Business Education

Thinking About Introducing Summer Fridays to Your Employees? Here’s What Small Business Owners Need to Know

Summer Fridays are a type of alternate scheduling that allows employees to either leave the office early or take the day off at the end of the week. As the name suggests, these reduced hours occur during the summer months and apply only to Fridays. Obviously, team members appreciate the option and this policy can be beneficial to both employees as well as businesses.

Just What are Summer Fridays?

Again, workplace Summer Fridays refer to a flexible work policy where employees are granted reduced work hours or time off on Fridays, typically during the summer season. The specifics of Summer Fridays can vary depending on the company, but the most common approach is to allow employees to leave early or take the entire afternoon off after completing their required work hours for the week.

Reasons to Incorporate Summer Fridays

Summer Fridays are a popular perk that can be a great way to boost employee morale and productivity, but it’s important to carefully consider the pros and cons before implementing this practice in a small business. Here are the advantages companies can expect to gain:

Increased employee morale and engagement. Offering Summer Fridays can boost employee morale, satisfaction, and motivation. Knowing they have extra time to enjoy summer activities or spend quality time with friends and family can increase overall happiness and job satisfaction. This, in turn, can enhance productivity and reduce burnout.
Improved work-life balance. Small businesses often face challenges in maintaining a healthy work-life balance for their employees. Summer Fridays provide an opportunity for employees to recharge, reducing stress levels and preventing burnout. The increased flexibility can also allow employees to schedule personal appointments, attend children’s activities, or engage in hobbies, which can positively impact their well-being.
Attraction and retention of top talent. In a competitive job market, small businesses may struggle to attract and retain skilled professionals. Implementing Summer Fridays can be an attractive perk for prospective employees, differentiating the company from competitors. Additionally, existing employees are more likely to stay with a company that values work-life balance and offers flexibility.

And, last but certainly not least – increased productivity and focus. Shortened work hours can lead to increased productivity as employees strive to accomplish their tasks within a condensed timeframe. Knowing that they have limited hours available can encourage employees to prioritize their work, minimize distractions, and focus on completing their assignments more efficiently.

Considerations Small Businesses Need to Take into Account Before Implementing Summer Fridays

Of course, there are always some potential drawbacks or downsides that go along with just about any type of change, regardless of intention and promise. Here are some things small businesses need to consider about Summer Fridays:

Impact on operations and client expectations. Before implementing Summer Fridays, small businesses need to consider the potential impact on their operations and client relationships. Adequate planning and communication should be in place to ensure that reduced work hours or the absence of key employees on Fridays do not disrupt workflow or negatively affect customer service.
Scheduling and staffing challenges. Small businesses often operate with limited resources, and adjusting schedules to accommodate Summer Fridays may present staffing challenges. Careful consideration should be given to workload distribution, cross-training employees, or arranging for temporary help to ensure essential tasks are covered.
Consistency and fairness. It is crucial to establish clear guidelines and policies for Summer Fridays to ensure consistency and fairness among employees. Setting expectations, defining eligibility criteria, and addressing potential conflicts can help avoid misunderstandings or negative feelings within the team.
Communication and transparency. Effective communication is key when implementing any new policy. Clearly communicate the details, benefits, and expectations of Summer Fridays to employees. Openly address any concerns or questions and be transparent about how the policy aligns with the company’s goals and values.

What else would you include in the pros and cons of instituting Summer Fridays that small businesses should know about? Please take a few moments to comment and share your thoughts and experiences so others can benefit from your unique perspective!

Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

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Former Employee becomes a Rival Without a Non-Compete Agreement — What Should I Do

September 30, 2020 No Comments

Here’s an unusual but not unheard of situation. A team member leaves your company only to go off and form a rival business. Making matters worse, there’s no non-compete agreement in place. Perhaps you never considered one, or thought it unnecessary. Whatever the case, your former employee is now a direct competitor — so, what should you do? Legal Action might Not be the Best Action The reflexive answer might be to sue. However, this will be very costly and challenging. Without an explicit non-compete agreement, you’ll have to prove with documented evidence that he or she used proprietary methods, and/or work product, and/or more, in order to start his or her business and poach customers. In other words, it will be a very expensive and uphill proposition that doesn’t have more than a 50/50 chance of succeeding. When the employer faces a worker that engages in certain activities, he or she may need to sue the person for the actions that lead to the individual becoming a competitor. Many of these circumstances involve the employee acting in direct violation of company policy or the state or federal laws by stealing information from the company or poaching clients. —HG.org That means you’ll have to find another way to deal with the situation. Since you’re probably not going to persuade him or her to give up their newfound success, or come back to work for you, what alternatives are there? Well, it really depends on your relationship as it stands now. How to Deal with an Ex-Employee Who is Now a Competitor When a former employee becomes a competitor, it can stir up a number of emotions. You might feel proud, if this was the plan all along. But, if it came out of the blue, chances are excellent that you will feel angry and even cheated. Fortunately, there are ways to deal with an ex-employee who becomes a business rival: Talk about establishing some mutual boundaries. Although there was no arrangement in-place prior to his or her departure, that doesn’t mean that you can’t come to some agreement now. Speak with him or her about establishing some ground rules. Perhaps, you both can offer different variations of what is essentially the same within the industry. For instance, you take on one type of client, why he or she takes on another. Or, you agree not to cross certain geographic boundaries. Form a strategic alliance. Here’s another idea — work together, yet separately. If the above suggestion isn’t feasible, then there’s no reason you can’t work together, behind-the-scenes. For example, you might be able to serve clients in one capacity, while he or she serves them in another. Yet another alternative is to work in tandem, where you pick up where he or she isn’t available, and vice-versa. Shift your focus. This just might give you the opportunity you’ve been waiting for, for some time. You can look at it as a blessing in disguise to transition from one business model to another. Perhaps you’ve wanted to take the company in a different direction, but have been unable to fill the void. Now, there’s someone to do just that, freeing you to pursue new things. What other suggestions do you have to deal with such a situation? Please take a moment to share your thoughts and experiences so others can benefit from your prospective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Elon Musk, Twitter, and Bogus Business Numbers Teach this One Simple Lesson

May 22, 2022 No Comments

Elon Musk’s acquisition of Twitter is full of drama. It’s one of the biggest deals in the world of social media. What makes it so fascinating is the many bomb drops that continue to detonate, drawing huge public attention. Among the latest is about the actual number of bots on the microblog. Musk threatened to walk away if the company can’t provide proof positive about the percentage of fake accounts, citing his offer was predicated on official SEC filings. Turns out, there might be a lot Twitter is hiding from the public and this is a prime teaching example. Why Businesses should Never Mislead the Public or Consumers As a business owner, you should be aware of the consequences of misleading the public. When businesses knowingly deceive their consumers, it can lead to disastrous results. Not only can it ruin your reputation and cost you customers, but it can also lead to legal trouble. In this article, we will discuss the consequences of misleading the public and why honesty is always the best policy. One of the most influential propositions in marketing is that customer satisfaction begets loyalty, and loyalty begets profits. Why, then, do so many companies infuriate their customers by binding them with contracts, bleeding them with fees, confounding them with fine print, and otherwise penalizing them for their business? Because, unfortunately, it pays. Companies have found that confused and ill-informed customers, who often end up making poor purchasing decisions, can be highly profitable indeed. —Harvard Business Review Deceptive advertising is one of the most common ways that businesses mislead the public. This can take many forms, such as false claims about a product’s effectiveness, exaggerated claims about sales figures, or even making false promises about what a product can do. In some cases, businesses may even resort to fraudulent activities, such as selling counterfeit products or engaging in bait-and-switch schemes. Consumers rely on businesses to be truthful about their products and services. When businesses engage in deceptive practices, it erodes consumer trust and confidence. This can lead to lost business and customers turning to your competitors. In addition, if you are caught deceiving consumers, you could face legal action from state attorneys general or the Federal Trade Commission. The bottom line is that honesty is the best policy when it comes to running a business. Misleading the public may seem like a quick and easy way to make a profit, but in the long run, it will only lead to problems. Be truthful about your products and services, and you will build trust with your customers that will last for years to come. Have you ever been misled by a business? How did it make you feel? Share your story in the comments below. And if you’re a business owner, remember – always be honest with your customers! It’s the best policy for ensuring long-term success. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Easy Ways to Build Up Retained Business Earnings

June 23, 2021 No Comments

The U.S. Bureau of Labor Statistics estimates about one-third of new businesses fail in their first two years of operation. Approximately half go out of business within the first five years. Banking statistics reveal around 82 percent fail due to cash flow issues. Those are grim and stark figures. But, these unfortunate circumstances can be avoided by building up a business emergency fund in the form of retained earnings. Top Reasons to Save Retained Earnings There are several benefits to saving retained earnings in any business, no matter how small. (But more particularly, for medium to large sized organizations.) Obviously the most important is for emergency situations. It could be a natural disaster, a pandemic, a sizable dip in the economy. Regardless, emergencies do happen and your business will benefit from having savings in-place. Retained earnings reflect the amount of net income a business has left over after dividends have been paid to shareholders. Anything that affects net income, such as operating expenses, depreciation, and cost of goods sold, will affect the statement of retained earnings. —The Blueprint, a Motley Fool Service Another advantage of having retained earnings ready-to-go is for opportunity buys. Your business might have the good fortune of being able to purchase inventory and/or equipment in bulk at a substantial discount. Or, there might well be a circumstance where cash becomes temporarily tight. Retained earnings are an ideal source of capital that can later be replenished. Clever Ways to Save Retained Business Earnings It’s not always easy (or simple) to put aside money within a business that isn’t specifically for something like inventory, equipment, materials, et cetera. But, there are ways to save retained earnings for your business — it just takes a substantial amount of discipline and patience. Here are some effective ways to save retained business earnings: Make it simple. Rather than trying to save money in a business checking account and “pad” the balance, open a dedicated account, such as a money market (since it earns interest) and that will provide more incentive to set money aside. This way, you’ll largely avoid the temptation to spend what you’ve ostensibly saved. Automate savings. Once you have a money market account to save retained earnings, set up automatic deposits to go into that account on a regularly scheduled basis. After a time, it won’t be such a big deal and you’ll grow accustomed to it. Take advantage of discounts. If you’re planning on a big purchase and have a budget set for the expense, take some time to find the same item at a discount. Or, broaden your search to find something similar but less expensive. Then, take the difference you save and put it in retained earnings. Sell off old or unused items. You’ve probably bought one or more things in the past that you rarely use or have grown out-of-date. So, go through your assets and find prime candidates to sell off and then put the money into retained earnings. Take advantage of higher revenue. Whenever business is good, it’s a good idea to put some money aside for a rainy day. While many business owners do this, it’s only sporadic. But, making this a priority and a habit will help to beef up retained earnings. What other suggestions do you have for building up retained business earnings? Please take a brief moment to leave a comment and share your thoughts and experiences so others can benefit from your strategies. Interested in learning more about business? Then just visit Waters Business Consulting Group.