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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How to Support an Employee Going through a Crisis

May 1, 2021 No Comments

One employee’s personal crisis can become a big problem for your business in an instant. That’s unfortunate and even inconvenient but it can easily become a reality. (Especially during a time of disruption, caused by a global pandemic and subsequent shutdowns and re-openings.) When employees return to work — or continue to work through such turbulent times — crisis can manifest in various ways. When it affects an employee, it can likewise have a substantial impact on your business. Crisis Comes in Many Forms We’ve all heard the statistics and figures about the toll the lock-downs have taken. Drug use and overdoses are at historic highs. Depression runs rampant. Job losses are also a huge problem and with those losses, undue financial pressure. Then, there’s just the matter of separation of family members and close friends from one another. We all have life events that distract us from work from time to time — an ailing family member, a divorce, the death of a friend. You can’t expect someone to be at their best at such times. But as a manager what can you expect? How can you support the person to take care of themselves emotionally while also making sure they are doing their work (or as much of it as they are able to)? —Harvard Business Review The divorce rate is also expected to spike when all the data is calculated. Plus, births have actually fallen — not risen — as formerly expected. The point is crisis comes in many forms and can emerge in any one (or more) of your employees’ lives. When this happens, it can have a profound effect on your business. Ways Businesses can Deal with an Employee in a Crisis Situation Fortunately, there are ways businesses can deal with an employee in a crisis situation. Nearly regardless of the circumstances, you can help your team member get through and stay a productive part of your company. Here are some of the most effective strategies to help employees cope with personal crisis: Encouragement. Okay, let’s begin with an obvious need — being supportive. Offering your support and encouragement can do a lot — a whole lot — for someone experiencing uncertainty and anxiety. A few kind, supportive words occasionally can have a really big impact on his or her attitude, work quality/quantity, and more positives. Incentives. Another way to help an employee in a crisis is to reward them with incentives. Just a small reward can help lift up a person’s spirits in profound ways. If you can find the right rewards, they will indeed big a real return on investment. Flexibility. Of course, offering him or her the flexibility they need will also do a lot for their mental and emotional health. By letting them customize their schedule and offering a combination of work-from-home and on-site, you can help them get through a very tough time. Contingencies. An employee experiencing a personal crisis might not be able to maintain a routine schedule. If you are confident this will only last for a short amount of time, you can have someone else step in and take some of their workload. Referrals. Unfortunately, not every situation will come to a positive end. Some crises are just too much and result in having to let an employee go or accept a resignation. If this happens, you can always offer a referral to help him or her to help them secure a new position. What other suggestions do you have? Please take a few minutes to share your own thoughts and feelings so that others can benefit from your experiences and perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Most Effective Ways to Increase Your Small Business’s Market Share

January 26, 2024 No Comments

Most Effective Ways to Increase Your Small Business’s Market Share As a small business owner, you are always looking for ways to grow your market share and gain a competitive edge. This isn’t an easy task to take on and it becomes even more difficult if you don’t know where to start. So, let’s take a little time to explore the most effective strategies to help you increase your small business’s market share, allowing you to reach new customers and maximize your profits. Understand Your Target Market Before you can increase your market share, you need to understand your target market. Conduct thorough market research to identify your ideal customer and their needs, preferences, and buying habits. This information will help you tailor your products and services to meet the specific demands of your target market, making it easier to attract and retain customers. Focus on Customer Retention Acquiring new customers is important, but retaining existing customers is equally crucial. It is more cost-effective to retain existing customers than to acquire new ones. To increase customer retention, focus on providing exceptional customer service, offering loyalty programs, and regularly soliciting feedback from your customers to understand their needs and concerns. Leverage Social Media and Digital Marketing In today’s digital-centric age, having a strong online presence is essential for increasing your market share. Utilize social media platforms to engage with your target audience, share valuable content, and promote your products and services. Invest in digital marketing strategies such as search engine optimization (SEO), pay-per-click advertising, and content marketing to reach a wider audience and drive more traffic to your website. Offer Unique and High-Quality Products or Services To stand out from your competitors, you need to offer unique and high-quality products or services that cater to the specific needs of your target market. Continuously innovate and improve your offerings to stay ahead of the competition and maintain your market share. Collaborate with Other Businesses Collaborating with other businesses can be a powerful way to increase your market share. Look for opportunities to partner with complementary businesses to create joint marketing campaigns, co-branded products, or bundled services. These partnerships can help you reach new customers and increase your brand visibility. Expand Your Product or Service Offerings Expanding your product or service offerings can help you attract new customers and increase your market share. Conduct market research to identify new opportunities and gaps in the market, and develop new products or services to meet the needs of your target audience. Monitor and Analyze Your Competitors Keep a close eye on your competitors and analyze their strategies to identify areas where you can improve and differentiate your business. By understanding your competitors’ strengths and weaknesses, you can develop strategies to outperform them and increase your market share. This will likewise help you uncover and identify some of your own shortcomings – providing very valuable insight. Wrapping It All Up Increasing your small business’s market share requires a combination of strategic planning, customer focus, and innovation. By understanding your target market, focusing on customer retention, leveraging social media and digital marketing, offering unique and high-quality products or services, collaborating with other businesses, expanding your offerings, and monitoring your competitors, you can successfully increase your market share and grow your small 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 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

Whether You Think You Can Or You Think You Can’t, You’re…Wrong?

October 24, 2024 No Comments

Henry Ford once famously said, “Whether you think you can or you think you can’t, you’re right.” But, if you just replace the last word with its antonym, does it really change the statement’s meaning? It’s not much different than the glass half-empty, glass half-full analogy. The point is that in every situation, no matter how challenging, opportunity does present itself. It’s whether you choose to act on it or not. So, let’s take a few moments to break this down and gain some insight that can be very valuable in tough circumstances. Best Tips For Maintaining A Positive Outlook When Things Go Wrong We’ve all heard the comparison: entrepreneurship is a “rollercoaster ride” of highs and lows, triumphs and setbacks. While the allure of success drives many to embark on this journey, the reality often includes unexpected hurdles and long moments of doubt. When carefully laid plans go awry and obstacles seem insurmountable, maintaining a positive outlook can be a Herculean task. Yet, optimism is the lifeblood of entrepreneurship, fueling perseverance and innovation in the face of adversity. Staying Optimistic as an Entrepreneur Let’s stay with the rollercoaster analogy—some days you’re soaring high, and other days, you feel like you’re plunging down. It’s easy to get lost in the negativity that comes with challenges. But how can you keep that sparkle of optimism alive, even when the going gets tough? Below, we’ll explore some strategies to help you maintain a bright outlook, starting with perspective. Embrace the Learning Curve Every setback can feel like a punch to the gut, but what if we saw them as opportunities for growth? When things don’t go as planned, instead of sulking, ask yourself: “What can I learn from this?” Entrepreneurs are all about problem-solving. Shift your focus from the problem to the lesson. Treat it like opening up a roadblock on a thoroughfare. The more you learn, the stronger you become. Surround Yourself with Positivity Ever heard the saying, “You are who you hang out with”? It rings true for entrepreneurs, too. Surround yourself with people who lift you up, not those who bring you down. Friends, mentors, or even fellow business owners can spark a fresh wave of optimism. When you share your struggles with like-minded folks, it provides you with a cheering squad. Positive vibes are contagious—let them fuel your spirit. Set Small, Achievable Goals Large goals look a lot like mountains on the horizon. They can be overwhelming, especially when obstacles appear. Why not break that mountain down into smaller, manageable hills? This way, every small step you take feels like a victory. Celebrate those wins, no matter how tiny they seem. Each small success can boost your confidence and help you stay optimistic about reaching your ultimate goal. Cultivate Gratitude Daily It’s easy to dwell on what’s going wrong, but spotting the good in your day can flip the script. Take a moment to jot down three things you’re grateful for every day. It could be a helpful customer, a supportive friend, or just a sunny day. This simple act can shift your mindset from scarcity to abundance. When you focus on gratitude, optimism naturally follows. Visualize Your Success Picture this: you’re standing on a stage, your business thriving, customers loving your product. How does that feel? Visualization is a powerful tool. Spend a few minutes each day imagining your success. This practice ignites motivation and fuels optimism. When you can see the finish line, it’s easier to stay positive when hurdles appear along the way. Find Inspiration Everywhere Life often has its fair share of ups and downs. Seek stories of other entrepreneurs who have faced adversity and come out shining. These tales can act as fuel for your fire. When you hear how someone turned their setbacks into comebacks, it’s the same as a light bulb flicking on in your brain. It reminds you that challenges don’t define you—they’re merely stepping stones on your path to success. Practice Self-Care Regularly Amid the hustle and bustle of entrepreneurship, it’s easy to overlook your well-being. Neglecting self-care can drain your energy and optimism. Make time for activities that recharge your spirit—be it exercise, meditation, or reading a good book. Taking care of your body and mind equips you to handle challenges with a clearer perspective. 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 480-636-1720, or, if you prefer,

How Businesses can Prepare for Inevitable Change

The Change Conundrum

3 Ways Businesses can Prepare for Inevitable Change

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Whether You Think You Can Or You Think You Can’t, You’re…Wrong?

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