5 Biggest Entrepreneur Time-Wasters

Thinking about furloughing rather than laying off your employees? It’s an all-too-common conundrum right now, amidst the coronavirus pandemic shutdown. But, it’s something that a large majority of businesses must consider, given the present and quite uncertain circumstances. Read on to learn more about the upsides and downsides of furloughing your employees. Employee Furlough Disadvantages We’ll begin with the most problematic cons of furloughing team members. Doing so puts your company at-risk for permanently losing your top talent. Furloughs also undermine employee morale and may even damage it further, and if you have applied for the SBA Paycheck Protection Program, one of the conditions for the loan to be forgiven, is that you keep your employees on your payroll. An employee furlough is a mandatory suspension from work without pay. It can be as brief or as long as the employer wants. Furloughs can take place in both public and private institutions. An organization will furlough employees as a cost-saving measure when it doesn’t want to lay off staff but lacks the resources to continue paying them. —The Street.com Then, there’s the trouble of re-opening your business. Even after a short-term period, it takes a substantial amount of time to get things back up and running. Additionally, the cost savings might not be as significant as you might believe because it’s for a short time frame and not necessarily long enough to be worthwhile (though it can certainly prove helpful). Employee Furlough Advantages Since furloughs are happening in many industries right now, the temporary change can’t be all bad. There are advantages to furloughing employees, like the following: Avoids layoffs. The most obvious upside to going with furloughs instead of laying people off is that you avoid the latter. In other words, you aren’t terminating team members. Instead, you’re temporarily removing them from the business without pay. Reduces rehiring. Another benefit of furloughs is the fact that you won’t have to go through the trouble of rebuilding your workforce from scratch. Rather, you can just reassemble your team, either one-by-one or in small groups. Saves compensation costs. Of course, when you furlough employees, you don’t pay their wages or salaries. Since labor is most typically the largest business expense, this can really help your company financially. (Though, you may still opt to furnish them with benefits during their furlough period.) It allows you to better plan. Yet another benefit of furloughing instead of firing employees is that you can formulate a more workable plan during that time. The longer it goes on, the better grasp you’ll have of what to keep and what to jettison. To put it another way, you can use the opportunity to streamline things in order to make your business more productive and more profitable. What other business pros and cons of furloughs would include? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

You may not believe it, but the experiences of the Red Shirts during the post-Civil War Reconstruction era provide a powerful lesson for today’s small business owners in recognizing when a cause is futile. Why? Well, the Red Shirts were a paramilitary group that fought against Reconstruction efforts in the South, often with overwhelming odds stacked against them. Their struggle, despite fierce resistance, ultimately failed to stop the sweeping societal changes brought by federal authority. For business owners, this history can highlight the importance of recognizing situations where their efforts are likely to result in little or no success, despite emotional or ideological investment. You see, sometimes, persistence can be misdirected, leading to wasted time, resources, and energy. Instead of relentlessly pursuing a failing strategy, business owners should focus on adaptive strategies, learning when to pivot or walk away from a failing investment. In today’s business environment,, just as with the Red Shirts, recognizing when a fight is unwinnable can prevent further losses. Entrepreneurs should focus on evaluating their goals, assessing market conditions, and knowing when to change direction before a venture becomes unsustainable. Resilience in business does not always mean continuing a doomed effort, but sometimes, recognizing when to change course entirely. Learning from the Red Shirts: When to Quit Let’s recap to get the most out of this analogy. The Red Shirts, a white supremacist paramilitary group active in the American South during the Reconstruction era, faced numerous setbacks and failures in their attempts to suppress black voting and maintain white dominance. While their actions were abhorrent, their experiences can offer valuable lessons for today’s small business owners about recognizing futile situations and knowing when to give up on certain pursuits. This is particularly difficult for entrepreneurs because these self-starting, self-reliant individuals often believe they can make any situation work. With enough determination, grit, positivity, and a willingness to push past obstacles, entrepreneurs can fall into the trap of pursuing futile endeavors. So, it’s super important to recognize when something isn’t worth the time and effort. Identifying Futile Endeavors Lack of support. The Red Shirts struggled to gain widespread support, even among white Southerners. Similarly, small businesses may find it difficult to sustain themselves without adequate customer base or investor backing. Opposition. The Red Shirts faced fierce opposition from both sides, residents of the North, and the South and federal forces. Small businesses may encounter obstacles such as competition, regulatory hurdles, or negative market trends. Limited resources. The Red Shirts often lacked the necessary resources, such as funding and manpower, to achieve their goals. Small businesses may face similar constraints, such as insufficient capital or a shortage of skilled employees. Now, here’s the real kicker. It’s not just about identifying when something is futile, it’s about knowing when to give up. That’s not an easy thing for any entrepreneur to do, but on some occasions, it’s not only entirely necessary but appropriate. Knowing When to Quit Persistent failure. If a business consistently fails to meet its objectives despite repeated efforts, it may be time to reassess the situation. This could involve re-evaluating the business model, target market, or even the viability of the venture. Exhaustion of resources. When a business has exhausted its financial resources or is unable to attract additional funding, it may be necessary to consider closing down. Negative impact. If a business is causing significant stress, financial hardship, or damage to relationships, it may be time to cut losses and move on. Learning from the Past While the Red Shirts’ actions were reprehensible, their experiences can provide valuable insights for small business owners. By recognizing the signs of a futile endeavor and knowing when to quit, entrepreneurs can avoid wasting time, money, and emotional energy on ventures that are not likely to succeed. It’s important to note that giving up on a business can be a difficult decision. However, sometimes it is the most prudent course of action. By learning from the past, small business owners can make informed decisions and increase their chances of long-term success. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 480-636-1720, or, if you prefer,