Business Education

4 Big Problems with a WFH and On-Site Hybrid Business Operation

With the roll-backs of local, state, and federal COVID-19 restrictions, businesses are attempting to return to a state of normalcy. But, reinstating pre-pandemic conditions isn’t as simple as they ought to be, and too many entrepreneurs are experiencing such a cruel reality. So, some are experimenting with a hybrid solution: a combination of work-from-home or WFH and on-site business operation. Sure, it certainly sounds like a logical solution. But, every solution breeds new problems. Meaning, there are distinct disadvantages to adopting a WFH and on-site business model.

Biggest Hybrid Workplace Advantages

Obviously, corporations around the world wouldn’t put a hybrid model in-place unless it had substantial benefits. And, there are some compelling reasons, like the potential of increased productivity via a customizable schedule. After all, happy employees are more productive and that’s certainly good for the bottom line. Then, there’s the morale boost which comes from being able to choose from WFH and on-site. Employees cherish the freedom and that too, helps to boost both productivity and morale.

What many companies are converging on is a mixture of remote working and traditional office working, known as the hybrid workplace. A hybrid workplace exists when a business allows their employees to work either remotely or from the office. In a typical hybrid workplace, employees have the choice of working in a central office, working from home, or splitting their time between the two. —WeWork Ideas Blog

Additionally, it can help to reduce operating costs, which decrease with the lessened need of supporting individuals constantly on-site. Moreover, it allows employees to avoid toxic situations. For instance, two or more employees who don’t get along very well in-person can find relief by not having to be in close proximity.

4 Issues with a WFH and On-Site Hybrid Business Operation

While a hybrid operation might sound like a perfect answer, that just isn’t the case. Unfortunately, there are big potential problems with adopting a hybrid model, as the following issues might present:

Managing a hybrid team is very difficult. Anyone with experience in managing a team is familiar with the vast time and effort that goes into making it work. Now, add-in a bunch of other variables that weren’t present before and it’s easy to imagine just how more difficult or nightmarish managing people in totally different physical locations is in reality.
Some WFH employees will take advantage. Put this problem in the all-too-obvious column: some employees will exploit the new policies to their own personal advantage, even if it results in harming others and/or the company. While it’s not something you might relish thinking about, it is most definitely a possibility or perhaps, even a probability.
A hybrid scenario can easily foster resentment. Another potential problem is along the same lines as the one above — that one or more employees will gain a sense of others’ nefarious behaviors regarding the hybrid operation. That could very well cause resentment to rear its ugly head.
Not everyone will contribute the same amount. Expounding on the last two possible issues, is the real possibility one or more employees will shuffle responsibilities off their own shoulders and onto their coworkers through a form of sleight of hand.

What other suggestions do you have to deal with potential work-from-home issues? Please take a few minutes to share your thoughts and experiences. Perhaps others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Small Businesses are Increasingly Turning to Alternative Lenders – Here’s What You Need to Know before Borrowing

April 28, 2023 No Comments

Even before the collapse of Silicon Valley Bank or SVB, there was a tightening in the commercial credit market. Post-collapse, small businesses have found it increasingly more difficult to secure capital from traditional lenders. Still in need of cash infusions and lines of credit, small businesses are turning to alternative lenders. Advantages and Disadvantages of Borrowing from Alternative Small Business Lenders Alternative small business lenders are non-bank lenders that provide financing to small businesses. They offer a variety of loan products, including term loans, lines of credit, and equipment financing. Alternative lenders often have more flexible lending criteria than traditional banks, making them a good option for small businesses that may be turned down for a loan from a traditional lender. Of course, even though all of this sounds good, there are reasons small businesses have historically relied on traditional lenders. This is due to the fact that there are not only upsides but also, downsides to using an alternative lender. So, let’s take a look at the pros and cons of borrowing from alternative lenders. Pros of Borrowing from Alternative Lenders Faster approval and funding. Alternative lenders often have a streamlined application process that can be completed online or over the phone. This can lead to faster approval and funding, which can be critical for businesses that need money quickly. More flexible terms. Alternative lenders may be more willing to work with businesses that have less-than-perfect credit or that are in the early stages of growth. They may also be more willing to offer loans with longer terms or lower interest rates. More options. Alternative lenders offer a wider variety of loan products than traditional banks. This includes term loans, lines of credit, and merchant cash advances. No personal guarantee required. Some alternative lenders do not require a personal guarantee from the business owner. This means that the business owner’s personal assets are not at risk if the loan is not repaid. Although these are some quite compelling reasons to seek out capital from an alternative lender, there are also a few considerations you should take into account so you have a better understanding of how these lenders work. Cons of Borrowing from Alternative Lenders Higher interest rates. Alternative lenders typically charge higher interest rates than traditional banks. This is because they are taking on more risk by lending to businesses that may not be as creditworthy. Shorter terms. Alternative lenders often offer loans with shorter terms than traditional banks. This means that the business owner will have to make larger payments over a shorter period of time. Hidden fees. Some alternative lenders charge hidden fees, such as origination fees or prepayment penalties. These fees can add to the overall cost of the loan. Less customer service. Alternative lenders may have less customer service than traditional banks. This can make it difficult to get help if you have questions or problems with your loan. Now you have a better idea of what to expect from alternative lenders, you are more informed about your options and this will give you additional choices. Taking it a step further, you should also consider the following if you are in need of a line of credit or some operating capital. When to Borrow from an Alternative Lender Alternative lenders can be a good option for small businesses that need money quickly, have less-than-perfect credit, or are in their early stages of growth. However, it is important to carefully consider the pros and cons before choosing an alternative lender. If you are considering borrowing from an alternative lender, be sure to shop around and compare rates and terms from multiple lenders. You should also read the fine print carefully to understand all of the fees and conditions associated with the loan. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Are You Delegating or Demanding

May 24, 2017 No Comments

Throughout the course of building a business, you’ll learn over time to delegate tasks and responsibilities to various people with the right skill sets. Some of the most successful entrepreneurs, like Sir Richard Branson and Mark Cuban, state no one can do it alone. That’s certainly true, you can’t do everything on your own and for those who attempt to do so, learn the hard way it’s an open invitation to trouble and even outright failure. The best business owners know their strengths and weaknesses and through this recognition, develop strategies and relationships which maximize their professional potential. Are You Delegating or Demanding? Delegating responsibilities is just part of doing business. Done smartly, this increases productivity and gives companies potential to grow and prosper. It also allows team members to realize their potential and creates a healthier and happier work environment. Delegating shows your confidence in someone and gives them pride to take ownership of certain areas. In addition, delegating allows you to focus on what’s most important while others can put their efforts into other tasks. Delegating is a great way to ensure that more tasks get done in less time, and it also builds team capacity. Unfortunately, a lot of managers don’t pay enough attention to the delegation process, and thus fail to reap the benefits. —Fast Company Another aspect of delegating is it gives you the opportunity to evaluate a person’s performance. When you give a team member responsibility, their approach and results will speak volumes about what kind of work ethic he or she has and what he or she believes are acceptable standards. In addition to evaluation, delegating gives you the ability to learn which of your team members are best suited for certain tasks. All of these things are great about delegating — if you are sincere. However, there is a real difference between delegating and demanding. Demanding does the opposite of delegating. It stifles creativity, decreases productivity, and poisons the workplace. It also drives a wedge between you and your employees, as well as creates tensions among your team members. Demanding doesn’t give you a true chance to evaluate, either, because it puts unnecessary pressure on people. Here are some signs that you’re demanding and not delegating: You rationalize unrealistic expectations. When you demand, you know it to be the case, as does the other person. This creates a need to rationalize unrealistic expectations, not only to the other person, but to yourself. In the end, no one is fooled, but, it gives you at least a pretense of having reason to demand. Your employees mislead or lie to you. If you get the feeling or learn that an employee is misleading or lying to you, there’s definitely a reason. Before jumping to conclusions, you should look back and think about the overall situation. For instance, if you interrogate an employee who wants time off, you’re creating an atmosphere where there’s little choice and lying becomes the only viable option. You create emergency situations. We all know that unexpected things crop-up from time to time, but, if you’re turning every surprise into an emergency, you’ll feel an undue urgency and that can easily lead to demanding. You justify your actions as legitimate and/or legal. If you ever have to ask if something is legal just to get it done, that’s troubling. You shouldn’t have to walk such a fine line because if you are, chances are excellent that even if it is legal, it’s not entirely ethical. You don’t want to deal with this or that. Delegating is done because it puts the best talent where it is most needed. Demanding comes from a need to get something done, particularly a task that you don’t want to deal with personally. Another sign that you’re demanding rather than delegating is your willingness to take credit or give credit to the person who deserves it. If you are taking credit of the work of others and not giving credit where it is due, that’s unethical and will undermine your entire organization. In summary, your employees are your greatest appreciable asset. Invest in them through servant style leadership by delegating with clear expectations and the kind of results you are looking for … then ask; “what can I do to help you succeed with this responsibility or project?” Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Managers should Avoid these Phrases to Avoid Killing Employees’ Trust in Their Leadership

May 5, 2022 No Comments

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.