Business Education

Top Ways to Deal with Critics

There’s simply no way to run a business without dealing with critics. As an entrepreneur, you’ll face doubt in many forms. You’ll face inner doubt, ruminate over which next step to take, receive less-than-positive feedback, and plenty more. What’s more, you’ll have to do so much more, like find ways to keep company secrets safe and navigate through industry changes. Running a business isn’t for the faint of heart and when critics chime-in, that’s precisely where it will hurt most.

Top Ways to Deal with Critics

Let’s face it, there is no shortage of bad news to discourage you. For instance, if you dream of opening a retail shop, no doubt the latest news out of that sector is troubling. But, it’s commonplace for unpleasant experiences to unfold. This certainly isn’t to say it’s all bad all the time. In fact, that’s part of the problem. When things are going good most of the time, criticism is the biggest wet blanket. Doubters rain on your parade and you scramble for cover.

Criticism is part of life, but often times being criticized can make us feel like we aren’t good enough, like we’ve done something wrong, or even cause us to be uncertain about our future. People often take criticism as a personal attack, but in reality, criticism can often be positive. —Fast Company

While it’s normal to experience periods of struggle, eventually, you’ll fight through and start to win. Any setback serves as a valuable lesson going forward. And, over time, you’ll enjoy long periods of success without much or any trouble. Then, seemingly out of nowhere, the critics will appear. That’s when you need to be prepared. Otherwise, you’ll become too distracted and won’t have the energy to fully function. So, here are some of the top ways to deal with critics:

Teach them, no matter your feelings. Okay, so you don’t particularly like the person who is criticizing you (or your business). And, it’s natural to take it personally because it is your business. But, don’t let this become a missed opportunity. Instead, redirect your feelings and teach him or her. You’ll probably enjoy some accomplishment while turning a critic into a fan.
Tell them the truth and do not be fake. You’ll receive at least a little criticism because of your success since it breeds jealousy. That jealousy will manifest into criticism and possibly into anger, even hate. If this does happen, don’t make the mistake of defending your success. Instead, talk about your failures to allow them to relate.
Accept that doubters will always be there. Keep in mind that doubt is not the same as an insult (though you just might feel insulted). Rather, doubt is a disbelief in something unfamiliar. And, it isn’t personal, just a way of expressing uncertainty. So, find out what’s doubted and use it to teach.
Trial and error isn’t perfect and that’s okay. Sometimes, a new idea can come off as foolish, gimmicky, or silly. But, trial and error are part of business. You need to experiment to know what does and does not work. If you receive criticism, accept it and just move on.
Know when it’s time to give a sincere apology. If the criticism is legitimate, you might need to apologize. Know when it’s the right time to say you’re sorry and be sincere when you do. You’ll learn from the experience and move past the criticism, which are good things.

How do you deal with critics? What strategies do you use to cope with doubters and doubt? What are your most useful experiences with critics? 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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Ways to Deal with Employee Theft

May 24, 2017 No Comments

One of the most unappealing things about managing a workplace is having to deal with ugly situations. Employee theft, or, internal theft is perhaps the single worst scenario to encounter because often times, you won’t know the extent of it, at least, right away. This behavior can take shape in a number of ways, including fudging clock-in and clock-out times, taking supplies without permission, or, even stealing money. While the latter might get your heightened attention, it’s the more subtle that can go on for much longer periods and cost more in losses. Ways to Deal with Employee Theft Make no mistake about it, internal theft is a huge problem in the United States. However, it is difficult to gauge because so much of it goes unreported due to embarrassed or recalcitrant employers. The average estimate ranges widely from $20 to $50 billion per year, with Fortune reporting in the retail sector alone, a whopping $32 billion was lost in 2014, with an amazing 34.5 percent of that being attributed to employee theft. Only shoplifting outpaced it, accounting for 38 percent. Whether it’s downloading and sharing company confidential information (a hot topic these days), manipulating expense reports, or stealing merchandise- employee theft and fraud is a serious issue for business owners. In fact, studies show that occupational fraud now results in the loss of five percent of an organization’s annual revenue. —U.S. Small Business Administration While it’s an unpleasant experience to-be-sure, it nonetheless exists, and, in practically every workplace. The level, though, might be very minute, like the employee who occasionally takes a few postage stamps for personal use. When it comes to bigger issues, it’s not unusual for the owner and/or manager to be taken by surprise. After all, you do what you can to screen and interview every new hire, but sometimes, it’s not enough. The primary reason for this is a simple necessity, especially for small business owners who need to delegate responsibilities. They just don’t have the time to do it all on their own, so, they leave certain things to employees. This creates an atmosphere of opportunity where trust can be easily breached. When that happens, here are some ways to deal with employee theft: Evaluate the situation. When you discover the problem, it’s best not to jump to conclusions about the scope. It could just be a case of miscommunication or simply a lack of judgment. If you believe it to be serious and particularly one that’s ongoing, you should commit to take action. If it’s minor, you might consider issuing a written warning, placing him or her on probation, or, repayment. Document everything you can. If you discover supplies, inventory, materials, or money is missing, do everything you can to document what it is, when it happened, and it’s worth. You should gather as much evidence as you can to bring the situation to resolve. Phone your attorney or HR Consultant immediately. Dealing with internal theft is a serious matter and you don’t want to overstep your legal bounds. While you certainly have rights, you cannot afford to act in a rash manner. Call your lawyer and ask about what options are available to you. Call the local police or sheriff’s department. If your legal counsel instructs you to contact the local authorities on their non-emergency line, you should do so right away. While this won’t likely resolve the issue immediately, it will be a step in the right direction. Get in touch with your insurer. Another one of the first phone calls you should make is to your insurer to learn exactly what coverage you have in-place. You might have to file a claim to recover most or a portion of your loss. Once the initial work is done, consider how you’ll deal with preventing the same problem from occurring in the future. You should also discuss the matter with key team members and think seriously about how to present the issue and your reaction to others in your business. As a Leader, it is important that you don’t allow this to become office gossip, get out in front of it, and demonstrate your commitment to your company and how you reward good work and the consequences for theft. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Ways to Build Strategic Partnerships

May 16, 2017 No Comments

There are many ways to build a business, and few are as powerful as establishing strategic partnerships. Ideally, these create win-win scenarios where both parties benefit. The problem with such relationships is they can become more of a burden than a help, particularly when rushed, or, when done with disregard for others. Savvy business owners know the benefit of strategic partnerships, forging an alliance with another entity to provide more products and services to their customers. In fact, a 2014 survey conducted by PricewaterhouseCoopers revealed that in excess of 80 percent of CEO’s looked to create such relationships. However, the sad fact about these partnerships is that a 65 percent were actually successful, so, 15 percent of those did not work out. Ways to Build Strategic Partnerships Strategic partnerships are generally sought in order to expand without the cost of an actual expansion. It allows entrepreneurs to tap into resources with existing structures and increase their books of business. Unfortunately, empirical data shows that half of these business relationships fail. The reasons are many, but it can be avoided if you take the necessary precautions. The formula for a successful strategic partnership may seem easy: 1 + 1 = 3. Indeed, partnerships are a proven way to boost the bottom line. American Express surveyed small businesses in government contracting and found that those who teamed up won 54 percent more prime contracts than average. But creating effective alliances is not always so easy. Partnerships gone wrong can lead to frustration, financial losses and even litigation. —Success.com Of course, no amount of caution or preparation guarantees things will work out without a hitch. Small businesses can really benefit from strategic partnerships, but to do so, you have to establish a good rapport and be transparent as to your wants, needs, as well as expectations. Here are some ways to build strategic partnerships that will help your company grow while benefiting your business partner: Know and quantify your abilities and resources. One of the worst decisions to make is to form a strategic partnership without being able to fulfill your obligations. You certainly don’t want to crack egg all over your face. So, don’t put yourself in such a position and know precisely what you can bring to the table and be upfront about it. Even if you can patch together enough to deliver when necessary, you don’t want the stress that comes with this kind of a situation. Be very clear on your “why.” Another huge, colossal mistake, that business owners make is forming partnerships simply to increase their bottom lines. While that is definitely part of the equation, if you don’t go into a relationship with selfish service in-mind, you’re setting yourself up for big time disappointment. Ask yourself honestly why you want to form a business relationship. If you can’t find an answer other than money, you’re eventually going to sabotage your own efforts. Ask for reasons why potential partners want to connect.What’s true for you is just as true for potential partners. Don’t be afraid to ask penetrating questions to get at the truth. If you discover he or she is on a one-way self-serving mission, you definitely need to pass. Seek those with a shared vision and value system. Take it a step further than just asking questions and get to know him or her before you partner. Build a relationship and during that time, you’ll learn their vision and values. Go slow, learn, and take the time necessary to make the right decision. In addition to these, don’t expect miracles to happen after you form a strategic partnership. In fact, you ought to expect to be uncomfortable from time-to-time by getting out and meeting with your strategic partners face to face. There’s just no way to hedge against every possible contingency, but fostering and developing positive relationships will build trust and eventual business between the strategic partners. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

3 Necessary Replacement Manager Qualities

July 3, 2021 No Comments

Replacing a manager in any size business presents a number of challenges. It’s not just finding the person with the right skill set, or the most experience, or even the best aptitude for the position, but all of these and more. Unfortunately, too many administrators and entrepreneurs only look at these types of qualities. They fail to factor in other intangibles that would benefit their team members the most. Read on to learn about the three most important qualities of a replacement manager. Why Past Job Performance is No Guarantee of Future Success You’ve no doubt heard or experienced two different cliches: that past performance of an investment is no guarantee of its future result, and the Peter Principle (the phenomenon of people rising to their highest level of incompetence). Unfortunately, this is where many administrators and business owners go wrong. They mistakenly believe that an individual’s past performance is indicative of future results. But, this just isn’t true. Bad managers cost businesses billions of dollars each year, and having too many of them can bring down a company. The only defense against this massive problem is a good offense, because when companies get these decisions wrong, nothing fixes it. Businesses that get it right, however, and hire managers based on talent will thrive and gain a significant competitive advantage. —Harvard Business Review Sure, it’s absolutely necessary to look at a candidate’s previous experience and performance. It’s also just as necessary to rely at least somewhat on their proven skill set and untapped potential. However, this isn’t likely to give you a good overall evaluation of how he or she will fit into his or her new role. 3 Important Replacement Manager Traits One of the most difficult aspects of replacing a manager in any type of business is how he or she will be received by the team members he or she will lead. So, ask yourself if potential candidates have the following qualities: Empathetic ears. There are many different kinds of managers out there, and some of them are a better fit for a promotion or lateral move than others. Depending on their new responsibilities, you most definitely want them to be ambitious and take ownership of their responsibilities. Equally so, it’s critical to have a manager who truly listens to their team members because this will be the perception employees have of the company overall. Decision confidence. Obviously, if someone has all the experience and potential to move up or across, he or she should likewise possess a strong self confidence. In other words, a manager who doesn’t always have to rely on higher ups to make decisions, particularly ones that are relatively small. After all, you don’t want to put someone in a management role who just can’t make up their mind and constantly comes to you for those very reasons. Golden rule follower. If there’s one thing that rank-and-file team members despise the most, it is managers who cannot follow their own rules. Hypocrisy, double standards, and negative traits such as these will quickly erode away employee morale and productivity. Nobody performs well under such types of management, because it is so counterproductive by its nature. What other suggestions do you have for replacing a manager as a business owner? 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.

Top Ways to Deal with Critics