Business Education

How Businesses can Prepare for Inevitable Change

Right now, the real estate market is super hot in many parts of the country. (But, totally cold in other sectors.) Currently, builders are experiencing huge disruption due to fast-rising material prices, especially lumber. Meanwhile, take-out restaurants are flourishing in some areas, while others barely hang on. This picture looks like chaos from a distance but it represents the manifestation of the old saying, “the only constant is change.” And, that’s always a threat — or blessing — to businesses. So, read on to learn more about how to prepare for inevitable change.

The Change Conundrum

When real estate prices rise steeply, people remodel their homes instead of buying. Others take advantage of the market and downsize to capitalize on their equity position. But, it also causes first-time homebuyers to stay out of the market until prices stabilize. When food prices rise, restaurants must make changes to their menus. Of course, higher food prices means fewer sales as people stay home and cook themselves.

In today’s ever-changing and often-chaotic business environment, it is imperative for successful organizations to understand how to make change work when everything is changing. These massive changes now require a bold-new paradigm shift away from traditional approaches to how to manage change, to innovative approaches to view organizations as “organisms” with flexible resources, cohesive teams, connected networks, and clear flat structures that can endure in the most turbulent times. —Houston Business Journal

The obvious point here is that when change occurs, some businesses benefit, while others suffer. Right now, the disruption caused by the pandemic and shutdowns, along with re-openings, are causing huge changes. The good news is that businesses that prepare can not only survive, but thrive.

3 Ways Businesses can Prepare for Inevitable Change

Fortunately, the current environment won’t continue on forever. Lumber prices will fall, inflation will rise, and other economic circumstances will also change. Businesses that recognize what’s going on take action to adapt and can actually make it through or grow by doing the following:

Accept reality. Lumber won’t always sell for the price it is now. Home prices will continue to rise, but not at such a rapid clip. Inflation won’t always be a significant factor. In other words, businesses can’t expect the present climate to go on and on and on forever. So, look at what’s on the horizon and don’t procrastinate. Instead, accept reality for what it brings and you’ll be able to cope much better.
Plan for change. Once you accept what is changing (or will change in the future), it’s time to start planning to make it through the transition. Think strategically and prioritize what’s most important. This provides a great opportunity to streamline and improve operations.
Alter operations incrementally. Speaking of operations, unless you fully expect things to change massively, don’t alter your way of doing business profoundly. Rather, make small, incremental changes to adopt to the changing times so you can always roll things back, if necessary.

What other suggestions do you have? Please take a few minutes to comment and share your thoughts and experiences so others can benefit from your perspective. It just might help someone in a big way! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Most Effective Networking Strategies Successful Entrepreneurs Practice

April 13, 2018 No Comments

Networking strategies can really help grow a business. But of course, you must put in the time and effort for any networking opportunities to achieve a tangible ROI. Statistics vary, however, many reveal it takes up to seven contact points before landing a sale. Regardless of these figures, the time-honored practice of networking pays off. (If it didn’t people wouldn’t bother wasting their time.) So, it’s really about taking the right approach. Why Successful Entrepreneurs Network Networking isn’t new in any sense. It’s an activity that helps to promote a business. But, that long track record doesn’t mean that it always works. There are several networking mistakes people make all the time and don’t realize it. That is, until they don’t see any fruits from their labor. Sales is about influence. There are methods of persuasion that work very well in business. But, there are also several fundamentals that need to be in place if you want to succeed. If those fundamentals aren’t in place, you can pretty much kiss your chances for success goodbye. —Entrepreneur.com Successful entrepreneurs network because it gives them an opportunity to grow their network and not necessarily to sell their products and services. Did you catch that? Networking is more about growing a circle of regular contacts rather than selling products and services. Think about it this way, would you go to a networking event that’s run in a hard-sell environment? Most Effective Networking Strategies You can Use So, now that you know networking is about extending your contacts and getting familiar with others and not selling, how do you do it right? In other words, what are the most effective networking strategies? Well, here are some helpful bits of advice about how to network: Be confident in your value. It all begins with your confidence. If you aren’t self-confident about your own personality (and comfortable with your faults), you’ll give off the wrong vibe. Go into any networking situation with confidence in your value. Don’t expect anything in return. Successful people aren’t afraid to give and not receive anything in return. Now, that sounds scary but it’s actually a sound business practice so long as it doesn’t cost very much. In other words, you can give expert advice, speak to a class, or do something else others find valuable. Find common ground right away. When you meet someone, be sure to find common ground as soon as possible. This way, you’re more comfortable. And, be sure to give genuine compliments often. Don’t sell your product or service. We’re back to the same philosophy about growing your network. When appropriate, speak about your work. For example, how you’ve solved a customer’s problem. But, do not go into a sales pitch. Let other see your value in more ways than one. What other suggestion do you have for networking? How and where do you find networking opportunities? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Best Ways to Grow Your Small Business with Smart Community Sponsorships

September 25, 2025 No Comments

Building strong ties with your community is one of the most effective ways to grow a small business.

How to Better Keep Track of Small Business Expenses in the New Year

January 21, 2021 No Comments

Keeping track of small business expenses is no easy task. In fact, it’s one of the least liked chores or responsibilities that come with running a business of any size. And, it’s little wonder why. After all, these various costs range greatly in amount and frequency, making them very difficult to keep straight. Plus, when more than one person is spending money on such expenses, it complicates the matter even more. Fortunately, there are ways to keep better track of your small business expenses. Business Expenses vs Personal Expenses According to the IRS, a business expense is something “ordinary and necessary” – expenses that are commonplace in your trade or profession and which are helpful for your business. While that’s a very broad definition, most people understand in order to qualify, expenses have to directly relate to the operation of a business. (Of course, there are instances where it’s necessary to rely on the advice of an experienced accountant and/or tax professional to determine which expenses are and which aren’t “ordinary and necessary.”) Handling business finances is often one of the least favorite parts of running a small business. Having a firm grasp on your cash flow, knowing what’s tax deductible and what’s not, understanding what you spent each quarter; it all translates into a more positive and less stressful experience at tax time. You might be dreading that expense tracking is going to be a thorn in your side. But with knowledge comes power. Understanding how to properly track expenses will help ease the pain. —Inc.com Obviously, personal use disqualifies purchases from being classified as business expenses. Unfortunately, some businesses take the risk of trying to write off expenses that don’t truly qualify. And, it’s a big risk because it could very well cost a lot more in the end than it’s worth in the short-term. So, it’s critical to keep track of those genuine business expenses. How to Better Keep Track of Small Business Expenses In order to better keep track of small business expenses, you’ve got to get into certain habits and use the right tools. Here are three ways to keep track of your business expenses in the new year: Use only corporate accounts. This is one of the easiest ways to keep track of your business’ expenses. Use only business credit cards or debit cards and you’ll have all those transactions in one place for quick reference. What’s more, it makes accounting for all your purchases a lot less complicated and simpler to find when needed. Run cloud accounting software. Approximately 9 out of 10 small businesses already use some form of cloud accounting software. While that’s a great way to help keep track of expenses, if it isn’t used properly, it won’t be an effective tool. Get in the habit of going over the program on a regular basis so you’re familiar with how it works. This way, when you need to pinpoint something, it won’t be a big deal. Store all your business receipts. Here’s where too many businesses go wrong — they don’t store all their expense receipts in an orderly manner. Remember, not all your transactions will have a digital trail, so it’s very important to keep paper receipts. Recently, I asked my accountant for some app solutions he would recommend for one of our clients, and is his recommendation; If you want basic functionality you can use Scan Manager build right into QuickBooks Desktop versions. In QuickBooks online there is a new “receipts” application located from the “banking” menu choice. You can scan/upload anything and link it to a job/invoice/bill, etc. The online version supports smart phone uploads. For something more sophisticated, Expensify is popular. It has good functionality to support field staff and ties into QuickBooks well. It is relatively inexpensive at $5.00 per remote user per month, plus $ 9.00 per month for admin users. You can get more details from the app menus. What other suggestions do you have to help keep track of business expenses? Please share your thoughts and experiences; your comments could help others better run their businesses! Interested in learning more about business? Then just visit Waters Business Consulting Group.