Business Education

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

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.

Like this article?

Now Might be an Opportune Time to Expand Your Business — Here’s Why

July 29, 2020 No Comments

Any experienced financial advisor will tell his or her clients to buy when the market experiences a downturn. “Everything is on sale,” is the old adage, and for good reason. If an investor rides the roller coaster, he or she will make up any “paper losses” only to add real gains later on. Business owners know this but are often too afraid to take the risk. Then, later regret not seizing the opportunity. Why Economic Downturns Create Opportunity Most economic downturns hurt a variety of industries. By the same token, that creates opportunities for those unaffected, and even those who are. Here’s an example. A construction business will probably suffer during an economic downturn as more people will attempt to go the DIY route. But, once the homeowner gets in over his or her head, they’ll need a professional. Entrepreneurs are often reluctant to spend money to make acquisitions, expand capacity or open new markets during an economic downturn. However, downturns can be an ideal time to invest in your business. Every recession creates opportunities for innovative entrepreneurs. And inaction doesn’t mean safety in uncertain times. Rather than simply hope things will get better, you should act to improve your operations and position yourself for growth when the economy recovers. —Business Development Bank of Canada The contractor who continues to aggressively market their services will likely be the one to benefit. Because their competition will likely cut back on advertising and maybe even layoff crew, the construction firm that remains publicly out front will reap the rewards of strategic marketing. Meanwhile, those who pulled back will only continue to shrink. 3 Reasons Now is the Time to Expand Your Business Even though just about everyone knows that a bear market presents opportunity, a good percentage will err on the side of caution, rather than taking a risk. So, it’s important to know the rewards that favor those who seize the opportunity. Here are three reasons now the time to expand your business: Commercial real estate is slow. Because of the nature of this economic downturn, commercial real estate is in a slump. That means you can use the circumstances to your advantage and negotiate a favorable deal. With a little bit of swagger and confidence, and a keen eye on opportunity, it’s possible to negotiate aggressively and score a real win. Remote work costs less than on-site. It’s no secret that remote workers cost substantially less than on-site employees. This is a great way to expand your workforce while getting a substantial discount and expand your business as a result. This also allows you to streamline your processes to get more productivity without paying more for it. There’s a larger pool of talent available. When the economy slides, many talented individuals become unemployed. That means, if you’re discerning enough, you can put their advanced skill sets to work for your business. What’s more, motivated and successful individuals will most likely come to you, while lackluster individuals and people who aren’t ambitious won’t. What other suggestions do you have for expanding a business? Please share your thoughts and experiences by commenting and giving others some ideas! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 Words Smart Entrepreneurs Always Avoid

May 16, 2017 No Comments

We all have our quirks when it comes to language and nowhere is it more prominent than email. Because there is no body language, gesticulations, facial expressions, and attitude, we are left to find context, solely from the words we read. When you think about that for a moment, it’s a wonder that any business gets done from day-to-day. Ironically, just two years ago, a study conducted in the United Kingdom, surveying 2,500 office employees, revealed that an astounding 94 percent preferred email over telephones. It’s clear that email is our number one means of communication, and, because it’s become so commonplace, we don’t regard it in the same way as we do face-to-face encounters. Our demeanor, tone, and delivery differs greatly from email to spoken word. Since email is so important to business, you would think that it’s used in the utmost professional manner, but, it’s not. 5 Words Smart Entrepreneurs Always Avoid The fact is, we just don’t pay attention to what we’re writing most of the time. To many business professionals, it’s an informal method of communication, and, it’s closest cousin, texting, is even more relaxed (read: lazy). However, that’s simply not the case. Email is important, so much so, it can make all the difference. The words you type or tap are going to be read by someone else. That person or persons will not only read what’s in the message body, but read into the message itself. If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful. —Entrepreneur Let that stir a moment and go back to the introduction. Since there’s no interpersonal communication, every word matters. This is why smart entrepreneurs are conscience about what they write, how it’s phrased, and what message is delivered. If you aren’t practicing the same discipline, you might be sending more than an email, you might be sending a message that you lack confidence, are somewhat lazy, or, unsophisticated. Here are the top five words you ought to avoid: Might. The word “might,” is generally used in different ways, but often, it’s meant to point out a possibility. When you use the word “might,” you are essentially communicating that you’re unsure. That’s okay in casual, social situations, but dangerous in business communication. Likely. When you use the word “likely,” you are making a very unsure prediction. What you’re really doing is opening wide and wild interpretation. Here again, use of this word in social and casual conversation is fine, but, when you’re using it in the business world, you’re telling the recipient that’s it’s unlikely you are in-the-know. Alot. First of all, this is not how the phrase is spelled–it’s two separate words, “a lot.” Because it’s run together so often, it’s become commonplace for people to write it incorrectly. It’s the reason the ampersand was dropped as the last letter of the alphabet. It used to be recited, ending with “x, y, z, and ‘and per se,’” which evolved into “ampersand.” If you write, “alot,” you’re taking a risk that the recipient won’t notice you don’t know this. Won’t. This is one of the best ways to ensure a negative vibe, along with a lot of frustration. While you’re being emphatic, you’re also demonstrating just how stubborn, or, unwilling you are in your ways of doing things. Usually. This is the opposite of the pithy directive delivered so often by the Joe Friday character from Dragnet. It tells the recipient that you don’t have all the facts, nor do you care. Here’s a bonus: “irregardless.” Though there are some who say that it’s fine to use, it’s just unnecessary. Instead, use “regardless.” And remember that communication is made up of words, tone and non-verbal communication. Based on multiple studies, non-verbal carries the largest percentage of influence in communication while words carry the least amount of influence. So, picking up the phone to use your words and tone is more effective than just text or e-mail. When it is possibly or efficient, use Skype or Google Video or an actual face to face conversation to communicate more effectively. Business gets done through trusted relationships, and these are built on solid communication which ultimately requires words, tone and non-verbal. Now go build your business with good communication. Who do you need to improve your communication with this month to grow your relationship, your business or career? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

I can’t Afford to give My Employees Christmas Bonuses this Year, What can I Do Instead?

December 10, 2021 No Comments

This year, a good number of businesses will continue to face the very unenviable position of not being able to afford employees’ holiday bonuses. For a sizable percentage of companies, it became an inescapable reality last year, obviously, due to the large-scale shutdowns across the country and overseas. While many businesses have recovered and regained a sense of normalcy, a significant portion still struggle. This means having to make hard choices when it comes to expenses that are not part of the business’s day-to-day operations. Fortunately, there are some alternatives to giving employees cash. Turn a Negative Situation into a Positive One When the economy or an industry takes a downturn, most entrepreneurs will take a good hard look at their books to determine exactly where they stand. Some make the mistake of cutting back too deeply, becoming too lean to fully operate, and only prolonging a bad set of circumstances. However, others embrace it as an opportunity to eliminate redundancies, reduce extra expenses, and put their resources where they most matter. A holiday bonus is a traditional gift given to employees by employers each year as a big ‘thank you.’ Many managers and business owners want to give their hard-working employees a bonus at the end of the year. The unfortunate truth is that many cannot afford it in today’s economy. As a result, many companies have had to get creative by offering their employees something enticing that is not a cash bonus. —Optimum Employer Solutions The latter strategy is obviously more effective because it makes the company more efficient. This type of audit should be done regularly since it’s so very easy to become blissfully ignorant of what’s actually happening with the business’ finances. Company owners who enjoy a nice regular profit line are typically the ones blindsided most when things change and go in the wrong direction. Regardless, if you really can’t afford holiday bonuses this year, be honest and upfront with your team members. This way, they will understand the gravity of the situation and be grateful for whatever you decide on as a substitute. Employee Bonus Alternatives Before you panic, be sure to know the exact numbers. The situation might not be as dire as you think. Although, if it isn’t truly feasible to give your employees holiday bonuses this year, here are some great alternatives: Extra paid time off. What’s wonderful about this alternative is that employees will appreciate this just as much as bonuses. People like extra time off when they don’t have to forfeit anything and this will not cost the business anything directly out of pocket. Incremental pay raises. Another option is to schedule incremental pay raises for every quarter over the next year. If possible, start this in the immediate future and your employees will feel appreciated and valued. Better benefit packages. Yet another alternative to giving out bonuses is to give your employees better benefits which they can always use. Look into better health insurance, dental insurance, and other benefits What other employee bonus alternatives would you suggest? Please take a moment to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.