What to Do with an Unwanted Inherited Business

If you’re anything like the average person, your parents probably instilled in you the courtesy to apologize. Saying you’re sorry is one of the most important keystones of polite society. So, it should definitely not come as a surprise that very politeness eventually turns into second nature compulsion. In fact, people use the phrase way too often and don’t really think about its effects. Now, in purely interpersonal situations, this is probably quite benign. But, when you’re running a business, this habit could cause a lot of unnecessary trouble. Apologizing isn’t Always Positive Of course, there have been academic studies confirming that apologizing too much tends to have adverse outcomes. It not only shows a willingness to capitulate, but it also underscores an underlying weakness. Furthermore, the same studies reveal that it can cause anger or resentment in others – two emotions you definitely want to avoid, if at all possible. After you hurt someone’s feelings or do something wrong, it turns out that saying sorry might not be the best solution. In fact, an apology might just add fuel to the fire, a recent study by researchers from Dartmouth College and the University of Texas has found. —Entrepreneur.com Apologizing too much doesn’t always result in dire circumstances. But, it may also easily create the impression that you’ll simply go along to get along no matter what. In other words, give the impression your preference is to avoid any and all confrontation, because it is too uncomfortable for you to handle. Obviously, none of these things are good for an entrepreneur, but this doesn’t mean you have to be stubborn, obtuse, or even mean. 3 Alternatives to Saying your Sorry When you apologize, you’re not only relating your own disposition, you’re sending signals to the other person or group of people. Fortunately, there are at least three handy phrases you can use in place of saying you’re sorry or apologizing outright: “I appreciate your patience.” Whether you’re late for an appointment or something is taking longer than it should have, save the apology and use this phrase instead. It has the same effect that you’re looking for but doesn’t put the blame solely on you and compliments the other person. “Thank you for working with me.” This is a great alternative when things aren’t going according to plan. In a sense, you’re still apologizing, but you are not doing so directly, and again you are giving the other person a nice compliment. “Here’s a slightly different perspective.” Rather than blurting out an apology for something you haven’t said yet, use this expression to bolster your credibility and get people to actually listen to what you have to say. This is a terrific way to join in on a conversation or to bring your point of view up. What other suggestions do you have for apology alternatives? Please, take a few moments 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.

Personality Hires Spark a Big Social Media Debate: Here’s What Small Businesses Need to Know Personality hires have recently become a popular topic on social media. While there are numerous reasons, perhaps the biggest is the concept resonates with many people, particularly younger generations like Gen Z, who often feel that they bring value to the workplace through their interpersonal skills and positive energy, even if they may not have extensive technical skills or experience. This launched a trend where individuals celebrate being “personality hires,” often in a humorous or self-deprecating manner, sharing their experiences and insights on platforms like TikTok and Twitter. Also, the rise of remote work and changing workplace dynamics have made the concept of personality hires more relevant. As companies focus on building strong team cultures and maintaining employee engagement, the value of employees who can foster positive relationships and boost morale has become more apparent. This has sparked discussions about the importance of hiring for cultural fit and soft skills, in addition to technical abilities. What to Know about Personality Hires As stated above, personality hires refer to the practice of hiring employees based on their personal traits, interpersonal skills, and cultural fit, rather than solely on their technical skills or experience. This approach emphasizes the importance of an individual’s personality in the workplace, as it can significantly impact team dynamics, collaboration, and overall company culture. Pros of Personality Hires This isn’t a completely new concept. But since it’s a decidedly different approach than traditional thinking, it can be difficult to see the benefits. So, let’s take a look at some of the advantages these job candidates can bring to the table and why they could be a good fit for an organization: Enhanced team cohesion. Employees with compatible personalities often work better together, reducing conflicts and improving team dynamics. A personality hire can help foster a positive and collaborative work environment. Improved relationships and communication. Personality hires are typically good communicators and can help improve relationships among team members and between employees and management. This can lead to better collaboration and problem-solving. Adaptability and learning potential. Candidates hired for their personality traits, such as openness, adaptability, and eagerness to learn, may be more effective in growing into their roles and taking on new challenges compared to those selected solely for their current skill set. Reinforcement of cultural norms and values. Hiring for personality allows organizations to reinforce the cultural norms and values that make them unique, fostering a workplace where employees are aligned with the company’s core beliefs and behaviors. Additionally, personality hires offer the potential for a new way of approaching an industry. These individuals may perceive things differently and be able to take a novel viewpoint no one else has thought of before. Cons of Personality Hires Now, as you well know, there are downsides to any proposition. Sure, this could bring a small business plenty of great experiences but it’s important to be aware of potential problems that could come from personality hires, like the following: Risk of skill gaps. Focusing too much on personality might lead to overlooking essential skills or technical deficiencies, potentially resulting in performance issues if the hire cannot meet the technical demands of the role. Overemphasis on likeability. There’s a risk that highly likable candidates may be favored over more qualified ones, which can impact the overall productivity and effectiveness of the team. Potential for bias. Personality-based hiring can introduce bias into the hiring process, as it relies heavily on subjective judgments about an individual’s character and fit within the organization. Conflict among team members. Personality hires can sometimes create tension or conflict within the team, especially if their personality traits clash with those of other team members. Small businesses should carefully consider the pros and cons of personality hires when making hiring decisions. While personality hires can bring considerable benefits to a workplace, including improved team harmony and cultural alignment, it is crucial to maintain a balanced approach. By carefully blending personality assessments with skill evaluations during the recruitment process, organizations can ensure they not only hire employees who fit into the workplace culture but who are also well-equipped to contribute to the company’s success. Ultimately, small businesses should prioritize hiring individuals who possess a combination of strong technical skills and a compatible personality that aligns with the company’s values and culture. 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,

Any experienced financial advisor will tell his or her clients to buy when the market experiences a downturn. “Everything is on sale,” is the old adage, and for good reason. If an investor rides the roller coaster, he or she will make up any “paper losses” only to add real gains later on. Business owners know this but are often too afraid to take the risk. Then, later regret not seizing the opportunity. Why Economic Downturns Create Opportunity Most economic downturns hurt a variety of industries. By the same token, that creates opportunities for those unaffected, and even those who are. Here’s an example. A construction business will probably suffer during an economic downturn as more people will attempt to go the DIY route. But, once the homeowner gets in over his or her head, they’ll need a professional. Entrepreneurs are often reluctant to spend money to make acquisitions, expand capacity or open new markets during an economic downturn. However, downturns can be an ideal time to invest in your business. Every recession creates opportunities for innovative entrepreneurs. And inaction doesn’t mean safety in uncertain times. Rather than simply hope things will get better, you should act to improve your operations and position yourself for growth when the economy recovers. —Business Development Bank of Canada The contractor who continues to aggressively market their services will likely be the one to benefit. Because their competition will likely cut back on advertising and maybe even layoff crew, the construction firm that remains publicly out front will reap the rewards of strategic marketing. Meanwhile, those who pulled back will only continue to shrink. 3 Reasons Now is the Time to Expand Your Business Even though just about everyone knows that a bear market presents opportunity, a good percentage will err on the side of caution, rather than taking a risk. So, it’s important to know the rewards that favor those who seize the opportunity. Here are three reasons now the time to expand your business: Commercial real estate is slow. Because of the nature of this economic downturn, commercial real estate is in a slump. That means you can use the circumstances to your advantage and negotiate a favorable deal. With a little bit of swagger and confidence, and a keen eye on opportunity, it’s possible to negotiate aggressively and score a real win. Remote work costs less than on-site. It’s no secret that remote workers cost substantially less than on-site employees. This is a great way to expand your workforce while getting a substantial discount and expand your business as a result. This also allows you to streamline your processes to get more productivity without paying more for it. There’s a larger pool of talent available. When the economy slides, many talented individuals become unemployed. That means, if you’re discerning enough, you can put their advanced skill sets to work for your business. What’s more, motivated and successful individuals will most likely come to you, while lackluster individuals and people who aren’t ambitious won’t. What other suggestions do you have for expanding a business? Please share your thoughts and experiences by commenting and giving others some ideas! Interested in learning more about business? Then just visit Waters Business Consulting Group.