Business Education

I Found Out an Employee has been Doing Something Unethical but Not Illegal – Now What?

First, this has to stop right away. And second, it has to stop because you definitely don’t want this type of practice to be representative of your business – even if it is somehow benefiting your customers. (For example, cheating a manufacturer’s rebate.) Even if it’s small, the very fact that your employee has to do something that isn’t ethical makes it wrong. You already know this, which is precisely why it bothers you in the first place. Regardless, it can be very tempting to let certain instances slide. But, you must think about the possible consequences and repercussions should this go bad. So, let’s get into a few suggestions for what to do when you discover an employee is doing something unethical but no illegal.

Ethics and the Law

There’s no question that just because an act isn’t ethical doesn’t mean it’s necessarily illegal. After all, the law doesn’t deal strictly with morality. (Although a lot of laws are indeed based on standards of decent behavior.) Notwithstanding, you instinctively know when a practice isn’t ethical and just because there isn’t a direct on-point law, that doesn’t mean it’s all right.

The experts in leadership and management at Michigan State University emphasize that it’s important to consider who is involved with the situation when dealing with unethical behavior in the workplace. Is it just one person involved or are there several people connected to act? —Houston Chronicle Business Management

However, there could be illegality. What might seem to be mostly harmless could be against the law. Obviously, this is exactly what you should know. Take the time to research the subject and find out if there are legal issues – be they criminal, civil, or possibly, both.

How to Deal with Unethical Employee Behavior

If you learn that what’s going on isn’t illegal but is still unethical, you have some options. Unfortunately, none of them are particularly pleasant. But, your business’ integrity could well be at stake. Here are a few ways to deal with unethical employee behavior:

Arm yourself with facts. Before you act on the issue, be sure to have all the facts at your disposal. If necessary, write them down to become familiar. You’ll undoubtedly have to confront this employee and he or she will probably have at least a few justifications and/or excuses. So, be ready to counter and push back with the facts.
Talk with your employee. Speak with your employee and your HR leader. If your company doesn’t have such a department, just speak with him or her one-on-one. Be polite but firm. And, listen to what he or she has to say. They’re likely justifying their actions and it might be something that’s easily fixed.
Establish a new company policy. You may have to establish an entirely new company policy. Or, make adjustments to an existing one. Regardless, be sure that every single employee knows so this doesn’t continue.

What other suggestions do you have for dealing with this type of situation? Please share your thoughts and experiences so that others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

Is Your Business Charging Enough for its Products and Services? Probably Not. Here’s Why…

September 30, 2021 No Comments

“Sure, we lose money on every sale, but we make up for it on volume.” This witty saying is often repeated in the business world because it effectively demonstrates a fundamental flaw with a company’s operating model. But, like any really good bit of humor, it contains an undeniable truth. Plus, it is probably applicable to your own business in an abstract way. If you have ever wrestled with raising the prices you charge for your business’ goods and services, then now is a great time to resolve that issue. Why Businesses Don’t Raise their Prices Although large corporations and big companies do raise their prices fairly routinely, small business owners are averse to doing the same. It’s not because small business owners aren’t smart operators, it’s merely the fear of the possible repercussions. Perhaps the biggest objection is that maintaining lower prices attracts new customers and greatly influences repeat business. While this might be ostensibly true, it can’t exist in perpetuity. A major part of running a successful business is knowing at what price to value your services or products. Entrepreneurs and business owners must ensure a balance in price between costs and gains. While low prices are certainly an attractive selling point, a variety of factors can bring pressure to bear on your bottom line, necessitating a higher charge for your services. —Forbes.com Another reason small businesses don’t raise their prices is that they’ve become so accustomed to their charging schedule. Though it sounds like a cop-out, it’s just the comfort of complacency that allows them to dismiss the notion of increasing their prices. Then, there are the logistical factors that come into play, which is particularly true in retail, where items must be individually updated, along with point of sale systems. Three Compelling Reasons Businesses should Charge More Even though most small business owners would gladly welcome a pay bump in their bottom line, they avoid increasing what they charge because they fear it will result in a loss of customers. However, this only looks at one side of the equation. Here are three compelling reasons why businesses should charge more for their products and services: There model is outdated. It’s a real accomplishment to stay in business for years on end. Everyone knows the statistics, that a high percentage of businesses fail in the first two to three years. But thereafter, they become not only viable but probably profitable enough to sustain a few sets of disruptive circumstances. Since business owners always experience ups and downs, they find a great deal of unconscious comfort in their pricing models that they established at the outset. But, as years go by, prices should go up incrementally to keep up with the times. There’s a lack of other service providers. The very fact that so many businesses fail, compounded by the shutdowns resulting from the global pandemic, means there are likely fewer service providers around right now. This represents a prime opportunity to market more aggressively, raise your prices, and build out quality staff. If you don’t, you’re missing a key moment that you’ll probably regret in the future. The cost of doing business just keeps rising. Of course, everything costs more now than it did just a short time ago. It’s not just the shortage of materials that the world is currently experiencing, but also other dynamics, such as inflation, the always rising costs of employee benefits, insurance, rent, and just about everything else associated with the cost of doing business is going up. What other reasons warrant raising prices? Please take a few minutes 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.

5 Biggest Entrepreneur Time-Wasters

September 28, 2018 No Comments

An entrepreneur is a very busy person. There’s always so much to do and so little time. It’s an old, familiar complaint. But, there are probably ways you’re wasting time here and there. And, these can add up to a lot, over the course of a week or month. The problem is often identifying what actually wastes time and what’s really worthwhile. So, let’s take a look at the top entrepreneur time-wasters to make you a more productive leader. Yes, Time is Money First, let’s revisit an old cliché — “time is money.” Now, it’s undoubtedly true. We all know that it’s an inescapable conclusion. However, we too often let time get away from us in a number of ways. It’s not that we don’t necessarily stick to a schedule. It’s more about what we don’t commit our time to. In other words, the biggest time-wasters are things we don’t expressly plan for. We all wish that we could be more productive. But, how is that possible when assignments keep piling up, the latest season of Orange is the New Black just appeared on Netflix, and you have a flurry of emails, texts, and social media notifications distracting you? —Inc.com Just let that sink in for a moment. If you aren’t dutifully working on this or that, and don’t have a commitment at-hand, you’re quite likely to waste time meandering about. Of course, it’s not possible to plan every minute of every day. But, it does mean it’s worth the effort to fill in those gaps, when possible. Use some of that time to take a break. Also, use some more of that time to just reflect or think about the next step. Then, try to make the rest of that “free time” productive. 5 Biggest Entrepreneur Time-Wasters So, what are the biggest entrepreneur time-wasters? Well, a few just might surprise you. Let’s just get the most obvious out-of-the-way to start — social media. It’s easy to lose track of time on social media. Since most entrepreneurs know this, they try to avoid it. But, there are still other huge time-waters: Unplanned mornings. Take a few moments at the end of the day to plan the next. If you don’t, you’ll probably fall prey to disorganization or at worst, chaos. Make a prioritized list to follow with the largest challenges at the top. Redundant work. There’s probably more than one way you’re duplicating your efforts or essentially doing unnecessary work more than once. Try to automate as much as possible. It’s surprising just how much more time you can squeeze out of a day when you’re not as redundant. Business travel. With all the available technology, in-person meetings are easy to accomplish, even if you’re physically hundreds or thousands of miles away. Sure, there are times when it’s absolutely necessary but delegate what you can and telecommute when possible. Multitasking. You might have heard that women are better than men at multitasking. While this is marginally true, it’s also now known humans aren’t good at multitasking. Even if you are able to multitask, you’re still dividing your attention. And, that’s a sure-fire way to make mistakes. What other time-wasters would you add to the list? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Now is the Time to Get a Sweet Deal on Office Space

September 9, 2020 No Comments

In the midst of the COVID-19 shutdown, and the simultaneous rise of WFH or work-from-home dynamic, commercial real estate is steadily on the decline. With many businesses closing and others surviving on minimal staff, office space, retail locations, and other commercial real estate is and will continue to experience a huge vacancy rate. While that’s not good news for them, for savvy business owners, it presents a prime opportunity. Meaning, it’s very possible to lease (or buy) commercial property for a really good deal. The Buy Low, Sell High Strategy Everyone’s heard of the old “buy low, sell high” investment strategy. But, only those who actually act on it are the ones who benefit. When the market is down, investment advisors often tell their clients to buy why everything is on sale. However, too many people are just too risk-averse and don’t follow the advice. Asking rent prices have yet to fall, which is typical in a down cycle as landlords try to hold out as long as possible, says CBRE chief economist Richard Barkham. At the same time, Barkham says, landlords are eager to fill space, so they’re willing to offer a bevy of concessions to the right tenants, including rent-free periods, build-out expenses, and flexible lease terms. —Inc.com In fact, more people tend to cash-out when the market goes through a downturn. They “realize” an otherwise “paper loss.” The point obviously being that the adage of “buy low, sell high” really works. And, it works so well, it’s repeated over and over. The real trick is to just do it. How to Negotiate the Best Office Space Deal With all that said, now is the time to take advantage of the circumstances and land a sweet deal on commercial space. Here are some helpful tips for how to lease commercial space at a substantial discount: How long has the space been vacant? Learn how long the space has been vacant because it will give you a sense of how eager the landlord or owner is to fill it. Of course, the longer it’s been empty, the more motivated the landlord will be to sign a new lease. Are there other interested parties? If there aren’t any other companies interested in the space, that will definitely work in your favor. Simply put, the less interest, the better for you. After all, that means there’s no competition. Does the property have other vacancies? A property landlord or owner with multiple vacancies will be far more willing to negotiate in order to fill as much space as possible. Learn about subletting policies. If it’s allowable, subletting can help to offset the cost of leasing commercial space and make it even more affordable. Do your homework on similar properties. Another thing you can do is learn about similar spaces. Use this knowledge to negotiate a better deal. For instance, if another landlord/owner offers a better lease rate, you can use that as leverage to bargain on a property for less. What other suggestions do you have? Please share your thoughts and experiences by commenting and giving others some valuable advice! Interested in learning more about business? Then just visit Waters Business Consulting Group.