3 Big Reopening Mistakes Businesses should Avoid

Businesses are anxious to reopen. Consumers are likewise ready to return to normal (or as close to normal as possible). But, any business reopening must do so responsibly. After all, not providing a safe environment will only backfire and cost them in a number of ways. This means taking a smart, incremental approach and one that can help to get things back on track.

What to Know about Post-Pandemic Reopening

The first thing any business owner needs to know is exactly what their state and local governments will allow and disallow. If you run afoul of the rules, even those which seem unfair, you’re only setting yourself for a lot of grief and probably a huge amount of regret.

For these small businesses to come back after the pandemic abates, and once again serve as an engine of American innovation, they need aid. The Coronavirus Aid, Relief and Economic Security (or CARES) Act set aside $349 billion in loans and assistance for small businesses and there may be more to come. But business owners also need to make the best possible decisions to get them through this difficult period. —Harvard Business Review

Another thing to know about reopening is how your patrons or clients will respond. Just because there’s a green light to open from the state and local government doesn’t mean the public will respond positively. In other words, you need to understand public sentiment.

3 Big Reopening Mistakes Businesses should Avoid

Now, as for reopening, there are many things you should do to get back to full operation. But, there are also things you need to avoid doing, as well. Here are three of the biggest reopening mistakes businesses should avoid:

  • Expecting employees to immediately return to work. Just because you’re ready (and willing), doesn’t mean your team members will feel or act the same way. So, speak with each one individually and listen to their concerns. Plus, encourage them to be open about their circumstances and be supportive, if necessary. Some business owners are expressing challenges with employees who are receiving unemployment which exceeds what they earned as an employee so they are reluctant to return. Business owners need to be prepared by discussing the need to help the business serve its customers. Also, if the employee does not return, there is no guarantee the employer will not have replaced the employee’s position when the previous employee’s unemployment checks end
  • Not having procedures in place to maintain social distancing. At this time, it’s expected there will still be a need for social distancing into the foreseeable future. So, be sure to formulate a realistic plan to maintain those social distances in order to provide a safe and healthy environment.
  • Trying to rush through the reopening process to get things back to normal ASAP. Whatever you do, don’t fall into the trap of trying to reopen to soon or at too fast a pace. While it’s completely understandable you’re ready to resume operations, if you rush, you’re likely to make rash decisions that will cost you in more ways than one.
  • Remember to offer what the Customer wants. Instead of trying to reinvent your service offerings, ask the Customer what they want and most enjoyed or valued about your services and deliver what the Customer wants.

What other mistakes would you say businesses that reopen are likely to experience? Please share your thoughts 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

What are the Pros and Cons of Giving Small Business Employees Holiday Bonuses

Small business employee holiday bonuses have their advantages and disadvantages. As with most kinds of incentives, it creates different scenarios that small business owners should be aware of before introducing them. As any entrepreneur knows, there are upsides and downsides to just about everything. So, let’s take a quick look at the most common pros and cons of giving small business employee holiday bonuses. Small Business Employee Holiday Bonus Cons We’ll start with the disadvantages. First, it creates unrealistic expectations. For instance, if you have a stellar year and profits are high, it’s only natural to want to reward your people. But this sets up an expectation for the following year, even if it’s a very poor one. Also, bonuses sometimes fosters unhealthy competition. In other words, it will cause some employees to up their game substantially, even at the expense of their teammates. Also, one person might exceed expectations so much, his or her performance could cost you a hefty tax bill. Your small business can’t operate successfully without the help of your employees, which is why it’s important to maintain a happy, focused workforce. Of course, giving your hardworking employees a bonus or raise can decrease turnover and boost staff morale, but these monetary rewards can easily take a toll on your business’s bottom line. —Intuit QuickBooks Speaking of taxes, giving out bonuses creates new tax implications for your small business. Of course, that’s not your employees’ problem but it will certainly cause you to think twice. Lastly, another downside of bonuses –specifically performance-based models — is the fact it might marginalize and/or demoralize those who aren’t eligible or simply do not perform as well as top producers. Small Business Employee Holiday Bonus Pros Now, let’s look at the benefits of giving small business employees holiday bonuses. Bonuses incentivize employees. On the flip side, overall employee performance will notably increase — probably enough to substantially benefit the company’s bottom line. Of course, that’s a terrific win-win scenario and one you’ll definitely strive to repeat as many times as possible. Bonuses help retain key staff. Bonuses are also a great retention tool, particularly for performance-based models. It helps to give employees more control over their earnings and hence, take ownership in the company. Plus, that extra earning power reiterates the fundamental attractiveness of the company itself. Bonuses instill responsibility. Bonuses are a powerful motivator, so much, individuals will likely take on more responsibility, even to the point of tackling tasks not in their job descriptions. For instance, a salesperson who personally picks up and delivers one or more orders when other team members are struggling to keep up or falling behind. What other pros and cons about giving employee bonuses would you add? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

Learn this Uber London Quebec Business Lesson Right Now

Uber just lost its operating license in London. Then, Quebec passed tough new regulations. That caused Uber to announce a cessation of operations starting next month. There are many cities, municipalities, and unions suing Uber. Their claim is the ride-share company isn’t restricted by the same rules as taxis and like services. However, Uber remains popular with the public. It provides a different experience and often for a lower cost. But, it is definitely learning taking on government regulations is no easy task. 4 Helpful Tips for Entering a Regulated Business Industry You might want to start a business to help people. And, that’s what many others do successfully. Although, if it’s in a heavily or even a moderately regulated industry, you’ll face several extra obstacles than entrepreneurs in different fields. The truth of the matter is, starting a business in any industry presents inherent risks. But, this certainly doesn’t mean it’s impossible. If you’re building a new social network, creating a tech-enabled food delivery business, or developing an artificial-intelligence translation tool, there aren’t many demanding rules to adhere to. But if your startup deals with issues such as health care, finance, or education, things can be rather more difficult. —MIT Technology Review It’s actually far from impossible. You just have to be realistic and pragmatic. In fact, you need to take many things into account before you jump into a regulated industry. After all, you’re chances of stumbling or outright failing are undoubtedly higher. That’s okay, if you take it as a challenge, you’ll probably get some worthwhile lessons along the way. Here are four helpful tips for entering a regulated business industry: Conduct extensive research. This should go without stating but sometimes the obvious really needs emphasis. You need to conduct a lot of research before you take step one. Knowledge is power and there’s nothing more damaging than ignorance. As the saying goes, “You don’t know what you don’t know.” And, that’s not a place to start. So, do all the research you can. Talk to people already thriving. Chances are excellent there’s already somebody, somewhere succeeding in that particular industry. Find him or her and personally reach out. Be upfront and honest about your ambitions. If you are respectful and open, they’ll be far more generous with important information. Start very small and scale up slowly. One bit of advice that works quite well in every industry is to start small and scale up incrementally. It’s very risky to jump right in, front-loaded with debt, and hope everything works out. So, start small, test the market, get to know it, and grow little by little. Keep abreast of all pertinent regulations. Regulations don’t necessarily stay the same. The rules can change at any time. Understanding and accepting this is key. Do yourself a huge favor and keep up with those changes so you aren’t taken by surprise. Have you built a business in a heavily regulated industry? What other advice do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Read More »
Edit Column To stand out in today’s crowded market, brands often need more than traditional advertising. Guerrilla marketing—a creative, surprise-driven approach—offers companies a unique edge by using imaginative tactics to make a lasting impression.

3 Ways Business Owners and Entrepreneurs can Find more Free Time

A substantial percentage of established business owners and fledgling entrepreneurs have experienced significant change over the course of the past year. Some had to make very difficult decisions and enact hard changes in order to survive. Conversely, some have been in the fortuitous position to thrive. Regardless of their circumstances, too many entrepreneurs and business owners struggle to find free time. Fortunately, there are some effective strategies to find more free time and enjoy it. The Dreaded Free Time Paradox The most common problems business owners have when it comes to free time is either not recognizing it, or failing to indulge it. In other words, when there’s free time available, business owners and entrepreneurs most often either prefer to spend it working, simply defaulting to a workaholic mindset. So, it’s often the case that they don’t have any free time, as much as it is they won’t take time to actually enjoy it. Time freedom is about spending your time doing what you really love doing with the clients and people who mean the most to you. Having more freedom of time is about having the ability to live a full life and have the time to pursue other interests outside of work. But finding time freedom for entrepreneurs can be tough. — Thrive Global This creates a cyclical scenario where any ostensible free time is put either toward their work or, is spent on distractions. That’s often more advice given about business owners seeking free time. That is to say, to identify and eliminate distractions, because they divert away from the task or relaxation at hand. Because entrepreneurs are action-minded people, they mistake any type of work as being valuable. Of course, that’s just not true. 3 Ways Business Owners and Entrepreneurs can Find more Free Time The advice usually given to free up time is to rely on technology, innovative tools of the trade, and eliminate redundancies. Those are all great ways to help streamline your operation, but these mostly work around the margins, and don’t address the core problems. Here are three ways business owners and entrepreneurs can find more free time: Stick to a schedule. It’s very difficult, if not impossible, to find free time in an unstructured environment. The old Friedrich Nietzsche philosophy of “out of chaos comes order” simply doesn’t apply to this situation. So, get yourself on a schedule and follow a routine. It can be flexible and should not be rigid, but should provide you with structure. This will greatly cut down on distractions, and force you to focus on the highest priorities, and work your way down to the lowest. Put your business on a budget. Before you scoff, remember this — a budget doesn’t always mean spending less, it means always spending smartly. Too many business owners either spend their time worrying about their finances. Others know their general financial situation, but dwell on every possible contingency. In either case, they waste a great deal of time worrying, because they really don’t have a plan for their company finances. Money just comes in and goes out, but with very little accountability. Creating a realistic budget allows you to operate your business with a lot more certainty, and that in turn, will create more free time. Hire (back) help. You might have responded to the pandemic and ensuing chaos in a number of ways. Perhaps, it was necessary to reduce your payroll and take on more responsibilities yourself. Or, you’ve been taking on more work personally, because you haven’t found the time to hire people to help. The longer this unnecessary stress goes on, the more you risk burning out. It not only steals away valuable downtime, it is also counterproductive. So, get yourself on a schedule, lay out a budget, and hire on some help when and where needed. What other suggestions do you have for creating more free time? Please take a moment to 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.

Read More »