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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How Entrepreneurs Can Establish Good Business Credit

June 1, 2018 No Comments

When you open a small business, you have the opportunity to build credit separate from your personal credit. The better your small business’ credit, the better terms you can get with supply vendors and lending institutions, like banks. This means being able to borrow at a better rate to finance expansion in the future. Why Building Good Business Credit is Important Like personal credit, business credit is monitored and reported by credit bureaus. “The major business credit bureaus that compile and provide copies of the reports are: Dun & Bradstreet, Experian Business, Equifax Business, and Business Credit USA,” according to one credit expert. By having a business credit history separate from your personal one, you can minimize the effect negative events on one might have on the other. For example, if you have some financial missteps that impact your personal credit history and score, they shouldn’t impact your small business credit if you have established a clear separation and vice versa. —Biz Filings.com Building business credit is essential to a company’s reputation and success. Establishing good business credit is done through a combination of practices. Your small business will have to observe these to build a solid commercial credit record. How Entrepreneurs can Establish Good Business Credit When you start a company, you’ll probably need corporate credit for a number of things. Keep in mind, though, these are ultimately your personal responsibility. So, make sure you understand the terms. Here’s how entrepreneurs can establish good business credit: Secure a debt instrument in the business’ name. A “debt instrument” is simply another term for “loan” or “line of credit”. It means you are borrowing money in advance or taking on debt to purchase necessities for your business, like fixtures, equipment and supplies. Apply for a business loan, line of credit, or vendor credit that does not check your personal credit score or history. You are attempting to obtain credit in the business’s name only. Commercial lenders may waive personal credit checks in lieu of providing collateral or a down payment. Another method for securing a debt instrument is to apply for a credit card in the name of your business. Terms and reporting procedures will vary by credit card companies, but in general, the monthly payments will reflect on your business’ credit profile. Build your credit history. Make credit line and business loan payments on time. Schedule automatic payments debited from your business checking account for business loans and lines of credit. Or make payments on recurring credit lines or loans at least three to five business days in advance of the due date. Get in the habit of making payments larger than the minimum due. Check your business’ credit files for errors. Request copies of your business credit report from each of the corporate credit monitoring bureaus, six to 12 months after securing a commercial loan or line of credit. Review each report for accuracy and dispute any errors directly with the agency reporting the erroneous items. If errors are disputed to no avail and are not legitimate, consider having your attorney contact the reporting agency to resolve the situation. Like personal credit reports, business credit reports may be adversely affected by incorrect trade lines being reported. How have you established business credit? What mistakes would you avoid? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Effective Ways to Deal with an Unpredictable Schedule

June 3, 2021 No Comments

An unpredictable schedule is a chaotic one. And, it can confuse and/or frustrate anyone who experiences such uncertainty. After all, it’s better to know what’s coming and have a heads-up, in order to be prepared. But, that’s not always the case and it can wreak havoc psychologically and emotionally. Eventually, an unpredictable schedule can lead to total burnout. So, read on to learn some of the best ways to cope and take control of an otherwise unpredictable schedule. Chaos is Counterproductive Some entrepreneurs claim they really like uncertainty and the surprises associated with “going with the flow.” At least, they may say this to others, but when it comes down to it, aren’t very keen on unpredictable schedules. They’d much rather have their days planned out in order to maximize their productivity and budget their time wisely. These things can’t really be accomplished when schedules fluctuate too much. It’s just not feasible to effectively plan and execute when every little thing is completely on-the-fly. Workers at the top and bottom of the economic spectrum feel the loss of control dearly, and technology is often the culprit. Whether it’s a buzzing smartphone or software that tracks our whereabouts, the more hard to predict our schedules become, the less real flexibility many of us have. —Harvard Business Review Although this may work in a micro sense, like during the course of an ordinary day that’s gone a bit awry, or during free time, such as vacation, a truly unpredictable schedule is tumultuous. And this breeds confusion, anxiety, as well as a sense of being out of control. Those simply aren’t good emotions to experience while running a business, so it’s necessary to make adjustments in order to produce a more predictable schedule. Effective Ways to Deal with an Unpredictable Schedule The business owners who succeed not only have a vision, but an actionable plan to follow. Of course, it’s not possible to plan out every scenario. But, it is advantageous to take as much control as you can. Fortunately, there are effective strategies for dealing with an unpredictable schedule: Structure your non-work day. The very first thing you need to do is begin structuring your non-work time. While this might seem strange, it helps you to build a healthy habit and there’s no better place to start than your non-working days, which are often free-for-all situations. If you can put even a loose schedule to your non-working days, you can most certainly do that in the office or out on the road. Establish work-related boundaries. One of the most difficult things for any entrepreneur to do is establish boundaries between their free time and their work time. Business owners, by their very nature, are concerned about their companies well-being and take every opportunity to ensure that it’s running properly. But, this all too frequently leaves to work intruding into free time, which can severely detract from personal relationships, particularly when it comes to spouses and children. So, set boundaries for your work and personal times in order to maintain a healthy balance. Allow for work flexibility and continuity. If your schedule changes quite substantially from day to day, that’s okay too. Instead of scheduling and entire day from one appointment or task to another, set aside blocks of time and prioritize accordingly. This way, you’ll be able to accomplish what you most need to, when you are able, instead of trying to pound a square peg into a round hole. Reward yourself when you accomplish goals. As always, it’s a good idea to reward yourself when you accomplish a goal, be it big or small. Part of the process can be redefining or redesigning your schedule to be more predictable and therefore, allow you to be more productive. What other suggestions do you have? Please take a few minutes to share your own thoughts and feelings so that others can benefit from your experiences and perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Why Natural Disasters are So Disastrous to Businesses

September 28, 2017 No Comments

While hurricanes Harvey and Irma are gone, Hurricane Maria poses a possible threat. And, that’s a warning because in the aftermath of Hurricane Sandy, there were over 1 million insurance claims processed. The fact of the matter is, there are still businesses in Texas and Florida which are dealing with the devastation left by Hurricane Harvey and Hurricane Irma. Although time has passed, simple supplies remain scarce. This isn’t to unnecessarily frighten you, only to serve as a stark reminder natural disasters are so disastrous to businesses of all kinds. Why Natural Disasters are So Disastrous to Businesses Dealing with a business emergency doesn’t have to be an exercise done on the fly. In fact, it shouldn’t be approached without an effective plan. However, too many businesses simply are not prepared. Statistics show that 94 percent of all small businesses in the U.S. do backup their critical financial information. But, only 4 in 10 backup off-site. From natural disasters like Hurricane Sandy to common theft and hardware malfunctions, small businesses are particularly vulnerable in times of crisis. “Disasters can wipe out a small business in seconds,” said the U.S. Small Business Administration (SBA). Yet small businesses are often the most unprepared for emergencies. —Forbes This one figure is a peek into why so many businesses fail in the wake of natural disasters. Nearly 40 percent of all small businesses never reopen following a natural disaster, according to the Federal Emergency Management Agency or FEMA. That’s not an insignificant figure to ignore. And, it clearly shows businesses are quite susceptible to natural disasters. How to Protect Your Business from Natural Disasters You shouldn’t have to endure more stress and worry than necessary. Your company can make it through a fire, earthquake, tornado, or hurricane. All you need is a plan and to be proactive. This way, you’re fully prepared and know precisely what to do. Here’s a few helpful suggestions for how to protect your business from natural disasters: Back up company records in the cloud. Not only should you routinely backup your company records, including your financials, on-site, but off-site, as well. There are many platforms out there and these provide an invaluable service. Focus on those which cater to business information as those will offer the best fit. Establish clear policies for employee, vendors, and customers. To keep your working relationships in good standing, you’ll need an actionable plan for team members, vendors, and customers. After all, if there’s going to be a delay in paying employees or delivering to your customers, you need a way to deal with such situations. Create a workable continuity plan to follow in the aftermath. Your continuity plan should identify key and essential operations. Basically, what your business can’t do without. You might need to cross-train employees. But, your goal is to put a workable continuity plan into place. Run drills from time to time and strive to make improvements. Even the best plan is useless if it’s never practiced. So, run drills periodically to keep everyone in practice. This will help ensure things run smoothly if the time comes. What’s your business’ plan for a natural disaster? How are you preparing your company to avoid losses? Are there any other precautions you would suggest taking? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Top Ways to Deal with Critics