Business Education

Hey, Entrepreneurs, If You Want to Succeed, Stop Seeking Advice from People Who’ve Failed

Everyone has an opinion. But, everyone can’t be right. There’s always a set of best practices and then there are ways to do things that fall short of success or lead to bad outcomes. So, this is why people seek advice from their family and friends when they want to start a small business. The trouble with this approach is that the people the entrepreneur is speaking to may not be the owner of a profitable small business. While it’s certainly understandable to seek advice from people you trust, that doesn’t necessarily mean they’re the best or only sources.

Remember, Real Friends are Supportive

Here’s another problem. There are a lot of individuals around you who will tell you that you can’t do it. Usually, this is based on fear, but can also manifest from those who are envious that you’re willing to take a risk to improve your life and be professionally successful. Then, there may even be people around you who went into business for themselves, but it didn’t work out.

Ask business owners who specialize in the same niche as your startup if they have any tips. Business owners in your market know about accountants, lawyers, and recruiters who might be a good fit for your needs. They can make recommendations and point you in the right direction. —Entrepreneur.com

While the reason that their businesses failed might not be direct to their own decisions, it’s generally a safe bet. Even if it was circumstances beyond their control, successful business owners are the ones who find a way through tough times, endure, and come out on the other side. To put it much more plainly, if you’re seeking advice from people who have failed in their own business ventures, you’re speaking to the wrong people, unless they have gone on to succeed in other ventures by learning from their failures. Failures can be the precursor to success if we learn from them.

Best Places to Seek Business Advice

Fortunately, there are a few places you can go to get reliable, actionable advice about starting your own business. Here are the best places to seek entrepreneurial advice that will help you get started in the right direction:

Successful individuals in the industry. Sure, this sounds all too obvious. But, a lot of people who want to go into business for themselves are fearful of speaking with people that are already successful in the industry. Now, that sounds strange, but it makes sense if you think about it in a different way. Those who avoid successful individuals in the industry into which they want to enter, typically don’t want to give up their plans – which is to say their strategies and secrets. So, they make the mistake of being protective of their ideas, without knowing if said ideas are actually good or bad.
Small business development groups. There are small business development groups that can help you get some of the logistics worked out and even provide a little friendly advice that you may not have thought of on your own. But, here again, you must be willing to share your ideas with others. Doing so will allow other people to gauge your ideas and their merit.
Local industry trade associations. These industry trade associations exist to promote their industry, which is their sole purpose. You’ll learn a lot about the industry, and perhaps your own niche, along with some tricks of the trade and how your competition deals with its challenges.

Of course, it’s just as wise to consult someone who specializes in starting and growing small businesses. An experienced business consultant and coach brings a wealth of information and is someone who can not only provide valuable input but also be supportive. Where else do you recommend people starting a small business seek advice? Please take a few minutes to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Are You Delegating or Demanding

May 24, 2017 No Comments

Throughout the course of building a business, you’ll learn over time to delegate tasks and responsibilities to various people with the right skill sets. Some of the most successful entrepreneurs, like Sir Richard Branson and Mark Cuban, state no one can do it alone. That’s certainly true, you can’t do everything on your own and for those who attempt to do so, learn the hard way it’s an open invitation to trouble and even outright failure. The best business owners know their strengths and weaknesses and through this recognition, develop strategies and relationships which maximize their professional potential. Are You Delegating or Demanding? Delegating responsibilities is just part of doing business. Done smartly, this increases productivity and gives companies potential to grow and prosper. It also allows team members to realize their potential and creates a healthier and happier work environment. Delegating shows your confidence in someone and gives them pride to take ownership of certain areas. In addition, delegating allows you to focus on what’s most important while others can put their efforts into other tasks. Delegating is a great way to ensure that more tasks get done in less time, and it also builds team capacity. Unfortunately, a lot of managers don’t pay enough attention to the delegation process, and thus fail to reap the benefits. —Fast Company Another aspect of delegating is it gives you the opportunity to evaluate a person’s performance. When you give a team member responsibility, their approach and results will speak volumes about what kind of work ethic he or she has and what he or she believes are acceptable standards. In addition to evaluation, delegating gives you the ability to learn which of your team members are best suited for certain tasks. All of these things are great about delegating — if you are sincere. However, there is a real difference between delegating and demanding. Demanding does the opposite of delegating. It stifles creativity, decreases productivity, and poisons the workplace. It also drives a wedge between you and your employees, as well as creates tensions among your team members. Demanding doesn’t give you a true chance to evaluate, either, because it puts unnecessary pressure on people. Here are some signs that you’re demanding and not delegating: You rationalize unrealistic expectations. When you demand, you know it to be the case, as does the other person. This creates a need to rationalize unrealistic expectations, not only to the other person, but to yourself. In the end, no one is fooled, but, it gives you at least a pretense of having reason to demand. Your employees mislead or lie to you. If you get the feeling or learn that an employee is misleading or lying to you, there’s definitely a reason. Before jumping to conclusions, you should look back and think about the overall situation. For instance, if you interrogate an employee who wants time off, you’re creating an atmosphere where there’s little choice and lying becomes the only viable option. You create emergency situations. We all know that unexpected things crop-up from time to time, but, if you’re turning every surprise into an emergency, you’ll feel an undue urgency and that can easily lead to demanding. You justify your actions as legitimate and/or legal. If you ever have to ask if something is legal just to get it done, that’s troubling. You shouldn’t have to walk such a fine line because if you are, chances are excellent that even if it is legal, it’s not entirely ethical. You don’t want to deal with this or that. Delegating is done because it puts the best talent where it is most needed. Demanding comes from a need to get something done, particularly a task that you don’t want to deal with personally. Another sign that you’re demanding rather than delegating is your willingness to take credit or give credit to the person who deserves it. If you are taking credit of the work of others and not giving credit where it is due, that’s unethical and will undermine your entire organization. In summary, your employees are your greatest appreciable asset. Invest in them through servant style leadership by delegating with clear expectations and the kind of results you are looking for … then ask; “what can I do to help you succeed with this responsibility or project?” Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Now, It’s Time to Talk about Remote Layoffs and How to Cut Ties the Right Way

March 18, 2022 No Comments

When it comes time to let someone go, the situation can be difficult — especially if that person is remote. You may feel like you need to handle the situation in person, but that’s not always possible. So, let’s discuss how to lay off or terminate a remote worker with professionalism. Read on to learn what you should do and what you should avoid doing so that the process goes as smoothly as possible for everyone involved. Remote Hiring and Work Means Remote Lay Offs and Terminations When it comes to layoffs, there’s a lot of talk about sending people home. But when remote work is factored in, that can mean terminating employees who are located in other states or countries. And suddenly, the logistics of layoffs become a lot more complicated. For employees, losing a job can be a traumatic event. And for a leader, cutting someone from your team comes with its own kind of pain. Still, for any number of reasons, layoffs may be a hard but necessary move. Over the past two years, more and more companies have had to navigate this decision in a newly remote landscape, which can make an already challenging process even more difficult. Handle it poorly and you’re liable not only to upset laid-off employees, but also generate fear and anxiety amongst your remaining workforce. —Inc.com It’s no secret that the way we work is changing. With advances in technology, more and more people are working remotely. And while this can be a great option for employees, it can also present challenges for employers. One of those challenges is layoffs and terminations. When you have employees scattered all over the country (or even the world), it can be difficult to let them go. But with the right planning and execution, it can be done effectively and humanely. How to Dismiss a Remote Employee and Do it Professionally When you’re terminating a remote worker, it’s important to be clear and concise in your communication. You’ll want to avoid giving false hope or being vague about the situation. Be sure to thank the employee for their work up until this point, and let them know that the decision is final. It’s also crucial that you provide a clear timeline for the termination process so that the employee knows what to expect. This will require actual interaction. Do not send the bad news via email (or worse, text). Give him or her the courtesy of being professional by doing the following: Be prepared. This is something you’d definitely do in person. Although you’re not in the same physical location, it’s a good idea to know what you’re going to say. You can even prepare a shortlist of talking points to refer to but don’t create a script to read word for word. Instead, be prepared to speak as you would in normal circumstances, it’s okay to even rehearse so you can stay focused and not be unnecessarily distracted, which would be very discourteous. Set a time. Just like you would if you were letting someone go who works in the office, you should set a time to meet. Be sure to clear your schedule and to have ample time for the interaction. If something comes up unexpectedly beforehand, simply reschedule. If there’s an untimely interruption during your talk, simply dismiss it and deal with it later. Go face-to-face. Sure, you’re not sitting across the desk from someone in a room, but for all intents and purposes, that’s still what happens. Again, don’t deliver the bad news through email, even if you are an elegant writer. Give him or her the professional courtesy that he or she deserves and unless it’s a totally irretrievable situation, do not burn your working bridges. Answer questions candidly. Last but certainly not least, be professional enough to answer any questions and do so honestly unless you really don’t have an answer. In the case of the latter, simply tell him or her the truth but don’t dwell on it and don’t make it into an excuse. What other suggestions do you have for letting a remote employee go? Please take a few minutes to share your thoughts and experiences so others can benefit. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Don’t Dare Make these Startup Customer Service Mistakes

May 5, 2017 No Comments

Your business is really your customers’ and when you stop to think about that, it puts things in perspective. You need paying customers to stay in business and when you pay them respect, you invest in your company’s future. We’ve all dealt with bad customer service and have shared horrific stories about our experiences. In fact, studies show that customers who are satisfied with a company will share their enthusiasm with two to three people. However, dissatisfied customers will share their negative experiences with eight to ten people, even as many as twenty. That shouldn’t come as a surprise, but too many business owners focus on the bottom line in ways other than customer service. They think about how to increase exposure, new opportunities, upping sales figures, and the like. It’s usually only when a problem arises, brought to attention by a particular person, that customer service is put front-and-center. By then, it could well be too late and that shouldn’t be allowed to happen. Costly Startup Customer Service Mistakes Whether you’re building your book of business or have several clients, you need to make customer service a top priority, and, one that is ingrained into everyday practice. Being proactive is essential to success in pleasing your customers, and, they will assuredly take notice. After all, we as consumers continue to patronize the same places where we are made to feel important, even if the product or service isn’t necessarily the best of the best. No matter how great your company’s product or service is, if your customer service skills are lacking, it won’t make much difference. This is especially true in today’s economy, as struggling business owners need every possible advantage over their competition. Unfortunately, far too many business owners make the same customer service mistakes over and over again, sending their customers into the arms of their competitors. —All Business.com That’s how important good customer service really is, it removes or displaces many objections, and, can be the single most powerful thing that beats out your competition. You ought to take advantage of anything and everything you can and this area is where your company can excel. What you shouldn’t do is to make one of these startup customer service mistakes: Not responding in a timely manner. Forgo those auto email replies because they deliver a message that you don’t want to send: you’re too busy to be bothered to personally respond. A simple reply shows there’s someone who cares and values the sender as a business partner. Taking on projects that aren’t within your core competency. When startups take on everything that’s asked of them, even things which aren’t part of their core competencies, they make a huge mistake. The results are highly likely to be disappointing and that can mean losing future business. Limiting your connections to your customers. Complicated phone trees and canned online forms only serve as a frustration point for your customers and send a message that you don’t want direct contact. Be willing and open to connect with your customers and they’ll feel important. You don’t follow-up with past and present customers. It’s absolutely imperative that you check-in and follow-up with past and present customers. It lets them know you value them and is a great way to build-up your networking skills. Not having a set customer service protocol. Everyone in your organization should be in-the-know about customer service protocol and follow it when needed. If you don’t establish a set of practices, you’re leaving too much to chance. Two other big no-nos are being too accommodating and being too defensive of constructive criticism. Taking on everything that’s requested to look bigger than you are is a one-way ticket to mediocrity, or even to failure. While not being able to accept and learn from constructive criticism will make you appear obtuse and/or egotistical. Be grateful for your customers and show it and that alone will do wonders. [shareaholic app=”follow_buttons” id=”26833294″]