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Apple, Amazon Hit $1 Trillion while Brick-and-Mortars Lose — Here’s the Lesson

News recently hit that Apple and Amazon have reached $1 trillion in market value. Wow. That’s really something but not unexpected. After all, it was only a matter of time. Meanwhile, brick-and-mortar retailers continue to struggle — especially legacy stores. So, why such a disparity? We all know the quick answer — failure to adapt to a changing marketplace. (It’s why there’s just one, lone Blockbuster in the entire United States.) The underlying lesson is the ones getting left behind might have well enjoyed a lot of past success. But now, they’re stuck. And, that’s the most important takeaway.

How to Know if You’re Stuck

So, what does it mean to be stuck? More importantly, what does it feel like? Unfortunately, this is a phenomenon which isn’t always readily apparent. It might slowly creep up and surprise you in an unexpected moment. The good news is, you can usually tell. For instance, if you just don’t experience the thrill or feel the passion. That’s the most obvious.

It’s not uncommon for a business to begin to spin its wheels. For you company owners, it will feel like you’re treading water, and while you may not wake up to it right away, eventually it will start to weigh on your mind. Most of the time, these periods will pass, as they may simply be down to such things as seasonal trends or other outside market forces. But when they drag on too long, it could indeed be time to make some significant changes.
—Entrepreneur.com

A more subtle telltale sign is when you rationalize a rut as a normal routine. Or, when you see the competition moving ahead, yet you can’t seem to make any real headway. Those too, are signs you’re stuck in-place.

Tops Ways to Get Unstuck

Now, if you feel stuck, you probably are and fortunately, there are ways out. The good news is, you don’t have to make huge changes. Here are a few helpful suggestions for how to get unstuck:

  • Try something new. Change up your routine. Or, go in a different direction. The point is to try something new out and do so with flexibility. In other words, don’t go all-in. Instead, slowly dip your toes in the water and test it out. You’ll probably feel excitement and even experience some inspiration.
  • Take an impromptu hiatus. You probably have a trip planned. But, in the meantime, there you are, feeling stuck; feeling uninspired. So, change it up and take an impromptu hiatus to relax, refresh, and unwind. You’ll come back with a whole new outlook.
  • Reach out to an experienced business coach. One of the reasons you feel stuck is because you’re stuck inside of you. Put another way, you’re not looking at things with a fresh set of eyes. Get a different perspective and advice from an experienced business coach. Take advantage of seeing what someone on the outside sees. Then, embrace what you learn.

What other suggestions would you offer to get unstuck? Please share your thoughts and experiences by commenting!

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

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In the Hybrid Work World, Some Perks are Disappearing, But Should Your Business Take Advantage

July 5, 2024 No Comments

In the Hybrid Work World, Some Perks are Disappearing, But Should Your Business Take Advantage? Summer Fridays were once widely embraced by businesses to boost employee satisfaction and provide adaptability in a highly competitive employment landscape that demanded companies offer certain perks and fringe benefits. Back in 2019, a significant 55% of U.S. companies adopted summer benefits, allowing employees to either take Fridays off or depart early during the warmer months, as indicated by Gartner’s research. However, the onset of the pandemic in 2020 and the subsequent growth of remote and hybrid work models have seemingly diminished the appeal of this particular Friday perk for many companies. Recent data from Flex Index reveals that 37% of U.S. companies now follow a structured hybrid approach, marking an increase from 20% in early 2023. Additionally, 32% of companies offer complete flexibility, while 31% maintain a full-time, in-office attendance requirement. The surge in hybrid and remote work arrangements might be responsible for the decline in Summer Fridays. A 2023 survey by Monster.com, a job recruitment website, reported that only 34% of U.S. workers were offered summer benefits. This data begs the question: how do companies deal with employee perks amidst a changing business landscape? How Businesses Can Strike a Balance When Deciding Which Workplace Perks to Adopt and Which to Drop Balancing workplace perks for small businesses involves considering the needs and preferences of employees, the company’s financial capabilities, and the overall impact on productivity and morale. Here are some steps small business owners can take to strike a balance: Understand employee needs. Conduct surveys or hold discussions to understand which perks are most valued by employees. This can help in prioritizing benefits that align with their needs and preferences rather than guessing or relying on intuition. Financial viability. Evaluate the cost of each perk and its potential return on investment. Consider the financial health of the company and the long-term sustainability of the benefits package. The answers you find may surprise you and it’s better to know definitively than to ballpark estimates. Legal requirements. Ensure that the benefits package complies with all relevant laws and regulations, such as the Family and Medical Leave Act (FMLA) and the Affordable Care Act (ACA). Flexibility. Consider offering flexible benefits that can be tailored to the individual needs of employees. This could include options for remote work, flexible working hours, or additional benefits like gym memberships or childcare support. Regular review. Regularly review the effectiveness of the benefits package and make adjustments based on employee feedback and changing business needs. Communication. Keep employees informed about changes to the benefits package and the rationale behind these decisions. Open communication can help to manage expectations and maintain morale. Benchmarking. Look at what similar companies are offering to ensure that the benefits package is competitive within the industry. This also helps you to keep your employee retention high as they’ll have less incentive to go elsewhere. Additionally, be sure to consider alternatives. If certain perks are too costly, consider alternative ways to achieve the same goal. For example, instead of offering a full gym membership, the company could provide a fitness stipend or organize group fitness classes. By doing just a bit of research and listening to employee feedback and concer, small business owners can create a benefits package that supports the well-being and productivity of their employees while also being financially sustainable for the business. 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 (602) 541-1760, or, if you prefer,

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Accomplish Your Biggest Goals in Small Steps

May 16, 2017 No Comments

You’ve probably heard the way to eat an elephant is to take one bite at a time. In business this is fundamental because it decidedly identifies the road to success. This road, it should be well understood, isn’t an easy path and will have plenty of bumps along the way. These setbacks, or failures, are excellent parts of the learning curve and are typically more valuable than successes. Savvy entrepreneurs embrace this truth and use it in a strategic way. Some of the largest and oldest companies were born from simple ideas. These giants grew from obscurity, not because of all they offer, but because each accomplished a goal which made them instrumental to the world of commerce. In 1939, after many frustrating years, inventor Charles Goodyear discovered the process of vulcanization. Though the legendary achievement is etched in history, the backstory is quite telling. Goodyear spent years trying to turn his concept into reality. He went dead broke and into extreme debt, yet endured and persisted on one single goal. How to Accomplish Your Biggest Goals in Small Steps Of course not every entrepreneur suffers such extreme adversity. It’s true that the majority of businesses do experience fits and starts but overcome and go on to achieve enough to turn a respectable profit. The way this happens is through a series of phases which include periodic cycles of failures. These aren’t due to lack of motivation, not being smart or talented enough, but the result of trying to accomplish too many things at once. When people set out to begin a major work project or adopt a healthier lifestyle, it’s easy to become discouraged when picturing the long road ahead. By the same token, even smaller-scale plans like keeping a medical appointment or a standing date to the gym can become easily derailed by the busyness of our daily lives or a simple aversion to the doctor or the treadmill. —The Wharton School Let’s get back to how to eat an elephant. The key to tackling any big goal is to do so in a smart and workable manner. Though most people understand reaching a goal takes time, their enthusiasm causes over-reach and that’s when things start to go wrong. You just can’t do six things at once and expect to master all of them. Too many directions, which is to say too many projects, is a recipe for failure. So, the key to success is the opposite — do one thing at a time. Here’s how to accomplish your biggest goal in small steps: Set a big goal to reach. The first step is to set a realistic goal. There’s nothing wrong with dreaming big but these can be too large to reach before feeling discouraged. One of the reasons entrepreneurs achieve success is they have a vision that’s focused and workable. Identify a realistic path to take. Another component to achieving your big goal is to map out a realistic path to take. Break the process down into phases —these don’t have to include every possible detail or include all contingencies. Martin Luther King remarked on this when he said, “Faith is taking the first step even when you don’t see the whole staircase.” Start with one small, incremental step. You’ve probably heard different adages about the first step being the hardest. It’s true and to feel a sense of accomplishment while building momentum, the first step ought to be small. Take a moment to reflect the accomplishment. After each incremental step or phase is complete, take time to reflect on your accomplishment. The sense of pride is inspiring, and it reinforces your self confidence. With every step and phase completion, you can look toward your ultimate goal but stay focused on the here and now. This will help to motivate you and it’s a great way to appreciate your hard work. As a side note, it would be an honor to help out my LinkedIn connections with their business. At minimum, I’d love to connect and be in touch. We can do this by you signing up & getting my Top 5 Business Tips each month; and it’s free! May Your Business Succeed Beyond Your Dreams! ~Best, John Waters Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

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How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

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