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Stress Points Entrepreneurs Should Avoid

Being an entrepreneur means being able to pursue a dream, to fulfill a passion, and to realize your full potential. It’s also a stressful role, even for the most intelligent and resourceful. Though we like to think of stress as just an inconvenient emotion, it can take a substantial toll on your health. It’s linked to heart disease, obesity, depression, headaches, gastrointestinal problems, and more adverse health conditions. It’s also one of the most common conditions in starting a new venture or continuing to build a business. However, it doesn’t have to get the best of you.

Stress Points Entrepreneurs should Avoid

Stress is actually a biological response to certain conditions and situations. It consists of releasing hormones, including adrenaline and cortisol, which cause the body to physically and emotionally respond to its environment. In an entrepreneurial role, you’ll have a lot invested, which can include your personal savings, time, and effort. What’s more, you’ll be responsible for managing others. That’s certainly conducive to causing stress and you need to be equipped with the right response to make the right decisions.

In the business world, there’s a certain cache attached to being able to soak up all that stress. But people can’t keep putting themselves under a lot of pressure for a long time without consequences. Eventually something’s going to give. —Entrepreneur.com

When you’re an employee, you deal with stress but it rises to a whole other level when you are running your own business. After all, it is you that’s “calling the shots,” and you are at the helm of the enterprise. Stop to think about the entire situation and it can be practically paralyzing. You’ll definitely have a lot to deal with when you’re running or starting a business and one of the single biggest challenges to overcome is how you deal with stress. Because of this, you should know the most common stress points and how to cope with them effectively:

Capital. Money is essential to business, but there will definitely be times when cash flow is anemic. You should learn to use free and low cost resources when money is lean. For instance, you can pay a freelancer that’s just starting out, or, can take-on a little more personally to keep costs down.
Promises. As a business owner, you’ll make promises on a regular basis. When an unexpected event takes shape, it can seriously throw-off your working timeline. When possible, you should rearrange your schedule and revisit your priorities to make good on your promises.
Commitments. Alongside promises are your commitments. When starting or running a business, it’s often tempting to fully load your schedule to help build your brand. This can take its toll, so, think about what’s most important and only commit to these.
Clients. While clients are the lifeblood of your business, early on, you’ll probably take anyone who comes across your radar. Over the course of running your business, it’s helpful to reexamine which clients are worth the effort and which are making your journey an agonizing proposition.
Talent retention. Having talented people on your team is key to success but this comes with a cost. Said cost rises as time goes on and you’ll face one or more moving-on sooner or later. Instead of fretting over the loss, look at it as an opportunity to forge a strategic partnership.

Though these are all real and can be large problems, one stress point is particularly painful: the unknown. As the saying goes, “you don’t know what you don’t know.” That however, is true with just about everything in life. Instead of letting it worry you, look at it as a new opportunity to embrace. Even if you fail at this or that, it serves as a lesson learned which helps to make you a better leader. Remember, we learn far more from our failures than our successes because it’s easier to deconstruct.

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How to Make a More Productive Monday on Friday

May 16, 2017 No Comments

With another hectic week coming to a close and the excitement of the weekend just hours away, it’s no wonder why Fridays are less than practically productive. In some business environments, it’s the unofficial slack-off day, one comprised of mundane tasks, a bit of cleanup, and perhaps, some tying of loose ends. Plans for the weekend take away attention from the inbox, and minds wander. Fridays, by-and-large, are informal work days, and that’s a shame, because these could serve as launch pad for serious Monday productivity. How to Make a More Productive Monday on Friday Ironically, Mondays aren’t much better, as these are the days returning from the weekends dreamed about on Fridays. The first day of the work week is one that’s often dreaded, in-part because of what wasn’t done on Friday. Talk about a dichotomy, this one scores high on the list. What’s worse, is that your team members aren’t alone in this experience, because you too, are right alongside them, especially on Friday afternoon, after lunch. Monday mornings are the most critical time of the workweek — they set the stage for the day and week ahead. Most successful people are keenly aware of the typical Monday-morning workplace dynamic of unanticipated events, overflow of communications, and general chaos. —Business Insider Even with all your entrepreneurial drive, you too, are ready to enjoy the downtime the weekend delivers, and it’s important because it lets you let go, at least enough to refresh. This dynamic doesn’t have to bedevil your company, or more particularly, you. There are some things you can do to make a more productive Monday on Friday: Plan in advance for the following week. Monday is often treated with disdain precisely because of what it holds in-store. Ironically, it’s what wasn’t done on Friday that makes this a reality. Mondays don’t have to be a scramble to catch-up, they can be a productive day, if you prepare on Friday. So, prime your sales pipeline, get organized, and plan out the week. You’ll do yourself a huge favor, and you’ll avoid that nagging feeling that you forgot something. Identify one or more things to get done today. Instead of counting down the clock to the end of the day, look at the time available to use for a task or two that’s yet to be completed. When you tackle a project, even if it’s small, you’ll feel a sense of accomplishment, and not guilty about taking time for yourself over the weekend. Reach out to customers early in the day. Because Friday is a lackadaisical day in so many offices, you can use this phenomenon to your advantage. Reach out to customers you haven’t connected with in awhile, and double down by following-up with deals in-the-works. Leave a small reward to enjoy on Monday. One reason Mondays seem so bland is because they lack reward. Whatever it is that perks you up, and not just a cup of coffee, like a favorite snack, put it aside for next week. You can even set a reminder to make it all the more special. Begin the week with thoughtful recognition. There is probably at least one person who helped you out this week, perhaps two or three. Show your appreciation by picking something up for them over the weekend and surprising them on Monday. It will keep you eager to get back Monday morning, and will create a sense of appreciation and excitement to the recipient(s). Another thing you can do on Friday to make Monday more productive is to get that one pain point out of the way. It will make the weekend all the more enjoyable and sweet, plus, it won’t daunt you next week. I started doing this in the form of a game or competition. How many pain point, or high priority projects, phone calls or tasks could I accomplish before I leave on Friday? How many projects or priorities do I have on Monday that I could complete on Friday to make Monday an easy start? And it is working for me with higher productivity, growth and more free time. Make your Friday count so that Monday is a breeze! [shareaholic app=”follow_buttons” id=”26833294″]

Tired of New Employees Abruptly Quitting? Here’s a Novel Solution for Recouping Your Training Costs

November 4, 2022 No Comments

One of the most costly and infuriating aspects of running a business is training new employees only to have them up and abruptly quit. It takes a lot of time, effort, and extra expense to onboard new hires and get them familiar with practices and procedures. When they depart shortly after their training, it means having to fill that position all over again. Since this is such a huge hassle and a costly one at that, some companies are actually billing employees who quit. The strategy is to ensure new employees don’t receive critical industry training only to leave and use their new skills at a competitor paying higher wages and/or offering more enticing benefits packages. Companies Recovering Employee Training Costs through TRAPs Healthcare, retail, trucking, beauty, and more companies are adopting a new approach in order to reduce their workforce losses. Known as Training Repayment Agreement Provisions or TRAPs, these clauses are included in employee contracts. Nearly 10% of all American companies are now using these provisions, according to a recent report by Reuters News. When a valued employee quits, the loss can have a detrimental effect on the person’s team and department and maybe even on the entire company. Not only can an unexpected departure lead to lost revenue, but it also could lower the morale and productivity of remaining employees. —Society for Human Resource Management Other industries may follow this emerging trend if it proves successful and legal. There are already federal and state government agencies looking into the practice, and it appears to be legitimate. If it continues to grow in popularity, it should be not only a big benefit to businesses but to employees as well, as both parties will know precisely what’s expected of them and how to proceed accordingly. How to Use Employee Training Repayment Agreement Provisions Because this is somewhat new, it’s very important to take thoughtful, measured steps in order to implement such a practice. Here are some suggestions for how to use an employee training repayment agreement provision in your business: Consult a labor law attorney. The very first thing you should do is to speak with a lawyer who specializes in labor law in your state. Even if a future employee willingly signs such an agreement, there may be something on the books that does not allow you to enforce such a provision. So, be crystal clear it is legal and actionable in your state. Speak with your human resources department. Obviously if you are able to include an employee training repayment agreement provision in your hiring contracts, you’ll need to get the right people in your organization on board and in the know. You can help to develop a new section in your training process that discloses and advises potential hires and new team member about this provision. Make sure new hires are made fully aware of the provision. When you’re recruiting someone new to your organization, be sure this is made abundantly clear before you proceed with follow-up interviews and probably before the very first, initial interview. Any job candidate should be made aware of this provision well before you get deep into the hiring process. Include a mechanism to recoup new employee training costs. Of course, you’ll need a way to actually recoup those training costs. So, if you offer a sign-on bonus, that may be one way to recapture the expense. Here again, you’ll need to consult an experienced, licensed labor law attorney in your state to establish a recuperation mechanism for the provision. What else would you suggest business owners do to deal with new hires who quit shortly after being brought on? 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.

Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

March 25, 2021 No Comments

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved. Final Endings can be Just as Healthy as New Beginnings Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning. Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over. How to Effectively End Bad Business Relationships Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how: Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one. Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out. Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings. Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible. Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on. What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations! Interested in learning more about business? Then just visit Waters Business Consulting Group.