Business Education

Coronavirus Presents an Opportunity to Teach Your Children about Business

The Sword of Damocles tells a very important story about the stark reality of being in a position of power. For those unfamiliar, Damocles is a court sycophant or flatterer, who pines for the power of King Dionysus II. The king gives his throne to Damocles, who in-turn enjoys fine food and drink, opulence, and entertainment, only to be surprised by a razor-sharp sword dangling over his head, held in-place by a single horsehair. In an instant, Damocles learns power comes with a price. That every leader is under constant threat of being replaced or worse.

Crisis can Turn into Opportunity

A pandemic was probably the furthest thing on any business leader’s mind prior to the outbreak of COVID-19. Now, hindsight being 20/20, it’s easy to see the sword comes in many forms. And, it’s a great time to teach your children about the inevitable ups and downs of owning and running a business.

By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. —CNBC.com

You can teach many lessons by having your kid(s) start and operate a small business. But, as we adults know, failure is where the hard but necessary lessons lie. Use this crisis to show your children how to cope and face adversity. It’s a terrific time because there’s no shortage of awareness about the outbreak and quarantines. Meaning, there’s a lot of context and therefore, makes it easier to use real-world examples.

Three Lessons the Coronavirus Business Owners can Teach their Kids

The moment we’re all experiencing as business owners, managers, and team leaders causes us to question a whole lot of things. And, that’s not a bad thing, especially when it comes to teaching business lessons to children who can later use that information. Here are three important business lessons entrepreneurs can teach their kids:

Debt. Everyone knows the risk accumulating debt carries. But, it’s so commonplace, we just don’t appreciate how dangerous it can be when things go wrong. While debt is very often used by companies of all shapes and sizes, when there’s a disruption in the economy, it remains an obligation that can’t be ignored. Debt is sometimes necessary but when it’s used in excess, it can financially ruin a business and even personal lives in a devastating way.
Hard choices. Another important lesson to teach is about having to make tough decisions. Being able to evaluate the circumstances, choose essential personnel, and identify where cuts can be made certainly isn’t easy. But, it’s a wonderful life lesson to relate that will make a life-long impression.
Streamlining. Call it identifying redundancy or creating efficiency. If you take an honest look at everything inside your business, you’re going to find unnecessary duplication or just flat out waste. Use these examples and make them relatable on an age-appropriate level.

What other lessons would you add to this 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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My Small Business Manager didn’t Manage the Business Well and Now it’s a Total Mess…What Do I Do?

June 23, 2022 No Comments

Some business owners run their company for many years, only to discover that they can’t do everything on their own. Once this inevitable realization materializes, most start to hire others to help them with various aspects of the business. Some even aspire to be largely absentee owners, leaving the day-to-day operations to a professional manager. So, they train someone up, giving them the responsibility of managing the company and then take a more offhand role, sometimes into a completely new venture or, to focus on one particular area. Typically, this goes fairly well, especially when said manager has been well trained. However, it sometimes ends in utter disaster and the manager winds up making a mess of everything. So, what do you do if you’re stuck in the latter nightmare scenario? What Good Managers bring to Small Businesses Before we get into how to fix a bad situation, let’s first look at why business owners hire managers in the first place. Usually, managers are brought on to handle all of the day-to-day activity. This allows the owner to put his or her efforts into expanding the business and even exploring new opportunities. A good manager will bring a nice return on investment, easily paying his or her salary, all while adding to the company’s bottom line. Bad management can impact employees and a company’s overall operations. Incompetent managers exist, and they can have challenges relating to staff members and keeping them motivated. In addition, substandard supervisors may not be able to balance budgets, increase revenues or capably perform other crucial tasks. —Houston Chronicle Small Business A good manager can really be an invaluable asset, being able to oversee employees, carry out projects, order materials and inventory, assign employees to various tasks and projects, and a whole lot more. In the end, the manager is also responsible for the public face of the company, particularly when the owners aren’t on site. Of course, there’s a great deal of trust involved here and unfortunately, that trust is sometimes betrayed. How Business Owners can Fix Mismanaged Companies If your small business has been mismanaged by an incompetent or uncaring manager, you’ve got your work cut out for you. The amount of damage he or she may have done may not be immediately apparent and will materialize over time. But, you can’t just wait to find out, you’ve got to leap into action immediately and do the following after letting him or her go: Talk to the employees. The very first thing you want to do is get a sense of the employees’ perspectives. You’re likely to learn a lot and some of it may take you completely by surprise. But, you’ll probably also get a kind of consensus and that will help you to know precisely what’s most important and how to prioritize what to fix first. Speak with vendors. This may sound a little odd but it’s probably worthwhile. Since vendors interact with the managers routinely, they will have different stories to tell and just like the employees, will probably give you some type of consensus. At the very least, you’ll find out how your former manager interacted with the vendors and if he or she had good or bad business relationships. Consult your customers. If you haven’t really heard any complaints from customers, this would be highly unusual. Although, your former manager may have been great in providing excellent customer service, while still mismanaging the business’ finances and/or mismanaging the team members. Regardless, getting your customers’ input is very important because it will let you know the reputation of your company. Lastly, you’ll have to go through the slow and meticulous process of piecing the operation back together. This might include having to make other personnel changes, establishing new relationships with different vendors, and possibly, having to repair customer relationships. Fortunately, a good business consultant can walk you through this very difficult process step by step. Interested in learning more about business? Then just visit Waters Business Consulting Group.

7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

March 20, 2025 No Comments

We tend to think of unfair trade practices as a multi-billion dollar corporation scheme. Mega companies like Microsoft, Facebook, Apple, and Google typically come to mind. And while it’s true these International entities do as much to monopolize their industries as possible, unfair practices can happen on a much smaller scale.

Thinking About Introducing Summer Fridays to Your Employees? Here’s What Small Business Owners Need to Know

June 22, 2023 No Comments

Summer Fridays are a type of alternate scheduling that allows employees to either leave the office early or take the day off at the end of the week. As the name suggests, these reduced hours occur during the summer months and apply only to Fridays. Obviously, team members appreciate the option and this policy can be beneficial to both employees as well as businesses. Just What are Summer Fridays? Again, workplace Summer Fridays refer to a flexible work policy where employees are granted reduced work hours or time off on Fridays, typically during the summer season. The specifics of Summer Fridays can vary depending on the company, but the most common approach is to allow employees to leave early or take the entire afternoon off after completing their required work hours for the week. Reasons to Incorporate Summer Fridays Summer Fridays are a popular perk that can be a great way to boost employee morale and productivity, but it’s important to carefully consider the pros and cons before implementing this practice in a small business. Here are the advantages companies can expect to gain: Increased employee morale and engagement. Offering Summer Fridays can boost employee morale, satisfaction, and motivation. Knowing they have extra time to enjoy summer activities or spend quality time with friends and family can increase overall happiness and job satisfaction. This, in turn, can enhance productivity and reduce burnout. Improved work-life balance. Small businesses often face challenges in maintaining a healthy work-life balance for their employees. Summer Fridays provide an opportunity for employees to recharge, reducing stress levels and preventing burnout. The increased flexibility can also allow employees to schedule personal appointments, attend children’s activities, or engage in hobbies, which can positively impact their well-being. Attraction and retention of top talent. In a competitive job market, small businesses may struggle to attract and retain skilled professionals. Implementing Summer Fridays can be an attractive perk for prospective employees, differentiating the company from competitors. Additionally, existing employees are more likely to stay with a company that values work-life balance and offers flexibility. And, last but certainly not least – increased productivity and focus. Shortened work hours can lead to increased productivity as employees strive to accomplish their tasks within a condensed timeframe. Knowing that they have limited hours available can encourage employees to prioritize their work, minimize distractions, and focus on completing their assignments more efficiently. Considerations Small Businesses Need to Take into Account Before Implementing Summer Fridays Of course, there are always some potential drawbacks or downsides that go along with just about any type of change, regardless of intention and promise. Here are some things small businesses need to consider about Summer Fridays: Impact on operations and client expectations. Before implementing Summer Fridays, small businesses need to consider the potential impact on their operations and client relationships. Adequate planning and communication should be in place to ensure that reduced work hours or the absence of key employees on Fridays do not disrupt workflow or negatively affect customer service. Scheduling and staffing challenges. Small businesses often operate with limited resources, and adjusting schedules to accommodate Summer Fridays may present staffing challenges. Careful consideration should be given to workload distribution, cross-training employees, or arranging for temporary help to ensure essential tasks are covered. Consistency and fairness. It is crucial to establish clear guidelines and policies for Summer Fridays to ensure consistency and fairness among employees. Setting expectations, defining eligibility criteria, and addressing potential conflicts can help avoid misunderstandings or negative feelings within the team. Communication and transparency. Effective communication is key when implementing any new policy. Clearly communicate the details, benefits, and expectations of Summer Fridays to employees. Openly address any concerns or questions and be transparent about how the policy aligns with the company’s goals and values. What else would you include in the pros and cons of instituting Summer Fridays that small businesses should know about? Please take a few moments to comment and share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Coronavirus Presents an Opportunity to Teach Your Children about Business

Crisis can Turn into Opportunity

Three Lessons the Coronavirus Business Owners can Teach their Kids

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Related Posts

My Small Business Manager didn’t Manage the Business Well and Now it’s a Total Mess…What Do I Do?

7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

Thinking About Introducing Summer Fridays to Your Employees? Here’s What Small Business Owners Need to Know

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