Business Education

The Samsung Galaxy Fold Demonstrates this Powerful Business Lesson

The mobile technology world experienced one of the biggest public blunders of all time. Samsung shipped a number of demo units of its $2,000 foldable smartphone to several high-profile reviewers.

Within 48 hours, a good number of the devices were broken. The reviewers shared their surprise and since, Samsung has delayed the release of its “Foldable Phone of the Future.”

The Samsung Galaxy Fold Unfolds Unnecessary Bad Publicity

To be fair, some broken due to reviewer mishandling. They mistook a part of the screen as a protective layer that all smartphones ship with. Others noticed bulges in corners near the fold.

While the former did inadvertently damage the devices, the latter simply watched as the units failed.

You’re anxious to get your business off the ground or get your latest product out to the public as quickly as possible. Perhaps you’ve already started your marketing and promotional campaigns. You’ve got visions of a best-selling product dancing in your head. But selling too quickly can be dangerous; there can be drawbacks if you are putting the cart before the proverbial horse. Businesses that start selling new or innovative products without taking the time to put their ducks in a row often regret their decision. —All Business

It’s yet another example of a manufacturer rushing a product to market before it’s truly ready. When such bad PR situations occur, these can lead to companies going out of business outright.

The Negative Effects of Rushing a Product to Market

Companies rush products to market. It does happen. And, it’s a huge and completely unnecessary risk. Here’s why:

Damage to reputation. Let’s begin with the obvious. While mega corporations can weather such storms, small businesses might suffer tarnishes to large to overcome.
It sends the wrong message. Thomas Edison practically invented “vapor-ware,” the introduction of a product which doesn’t actually exist. When you release something prematurely, you’re sending a message you care more about turning a profit than your customers.
It causes a loss of trust. If the gamble fails to payoff, it means you’ve sacrificed trust. Consumers just won’t trust your brand in the future and that’s never a good thing.
Your team will also suffer. Pushing out a product before it’s ready just might lead to a loss of key employees. Some could walk away, not wanting an association with a company who isn’t willing to wait until it’s right.
You’ll regret the decision. Of course, as the leader of the organization, it’s you who takes all the blame. Ultimately, you’ll have to accept making a bad decision and the consequences which inevitably follow thereafter.

What other negative consequences does rushing a product to market have? 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,

The Landlord is Seriously Raising My Business Space Rent – What are My Options?

July 13, 2022 No Comments

Commercial tenants can expect their rent to go up every year. In fact, it’s a bit unusual for the rate not to increase at the end of a lease. But sometimes, unscrupulous landlords will take advantage of their tenants’ naivete and exercise a somewhat obscure clause that allows them to up the rental rate substantially. So much, that it can increase by a relatively high percentage, thus making it virtually unaffordable. Fortunately, there are some options commercial tenants have in these situations. Business Owners, Know Your Lease Although it may seem completely obvious or self-evident, don’t just skim over any commercial lease. If necessary, pay an attorney to look it over and explain it to you on a very elementary basis. Or, go over it carefully yourself and if you don’t understand something, be sure to research it on your own – do not just take the landlord’s word for what it truly means. There’s no standard agreement for commercial leases. In fact, negotiating the terms of commercial leases is usually expected. Depending on the state of the commercial real estate market, a business may be able to obtain significant concessions from a landlord. A property owner with a largely vacant business park, for example, will most likely make allowances. On the other hand, the business renting the space will have less control over the terms of a lease in a hot rental market or when renting a premium space. —FindLaw Small Business We’re not going to get into commercial lease types, because there are many kinds. But, it is quite common for leases to contain various expenses besides just renting pure square feet, including common area maintenance and repairs, and other expenses. However, it certainly isn’t unheard of that tenants get stuck with even more expenses related to their business rentals. So, again, be sure to understand the lease before you sign on the dotted line in order to avoid any confusion or surprises in the future. What To Do When Your Business Rent goes Up Unexpectedly If the commercial space you’re leasing for your business goes up dramatically, you do have some options available, though they may not always be the best. Here are a few things you can do if the landlord raises the rental rate on your commercial space: Do your research first. Start by getting a firm grasp on your state’s commercial rental laws. This won’t necessarily be a fun task, but a very necessary one. If you understand how these laws work, you may find something in your favor. At the very least, you’ll have more knowledge about how the landlord-tenant laws work in your state and will be wiser to make better decisions in the future. Survey the local market. The next thing you should do is to start looking at other commercial spaces immediately. You just may find some deals out there that would allow you to either lower your current rental rate or be competitive. Because of the pandemic disruption, many commercial landlords are desperate for tenants, since so many businesses have adopted work-from-home and hybrid models. Try to renegotiate your current lease. Another option is to try to renegotiate the lease on the property you are currently occupying. You can use your newfound knowledge of the law and of the local market opportunities to your advantage. This is especially helpful if you really want to avoid the hassles of moving your operation elsewhere, and the landlord is willing to be reasonable. How else would you deal with a sudden commercial rent increase? Please take a few moments to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Have You Tried the Discarded Napkin Test?

October 29, 2017 No Comments

Have you tried the discarded napkin test? Perhaps you’ve never heard of it because it isn’t an actual thing. But, this simple sociological experiment does reveal some fascinating insight into how we perceive others and gauge various environments. Don’t bother Googling it, you won’t find any on-point results. However, that doesn’t mean it’s not useful. Try the Discarded Napkin Test for Yourself The discarded napkin test is a simple one. And, it clearly demonstrates the importance of appearance. Here it is: go into a casual restaurant prior to the lunch hour rush. Crumple a clean napkin and place it on a clean but empty table. Sit nearby and watch how many people past the “tainted” table up for another. Eventually, if there’s no more tables available, someone will muster the courage to clean it off. Or, give into the frustration of the limited seating options and swipe it to the floor. Many workplaces have dress codes, particularly workplaces in industries in which image is highly valued and workplaces in which employees have regular face-to-face contact with customers. Whether you are considering setting a dress code for an existing workplace or trying to decide whether your new retail store will require employees to adhere to a dress code, consider the broad benefits and potential drawbacks — like backlash from casual-dressing employees — of such a move. —Houston Chronicle The point is, people will choose to sit elsewhere even when the only flaw with a table is a discarded napkin. That’s it. Its unpleasing appearance is enough to turn off person after person. Although a bit strange, it’s true. And, it begs the question — are employee dress codes good or bad? Employee Dress Codes Pros and Cons Okay, so there are a number of dumb office rules that drive employees crazy. But, some make sense to enforce. When it comes to employee dress codes, it’s not always cut and dry. This means, while an employee dress code can actually be a good policy, it can also be a bad idea. Here are some employee dress code pros and cons to consider: Pro — professional appearance. The single biggest benefit of an employee dress code is it provides a professional appearance. It’s especially useful in retail settings and offices. In the former, uniforms distinguish employees while the latter, business casual provides a professional yet laid back experience. Con — stifles personal style. Although a dress code does provide a more professional experience, it also can stifle personal style. That can mean rebellion, particularly in an office setting. Team members might feel an imposition and possibly a bit untrusted. Pro — provides “uniform” experience. Of course, you’d like your business to send a uniform message, which uniforms undeniably provide. However, in an office setting, this is a little more problematic. But, broad rules with clear prohibitions usually works well. Con — needs consistent policing. Now, the biggest downside of any dress code is the need to police it constantly and consistently. Otherwise, it’s just a suggestion and not enforced policy. At least, that’s the way employees will feel. What other pros and cons of employee dress codes have you experienced? Do you favor a strict dress code or a loose one? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.