I can’t Afford to give My Employees Christmas Bonuses this Year, What can I Do Instead?

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved. Final Endings can be Just as Healthy as New Beginnings Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning. Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over. How to Effectively End Bad Business Relationships Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how: Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one. Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out. Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings. Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible. Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on. What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Summer interns can bring fresh energy to your team, but what happens when they fall short of expectations?

“Retail Apocalypse: Why JC Penney Will Survive; Sears Holdings Won’t,” exclaims a Motley Fool headline. ” J.C. Penney May Have No Other Choice but to Aggressively Close,” a headline in TheStreet.com predicts. “With Macy’s, Sears, Kohl’s Sliding, Can Mom and Pops Survive?” an NBC News headline asks. So, what’s really going on and why are these legacy retailers in such trouble? You can read for hours and come to different conclusions. But the underlying question is: can your retail store dreams still come true? The answer is: Yes. How to Start a Successful Retail Business The hyperbole of a “retail apocalypse” is a practice in the old journalism cliché, “If it bleeds, it leads.” Shocking headlines do get attention and these might even make you think there’s no point in starting a retail business. But, this simply isn’t the case. The problem these icons face began many, many years ago. And, with a bit of can-do attitude, you can start your own retail business. (Even if you have bad credit, you can be a retail entrepreneur.) ‘Main Street’ has now become a generic term synonymous with U.S. small business in general. But for many entrepreneurs, the prospect of joining Main Street in its more literal meaning – i.e. the primary retail street of a village or town – still holds an enormous amount of appeal as a business venture. Given the right amount of market research, business planning, and financial support, starting a retail business (and joining the more than 24 million people who earn a living this way) can offer many rewards to the right kind of entrepreneur. — U.S. Small Business Administration The trick is not to fall into a front-loaded trap. That means, taking on a lot of new debt to get it up and running. Incremental growth works every time because it greatly reduces risk. It also allows you to seriously cut down on the inevitable learning curve. Plus, starting small gives you a prime opportunity to identify trends. All of these are a huge help. You’ll come across different ways to grow and to save money in your venture, such as small business tax savings, and plenty more. You can build a thriving retail company, even if you’re the only employee. Here are some helpful tips for how to start a successful retail business: Find a solid niche. Think about the success of Etsy, Pinterest, Shopify, and other platforms. All of these have a common denominator — niche products and services. Whatever your passion is, chances are excellent you can turn a fun-loving hobby into a profitable business. Start by searching for like products or services and take note of their marketing techniques. Test the online market. When you have a solid idea of what others are doing, it’s time to step into the business yourself. The good news is, you don’t have to open an actual store in a shopping mall or in a retail strip. You can begin selling online in your spare time. Be sure to spread the word through social media. And, check out local events to test the market in your own area. Grow its sales incrementally. The one problem you really need to avoid is to allow it to grow past your ability to meet demand. That means managing expectations right from the beginning. Ask yourself how much you can handle on your own. In other words, ask yourself, “How many of these can I produce in a given timeframe?” Then, extrapolate from there to learn how to handle more and more orders. Go find your Customer. In most retail businesses, their marketing model is to wait for customers to find them and their products. Instead, identify your target customer and go to them in the beginning so that you can get early traction and sales. Be more reliant on your ability to generate sales rather than dependent on waiting for sales. Consider opening a brick-and-mortar. At some point, you might seriously consider opening a brick-and-mortar location. But this is where you need to be most cautious. Plenty of retail businesses who do well without a brick-and-mortar location open a shop only to be overwhelmed by the new operating costs. However, this doesn’t mean it isn’t an option, just be realistic about the projected revenue and expenses. Have you established a successful retail business? What tips and tricks do you use for you retail company? Please share your own thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]