Business Education

When You Bring Your Child to Work, Teach these Lessons

Entrepreneurs often prefer to turn over their business to their children. (Of course, that’s not always the case, as Bill Gates so amply demonstrates.) But, if you’re planning on passing your business over to one or more of your children, you obviously need to teach them about said business. However, too many owners obsess over the nuts and bolts but fail to teach their children the most important lessons.

Money isn’t Everything

Everyone’s heard the cliche “money isn’t everything.” It isn’t. It’s understandable and essential to teach your children about money, particularly about the business’ operations and finances, including revenue and expenses. If your children will run the business one day, there’s no question it’s imperative to teach them about the minutiae of debt, equipment, materials, labor, insurance, payroll, and everything related to money coming in and going out.

By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. It also helps children develop perseverance by learning from their failures, and it begins to introduce critical thinking. —CNBC.com

Although this is necessary, it’s also just as important to teach your children how to run the business via your professional relationships. That means, how you lead, interact with employees and vendors alike, and with your peers, even your competition. It’s these lessons you shouldn’t overlook because it is critical your children understand how you handle your professional relationships.

3 Important Lessons to Teach Children about Business

When you bring your children to your place of business, they’ll experience how you run it. More particularly, they’ll gain a perspective, form opinions, and draw conclusions from how you interact with the people you work with. And, this is where you’ll be exposed to a mirror of sorts, because you’ll see your way of running the business through the eyes of your children. So, here are three important lessons to teach your kids about business:

Everyone deserves respect. Teach your kids by example how you treat employees with the respect they deserve. After all, this is how morale is built and people feel like they’re part of a genuine team. That’s a powerful and positive environment and one you would like to continue when your kids take over someday.
No one is above everyone else. Similarly, teach your children that everyone is important. If someone isn’t important, there’s no reason for him or her to be present in the first place. Yes, teach them about hierarchy, but again, be sure to make them understand that every person plays a critical role and the skill set each individual brings is a valuable one to the health of the company.
Competition is healthy and constructive. Additionally, you should demonstrate just how healthy and constructive competition is in a free market economy. For instance, teach your kids that competition fosters innovation and incentivizes businesses to pay employees commensurate with their experience, skill, and productivity.

What other lessons would you say are most important to teach young entrepreneurs? Please share your thoughts and experiences because your perspective could help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage

July 19, 2024 No Comments

Independent Service Providers are Being Acquired and Local Businesses Can Use this Practice to Their Advantage Did you know your local service providers may not actually be part of an independent, small business? That’s right. The plumber you’ve called before, the electrician you’ve seen working down the street, or even the HVAC tech who has been at your neighbor’s house. While you may recognize their names and logos and think they’re a mom-and-pop organization, they very well be working for a large corporation. For people in the trades, this isn’t news. They’ve known about this for some time. It goes back to the COVID shutdowns when conglomerates realized the true value of “essential” services. These megacorporations recognized the potential earning power of local service providers and began to quietly acquire them. In order to maximize these new assets, the conglomerates allowed them to keep their existing names. But, when people call what they believe is their local service provider, they are really talking to a call center in another state or country. While many independent, small businesses use call centers, the difference is the technicians working for the acquisitions are no longer just trade professionals – they are now salespeople who push additional products and services. The individuals employed by these bought-out companies take the opportunity of their visits to upsell and their customers aren’t aware the familiar mom-and-pop business does not directly employ them. But, it’s not just the fact that these companies are ostensible fronts for selling additional products and services to increase profits for big corporations. It’s also the fact that legitimate small businesses must compete for the same customers. How Independent Businesses Can Take Advantage of Conglomerates Acquiring Competitors to Better Market Themselves Although it may be discouraging to compete against other companies backed by such deep pockets, there are some benefits you as a small business owner can tap into and use to grow your customer base. Yep, small, local businesses can use this trend to their advantage by emphasizing their authenticity and commitment to the community in their marketing efforts. Here are some strategies they can use you can copy in your own community: Highlight your local ownership. Emphasize your business is locally owned and operated by community members who are invested in the area. This can be done through website content, social media posts, and even in-store signage. Also, any vehicles, uniforms, and equipment. Engage with the community. Participate in local events, sponsor community initiatives, and collaborate with other local businesses to demonstrate your commitment to the community. This helps build trust and loyalty among local customers. Personalize your marketing. Use personalized marketing strategies, such as email campaigns, to connect with customers on a more personal level. Share the stories of vendors, employees, and customers to create a sense of community and belonging. Offer unique, local products or services. Highlight any unique products or services that are specific to your local area or that cater to the needs of the community. This can help differentiate your business from larger corporations and attract customers who value local products and services. Leverage online reviews and testimonials. Encourage satisfied customers to leave positive reviews on platforms like Google, Yelp, or social media. Share these reviews in marketing materials to showcase your support of the local community. Maintain a strong online presence. Ensure your business has a well-optimized website, active social media accounts, and accurate listings on local directories and review sites. This helps potential customers find your business and learn more about its local roots and commitment to the community. Offer superior customer service. Small businesses can often provide a more personalized and attentive customer experience compared to larger corporations. Emphasize this in your marketing materials and strive to consistently deliver exceptional service to build a loyal customer base. By focusing on local roots, community involvement, and personalized service, small businesses like yours can effectively differentiate themselves from larger corporations and attract customers who value authenticity and local connections. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? 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) 541-1760, or, if you prefer,

How Business Owners Can Effectively Deal with Loud Quitting

December 1, 2023 No Comments

How Business Owners Can Effectively Deal with Loud Quitting In the extremely fast-paced world of small business, a unique and often frustrating trend has emerged that’s a disturbing sequel to Quiet Quitting known as “Loud Quitting.” This phenomenon refers to employees who depart from their positions in a manner that disrupts the workplace, creating tension and negatively impacting team morale. As a small business owner, dealing with loud quitting can be challenging, but it’s crucial to address the issue head-on to maintain a healthy work environment. Understanding Loud Quitting Loud quitting can manifest in various ways, from confrontational resignations and public outbursts to passive-aggressive behavior during the notice period. It often stems from dissatisfaction, stress, or a lack of communication within the workplace. Identifying the root causes is the first step in effectively dealing with this disruptive trend. The trend began to gain traction earlier this year and reached a peak during mid to late summer. Since then, it’s not particularly been as widespread but with the end of the year fast approaching and 2024 right around the corner, the lasting impressions of The Great Resignation could very well spark another robust round of bold employee departures. So, it’s best to be prepared rather than just hope it won’t happen again. The Impact on Business Loud quitting can have far-reaching consequences for a small business. It not only disrupts the daily workflow but also has the potential to harm the company’s reputation both internally and externally. A toxic work environment resulting from loud quitting can contribute to decreased employee morale, increased turnover, and difficulties in attracting new talent. Tips for Dealing with Loud Quitting Fortunately, there are ways companies of all sizes can prepare and deal with this behavior – either to prevent it from manifesting or to minimize its impact when it does occur. Here are some effective strategies for dealing with loud quitting you can use: 1. Foster Open Communication Encourage a culture of open communication within your workplace. Regularly check in with employees to understand their concerns and address any issues promptly. Providing channels for feedback can help employees feel heard and prevent dissatisfaction from escalating to the point of a loud departure. 2. Implement Exit Interviews Conducting exit interviews can provide valuable insights into the reasons behind an employee’s departure. This process allows departing employees to express their thoughts, helping you identify patterns or areas for improvement within the organization. 3. Set Clear Expectations Clearly communicate expectations regarding behavior, performance, and workplace conduct from the outset. Having a comprehensive employee handbook and conducting orientation sessions can ensure that all team members are on the same page, reducing the likelihood of disruptive exits. 4. Provide Adequate Support Ensure that employees feel supported in their roles. This includes offering professional development opportunities, recognizing achievements, and addressing concerns promptly. A well-supported team is less likely to resort to loud quitting as a means of expressing dissatisfaction. 5. Create a Positive Workplace Culture Foster a positive workplace culture that values teamwork, respect, and collaboration. Recognize and celebrate achievements, and promote a healthy work-life balance. Employees who feel valued and connected to the workplace are less likely to engage in disruptive behavior upon leaving. 6. Develop a Comprehensive Offboarding Process Implementing a thoughtful offboarding process can help manage the departure of employees more smoothly. Provide clear guidelines for the notice period, ensure a thorough handover of responsibilities, and maintain professionalism throughout the transition. 7. Address Issues Proactively If you notice signs of dissatisfaction or tension among employees, address these issues proactively. Ignoring or downplaying concerns can contribute to an environment where loud quitting becomes more prevalent. Summing All of It Up Dealing with loud quitting requires a proactive and strategic approach from business owners. By understanding the root causes, fostering open communication, and implementing supportive practices, you can curb this obnoxious trend and create a healthier, more positive work environment. Small business success hinges on the strength of its team and maintaining a cohesive and productive workplace. Remember, a happy and engaged team is more likely to contribute to the long-term success of your business. If you want to grow your company in 2024 but you are not sure what is required to make that growth happen? Attend our “Planning for Growth” half-day workshop where you will get amazing details specific to your business for what’s needed from your marketing, your sales team, your production team, and your financial performance to enter 2024 with confidence you can indeed grow as planned. You will have the clarity you’ve always wanted but didn’t know how to create. Contact us for dates and times. We GUARANTEE that you will leave this workshop knowing exactly what to do to grow, profit and cash flow your company like you always dreamed you could. Contact us by phone or email! By phone 602-435-5474 By email: SteveM@WatersBusinessConsulting.com Don’t wait! This is a great opportunity to propel your business into 2024!

Feel Overly Distracted? You’re Not Alone and Here’s Why

December 22, 2017 No Comments

You’re busy. No, you’re super busy. People might even say super-duper busy. As usual, there’s more to do than hours in the day. And, your schedule isn’t slowing down. You’ve got to do X before Y and then onto Z. But, you can’t seem to shake the notion you’re not actually get anything done. It’s not due to a lack of effort. However, it can easily be explained simply by distractions. Top Focus Problems People Suffer From Now, there are several things you can quit doing to be more successful. But, even the most self-disciplined individual isn’t immune from distractions. After all, distractions are everywhere you turn. No matter where you are or what you’re doing. And, it’s not just technology. Sure, smartphones, social media, and more are all culprits. What’s more, you’re not alone if you feel distracted. In fact, the average person’s mind wanders when doing a task between 15 and 20 percent of the time. That statistic, according to Canadian researcher Jonathan Schooler. We created the labor-saving devices that catalyzed the unplanned explosion within which we live today. But as enlightened managers everywhere are learning, we can learn to manage what we created. When we learn how to take back controls that we’ve given away, we can get better at managing our attention and not surrendering it to every distraction. —Fast Company Therefore, if a wandering mind is so prominent, what can be done about it? That’s a good question. And, the answer lies in identifying precisely the cause. You know you’re not a scobberlotcher, an idle person who just sits at a desk, twiddling your thumbs. But, you’re certainly not immune to distractions. Distractions break down focus. If you want to improve your productivity, you’ve got to key in on the cause. Here are the top focus problems people suffer from: Lack of sleep. We all know what it’s like to work through a drowsy day. It’s uncomfortable at the very least. So, don’t let sleep deprivation be an obstacle. Get into a routine that helps you to get a good night sleep. Unplug from technology about an hour before you go to bed. And, be sure to go to bed at a reasonable hour. No priorities. Okay, you have an end goal but along the way, there are many, many different tasks. Without prioritizing them, you’re creating a stressful, chaotic situation. And, it will typically result in a lack of focus precisely because there’s little to no prioritization. Give everything a priority and reap the rewards. Stress. Speaking of stress, when you try to multitask, you’re inviting undue stress. Think about it this way, if you’re trying to do more than one thing at a time, would that cause you to feel more stress? Sure it would. So, put your focus on one thing at a time. Lifestyle. Stress is just one factor; lifestyle is another legitimate cause. You can lose focus because you’re not eating a healthy diet. A balanced diet, regular exercise, and more all make focus easier. Plus, you’ll feel better when you have a healthy lifestyle. How do you maintain your focus? What methods do you use to keep on task? Have you found different ways to deal with distractions? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.