Business Education

I Just Learned One of My Best Employees Criticized My Business On Social Media, What Should I Do?

You’ve just discovered one of your best team members has criticized your company on social media. So, you’re wondering what to do about it. Well, that depends if the comments were overall positive or negative. If the former, there’s quite a bit you can do. However, if it’s the latter, there’s relatively little you can do. Read on to learn more about how to deal with employees who criticize their organizations on social media.

Dealing with Negative Employee Comments about Your Business

Let’s begin with a negative situation. You’ve recently found out a great employee (who you like and trust) has made some really disparaging comments about your company — maybe even directed at you personally — on social media. Now, you’re wondering what to do about it. If the comments are negative and harmful to your business’ reputation, you most definitely need to address the situation immediately.

Criticism in the workplace can be constructive if an individual is pointing out concrete inefficiencies and offering suggestions for positive improvements; or criticism can be destructive, when one person tears down and negatively critiques the actions of others while offering no suggestions for positive improvement. —Houston Chronicle Small Business

This is a difficult conversation to have, there’s no doubt about it. But, a stern warning might be enough to move past the moment. It’s probably also necessary to talk about his or her future and potential separation from the company, should the behavior continue. While it’s a hard thing to do, derogatory comments simply are not acceptable. So, invite him or her to vent their grievances in private instead of on social media.

Dealing with Positive Employee Comments about a Your Business

If this is a situation where the comments were critical yet constructive or positive, it’s an entirely different set of circumstances. Since it’s a totally opposite attitude, you might still be personally hurt or feel undermined, but it’s far better than dealing with a completely negative scenario. Here are some effective methods for dealing with a good employee who publicly criticized your business on social media:

Make him or her understand the proper context. The very first thing you need to do is to let him or her know that it is not acceptable or appropriate to criticize the company on social media. Instead, the appropriate time and place is right in the workplace, where discussions are private and between colleagues, where such input belongs.
Let your employee know your door is always open. Of course, it’s up to you to open your office door and make all your employees understand they have an open-ended invitation to speak with you at any time they feel it is necessary. (Obviously, you’ll need to set some boundaries to ensure there’s mutual respect and interactions remain overall positive.)
Solicit feedback from all your team members regularly. While this might be super-obvious, it’s most definitely worth repeating. You cannot operate in your business in a vacuum. It’s not a good dynamic and worse yet, when you don’t listen to the people around you who are in the trenches with you, it’s only going to erode the environment and worsen over time.

What other suggestions do you have? How else would you handle such a situation? 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.

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3 Ways Small Business Owners can Help Employees Out during Tough Economic Times

April 28, 2022 No Comments

Small business owners are often in a unique position to help their employees during tough economic times. They may be able to offer more work hours, give gas and grocery gift cards, and allow schedule flexibility for side gigs. In this blog post, we will discuss some of the ways small business owners can help their employees out during these difficult times. How Helping Your Employees Benefits Your Small Business When you help your small business’ employees, they are not only appreciative but often become more loyal. They’ll also be more productive and deliver a higher quality of work, as well. Plus, happy employees are far less likely to leave, meaning you won’t have to find replacements and spend extra time training new employees. During challenging economic times such as a recession, many companies struggle to stay afloat while the employees worry about losing their jobs. Management has the tough task of finding ways to keep employees loyal and productive while assuring them that they can survive the challenging period. —Houston Chronicle Small Business All this is to say that your small business’ employees are a true asset. They are an investment in your company and usually, bring a healthy return on investment. Smart, long-term business owners realize this and therefore do anything and everything they can to help their employees when economic times get tough. 3 Ways Small Business Owners can Help Employees Out during Tough Economic Times Difficult economic times put far more stress and pressure on hourly employees than salaried executives. If your business is in the position to give employees a little help, it will go a long way. Here are three ways small business owners can help their workers through trying economic times: Offer more work hours. Offering more work hours is one way small business owners can help their employees during tough economic times. This can help employees make ends meet and keep them from having to find another job. Give gas and grocery gift cards. Giving gas and grocery gift cards is another way small business owners can help their employees during tough economic times. This can help employees with their daily expenses and allow them to save money on groceries and commutes. Allow schedule flexibility for side gigs. Allowing schedule flexibility for side gigs is another way small business owners can help their employees during tough economic times. This can help employees earn extra income and provide them with better financial stability. These are just a few of the ways small business owners can help their employees during tough economic times. If you are a small business owner, consider how you can help your employees during these difficult times. Your employees will appreciate your support. Do you have any other suggestions for how small business owners can help their employees during tough economic times? Share your thoughts in the comments below. We would love to hear from you! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Is Your Business Charging Enough for its Products and Services? Probably Not. Here’s Why…

September 30, 2021 No Comments

“Sure, we lose money on every sale, but we make up for it on volume.” This witty saying is often repeated in the business world because it effectively demonstrates a fundamental flaw with a company’s operating model. But, like any really good bit of humor, it contains an undeniable truth. Plus, it is probably applicable to your own business in an abstract way. If you have ever wrestled with raising the prices you charge for your business’ goods and services, then now is a great time to resolve that issue. Why Businesses Don’t Raise their Prices Although large corporations and big companies do raise their prices fairly routinely, small business owners are averse to doing the same. It’s not because small business owners aren’t smart operators, it’s merely the fear of the possible repercussions. Perhaps the biggest objection is that maintaining lower prices attracts new customers and greatly influences repeat business. While this might be ostensibly true, it can’t exist in perpetuity. A major part of running a successful business is knowing at what price to value your services or products. Entrepreneurs and business owners must ensure a balance in price between costs and gains. While low prices are certainly an attractive selling point, a variety of factors can bring pressure to bear on your bottom line, necessitating a higher charge for your services. —Forbes.com Another reason small businesses don’t raise their prices is that they’ve become so accustomed to their charging schedule. Though it sounds like a cop-out, it’s just the comfort of complacency that allows them to dismiss the notion of increasing their prices. Then, there are the logistical factors that come into play, which is particularly true in retail, where items must be individually updated, along with point of sale systems. Three Compelling Reasons Businesses should Charge More Even though most small business owners would gladly welcome a pay bump in their bottom line, they avoid increasing what they charge because they fear it will result in a loss of customers. However, this only looks at one side of the equation. Here are three compelling reasons why businesses should charge more for their products and services: There model is outdated. It’s a real accomplishment to stay in business for years on end. Everyone knows the statistics, that a high percentage of businesses fail in the first two to three years. But thereafter, they become not only viable but probably profitable enough to sustain a few sets of disruptive circumstances. Since business owners always experience ups and downs, they find a great deal of unconscious comfort in their pricing models that they established at the outset. But, as years go by, prices should go up incrementally to keep up with the times. There’s a lack of other service providers. The very fact that so many businesses fail, compounded by the shutdowns resulting from the global pandemic, means there are likely fewer service providers around right now. This represents a prime opportunity to market more aggressively, raise your prices, and build out quality staff. If you don’t, you’re missing a key moment that you’ll probably regret in the future. The cost of doing business just keeps rising. Of course, everything costs more now than it did just a short time ago. It’s not just the shortage of materials that the world is currently experiencing, but also other dynamics, such as inflation, the always rising costs of employee benefits, insurance, rent, and just about everything else associated with the cost of doing business is going up. What other reasons warrant raising prices? Please take a few minutes to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Businesses can Deal with Inventory Supply Shortages

May 27, 2021 No Comments

Inventory supply shortages will happen. Sometimes, it’s due to overwhelming consumer demand, leaving businesses unable to keep stock. Other times, like now, inventory supply shortages occur as a result of material shortages and/or manufacturing issues. At this time, lumber and other essential construction materials are in short supply. Likewise, computer processing chips are also limited in supply. So, if this happens to your business, you need to be prepared. Inventory Shortages are Inevitable There’s no such thing as unlimited supply when it comes to material inventory. Whether it’s a disruption in the supply chain or sudden and unexpected limit of raw materials, the end result is the same — businesses can’t keep their shelves stocked. When put in this precarious situation, sales are inevitably affected, usually negatively. COVID-19 has had a disruptive effect on the global supply chain, and small businesses are not immune. An average of more than 30% of American small business owners across sectors still reported a disruption to their supply chain in June 2020 data, months into the pandemic. Supply-chain disruptions can affect small businesses in many ways: They can reduce revenue, inflate costs, cut into market share, or cause issues with production—all of which can damage a company’s bottom line. —The Balance Small Business Of course, a drop off in sales can be temporary and inflict minimal damage. But, a prolonged shortage will certainly cause a lot of monetary damage. If there’s enough inventory missing for a long enough period of time, it can spell the end of a business altogether. Ways Businesses can Deal with Inventory Supply Shortages When inventory supply shortages occur, it’s only prudent to react with strategic means. Business owners must act immediately, particularly if there’s a sense the shortage will go on for a lengthy period of time. Here are four ways businesses can deal with an inventory supply shortage: Explore alternative vendors. Fortunately, there are usually a few or more vendors who supply businesses with the same types of inventory. Even a source that’s a bit more expensive can be worthwhile if it keeps customers coming through the door. (And, better still, if competitors aren’t willing to pay a higher sourcing price.) Clearly communicate with customers. There’s simply nothing good that can come from not being totally up-front with your customers. In fact, there’s hardly more that is counterproductive. If you experience an inventory supply shortage, let your customers know what’s going on — especially if it’s expected to last for a significant amount of time. Tap into super-sized, large bulk orders. Much like the first suggestion, you might find inventory for products in short supply in larger bulk orders. Obviously, you’ll have to run the numbers to determine if it’s financially viable and doesn’t present too much a risk. Identify problems with inventory management. There are times when businesses have inventory issues that are caused by their own ordering and selling practices. Go over your procedures to identify any problems and then apply sensible solutions. What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.