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.

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From Surviving to Dominating

How Waters Business Consulting Group has helped transform many commercial landscape companies into more profitable, scalable businesses Every commercial landscape company eventually hits a moment that defines what happens next. For some, it’s growth outrunning the systems meant to support it. Revenue climbs, but profit doesn’t follow. Labor costs creep up. Cash gets tighter. The owner is working more hours and feeling less in control of the business every month. What used to feel like success starts to feel like an endless string of problems to solve from employees, field operations, customers to cash flow. For others, the challenge shows up faster and with more urgency. Margins have already eroded. Operations are inconsistent from crew to crew. Leadership is stretched too thin. Customers expect more, and the company doesn’t have the structure or financial visibility to respond. In both cases, most owners reach for the same fix: more sales. But more sales don’t automatically fix thin margins; the exacerbate them! With fuzzy accountability, inefficient processes, or an owner who’s become the bottleneck. Usually, what the company actually needs isn’t more revenue. It’s a better business. Waters Business Consulting Group has worked with commercial landscape maintenance and construction companies across the country, including Pleasant Places, Blue Star Landscaping, Genesis Landscape Solutions, Sun Country, and Creative Environments, to find what’s really limiting their performance and build practical paths toward stronger profitability and cash flow, tighter operations, real leadership capacity, and long-term value. Our goal was never just to help these companies survive. It’s to help them build what it takes to lead and increase the the value of their business asset.   Struggling doesn’t always look small Some of the most challenged companies we’ve worked with had real revenue, loyal customers, experienced crews, and a strong reputation in their market. From the outside, everything looked fine. Underneath, the same familiar warning signs kept showing up: revenue growing while profit stayed flat, the owner still involved in nearly every major decision, labor costs nobody could quite explain, crews performing inconsistently from job to job, estimates that didn’t reflect what jobs actually cost, financial reports arriving too late to act on, managers held accountable for results they had no real authority over, cash flow swinging unpredictably, and roles and processes that were never clearly defined in the first place. These problems rarely show up alone. A bad estimate turns into a margin problem and project losses. A margin problem turns into a cash-flow problem. Weak reporting means leadership doesn’t catch it until the financial damage is already real. And without a capable leadership team in place, the owner becomes the answer to every question and the fix for every problem. Over time, the business ends up running on effort instead of systems. Our approach starts by understanding how these challenges connect to each other, then figuring out which changes are actually likely to move the needle in a lasting way … in the same way we moved the needle for Pleasant Places Landscape, Blue Star Landscaping, Genesis Landscape Solutions, Sun Country, and Creative Environments.   Clarity comes before transformation You can’t fix a business you can’t see clearly. That’s why we look past the top-line revenue number and into the operational, financial, and organizational factors actually driving performance: profitability by customer, contract, or service line; labor efficiency and crew productivity; how accurate the estimating really is; direct costs and overhead; pricing strategy; cash flow and forecasting; org structure; leadership capacity; roles and accountability; the sales pipeline; operational processes; and how dependent the business is on the owner. We’re not trying to hand leadership another binder of reports. We’re trying to find the small handful of constraints actually driving performance, the levers, so leaders can stop treating symptoms and start fixing what’s underneath them. Pleasant Places: turning rapid growth into stronger profit Pleasant Places was already a real success story by the time the company partnered with us. Founded in 1984, this commercial landscaping company had grown fast, taking annual revenue from roughly $10 million to nearly $18 million in just two years. But that pace of growth had created its own problems. Margins were under pressure, processes and procedures needed real work, accountability was inconsistent from department to department, and the organization simply didn’t have the infrastructure to operate efficiently at its new size. We worked with the Pleasant Places leadership team to strengthen the financial, operational, and organizational foundation underneath all that growth. That meant digging into historical financial trends and building a model to evaluate cost of goods sold, margins, and breakeven performance; putting systems in place to track labor hours and materials against estimates; refining pricing to hit target gross margins; implementing real purchasing controls; identifying gaps in leadership and org structure; clarifying roles, responsibilities, and who reported to whom; supporting a management transition from father to son; establishing real performance metrics; and researching and implementing an ERP system to give the company far better operational visibility. The results speak for themselves. Pleasant Places gained real visibility into projected revenue, gross margins, profitability, and cash flow. Pricing discipline, tighter labor and material cost controls, and real leadership accountability helped push gross margins up from low 20’s to an average of 42%. Revenue grew past $35 million, and the company came out the other side with a stronger leadership structure, clearer expectations, and a healthier culture. The lesson here is simple: growth gets a lot more sustainable when financial discipline, operational systems, leadership accountability, and org structure grow right alongside revenue instead of trailing behind it. Blue Star Landscaping: building profitable growth, and a successful exit Blue Star Landscaping came to us with a different set of problems. The company needed to improve profitability, tighten up its pricing, get real control over labor and material costs, develop its leadership bench, and build a clear plan for growth. The team had solid industry experience, but they needed a more disciplined way to connect strategic growth to financial forecasting, pricing, cost control, and actual profitability. We worked with Blue Star

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Ways Business Owners can Deal with Personal Crisis

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish. Ways Business Owners can Deal with Personal Crisis In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about. Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis: Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice. Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind. Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you. Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly. Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload. Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life. In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

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3 Big Reopening Mistakes Businesses should Avoid

Businesses are anxious to reopen. Consumers are likewise ready to return to normal (or as close to normal as possible). But, any business reopening must do so responsibly. After all, not providing a safe environment will only backfire and cost them in a number of ways. This means taking a smart, incremental approach and one that can help to get things back on track. What to Know about Post-Pandemic Reopening The first thing any business owner needs to know is exactly what their state and local governments will allow and disallow. If you run afoul of the rules, even those which seem unfair, you’re only setting yourself for a lot of grief and probably a huge amount of regret. For these small businesses to come back after the pandemic abates, and once again serve as an engine of American innovation, they need aid. The Coronavirus Aid, Relief and Economic Security (or CARES) Act set aside $349 billion in loans and assistance for small businesses and there may be more to come. But business owners also need to make the best possible decisions to get them through this difficult period. —Harvard Business Review Another thing to know about reopening is how your patrons or clients will respond. Just because there’s a green light to open from the state and local government doesn’t mean the public will respond positively. In other words, you need to understand public sentiment. 3 Big Reopening Mistakes Businesses should Avoid Now, as for reopening, there are many things you should do to get back to full operation. But, there are also things you need to avoid doing, as well. Here are three of the biggest reopening mistakes businesses should avoid: Expecting employees to immediately return to work. Just because you’re ready (and willing), doesn’t mean your team members will feel or act the same way. So, speak with each one individually and listen to their concerns. Plus, encourage them to be open about their circumstances and be supportive, if necessary. Some business owners are expressing challenges with employees who are receiving unemployment which exceeds what they earned as an employee so they are reluctant to return. Business owners need to be prepared by discussing the need to help the business serve its customers. Also, if the employee does not return, there is no guarantee the employer will not have replaced the employee’s position when the previous employee’s unemployment checks end Not having procedures in place to maintain social distancing. At this time, it’s expected there will still be a need for social distancing into the foreseeable future. So, be sure to formulate a realistic plan to maintain those social distances in order to provide a safe and healthy environment. Trying to rush through the reopening process to get things back to normal ASAP. Whatever you do, don’t fall into the trap of trying to reopen to soon or at too fast a pace. While it’s completely understandable you’re ready to resume operations, if you rush, you’re likely to make rash decisions that will cost you in more ways than one. Remember to offer what the Customer wants. Instead of trying to reinvent your service offerings, ask the Customer what they want and most enjoyed or valued about your services and deliver what the Customer wants. What other mistakes would you say businesses that reopen are likely to experience? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Imagine Selling Your Business…

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

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