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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If You’re Too Nice, You’ll Hurt Your Business, Here’s Why

August 30, 2018 No Comments

Just be nice. You’ve heard it from your mother. You heard it in kindergarten (and through school). It’s on tee-shirts and bumper stickers. And, it’s good advice, for the most part. But, it’s a recipe for disaster when it’s always your default disposition. Sure, you should be nice to people as it’s the polite thing to do. But, being too nice will cause all kinds of unintentional issues. Read on to see why. How Assertiveness can Hurt You On the flip side, being too assertive can also be quite harmful. Don’t get the wrong impression. You do need to be assertive, just at the right “temperature.” If you are too assertive, you’ll come across as overbearing. And, downright mean, in some situations. People also might think you too coarse and possibly aloof or antipathetic. Leaders are placed under a tremendous amount of pressure to be relatable, human and … nice. Many yield to this instinct, because it feels much easier to be liked. Few people want to be the bad guy. But leaders are also expected to make the tough decisions that serve the company or the team’s best interests. Being too nice can be lazy, inefficient, irresponsible, and harmful to individuals and the organization. —Havard Business Review Assertiveness can also be taken as overly self-serving. Basically, it’s an attitude that can easily come across the wrong way in more ways than one. Although, assertiveness does have a purpose and when it’s used strategically, it’s highly effective. That’s because striking a balance gives you the best of both worlds and a positive perspective. Which ultimately helps you to see things more clearly and make better decisions. Top Ways being Too Nice is Harmful Conversely, being too nice, is at best, problematic. It creates illusions that simply can’t be sustained. In essence, it’s a false impression, even if you’re being genuine. How? Well, here’s how being too nice is harmful in business: You project weakness. When you’re overly nice, you’re perceived as a pushover. It’s that simple. People who have this impression will try to take advantage, when and where they can. And, that sets-up a bad scenario. You attract the wrong people. Another problem with being too nice is that it does attract the wrong sort of people. Some others will take this as a green light to burden you with their own problems. Which means, you’re inviting unnecessary stress and drama into your life. People might feel distrustful. Niceness can bring out negative feelings in others you interact with. For instance, someone could sense you’re actually concealing your true feelings and merely putting up a front. So, they manifest a sense of distrustfulness. You bias your own expectations. When you’re constantly nice, you might make others feel better. But, you’re also inadvertently warping your own expectations, thinking everyone else should treat you the same. How do you balance being courteous and polite with also being assertive? What other advice would you offer? Please share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Employee Collaboration is Facing Real Challenges, but Your Business Doesn’t have to Suffer

December 13, 2022 No Comments

A recent Harvard Business Review study found that nearly forty percent (39%) of employees report their coworkers don’t collaborate enough. There are several reasons for this, but whatever the causes, it’s very important to address this issue when it arises in order to get the most out of any team. If poor collaboration continues to persist, it will do real damage to a company – no matter how big or small. So, it’s critical to take action right away. Otherwise, it could very well unleash deleterious effects that just may be irreversible. The Consequences of Poor Employee Collaboration When employees are not collaborating effectively, it can lead to duplication of efforts, miscommunications, and confusion. This can result in employees spending more time trying to figure out what their coworkers are doing, rather than focusing on their own tasks. As a result, overall productivity can suffer. Employees who are not able to work well with others may become frustrated, leading to lower morale among the team. This can also create a toxic work environment, leading to high levels of absenteeism and turnover. It goes without saying that when your employees work together, they’ll be more effective. Not only can people accomplish more as a group, a collaborative atmosphere could motivate employees to do more. But if you feel like employees aren’t cooperating as well as they should, there could be a hidden problem brewing under the surface. —American Express Effective collaboration is crucial for innovation. When employees are not able to work well together, it can stifle creativity and prevent the development of new ideas. This can make it difficult for businesses to stay competitive in a rapidly changing marketplace. Poor collaboration can lead to mistakes, delays, and other issues that can impact the quality of the product or service that a business provides. This can lead to dissatisfaction among customers, who may take their business elsewhere. How to Encourage Better Workplace Collaboration among Employees Collaboration is crucial for success in today’s business world. When employees are able to work well together, it can lead to higher productivity, improved morale, and greater innovation. However, fostering collaboration among employees is not always easy. Here are a few tips for encouraging better workplace collaboration: Provide the right tools. In order for employees to collaborate effectively, they need the right tools. This may include project management software, group messaging platforms, and online collaboration tools. By providing the right tools, you can make it easier for employees to communicate and share ideas. Encourage open communication. Open communication is key for effective collaboration. Encourage employees to speak up and share their ideas, even if they are not sure if they are “right”. By creating an environment where it is okay to ask questions and share ideas, you can foster collaboration. Create a collaborative culture. Collaboration should be a core value of your business. Make sure that this value is reflected in your company culture, and encourage employees to work together to achieve common goals. Provide training and support. Collaboration is a skill that can be learned and developed. Consider providing training and support to help employees improve their collaboration skills. This may include workshops, mentoring programs, and other resources. Recognize and reward collaboration. Finally, don’t forget to recognize and reward collaboration. When employees work together to achieve a common goal, make sure to recognize their efforts. This can be as simple as a shout-out in a team meeting, or something more formal like a team-building event or award. By following these tips, you can encourage better workplace collaboration among your employees. This will help to improve productivity, morale, and innovation at your business. What else can businesses do to foster and improve employee collaboration? Please take a few minutes to share your own thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

May 22, 2022 No Comments

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example. Why Businesses should Never Mislead the Public or Consumers As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy. One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.