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Start the New Year Strong – Avoid Entrepreneurial Burnout

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality.

Make 2018 a Great Year for Your Business

If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout.

Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com

In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business.

How to Avoid Entrepreneurial Burnout

Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout:

Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly.
Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment.
Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive.
Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next.
What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview:
1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain
2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves
3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses.

How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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When Should Your Business Start Charging for a Free Service or Product?

January 16, 2020 No Comments

There comes a time when a business must start to charge customers for something it’s provided for free in the past. As consumers, we are all familiar with this phenomenon. Perhaps a local restaurant favorite, that previously furnished patrons with bread-sticks or chips, free of charge. Then, suddenly on one particular visit, that item was no longer provided for free. Why Businesses Start Charging for a Previously Free Product or Service Of course, there are a myriad of reasons for a business to transition from offering something at no cost to charging its customers for it. It could be due to a variety of situations, such as a lack in supply, an overall change in industry practices, perhaps a transition from one owner to another, or a simple revenue loss calculation. One of the secrets to business success is pricing your products properly. Price your products correctly and that can enhance how much you sell, creating the foundation for a business that will prosper. Get your pricing strategy wrong and you may create problems that your business may never be able to overcome. —Inc.com Whatever the underlying reason for the change, it is usually out of necessity, rather than just a capricious decision on the part of the business. Perhaps your company is experiencing this and you’re wondering if it is feasible to charge for something you have previously provided at no cost to your customers. It’s a tough decision because you’re obviously worried that it might hurt your business, either in the short- or long-term. How to Know When it’s Time to Begin Charging for a Service or Product Previously Provided at No Charge Of course, there’s always a risk entailed in going from no cost to charging for something, be it a service or a product. So, let’s take a look at a few reasons when it is appropriate to start charging for a service or product you previously offered at no cost: There’s a change in your cost. Let’s begin with one of the most obvious signs, a change in your expenses. You might have experienced an increase in how you acquire a product or need to keep up with the industry and start charging for a particular service you offered for free prior. Other businesses already charged for the same thing. Here’s another fairly straightforward reason — companies in your line of business already charge for that certain product or service. Perhaps you did not in the past because it was a way to drive business. But now that you’re established, it’s time for customers to pay for it. The industry itself is changing. Sometimes, market forces simply dictate a change in the way some companies do business. This might be one of those circumstances, when others in the same industry are starting to charge for something that they previously provided for free. It’s simply time to make the transition. There are times when it’s necessary to take a loss-leader and transform it over to a revenue generator. It isn’t really all that uncommon for businesses to take a small loss on a product or service for some length of time, only to begin to monetize it at some point. What other advice would you give about transitioning from taking a product or service from no cost to charging? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Reassess Your Workspace Needs in a Hybrid Workplace Environment

August 4, 2022 No Comments

Hybrid work schedules have become quite common. And, as the nearby quote from Harvard Business Review points out, hybrid workplaces are increasingly becoming more popular and might even be dominant in just a few years to come. If your business has begun to adopt this model or has already moved to this type of schedule, then you’re probably wondering how to increase its benefits for your business. One way to do this is to reassess exactly how much space your business needs to operate and perform its best without undue waste. Hybrid Workplace Advantages There are a number of advantages of hybrid workplaces. First and foremost is obviously employee satisfaction, as happier team members generally do better jobs and that of course benefits your bottom line. Another advantage is not having as many on-site materials and tools. In other words, it’s not necessary to have as many individual offices or cubicles, and/or PCs and printers as well as other peripherals. By all indications the future of work is hybrid: 52% of U.S. workers would prefer a mix of working from home and the office, saying it has a positive impact on their ability to be creative, solve problems and build relationships. Global research tells us 72% of corporate leaders plan to offer a hybrid model, and only 13% say they expect to decrease their real estate footprint in the next year, suggesting that organizations will continue to leverage their workplaces within a hybrid work future. —Harvard Business Review Additionally, a hybrid work model means that employees can better balance their personal and professional lives, which again comes back to their satisfaction and that is extremely advantageous to any business. What’s more, a hybrid workplace doesn’t always require as large of a physical footprint, which allows you to downsize and therefore save on your monthly expenses. How to Reassess Your Workspace Needs in a Hybrid Workplace Environment The very first thing you need to know is if a hybrid work environment will indeed work for your business over the long term. This will be fairly easy to assess if you’ve already adopted the hybrid model for several months or longer. But, if it’s still fairly new to your business, this evaluation might require quite a bit more time in order to make an informed decision If you are in a situation that has benefited from a hybrid work model for a substantial amount of time, then you can start to ask yourself where it’s possible to downsize and where it’s necessary to expand. For instance, you may not need as much physical office space but need to invest a little more in technology. Another consideration to take into account is your future plans to grow your business. If the hybrid model is only sufficient but not realistically scalable for your company’s future endeavors, then, of course, it’s best to play to your strengths rather than trying to force any other type of working model that just won’t produce the same outcome. What other considerations would you add to these? Please take a moment to share your own thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Deal with a Client Who Keeps Breaking their Promises

September 3, 2020 No Comments

What do you do with a client who keeps breaking their promises? It’s certainly not an easy problem to solve. And, even more difficult when you come to the realization you’re a bigger part of the issue than you originally thought. As is the case with so many complicated circumstances, you probably share a good amount of fault. That isn’t to excuse the promise-breaker. But, it does serve as a reminder that it takes two people to take responsibility. About Promise-Breaking Clients It’s a more common phenomenon that you might believe. Not that it’s justified or even reasonably expected. However, clients have many reasons why — yes, some are excuses — for not following through with their word. It could be something beyond their control. Or, just a change of heart (and perhaps, circumstances). It’s an old rule of life that we teach people how to treat us. Yet often we can struggle when it comes to managing accountability and calling people on broken promises. It just feels like less stress to say nothing; even to just do it ourselves. But here’s the deal: when you decide not to call someone on their broken promise and ill-managed commitment, you’re, albeit inadvertently, being part of the problem. —Forbes.com Regardless of how often it happens, it does happen. So, that’s something you should be prepared for, because eventually, you’ll run into it. Usually, it’s not out of malice or selfishness, but rather, unrealistic expectations. When it does happen, you should know how to respond. How to Deal with a Client Who Keeps Breaking their Promises There’s an old saying in the real estate sales industry, “Buyers are liars.” It comes from a modicum of truth, but is obviously more of an exaggeration. Although, it does point out how people tend to embellish or overstate their resources and intentions. If you have a client who doesn’t always follow through on his or her promises, try these suggestions: Remind them. The first time won’t be the last. So, let him or her know what you expected and that you’ll expect them to deliver in the future. You don’t have to be rude, just stern but kind. If you show you’re willing to call them out, he or she will be less likely to do the same again. Don’t make up for them. It’s tempting to pick up the slack yourself but that rewards their behavior by avoiding consequences. After all, you value your reputation and take pride in your work. So, you make up for the short fall. But, this will only backfire. You’re only teaching him or her you’re always there to make things right. So, they don’t have to worry about it. That will only lead to more trouble. Don’t stay vulnerable. This is the most difficult, though it’s sometimes unavoidable. If it happens more than once and you don’t say anything, expect it to keep happening. Conversely, if you let them know you’re not going to tolerate his or her behavior, you can help break the cycle. What other suggestions do you have for dealing with a client who breaks their promises? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.