Business Education

Entrepreneurs — Post-Pandemic, This One Single Word will Become Your most Powerful Tool

Just one word can serve as your most powerful ally in a coming post-pandemic business world. It’s actually one of the shortest words in the English language, but wields an incredible amount of influence. It’s a single syllable that can save you from a lot of trouble, and even one that can help you realize a profit. This magical word? It’s “no,” and it will be very difficult to utter in the coming months.

Why “No” will Become Absolutely Necessary

Risk is inherent in entrepreneurship, and that’s why it’s so difficult to turn things down. Business owners realize when they do not seize upon a seeming opportunity, they ostensibly lose out in one way or another. Call it FOMO or fear of missing out. Call it pride or even stubbornness. Whatever it is, there’s an impulse to accept things as they come.

It’s easy to say yes and hard to say no. Anyone who has children knows how effortless it is for kids to learn the word ‘no.’ They love to say it—all the time! So, it’s curious that as we get older, the word ‘no’ becomes a distant memory and ‘yes’ is the order of the day. This is especially true if you are a people pleaser. Let’s face it, deep down we all want to be liked. For an entrepreneur, learning to say no is crucial because it can mean the difference between success and failure. —Forbes

This isn’t to say it’s necessary or even smarter to avoid risk, but rather, to measure it on a case-by-case basis. And in a time when you’re in a position to help others out in their time of need, it will be extra tempting to accept rather than pass. This can easily become detrimental to your business in a very short period of time. So, it’s critical that you learn or relearn how to say “no.”

How to Say “No”

The real problem with saying “no” is that you’re not saying “yes.” If you think about it for a moment, that becomes fairly profound. In other words, “yes” carries a positive connotation, while its antonym is, understandably negative. But, that doesn’t mean that saying “no” can’t have a positive income. Here’s how to say “no,” when you impulsively want to say the opposite:

Suggest alternatives. Instead of just posing an objection and leaving it at that, suggest alternative scenarios. It will help you to feel a sense of usefulness and even a sense of accomplishment, perhaps pride. This way, you’re offering solutions rather than shutting the other person out.
Explain your reasoning. Although we’ve all heard the phrase “No is a complete sentence,” in many instances, it’s just not enough. So, take a moment to explain why you’re saying “No thanks,” and don’t belabor the point(s). After all, if you do prolong the situation, you’re opening yourself up to self-doubt.
Don’t rationalize your decision.This goes right along with the last point. If you begin to rationalize, you’ll send yourself out on a path to going the opposite way to “yes.” And, that defeats the entire purpose of saying “no” in the first place.

What other suggestions would you add? Please share your thoughts and experience by commenting!

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

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Reasons Why Small Business Loans are Denied

May 24, 2017 No Comments

Small business owners can easily find themselves in the unenviable position of needing capital, but, not having ready access to cash. It presents an age-old problem, buying equipment ties cash up, even though said equipment is considered an asset. Such assets can depreciate, which worsens the situation all the more. On the cash liquidity side, there are tax consequences to having a certain level of retained earnings. This is why debt instruments are a part of doing business. However, even profitable small businesses can be denied for a loan, and, there’s ample evidence to support this phenomenon. In the first two quarters of 2014, about half of applicant businesses received any funds, according to a survey conducted by the Federal Reserve Banks of New York, Atlanta, Cleveland and Philadelphia. Reasons Why Small Business Loans are Denied Unfortunately, present trends don’t show much improvement in the access to capital, or, in reducing operational costs. In fact, since November 2014, three out of ten businesses reported more difficulty in trying to reduce operating expenses, and, one-quarter reported unexpected expenses too hard to plan for, according to a study conducted by Nav (formerly Creditera), a business credit management company. If your company recently applied for business credit and was rejected, you’re not alone. So what can you do if your business credit application is denied? Start by trying to find out why. The Federal Trade Commission suggests submitting a written request for the reasons within 60 days of the denial, and the creditor must give you the specifics in writing within 30 days of the request. Consider discussing any concerns you have with your lender, and you may be able to resolve the issues. —Washington Post Within the same survey, about 20 percent of participant companies considered closing their doors, citing two primary reasons: lack of growth and issues with positive cash flow. These factors are likely why 53 percent of all companies applied for lines of credit or loans over the past half-decade, with more than one-in-four attempting to access capital numerous times. During the same five year period, one-fifth were denied and of those, 45 percent reported being turned down more than once. Twenty-three percent of all those denied loans or lines of credit did not know the reason why their applications were denied. So, why is this happening and what makes it appear so prevalent? There are reasons why small business loans are turned down, and, it’s actually not complicated. Here are some of the most common reasons small business loans are denied: Having no credit or even bad credit. Some business owners do not realize they have two credit scores: their personal credit and their business’ credit. What’s worse, some owners have relied on personal lines of credit and have seriously driven their DTI or debt-to-income ratio into dangerous territory. Making payments on-time, keeping a low balance, and not seeking to continually open new credit lines are all necessary to improve both personal and business credit. Too little collateral. Since most business owners aren’t willing to sign a personal guarantee, leveraging their personal vehicles and home to secure a loan, there’s little to nothing left to pledge as collateral. Lenders aren’t keen and will not provide financing that constitutes an unnecessary risk. Anemic cash flow. After all other expenses are paid, lenders want to see demonstrable proof there’s enough cash to repay the loan. Too tight a margin and banks won’t be willing to approve a business loan. Lack of strategic planning. It’s often true that business owners don’t understand the loan process, including the application itself, and all necessary documentation and that can lead to being turned down. Applicants must provide a clear forecast and show a realistic, actionable plan. Under capitalization on loan applications. There are sometimes more assets available to claim than applicants realize and as a result, their loan application makes the organization appear under capitalized. Some assets aren’t immediately clear, which means all potential assets ought to be identified. Another reason businesses might have trouble securing debt instruments is industry-specific difficulties. For instance, a construction company that’s operating in a locality where people are moving away from, or, a taxi company that’s facing tougher licensing regulations or an industry disruption as we have recently seen with Uber. The best solution in the short term is to reduce your Cost of Goods (labor and materials) to improve Gross Margins and reduce Expense Overhead to increase Net Profits which will help with cash flow and operating capital. Also, negotiating terms with your Receivables and slowing growth will allow for an influx of cash. Where possible, attempt to self fund your growth. If capital is required for growth, pursue alternative lending sources other than banks. There are several available and feel free to contact us if you are in need of alternative lending sources. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

How to Push Forward Starting a New Business when Few People Believe You can Make It

March 15, 2023 No Comments

Entrepreneurship is a journey that is full of challenges, and it is not uncommon for entrepreneurs to experience moments of self-doubt and a lack of motivation. However, it becomes even more challenging when the people around them are negative and tell them that they cannot succeed. How Entrepreneurs can Stay Motivated and Focused Even when People Around them Say they Can’t Succeed Negativity can weigh heavily on an entrepreneur’s mind – leading to a lack of focus and plenty of unnecessary second-guessing. So, let’s go ahead and discuss some strategies that entrepreneurs can use to stay motivated and focused even when the people around them are saying they can’t succeed. Believe in Yourself The first and most important thing is to believe in yourself. You must have confidence in your abilities and trust that you are capable of achieving your goals. If you don’t believe in yourself, it will be difficult for you to stay motivated and focused when others doubt you. Surround Yourself with Positive People Surrounding yourself with positive people who believe in you and your vision is essential. Negative people can bring you down and sap your energy. Seek out individuals who are supportive and can offer encouragement and constructive feedback. Focus on Your Vision Stay focused on your vision and goals, and don’t allow others to deter you from your path. (This isn’t easy because we all have self-doubts and are unavoidably influenced by the opinions of others – particularly the people closest to us.) Entrepreneurs have to make a lot of tough choices each day and it can take a toll. Throughout the rest of the day, though, they tend to limit decision-making to keep things simple. It’s a great tool for motivating entrepreneurs because it keeps them sharp when their abilities are needed elsewhere. —Inc.cdom Remember that success often comes after a series of failures and setbacks, so stay the course and remain committed to your vision. If you can put failures in perspective, you’ll have a much better chance of persevering when things don’t go right. Celebrate Small Wins Entrepreneurship is a journey, and it is essential to celebrate small wins along the way. Recognize the progress you’ve made, no matter how small, and use it as motivation to continue working towards your goals. Take Breaks and Practice Self-Care Running a business can be overwhelming, and it’s crucial to take breaks and practice self-care. Take time for yourself and do activities that bring you joy and help you relax. This will help you stay on task and keep your drive to succeed healthy in the long run. Keep Learning and Growing Entrepreneurship is a continuous learning process, and it’s essential to consistently grow and develop your skills. Attend seminars, conferences, and networking events to learn from other entrepreneurs and industry leaders. This will help you stay motivated and focused as you work towards your goals. Embrace Failure Finally, it’s essential to embrace failure as part of the learning process. Every entrepreneur has failed at some point, but what sets successful entrepreneurs apart is their ability to learn from their failures and use them as motivation to keep pushing forward. Summing it all up, staying motivated and focused as an entrepreneur can be challenging, especially when others doubt your ability to succeed. However, by believing in yourself, surrounding yourself with positive people, focusing on your vision, celebrating small wins, taking breaks and practicing self-care, keep learning and growing, and embracing failure, you can stay motivated and focused on your path to success. What other strategies and/or attitudes would you add to this list? Please, take a few minutes to share your own thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Strangers Can Teach You to Personally Connect

May 16, 2017 No Comments

Meeting strangers is something we do often. It’s part of life, and, most first time encounters are awkward. We meet new people in our professional lives and that creates anxiety. Even in social situations, it can be difficult. As you become more familiar with others, the apprehension subsides. It’s a process with a learning curve because everyone you meet is different. Personality type plays a big role in how we interact with others, carefully choosing words that are appropriate for the situation. For some, like full-blown extroverts, meeting new people is a cinch — it comes quite naturally. For the majority, however, that’s simply not the case. You always want to make a good impression and be liked from the very first moment. It’s how to accomplish that goal you probably fret over most. How Strangers Can Teach You to Personally Connect Strangers are everywhere. No matter where you go, chances are excellent you’ll be surrounded by strangers. Even people you see all the time, but don’t interact with, are part of day-to-day life. You can learn from this common phenomenon by watching and listening. Taking a bit further, think about and compare those interactions to people you consider friends. At one point, you didn’t know one another, but now, you do. You’ve found you share an interest, hobby, or personality trait. The most powerful way to create an instant connection with your friends, family, co-workers and everyone you will ever meet from this moment on is simple. Just shut up and listen. —Entrepreneur.com When you were new to one another, think back to what led you to become friends. Perhaps you had children in the same classroom, shared office space, or, got your morning coffee from the same place. Whatever brought you in contact, you eventually interacted. So, when you meet someone new, be mindful of how he or she connects with you. Some are better than others, but, no matter their demeanor, you’ll still learn. Of course, those you’ll learn the most from are people who are instantly likable. In business, connecting on a personal level is a must to foster a solid relationship. It’s the people you meet and help who will be some of your best brand ambassadors. If you want to connect with others nearly instantaneously, pay close attention to strangers you meet who have that very ability. What you’ll notice is there are commonalities, like the following: They genuinely smile. This simple facial expression that indicates joy, pleasure, or entertainment, is very powerful. It sets the tone and makes you approachable. In addition, it conveys you are an amicable person. The trick is to do so naturally — a forced or fake smile will do the opposite of a genuine one. If you are a person with a natural scowl, then just think of something that makes you happy. They greet you and use your name. You’ve probably gone through a conversation with someone new and never once heard your own name. People who naturally connect, greet you with enthusiasm, and, use your name. It’s something our brains are hardwired to enjoy because it identifies us as individuals. Do the same: greet with eagerness, smile, and use his or her name. Just a few mentions will do a lot to establish a rapport. They interject levity. Another common part of interaction is the dreaded bore — the person who drones on and on about this or that. It’s the exact opposite of people whose company we most enjoy — those who make us laugh. Little anecdotes, small observations, and even humorous situations really help to break the ice. Not only is a great way to be amicable, it also helps to foster a more casual conversation. Just be mindful to use appropriate language and not go overboard. They gesticulate smartly. People who connect instantly gesticulate, but do so in a savvy manner. They use their hands and arms to show enthusiasm and energy, which helps to hone your attention. Use the same technique when you are meeting someone, but do so without going too far. They truly listen. There’s practically nothing more frustrating than being barraged by words without being able to reply. People who naturally connect do so in-part, by letting others talk, and, by listening. When you meet someone for the first time, one of your goals should be to get them to talk about themselves. Another commonality is they talk to everyone. No, not in a babbling or bombastic manner, but in an inclusive way. If you adopt this practice, small talk will flow naturally and you’ll be able to connect faster. Connecting and continuing the Communication is what builds the Relationship. If it is a Relationship worth building, continue the process and you will move to Trust which brings on a higher level of interaction and experience which can transform your life. Go out and meet new people … and see where your journey takes you! [shareaholic app=”follow_buttons” id=”26833294″]