Business Education

Top Networking Mistakes Too Many Entrepreneurs Make

Even though we’re becoming more digitally connected through social media and other technology, personal interaction cannot be replaced. Whether you want to open a retail shop or start another type of business, you’ll have to network. While reaching out on social media is a must, there’s just no substitution for face-to-face conversation. We’re innately social creatures and you can definitely use this trait to your business’ advantage. But, don’t put unnecessary obstacles in your way. Instead, understand which networking mistakes most entrepreneurs make.

Top Networking Mistakes too Many Entrepreneurs Make

There’s no question opportunity awaits for you to start a business. And, there are also a number of financing options available. However, there’s another component to starting a company and making it successful. Of course, this requires customers patronizing your business. The question is, just how do you find customers or clients? The age-old answer is simple: networking. This practice provides a wonderful opportunity but it’s vital to do it right.

There is a right way and a wrong way to network. If you are one of those people who hate to network and view it as phony or pretentious, then you are doing it all wrong. Networking is not about building a mammoth list of contacts or passing out business cards like you’re dealing poker. Networking means building mutually beneficial relationships. —U.S. News and World Report

Networking allows you to become a known quantity. It also serves to sharpen your people and communication skills. But, it can also be frustrating, tiring, inconvenient, as well as near disastrous. What’s worse, is networking can also be counterproductive. If you want to get the most out of networking, you’ve got to know what does and doesn’t work. Here are some of the worst networking mistakes too many entrepreneurs make:

Selling, not networking. Alright, this makes the “all-too-obvious” list. But, it definitely bears inclusion here because it cannot be left out. Think about what’s most annoying about those loud, hard-selling commercials you hear and see. Now, imagine you are the embodiment of those — selling, selling, selling to each individual you meet. That’s certainly not productive. Keep the sales talk to yourself and meet people, have pleasant conversations, instead.
Failure to make and follow a plan. Entrepreneurs are notorious for making plans and following them step-by-step. Planning and executing provide awesome results because you set goals and then achieve them, one-by-one. That gives you a sense of accomplishment and increases your level of motivation. So, do the same when you go to a networking event. Make a plan and follow it.
Not networking with regular consistency. If you network, you’ve got to do so consistently. Without consistency, you send a modest signal you’re not really interested in others. Also, without consistency, you run the real risk of always being relatively unknown and that’s not a good thing.
Talking too much, as well as listening too little. Even if you’re not engaged in selling this or that product and/or service, talking too much is a big no-no. Everyone knows talking too much is downright impolite. Moreover, if you manage to hold back, be sure to actually listen. There’s a difference between being politely silent and being an active listener.
Making pre-conceived assumptions about people. “Never judge a book by its cover.” So the old adage goes and it’s proven true, time and time again. Since this is the case, make a sincere effort to not form assumptions about others. If you do, it will have an impact on how you come across.

What networking mistakes do you think should be included? How do you approach networking at-large? Please, share your thoughts and experiences by leaving a comment!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Business Owners Thinking about Switching to a 4-Day Workweek Here’s What You Really Need to Know

March 24, 2023 No Comments

The 4-day workweek continues to gain traction, though it’s a long, long way from becoming standard. Still, recent trials by companies have shown promise for reducing the workweek by one day (something instituted almost one-hundred years ago in 1926 by Henry Ford). The change is definitely full of ostensible advantages – and big potential. But, this certainly doesn’t mean it’s all upside and no downside. So, let’s take a look at what business owners need to know about switching to a 4-day workweek and what to expect. 4-Day Workweek Pros Switching to a 4-day workweek can have several benefits for a business. While some are obvious, others may not be so intuitive. Here are a few reasons a company might want to switch over: Increased productivity Research shows that shorter workweeks can lead to increased productivity. Employees may feel more motivated to get work done if they have more time to rest and recharge. Better work-life balance A 4-day workweek can give employees more time to spend with their families and pursue personal interests, leading to better mental health and job satisfaction. Cost savings A shorter workweek may lead to reduced operating costs for businesses, such as lower energy bills and reduced use of office resources through less use of computers, lights, climate control, and more. It can also help to rein in office expenses as it offers an opportunity to scrutinize spending expenses. It’s hard to say if many employers will find the 4-day workweek structure agreeable. Everyone is watching these kinds of experiments and learning. Plus, it depends on how the economy and workforce evolve and whether these become new expectations from the vast majority of the workforce—as being able to work at least part-time remotely has become for most knowledge workers. —Boston University So, the very fact that a business will be operating fewer hours translates directly into operating expense savings. (This is something that generally comes to light when there’s a big change and businesses are forced to examine their spending amounts and frequency.) Attract and retain talent Offering a 4-day workweek can be a unique and attractive perk that helps businesses stand out in a competitive job market. It can also help retain current employees by increasing their job satisfaction and loyalty. 4-Day Workweek Cons While these are certainly compelling reasons and sound good in theory, in practice they may not necessarily materialize (or simply manifest in different forms). Of course, as with any new idea, there are bound to be possible drawbacks and problems that could arise unexpectedly. Here are some things you might encounter by adopting a 4-day workweek: Reduced hours A 4-day workweek means employees will work fewer hours, which could lead to reduced productivity and output, especially for businesses that require around-the-clock operations. Workload distribution Businesses may need to redistribute workloads or hire additional staff to compensate for the lost hours of those who are working a 4-day week. Operational difficulties A 4-day workweek could create operational difficulties, such as coordinating schedules with clients or customers who operate on a 5-day schedule. Reduced profits Reduced hours could lead to lower profits for businesses that rely on hourly work or have tight deadlines to meet. Ultimately, whether a 4-day workweek is a good fit for a business depends on its unique needs and goals. It’s important for businesses to carefully consider the potential advantages and disadvantages before making the switch. What other considerations would you suggest be a part of these? Please take a moment or two to comment so others can benefit from your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Move Past a Bad Business Policy

May 16, 2017 No Comments

You identified a problem, took action, and enacted a new policy. Your people don’t like it (read: hate it), and, now you’re dealing with the fallout. It’s not an enviable position to be in, but nonetheless, here you are and now, you have to take action–again. The advice you’ve long heard about learning from your mistakes is now a reality, and, you are willing and able to accept it. The problem is how to move past a bad business policy and avoid repeating the same mistake in the future. Though you know this one backfired, you can’t be sure of how other policies you enact moving forward will impact your team and your business at-large. It’s okay to be retrospective and to attempt to peer around the corner, but for now, what you really need is to make things right. How to Move Past a Bad Business Policy The very fact that you are willing to recognize you made a mistake is a positive sign. However, you might still have a problem to deal with and you don’t want Murphy walking back into your organization, wielding his rule which states, “every solution breeds new problems.” You’ve already seen that unfold and it should have phased you enough to make a change. …we hate to fail. We fear it, we dread it, and when it does happen, we hold onto it. We give it power over our emotions, and sometimes we allow it to dictate our way forward (or backward). Some of us go to great lengths to avoid failure because of all the pain and shame associated with it. —Forbes It’s also good that you’re self-aware enough to accept the blame instead of digging in and defending what you’ve done, which will only insult your team members. So, how do you prevent this from happening again, but, still be able to enact policies that don’t end-up backfiring? Here are some helpful bits of advice you can use: Don’t be afraid to admit you made a mistake. This bears repeating, and, it does so big time. There’s little else more damaging than a leader who won’t admit he or she is wrong. It’s arrogant, harmful, and can cause good people to leave. In fact, the best thing to do is to have a sit down with your employees and others and talk about how you arrived at the decision, why it was wrong, and, how you plan to resolve the situation. Identify the problem and be proactive. Speaking of resolving the situation, you’re inevitably going to face problems again, so, before they have a chance to materialize, do what you can to thwart them. This won’t necessarily be easy, but your intuition will tell you when something is about to become a problem. Get ideas from your team about solutions. Your team members are among your most valuable assets. Don’t go it alone, speak openly with them and listen to their suggestions. You’ll likely find that doing so will present many ideas which can be molded together for a solution. Avoid new policies that create new problems. This is more difficult than you might think, but it’s still possible. Before you do enact a new policy, think about what it will do and how it will be received by your team. If you play it out and identify possible result scenarios, you can usually avoid making another bad policy. In my 34 years of business experience with ownership in 9 different businesses and consulting/coaching with hundreds of business owners, I have a long list of bad business policies that I have made. All of the policies well intended, but many times not fully thought through. My greatest lesson in making policies, is that hiring the right people with the right core values will minimize the policies that seem necessary to police and hold your team accountable. Those employees with the right core values will do what is right almost all of the time, thereby eliminating the need for many policies. [shareaholic app=”follow_buttons” id=”26833294″]

5 Effective Methods for Coping with Fear and Anxiety Right Now

April 24, 2020 No Comments

Anxiety, stress, fear, and even anger. All these emotions result from a lack of control in a state of uncertainty. And, little else can describe the current state of events. It’s a time filled with unknowns and that’s not good for the human condition. After all, no one really relishes living in an environment of uncertainty. What Causes Fear and Anxiety This is precisely what triggers feelings of fear and anxiety — uncertainly. Having little to no idea of what to expect next or, being without any sense of control. It’s a combination of these two elements which cause anxiety, stress, fear, anger, and more negative emotions. For many people, the uncertainty surrounding coronavirus is the hardest thing to handle. We don’t know how exactly we’ll be impacted or how bad things might get. And that makes it all too easy to catastrophize and spiral out into overwhelming dread and panic. But there are many things you can do—even in the face of this unique crisis—to manage your anxiety and fears. —Help Guide International The good news is, even during the most uncertain and stressful times, you can do something to deal with such negative emotions. Better yet, once you begin to establish even a small sense of control, you’ll start to feel empowered and that by itself is a huge relief. 5 Ways to Cope with Fear and Anxiety To deal with anxiety and fear, you have to first accept your current set of circumstances. Fighting reality simply won’t work, because it can’t be changed. However, you can change how you respond to fear and anxiety by doing the following: Contextualize. Your first step toward conquering or at least coping with fear and anxiety is to contextualize. Here’s an example. Money is tight and bills are due. But, it’s only a temporary circumstance. It’s not an end-of-life situation. You will get through it and putting things in context is a big help. Take small steps. Next, you’ll need to take small steps in order to feel a sense of control. Sticking with the example above, you can reach out to vendors and ask what can be done. Just by communicating and better understanding the what’s actually going on will give you a sigh of relief. Limit news consumption. You’ve probably already heard this advice several times. So, take it to heart. Limit your exposure to news media, including social media, and other outlets. You only need to keep tabs on key developments but not bombard yourself with big doses. Revisit and revisit your goals. Now is a great time to revisit and revise your goals. This will help you to see and feel better about the future. And, it will also provide you with a sense of new possibilities, which is very empowering. Visualize and start to execute. It’s also a good time to visualize and execute. Although you may not be able to take things fully to fruition, you can at least start and that too, will help to give you a sense of control, accomplishment, and hope. What other suggestions do you have to combat feelings of anxiety and fear? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top Networking Mistakes Too Many Entrepreneurs Make