Biggest Mistakes to Avoid when Selling a Small Business

Are you feeling run down and stressed out? Are you finding it hard to get motivated to work on your business? If so, you are not alone. Many business owners find themselves in this position at some point in their careers. However, just because you are feeling worn out doesn’t mean that you have to give up. There are things that you can do to re-energize yourself and get back on track. In this article, we will discuss some of the best tips for overcoming burnout and getting your energy back. Start by Lowering Street, Eating Senisbly One of the most important things that you can do to combat stress and fatigue is to control your stress levels. If you are constantly feeling overwhelmed, it is important to take some time for yourself and relax. There are many ways to do this, such as yoga, meditation, or simply taking a walk outside. Taking some time each day to de-stress will help you feel more refreshed and ready to work on your business. Burnout hurts. When you burn out at work, you feel diminished, like a part of yourself has gone into hiding. Challenges that were formerly manageable feel insurmountable. It’s the opposite end of the spectrum from engagement. The engaged entrepreneur is energized, involved, and high-performing; the burned-out entrepreneur is exhausted, cynical, and overwhelmed. —Harvard Business Review Another way to re-energize yourself is to make sure that you are eating light lunches. Heavy meals can make you feel sluggish and tired. Instead, focus on eating healthy foods that will give you sustained energy throughout the day. Fruits, vegetables, whole grains, and lean protein are all great options for an energy-boosting lunch. Effective Steps Burned-Out Business Owners can Re-Engergize In addition to reducing stress and eating light lunches, it is also important to drink plenty of water. Dehydration can lead to fatigue and make it difficult to focus. Make sure to drink water throughout the day to stay properly hydrated. But, these alone may not be enough. So, also do the following: Exercise. Exercise is another great way to combat stress and fatigue. Taking a brisk walk or going for a run can help you clear your head and boost your energy levels. Exercise releases endorphins, which have mood-enhancing properties. If you can, try to get in some exercise every day, even if it’s just a short walk around the block. Sleep better. Getting more restful sleep is also crucial for overcoming burnout. If you are not getting enough sleep, you will find it difficult to focus and get things done. Make sure to give yourself time to wind down before bed and create a relaxing environment in your bedroom. This will help you fall asleep more easily and get the restful sleep that you need. Take breaks. Finally, it is important to take regular breaks throughout the day. Working non-stop will only make you feel more stressed and tired. Instead, take a few minutes every hour or so to take a break. Stretch your legs, grab a cup of coffee, or simply step away from your desk for a few minutes. Taking breaks will help you stay refreshed and focused on your work. If you are feeling burned out, don’t despair. There are things that you can do to re-energize yourself and get back on track. By following these tips, you will be well on your way to feeling refreshed and ready to take on the world. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Starting a new company is an exhilarating and challenging endeavor that often comes with a long list of to-dos. However, amidst the excitement and eagerness to succeed, entrepreneurs can fall into the trap of believing they must do certain things that are not actually necessary for the initial stages of their venture. So, let’s go ahead and debunk some common myths surrounding startup requirements and shed light on what new company owners don’t actually need to do. Debunking Entrepreneurial Myths: What New Company Owners Don’t Actually Need to Do Starting a new company is a daunting task. There are so many things to think about, and it can be easy to get caught up in the details. However, there are some things that entrepreneurs often believe they need to do when starting a new company that they don’t actually need to do. Like the following: Perfecting every detail. While attention to detail is crucial for any business, obsessing over perfection in every aspect of your startup can lead to unnecessary delays and increased stress. It’s important to remember that launching a new company is a dynamic process, and adjustments and improvements can be made along the way. Instead of striving for perfection from the outset, focus on building a solid foundation and refining your business as it evolves. Extensive market research. Market research is undoubtedly important for understanding your target audience, industry trends, and potential competitors. However, many entrepreneurs spend excessive time and resources conducting extensive market research before launching their businesses. While having a basic understanding of your target market is crucial, it’s equally important to take action and gain real-world feedback from customers. Embrace a “lean startup” mentality, gather feedback through early prototypes or minimum viable products, and iterate based on customer responses. Super-sized funding rounds. Securing substantial funding is often perceived as a prerequisite for launching a successful company. While funding can undoubtedly accelerate growth, it is not an absolute necessity in the early stages. In fact, focusing too much on raising funds can distract entrepreneurs from the core aspects of their business, such as developing a compelling value proposition and acquiring initial customers. By focusing on building a viable product or service and demonstrating traction, entrepreneurs can attract investors when the time is right. Over-elaborate product development. Entrepreneurs sometimes believe that their product must be fully developed and feature-rich before launching. However, this can lead to prolonged development cycles and missed market opportunities. Instead, embrace the concept of a minimum viable product (MVP) that focuses on delivering a core set of features that solve a specific problem for your target audience. Launching an MVP allows you to gather valuable customer feedback early on and iterate your product based on real-world usage. Hiring a large team. While having a talented team is essential for the long-term success of a company, hiring a large workforce from the outset is not always necessary or feasible for start-ups. In fact, it can be downright counterproductive. This is because you’ll spend a lot of time (too much time) training, onboarding, and more – all of which could be used in much more useful ways. This approach can help startups stay nimble and flexible, enabling them to adapt to changes in the market and grow more rapidly. Starting a new company is a lot of work, but it doesn’t have to be overwhelming. By avoiding the things that entrepreneurs often believe they need to do when starting a new company but don’t actually need to do, you can save yourself time, money, and stress. What other things do you think entrepreneurs don’t actually need when forming a start-up? Please, go ahead and 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 to learn more about us and the services we offer.

Make no mistake about it, this is a very serious situation, no matter the dollar amount. Regardless of what was spent and for which items, this is theft. It is essentially stealing company funds for personal use. Now, if this sounds way too stringent, that’s because you’re probably not thinking of it in a more dire manner (you likely have a very good relationship with this employee). However, if you strip all that aside and look at it in pure dollars and cents, along with personality traits like integrity, this ought to infuriate you. So, let’s take a look at what to do if an employee is using a company credit card for personal use. Common Company Credit Card Risks Obviously, putting company credit cards in the hands of employees assumes a certain level of risk. While you may have strict policies regarding their proper use, it’s still ultimately up to the individual to obey those rules. Of course, every employee with a company credit card must be trusted to a large extent. And even though he or she may have acted responsibly in the past, that certainly doesn’t guarantee he or she will continue to do so in the future. Corporate credit cards are an important tool for many companies. Using the company credit card is often the ideal way to manage individual expenses like entertaining clients and business travel. However, company credit cards are also one of the most notorious leaks of company funds to bad employee decisions. From simple bad budgeting decisions to outright fraud and theft, these cards create undue opportunity and temptation for employees to misuse company funds. Fortunately, you can keep these incidents to a minimum… —Business.com Company credit cards are given out as a matter of convenience, but they do not come without a substantial risk factor. For instance, an employee could get into a personal pinch and use the card for emergency situations at home and you’ll only find out about it after the fact. Then, there are a few incidental mistakes. It’s entirely possible that your employee has a similar-looking card and accidentally makes a purchase with the wrong one, using the company credit card rather than their own. In the latter example, it’s entirely understandable, but if he or she does not take a proactive attempt to reimburse you or simply says nothing and hopes it will slide by, you have a problem on your hands. How to Deal with an Employee Who uses a Company Credit Card for Personal Expenses There are really two different scenarios that could play out. Someone who uses a company credit card for small, inexpensive items and someone who routinely misuses the card for personal expenses. Here are some suggestions for how to deal with an employee who uses a company card for personal use: Know exactly what the purchases were. Before you say anything to this employee, be sure to go through the monthly statement line by line to identify the purchases and their amounts. It would also be wise to go back through the last few months’ worth of previous statements to see if this is a pattern or not. You might just discover this has been going on for quite a long time. Know the laws in your state. This is where it gets serious. Even if the card was used for small purchases over a long period, that could add up to a substantial amount of money. Depending on the laws in your state, this could constitute a criminal act. At the very least, if it isn’t considered criminal, it is certainly a fireable offense. Obviously, if the charges were extraordinarily large, you’ll probably want to recoup that money and possibly prosecute the offender. Speak with HR and/or an attorney. Here again, the amount spent and the timeline will be extremely pertinent. If these are large expenses, they could mean something like grand larceny or another crime. Conversely, if the amount spent was small, you might just ask the employee to reimburse the company, what you need to know is if this is severe enough, and what legal options you have, including the possibility of withholding part of their pay. If you do discover an employee has been using a company credit card for their personal expenses, it is very important to take action, regardless of how much was spent or on what and/or over what period of time. If you don’t deal with the situation directly, the behavior will likely continue to happen to the detriment of the company. Interested in learning more about business? Then just visit Waters Business Consulting Group.