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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?

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Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

August 14, 2018 No Comments

Tesla is back in the news. Headlines proclaim the electric car manufacturer actually approached some of its suppliers, requesting cash back in an effort to realize profitability. Elon Musk quickly reacted to the reports. Now, it’s a he-said-she-said storyline. But, that’s just another fight the media will happily play up for clicks and tune-ins. The reality is Tesla is not a profitable company. Even though it enjoys so much buzz and customer loyalty, it can’t turn a profit. The Top Reason Small Businesses Fail The company reportedly burned through $1 billion in a quarter. And, it’s promised to bring its expenditure to under $3 billion this year. That, after it went through $3.4 billion last year. Not to mention, it lost $710 million in Q1 of this year alone. Just as good cash flow keeps a business afloat, poor cash flow can sink it. In fact, poor cash flow is a big reason why one in every four businesses doesn’t make it past the first year. And why more than half don’t survive past the fifth. —Fresh Books.com It gets worse. The company might not reach a stock conversion price of $560.64. Which means it will have to shell out $230 million to obtain a convertible bond in November. Its stock fell by nearly 4.5 percent just in the last twelve months and continues to struggle. This is an important lesson to those who’d like to start a small business because it’s one of the main reasons startups fail in the first place: inadequate cash flow and reserves. Problems with cash is typically the reason small businesses fail. Top Small Business Cash-Flow Mistakes to Avoid So, if cash is the biggest reason new companies fail, then how do they actually get into such a pickle? Well, it’s not just avoiding bad business ideas (although that’s certainly helpful), it’s more about being smart with money in the first place: Impulse spending. We all know retailers embrace this practice. But, it’s far too easy to fall into the trap of impulse spending, particularly during the startup phase. It’s also a shortcut to failure because it’s the ultimately lack of responsible cash management. Past-due receivable apathy. When cash is rolling in, it’s very easy to let an invoice or two or more slide. After all, there’s plenty of money coming in, so why bother? It’s important to stay on top of receivables because it sends the wrong signal when you become apathetic. Plus, you might be able to put that money to good use in the future. Not sticking to a real budget. You wouldn’t spend more money that’s in your personal bank account. However, when it comes to business finances, too many owners just don’t adhere to a realistic and strict budget. And, that’s a recipe for failure. Failure to put some cash aside. Feast or famine. That’s an old cliché but it’s entirely true for many businesses. That reality means it’s best to have some cash on-hand when needed because it’s very likely that time will come. What other ways do small business mishandle cash? What other advice would you give about maintaining positive cash-flow? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Now is the Time to Get a Sweet Deal on Office Space

September 9, 2020 No Comments

In the midst of the COVID-19 shutdown, and the simultaneous rise of WFH or work-from-home dynamic, commercial real estate is steadily on the decline. With many businesses closing and others surviving on minimal staff, office space, retail locations, and other commercial real estate is and will continue to experience a huge vacancy rate. While that’s not good news for them, for savvy business owners, it presents a prime opportunity. Meaning, it’s very possible to lease (or buy) commercial property for a really good deal. The Buy Low, Sell High Strategy Everyone’s heard of the old “buy low, sell high” investment strategy. But, only those who actually act on it are the ones who benefit. When the market is down, investment advisors often tell their clients to buy why everything is on sale. However, too many people are just too risk-averse and don’t follow the advice. Asking rent prices have yet to fall, which is typical in a down cycle as landlords try to hold out as long as possible, says CBRE chief economist Richard Barkham. At the same time, Barkham says, landlords are eager to fill space, so they’re willing to offer a bevy of concessions to the right tenants, including rent-free periods, build-out expenses, and flexible lease terms. —Inc.com In fact, more people tend to cash-out when the market goes through a downturn. They “realize” an otherwise “paper loss.” The point obviously being that the adage of “buy low, sell high” really works. And, it works so well, it’s repeated over and over. The real trick is to just do it. How to Negotiate the Best Office Space Deal With all that said, now is the time to take advantage of the circumstances and land a sweet deal on commercial space. Here are some helpful tips for how to lease commercial space at a substantial discount: How long has the space been vacant? Learn how long the space has been vacant because it will give you a sense of how eager the landlord or owner is to fill it. Of course, the longer it’s been empty, the more motivated the landlord will be to sign a new lease. Are there other interested parties? If there aren’t any other companies interested in the space, that will definitely work in your favor. Simply put, the less interest, the better for you. After all, that means there’s no competition. Does the property have other vacancies? A property landlord or owner with multiple vacancies will be far more willing to negotiate in order to fill as much space as possible. Learn about subletting policies. If it’s allowable, subletting can help to offset the cost of leasing commercial space and make it even more affordable. Do your homework on similar properties. Another thing you can do is learn about similar spaces. Use this knowledge to negotiate a better deal. For instance, if another landlord/owner offers a better lease rate, you can use that as leverage to bargain on a property for less. What other suggestions do you have? Please share your thoughts and experiences by commenting and giving others some valuable advice! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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3 Ways Business Owners and Entrepreneurs can Find more Free Time

March 8, 2021 No Comments

A substantial percentage of established business owners and fledgling entrepreneurs have experienced significant change over the course of the past year. Some had to make very difficult decisions and enact hard changes in order to survive. Conversely, some have been in the fortuitous position to thrive. Regardless of their circumstances, too many entrepreneurs and business owners struggle to find free time. Fortunately, there are some effective strategies to find more free time and enjoy it. The Dreaded Free Time Paradox The most common problems business owners have when it comes to free time is either not recognizing it, or failing to indulge it. In other words, when there’s free time available, business owners and entrepreneurs most often either prefer to spend it working, simply defaulting to a workaholic mindset. So, it’s often the case that they don’t have any free time, as much as it is they won’t take time to actually enjoy it. Time freedom is about spending your time doing what you really love doing with the clients and people who mean the most to you. Having more freedom of time is about having the ability to live a full life and have the time to pursue other interests outside of work. But finding time freedom for entrepreneurs can be tough. — Thrive Global This creates a cyclical scenario where any ostensible free time is put either toward their work or, is spent on distractions. That’s often more advice given about business owners seeking free time. That is to say, to identify and eliminate distractions, because they divert away from the task or relaxation at hand. Because entrepreneurs are action-minded people, they mistake any type of work as being valuable. Of course, that’s just not true. 3 Ways Business Owners and Entrepreneurs can Find more Free Time The advice usually given to free up time is to rely on technology, innovative tools of the trade, and eliminate redundancies. Those are all great ways to help streamline your operation, but these mostly work around the margins, and don’t address the core problems. Here are three ways business owners and entrepreneurs can find more free time: Stick to a schedule. It’s very difficult, if not impossible, to find free time in an unstructured environment. The old Friedrich Nietzsche philosophy of “out of chaos comes order” simply doesn’t apply to this situation. So, get yourself on a schedule and follow a routine. It can be flexible and should not be rigid, but should provide you with structure. This will greatly cut down on distractions, and force you to focus on the highest priorities, and work your way down to the lowest. Put your business on a budget. Before you scoff, remember this — a budget doesn’t always mean spending less, it means always spending smartly. Too many business owners either spend their time worrying about their finances. Others know their general financial situation, but dwell on every possible contingency. In either case, they waste a great deal of time worrying, because they really don’t have a plan for their company finances. Money just comes in and goes out, but with very little accountability. Creating a realistic budget allows you to operate your business with a lot more certainty, and that in turn, will create more free time. Hire (back) help. You might have responded to the pandemic and ensuing chaos in a number of ways. Perhaps, it was necessary to reduce your payroll and take on more responsibilities yourself. Or, you’ve been taking on more work personally, because you haven’t found the time to hire people to help. The longer this unnecessary stress goes on, the more you risk burning out. It not only steals away valuable downtime, it is also counterproductive. So, get yourself on a schedule, lay out a budget, and hire on some help when and where needed. What other suggestions do you have for creating more free time? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Ways Business Owners can Deal with Personal Crisis

Ways Business Owners can Deal with Personal Crisis

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Tesla is Now Asking Suppliers for Cash Back, Here’s How to Avoid that Scenario

Now is the Time to Get a Sweet Deal on Office Space

3 Ways Business Owners and Entrepreneurs can Find more Free Time

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