How to Tell When a New Business Client is Lying to You

An entrepreneur is a very busy person. There’s always so much to do and so little time. It’s an old, familiar complaint. But, there are probably ways you’re wasting time here and there. And, these can add up to a lot, over the course of a week or month. The problem is often identifying what actually wastes time and what’s really worthwhile. So, let’s take a look at the top entrepreneur time-wasters to make you a more productive leader. Yes, Time is Money First, let’s revisit an old cliché — “time is money.” Now, it’s undoubtedly true. We all know that it’s an inescapable conclusion. However, we too often let time get away from us in a number of ways. It’s not that we don’t necessarily stick to a schedule. It’s more about what we don’t commit our time to. In other words, the biggest time-wasters are things we don’t expressly plan for. We all wish that we could be more productive. But, how is that possible when assignments keep piling up, the latest season of Orange is the New Black just appeared on Netflix, and you have a flurry of emails, texts, and social media notifications distracting you? —Inc.com Just let that sink in for a moment. If you aren’t dutifully working on this or that, and don’t have a commitment at-hand, you’re quite likely to waste time meandering about. Of course, it’s not possible to plan every minute of every day. But, it does mean it’s worth the effort to fill in those gaps, when possible. Use some of that time to take a break. Also, use some more of that time to just reflect or think about the next step. Then, try to make the rest of that “free time” productive. 5 Biggest Entrepreneur Time-Wasters So, what are the biggest entrepreneur time-wasters? Well, a few just might surprise you. Let’s just get the most obvious out-of-the-way to start — social media. It’s easy to lose track of time on social media. Since most entrepreneurs know this, they try to avoid it. But, there are still other huge time-waters: Unplanned mornings. Take a few moments at the end of the day to plan the next. If you don’t, you’ll probably fall prey to disorganization or at worst, chaos. Make a prioritized list to follow with the largest challenges at the top. Redundant work. There’s probably more than one way you’re duplicating your efforts or essentially doing unnecessary work more than once. Try to automate as much as possible. It’s surprising just how much more time you can squeeze out of a day when you’re not as redundant. Business travel. With all the available technology, in-person meetings are easy to accomplish, even if you’re physically hundreds or thousands of miles away. Sure, there are times when it’s absolutely necessary but delegate what you can and telecommute when possible. Multitasking. You might have heard that women are better than men at multitasking. While this is marginally true, it’s also now known humans aren’t good at multitasking. Even if you are able to multitask, you’re still dividing your attention. And, that’s a sure-fire way to make mistakes. What other time-wasters would you add to the list? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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.