5 Words Smart Entrepreneurs Always Avoid

Entrepreneurs wear many, many hats. It is not at all unusual for a small business owner to perform several different roles. But, this Jack of all trades, master of none can’t go on in perpetuity. The longer it lasts, the less chance there is that the business can scale up. In order to grow a company, it’s necessary to have help and many business owners reach a point where it is unavoidable. So, they make a few hires but still continue to perform various functions until they realize that a new position will free them up to pursue their main goals. Hiring should Equal Growth It’s very common for small business owners to be nervous about their first hires. However, they eventually get past this and the team settles into a comfortable routine. This can easily result in a false sense of security and it’s not at all unusual for the owner to slip right back into or continue bad habits. If a heavy workload causes your employees to feel overwhelmed and frustrated, it may be time to add new positions to your department. Hiring an additional staff member or two can help you split tasks between employees more equitably and give employees the time they need to devote to their work. —Houston Chronicle Sure, someone has to perform those functions and the owner typically feels it is his or her responsibility. But, there comes a time when it’s clear that handing off at least some of those tasks to someone else would be very beneficial. What generally holds a business owner back is not having a clearly defined position, as they did with previous hires. Fortunately, there are some steps you can take to create a new employee position. How to Create a New Employee Position for a Small Business When it becomes obvious that you’re taking on too much, be it administrative tasks or something else, it’s time to seriously consider hiring someone to do that work for you. Here are some steps you can take in order to create a new employee position: Estimate its ROI. Before you start posting job openings, take some time to work out the most likely return on investment. Ask yourself if one or more of your current employees can assume these responsibilities. If not, then it is more likely you need to create a brand new position. Just work out a realistic scenario on how much this will add to expenses and what size return of investment you’ll get for this potential hire. Determine if it’s part or full time. Next, you’ll need to determine whether this is a part-time or full-time position. Go over your schedule and create a ballpark figure of how much time you spend on these tasks. This will give you a pretty good idea of the number of hours you’ll give over to a new employee. Plus, it will tell you how much time you gain back doing more important things. Compile a list of applicable skills. Last but certainly not least, you’ll need to create a list of applicable skills that a new employee would need to possess. This will also tell you if these responsibilities are truly interrelated or if they are a mixed bag. What’s more, it will point you in a more specific direction and help you to hone in on the right personality. What other suggestions do you have for an entrepreneur who is considering creating a new team member role? Please share your experiences and thoughts so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

It’s Said Style without Substance is Bad, But Is the Opposite Actually Better or Even Worse? We’ve all heard “beware of style over substance.” It’s a common expression that means a person may appear to have all the answers but in reality, there is very little or nothing behind his or her facade. Likewise, it also describes someone who puts greater value on appearance than depth of knowledge or skill. In either case, it fools others into thinking an individual possesses something special when in fact, they aren’t extraordinary after all. This distinction is particularly important when it comes to choosing a business partner, a vendor, or even a client. So, entrepreneurs need to be aware and alert of the telltale signs and more critically, what the downsides of each personality are. Sure, it seems obvious that all style and no substance is bad. However, it’s equally vital to understand that the opposite can be harmful, too. The Dangers of Style Over Substance A person who is all style and no substance may have all the necessary skills. But when the moment of truth arrives, he or she is lost. However, that’s a broad generalization of a greater specific. So, let’s take a look at some of the particular reasons why a businessperson with all style and no substance can be problematic: Lack of follow-through. They might make grand promises or claims but fail to deliver on them due to a lack of underlying strategy or execution skills. Superficial relationships. They may prioritize networking and appearances over building genuine connections, leading to fleeting and ultimately unproductive partnerships. Misalignment with company values. A style-over-substance leader may struggle to foster a culture of substance and results if a business’s success depends on innovation or problem-solving. Short-term thinking. They might focus on quick wins and flashy projects rather than building a sustainable and long-term strategy for the business. Potential for ethical lapses. Without a strong foundation of integrity and competence, such individuals might resort to unethical tactics to maintain appearances. It’s important to note that style and charisma can be valuable assets in business. However, without substance to back them up, they can be detrimental to long-term success. Downsides of a Substantively-Focused Business Partner with No Personality or Style Now, we’ll get into the opposite scenario. Although people are familiar with the shortcomings of style over substance, what are the downsides of an individual who has very little or no charisma? While substance is undoubtedly crucial in business, a complete lack of personality or style can also present big challenges, such as the following: Limited networking and relationship building. Someone with little personality might need to work on building rapport with clients, partners, or employees. Effective business relationships often involve personal connection. Lack of creativity and innovation. A purely analytical approach can sometimes hinder creative problem-solving and out-of-the-box thinking. Difficulty adapting to change. A rigid, no-nonsense approach might make it challenging to adapt to changing market conditions or unexpected challenges. Poor communication. A lack of personality can sometimes manifest in poor communication skills, leading to misunderstandings and inefficiencies. Uninspiring leadership. If the person takes on a leadership role, their lack of charisma could demotivate employees and hinder team morale. Limited market appeal. In customer-facing roles or industries focused on branding, a personality-devoid individual might struggle to connect with the target audience. Again, it’s important to note that a balance between substance and style is often ideal. A strong foundation of knowledge and skills combined with effective communication and interpersonal abilities can create a highly successful business partnership. 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 do you fire a family member you hired to work in your small business? It’s a very complicated and stressful situation. You hired your brother-in-law, your cousin, nephew, niece, sister-in-law, or even a sibling. And, you probably did so with a lot of enthusiasm. But, it’s been in one unmitigated disaster after another. He or she just isn’t up to the job. Now, it’s come to the point where it’s hurting your business and you can’t continue on any longer. Fortunately, there are ways to break the bad news. Read on to learn about some of the best ways to fire a family member from a small business. Training versus Termination If you have given him or her more direction and a little extra attention, that might have been insufficient. It could be that he or she needs a lot more in order to really be an asset. So, the first step to take is to try and fix what’s broken. Make a prioritized list of what isn’t working and address those things first. Then, mentor him or her according to that list, going one by one. Many entrepreneurs take pride in their ability to provide jobs for their family members, but it can turn sour quickly when the family member doesn’t perform well. Subsequently, firing a family member can cause a rift between the entrepreneur and relatives who are close to the fired family member. And the entrepreneur may feel guilty if the family member can’t readily find work. —The Business Journals If this isn’t really applicable to your circumstances, consider moving him or her into a different position. Sometimes, people seem like a really good fit for a particular role and simply can’t do the job up to expectations. This might not even be his or her fault, so turn it into an opportunity to reassign him or her to a position where he or she can thrive. If these two strategies will not work or fail to produce any results, you will have to face the unenviable task of terminating him or her. Most Effective Strategies for Letting a Family Member Go from a Family Business Sadly, not every situation will work out as envisioned or intended. Sometimes, it’s just the wrong person for the job and there’s no changing the fact that you cannot pound a square peg into a round hole. Here’s some advice about how to fire a family member from a small business: Be prepared to break the bad news in an appropriate way. Even if this person is driving you crazy, don’t let anger be the emotion that causes you to lose control. First off, you’ll probably say something you’ll regret, and moreover, you might come off so angry that he or she will think you were just incensed and letting off steam. Take some time to reflect on what has occurred and make notes if necessary. Choose the right time and place. The most tactful way to engage is away from the workplace but in private. If you do this at your place of business, there’s too much potential for things to go wrong and become an embarrassing situation in front of your employees. It’s best to have the discussion somewhere else than your business — like a neutral, public place — perhaps a restaurant or park. Be honest but empathetic. You need to be straightforward with him or her but don’t make a big speech. Instead, be brief and direct but empathetic at the same time. Then, give him or her a chance to talk and don’t interrupt. If necessary, repeat your points but don’t belabor them. Remain emphatic and stay courteous. It’s very likely that he or she will push back hard and that may cause you to recant. If you begin to feel guilty, that’s a normal emotion. Try to stay pragmatic and be emphatic yet courteous. Don’t let him or her guilt you into making another bad decision. What other advice would you give people facing the unpleasant prospect of having to fire a family member from a small business? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.