Business Education

5 Steps to Immediately Take when a Business Partner Quits

We’ve already gone over the most common signs a business partnership is in trouble. Dave Ramsey is well known for saying that “The only ship that won’t sail is a partnership.” Indeed, far many more business partnerships fail then succeed. But, what happens after a partner leaves the company? What do you do then?

5 Steps to Immediate Take when a Business Partner Quits

Your first step — and perhaps the most important step — is to take a step back. Don’t panic. Even if it’s abrupt, now is not the time to come apart at the seams. Though easier said than done, it’s imperative to remain calm in order to think clearly. If you don’t maintain control, it will only add to the anxiety and uncertainty.

At the beginning of any business partnership, the partners usually envision a long-term relationship. Unfortunately, expectations notwithstanding, longevity is often limited; the goals and expectations of the individual partners will change at least to some degree over a period of time. This is why an exit strategy must be developed by and between all partners. It will ensure that if one partner leaves the company, his or her absence will not destroy the integrity of the company and its ability to stay afloat. —Entrepreneur.com

Second, get in the know. Jump into his or her schedule, work product, etc, and find out exactly what’s been going on. This is where you’ll learn what he or she was actually doing. And it could reveal some very upsetting findings. Although, if his or her work was exceptional, that too might also cause you to panic because now it’s an even bigger role to fill.

What to Do when a Business Partner Leaves

When a business partner leaves the company, you not only have to remain calm and learn exactly what’s been happening in his or her roll, you’ll also have to do the following for the sake of continuity:

Assess what’s necessary. Next, you’ll need to take on at least some of his or her job roles. It’s really dependent on the particular situation, but you might consider absorbing one or more of his or her roles in the business. In the alternative, it might be better to parcel the work out to others within the company, or even outsource.
Delegate responsibilities. If your former partner had people under him or her, these people will likely have a wealth of knowledge. They are also ideal candidates to delegate responsibilities. That will help to keep things going without really missing a beat.
Formulate a plan for the future. Once you’ve filled the void and things settle down, it’s time to think about what to do in the future. Even if you don’t take on a new business partner, it’s important to have a continuity plan for the sake of the company. This is where an experienced business consultant or coach’s advice can really come in handy.

What other advice do you have? Please comment and let us know your thoughts and experiences!

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

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Have You Tried the Discarded Napkin Test?

October 29, 2017 No Comments

Have you tried the discarded napkin test? Perhaps you’ve never heard of it because it isn’t an actual thing. But, this simple sociological experiment does reveal some fascinating insight into how we perceive others and gauge various environments. Don’t bother Googling it, you won’t find any on-point results. However, that doesn’t mean it’s not useful. Try the Discarded Napkin Test for Yourself The discarded napkin test is a simple one. And, it clearly demonstrates the importance of appearance. Here it is: go into a casual restaurant prior to the lunch hour rush. Crumple a clean napkin and place it on a clean but empty table. Sit nearby and watch how many people past the “tainted” table up for another. Eventually, if there’s no more tables available, someone will muster the courage to clean it off. Or, give into the frustration of the limited seating options and swipe it to the floor. Many workplaces have dress codes, particularly workplaces in industries in which image is highly valued and workplaces in which employees have regular face-to-face contact with customers. Whether you are considering setting a dress code for an existing workplace or trying to decide whether your new retail store will require employees to adhere to a dress code, consider the broad benefits and potential drawbacks — like backlash from casual-dressing employees — of such a move. —Houston Chronicle The point is, people will choose to sit elsewhere even when the only flaw with a table is a discarded napkin. That’s it. Its unpleasing appearance is enough to turn off person after person. Although a bit strange, it’s true. And, it begs the question — are employee dress codes good or bad? Employee Dress Codes Pros and Cons Okay, so there are a number of dumb office rules that drive employees crazy. But, some make sense to enforce. When it comes to employee dress codes, it’s not always cut and dry. This means, while an employee dress code can actually be a good policy, it can also be a bad idea. Here are some employee dress code pros and cons to consider: Pro — professional appearance. The single biggest benefit of an employee dress code is it provides a professional appearance. It’s especially useful in retail settings and offices. In the former, uniforms distinguish employees while the latter, business casual provides a professional yet laid back experience. Con — stifles personal style. Although a dress code does provide a more professional experience, it also can stifle personal style. That can mean rebellion, particularly in an office setting. Team members might feel an imposition and possibly a bit untrusted. Pro — provides “uniform” experience. Of course, you’d like your business to send a uniform message, which uniforms undeniably provide. However, in an office setting, this is a little more problematic. But, broad rules with clear prohibitions usually works well. Con — needs consistent policing. Now, the biggest downside of any dress code is the need to police it constantly and consistently. Otherwise, it’s just a suggestion and not enforced policy. At least, that’s the way employees will feel. What other pros and cons of employee dress codes have you experienced? Do you favor a strict dress code or a loose one? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Here are the 3 Biggest Leadership Blind Spots Harming Businesses Right Now

January 1, 2019 No Comments

The top leadership blind spots aren’t new phenomenon. In fact, these are common and have persisted for practically as long as the market existed. Even in an age of readily available information, it’s far too easy to get caught up in these traps. So, let’s take a quick look at the most common leadership blind spots to avoid. Leadership Blind Spots Lead to Failure Blockbuster. Walden Books. Barnes and Noble. MySpace. J.C. Penny. Sears. K-Mart. Edsel. Steak and Ale. The list goes on and on and on and on. Of course, hindsight is 20/20. But, even in when things began to unravel, these brands just didn’t do enough to adapt. When you look closely at what triggers crises in organizations, you often see that there is a major leadership oversight or blind spot that has allowed the crisis to exist in the first place – and then grow, unrecognized, until it’s too late. Just as many leaders want to be perceived as trustworthy in a rapidly changing environment, leaders themselves need to be aware of who and what they are trusting. Misplaced trust is a clear precursor to trouble. —Forbes What so many in the public saw as clear writing on the wall, the powers-that-be or rather, were, internally didn’t fully comprehend or heed. The result — utter failure. All of the above examples are prime examples of blind spots taking over and leading straight to obsolescence. Top Leadership Blind Spots Harming Businesses It’s not altogether clear what actually happened to bygone companies but it is readily clear what action was taken simply did not suffice. Okay, that’s a bit obvious. However, it’s not always easy to see what’s truly going on and that’s what gives blind spots their names. Here are the top three leadership blind spots harming businesses today: The dreaded status quo. Sure, we’ve all heard and even used the term. Still, it’s used so much that its meaning has nearly been lost. Status quo ante or literally, “the state in which before,” says it all. “Before,” meaning a shift occurred. When things are going well, it’s all too easy to forego considering what might lie ahead and that’s a big blind spot. Spending even more money. When a project doesn’t go the way it’s planned, there just might be a temptation to turn it around — by throwing more money at it. But, bailing out is only a stop-gap measure, it doesn’t actually remedy the problem. Focusing on the short-term instead of long-term. Although short-term wins do much they also can obscure long-term consequences or trends. While it’s great to accomplish something that pays off today, it’s very damaging to let that satisfy and take the edge off the unknown of tomorrow. What other leadership blind spots would you include? And, how do you identify and get past them and others? Please share your experiences by leaving a comment! For more good reading on Blind Spots, please click on these links for a book written by a good friend, author and paid keynote speaker, Kevin McCarthy. Bestselling book: Blind Spots: Why Good People Make Bad Choices Www.KevinMcCarthy.com Www.LinkedIn.com/in/kevinmccarthyCSP Www.Twitter.com/kevinmccarthy01 Immediate Past President for National Speakers Association, Oregon Chapter. NSA Chapter Member of the Year 2014-2015. Interested in learning more about business? Then just visit Waters Business Consulting Group.

I Reopened My Business, but Now I’m Short-Staffed, What Do I Do?

February 9, 2021 No Comments

The COVID-19 pandemic and subsequent shutdowns affected different businesses in different ways. Some industries, like financial services, online retail, and even real estate, experienced growth. However, other industries suffered big losses, particularly hospitality, restaurants, and brick and mortar retailers; even some office environments experienced significant setbacks. Now, with plans to reopen and resume business as normal underway, some companies are faced with a labor shortage. Obviously, it’s difficult to service customers without the proper employee support. So, let’s look at some ways to shore up your business staff in short order. Employees are the Single-Most Valuable Business Asset Regardless of what industry your company serves, you’ve probably learned over the years — or have least heard — that employees are true assets to any business. Companies who do not treat their employees as assets suffer from high rates of turnover, low quality work, and often poor morale. Before you start evaluating candidates, ask yourself what traits you want to have in those employees to ensure you’re aligning your new hires with your business objectives. Some common traits that I’ve seen among hiring for eCommerce and physical retailers include flexibility, high energy, and fast learner —Business 2 Community Conversely, businesses that treat their employees as valued assets enjoy quality production, higher rates of production, a strong camaraderie and positive morale, and very low turnover. The reason isn’t a mystery — treat employees well and they will in turn do their best. Of course, that begs the question of how to bring on several people in a short amount of time that will make a good fit? How to Find Quality Employees on Short Notice In order to staff a business quickly, you need to first determine which roles to prioritize. And, know exactly what type of personalities best fit said roles. Here are three attitudes you must embrace to find the right staff in a pinch: Be patient. You probably already have existing employees taking on expansive responsibilities out of necessity. You should continue that practice but with a goal to reach. It’s better to rely on known qualities and compensate them well than to rush through the hiring process simply to fill positions. Start with previous employees to fill empty roles and give them more responsibilities for the short-term. Be flexible. Of course, you should streamline your hiring and training processes. But along with these changes, it’s also smart to think strategically. In other words, if a new hire isn’t working out in a particular role, move him or her into a different position instead of letting them go and having to go through the process all over again. Be confident. Sure, this might be a time of uncertainty. It’s unnerving, upsetting, and can be difficult to cope with. But, if you remain calm and show confidence, that will permeate through the company and help your employees greatly. What other attributes would you suggest business owners take on in order to get through a period of short staff? Please take a moment to share your thoughts and experiences by commenting so others can benefit from your unique perspective. Interested in learning more about business? Then just visit Waters Business Consulting Group.