes can prepare and deal with this behavior – either to prevent it from manifesting or to minimize its impact when it does occur. Here are some effective strategies for dealing with loud quitting you can use: 1. Foster Open Communication Encourage a culture of open communication within your workplace. Regularly check in with employees to understand their concerns and address any issues promptly. Providing channels for feedback can help employees feel heard and prevent dissatisfaction from escalating to the point of a loud departure. 2. Implement Exit Interviews Conducting exit interviews can provide valuable insights into the reasons behind an employee’s departure. This process allows departing employees to express their thoughts, helping you identify patterns or areas for improvement within the organization. 3. Set Clear Expectations Clearly communicate expectations regarding behavior, performance, and workplace conduct from the outset. Having a comprehensive employee handbook and conducting orientation sessions can ensure that all team members are on the same page, reducing the likelihood of disruptive exits. 4. Provide Adequate Support Ensure that employees feel supported in their roles. This includes offering professional development opportunities, recognizing achievements, and addressing concerns promptly. A well-supported team is less likely to resort to loud quitting as a means of expressing dissatisfaction. 5. Create a Positive Workplace Culture Foster a positive workplace culture that values teamwork, respect, and collaboration. Recognize and celebrate achievements, and promote a healthy work-life balance. Employees who feel valued and connected to the workplace are less likely to engage in disruptive behavior upon leaving. 6. Develop a Comprehensive Offboarding Process Implementing a thoughtful offboarding process can help manage the departure of employees more smoothly. Provide clear guidelines for the notice period, ensure a thorough handover of responsibilities, and maintain professionalism throughout the transition. 7. Address Issues Proactively If you notice signs of dissatisfaction or tension among employees, address these issues proactively. Ignoring or downplaying concerns can contribute to an environment where loud quitting becomes more prevalent. Summing All of It Up Dealing with loud quitting requires a proactive and strategic approach from business owners. By understanding the root causes, fostering open communication, and implementing supportive practices, you can curb this obnoxious trend and create a healthier, more positive work environment. Small business success hinges on the strength of its team and maintaining a cohesive and productive workplace. Remember, a happy and engaged team is more likely to contribute to the long-term success of your business. If you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. Contact us for dates and times. We GUARANTEE that you will leave this workshop knowing exactly what to do to grow, profit and cash flow your company like you always dreamed you could. Contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business into 2024!