Business Education

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.

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Tips for Holding Employees Accountable without Being Rude or Micromanaging Them

October 13, 2023 No Comments

Tips for Holding Employees Accountable without Being Rude or Micromanaging Them Holding employees accountable is a vital aspect of effective leadership. However, finding the balance between accountability and maintaining a positive work environment can be challenging. Micromanaging or being rude can lead to demotivated employees and a toxic workplace. How Small Business Owners Can Effectively Hold Their Employees Accountable Again, holding employees accountable is an important part of being an owner or manager. It helps to ensure that employees are meeting expectations and that the team is on track to achieve its goals. Still, it is essential to hold employees accountable in a way that is respectful and does not micromanage them. Here are some tips for holding employees accountable without being rude or micromanaging them: Set clear expectations. Establish clear, specific, and measurable goals for each employee. When expectations are transparent, employees understand what is required of them, making it easier to hold them accountable. Discuss these expectations openly during meetings or performance reviews. Encourage ownership. Encourage employees to take ownership of their tasks and projects. When employees feel a sense of ownership, they are more likely to hold themselves accountable. Foster an environment where employees feel responsible for their work, and acknowledge their achievements and responsibilities. Communicate effectively. Open and honest communication is key. Provide regular feedback, both positive and constructive. Clearly communicate the impact of their work on the organization, emphasizing the importance of accountability for overall success. Listen actively to their concerns and be receptive to their feedback. Implement Key Performance Indicators (KPIs). Establish specific Key Performance Indicators (KPIs) that align with organizational objectives. Regularly monitor these KPIs and discuss progress with employees. This data-driven approach makes it easier to objectively assess performance and hold employees accountable for their results. Provide adequate resources. Ensure employees have the necessary resources, tools, and training to fulfill their responsibilities because a lack of resources can lead to unmet expectations. Regularly assess their needs and address any gaps promptly. Adequate resources empower employees to be accountable for their tasks. Encourage problem-solving. When issues arise, encourage employees to participate in problem-solving. Instead of imposing solutions, involve them in finding resolutions. This collaborative approach fosters accountability as employees take responsibility for implementing the solutions they propose. Recognize and reward accountability. Acknowledge and appreciate employees who demonstrate accountability. Publicly recognize their achievements and efforts. Rewards, both monetary and non-monetary, can motivate employees to maintain their accountable behavior. Celebrating accountability creates a positive reinforcement loop within the workplace. Lead by example. Leadership sets the tone for the entire organization. Demonstrate accountability in your actions and decisions. When employees see leaders taking responsibility, they are more likely to follow suit. Be transparent about your own challenges and how you overcome them, emphasizing the importance of accountability. Foster a supportive environment. Create a supportive work environment where employees feel comfortable asking for help or clarification. Encourage teamwork and collaboration. When employees feel supported, they are more likely to be accountable, knowing they can seek assistance when needed. Lastly, be sure to address accountability lapses, but do so professionally. If an employee consistently fails to meet expectations, address the issue professionally and respectfully. Schedule a private meeting to discuss concerns, providing specific examples of their behavior. Offer support and resources to help them improve. Approach the situation with empathy, understanding that everyone faces challenges. Right now, you can get John Waters’ latest book for FREE! (Currently selling for $19.95 on Amazon). This inspiring book titled “Profit by Design: The Blueprint to Successfully Scale Your Business and Regain Your Freedom” is a must-read for business owners who want to do just that! Request your FREE copy in any of the following ways: Phone 602-435-5474 Visit Waters Business Consulting Group Send a quick email: Steve@WatersBusinessConsulting.com

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

December 12, 2019 No Comments

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.

How to Fire Someone, Anyone, Like a Boss

May 16, 2017 No Comments

In business, there’s going to be times that put your toughness or timidity, to the test. If you’re an owner, partner, or manager, you might be tasked with firing someone. It could be your employee, your business lawyer, your accountant, a vendor, or someone else. You’ve heard that character is defined by what you do when nobody’s looking, and though giving someone the boot generally happens in a private setting, the other person will be walking out with their own perspective. So, it’s imperative you don’t turn a bad situation worse. Your goal is threefold, to end the relationship, to maintain your good reputation, and to do so with grace and respect. Even someone that’s toxic deserves your forbearance, because it says a lot about you as a person, and, as a leader. It also preserves a semblance of the relationship, something that might be valuable in future encounters and situations. You might even find yourself in the unenviable position of rehiring that same person. How to Fire Someone, Anyone, Like a Boss A firing begins with the first signs of trouble. In those moments, you might feel anger or surprise, depending on what occurs. What you should do when problems begin to arise, is to get to the underlying reasons. Approach him or her, ask questions, and listen to the answers. If the problems persist, try mentoring or some other type of support. Should that not bring the desired change, set boundaries and benchmarks. Firing an employee–looking someone straight in the eye and telling them they no longer have a source of income–is one of the toughest things you’ll ever have to do as a business owner. It’s often as hard on the person giving the bad news as it is on the person receiving it. And yet it still needs to be done, especially if you have someone who’s “poisoning the well” and bringing the entire business down with them. —Entrepreneur Even at these great lengths, you might still find the problem isn’t being solved. So, when the decision to part ways is the last option, know your legal limits. If you’re in an “at-will” employment state, you generally won’t have a problem. However, if he or she is under contract, run it by your attorney. Now, if it’s someone who is involved in impropriety, that’s a whole other manner, because it might be a criminal matter, and, you might be civilly liable. When the time comes to have the actual meeting, do the following: See him or her early in the day. There are several reasons for this, one is for your own benefit, because you’ll be distracted if you wait. Other reasons are you’re not wasting his or her time (which he or she will feel cheated and/or used), you are taking poor work out of his or her hands and giving it to someone who is competent, and, you’re sending a message to others that you listen and act when someone else isn’t working out. Be direct, honest, but not blameful. If it’s reached the point that firing is the only option, he or she is probably quite aware of what’s going on and how it will end. If the individual is not aware or seems blindsided, then you need to look at your Leadership and Management communication as it relates to setting expectations, boundaries and clear direction. Give reasons why, don’t sugarcoat them, but do not be blameful or belligerent. Give praise where it’s deserved. You can give points of praise where it’s deserved but don’t overdo it. Be genuine and graceful while keeping yourself aware of how it’s being received. Be ready to listen. Being told you’re no longer needed or feel unwanted are powerful emotional stirs. You might hear insults, threats, or other unpleasantness, but it’s out of an emotional outburst, don’t take it personally. Explain what will happen next. The finality might take time to sink-in, and, you’ll do him or her a great service by explaining what happens next. For instance, returning company property, retirement account options, these sorts of things. Another kind gesture is to allow them to say goodbye and get their personal possessions together. Rushing someone out the door isn’t dignified, and, it creates a lingering, negative perception that will be with those you still employ. Show courtesy, respect, and empathy and you’ll make the best of a bad situation. [shareaholic app=”follow_buttons” id=”26833294″]

3 Ways Business Owners and Entrepreneurs can Find more Free Time

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Tips for Holding Employees Accountable without Being Rude or Micromanaging Them

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

How to Fire Someone, Anyone, Like a Boss