My Small Business Manager didn’t Manage the Business Well and Now it’s a Total Mess…What Do I Do?

Some business owners run their company for many years, only to discover that they can’t do everything on their own. Once this inevitable realization materializes, most start to hire others to help them with various aspects of the business. Some even aspire to be largely absentee owners, leaving the day-to-day operations to a professional manager. So, they train someone up, giving them the responsibility of managing the company and then take a more offhand role, sometimes into a completely new venture or, to focus on one particular area. Typically, this goes fairly well, especially when said manager has been well trained. However, it sometimes ends in utter disaster and the manager winds up making a mess of everything. So, what do you do if you’re stuck in the latter nightmare scenario?

What Good Managers bring to Small Businesses

Before we get into how to fix a bad situation, let’s first look at why business owners hire managers in the first place. Usually, managers are brought on to handle all of the day-to-day activity. This allows the owner to put his or her efforts into expanding the business and even exploring new opportunities. A good manager will bring a nice return on investment, easily paying his or her salary, all while adding to the company’s bottom line.
Bad management can impact employees and a company’s overall operations. Incompetent managers exist, and they can have challenges relating to staff members and keeping them motivated. In addition, substandard supervisors may not be able to balance budgets, increase revenues or capably perform other crucial tasks. —Houston Chronicle Small Business
A good manager can really be an invaluable asset, being able to oversee employees, carry out projects, order materials and inventory, assign employees to various tasks and projects, and a whole lot more. In the end, the manager is also responsible for the public face of the company, particularly when the owners aren’t on site. Of course, there’s a great deal of trust involved here and unfortunately, that trust is sometimes betrayed.

How Business Owners can Fix Mismanaged Companies

If your small business has been mismanaged by an incompetent or uncaring manager, you’ve got your work cut out for you. The amount of damage he or she may have done may not be immediately apparent and will materialize over time. But, you can’t just wait to find out, you’ve got to leap into action immediately and do the following after letting him or her go:
  • Talk to the employees. The very first thing you want to do is get a sense of the employees’ perspectives. You’re likely to learn a lot and some of it may take you completely by surprise. But, you’ll probably also get a kind of consensus and that will help you to know precisely what’s most important and how to prioritize what to fix first.
  • Speak with vendors. This may sound a little odd but it’s probably worthwhile. Since vendors interact with the managers routinely, they will have different stories to tell and just like the employees, will probably give you some type of consensus. At the very least, you’ll find out how your former manager interacted with the vendors and if he or she had good or bad business relationships.
  • Consult your customers. If you haven’t really heard any complaints from customers, this would be highly unusual. Although, your former manager may have been great in providing excellent customer service, while still mismanaging the business’ finances and/or mismanaging the team members. Regardless, getting your customers’ input is very important because it will let you know the reputation of your company.
Lastly, you’ll have to go through the slow and meticulous process of piecing the operation back together. This might include having to make other personnel changes, establishing new relationships with different vendors, and possibly, having to repair customer relationships. Fortunately, a good business consultant can walk you through this very difficult process step by step. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Hey Entrepreneurs, If You’re Comfortable in Your Role, You’re Probably Doing it Wrong

Comfort. It’s a wonderful feeling. When we’re comfortable, we feel secure, often content, and better still, in control. But, control is an illusion. Just like the security of a job or a long-established business. That is, until something goes seriously awry. Then, it becomes quite clear security is not forever. Comfort most definitely falls into the same category, but sometimes, for different reasons. So, if you’ve become comfortable in your role, chances are excellent you’re doing it wrong. Here’s why. Comfort Usually Leads to Complacency Isn’t it strange how the mind works? When someone thinks of “comfort,” he or she gets an entirely different feeling than when thinking about “complacency.” Sure, they are two different things. And, this becomes all-too apparent when compared with one another. Unfortunately, it’s at this juncture that reality sets in hard. Making a concerted effort to challenge yourself will inspire you and help prepare your business for the future. As a result, you will be able to lead your company with the confidence that you’re making good decisions — because you are. —Entrepreneur.com Someone who is comfortable is generally complacent. He or she typically doesn’t have any nagging concerns. It’s basically the manifestation of complacency. A point at which one’s guard is so far down, it might as well not exist. This state of mind is a precarious one because it can easily lead to bad outcomes. So, it’s best to be on one’s toes and that’s possible by stepping out of your comfort zone. 4 Big Benefits of Stepping Outside Your Professional Comfort Zone You’ve probably heard this philosophy before — getting out of your comfort zone will be to your advantage. Moreover, it will do so in more than one way. For instance, it will, at the very least, help you to break away from the ordinary. It breaks up routines. So, let’s start with the most obvious benefit. Stepping outside your comfort zone helps you to get away from routines (in other words, a disruption or end to the monotony). If you step outside your comfort zone, you can better reassess your schedule and inject a little (and much-needed) variety. It gives you more creative chances. Breaking away from your comfort zone also gives you the opportunity to indulge in creativity. That can be beneficial in a number of ways. For example, the ability to think unconventionally and entertain solutions to difficult and/or stubborn problems. It helps you effectively deal with stress. Another big advantage to stepping outside your comfort zone is that it helps teach you to more effectively deal with stressful situations. This lessens panic in uncertain times and that’s a very important trait to learn. It provides opportunities to build confidence. Last but certainly not least, you’ll feel more confident when you successfully step away from your comfort zone. This, especially if you return to a normal routine thereafter. In a short period of time, you can again step away to build even more confidence. What other suggestions do you have? Please take a brief moment to share your thoughts and experiences so others can benefit from your unique perspective! (You may never know who you’ll help out.) Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Ways to Build Strategic Partnerships

There are many ways to build a business, and few are as powerful as establishing strategic partnerships. Ideally, these create win-win scenarios where both parties benefit. The problem with such relationships is they can become more of a burden than a help, particularly when rushed, or, when done with disregard for others. Savvy business owners know the benefit of strategic partnerships, forging an alliance with another entity to provide more products and services to their customers. In fact, a 2014 survey conducted by PricewaterhouseCoopers revealed that in excess of 80 percent of CEO’s looked to create such relationships. However, the sad fact about these partnerships is that a 65 percent were actually successful, so, 15 percent of those did not work out. Ways to Build Strategic Partnerships Strategic partnerships are generally sought in order to expand without the cost of an actual expansion. It allows entrepreneurs to tap into resources with existing structures and increase their books of business. Unfortunately, empirical data shows that half of these business relationships fail. The reasons are many, but it can be avoided if you take the necessary precautions. The formula for a successful strategic partnership may seem easy: 1 + 1 = 3. Indeed, partnerships are a proven way to boost the bottom line. American Express surveyed small businesses in government contracting and found that those who teamed up won 54 percent more prime contracts than average. But creating effective alliances is not always so easy. Partnerships gone wrong can lead to frustration, financial losses and even litigation. —Success.com Of course, no amount of caution or preparation guarantees things will work out without a hitch. Small businesses can really benefit from strategic partnerships, but to do so, you have to establish a good rapport and be transparent as to your wants, needs, as well as expectations. Here are some ways to build strategic partnerships that will help your company grow while benefiting your business partner: Know and quantify your abilities and resources. One of the worst decisions to make is to form a strategic partnership without being able to fulfill your obligations. You certainly don’t want to crack egg all over your face. So, don’t put yourself in such a position and know precisely what you can bring to the table and be upfront about it. Even if you can patch together enough to deliver when necessary, you don’t want the stress that comes with this kind of a situation. Be very clear on your “why.” Another huge, colossal mistake, that business owners make is forming partnerships simply to increase their bottom lines. While that is definitely part of the equation, if you don’t go into a relationship with selfish service in-mind, you’re setting yourself up for big time disappointment. Ask yourself honestly why you want to form a business relationship. If you can’t find an answer other than money, you’re eventually going to sabotage your own efforts. Ask for reasons why potential partners want to connect.What’s true for you is just as true for potential partners. Don’t be afraid to ask penetrating questions to get at the truth. If you discover he or she is on a one-way self-serving mission, you definitely need to pass. Seek those with a shared vision and value system. Take it a step further than just asking questions and get to know him or her before you partner. Build a relationship and during that time, you’ll learn their vision and values. Go slow, learn, and take the time necessary to make the right decision. In addition to these, don’t expect miracles to happen after you form a strategic partnership. In fact, you ought to expect to be uncomfortable from time-to-time by getting out and meeting with your strategic partners face to face. There’s just no way to hedge against every possible contingency, but fostering and developing positive relationships will build trust and eventual business between the strategic partners. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

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How Entrepreneurs Can Tell if Networking is Helping Their Businesses Grow

Business Networking Pros and Cons: What You Need to Know Business networking can feel like a real-life roller coaster ride in constant motion. It can be exciting or uneasy with its ups and downs. Some entrepreneurs truly enjoy the experience. Others genuinely dislike it. And still, more approach it half-heartedly and network inconsistently. Regardless of which best describes you, chances are excellent you could use a few bits of good advice about how to get the most out of it. But just as importantly, you need to know when networking works for you and when it’s not. So, let’s break down the pros and cons of business networking so you can understand what you’re getting into. The Bright Side of Networking: Pros That Shine Before we get into determining if networking is helping your business, we’ll first take a look at its advantages and disadvantages. Although the reasons seem self-evident, there is a bit of nuance that lies underneath. Like many other things in life, there’s more complexity than appears on the surface. Now, here’s what you need to know about the pros and cons of networking: Expanding your circle. Networking helps you meet people you wouldn’t normally cross paths with. Think of it like throwing a big net into a pond—every fish you catch is a new connection. These relationships can lead to new opportunities, clients, and partnerships. The more connections you have, the wider your reach becomes. Knowledge sharing. When you network, you’re surrounded by people with different experiences and skills. It’s like attending a grand potluck dinner. Everyone brings their specialty dish, and you get to taste a bit of everything. By sharing insights and expertise, you can learn valuable lessons that might save you time and effort down the road. Boosting your visibility. In business, being visible is crucial. Networking helps put your name out there. The more you connect with others, the more they remember you when opportunities arise. This visibility can lead to referrals and recommendations that might not come your way otherwise. Also, building self-confidence and trust. Each time you meet someone new, you practice your communication skills. Over time, this builds confidence and fosters trust. It’s like training a muscle; the more you use it, the stronger it gets. This self-assurance can help you in pitches, presentations, and everyday interactions. The Flip Side: Cons That Can’t Be Ignored Of course, networking doesn’t always produce the desired results. It can be counterproductive and business owners need to understand why it doesn’t always work. Here are the most common pitfalls you should know about to make better use of your time: Time consuming. Networking can eat up a lot of your day. Attending events, meetings, and follow-ups can become overwhelming. It’s similar to trying to fill a cup with a fire hose; you might end up feeling rushed and burnt out. If you’re not careful, it can take time away from your core business tasks. High expectations. Some people enter networking with big hopes. They expect instant results and connections that turn into gold. But that’s often not how it goes. Think of business networking like planting a garden. It takes time for seeds to grow. If you aren’t patient, the wait can be frustrating and discouraging. Skill mismatch. Not everyone you meet will be in your industry or even understand your business. Imagine walking into a conversation about rocket science when you’re more into baking. This mismatch can make conversations awkward and unproductive. It’s essential to find the right circles that align with your interests and goals. And then, there is the potential for superficial connections. Not every connection will lead to a strong relationship. Often, networking can feel surface-level. You may end up with a stack of business cards but no real friendships or partnerships. Finding the Balance Business networking isn’t all sunshine and rainbows, but it has its bright spots. It’s a mix of chances and challenges. Knowing the pros and cons can help you approach networking with a clear strategy. Whether you’re diving in deep or dipping your toes, being aware equips you for what lies ahead. The journey can be rewarding if you navigate wisely. How to Know If Networking is Helping Your Business Grow Networking can feel like a puzzle for many entrepreneurs. It’s not just about handing out business cards or shaking hands. (Though you will do plenty of those things and more.) Because there isn’t a direct, detailed report to refer to, it’s hard to know when networking is paying off. So how can you tell if your networking efforts are really making a difference? Let’s take a look at how it breaks down. The Ripple Effect: Connections to Opportunities You’ve heard the cliche about tossing a stone into a pond – it creates ripples. Networking works the same way. The more people you meet, the more opportunities can come your way. Are you seeing new clients or partnerships popping up in your life? If your phone’s buzzing with inquiries or collaborations, that’s an obvious sign your networking is paying off. But, there are more signs networking is bringing in new opportunities. So, keep an eye out for a few key signs that your networking is effective: Increased referrals. Are you getting more referrals from new contacts? If people start mentioning your name positively, it shows your network is growing. New partnerships. Have you formed any new partnerships or collaborations? If you’re working with others on projects, that’s a strong indicator that your outreach is effective. Expanding your reach. Are you meeting people in different industries? 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