How Entrepreneurs can Get Off the Hedonic Treadmill

How To Quickly – But Smartly – Fill a Very Sudden and Unexpected Vacancy in a Key Position in Your Small Business Ever been hit with the unexpected departure of a key team member, leaving a crucial role vacant? It’s unnerving and quite unpleasant. But, don’t panic. There are effective strategies for dealing with this very situation. Well, you’ve found the right place to get the advice you’re seeking. In this article, we’ll explain the art of filling a vacancy rapidly – but strategically. So, let’s transform this challenge into an opportunity for growth with a playbook that ensures your business sails smoothly through uncharted waters. How Small Business Owners Can Fill a Vacancy in an Important Employee Role You know that sinking feeling. The email arrives or the text chimes and suddenly you’re staring at a gaping hole in your team – a vital position vacated without warning. Your brain screams, “Oh no!” Breathe and step back. We’ve all been there. But here’s the good news: filling an unexpected vacancy (especially in a small business where everyone wears multiple hats), doesn’t have to be a disaster. With a sprinkle of MacGyver ingenuity and these battle-tested strategies, you’ll not only plug that gap, but you might even emerge stronger on the other side. Step 1: Triage Time – Assess the Damage and Your Options Before you launch into a hiring frenzy, take a moment to assess the situation. What’s the critical function of this role? What are the immediate needs, both short-term and long-term? Can existing team members temporarily cover essential tasks, or is a full-blown replacement a must? Remember, you’re not just filling a job description; you’re patching a leak in your ship. Prioritize tasks that keep the boat afloat, delegate where possible, and resist the urge to overthink things. Step 2: Forget the Perfect Fit, Embrace the Quick Fix Casting a wide net and hoping for the “unicorn candidate” might not fly right now. Instead, embrace flexibility. Consider internal talent – that design whiz who secretly loves spreadsheets, or the customer service rep with a developer’s mind. Could upskilling or cross-training bridge the gap? Think outside the traditional “employee” box too. Could a freelancer, consultant, or even a temp agency be the right way to go as a short-term fix? Feel free to get creative and mix-and-match solutions to find the right puzzle piece for this immediate need. Step 3: From Panic to Process – The Art of the Speedy Hire Even with a “MacGyver approach,” you still need some structure. Here’s how to turbocharge your hiring process without sacrificing quality: Crystallize your ideal candidate. What skills and experience are non-negotiable, and what can be learned on the fly? Craft a concise yet compelling job description highlighting the immediate need and your company culture. Tap into your network. Emergency situations necessarily call for emergency measures. Reach out to your trusted network – colleagues, mentors, even former employees – and spread the word. You might be surprised at the hidden gems lurking just outside your usual talent pool. Master the “interview-a-thon.” Time is of the essence, so ditch the five-round interview marathon. Utilize video calls, skills assessments, and even a good old-fashioned phone chat to quickly gauge potential. Look for passion, adaptability, and a willingness to jump in headfirst – those are the qualities that will get you through this storm. Step 4: Remember, You’re Not Drowning, You’re Surfing – Embrace the Learning Curve and Lean on Your Team Filling a sudden vacancy is stressful, but you don’t have to go it alone. Your team is your anchor, your support system. Delegate tasks, ask for feedback, and foster a spirit of collaboration. This is a chance to solidify your team’s resilience and discover hidden strengths. And hey, if things don’t go according to plan at first? Don’t beat yourself up. This is a learning experience. Adapt, adjust, and keep moving forward. You’ve got the grit, the ingenuity, and the metaphorical duct tape to get through this. Stay Calm and Take Stock of the Long-Term Journey So, the next time the talent void opens, remember – it’s not the end, it’s just a detour. With a clear head, a dash of creativity, and the unwavering support of your team, you’ll not only weather the storm but emerge stronger on the other side. Now, go out there and show that unexpected vacancy who’s boss! Do you want your company to grow faster and earn more while you spend more time with your family, which is why you started your business in the first place? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

When it comes to small businesses, one of the biggest challenges is finding ways to keep employees happy and motivated. This, especially in challenging times such as these, when there’s a labor shortage and even qualified individuals aren’t seeking new opportunities or becoming statistics of the Great Resignation. What’s more, it can be tough to compete with larger businesses when it comes to salary and benefits. One way that small businesses can attract and retain top talent is by setting up an employee profit-sharing plan. In this blog post, we will discuss the pros and cons of employee profit-sharing plans and why they are so beneficial for small businesses. Biggest Concerns Small Business Usually Have about Employee Profit-Sharing Plans There are a few drawbacks to setting up an employee profit-sharing plan as well. Obviously, the biggest concern is the expense. There can be some costs associated with setting up and maintaining a profit-sharing plan. Doing so can be complex. Profit-sharing plans are generally nuanced, and it is important to make sure that they are set up correctly. Otherwise, it could create problems down the road. Moreover, these programs usually include tiers, making them even more difficult to establish in the beginning. A profit-sharing plan, also referred to as a deferred profit-sharing plan, gives employees a share in the profits of the company based on the company’s earnings. Employee profit-sharing plans have distinct advantages, which contribute to a small business’s overall morale and bottom line. —Houston Chronicle Small Business Employee trust is yet another common issue. Employees need to trust that the company is doing well and that their hard work is actually contributing to the company’s success. If there is a lack of trust, employees may be less likely to participate in the profit-sharing plan. In other words, at least some plans require employees to give up part of their immediate compensation (or future earnings). Pros of Employee Profit-Sharing Plans However, though downsides do exist, there are several benefits to setting up an employee profit-sharing plan. Some of the biggest benefits that create win-win situations for employees and businesses alike include: Increased morale and motivation. When employees see that they are benefiting from the company’s success, they will be more motivated to work harder and be a part of the company’s success. Increased productivity. When employees are motivated and feel appreciated, they will be more productive in their work. This boosts overall output and contributes to a healthier bottom line, which likewise contributes to the profit-sharing model. Attracts and retains top talent. Employees want to know that they are valued and that their hard work is being duly rewarded by making the company financially stronger. A profit-sharing plan shows employees that you care about them and want to reward them for their hard work. Overall, setting up an employee profit-sharing plan can be a great way to attract and retain top talent at your small business. While there are some drawbacks, the pros far outweigh the cons. If you are considering setting up a profit-sharing plan, be sure to consult with an accountant or financial advisor to make sure you are doing it correctly. My firm has helped many of our Clients set up profit-share plans that have been very effective in providing incentives for those employees who qualify and contribute to the success of the business profitability. What other advantages and disadvantages would you include? Please share your own thoughts and experiences so others can make a more informed decision. Interested in learning more about business? Then just visit Waters Business Consulting Group.

When it comes to the workplace, trust is key. Employees need to trust their managers in order to feel comfortable taking risks and be productive. Managers, in turn, need to trust their employees in order to delegate tasks and give them the freedom to make decisions. Unfortunately, many managers say things that damage this trust relationship. So, let’s discuss five of the most common phrases that managers use that kill employees’ trust. Words can Speak Louder than Actions Managers should avoid the following phrases in order to maintain a trusting relationship with their employees. Trust is essential for a healthy workplace and these phrases can damage that trust relationship. Employees need to feel comfortable coming to their managers with questions and concerns, and they need to know that their manager will be open and transparent with them. The employee-manager relationship is one of the primary components to a strong organizational structure. Employees rely on their managers for career development and guidance on how to improve their skills. One of the elements of a successful employee-manager relationship is trust. When the sense of trust is strong between an employee and manager, it adds efficiency to other elements of workplace productivity. —Houston Chronicle Small Business When managers use these phrases, it sends the opposite message. It makes employees feel unimportant and disregarded. It creates uncertainty and frustration, which leads to a lack of trust on the part of the employees. And that, of course, results in a negative impact on morale, productivity, and overall company culture — three poison pills that can cause actual, long-lasting damage. Five Phrases Managers should Avoid to Avoid Destroying Employee Trust We’ve all heard the age-old wisdom about sticks and stones breaking bones but words never inflicting harm. Of course, this philosophy is entirely contextual because we all vividly remember instances when words cut deep. While these phrases aren’t intended to insult or hurt, they nevertheless undermine your authority, respect, and relatability. So, avoid using the following phrases because they will slowly kill employee’s trust: “I’m the boss, I don’t have to explain my decisions.” This phrase is incredibly damaging to trust. Employees need to feel like they can come to their managers with questions and that their manager will be open and transparent with them. When a manager uses this phrase, it sends the message that the employee is not valued and that their opinion does not matter. It also makes the manager seem like they are hiding something. This can lead to employees feeling uncomfortable coming to their managers with questions or suggestions, which can hurt productivity and morale. “I’m too busy to deal with this right now.” This phrase often comes across as dismissive and unprofessional. It sends the message that the employee’s concerns are not a priority and that their manager is too busy to deal with them. This can make employees feel unimportant and disregarded. It can also lead to them feeling like they are not able to come to their manager with problems or concerns, which can hurt morale and productivity. “I’ll get back to you.” This phrase often comes across as ambiguous and frustrating for employees. Employees want to know what is going on and they want answers from their managers. When a manager says this phrase, it sends the message that the employee is being ignored and that their question is not important. It also creates uncertainty, which can lead to employees feeling anxious and stressed. “I’m not sure, let me check on that.” This phrase is often used as a way to avoid making a decision or taking responsibility. It sends the message that the manager is not capable of making decisions and that they are not in charge. This can make employees feel like they are not being taken seriously and that their concerns are not important. It can also lead to frustration and a lack of trust on the part of the employees. “That’s not my job.” This phrase communicates that the manager does not care about their employees or their job responsibilities. It sends the message that the employee is unimportant and that their job is irrelevant. This can lead to employees feeling unvalued and unmotivated. It can also cause them to feel like they are not able to come to their manager with questions or concerns, which can hurt morale and productivity. Which other phrases would you include in this list? Please take a moment to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.