Business Education

3 Subtle but Serious Signs a Business Partnership is in Big Trouble

Ostensibly, a partnership is an ideal way to bring two necessary but different skill-sets together. After all, it makes sense to join various strengths in order to form an alliance. Such an arrangement seems like it will yield fruitful results.

However, far more partnerships fail than succeed. There are many obvious reasons why this happens. But, it’s not always so clear-cut. So, let’s take a look at some subtle telltale signs that a partnership is in trouble.

The Biggest Partnership Dangers

Dave Ramsey has made famous his five dangerous D’s of partnerships: death, disability, disinterest, drugs, and divorce. Of those, only one makes the list below. That’s because it’s not always crystal clear that something is awry.

You generally spend more waking hours at work than at home, which means you have more opportunities to interact with your business partner and the nature of your interactions tend to be more intense, with more potential for conflict because there are so many external variables that are beyond your control. —Forbes.com

There are scenarios when very subtle factors are in play. Unfortunately, most business people miss these signals put out by their partners. Eventually, they become more pronounced and at that point, it is usually too late to save the enterprise.

3 Signs a Business Partnership is in Jeopardy

When a business partner goes through a very difficult time in his or her life, it’s usually quite easy to see the writing on the wall. But, there are instances when there are no overt problems or issues. Here are three subtle yet serious signs a business partnership is in trouble:

Apathetic. Let’s begin with the only sign that makes the list above — disinterest. This can manifest in two different but similar forms: distraction and apathy. A lack of concern and focus can wreak loads of havoc on a business. Before you know it, the onus falls on you alone. That’s when you’ll realize your partner is no longer interested in participating. And, by this time, it usually causes an irreversible rift.
Autonomy. On the opposite side of the spectrum is autonomy. Sure, being able to operate independently is typically a good thing. Except when there’s far too much of it. So much, you find out about key decisions well after the fact. This is a sign that unpleasant news is most likely on its way to you.
Elusive. This is a very tough one and perhaps, the most frustrating of the two because it’s so difficult to understand. When your partner becomes elusive, that is to say, overzealous one moment and indifferent the next, you’ll struggle to cope with why. This will only lead to unnecessary disruptions and make the partnership unsustainable.

What other signs would you add to the list? Please share your thoughts and experiences by commenting!

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

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Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure. Here’s Why

October 27, 2023 No Comments

Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure: Here’s Why Entrepreneurship is a realm often associated with innovation, risk-taking, and adaptability. However, in the quest for success, entrepreneurs can sometimes fall into the trap of overplanning, meticulously trying to account for every detail. Ironically, this excessive planning, which might seem like a prudent approach, can impede their journey toward success. Why Overplanning is So Counterproductive Overplanning is a common pitfall for entrepreneurs. It can be tempting to spend hours, days, or even weeks crafting the perfect business plan before taking any action. However, overplanning can actually prevent entrepreneurs from succeeding in business. Here are a few reasons why: Overplanning can lead to analysis paralysis. When entrepreneurs spend too much time planning, they can become so bogged down in the details that they never actually take action. This can be a fatal mistake, especially in the early stages of a business when it’s important to be agile and adaptable. Overplanning can lead to missed opportunities. The business world is constantly changing, and entrepreneurs who are too focused on their plans may miss out on new opportunities that arise. For example, if an entrepreneur is spending months developing a new product, they may miss out on the chance to launch a similar product that is in high demand now. Overplanning can lead to wasted resources. Time and money are precious resources for entrepreneurs, and overplanning can lead to a waste of both. Entrepreneurs who spend too much time planning may not have enough time or money to execute their plans effectively. Overplanning can lead to bad timing. An entrepreneur may spend a lot of time developing a new product, only to find that there is no demand for it when it is finally launched. This is because the market may have changed in the period since the entrepreneur started planning the product. Overplanning can lead to counterproductivity. An entrepreneur may spend too much time planning their marketing strategy, and not enough time actually executing it. This can lead to missed sales opportunities. Overplanning can lead to poor ROI. An entrepreneur may overspend on developing their website or other marketing materials, only to find that they don’t generate the desired results. This is because the entrepreneur may have not done enough research to understand their target market and what they are looking for. How Entrepreneurs Can Avoid the Overplanning Trap While planning is indeed a necessity, it can easily be overdone to the point it becomes problematic instead of advantageous. With this in mind, it’s important to know how to stay away from its trap. So, how can entrepreneurs avoid overplanning? Here are a few tips: Set a deadline for your planning. Give yourself a reasonable amount of time to develop a business plan, and then stick to that deadline. Don’t let yourself get bogged down in the details. Focus on the most important things. When you’re planning your business, focus on the most important things, such as your target market, your value proposition, and your financial projections. Don’t worry about the less important details until later. Be flexible and adaptable. Be prepared to change your plans as needed. The business world is always changing, and entrepreneurs need to be able to adapt their plans accordingly. Take action. Don’t wait until your plan is perfect to start taking action. The best way to learn is by doing. So, get out there and start testing your ideas. While planning is undeniably essential in entrepreneurship, there is a fine line between thoughtful preparation and overplanning. Entrepreneurs must strike a balance, embracing the unpredictable nature of the business world. Flexibility, adaptability, and a willingness to learn from mistakes are qualities that can propel entrepreneurs to success. By avoiding the pitfalls of overplanning, entrepreneurs can successfully navigate the challenges of entrepreneurship with agility and resilience, increasing their chances of long-term success in the ever-changing business landscape. Right now, you can get John Waters’ latest book for FREE! (Currently selling for $19.95 on Amazon). This inspiring book titled “Profit by Design: The Blueprint to Successfully Scale Your Business and Regain Your Freedom” is a must-read for business owners who want to do just that! Request your FREE copy in any of the following ways: By phone 602-435-5474 Visit Waters Business Consulting Group By email: Steve@WatersBusinessConsulting.com

My Employees are Making Excuses about Coming Back to the Office — What Can I Do?

March 31, 2021 No Comments

Although many parts of the country are reopening, some people might not be ready (or comfortable) with returning to the workplace. Of course, if this is happening to your business, it can not only be frustrating, but quite harmful to your company’s overall health. And, it’s certainly more preferable to bring back known quantities, rather than to try and replace trusted staff. But, you’ll have to convince those reluctant individuals first. Common Coronavirus-Related Excuses Employees might say they get the same amount from unemployment as they earned prior. Some will say their child’s school is closed or they take care of an elderly parent. Others might cite ongoing health conditions and any exposure to COVID is a severe risk. Unfortunately, these reasons are difficult to argue against. While a one-time incident may be overlooked, small-business owners cannot afford to accept excuses for ongoing performance problems. In a small organization, other employees quickly notice when excuses are allowed. By tolerating excuses, you create a culture of avoidance rather than responsibility. —Houston Chronicle Small Business However, employees who believe the workplace is unsafe is another matter. It’s much easier to convince them about proactive and other protective measures. But, that certainly doesn’t mean it’s a cinch to change their minds, either. How to Deal with Employees Who are Stalling Coming Back to Work Obviously, if someone is obstinate enough, it might not be worth the time and energy. But, if there are a few minimal concerns, it’s entirely possible to convince them to return to the workplace. Here are some helpful suggestions: Emphasize safety. If they are concerned about being around a large group of people again, you can always reduce the number of people in the office, and/or space them apart. Having the office sanitized from top to bottom by a professional cleaning service will also go a long way in reducing worry and anxiety. Give them more flexibility. Consider changing your sick policy in order to accommodate people who might be out for an extended period of time. You can also look into different health insurance plans to see if there’s something better available. Offer incentives. If someone is truly fearful about returning to the workplace, this probably won’t work. However, people that would rather continue to work from home will most definitely want to take advantage. The type and amount of incentives are up to you, but they could go a long way in changing minds. Use your influence. While you might prefer not to result to ultimatums, sometimes these are the only way to really get through to the most stubborn people. Obviously, you can’t do anything illegal, but you can change your businesses policies in regard to working remotely versus remotely working on-site. What other suggestions do you have to deal with employee excuses about returning to the workplace? Please take a few minutes to share your thoughts and experiences. Perhaps others can benefit from your unique perspective. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Start the New Year Strong – Avoid Entrepreneurial Burnout

January 12, 2018 No Comments

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality. Make 2018 a Great Year for Your Business If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout. Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business. How to Avoid Entrepreneurial Burnout Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout: Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly. Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment. Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive. Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next. What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview: 1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain 2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves 3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses. How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation! Interested in learning more about business? Then just visit Waters Business Consulting Group.

3 Subtle but Serious Signs a Business Partnership is in Big Trouble

The Biggest Partnership Dangers

3 Signs a Business Partnership is in Jeopardy

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Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure. Here’s Why

My Employees are Making Excuses about Coming Back to the Office — What Can I Do?

Start the New Year Strong – Avoid Entrepreneurial Burnout

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