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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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Should You Scale or Scuttle Your Startup

May 16, 2017 No Comments

When business begins to slow, your sense of confidence can slide, and it’s a scary sensation that usually follows. Facing the possibility of having to close the doors isn’t a pleasant one, and, you could feel like a complete failure. Before you begin to pack-up your office, take some time to look at the situation objectively. Ask yourself what’s the most likely cause and begin to take steps to solve rather than scuttle. If you are experiencing a steady slide in sales, there’s obviously a reason why that’s so. The good news is, there are always options, which can range from scaling out, scaling down, or, shutting down. The latter might not be the most welcome, but, sometimes it’s the best option, providing you with an opportunity to try something else. How to Solve the Scale or Scuttle Situation Should you be facing a mountain of bills, not seeing a jump in revenue, and having to cut back where you’ve never cut before, it certainly can be frightening and frustrating. The first place to begin is with yourself, your emotions, dreams, and, mental state. If you’re in a situation that simply taxes you too much and drains your energy, you ought to consider closing and starting fresh with something new. However, if you believe you can turn things around, you should seriously consider scaling down or out. …you’re stressed out, your relationships are fraying and your resolve is destroyed. Nevertheless,you must take action in order to end the turbulence with as much poise as possible. You can’t change the past, but you can certainly determine how you [proceed]. —Entrepreneur.com Scaling down is obviously taking measures to reduce your business workload to concentrate on key accounts. Scaling out isn’t the same as going up, it’s more lateral, providing more of what you already do, not offering new things. If you’re still wondering which way to go, take the following into consideration to make an informed, well-thought decision: Look at your workable options. One mistake some failing businesses make is to hammer a square peg into a circle, meaning they attempt to go beyond their core competencies, and, that’s just not a good idea. You’ll nearly inevitably see this backfire and make things go from bad to worse. Be prepared to stunt growth. Some businesses falter, not because of the lack of revenue, but because they take on too much. Should you and your team be stretched thin, it’s time to scale back and produce the best you can deliver. What you’ll find is more happy customers, co-workers, and self contentment. Get some unbiased advice. An outside view by an experienced business consultant can shed a lot of light on problems you didn’t even realize existed. Have your business evaluated and get some helpful advice that isn’t tainted by being too close or too attached. Know your company’s limits, and, its potential. Here again, if your company can’t comfortably keep pace with demand, it’s time to pull back and deliver quality over quantity. Should you be experiencing a spike, consider your business’ potential and grow incrementally. Understand your cash position. Having less cash isn’t necessarily or always a bad thing. It causes you to look at and prioritize expenses, weeding out what’s not needed. You’ll find creativity if you don’t succumb to fear. Another factor you’ll have to face is the emotional adjustment. We’re told all our lives that quitters never win and winners never quit, but, that goes against reality. Be willing to make an emotional adjustment and deal with the reality. [shareaholic app=”follow_buttons” id=”26833294″]

How to Run a Work-from-Home Business

May 24, 2017 No Comments

The Internet, and more particularly, the world wide web, is revolutionizing so many things in our lives and the workplace is no different. More companies are using telecommuters to work for them, and, they are reaping the benefits of less overhead. In addition, the web makes starting a business quite simple. The biggest problem for a part-time or full-time entrepreneur is being able to effectively manage their time. Those work-from-home commercials and websites leave out many aspects of having a home-based business. While they tout the freedom and no need to endure frustrating daily commutes, they do leave some things out. The devil is in the details and it’s those things you might not think about that can cause you to fail. How to Run a Work-from-Home Business Running a work-from-home business not only takes a lot of entrepreneurial spirit, a vision, and an executable plan, it also requires a heavy amount of self discipline. When you stop to think about it, you’ll realize that having a home-based business means you won’t leave either work or home for the majority of the week. Another phenomenon (read: unrealistic expectation) that you’ll probably face from your spouse is about household chores. When you work outside the home, you don’t take any household appliances with you. The washer and dryer stay in the laundry room and the dishwasher remains right beside the kitchen sink. Ninety-seven percent of entrepreneurs love or like working from home, according to Money Tips.com’s recent survey of 160 successful Americans who run their businesses from home. Most enjoy it so much that 54 percent of them would turn down an offer of free office space just one mile from home. —Inc.com In addition to these, the lawn mower, vacuum, and all those household cleaning supplies won’t mysteriously jump into your vehicle. However, your significant other won’t necessarily grasp this concept, and, will wonder why there’s laundry to fold or dishes to take out of the dishwasher. Any one that runs a home-based business knows that chores are time consuming and just because the office is in the house, doesn’t mean all the chores will get done. In addition to this, you’ll be literally surrounded with distractions. It could be guitars, a game console, television, crafts, social media, or any other hobby or pastime that beckons day after day. If you want to run a successful work-from-home business, you’ll need to do the following daily: Create a schedule and stick to it. There’s a reason you have scheduled work hours when your job takes you out of the home and to a workplace. Do the same for your home-based business: create a schedule and don’t deviate from it. Let your clients or customers know your hours of operation and be available when needed. Get dressed for work. One of the perceived advantages people have about working out of the home is being able to dress down. While you can certainly work in your pajamas or just a tee-shirt and shorts, it does have a strong impact on your psyche, and, it’s not a good one because it promotes procrastination. Dress business casual and you’ll actually feel like it’s a work environment. Take breaks during the day. You do this at any workplace, but, when you start a home-based business, you’ll probably experience an urge to stay put in your office or work space to get things done. You need breaks during the day, so, put these into your schedule. It could be a short walk around the block, or even doing a chore, but these should be regular. Give yourself time off. Because your work and home environment are one-in-the-same, you’ll face the temptation to get this or that done when family is home. Don’t shortchange your family and you’ll find yourself to be a lot happier when there’s a good balance. Get out at least once per week. Don’t make the mistake of chaining yourself to your desk. You can go out to lunch and meet a friend or your spouse, but, be sure to do this at least once per week to keep your professional mannerisms sharp. Another tip you ought to take is to stay focused on your business. Because you might not regularly interact personally with others, your mind will tend to wander and you might get some new ideas to pursue. While it’s wonderful to be creative, you won’t be able to go off in different directions at once — keep your focus or you’ll increase your chances of failing. I just had this conversation yesterday with a Chief Marketing Officer who works virtually, and he enjoys the flexibility. We met at The Henry on Camelback in Phoenix. Personally, I prefer to get dressed, and head to my office with focus on my schedule and priorities. Call me traditional, but my work ethic has been embedded into my habits for over 35 years and it works for me. Now, I also find myself logging in when I get back to my home office. So, one of my incentives is to remain focused and productive at my office during the work week so that my evenings and weekends are free at home. It does take discipline, but this allows me time with my family and to enjoy a balanced life outside of my work. What I do like about working from home, is the flexibility it provides me and my family as well as the flexibility in the services that I can provide for my clients. What is most exciting is the business and career opportunities that our technology gives us. Go out and create your new opportunities … and start from home! Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Start the New Year Strong – Avoid Entrepreneurial Burnout

January 12, 2018 No Comments

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality. Make 2018 a Great Year for Your Business If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout. Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business. How to Avoid Entrepreneurial Burnout Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout: Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly. Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment. Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive. Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next. What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview: 1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain 2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves 3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses. How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation! 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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Related Posts

Should You Scale or Scuttle Your Startup

How to Run a Work-from-Home Business

Start the New Year Strong – Avoid Entrepreneurial Burnout