Business Education

How to Solve the Biggest Problem a Work Routine Creates

Every entrepreneur has heard the advice to adopt a work routine. While it’s certainly helpful in a number of ways, it can eventually lead to feeling stuck, stifled, and unrewarding. That’s definitely no place anyone wants to be because it becomes counterproductive. What’s more, it drains your energy and doesn’t help to fulfill your passion. It’s called a rut and it’s the single biggest problem with following a routine.

Advantages of Having a Routine

Now, there’s a whole lot of good that comes from establishing a routine. It helps you to keep focused, stay on-task, on-time, and avoid wasting effort on unimportant tasks. Plus, a routine helps to ensure you check off entries on your to-do list, one prioritized item at a time.

A routine that is too rigid can become a rut, and a rut can become a trap. Some people are so adamant about sticking to “the routine,” that it becomes a full-blown stress when anything disturbs it. And you can count on disturbances! They are a part of life. But these people have forgotten how to think outside the cherished routine. The joy of spontaneity is missing. —Self Growth

Moreover, a routine lets you know precisely where you are at any given time. Then, there’s the psychological and emotional benefit of having peace of mind. When you follow a routine, you’re much less likely to feel anxious or stressed out.

3 Effective Ways Entrepreneurs can Break Out of Work Rut

Although there are a number of benefits to following a routine, the biggest downside is it turning into a dreaded rut. This is a bad situation and will only worsen, if you don’t stop the cycle. Here are three effective ways entrepreneurs can break out of a work rut:

Change things up. Okay, this one’s obvious but it’s necessary because it’s so hard to actually do. When you change things up, you’ll feel like chaos has broken loose. You’ll also probably feel a bit lost. But, when you change things up, you’ll also start to feel more free, realizing your routine isn’t always the best way to work on your business.
Give yourself new tasks. Try giving yourself at least one or more new tasks to complete. It will challenge you to think in a way that you haven’t before and help to unleash your creativity. Plus, it will give you a real sense of accomplishment because it’s something you’re not accustomed to doing.
Spend some time in different places. Work ruts can happen anywhere, not just the office or shop. You probably run in the same circles all the time, frequenting the same locations over and over again. So, try something new in order to experience new environments and people. It will only widen your perspective and might even inspire you in a totally unique way than ever before.

What other suggestions do you have? Please comment and share your thoughts and experiences!

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

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How New Entrepreneurs can Deal with People Who Don’t Take Them Seriously in Business

May 11, 2023 No Comments

Financial expert and best-selling author Dave Ramsey occasionally tells a brief story about his road to success. Unsurprisingly, it involves an obstacle that he had to face and eventually overcome – his southern drawl or accent. When he started out in radio, he faced pushback from station managers in the north (particularly the northeast) who told him that their local audiences wouldn’t take him seriously because he had a southern accent. It was a cultural bias, but a real one, nonetheless. Folks up north just didn’t take him seriously. How New Entrepreneurs Can Deal with People Who Don’t Take Them Seriously in Business Entrepreneurship can be a difficult journey, and one of the biggest challenges that many entrepreneurs face is dealing with people who don’t take them seriously in the business world. Whether it’s investors, potential clients, or even friends and family, not being taken seriously can be demoralizing and discouraging. However, there are several strategies that entrepreneurs can use to overcome this obstacle and gain the respect they deserve. Develop a clear and compelling value proposition One of the most effective ways to gain credibility in the business world is to develop a clear and compelling value proposition. This means clearly articulating what your business does, why it matters, and what sets it apart from competitors. A strong value proposition can help you stand out from the crowd and demonstrate to others that you are serious about your business. Build a strong network Another way to gain credibility and overcome skepticism is to build a strong network of supporters and advocates. This includes mentors, advisors, investors, and other entrepreneurs who can vouch for your skills and expertise. A strong network can also provide valuable feedback and support as you navigate the ups and downs of entrepreneurship. Focus on results In the business world, results speak louder than words. By focusing on delivering results and achieving measurable goals, you can demonstrate your credibility and expertise. This may involve conducting market research, developing a minimum viable product, or securing initial customers. By showing that you can deliver on your promises, you can gain the trust and respect of others. Be confident and persistent Confidence and persistence are key traits for any successful entrepreneur. Even when faced with skepticism and criticism, it’s important to stay confident in your abilities and your business. This may involve practicing your pitch, seeking feedback, and developing a thick skin. Persistence is also important, as building a successful business often involves overcoming obstacles and setbacks. Stay focused on your vision Finally, it’s important to stay focused on your vision for your business. This may involve making tough decisions and taking risks, but ultimately it’s your vision that will guide you through the ups and downs of entrepreneurship. By staying true to your vision and working tirelessly to achieve your goals, you can overcome skepticism and build a successful business. All and all, dealing with people who don’t take you seriously in the business world can be challenging, but it’s not impossible – with the right attitude and tools, you can gain the respect and credibility you deserve as an entrepreneur. So, what other bits of advice would you add to these? Please, take a moment to comment with your own thoughts and experiences in order to benefit others! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

5 Steps to Immediately Take when a Business Partner Quits

February 11, 2020 No Comments

We’ve already gone over the most common signs a business partnership is in trouble. Dave Ramsey is well known for saying that “The only ship that won’t sail is a partnership.” Indeed, far many more business partnerships fail then succeed. But, what happens after a partner leaves the company? What do you do then? 5 Steps to Immediate Take when a Business Partner Quits Your first step — and perhaps the most important step — is to take a step back. Don’t panic. Even if it’s abrupt, now is not the time to come apart at the seams. Though easier said than done, it’s imperative to remain calm in order to think clearly. If you don’t maintain control, it will only add to the anxiety and uncertainty. At the beginning of any business partnership, the partners usually envision a long-term relationship. Unfortunately, expectations notwithstanding, longevity is often limited; the goals and expectations of the individual partners will change at least to some degree over a period of time. This is why an exit strategy must be developed by and between all partners. It will ensure that if one partner leaves the company, his or her absence will not destroy the integrity of the company and its ability to stay afloat. —Entrepreneur.com Second, get in the know. Jump into his or her schedule, work product, etc, and find out exactly what’s been going on. This is where you’ll learn what he or she was actually doing. And it could reveal some very upsetting findings. Although, if his or her work was exceptional, that too might also cause you to panic because now it’s an even bigger role to fill. What to Do when a Business Partner Leaves When a business partner leaves the company, you not only have to remain calm and learn exactly what’s been happening in his or her roll, you’ll also have to do the following for the sake of continuity: Assess what’s necessary. Next, you’ll need to take on at least some of his or her job roles. It’s really dependent on the particular situation, but you might consider absorbing one or more of his or her roles in the business. In the alternative, it might be better to parcel the work out to others within the company, or even outsource. Delegate responsibilities. If your former partner had people under him or her, these people will likely have a wealth of knowledge. They are also ideal candidates to delegate responsibilities. That will help to keep things going without really missing a beat. Formulate a plan for the future. Once you’ve filled the void and things settle down, it’s time to think about what to do in the future. Even if you don’t take on a new business partner, it’s important to have a continuity plan for the sake of the company. This is where an experienced business consultant or coach’s advice can really come in handy. What other advice do you have? Please comment and let us know your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Easy Ways to Build Up Retained Business Earnings

June 23, 2021 No Comments

The U.S. Bureau of Labor Statistics estimates about one-third of new businesses fail in their first two years of operation. Approximately half go out of business within the first five years. Banking statistics reveal around 82 percent fail due to cash flow issues. Those are grim and stark figures. But, these unfortunate circumstances can be avoided by building up a business emergency fund in the form of retained earnings. Top Reasons to Save Retained Earnings There are several benefits to saving retained earnings in any business, no matter how small. (But more particularly, for medium to large sized organizations.) Obviously the most important is for emergency situations. It could be a natural disaster, a pandemic, a sizable dip in the economy. Regardless, emergencies do happen and your business will benefit from having savings in-place. Retained earnings reflect the amount of net income a business has left over after dividends have been paid to shareholders. Anything that affects net income, such as operating expenses, depreciation, and cost of goods sold, will affect the statement of retained earnings. —The Blueprint, a Motley Fool Service Another advantage of having retained earnings ready-to-go is for opportunity buys. Your business might have the good fortune of being able to purchase inventory and/or equipment in bulk at a substantial discount. Or, there might well be a circumstance where cash becomes temporarily tight. Retained earnings are an ideal source of capital that can later be replenished. Clever Ways to Save Retained Business Earnings It’s not always easy (or simple) to put aside money within a business that isn’t specifically for something like inventory, equipment, materials, et cetera. But, there are ways to save retained earnings for your business — it just takes a substantial amount of discipline and patience. Here are some effective ways to save retained business earnings: Make it simple. Rather than trying to save money in a business checking account and “pad” the balance, open a dedicated account, such as a money market (since it earns interest) and that will provide more incentive to set money aside. This way, you’ll largely avoid the temptation to spend what you’ve ostensibly saved. Automate savings. Once you have a money market account to save retained earnings, set up automatic deposits to go into that account on a regularly scheduled basis. After a time, it won’t be such a big deal and you’ll grow accustomed to it. Take advantage of discounts. If you’re planning on a big purchase and have a budget set for the expense, take some time to find the same item at a discount. Or, broaden your search to find something similar but less expensive. Then, take the difference you save and put it in retained earnings. Sell off old or unused items. You’ve probably bought one or more things in the past that you rarely use or have grown out-of-date. So, go through your assets and find prime candidates to sell off and then put the money into retained earnings. Take advantage of higher revenue. Whenever business is good, it’s a good idea to put some money aside for a rainy day. While many business owners do this, it’s only sporadic. But, making this a priority and a habit will help to beef up retained earnings. What other suggestions do you have for building up retained business earnings? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your strategies. Interested in learning more about business? Then just visit Waters Business Consulting Group.