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.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

Store illustration

I Have New Competition that’s Eating into My Sales, What can I Do

A new competitor just opened down the street, and you’re watching your sales start to slip. It’s an unsettling feeling, but panic is exactly the wrong response—new competition can actually be a sign of opportunity, not doom. Here are three practical steps to take stock of the situation and protect the customer base you’ve already built.

Read More »
An image of Roof on a residential house.

How C&S Roofing Grew Revenue 400% Without Losing a 60-Year Family Legacy

A Family Legacy at a Crossroads C&S Roofing traces its roots back to 1958, when Harold Benard Patterson founded a small Phoenix-area construction company built on honest work and lasting relationships. More than sixty years later, the business — now run by his grandson Collin Patterson and Collin’s wife, Susan, under the DBA C&S Roofing — has never had a single complaint filed against its contractor’s license. That kind of track record is rare. But by 2020, Collin and Susan realized that reputation alone wouldn’t carry the company to its next stage of growth. The business had hit a plateau, and they knew it was time to bring in outside expertise. “I have worked with John for quite some time now, and it has been amazing. They have helped guide myself and my team with a very aggressive growth and have done an amazing job. We have hit our growth goals for the 2021 year and are looking forward to growing with the Waters Group in 2022,” said Collin Patterson, co-owner of C&S Roofing. Uncovering the Gaps When Waters Business Consulting Group (WBCG) began working with C&S Roofing, the picture that emerged was a familiar one for fast-growing family businesses: strong craftsmanship, but disorganized workflows, unclear project management processes, and financial forecasting that couldn’t keep pace with the company’s ambitions. Collin and Susan had a solid handle on their current financials, but cash flow tracking and revenue forecasting were largely reactive rather than strategic. Roles within the organization were loosely defined, which created friction as more people joined the team, and the company lacked a clear enough view of its capital needs to build the credit foundation required for serious growth. Building Structure Around a Strong Foundation Rather than reinvent what was already working, WBCG focused on giving the Pattersons the systems and visibility they needed to scale with confidence. That started with a full financial model — one that tracked expense margins and revenue generated per sale, and connected the dots between product sold and the growth targets the company was chasing. From there, the team built an organizational structure that clarified roles and responsibilities, mapped out a workflow process from the first customer call through project completion, and introduced key performance indicators so every employee understood what they were accountable for and how their work tied back to results. Just as important, the engagement helped the Pattersons step back and define the vision and culture they wanted to build the company around — the kind of clarity that turns a family business into an organization other people want to be part of. The Payoff: Structure That Scales The results showed up quickly and kept compounding. Since 2020, C&S Roofing has grown revenue by 400%, with record sales projected to surpass $8,000,000 in 2022 alongside improving net profit margins. The company added key talent that fit its culture, freeing Collin and Susan to focus on leadership and vision rather than day-to-day firefighting. C&S Roofing has since partnered with two national builder clients and one international client on major projects across the Phoenix and Tucson markets, and was actively bidding with two additional national builders at the time of this case study. Just as meaningfully, the ownership team now has real clarity and confidence in the direction of the business. Responsibilities are clearly assigned, metrics are tracked across the pipeline and financials, and marketing has stabilized into a predictable growth engine — a far cry from the plateau the company was facing just a couple of years earlier. Ready to Build That Kind of Structure Into Your Business? Every growing company eventually hits the same wall C&S Roofing did — great work, but not enough structure to scale it. If your business is ready to move from reactive to strategic, Waters Business Consulting Group can help you build the financial clarity, organizational structure, and accountability systems to get there. Contact Waters Business Consulting Group to schedule a free consultation.

Read More »
Video thumbnail image

Is Your Business Really Ready to Expand in the Coming New Year

Thinking about expanding your business in the year ahead? The question feels complicated, but it really comes down to just a handful of key factors. Before you commit to more output, more sales, and a whole new level of responsibility, here’s how to know if your company is truly ready to grow.

Read More »

Imagine Selling Your Business…

How Would Your Life Change?

You didn’t start your business just to stay busy—you built it to create freedom, security, and options for yourself and your family. Selling your business can be life-changing, but the real question is whether you’re intentionally building toward that outcome or simply leaving it to chance.

Sign up below for a free consultative session to learn what your business could be worth today and in the future! 

Thank you for your interest in learning what your business is worth. We will be in touch shortly.