Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example. Why Businesses should Never Mislead the Public or Consumers As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy. One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.

When it comes time to let someone go, the situation can be difficult — especially if that person is remote. You may feel like you need to handle the situation in person, but that’s not always possible. So, let’s discuss how to lay off or terminate a remote worker with professionalism. Read on to learn what you should do and what you should avoid doing so that the process goes as smoothly as possible for everyone involved. Remote Hiring and Work Means Remote Lay Offs and Terminations When it comes to layoffs, there’s a lot of talk about sending people home. But when remote work is factored in, that can mean terminating employees who are located in other states or countries. And suddenly, the logistics of layoffs become a lot more complicated. For employees, losing a job can be a traumatic event. And for a leader, cutting someone from your team comes with its own kind of pain. Still, for any number of reasons, layoffs may be a hard but necessary move. Over the past two years, more and more companies have had to navigate this decision in a newly remote landscape, which can make an already challenging process even more difficult. Handle it poorly and you’re liable not only to upset laid-off employees, but also generate fear and anxiety amongst your remaining workforce. —Inc.com It’s no secret that the way we work is changing. With advances in technology, more and more people are working remotely. And while this can be a great option for employees, it can also present challenges for employers. One of those challenges is layoffs and terminations. When you have employees scattered all over the country (or even the world), it can be difficult to let them go. But with the right planning and execution, it can be done effectively and humanely. How to Dismiss a Remote Employee and Do it Professionally When you’re terminating a remote worker, it’s important to be clear and concise in your communication. You’ll want to avoid giving false hope or being vague about the situation. Be sure to thank the employee for their work up until this point, and let them know that the decision is final. It’s also crucial that you provide a clear timeline for the termination process so that the employee knows what to expect. This will require actual interaction. Do not send the bad news via email (or worse, text). Give him or her the courtesy of being professional by doing the following: Be prepared. This is something you’d definitely do in person. Although you’re not in the same physical location, it’s a good idea to know what you’re going to say. You can even prepare a shortlist of talking points to refer to but don’t create a script to read word for word. Instead, be prepared to speak as you would in normal circumstances, it’s okay to even rehearse so you can stay focused and not be unnecessarily distracted, which would be very discourteous. Set a time. Just like you would if you were letting someone go who works in the office, you should set a time to meet. Be sure to clear your schedule and to have ample time for the interaction. If something comes up unexpectedly beforehand, simply reschedule. If there’s an untimely interruption during your talk, simply dismiss it and deal with it later. Go face-to-face. Sure, you’re not sitting across the desk from someone in a room, but for all intents and purposes, that’s still what happens. Again, don’t deliver the bad news through email, even if you are an elegant writer. Give him or her the professional courtesy that he or she deserves and unless it’s a totally irretrievable situation, do not burn your working bridges. Answer questions candidly. Last but certainly not least, be professional enough to answer any questions and do so honestly unless you really don’t have an answer. In the case of the latter, simply tell him or her the truth but don’t dwell on it and don’t make it into an excuse. What other suggestions do you have for letting a remote employee go? Please take a few minutes to share your thoughts and experiences so others can benefit. Interested in learning more about business? Then just visit Waters Business Consulting Group.