Business Education

3 Effective Ways to Beat Zoom Fatigue

Family businesses generally operate a bit differently than traditional companies. While many aspects are the same or similar, odd situations occur more often in family businesses. And, that’s due to the fact it’s family and not “strangers” that are part of the day-to-day operations. So, common things in regular business arrangements might be quite different than in a family business. For example, employee compensation. Some family businesses neglect to give their employees pay raises because they are members of the family. In other words, it’s not a common practice, because the business is run by a family, instead of unrelated individuals. Of course, the phenomenon of unconventionality is something that can easily be part of a family business, simply because all the individuals involved are related and feel an obligation and duty to the company.

Family Business Fringe Benefits are Fine, but Not Compensation Replacements

Some family businesses provide their employee relatives with certain fringe benefits. These might be things like extra flexibility with schedules. Or, extra time off for vacations with pay. It could even be things like a company credit card and/or a company vehicle.

The job of operating a family-owned company is often grievously complicated by friction arising from rivalries involving a father and his son, brothers, or other family members who hold positions in the business, or at least derive income from it. Unless the principals face up to their feelings of hostility, the business will suffer and may even die. —Harvard Business Review

While such perks are nice, they do not take the place of compensation. But, it isn’t at all uncommon for the family business head to see such fringe benefits as a replacement for compensation. Since their relative employees enjoy perks, they view this as some type of offset to a raise and reasonable pay. This can create very awkward and sometimes even toxic situations to arise. Moreover, if non-relatives are working in the company, who do receive bumps in pay periodically, this can lead to outright resentment.

How to Talk about Pay Raises in a Family Business

Needless to say, it is a very frustrating and even unfair position to be put into by the very business you so loyally serve. Worse still, is that the longer you let it go on, the more normalized it becomes. And that is definitely something you don’t want to happen. Here is some effective advice for approaching the subject about a raise in pay from your family business:

Determine your actual value. This applies to every employee, and not just individuals working for family businesses. You need to know for certain what your worth is, based on real-world comparisons. Unfortunately, too many employees overestimate their value and therefore, ask too much from their employer. So, be sure to do your research in order to determine your actual value in the workplace, base on your skill sets, experience, position, and responsibilities.
Understand the company’s financial position. Before you bring the subject up, be certain that you know the financial circumstances of the business at large. Don’t assume anything, particularly if you’re not regularly involved in the company’s finances. Guessing and vague ideas will only lead to trouble in one form or another. If you do not have a firm understanding of the business’s financial situation, it might make the entire exercise moot. Or, it could also cause you to become envious and greedy.
Be calm, reasonable, polite, but firm. There’s no question that being in such a set of unfair circumstances will cause you to have any number of negative feelings. Remember these are counterproductive to your end goal. You will get much further by being respectful but firm and by engaging in a good-faith negotiation, rather than starting a family feud. If you let your negative emotions get the best of you, it will only lead to a bad outcome in the short term, and perhaps even ruin your relationship over the long term.

What other suggestions do you have for such a peculiar and awkward 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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The ‘Ghost Money’ Formula: How Small Businesses Can Hand Out Meaningful Annual Bonuses Without Draining the Bank

November 26, 2025 No Comments

Small businesses and bonuses aren’t synonymous. Such “lavish” gifts are associated with big companies and organizations with tons of employees, bringing in oversized profits. But there’s no denying the benefits of bonuses: increased motivation and productivity, improved morale and retention, and better alignment with company goals. However, small businesses often operate on small margins or moderate profits, making every expense count. So, how can a small company reap the benefits of giving employees bonuses when money is tight?

How Entrepreneurs can Improve their Mental – and therefore Physical – Health

January 18, 2023 No Comments

Andrew Carnegie. JP Morgan. John D. Rockefeller. Once, these men were titans of industry and the most successful among American entrepreneurs. This, at a time when technology was extremely limited by today’s standards. Communications were not nearly as instantaneous, and the advantage of a democratized autodidact education couldn’t have come from the internet. Now, it’s an entirely different world – except in some remarkable respects. Business owners are still subjected to a lot, particularly stress. And this means these individuals will suffer both mentally and physically. Common Causes of Mental and Physical Stress and Poor Health Being an entrepreneur comes with many challenges. Business owners often have to deal with a high level of uncertainty and unpredictability in their ventures. This can create feelings of a lack of control and lead to stress and anxiety. Plus, having to work long hours to keep their business running, can lead to fatigue, burnout, and poor physical health. It’s no secret that entrepreneurship in the startup field comes with a lot of uncertainty and stress. Researchers from Harvard Business Review interviewed 65 entrepreneurs and found that stress and fear had both motivating and inhibiting consequences. For example, fears related to financial stress actually encouraged greater persistence, while fears of failure related to aptitude had an inhibiting result. —Forbes Running a business can be financially stressful, especially during the start-up phase. Money worries can cause anxiety, depression, and affect overall well-being. What’s more, entrepreneurs may neglect their physical and mental health due to the demands of their business. This can include poor eating habits, lack of exercise, and lack of sleep. How Entrepreneurs can Improve their Mental and Physical Health Entrepreneurship can be a very difficult endeavor. While the rewards of building a successful business can be significant, the pressure to perform and the constant uncertainty of the future can take a toll on one’s mental and physical health. However, there are several effective ways that entrepreneurs can improve their mental and physical well-being. Prioritize self-care. Entrepreneurs often have a lot on their plate and may neglect taking care of themselves. It is essential to set aside time each day for self-care activities such as exercise, meditation, and relaxation. These activities not only improve physical health but also help clear the mind and reduce stress. Practice mindfulness. Mindfulness is the practice of being present in the moment and not dwelling on the past or worrying about the future. Entrepreneurs can practice mindfulness by setting aside time each day for meditation or other mindfulness practices such as yoga or tai chi. Get enough sleep. Lack of sleep can have a significant impact on one’s mental and physical health. Entrepreneurs should aim to get at least 7-8 hours of sleep each night and establish a consistent sleep schedule. Eat a healthy diet. A healthy diet can help improve energy levels, reduce stress, and improve overall physical and mental health. Entrepreneurs should aim to eat a balanced diet that includes plenty of fruits and vegetables, lean protein, and whole grains. Connect with others. Entrepreneurship can be a lonely endeavor, and it is essential to maintain social connections with friends and family. Entrepreneurs should make an effort to connect with others through activities such as networking events, social clubs, or volunteer work. Seek help if needed. Entrepreneurs should not be afraid to seek help if they are struggling with mental health issues such as depression or anxiety. Help is available through counseling, therapy, or support groups. As you can plainly see, entrepreneurs can improve their mental and physical health by prioritizing self-care, practicing mindfulness, getting enough sleep, eating a healthy diet, connecting with others, and seeking help when needed. Remember that taking care of yourself is crucial for your business’s success. What do you think? Do you have any other suggestions that others can benefit from? Please take a moment to share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Small Business Owners can Prepare for a Recession and Beat Out their Competition during Economic Downturns

April 7, 2023 No Comments

In an economic downturn, small businesses are often hit the hardest. It’s a challenging time for everyone, but for small business owners, it can mean the difference between survival and closure. Preparing for a recession is key to making sure your business stays afloat, and outperforming your competition can give you an edge that keeps you ahead even after the economy has recovered. How Small Businesses can Prepare for a Recession One of the most important things that small business owners can do to prepare for a recession is to build up a strong financial foundation. This means having a healthy cash flow, low debt, and a solid reserve of savings. Having a strong financial foundation will give you the flexibility to weather the storm of a recession and to continue operating your business even if sales decline. Cutting costs is also one of the most important things small business owners can do to prepare for a recession. Review your expenses carefully and look for areas where you can save money without sacrificing quality or service. As a small business owner, the idea of a recession can be scary. Many businesses have not been through a recession. It’s much easier to make money when things are good in the economy than it is when times are tough, but that doesn’t mean a small business can’t survive and even thrive during a recession. —Entrepreneur.com Another important step that small business owners can take to prepare for a recession is to diversify their business. This means offering a variety of products or services, targeting a variety of markets, and having a presence in multiple locations. By diversifying your business, you can reduce your reliance on any one market or customer segment. This will make your business more resilient to the ups and downs of the economy. How Small Businesses can Outperform their Competition during an Economic Downturn Now, it’s not enough to be prepared for tough economic times – you must also be equipped to perform to your best and even beat your competition by making key moves at strategic times. Here are some ways to do just that: Diversify your offerings. Again, one of the best ways to prepare for a recession is to diversify your offerings. If your business relies heavily on one product or service, it’s time to start exploring other areas you could branch out into. This could mean offering new products or services that are more recession-resistant, such as essential items or affordable luxuries. For example, a restaurant might start offering takeout or delivery services in addition to their dine-in options. A clothing store might start selling more affordable items to appeal to customers who are tightening their belts. Focus on customer service. During tough times, customers are more likely to stick with businesses they trust and have had good experiences with. By focusing on customer service, you can build relationships with your customers that will last beyond the recession. Make sure your staff is well-trained and equipped to handle customer inquiries and complaints. Offer personalized recommendations and rewards for loyal customers. Consider implementing a loyalty program to encourage repeat business. Improve your online presence. With more people staying home and shopping online, having a strong online presence is more important than ever. Make sure your website is up-to-date and easy to use, and consider investing in online advertising or social media campaigns to reach new customers. Offering online sales or delivery services can also help you reach customers who might not be able to visit your store in person. Make sure your online ordering and payment systems are easy to use and secure. Stay agile and adaptable. Finally, one of the most important things small business owners can do to outperform their competition during a recession is to stay agile and adaptable. Keep an eye on market trends and be willing to adjust your strategies as needed to stay ahead of the curve. For example, you might adjust your prices or promotions to appeal to customers who are looking for more affordable options. You might also explore new revenue streams, such as selling merchandise or offering online courses or consultations. What other kinds of advice would you give new business owners and entrepreneurs about how to prepare for an economic downturn and even thrive in such conditions? 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 to learn more about us and the services we offer.