Business Education

5 Ways Small Businesses can Weather Uncertain Economic Times

With regular life all but suspended and so much uncertainty, small businesses will most definitely feel the impact. Although most of it will occur in the short term, it could well have long-term impacts, lasting far beyond the next several weeks. That means it’s time to hunker down and get serious about the situation to minimize any potential damage.

5 Ways Small Businesses can Weather Uncertain Economic Times

The very first thing to do is to review all expenses. Not just some or the top, but everything. You’ll likely be reminded of at least one that’s either unnecessary or simply too costly to maintain in its current status.

In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability. The good news is a large-scale company overhaul isn’t necessary. It’s often simple, common sense steps that improve the bottom line, especially for a small business. Q1, 2020 is a good time to step back and look carefully at your business practices. —American Express

Then, it’s time to start to reduce discretionary spending. Here again, don’t just settle for around the margins. Instead, think about where you can cut when it comes to discretionary spending. You’ll probably be surprised by how much you’re wasting and don’t even realize it.

More Ways of Dealing with an Economic Downturn

Of course, those two things won’t do it alone. While reviewing expenses and cutting down on discretionary spending will most certainly help out, you’ll probably be able to do more — a lot more. For instance, you can do the following:

Buy more carefully. This is different from discretionary because these entail essentials. Although these things are necessities to run your business, you can probably get away with buying a little less. Doing so across a few or several items will have a cumulative savings effect that will make a real difference.
Cut down on extras. Overtime, perks, even benefits are all part of this particular category. (You should be doing this periodically, about once to twice per year, anyway.) Again, you’ll likely be a bit shocked by how much these items are costing you, especially when added-up together.
Consider cutting pay. This doesn’t just apply to your employees, but you as the owner, as well. Yes, you. It might be necessary to reduce team member hours, and even take a temporary pay cut yourself. This will not only help you weather the storm, but also, it shows real leadership. Moreover, it sends a clear message that you are part of the solution, rather than part of the larger problem.
Innovate. Huddle up with your key employees and leaders and challenge everyone with to come up with 2 or 3 innovative strategies to create or capture new revenue sources that you are currently not generating. Many successful businesses have found way to survive and in some cases developed entirely new services and products that resulted from innovating during difficult times. Necessity is the mother of invention. Plato.

What other measures would you suggest? Please share your thoughts and experiences by commenting!

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

Like this article?

3 Effective Strategies for Dealing with Networking Fears

March 26, 2020 No Comments

Networking fears are far more common than people think. Having jitters when out at a conference, while professionals get together, or any other event, can make even the most astute business person feel overwhelmed. It’s difficult for some people to get past their nervousness, and they wind up avoiding everyone else, which completely defeats the purpose of being out-and-about in the first place. But, you don’t have to be paralyzed by anxiety, if you rely on some effective coping methods. Why Business Networking is Important Everyone starts somewhere in business, which is to say at the bottom. Most people don’t open a business and get flooded with tons and tons of sales right away. So, it is necessary to get you and your brand out in front of the public and networking is a great way to build a reputation. Everyone experiences bouts of networking anxiety! Rather than avoiding a handshake or resorting to only interacting with your smartphone when you’re at a conference, use [proven techniques] to face your networking fears head-on. —Inc.com It’s also a terrific way of keeping your interpersonal skills sharp, as well as learning your preferred choice for dealing with awkward situations, including breaking the ice. Ultimately though, it’s about building a network of contacts that can benefit your business, as well as those of others to be a help to them, thus building a two-way, win-win street. 3 Effective Strategies for Dealing with Networking Fears It’s quite common for people to experience at least a small or slight level of apprehension when networking. Of course, some have more severe anxiety than others, but there are effective ways of dealing with these types of feelings. Here are some of the best ways to deal with networking fears: Ground yourself in reality. Start by asking yourself, “What’s the worst thing that can happen?” You already know the answer but your fears can get in the way. When you feel nervous and apprehensive, it’s very easy to blow things out of proportion. Rest assured there is really nothing to be afraid about. Open yourself to other options. Networking doesn’t have to be done at large events with dozens upon dozens or scores galore of people. Instead, think of some alternatives, like having breakfast or lunch one-on-one. Or, get together in a small group of just a few individuals, instead of having to brave a super-sized group of people. This strategy works best for people who are afraid of large groups, especially those who like to avoid a chaotic fish bowl. Be confident in your value to others. The best source of strength you’ll have in any networking situation is to be confident in what you have to offer others. You do have something of value and are competent in your wheelhouse. So, draw on you are sense of confidence in order to project an attractive and positive energy. What other advice do you have to deal with networking fears? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Starting a New Retail Business? Don’t Forget to Dress (Your Employees) for Success!

August 10, 2023 No Comments

For a startup retail business, creating a strong brand identity is crucial to stand out in a competitive market. In other words, details matter and they matter a lot when it comes to brand identity. So, nothing should be overlooked. For instance, employee uniforms play a significant role in shaping that identity, as they are a direct representation of your brand and values. The right employee uniforms can reinforce your brand message, foster a sense of unity among your team, and leave a lasting impression on customers. How New Start-Up Retailers Should Choose Employee Uniforms When you’re starting a new retail business, one of the first decisions you’ll need to make is what to wear. Do you want your employees to wear uniforms? If so, what kind of uniforms will best represent your brand? With this in mind, here are a few things to consider when selecting employee uniforms for a startup retail business: Your brand identity. What kind of image do you want to project to your customers? Do you want your employees to look professional, stylish, or casual? The style of your uniforms should reflect your brand identity. The type of work your employees do. If your employees are going to be on their feet all day, you’ll need to choose comfortable uniforms that can withstand wear and tear. If your employees are working in a hazardous environment, you’ll need to choose uniforms that provide protection. Your budget. Uniforms can be expensive, so you’ll need to set a budget before you start shopping. There are a variety of ways to save money on uniforms, such as buying them in bulk or looking for discounts. Once you’ve considered these factors, you can start shopping for uniforms. But, before you begin your search, you should do a few things first so you don’t wind up wasting valuable time. Here are a few tips for finding the right uniforms for your startup retail business: Talk to your employees. Get their input on what they would like to wear. They’ll be the ones wearing the uniforms, so it’s important that they feel comfortable and confident in them. Shop around. Compare prices from different vendors before you make a decision. You may be able to find a better deal if you shop online and/or look for discounts. Choose a reputable vendor. Make sure the vendor you choose has a good reputation for quality and customer service. After all, as your business grows, you’ll need a reliable source for future uniforms. With a little planning, you can find the perfect employee uniforms for your startup retail business. Your uniforms will help to create a professional and polished image for your brand, and they’ll make your employees feel confident and comfortable. Now, to ensure you’re making the right decision, here are some additional tips for selecting employee uniforms for a startup retail business: Choose colors that complement your store’s branding. If your store has a specific color scheme, choose uniforms that match or coordinate with those colors. This will help to create a cohesive look for your employees and your store. Consider the climate where your store is located. If you’re located in a warm climate, you’ll need to choose uniforms that are lightweight and breathable. If you’re located in a cold climate, you’ll need to choose uniforms that are warm and comfortable. Make sure the uniforms are comfortable and durable. This is definitely worth repeating. Your employees will be spending a lot of time in their uniforms, so it’s important that they’re comfortable and durable. Choose uniforms that are made from high-quality materials that will withstand wear and tear. Consider the needs of your employees. Some employees may have special needs, such as uniforms that are loose-fitting or that accommodate disabilities. Make sure to consider the needs of your employees when choosing uniforms. By following these tips and using your own judgment and getting input from others, you can select employee uniforms that will help to create a professional and polished image for your startup retail business. Your uniforms will make your employees feel confident and comfortable, and they’ll help to promote your brand. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

4 Reasons You’re not Hiring the Best Talent

June 14, 2018 No Comments

We’ve previously covered how to deal with a lazy employee. Now, let’s take a look at the other side of the coin. Or, how do you hire the best talent out there? It’s more complicated and difficult than one would first suppose. That’s because practically every candidate will put their best foot forward to make the best impression. It’s only after you hire do you really know what you’ve successfully recruited. But, to get an advantage, you should be only interviewing the top in the game. Signs You need More Talent Before we go there, let’s take a moment to look at your current situation. If you get the feeling you need more talent or at least one or more highly productive team members, your intuition just might well be spot-on. For instance, if you can’t seem to break previous work production levels, that’s one sign. Or, if you’re employees aren’t growing your business, that’s another. Legendary Texas football coach Spike Dykes once said, “You give me the best players and an average coach and we will beat the best coach with average players every time.” CEOs should take this approach and own recruiting instead of abdicating it solely to HR. One of the five critical CEO responsibilities is to provide the proper resources, and people are the most important. In fact, to scale your business, it requires 4 key components; people, strategy, execution and capital. In my experience, people are the greatest resource in growing any business. —Inc.com Of course, if you’re losing business, that’s a big red flag. Another way to tell if you need more talent is when your company feels stuck. If the status quo keeps chugging along with no breakthroughs, that’s a problem. (This is one reason why it’s always a good idea to bring in a third-party, like a professional business consultant and coach.) 4 Reasons You’re not Hiring the Best Talent Now, we’ll take a quick look at some of the most probable reasons you’re not hiring the best of the best. It could be one or a few combined. But, if you identify or feel familiar with any part of these, it’s time to reflect. Here are the four most common reasons you’re not hiring the best talent: Your casting net is way too small. Let’s begin with the most obvious — you’re casting too small a net. Sure, you’re probably comfortable recruiting from your locality. But, that leaves out a whole lot of people. Your job description is too generic. This is something that too many businesses do: they copy and paste job descriptions when there’s an opening. This is a bad practice because it doesn’t “speak” to individuals who would otherwise engage. You’re not getting back to candidates. Okay, so this is a difficult one. If you do make a great hire, you’re probably not keen about letting others know they weren’t chosen. But, this is not only selfish, it’s rude. Keep everyone who has interviewed in the loop. Your interview doesn’t give an in-depth view. Just like generic job descriptions, when interviews are overly generic, they won’t reveal how candidates think and feel. Those are very important insights you’re not gaining. What other advice would you give about how to hire the best talent? Please share your experiences and thoughts by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 Ways Small Businesses can Weather Uncertain Economic Times