Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

Walking away from a business is always a tough decision. Even if it’s a much-needed cathartic relief, there’s still the matter of the unknown as to what comes next. Regardless of circumstances, you should know that it’s ultimately the right decision. That’s not always an easy thing to do because it’s human nature to second-guess or to look back with 20/20 hindsight. If you’re thinking about walking away, that notion certainly doesn’t come out of nowhere. There is something driving it and you need to understand when it’s no longer worth your time and effort. Walking Away from a Business doesn’t necessarily Mean Shutting It Down Let’s begin with the fact that it’s not always a bad situation. There are definitely times when the right move is to move on to something new. For example, you’ve set a goal and now have realized it. So, go out on top and start something new. Or, if you’ve always wanted to try this or that and the company you’re running now is humming along, then go for it. In business, it’s important to understand the difference between bad luck and bad judgement. Misfortune will often masquerade as a mistake, and has caused many talented people to walk away from their business ventures prematurely. Getting a startup past the first year is commonly regarded as the biggest challenge to any entrepreneur. Sometimes hitting a bump in the road is just that and the best approach is to weather the storm, keep calm and carry on. But how do you know if your business still has a future and how do you turn around the fortunes of your struggling enterprise? —The Guardian The point is, there are times when it’s perfectly fine to walk away from a business without having to close the doors. You can hand over the company to a protegé, or pass it on to your children. It’s healthy to build something up, watch it grow, and then enjoy the fruits of your labor. Signs It’s Time to Walk Away from a Business Now, it’s not always the case that you succeed. And, failure does come in many forms. You just need to know when it’s time to throw in the towel. Now, not all are as obvious as a natural disaster, but, there are some which do mean it’s no longer worth the fight: It’s consistently busy but unprofitable. This is perhaps the most perplexing circumstance but it does happen. Some businesses have enough or more than enough business, yet they simply can’t realize a profit. If you’ve already reduced your operating expenses and if customers/clients will not pay more for your services or product, and you still can’t produce a profit, staying open is just an exercise in futility. Key employees keep leaving. You might well be profitable but only marginally. What’s worse is that you can’t seem to keep the best talent. This is a sign there’s something serious going awry and if you can’t identify it, it might just be time to walk away. There’s no clear path forward. If you can’t seem to envision the future clearly, there’s definitely a reason why. And, without a clear path ahead, you’re essentially walking blindfolded, which can easily lead to a bad set of inescapable circumstances. Do you have an accurate picture on your backorders or pipeline of prospective business that is required to meet your sales to produce a profit? Customers have mixed experiences. Another sign it’s time to move on is inconsistent feedback. You hear good and bad without any obvious reason. If you can’t get to the bottom of it, you’ll never make it work right. What other signs tell you it’s time to go? Please share your thoughts and experiences by commenting! Interested in learning more about why your business isn’t performing? Then just visit Waters Business Consulting Group.

Team motivation. It’s an ongoing challenge in some organizations. Team motivation is actually more about the role of management than employees themselves. In fact, a study by Harvard found that the majority of companies demotivate their employees. Now, that sounds strange at first but it’s completely sensible. So, let’s take a look at both team motivation and employee demotivation. Why Employees Lose their Motivation According to the Harvard Business School Working Knowledge, a full 85 percent of employees’ morale decreases after just six months on the job. (That survey included a whopping 1.2 million team members from 52 Fortune 1000 companies.) Perhaps most surprisingly, that same study reveals it’s actually management which is squarely to blame for the loss of motivation. There are a number of benefits to having highly motivated employees in your ranks but for business owners, all roads eventually lead to the bottom line. High levels of employee motivation are intrinsically linked to high levels of employee engagement, which is something that organizations are paying much more attention to these days, and with good reason. —Business.com That’s an incredible fact. And, it means you’re probably (albeit unwittingly) inflicting more damage than you are creating a productive workplace. It’s all about the dynamic between employees and managers, when it comes down to it. 5 Effective Ways to Increase Team Motivation So, how do you motivate your employees? What do you do to keep them upbeat and ready to tackle the next challenge? It’s really not that difficult. Team motivation just requires a bit of self-awareness and a few changes in your day-to-day work life. Here are five effective ways to increase team motivation: Forgo useless meetings. Did you know the average company wastes 3.8 hours every week holding truly unproductive meetings? That’s a significant amount of time that could be otherwise spent much more wisely. So, only invite the necessary people and keep the meeting on-track. Don’t micromanage. Micromanagement is one of the biggest demotivators in the workplace. One survey even reveals 38 percent of employees would actually prefer performing unpleasant activities than deal with a micromanaging boss. Provide them with a pleasant environment. There are a number of ways to create a more pleasant work environment. For instance, allowing pets at work. Or, giving employees more flexibility with their work hours. Simply put, the more pleasant the environment, the more happy your employees and that’s good news for everyone. Quickly forgive mistakes. Everybody makes mistakes. It’s just part of life. And, it doesn’t help to ruminate over an error. It’s also unhelpful to go so far as to punish an employee for a mistake. Forgive mistakes quickly and move on with a healthy dose of encouragement. Pay employees what they’re worth. Here’s a disturbing statistic — 26 percent of productive employees report they’d leave their companies for just a 5 percent pay increase. The lesson, of course, is to pay your employees what they are worth. How do you motivate your employees? What methods make your team members more effective? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

There’s simply no way to run a business without dealing with critics. As an entrepreneur, you’ll face doubt in many forms. You’ll face inner doubt, ruminate over which next step to take, receive less-than-positive feedback, and plenty more. What’s more, you’ll have to do so much more, like find ways to keep company secrets safe and navigate through industry changes. Running a business isn’t for the faint of heart and when critics chime-in, that’s precisely where it will hurt most. Top Ways to Deal with Critics Let’s face it, there is no shortage of bad news to discourage you. For instance, if you dream of opening a retail shop, no doubt the latest news out of that sector is troubling. But, it’s commonplace for unpleasant experiences to unfold. This certainly isn’t to say it’s all bad all the time. In fact, that’s part of the problem. When things are going good most of the time, criticism is the biggest wet blanket. Doubters rain on your parade and you scramble for cover. Criticism is part of life, but often times being criticized can make us feel like we aren’t good enough, like we’ve done something wrong, or even cause us to be uncertain about our future. People often take criticism as a personal attack, but in reality, criticism can often be positive. —Fast Company While it’s normal to experience periods of struggle, eventually, you’ll fight through and start to win. Any setback serves as a valuable lesson going forward. And, over time, you’ll enjoy long periods of success without much or any trouble. Then, seemingly out of nowhere, the critics will appear. That’s when you need to be prepared. Otherwise, you’ll become too distracted and won’t have the energy to fully function. So, here are some of the top ways to deal with critics: Teach them, no matter your feelings. Okay, so you don’t particularly like the person who is criticizing you (or your business). And, it’s natural to take it personally because it is your business. But, don’t let this become a missed opportunity. Instead, redirect your feelings and teach him or her. You’ll probably enjoy some accomplishment while turning a critic into a fan. Tell them the truth and do not be fake. You’ll receive at least a little criticism because of your success since it breeds jealousy. That jealousy will manifest into criticism and possibly into anger, even hate. If this does happen, don’t make the mistake of defending your success. Instead, talk about your failures to allow them to relate. Accept that doubters will always be there. Keep in mind that doubt is not the same as an insult (though you just might feel insulted). Rather, doubt is a disbelief in something unfamiliar. And, it isn’t personal, just a way of expressing uncertainty. So, find out what’s doubted and use it to teach. Trial and error isn’t perfect and that’s okay. Sometimes, a new idea can come off as foolish, gimmicky, or silly. But, trial and error are part of business. You need to experiment to know what does and does not work. If you receive criticism, accept it and just move on. Know when it’s time to give a sincere apology. If the criticism is legitimate, you might need to apologize. Know when it’s the right time to say you’re sorry and be sincere when you do. You’ll learn from the experience and move past the criticism, which are good things. How do you deal with critics? What strategies do you use to cope with doubters and doubt? What are your most useful experiences with critics? Please share your thoughts and experiences by leaving a comment. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]