Business Education

Signs an Employee is Quite Quitting

Quite quitting is currently making all the rounds on social media and in corporate environments. And, it’s generating a whole lot of attention. Quite quitting isn’t just the latest buzz phrase, either. (Although, it is a bit misleading, given that it doesn’t mean preparing to turn in a resignation letter. Instead, it means doing as little as possible while still collecting a paycheck. Or, what was previously known as “coasting.”) However, this differs because employees who “coast” usually depart in the near future. Quite quitting is about staying onboard, but performing just enough to get by without being noticed.

Quite Quitting Explained

The term quiet quitting has only recently emerged and it’s gained quite a bit of traction in a very short time. The phenomenon is thought to arise from the aftereffects of the pandemic and shutdowns, which gave people a lot of time to reflect and reprioritize. The theory goes that employees realized that they can have a more fulfilling life experience by doing less at work and putting emphasis on their personal lives.

Not taking your job too seriously has a new name: quiet quitting. The phrase is generating millions of views on TikTok as some young professionals reject the idea of going above and beyond in their careers, labeling their lesser enthusiasm a form of ‘quitting.’ It isn’t about getting off the company payroll, these employees say. In fact, the idea is to stay on it—but focus your time on the things you do outside of the office. —Wall Street Journal

Obviously, this has a number of profound effects – not least of which is the fact that businesses are still paying them the same, though their production steadily declines and quality of work will likewise suffer. That’s just an unfortunate reality, but there are also other deleterious effects. Rather than make the person engaging in this practice happier, it will likely have the opposite effect, since numerous studies have clearly shown that work adds value and purpose to people’s lives. So, it is imperative to know the signs of quiet quitting in order to spot it when it starts to manifest, and before it becomes a problem.

Top Signs an Employee is Quite Quitting

The good news about this new phenomenon is that it’s actually a kind of reincarnation of an age-old problem. As stated above, it was previously known as coasting, something employees did when they were about to leave their position. But, this new version is far more concerning, because the employee who is quiet quitting has no intention of actually leaving their job. So, here are the top warning signs an employee is quietly quitting:

They disengage. An employee who previously stayed in the mix and was eagerly part of the day-to-day operations and activity will start to disengage. At first, it might not be obvious. But, over time, managers and business owners will probably notice it.
They stop keeping up. Similarly, an employee who is quietly quitting will no longer keep up with the latest that’s going on inside the company. Instead, he or she will fall out of the loop or just remain on the margins in order to appear that he or she is keeping up with what’s happening – even though that’s not what’s really transpiring.
They no longer take initiative. This should come as no surprise. By its very definition, quiet quitting means doing as little as possible in order to remain employed but definitely not contributing any more than necessary. Fortunately, this is a fairly easy sign to spot, especially with people who were previously go-getters who now just seem to show up and do the bare minimum.
They keep their ideas and opinions private. This sign isn’t overtly obvious, but it does point to the distinct possibility an employee is quietly quitting. However, if it is someone who previously contributed good ideas and shared their thoughts and opinions and now doesn’t, then such a change might be a red flag.

What other telltale signs would you say are indicative of quite quitting? Please take a moment to share your thoughts and opinions – and/or experiences – so others can benefit from your suggestions! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

3 Effective Ways to Emerge from the Pandemic Even Stronger

October 9, 2020 No Comments

With every crisis, there is a conclusion. Each economic downturn eventually transforms into recovery. Sometimes, the two are extreme and stark contrasts. Other times, they are mildly separated, yet perceptible. It’s how businesses act and react that is most important. Unfortunately, too many business owners react in a reflexive, impulsive way. Meaning, they don’t fully think through the situation overall, rather they merely act in the moment. Conversely, business owners that see long-term benefit even when there’s an economic downturn. Those companies come out stronger after the crisis passes. Seize Opportunities When they Arise Property investors who buy when the real estate market slides hold their assets until the market recovers and sell for a profit. Similarly, investors buy stocks when they fall amidst economic turmoil. When the crisis subsides, the temptation will be to turn back that progress and retreat into old behaviors. But entrepreneurs need to shift from overload to shared load, and to practices that can transform team performance to find unexpected growth–and lower unsuspected risk. —Inc.com These savvy people also sell when the prices begin ticking up again. There’s most definitely a pattern here and a lesson to be learned. That being, it’s possible to turn an otherwise bad situation into a beneficial one with the right moves. These individuals understand that the laws of physics do work in reverse when it comes to economic circumstances. Ironically, what goes down must inevitably go up. These people use that counterintuitive dynamic to their advantage. 3 Effective Strategies for Emerging Out of an Economic Downturn So, just how do some business owners make the proverbial lemonade out of a bowl of lemons? These entrepreneurs don’t get caught in a negative mindset. In fact, they look at things pragmatically and create strategies that benefit them. Here are three ways to come out of an economic downturn stronger: Know the numbers. The very first thing you need to do is fully understand precisely where your business stands at this point in time. If you don’t know the numbers, any plans you come up with will only reveal the true matter of the situation and this could be very costly. Take the time to get into the numbers to know exactly what you’re dealing with. Devise a realistic, workable plan. Next, you’ll need to devise a realistic, strategic, and actionable play-by-play plan. It’s okay to look at the big picture, but be sure to address possible scenarios with contingencies. You don’t have to plan for every possible set of circumstances, but you should definitely have ways to work through the most likely. Invest heavily in strategic relationships. Another smart strategy is to invest as much as you can in strategic relationships. Good entrepreneurs know this intuitively and leverage these relationships in ways that benefit everyone. Come up with ways that are advantageous to all parties involved and work towards those goals. What other steps would you suggest to overcome an economic crisis? Please take a moment to share your thoughts and experiences; it could prove very helpful to others! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Set Business Product and Service Prices

May 16, 2017 No Comments

Pricing products and services is difficult for any new business owner. Though it might seem to be a simple equation, that’s hardly the case. There are quite a few factors which go into setting your price or prices. Even within industries that buy from manufacturers to sell directly to consumers, there are variables from one vendor to another. Location is part of pricing, not just distance, but also demand and population. Services aren’t much different in this respect. Let’s say that you’re a dietitian, and you work with various doctors, hospitals, and gyms over a large geographic region. You travel quite a bit, so you go from big cities to rural communities. Chances are excellent you’ll charge more for your professional services in the metropolitan area than you will in sparsely populated rural areas. How to Set Business Product and Service Prices One important aspect to keep in mind when setting prices for goods and/or services, is they are promises to your customers. A price reflects value and consumers are careful about which products and/or services they choose. This means that price, while a very important factor, isn’t the only consideration consumers take into account when purchasing. For instance, a big bag of individually wrapped chips complete with select flavors is priced for $6.99. Next to it is a generic store brand priced at $4.99. Based solely on price, you’d opt to save $2 and go with the store brand. After all, you’ll save money and the chips will taste the same. Price is the most important factor in determining profit. Yet countless businesses fail to get their pricing strategy right. The price you charge for your products or services is directly related to your Cost of Goods (labor & materials to produce the product/service), your overhead and the competition or demand. Your focus needs to be on your desired Gross Margin. Price is a major way you communicate your firm’s value in the marketplace. Yet many small business owners set prices arbitrarily or sheepishly follow the crowd. —Bloomberg Business Now as you wind your way through the grocery store you visit the meat department. Inside the display case there are four ready-to-cook hamburger patties made mouthwatering with fresh bacon bits and cheese and is priced at $12.49. Right across the aisle in the frozen section there’s a 10-count box of plain, frozen hamburgers for $9.99. Suddenly, saving $2.50 doesn’t seem worthwhile and you splurge because the fresh, mouthwatering ready-to-cook hamburgers are simply irresistible. The point, of course, is perceived value — you’ll have to base your business’ product and service prices on their value. However, that’s just one factor of many others which go into pricing. Here are some steps you can take to help you set the right price: Learn about demand in your area. No matter how wonderful your product or service might be, if there’s no demand for it in the area, it won’t sell. Think about the old sales joke, “Selling ketchup popsicle sticks to customers in white gloves.” Obviously, people wearing white gloves have no need for such a mess. The same holds true for demand in your area. If you’re selling snow shovels, it’s should be to consumers in climates where it snows. Check out competitors’ pricing. This is a simple way of learning what consumers will pay for a product or service. Of course, you should only rely on established prices by flourishing businesses. Always factor-in costs. There’s no getting around the fact that it costs money to run a business. Even freelancer contractors have operating costs. For brick-and-mortar operations, there’s rent, utilities, insurance, inventory, employee pay and benefits, and other costs. Be willing to discount. One way retailers sell products is by offering discounts. This is a great strategy, if it doesn’t wipe-out your margin, or it’s a one-time deal to establish a relationship for future business. Don’t undercut simply to attract business. A big mistake that some new to business make is to undercut competitor pricing, only to learn the hard way they can’t deliver. After all, it does no good to attract business if customers aren’t receiving what they expect. Pricing is a science and an art. The science is an equation based on your Labor + Materials (Cost of Goods) divided by your desired Margin or divisor. If you desire a 40% Gross Profit Margin (the amount left over after you cover your Labor and Materials), then your divisor is 60% and not a 40% markup. Using a 60% divisor based off your Cost of Goods will yield a 40% Gross Profit Margin. A mistake many businesses make is to mark up their Cost of Goods which yields a lesser Gross Profit Margin closer to 28%. We call this “Profit by Accident”. Because it is feasible to guarantee your business makes a profit, we developed our “Profit by Design” strategy. Contact us for a complimentary consultation to review your pricing strategy and learn more about “Profit by Design”. Now, what about the art of pricing? The art is in the research, testing, creative marketing and demand for your product or service and how you promote its value. The art is in your ability to pivot and massage all of the components (labor, materials, overhead, marketing, value, customer perception, etc.) to work together. Combined, you will develop a pricing strategy that proves out in your bottom line profits and more money in your pockets! Pricing is a delicate balance, but with some research and a bit of critical thinking, you’ll be able to set prices for your business’ products and/or services. Do you know and understand your pricing strategy, or is yours Profit by Accident? [shareaholic app=”follow_buttons” id=”26833294″]

4 Reasons You’re not Hiring the Best Talent

June 14, 2018 No Comments

We’ve previously covered how to deal with a lazy employee. Now, let’s take a look at the other side of the coin. Or, how do you hire the best talent out there? It’s more complicated and difficult than one would first suppose. That’s because practically every candidate will put their best foot forward to make the best impression. It’s only after you hire do you really know what you’ve successfully recruited. But, to get an advantage, you should be only interviewing the top in the game. Signs You need More Talent Before we go there, let’s take a moment to look at your current situation. If you get the feeling you need more talent or at least one or more highly productive team members, your intuition just might well be spot-on. For instance, if you can’t seem to break previous work production levels, that’s one sign. Or, if you’re employees aren’t growing your business, that’s another. Legendary Texas football coach Spike Dykes once said, “You give me the best players and an average coach and we will beat the best coach with average players every time.” CEOs should take this approach and own recruiting instead of abdicating it solely to HR. One of the five critical CEO responsibilities is to provide the proper resources, and people are the most important. In fact, to scale your business, it requires 4 key components; people, strategy, execution and capital. In my experience, people are the greatest resource in growing any business. —Inc.com Of course, if you’re losing business, that’s a big red flag. Another way to tell if you need more talent is when your company feels stuck. If the status quo keeps chugging along with no breakthroughs, that’s a problem. (This is one reason why it’s always a good idea to bring in a third-party, like a professional business consultant and coach.) 4 Reasons You’re not Hiring the Best Talent Now, we’ll take a quick look at some of the most probable reasons you’re not hiring the best of the best. It could be one or a few combined. But, if you identify or feel familiar with any part of these, it’s time to reflect. Here are the four most common reasons you’re not hiring the best talent: Your casting net is way too small. Let’s begin with the most obvious — you’re casting too small a net. Sure, you’re probably comfortable recruiting from your locality. But, that leaves out a whole lot of people. Your job description is too generic. This is something that too many businesses do: they copy and paste job descriptions when there’s an opening. This is a bad practice because it doesn’t “speak” to individuals who would otherwise engage. You’re not getting back to candidates. Okay, so this is a difficult one. If you do make a great hire, you’re probably not keen about letting others know they weren’t chosen. But, this is not only selfish, it’s rude. Keep everyone who has interviewed in the loop. Your interview doesn’t give an in-depth view. Just like generic job descriptions, when interviews are overly generic, they won’t reveal how candidates think and feel. Those are very important insights you’re not gaining. What other advice would you give about how to hire the best talent? Please share your experiences and thoughts by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.