Most Effective Networking Strategies Successful Entrepreneurs Practice

In times of uncertainty, particularly when there’s a financial crisis, work-share programs can serve as a temporary solution. But, these systems are not perfect. However, that doesn’t necessarily mean you should outright dismiss the option. Read on to learn more about the pros and cons of work-share programs. Biggest Downsides of Work-Shares As the nearby quote explains, work-share programs are offered by local governments to help small businesses in times of need. They give businesses the ability to reduce employee hours without having to resort to letting them go. As you might imagine, work-shares have their pros and cons. And, the first downside is that your business (or employees) might not qualify. If it does, another downside is that it could be more lucrative for team members to find alternative employment. Work-share programs let businesses temporarily reduce the hours of their employees, instead of laying them off during economic downturns. Technically referred to as short time compensation, the goal of work-sharing programs is to reduce unemployment. Work-sharing should not be confused with job sharing, which allows two part-time employees to share one full-time job. Instead, work-sharing allows a full-time worker’s hours to be reduced, in lieu of laying off the worker. —National Conference of State Legislatures Of course, if there’s an outright unemployment option that effectively supplies comparable or more compensation, that’s another downside. Then, there’s the matter of timing. Meaning, how long you’ll need the assistance and whether or not it’s sufficient to carry you and your employees through. Top Advantages of Work-Shares Now, there are obviously good things that come with work-share programs. These can be a real lifeline when you and your business needs it most. Here are some of the largest benefits of work-share programs: You can avoid layoffs. Okay, the most obvious advantage is the fact that you don’t have to resort to firing team members from your company. Work-share programs help you to keep your employees on the payroll, even if it’s a smaller one. It provides ongoing continuity. Another benefit is that your business can essentially carry on as usual (or as good as possible) for at least a short period of time. That can really help to save your business’ operations and keep productivity going. The arrangement helps maintain morale. Yet another upside to a work-share program is it helps to keep morale up since you’re keeping people employed and in a familiar work environment — even if it’s temporarily in another setting. You don’t have to start over again when it’s over. When the time comes to resume normal operations, the ability to retain employees helps you avoid having to hire all new staff and start over by training from scratch. What other pros and cons would you add to the list? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

It’s the dreaded, seemingly unbelievable news Apple warned its investors about earlier this month. The sales of its most important product, the iPhone, free-fell by 15 percent. Since these devices account of 60 percent of Apple’s business, that’s a big, big deal. Overall, the tech company’s sales dropped 5 percent; a sizable setback, indeed. How Setbacks can Impact Businesses What this demonstrates, quite starkly, is that no company is immune from setbacks. No matter how popular their products and/or services. Regardless of the economic climate. Despite strong consumer sentiment. Any business can suffer setbacks. Reconnecting with the determination that’s helped you succeed takes re-examining your strengths and a little creativity. When challenging scenarios have you hanging your head, shore up your confidence with these skills so you can get back up, dust yourself off and look the challenge in the eye to overcome. —Forbes.com It’s not just monetary losses, either. When a setback occurs, it can shatter confidence. So much it’s difficult to get it back again. In other words, a setback can not only take away from the bottom line, it can take an emotional, psychological toll. And, these shouldn’t be understated. Ways Businesses can Overcome Setbacks So, just how do businesses deal with setbacks? What can they do to turn things around and get back into a positive groove? Here are some effective ways to deal with setbacks: Face it head-on. There’s no sense in denying reality. Acknowledge the situation to start to understand just what’s happening. And, take comfort in the fact that you’re now a bit wiser for the experience. Avoid the blame game. Sure, there’s probably a person or two you can point to as the culprit(s). But, this is only useful in getting to the core of the problem itself. Playing the blame game does nothing to move you forward. Identify the source, accept it, and move on from there. Give it a little time. Instead of just jumping into a fix, allow some time for introspection and reflection. If you hurry, you’ll probably only make things worse for rushing into the first rash solution. Impatience is very powerful at undermining because it takes time to heal. Move forward with caution. If you take your time, you’re much more apt to pinpoint the problem points and come up with workable, realistic solutions. Proceed with caution and then, if there’s headway, push past your comfort zone. After all, if you step outside of your comfort zone, you’re bound to see things in a totally different way than before. How do you deal with setbacks? What other remedies would you recommend people try? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Social media can really become a workplace problem. And, it’s always a good idea to have an effective social media employee policy. But, it is also one of the most powerful marketing tools business have at their disposal. It’s free. It can potentially reach thousands to tens of thousands of people. Plus, it’s very easy to use. Well, that’s not always the case because some businesses actually don’t quite know how to use it correctly. Why Social Media is an Important Business Tool Social media is an important business marketing tool because it’s part of our day-to-day lives. The vast majority of consumers are on at least one or two platforms. Therefore, the exposure is far and wide. It’s not just about branding and marketing outright, either. Social media offers customers yet another contact and engagement point. Customers should know you are serious about promoting your company, about announcing when there is a new milestone, about company news that might make them want to buy a product, not just laugh at a video. They need to see effort, not occasional hits. —Inc.com There are plenty of instances where companies have used social media to their advantages. (Of course, there are plenty of examples where companies have publicly dropped the ball.) But, more often, social media is an avenue to build a following. The more followers, the more interest and sales a business receives. How to Use Social Media to Promote Your Business To really tap into the power of social media, you should know some basic ground rules. If you’re going to make it work for you, it’s important to understand how to go about it. Otherwise, you’ll simply be wasting your time. Here are some helpful tips for how to use social media to promote your business: Make all profiles uniform. Most businesses set-up more than one social media account. Facebook, Twitter, and Instagram are among the most popular. Whatever platforms fit your business, they should all be uniform. In other words, present the same “face.” The same profile picture, the same bio or about, and so on. This provides a seamless experience and avoids confusing people. Provide value. Whatever you share, it should have some sort of value. Be it advice or just good for a laugh. And, you should always use the 1-in-7 rule — one post overtly promotes your business, the other six provide valuable information. Showcase your expertise. It’s always a good idea to periodically share insider information. (No, not the kind that goes against insider trading rules.) Rather, the kind of information the average person does not know or know much about. Ask questions that beg answers. The whole point of social media marketing for business is to get users to engage. So, ask questions that are conversation starters. And, when people respond, be sure to interact. Use images to your advantage. It’s a well known fact that posts with images gain a whole lot more attention than text-only posts. Use interesting, mood-evoking images for the best results. How do you use social media to promote your business? What techniques work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.