Business Education

What to Do When You Lose Your Biggest Client

Losing any client is a blow to any business owner. But, it’s particularly troubling when it’s the largest paying customer your company has a working relationship with (or had at one time). While it’s disturbing for any size client to stop doing business, it’s an absolute crisis when it’s the single largest one. Or is it? The answer really depends on how you handle the situation. So, read on to learn more about how to deal with losing your largest client.

Seize the Opportunity

Entrepreneurs are usually able to identify opportunity when it presents itself. But, in cases where there’s a tentative failure or bad fortune, it can be very difficult to see it and act upon the moment. Sure, it’s a setback and this makes it quite hard to get past the shock. However, the sooner you spring into action, the better. (Though don’t mistake this for making rash, uninformed decisions.)

Whether you’re a Fortune 500 company or a small mom-and-pop business, losing a massive client is always shocking, uneasy and frustrating. Unfortunately, it’s something that almost every entrepreneur experiences at some point in time. —Forbes.com

Instead, take a step back and give yourself time to form a generalized overview, one that’s not out of panic and fear. After all, it’s far better to take an honest assessment and determine precisely where you stand in order to determine exactly what actions are necessary in the short-term. This way, you’ll make informed decisions that are based on reality and not trepidation, anxiety, and alarm.

3 Ways to Deal with Losing Your Biggest Client

Losing a big-time client is a real reason for concern. However, it’s also not an excuse to give up and close your doors for good. There are more than a few things you can do to prevent significant damage and/or start building new streams of revenue. Here are three of the most effective strategies you can use after losing your biggest client:

Expand existing business relationships. The easiest way to make up for the difference is to leverage your existing business relationships. After all, current customers are the easiest ones to deal with and the most obvious place to double down. Since you have an existing relationship, you can offer more products and/or services to them and that will get you through in the short term.
Take the opportunity to expand offerings. This is also a prime time for expanding what you offer to the public. This is a great opportunity to expand your business by focusing on your most popular selling items, whatever these are now and in the near future.
Prevent the same situation from happening again. Of course, you probably don’t want to go through the same ugliness again at any time in the future. So, make sure to develop strategies that prevent this type of loss from happening again and you’ll gain a better sense of security.

What other suggestions do you have that might be of help? Please share your thoughts and experiences by commenting so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Personality Hires Spark a Big Social Media Debate. Here’s What Small Businesses Need to Know

July 10, 2024 No Comments

Personality Hires Spark a Big Social Media Debate: Here’s What Small Businesses Need to Know Personality hires have recently become a popular topic on social media. While there are numerous reasons, perhaps the biggest is the concept resonates with many people, particularly younger generations like Gen Z, who often feel that they bring value to the workplace through their interpersonal skills and positive energy, even if they may not have extensive technical skills or experience. This launched a trend where individuals celebrate being “personality hires,” often in a humorous or self-deprecating manner, sharing their experiences and insights on platforms like TikTok and Twitter. Also, the rise of remote work and changing workplace dynamics have made the concept of personality hires more relevant. As companies focus on building strong team cultures and maintaining employee engagement, the value of employees who can foster positive relationships and boost morale has become more apparent. This has sparked discussions about the importance of hiring for cultural fit and soft skills, in addition to technical abilities. What to Know about Personality Hires As stated above, personality hires refer to the practice of hiring employees based on their personal traits, interpersonal skills, and cultural fit, rather than solely on their technical skills or experience. This approach emphasizes the importance of an individual’s personality in the workplace, as it can significantly impact team dynamics, collaboration, and overall company culture. Pros of Personality Hires This isn’t a completely new concept. But since it’s a decidedly different approach than traditional thinking, it can be difficult to see the benefits. So, let’s take a look at some of the advantages these job candidates can bring to the table and why they could be a good fit for an organization: Enhanced team cohesion. Employees with compatible personalities often work better together, reducing conflicts and improving team dynamics. A personality hire can help foster a positive and collaborative work environment. Improved relationships and communication. Personality hires are typically good communicators and can help improve relationships among team members and between employees and management. This can lead to better collaboration and problem-solving. Adaptability and learning potential. Candidates hired for their personality traits, such as openness, adaptability, and eagerness to learn, may be more effective in growing into their roles and taking on new challenges compared to those selected solely for their current skill set. Reinforcement of cultural norms and values. Hiring for personality allows organizations to reinforce the cultural norms and values that make them unique, fostering a workplace where employees are aligned with the company’s core beliefs and behaviors. Additionally, personality hires offer the potential for a new way of approaching an industry. These individuals may perceive things differently and be able to take a novel viewpoint no one else has thought of before. Cons of Personality Hires Now, as you well know, there are downsides to any proposition. Sure, this could bring a small business plenty of great experiences but it’s important to be aware of potential problems that could come from personality hires, like the following: Risk of skill gaps. Focusing too much on personality might lead to overlooking essential skills or technical deficiencies, potentially resulting in performance issues if the hire cannot meet the technical demands of the role. Overemphasis on likeability. There’s a risk that highly likable candidates may be favored over more qualified ones, which can impact the overall productivity and effectiveness of the team. Potential for bias. Personality-based hiring can introduce bias into the hiring process, as it relies heavily on subjective judgments about an individual’s character and fit within the organization. Conflict among team members. Personality hires can sometimes create tension or conflict within the team, especially if their personality traits clash with those of other team members. Small businesses should carefully consider the pros and cons of personality hires when making hiring decisions. While personality hires can bring considerable benefits to a workplace, including improved team harmony and cultural alignment, it is crucial to maintain a balanced approach. By carefully blending personality assessments with skill evaluations during the recruitment process, organizations can ensure they not only hire employees who fit into the workplace culture but who are also well-equipped to contribute to the company’s success. Ultimately, small businesses should prioritize hiring individuals who possess a combination of strong technical skills and a compatible personality that aligns with the company’s values and culture. 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,

How a Small Business can Stand Out in a Super-Competitive Industry

October 7, 2021 No Comments

Although small businesses account for the largest majority of employers in the United States, this doesn’t mean that each one has necessarily carved out a totally unique niche of its own. In fact, quite a few of them are localized competitors, offering the same products and or services as their competitor peers. What’s more, they often offer very similar price points, so there’s little to distinguish one from another. This creates a problem in standing out to gain the biggest market share in a community or region. However, there are some things small businesses can do to separate themselves from the competition as the preferred, go to choice. Fewer Entry Barriers Equals More Competition Unfortunately for a good percentage of small businesses that are run by owner-operators, just about anyone can enter into the industry at any time. Prime examples include services like lawn care, pool maintenance, junk hauling, local movers, and similar types of work that do not require an extensive skill set or very expensive materials and equipment. Consequently, many people will test their entrepreneurial skill set and that takes away small bits of market share. The presence of many competitors means many businesses are vying for the attention of these hungry buyers. The market has a lot of noise. You’ll feel pressured to spend more in marketing, when in fact, your real challenge is just to do effective marketing and come up with unique sales strategies. —Inc.com Of course, this can easily lead to over saturation, where there are simply too many consumer choices. That set of circumstances really makes it difficult for those small business owners to distinguish themselves from the competition and stand out as a clear choice to their consumer base. Since there’s numerous alternatives, this endeavor presents a considerable set of challenges. Ways a Small Business can Stand Out in a Super-Competitive Industry Even though this might seem like an insurmountable situation, the good news is there are some very effective steps you can take. But, just because they appear simple doesn’t mean they are necessarily easy to enact and follow through with consistently. Here are a few effective strategies small businesses can use to stand out in a super competitive industry: Look professional. One of the key distinguishing characteristics of successful chain businesses is that they present the public with a professional appearance. Neat and clean uniforms are hallmarks of this very important public facing workforce. Just by dressing in a professional manner your company will easily differentiate itself from the competition. Be punctual. If there’s one thing that consumers appreciate, it’s being on time and staying on schedule. Showing up on time and looking the part will do wonders for your business. Most of your competition probably isn’t doing this, or doing it consistently. And you can benefit by making it part of your daily routine. Listen and execute. Although this might seem like just another bit of obvious advice, it’s surprisingly something that’s usually lacking in small businesses, particularly those that have very high rates of competition, do to the very low entry barrier. Because just about anyone can do the work, these businesses often treat their customers in an unappreciative way, just moving from one job to the next. After all, from their perspective, there’s more business out there and it’s unnecessary to make it personalized. But your business can really stand out by offering a friendly and caring experience. Invest in key areas. This means advertising smartly in order to develop and maintain a brand image. It also means to put money into the business in strategic ways, such as upgrading equipment to provide more efficiency and therefore more satisfied customers in less time. What other things can small businesses in very competitive industries do to gain more market share? Please take a few minutes to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Help! My Business Partner doesn’t Help Run Our Business!

May 6, 2021 No Comments

It’s said that the only ship that won’t sail is a partnership. Outside law and medical practices, few partnerships thrive, let alone survive. There’s a slew of reasons partnerships don’t work out. But, most entrepreneurs go into them because they’re optimists by nature. After all, it’s easy to imagine a worthwhile scenario, particularly when it’s someone who is trusted. However, many of these ventures fail and when it starts to go bad, it’s time to take action. The Most Common Challenges Partnerships Face The most common problems partnerships face are incompatibility, money issues, distrust, and then there’s a list of life events. These include death, drug abuse, disability, divorce, and other personal experiences. If that’s not enough, there’s always a divide between visions — one person wants to take the joint venture one way and the other, in another direction. In an ideal business partnership, everyone contributes their time and labor toward making the company a success. When a partner isn’t pulling her weight, it’s essential to address the problem before resentments develop and the business suffers. In many cases, simply having a frank discussion can resolve your issues. —Houston Chronicle Small Business What’s more, egos can also become a huge problem — especially when one person is the single source of inspiration. Or, disagreements about staff, expansion, and just about everything related to the operation and future of the business. How to Deal with a Lazy Business Partner Fortunately, there are ways to deal with a partner who becomes a bit lazy. If he or she is slacking off or just not producing whatsoever, there’s most definitely an underlying reason. Depending on the circumstances, you can try one or more of the following to deal with a lazy business partner: Have an honest discussion. Like it or not, you’re going to have to confront him or her, but not necessarily in a confrontational manner. Don’t go into the talk with a bad attitude, or even one of superiority. Any hint of a negative vibe will only serve to turn them off and not cooperate. Talk about your visions for the company and all the good things that will come out of working together. Then, listen carefully to what he or she has to say. Offer some temporary help. It could very well be that he or she is just going through some personal difficulties. Or, feeling a bit helpless and hopeless amidst the economic disruption. These are very common feelings and the good news is that they will usually pass. Offer him or her a little extra help and support, but put a time limit on it. Provide a little flexibility. If it is just a temporary situation and he or she will bounce back quickly, don’t let him or her get overwhelmed too soon. Instead, provide them a little bit of flexibility and that can really work wonders. Consider a total buyout. Obviously, not all circumstances will warrant staying in business together, there are most definitely situations that simply won’t work out, no matter how much effort you put in. So, explore your options to sever the business relationship, and a possible buyout scenario. What other suggestions do you have for dealing with a lazy business partner? Please take a few moments to share your thoughts and experiences so someone else can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What to Do When You Lose Your Biggest Client

Seize the Opportunity

3 Ways to Deal with Losing Your Biggest Client

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Personality Hires Spark a Big Social Media Debate. Here’s What Small Businesses Need to Know

How a Small Business can Stand Out in a Super-Competitive Industry

Help! My Business Partner doesn’t Help Run Our Business!

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