Business Education

A Growing Japanese Trend Should Give American Entrepreneurs Serious Thought About How They Run Their Businesses

Did you know employees in Japan are actually paying people to help them quit their jobs? Yep, it’s true. Japanese workers are hiring “retirement agents” or “quitting support services” to help them resign from their positions. And, this isn’t just a fad, either. In fact, it’s a growing phenomenon. Now, part of it is cultural. But, quite a few reasons are relatable to any company anywhere else in the world.

Unsurprisingly, these employees are resigning over very familiar qualms and grievances. These individuals are unhappy with several aspects of their workplaces and are taking action to step away and transition to other opportunities where they believe they’ll be far more content and earn just as much – if not more – than where they currently work.

5+ Effective Ways Business Owners Can Keep Their Employees Productive and Happy

This trend in Japan, where employees are hiring intermediaries to help them quit their jobs, reflects a deeper issue of workplace dissatisfaction, discomfort with direct confrontation, and burnout. This movement offers valuable lessons for American entrepreneurs to minimize turnover and retain key talent. Here are the key takeaways:

Improve workplace communication. A significant reason for employees seeking third parties to handle their resignation stems from poor communication channels with management. American entrepreneurs should foster an open, transparent, and empathetic communication culture where employees feel comfortable voicing concerns and ideas without fear of retaliation.

Enhance employee engagement. Employees who feel disengaged or disconnected from the company’s vision or their role are more likely to seek an exit. Entrepreneurs should ensure that employees are regularly recognized for their contributions, have opportunities for growth, and feel like valuable contributors to the business.

Create clear career development paths. Employees who feel stuck or uncertain about their future within a company are likely to look for opportunities elsewhere. Offering career development plans, regular feedback, and training can keep top talent engaged and committed to long-term growth within the organization.

Foster a positive work environment. Toxic workplaces push employees to leave, often silently or through messy, dramatic situations. American entrepreneurs should focus on building a positive, inclusive, and supportive company culture that prioritizes employee well-being, collaboration, and respect. A happy workforce is a loyal one.

Competitive compensation and benefits. Compensation isn’t just about salary—benefits, flexibility, and work-life balance matter too. Entrepreneurs should periodically review their compensation packages to ensure they align with market standards and meet employees’ evolving needs.

And here’s a bonus tip: offer access to mental health and wellness support. Burnout is one of the main drivers behind this trend. Providing mental health resources, promoting work-life balance, and offering wellness programs can reduce employee stress and make them feel more supported, potentially decreasing the desire to quit.

As you can see, this trend highlights the importance of addressing workplace dissatisfaction proactively. By focusing on communication, engagement, wellness, career growth, and a healthy work environment, American entrepreneurs can reduce turnover and keep their key talent from seeking alternatives.

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How to Hire a Replacement for a Key Role in Your Small Business

September 28, 2023 No Comments

Hiring the right replacement for a key role in your small business is a critical decision that can significantly impact your company’s success. Whether you’re replacing a retiring employee, filling a newly created position, or addressing a talent gap, the hiring process should be thoughtful and strategic. How to Hire a Replacement for a Key Role in Your Small Business Obviously, hiring a new employee is always a big decision, but it’s especially important when you’re a small business owner and you need to find a replacement for a key member of your team. The wrong hire could have a major impact on your business, so it’s crucial to take your time and get it right. In order to make the right decision, you need to not only follow your gut and listen to trusted sources but also do these five things: Assess your needs. Before you start the hiring process, take time to assess your business’s needs. Clearly define the role you are looking to fill and identify the specific skills, qualifications, and qualities required. Consider both technical skills and soft skills like communication, adaptability, and cultural fit. Update the job description. Craft a detailed job description that accurately reflects the role’s responsibilities, expectations, and qualifications. Be transparent about your company culture, values, and mission to attract candidates who align with your business’s ethos. Consider remote talent. In today’s digital age, remote work is increasingly common. Don’t limit your search to only local candidates. Opening up the position to remote talent can significantly widen your pool of potential replacements. Screen resumes and applications. Review resumes and applications carefully, looking for candidates who possess the qualifications and experience outlined in your job description. Look for relevant work experience, education, and a track record of success in similar roles. Conduct thorough interviews. Conduct in-depth interviews with candidates to assess their skills, qualifications, and cultural fit. Use behavioral interview questions to gauge how candidates have handled specific situations in the past, as this can provide insight into their future performance. The specific skills and qualities that you look for in potential candidates will vary depending on the specific job requirements. However, some general skills and qualities that are important for any small business employee include: Hard skills: These are the technical skills that are necessary to do the job. For example, if you’re hiring a customer service representative, you’ll need someone with strong communication and problem-solving skills. Soft skills: These are the interpersonal skills that are essential for working well with others. For instance, you’ll want someone who is a team player, has good communication skills, and is able to handle stress well. Cultural fit: It’s important to find someone who will fit in with your company culture. This means finding someone who shares your values and who is a good fit for your team. In addition to the above skills and qualities, you may also want to consider the candidate’s experience, education, and references. By taking the time to find the right person for the job, you can ensure that your business is in good hands. Hiring a replacement for your small business is a significant undertaking that requires careful planning and consideration. By assessing your needs, crafting a compelling job description, and following a thorough hiring process, you can find a candidate who possesses the skills and qualities necessary to contribute to your business’s growth and success. Remember that hiring is not just about filling a position; it’s about building a team that aligns with your company’s vision and values. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer. You can phone 602-435-5474 or send us an email.

Guest Post: How To Collect Receivables Faster

July 15, 2018 No Comments

Any business that sends out invoices knows the frustration of waiting to get paid. This is especially true when you’re dependent on those payments to make payroll or fund necessary business expenses. How can you keep running your business when your clients drag their feet about paying you? Is there anything more frustrating than the endless cycle of hassling customers about their bills? If you’re facing this challenge, what you need are ideas for motivating your clients to pay on time. With that in mind, here are seven tips for how to collect receivables faster. 1. Use customer-friendly accounts receivable practices. To be certain you’re not the reason payments get delayed, make sure you are following your clients’ accounts payable procedures. It’s well worth the extra effort to make sure your invoices are not missing information that will delay processing. Likewise, bill promptly — immediately upon delivery or completion of the service, not weeks later. Also, a few days before an invoice is due, contact the client to make sure it has everything needed to pay you. 2. Meticulously track your outstanding A/R balances. One key step in reducing Average Days to Pay is tracking. Create an accounts receivable (A/R) aging report to track and measure the payment status of all your customers. Typically, an aging report breaks down accounts into length of time since invoices were issued: 0-30 days, 31-60 days, 61-90 days and past 90 days. Each account will list the business name and how much is owed in each applicable timeframe. Creating and using a report like this will enable you to quickly, seamlessly check for potential problems so you immediately know when someone’s slow to pay — and then determine your best course of action. 3. Be proactive about getting payments. Believe it or not, your clients are less likely to pay you the longer their invoices are outstanding. In other words, the longer they go without paying, the less likely they are to ever pay. Don’t wait until payments are far past due to contact your clients. A week before the due date, send clients a friendly alert. Soon after the bill is due, start contacting them with gentle reminders that payment needs to be made. 4. Encourage advance payments. Whether you require a retainer on projects or request an advance, finding ways to get clients to pay something upfront can make a huge difference in your business cash flow. Advance payments greatly improve cash flow, as well as reduce your exposure to late or uncollectable receivables — giving you peace of mind as well as a more solid financial foundation. 5. Provide an early payment discount. While you may not want to discount your invoices, consider this: If a two percent discount gets you payment, that’s 98 percent more than you’d have gotten while you were waiting for a client to pay its bill. Try giving clients a small discount if they pay within 10 days, for example. In exchange for the small decrease, you might boost your overall cash flow. 6. Accept multiple payment options. Make it easier for your clients to pay you by accepting a variety of payment options, including checks, credit cards, PayPal and other online payment solutions. You may even want to suggest automatic payments for recurring clients to simplify and automate the billing process — something that may be very appealing to your clients. 7. Know when to enlist collection agencies. Most companies don’t want to resort to unleashing collection agencies on their clients, especially when they’re trying to maintain good relationships with them. In situations where accounts are severely delinquent, however, you may have no other choice. Research several options, look for a company that will deal professionally with you and your clients, and move forward confidently, knowing how important it is to get paid. Nobody enjoys the hassle of chasing down payments — yet knowing how to collect accounts receivable in a timely manner is essential to successful business. If you’re struggling with getting clients to pay on time, start implementing the tips above. It could make all the difference in your cash flow month to month. Author bio: Shanna Mallon is a copywriter for Straight North, a Chicago-based Internet marketing agency that specializes in B2B SEO, PPC, email marketing and web design. A freelance writer, Shanna has been creating online content professionally since 2007.

How to (Re)Establish Business Relationships Post Shutdown

June 3, 2020 No Comments

As you reopen your company, people you previously did business with might or might not return with you. Or, it could be the same people, but in different positions, not necessarily having the same latitude and/or resources at their disposal. These individuals, vendors or customers, will most likely continue their relationships, but it will probably be one that’s changed. So, you’ll need to re-establish said relationships and do so in a thoughtful and careful manner. Why Business Relations are Now more Important and Fragile than Ever Of course, whether or not you’re dealing with the same individuals and/or roles Will depend on a number of factors. It’s important to understand and accept the fact that you have no control over these situations. That means you’ll have to make adjustments on your end, in order to make the relationships work. Hopefully, the people you deal with will have some say of their own, but it’s best to hope for the best and plan for the worst. In the early months of 2020, the COVID-19 pandemic prompted wide-sweeping shutdowns and shelter-in-place orders across the United States. Now, as parts of the country look to start relaxing these strict measures, small business owners need to think about what’s next and how they will adapt and move forward safely and sustainably. —U.S. Chamber of Commerce As you reopen, some of the individual vendors and customers you previously worked with might not come back. Also, there’s the inevitability of personnel change among vendors you worked with prior to the shutdown. This means they’ll be some level of give and take, and you’ll need to temper your expectations from time to time until the new relationship takes form. How to (Re)Establish Business Relationships Post Shutdown Going forward, This new and strange dynamic will present its own set of challenges. But, with a bit of patience, tact, and along the way analysis, you can either establish new business relationships or re-establish old ones. Here’s how: Reach out. Obviously, this is where you’ll start. Reach out to those you had the strongest relationships before. Then, to others and go down the list to eventually get to those you only occasionally worked with prior to the shut down. Listen carefully. When you do speak to vendors and customers, make a conscious decision to actively listen. Don’t give into the urge to carry on about your business. Instead, take the time to listen carefully to them and learn about their circumstances. Communicate clearly. By the same token, be honest about your situation, exactly where you stand, and where you expect to be in the near future. In short, under promise and over deliver. Offer Meeting options. Not all clients, customers or partners will feel comfortable meeting in person so offer them options. We have asked our clients; would you prefer to do a video or ZOOM conference or have us meet you in person. Just asking shows you are sensitive to their concerns. Pay on time, every time. Also, be sure not to get too far ahead of yourself so you’re always in a position to pay on time, every time you receive an invoice. Otherwise, you’re opening yourself for trouble. Refer good vendors to others. Another thing you can do is to refer your favorite vendors (and customers) to others to show your appreciation. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.