Can Hanlon’s Razor Help Your Business Cut to the Core or Nick the Quick?

As a small business owner, you’re used to being busy. You’re always juggling multiple tasks, and it can be hard to keep up. Sometimes, you may feel so overwhelmed that you don’t know where to start. If you’re feeling this way, don’t be afraid to ask your friends for help. How Small Business Owners Can Ask Their Friends for Help Your friends are there for you and want to see you succeed. They may be able to help you with a variety of tasks, from doing routine things, like answering emails to running errands. So, here are three effective tips on how to ask your friends for favors: Be specific. When you ask your friends for help, be as specific as possible about what you need. This will help them understand what you’re asking and make it easier for them to say yes. For example, instead of asking your friend “Can you help me out?”, try asking “Can you please pick up some supplies for me at the store?” Be grateful. When your friends do help you out, be sure to thank them profusely. A simple “Thank you so much for your help!” can go a long way. It’s also a good idea to offer to return the favor in some way. Don’t take advantage. It’s important to remember that your friends are doing you a favor, so don’t take advantage of their kindness. If you find yourself asking them for too much help, it’s time to start looking for other ways to get the job done and bring on more or more new employees. Asking your friends for help can be a great way to relieve some of the stress of running a small business. By following these tips, you can make sure that your requests are well-received and that your friends are happy to help. More Tips Entrepreneurs Can Use to Ask for Help A good percentage of entrepreneurs would much rather rely on themselves than anyone else. So, this makes asking for help difficult. But, if the above advice doesn’t appeal to you, there are also some additional tips for asking friends for favors: Choose the right friend for the job. Not all of your friends are created equal. Some friends are better at certain tasks than others. For example, if you need help with a marketing project, you might ask a friend who has experience in marketing. Be flexible. If your friend can’t help you with the exact task you’re asking for, see if they can help you with something else. For instance, if you need help with a marketing project, but your friend is busy, they might be able to help you with some administrative tasks. Be patient. It may take your friend some time to get back to you. They may have other commitments, or they may simply need some time to think about your request. Be appreciative. Again, when your friend does help you out, be sure to thank them. A simple and sincere “Thank you!” can go a very long way. By following these tips, you can make sure that asking your friends for favors is a positive experience for everyone involved. By the way, do you have anything to add to these suggestions? If you have your own thoughts and experiences, please feel free to leave a comment so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Inflation in the United States is at its highest level in 31 years, according to the Wall Street Journal. Currently, it’s measuring around 6%, and complicating matters more is supply chain issues, along with shortages in key materials, as well as labor availability. Due to these factors, businesses are faced with the decision to raise prices. Although practically any business owner would resist, this just isn’t a sound strategy. When a company’s costs rise, it must pass on at least a portion to consumers. If businesses don’t raise prices, they obviously reduce their margins, thereby reducing their revenues. So, do small businesses deal with inflation? How Small Businesses can Deal with Inflation Fortunately, there are a few key strategies you can employ to help your company through an inflationary cycle. One step you can take is to offer bulk discounts on the products you sell, incentivizing your customers to purchase more in exchange for paying less overall. Another thing that you can do is to use the same strategy for wholesale vendors, asking them for a slightly higher discount in exchange for purchasing more inventory, or materials and supplies. The PPI — producer price index– measures the prices of goods immediately postproduction and serves as a critical indicator of the pressure facing companies. Companies that weathered previous storms the best took decisive steps to counter rising inflation by pushing through price increases consistent with PPI — but that alone was not enough. —Havard Business Review Small businesses can also help to offset inflationary pressures by scheduling jobs further into the future. Since materials are more scarce at the moment, this might not be a viable strategy. Of course, this does come with a good deal of risk, because you don’t have a crystal ball into what will unfold over the next several months. Yet another strategy for coping with inflation is to move to alternative materials and supplies that cost a little less. But, be aware this might also mean having to settle for a lesser quality product. 3 Biggest Inflation Price-Adjustment Mistakes to Avoid If these strategies aren’t enough or don’t appeal to you, there are definitely things you should avoid doing. Because any one of these will likely be extremely costly in one way or another. Here are the three most dangerous mistakes businesses really need to avoid in their inflation adjustment pricing: Apologizing. Sure, it’s human nature to empathize. But, you’re not the driving force in rising prices, nor are you in control of the elements that are causing inflation to rise. Although it’s tempting to apologize for having to charge more, it puts you in a position of weakness and can easily lead to you reducing prices at a time where it’s just not feasible. Overcharging. Obviously, price gouging is illegal. But, charging more (particularly above the new, higher market rate) in order to cover your rising costs and increase your margin at the same time is not advisable. Doing this will only result in driving customers to look for less expensive alternatives in your competitors and leave you with a guilty conscience. Undercharging. This is perhaps the biggest temptation small business owners face during inflationary periods. They empathize with their customers, being affected in their own personal lives too. So, they decide to keep their prices the same or only raise them as little as possible, thereby cutting into their margins. While customers will certainly appreciate the break, it could very well become a self-inflicted wound that leads to ruin. What other suggestions do you have for dealing with inflation price adjustments? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your strategies. Interested in learning more about business? Then just visit Waters Business Consulting Group.

What do you do with a client who keeps breaking their promises? It’s certainly not an easy problem to solve. And, even more difficult when you come to the realization you’re a bigger part of the issue than you originally thought. As is the case with so many complicated circumstances, you probably share a good amount of fault. That isn’t to excuse the promise-breaker. But, it does serve as a reminder that it takes two people to take responsibility. About Promise-Breaking Clients It’s a more common phenomenon that you might believe. Not that it’s justified or even reasonably expected. However, clients have many reasons why — yes, some are excuses — for not following through with their word. It could be something beyond their control. Or, just a change of heart (and perhaps, circumstances). It’s an old rule of life that we teach people how to treat us. Yet often we can struggle when it comes to managing accountability and calling people on broken promises. It just feels like less stress to say nothing; even to just do it ourselves. But here’s the deal: when you decide not to call someone on their broken promise and ill-managed commitment, you’re, albeit inadvertently, being part of the problem. —Forbes.com Regardless of how often it happens, it does happen. So, that’s something you should be prepared for, because eventually, you’ll run into it. Usually, it’s not out of malice or selfishness, but rather, unrealistic expectations. When it does happen, you should know how to respond. How to Deal with a Client Who Keeps Breaking their Promises There’s an old saying in the real estate sales industry, “Buyers are liars.” It comes from a modicum of truth, but is obviously more of an exaggeration. Although, it does point out how people tend to embellish or overstate their resources and intentions. If you have a client who doesn’t always follow through on his or her promises, try these suggestions: Remind them. The first time won’t be the last. So, let him or her know what you expected and that you’ll expect them to deliver in the future. You don’t have to be rude, just stern but kind. If you show you’re willing to call them out, he or she will be less likely to do the same again. Don’t make up for them. It’s tempting to pick up the slack yourself but that rewards their behavior by avoiding consequences. After all, you value your reputation and take pride in your work. So, you make up for the short fall. But, this will only backfire. You’re only teaching him or her you’re always there to make things right. So, they don’t have to worry about it. That will only lead to more trouble. Don’t stay vulnerable. This is the most difficult, though it’s sometimes unavoidable. If it happens more than once and you don’t say anything, expect it to keep happening. Conversely, if you let them know you’re not going to tolerate his or her behavior, you can help break the cycle. What other suggestions do you have for dealing with a client who breaks their promises? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.