Business, Business Education

Want to Make the New Year a Success? Avoid these People

The New Year will soon be upon us. And, the majority will make different resolutions. Usually, these are about personal goals — going on a diet, getting in shape, and spending more quality time with family and friends. But many of us will also include a few business goals on our lists. And, there certainly isn’t anything wrong with this. Of course, this comes with its own set of challenges. One of the biggest, is avoiding toxic personalities.

Why Avoiding Toxic Personalities is So Difficult

Okay, that’s great and it’s also all-too obvious. Who really seeks out toxic personalities? Well, no one does — at least not consciously. But, isn’t it strange how we all seem to attract crazy? Or at the very least, difficult. So, what is so difficult about avoiding bad personalities? The answer is complex. Boil it down to logistics and it becomes more clear. We simply do not have control over who comes into our lives.

Unfortunately, not everyone pushes us to be better. Some people stop us from following our dreams or talk us out of taking a risk, and we don’t always realize that it’s happening. So it’s important to be aware and consciously choose who we spend time with, to limit spending time with toxic people —Success.com

To an extent, we can avoid known bad personalities. But, even this becomes difficult in the workplace. Sometimes, there is no real choice. You must accept the situation and make the most of it. However that doesn’t mean you don’t have any options at your disposal.

Personality Types to Avoid in Order to Succeed

The fact of the matter is, you become a product of the company you keep. It is a long-proven phenomenon. That’s precisely why there’s so much advice about surrounding yourself with good people. They’ll have a positive impact on you. As a result, you’ll achieve more and adopt a better outlook on life. As Jim Rohn said,
“You are the average of the five people you spend the most time with.” But, this means there are personality types you need to avoid, like the following:

Micromanagers. This personality tops the list because it’s the type no one can stand. Sure, management is a good thing. But, when it’s repeatedly taken to a granular level, it becomes counterproductive. Worse yet, it causes others to become resentful and unmotivated. Learning to solve problems independently is far more valuable.
Short-term thinkers. There is nothing wrong with having a short-term game plan to reach a goal. But, it should fit into a larger scheme toward an ultimate goal. Short-term thinking is good for the near future but it’s an obstacle to long-term success.
Pessimists. Pessimism isn’t always a bad trait. In fact, when it’s useful we call it pragmatism. That’s a good thing because it helps us to avoid unnecessary risk. But a pessimist doesn’t see anything but downside. When this happens, it’s very hard to move forward confidently or at all.
Big spenders. Spendthrifts are also a bad influence. They don’t take financial responsibility. And, the results are often bad. Of course, there are times when it’s okay to spend but constantly splurging is just a recipe for ruin.

Which other personalities do you avoid? Which personalities are a real asset to entrepreneurs? Please, share your thoughts and experiences by commenting and joining the discussion!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

What to Do with an Unwanted Inherited Business

September 16, 2021 No Comments

Owning a business is not something that everyone aspires to do. Sure, many people like the idea of being their own boss. But, there are definitely individuals who prefer to avoid the stress and anxiety of being an entrepreneur. Of course, there are many different sets of circumstances. For instance, children who follow their parents and run the family business, taking it over after their parents retire. Or, people who unintentionally fall into their own business without actually setting out to do so. For example, someone who inherits a business from a relative. Although this might seem a bit far-fetched, it does happen more often than one would think. So, what options are available to an heir who really does not want to take over the business? Types of Inherited Businesses Probably the most common form of an inherited business is a family company. Usually, the children grow up in and around the operation and are at least familiar with it. Other times, the children aspire to follow their own career path and never work in the organization. Additionally, there are heirs who inherit a family-owned business that they have never really been acquainted with whatsoever. If you’ve inherited a company, there might be a lot of questions on your mind. You might not want to be an entrepreneur, or even if you do, you might prefer to work in a different industry. Even if you’re ready to take on the business, you might be unsure about how to deal with current employees and suppliers. —Nerd Wallet Though these circumstances are far less common, they do occur. One prime example is someone who inherits a commercial property. That property is leased by several other businesses and generates a profit. The owners may not even be directly involved with the day-to-day operation and rely on a firm or individual to handle the necessities. These would include things like maintenance, repairs, negotiating leases, upgrades, and more. What to Do with an Unwanted Inherited Business Your first instinct could be to just sell it and be out of the situation as quickly as possible. But, if it’s generating a consistent profit, that might not be a wise idea. On the other hand, even if it does generate a profit and you’re completely unfamiliar with it, it could turn into a gigantic mess. Here are some possible options to explore: Learn about the business. Regardless if you’re set on selling it or remotely considering taking it over, you’ve got to know what you’re dealing with first. It’s imperative that you educate yourself about the business in order to make an informed decision as to which way to go. Don’t make the mistake of letting your emotions take over. Instead, take at least a little time to understand precisely what it is and more importantly, how much it’s really worth. Consider being an absentee owner. Although this is quite common in the business world, it’s always a risky proposition. And, it’s probably why you don’t want to get involved in the first place. If you let other people run it, you’re putting your trust into others and that could easily lead to a very regrettable set of circumstances. However, if it is something like commercial property and your relative was also an absentee owner, at least give it some serious thought. Invest in the business. If you do want to give it a try, don’t go it alone. Bring in a business coach to guide you through the process of taking on an entrepreneurial role and become familiar with all it takes to head up this type of operation. If you find it isn’t a good fit, you can always sell it and move on. What other suggestions would you give someone in this position? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Strategic Moves Small Business Owners can Make during Rising Inflation Periods

January 13, 2022 No Comments

Rising inflation is affecting both consumers and businesses alike. As the dollar’s purchasing power decreases, and prices for goods and services rise, a vicious cycle ensues. Small business owners are obviously not immune to this damaging dynamic. These small companies experience a decline in sales volume and their top lines fall. Fortunately, there are some strategies that small business owners can use to their advantage, even as inflation rises. While these moves won’t magically make all their problems disappear, they will help them to get through this trying time and even realize a greater profit in the future. Expect the Unexpected It is very easy for small business owners to get comfortable in their routines. So, when circumstances change, they generally are not prepared. The shock can lead to making rash decisions and as everyone knows, decisions made under duress don’t typically go very well. Because there is no way to tell how long this inflationary cycle will last, it’s best to adapt to the disruptive environment than to ignore it and hope to weather the storm. An increase in inflation has a number of effects on the economy. First and foremost, it erodes purchasing power as the cost of retail goods and services increase. It can also raise the cost of borrowing as interest rates increase due to increased risk. Inflation increases can also fuel further inflation, creating a feedback loop. —Yahoo Finance In other words, don’t just plan for the immediate short-term, think farther into the future and consider possible contingencies if this inflationary run persists past expectations. Since there’s no real way to know when it will end, it’s far more advantageous to be able to pivot and maneuver on short notice. Otherwise, you could get caught off guard and that could spell big trouble. Strategic Moves Small Business Owners can Make during Rising Inflation Periods The good news is that inflationary cycles don’t last forever, they are temporary. But in such situations, there will be challenges. So, you can use the following strategies to help your small business make it through inflationary times: Offer long-term contracts. During periods of uncertainty, people relish the comfort of stability. Suppliers, vendors, and clients are no exception. Offer them long-term contracts at agreeable terms and that will alleviate some anxiety. It will also help to give you more peace of mind in the short term and can also help to set your business up for future success. Invest in technology. Smart business owners take advantage of these circumstances by doubling down where it really counts. Technology gives businesses the power to increase productivity with fewer employees. Technology is a force multiplier. By expanding their technological assets, companies can not only meet but surpass client demands with fewer human resources. Refinance your debt. Interest rates remain at near historical lows at the moment. But, they are likely to go up through the year. So now is the time to lock in a lower rate and refinance your debt. Paying just a little less in regular installments will help to free up cash for use elsewhere. Resist shrinkflation, if possible. Consumers are very well aware that they are getting less and still paying the same amount or more. Big corporations use this sleight of hand and needless to say, the general public doesn’t like it. If you are able to deliver the same goods and services for the same prices as you normally would, continue to do so for as long as possible. This will most definitely help you stand out from the competition and your sales figures will reflect it. What other suggestions do you have for small businesses that are dealing with rising inflation? Please take a few moments to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 New Product Rules Every Entrepreneur Should Know

May 24, 2017 No Comments

Consumers are truly creatures of habit. In fact, the average family purchases the same 150 products again and again, which accounts for a whopping 85 percent of all needs, according to a study conducted by Harvard Business School. Of course, that means when a new product appears on the market, its got to somehow work its way into those recurring purchases. It’s no secret that consumers are quite brand-loyal, so, this presents an even larger challenge. When you stop to consider your own purchasing habits, you begin to realize just how loyal you are to certain brands. Carving out market share is difficult enough, but, even more so when a product comes from an unknown or relatively new source. 5 New Product Rules every Entrepreneur should Know There are some 250,000 new product launches globally on average, per year. Obviously, very few make it past the first couple of years, as clearly evidenced by the nearby quote. What’s more, companies often fail to recoup development costs. In the grocery industry alone, the failure rate is even higher, ranging from 70 percent to 80 percent, according to research done at the University of Toronto. …the fact remains that the success rates of new product introductions and innovations have improved little over the last 20 years. Booz & Company reports 66 percent of new products fail within two years, and Doblin Group says a startling 96 percent of all innovations fail to return their cost of capital. —Fast Company For small-sized American food businesses, the success rate is even more sparse, coming-in at just 11 percent, which regulates an eye-popping 89 percent to failure. The top culprits of failure are poor product quality and design, but overestimating demand, bad pricing and timing, as well as incorrect positioning also make the list. The statistics go on and on when it comes to new product failure, so, it’s important to know what makes products get past their introduction to the public and sell. Here are five new product rules every entrepreneur should know and follow: It must have at least one solid advantage. There are several advantages a product can have and among the most persuasive are value for the money, prestige, effectiveness, convenience, and high-quality. If you look over this list again, you’ll find at the heart of all these is providing for want and need. For instance, the iPhone revolutionized the mobile phone industry — it fulfills a need, is a high-quality product, and provides many conveniences. The product must fit into consumers’ routines. If a product won’t easily fit into consumers’ routines, it won’t sell on the market. A product must be able to accommodate buyers’ routines because, as mentioned above, people are creatures of habit. Some products are able to break this rule, but these are few and far between. It’s got to work right out-of-the-box. American consumers love convenience, and, are very annoyed when a new product proves to be anything but convenient. Most people cringe at the phrase “some assembly required,” because of past experiences. Make a product that works right out-of-the-box and it has a much better chance of success. The benefits should be obvious to consumers. When consumers can readily identify the benefits of a product, they are more likely to buy it. Stop to consider the last time you were shopping for a specific type of item and compared brands. It’s highly probable you purchased the one you could easily spot its benefits. It can be given away for nothing (or part of a promotion). The Clorox company began marketing its first cleaning products to businesses and this approach failed. However, one owner’s wife saw that it had marvelous residential use potential. She gave small bottles of it away and soon after, sales skyrocketed. When consumers are given the opportunity to “test drive” products for free or at a low cost, they are more apt to purchasing it again and again. Though these elements will all increase the chance of success for a new product, it’s important to understand the market and to have an executable plan to be successful. We have several Clients that have new and innovative products that are succeeding because they have followed these five rules. Let us know your new product ideas and make certain yours meets these five new product rules. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]