Key Reasons Businesses Experience High Employee Turnover

Running a small business is a thrilling journey – taking it to the next level can be daunting

Entrepreneurship myths are everywhere. They populate the minds of anyone who dreams of striking out on their own. Heck, even successful entrepreneurs believe some of them. (At least at some point in their journey.) The reason entrepreneurial myths are so widely believed is because they involve risk. And, everyone is risk-averse (to one degree or another). Therefore, these misconceptions live on and keep good people from following their passions. But, you don’t have to believe them. Two Common Entrepreneurship Myths Let’s start with two common entrepreneurship myths; then, we’ll get on to the big three. First is the old nagging feeling that money is the single biggest obstacle. Nonsense. You can start a business in about 10 minutes using social media and a little imagination. Now, you’ve got to know how to use social media to effectively promote your business. But, the point is, you can find a ton of free and really cheap ways to get things going in a short amount of time. As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so. —Entrepreneur.com Another common entrepreneurial myth is that making more money is the best motivation. This simply isn’t true. And, it’s actually somewhat dangerous. If you’re only motivated by money, your heart and mind are in the wrong place. Of course, there’s nothing wrong with earning a better living but it’s foundation can’t be greed. 3 Biggest Entrepreneurship Myths The fact of the matter is money isn’t an obstacle and it’s a bad motivator. But, this isn’t the only challenge people let get in their way of realizing their dreams. Now, let’s get into the three biggest entrepreneurship myths people believe: The more customers, the better. At the bottom of the top three is the notion that more customers means more success. Which in turn means, the better. Two words about that: Not. True. Quality will always trump quality. What’s more, it’s a risky situation — especially early on. You’ll spread yourself too thin and that will only hurt you in the long run. Focus on the ones who make it a pleasure and let go of those who waste your time or have unrealistic expectations. You need an inherent entrepreneur trait. Some people actually subscribe to the notion there are “born entrepreneurs.” Of course, there are individuals who have a knack for it but that doesn’t mean everyone else is shut out. It just takes work, self-confidence, and most of all, persistence. Those who go forward and don’t give up have a much higher success rate than those who don’t. It just takes one great idea to make it work. Now, we’re at the biggest of all entrepreneurial myths. And, that’s believing you only need one great idea. While this is a key element, it won’t work as a magic bullet. Lots of people have great ideas. The trick is to define it and market it effectively by testing the market and remaining persistent with discipline and consistency when things get difficult. What other entrepreneur myths do you think people believe? What suggestions do you have to get past them? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

While hurricanes Harvey and Irma are gone, Hurricane Maria poses a possible threat. And, that’s a warning because in the aftermath of Hurricane Sandy, there were over 1 million insurance claims processed. The fact of the matter is, there are still businesses in Texas and Florida which are dealing with the devastation left by Hurricane Harvey and Hurricane Irma. Although time has passed, simple supplies remain scarce. This isn’t to unnecessarily frighten you, only to serve as a stark reminder natural disasters are so disastrous to businesses of all kinds. Why Natural Disasters are So Disastrous to Businesses Dealing with a business emergency doesn’t have to be an exercise done on the fly. In fact, it shouldn’t be approached without an effective plan. However, too many businesses simply are not prepared. Statistics show that 94 percent of all small businesses in the U.S. do backup their critical financial information. But, only 4 in 10 backup off-site. From natural disasters like Hurricane Sandy to common theft and hardware malfunctions, small businesses are particularly vulnerable in times of crisis. “Disasters can wipe out a small business in seconds,” said the U.S. Small Business Administration (SBA). Yet small businesses are often the most unprepared for emergencies. —Forbes This one figure is a peek into why so many businesses fail in the wake of natural disasters. Nearly 40 percent of all small businesses never reopen following a natural disaster, according to the Federal Emergency Management Agency or FEMA. That’s not an insignificant figure to ignore. And, it clearly shows businesses are quite susceptible to natural disasters. How to Protect Your Business from Natural Disasters You shouldn’t have to endure more stress and worry than necessary. Your company can make it through a fire, earthquake, tornado, or hurricane. All you need is a plan and to be proactive. This way, you’re fully prepared and know precisely what to do. Here’s a few helpful suggestions for how to protect your business from natural disasters: Back up company records in the cloud. Not only should you routinely backup your company records, including your financials, on-site, but off-site, as well. There are many platforms out there and these provide an invaluable service. Focus on those which cater to business information as those will offer the best fit. Establish clear policies for employee, vendors, and customers. To keep your working relationships in good standing, you’ll need an actionable plan for team members, vendors, and customers. After all, if there’s going to be a delay in paying employees or delivering to your customers, you need a way to deal with such situations. Create a workable continuity plan to follow in the aftermath. Your continuity plan should identify key and essential operations. Basically, what your business can’t do without. You might need to cross-train employees. But, your goal is to put a workable continuity plan into place. Run drills from time to time and strive to make improvements. Even the best plan is useless if it’s never practiced. So, run drills periodically to keep everyone in practice. This will help ensure things run smoothly if the time comes. What’s your business’ plan for a natural disaster? How are you preparing your company to avoid losses? Are there any other precautions you would suggest taking? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]