Business Education

Upskill Your Employees Now to Propel Your Business into the Future

Upskilling employees is one of the smartest strategies business owners can use. It not only helps to get more out of team members, but it also does a lot for longevity, because upskilled individuals will feel a sense of real purpose. Plus, it also helps to reduce future turnover since those people will benefit from the process in key ways. They will not only receive more financial incentives but will be given greater responsibility within the company and this combination will result in their continued commitment as important assets.

How Upskilling Works

Upskilling is the process of giving individual team members more tools and experience in their core roles. It can erase skill gaps, as well as teach them new things that complement their current positions. Upskilled employees can also more seamlessly transition from one role to another, either laterally or up the ladder. It also helps to bolster individual confidence and as a result, improves overall morale.

Companies looking to retain their workers amid the Great Resignation, however, need to move beyond this short-term approach. Upskilling is a longer-term investment in augmenting the knowledge, skills, and competencies that help employees advance their careers. When employees are offered and encouraged to take advantage of upskilling opportunities for their personal or professional growth, people metrics, such as employee engagement and retention, also go up. —Harvard Business Review

In short, upskilling employees gives them more value to the company and simultaneously helps to reduce or eliminate redundancy and/or gaps. Basically, it’s a win-win scenario for team members and the company alike. The ultimate result is a positive company culture and that alone is worthwhile in its own right since it essentially eliminates many common yet pesky problems.

Biggest Employee Upskilling Benefits

Employee upskilling is an important benefit for businesses of all sizes. By offering training and development opportunities, you can help your employees stay current with the latest trends and technologies, improve their skills, and increase their knowledge base. Not only does this make your team more productive and efficient, but it can also lead to better ideas and innovation. So if you’re looking for ways to improve your business, consider investing in employee upskilling. It’s a move that will benefit both you and your team members. Every business faces challenges and companies that are proactive deal with them the best. Rather than wait for problems to pop up, being prepared does a lot to either avoid issues or mitigate their impact. Companies that take the time to upscale their employees enjoy the following benefits:

Increased productivity. Upskilled employees can contribute more. Plus, they are generally able to produce greater amounts in less time because they have enhanced competency. Since they are more versatile, they add substantially more value, especially as time goes on and they become more confident.
Fewer disruptions. When you have upskilled team members on your staff, disruptions will be less shocking to the system, particularly in the short term. So, if someone leaves, that gap is almost seamlessly filled and you don’t have to scramble to find a replacement.
Improves soft skills. Several surveys have found that upskilled employees are more well-rounded individuals when it comes to their professional soft skills. They generally demonstrate better communication, are better team players, have an improved work ethic, and are usually more flexible, as well.

What other advantages does a small business get from upskilling? Please 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.

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How to Run a Work-from-Home Business

May 24, 2017 No Comments

The Internet, and more particularly, the world wide web, is revolutionizing so many things in our lives and the workplace is no different. More companies are using telecommuters to work for them, and, they are reaping the benefits of less overhead. In addition, the web makes starting a business quite simple. The biggest problem for a part-time or full-time entrepreneur is being able to effectively manage their time. Those work-from-home commercials and websites leave out many aspects of having a home-based business. While they tout the freedom and no need to endure frustrating daily commutes, they do leave some things out. The devil is in the details and it’s those things you might not think about that can cause you to fail. How to Run a Work-from-Home Business Running a work-from-home business not only takes a lot of entrepreneurial spirit, a vision, and an executable plan, it also requires a heavy amount of self discipline. When you stop to think about it, you’ll realize that having a home-based business means you won’t leave either work or home for the majority of the week. Another phenomenon (read: unrealistic expectation) that you’ll probably face from your spouse is about household chores. When you work outside the home, you don’t take any household appliances with you. The washer and dryer stay in the laundry room and the dishwasher remains right beside the kitchen sink. Ninety-seven percent of entrepreneurs love or like working from home, according to Money Tips.com’s recent survey of 160 successful Americans who run their businesses from home. Most enjoy it so much that 54 percent of them would turn down an offer of free office space just one mile from home. —Inc.com In addition to these, the lawn mower, vacuum, and all those household cleaning supplies won’t mysteriously jump into your vehicle. However, your significant other won’t necessarily grasp this concept, and, will wonder why there’s laundry to fold or dishes to take out of the dishwasher. Any one that runs a home-based business knows that chores are time consuming and just because the office is in the house, doesn’t mean all the chores will get done. In addition to this, you’ll be literally surrounded with distractions. It could be guitars, a game console, television, crafts, social media, or any other hobby or pastime that beckons day after day. If you want to run a successful work-from-home business, you’ll need to do the following daily: Create a schedule and stick to it. There’s a reason you have scheduled work hours when your job takes you out of the home and to a workplace. Do the same for your home-based business: create a schedule and don’t deviate from it. Let your clients or customers know your hours of operation and be available when needed. Get dressed for work. One of the perceived advantages people have about working out of the home is being able to dress down. While you can certainly work in your pajamas or just a tee-shirt and shorts, it does have a strong impact on your psyche, and, it’s not a good one because it promotes procrastination. Dress business casual and you’ll actually feel like it’s a work environment. Take breaks during the day. You do this at any workplace, but, when you start a home-based business, you’ll probably experience an urge to stay put in your office or work space to get things done. You need breaks during the day, so, put these into your schedule. It could be a short walk around the block, or even doing a chore, but these should be regular. Give yourself time off. Because your work and home environment are one-in-the-same, you’ll face the temptation to get this or that done when family is home. Don’t shortchange your family and you’ll find yourself to be a lot happier when there’s a good balance. Get out at least once per week. Don’t make the mistake of chaining yourself to your desk. You can go out to lunch and meet a friend or your spouse, but, be sure to do this at least once per week to keep your professional mannerisms sharp. Another tip you ought to take is to stay focused on your business. Because you might not regularly interact personally with others, your mind will tend to wander and you might get some new ideas to pursue. While it’s wonderful to be creative, you won’t be able to go off in different directions at once — keep your focus or you’ll increase your chances of failing. I just had this conversation yesterday with a Chief Marketing Officer who works virtually, and he enjoys the flexibility. We met at The Henry on Camelback in Phoenix. Personally, I prefer to get dressed, and head to my office with focus on my schedule and priorities. Call me traditional, but my work ethic has been embedded into my habits for over 35 years and it works for me. Now, I also find myself logging in when I get back to my home office. So, one of my incentives is to remain focused and productive at my office during the work week so that my evenings and weekends are free at home. It does take discipline, but this allows me time with my family and to enjoy a balanced life outside of my work. What I do like about working from home, is the flexibility it provides me and my family as well as the flexibility in the services that I can provide for my clients. What is most exciting is the business and career opportunities that our technology gives us. Go out and create your new opportunities … and start from home! Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Business Pros and Cons of Furloughing Employees

April 14, 2020 No Comments

Thinking about furloughing rather than laying off your employees? It’s an all-too-common conundrum right now, amidst the coronavirus pandemic shutdown. But, it’s something that a large majority of businesses must consider, given the present and quite uncertain circumstances. Read on to learn more about the upsides and downsides of furloughing your employees. Employee Furlough Disadvantages We’ll begin with the most problematic cons of furloughing team members. Doing so puts your company at-risk for permanently losing your top talent. Furloughs also undermine employee morale and may even damage it further, and if you have applied for the SBA Paycheck Protection Program, one of the conditions for the loan to be forgiven, is that you keep your employees on your payroll. An employee furlough is a mandatory suspension from work without pay. It can be as brief or as long as the employer wants. Furloughs can take place in both public and private institutions. An organization will furlough employees as a cost-saving measure when it doesn’t want to lay off staff but lacks the resources to continue paying them. —The Street.com Then, there’s the trouble of re-opening your business. Even after a short-term period, it takes a substantial amount of time to get things back up and running. Additionally, the cost savings might not be as significant as you might believe because it’s for a short time frame and not necessarily long enough to be worthwhile (though it can certainly prove helpful). Employee Furlough Advantages Since furloughs are happening in many industries right now, the temporary change can’t be all bad. There are advantages to furloughing employees, like the following: Avoids layoffs. The most obvious upside to going with furloughs instead of laying people off is that you avoid the latter. In other words, you aren’t terminating team members. Instead, you’re temporarily removing them from the business without pay. Reduces rehiring. Another benefit of furloughs is the fact that you won’t have to go through the trouble of rebuilding your workforce from scratch. Rather, you can just reassemble your team, either one-by-one or in small groups. Saves compensation costs. Of course, when you furlough employees, you don’t pay their wages or salaries. Since labor is most typically the largest business expense, this can really help your company financially. (Though, you may still opt to furnish them with benefits during their furlough period.) It allows you to better plan. Yet another benefit of furloughing instead of firing employees is that you can formulate a more workable plan during that time. The longer it goes on, the better grasp you’ll have of what to keep and what to jettison. To put it another way, you can use the opportunity to streamline things in order to make your business more productive and more profitable. What other business pros and cons of furloughs would include? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Smartest Ways to Refresh Your Business Brand for the New Year

November 28, 2024 No Comments

The start of a new year brings a sense of renewal and opportunity—a perfect time to breathe fresh life into your business brand. Whether you’re looking to attract new customers, better connect with your audience, or outshine competitors, a brand refresh can be the key to staying relevant and impactful in an ever-changing market.