Business Education

Business Owners Thinking about Switching to a 4-Day Workweek Here’s What You Really Need to Know

The 4-day workweek continues to gain traction, though it’s a long, long way from becoming standard. Still, recent trials by companies have shown promise for reducing the workweek by one day (something instituted almost one-hundred years ago in 1926 by Henry Ford).

The change is definitely full of ostensible advantages – and big potential. But, this certainly doesn’t mean it’s all upside and no downside. So, let’s take a look at what business owners need to know about switching to a 4-day workweek and what to expect.

4-Day Workweek Pros

Switching to a 4-day workweek can have several benefits for a business. While some are obvious, others may not be so intuitive. Here are a few reasons a company might want to switch over:

Increased productivity

Research shows that shorter workweeks can lead to increased productivity. Employees may feel more motivated to get work done if they have more time to rest and recharge.

Better work-life balance

A 4-day workweek can give employees more time to spend with their families and pursue personal interests, leading to better mental health and job satisfaction.

Cost savings

A shorter workweek may lead to reduced operating costs for businesses, such as lower energy bills and reduced use of office resources through less use of computers, lights, climate control, and more. It can also help to rein in office expenses as it offers an opportunity to scrutinize spending expenses.

It’s hard to say if many employers will find the 4-day workweek structure agreeable. Everyone is watching these kinds of experiments and learning. Plus, it depends on how the economy and workforce evolve and whether these become new expectations from the vast majority of the workforce—as being able to work at least part-time remotely has become for most knowledge workers. —Boston University

So, the very fact that a business will be operating fewer hours translates directly into operating expense savings. (This is something that generally comes to light when there’s a big change and businesses are forced to examine their spending amounts and frequency.)

Attract and retain talent

Offering a 4-day workweek can be a unique and attractive perk that helps businesses stand out in a competitive job market. It can also help retain current employees by increasing their job satisfaction and loyalty.

4-Day Workweek Cons

While these are certainly compelling reasons and sound good in theory, in practice they may not necessarily materialize (or simply manifest in different forms). Of course, as with any new idea, there are bound to be possible drawbacks and problems that could arise unexpectedly. Here are some things you might encounter by adopting a 4-day workweek:

Reduced hours

A 4-day workweek means employees will work fewer hours, which could lead to reduced productivity and output, especially for businesses that require around-the-clock operations.

Workload distribution

Businesses may need to redistribute workloads or hire additional staff to compensate for the lost hours of those who are working a 4-day week.

Operational difficulties

A 4-day workweek could create operational difficulties, such as coordinating schedules with clients or customers who operate on a 5-day schedule.

Reduced profits

Reduced hours could lead to lower profits for businesses that rely on hourly work or have tight deadlines to meet.

Ultimately, whether a 4-day workweek is a good fit for a business depends on its unique needs and goals. It’s important for businesses to carefully consider the potential advantages and disadvantages before making the switch.

What other considerations would you suggest be a part of these? Please take a moment or two to comment so others can benefit from your thoughts and experiences!

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

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How a Small Business can Stand Out in a Super-Competitive Industry

October 7, 2021 No Comments

Although small businesses account for the largest majority of employers in the United States, this doesn’t mean that each one has necessarily carved out a totally unique niche of its own. In fact, quite a few of them are localized competitors, offering the same products and or services as their competitor peers. What’s more, they often offer very similar price points, so there’s little to distinguish one from another. This creates a problem in standing out to gain the biggest market share in a community or region. However, there are some things small businesses can do to separate themselves from the competition as the preferred, go to choice. Fewer Entry Barriers Equals More Competition Unfortunately for a good percentage of small businesses that are run by owner-operators, just about anyone can enter into the industry at any time. Prime examples include services like lawn care, pool maintenance, junk hauling, local movers, and similar types of work that do not require an extensive skill set or very expensive materials and equipment. Consequently, many people will test their entrepreneurial skill set and that takes away small bits of market share. The presence of many competitors means many businesses are vying for the attention of these hungry buyers. The market has a lot of noise. You’ll feel pressured to spend more in marketing, when in fact, your real challenge is just to do effective marketing and come up with unique sales strategies. —Inc.com Of course, this can easily lead to over saturation, where there are simply too many consumer choices. That set of circumstances really makes it difficult for those small business owners to distinguish themselves from the competition and stand out as a clear choice to their consumer base. Since there’s numerous alternatives, this endeavor presents a considerable set of challenges. Ways a Small Business can Stand Out in a Super-Competitive Industry Even though this might seem like an insurmountable situation, the good news is there are some very effective steps you can take. But, just because they appear simple doesn’t mean they are necessarily easy to enact and follow through with consistently. Here are a few effective strategies small businesses can use to stand out in a super competitive industry: Look professional. One of the key distinguishing characteristics of successful chain businesses is that they present the public with a professional appearance. Neat and clean uniforms are hallmarks of this very important public facing workforce. Just by dressing in a professional manner your company will easily differentiate itself from the competition. Be punctual. If there’s one thing that consumers appreciate, it’s being on time and staying on schedule. Showing up on time and looking the part will do wonders for your business. Most of your competition probably isn’t doing this, or doing it consistently. And you can benefit by making it part of your daily routine. Listen and execute. Although this might seem like just another bit of obvious advice, it’s surprisingly something that’s usually lacking in small businesses, particularly those that have very high rates of competition, do to the very low entry barrier. Because just about anyone can do the work, these businesses often treat their customers in an unappreciative way, just moving from one job to the next. After all, from their perspective, there’s more business out there and it’s unnecessary to make it personalized. But your business can really stand out by offering a friendly and caring experience. Invest in key areas. This means advertising smartly in order to develop and maintain a brand image. It also means to put money into the business in strategic ways, such as upgrading equipment to provide more efficiency and therefore more satisfied customers in less time. What other things can small businesses in very competitive industries do to gain more market share? Please take a few minutes to share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Let’s Talk about the Office Break Room — Seriously

August 12, 2021 No Comments

Did you know that a full 86 percent of employees believe breaks during the workday make them more productive? Also, 59 percent indicate that regular breaks increase work satisfaction. What’s more, 43 percent say breaks improve their personal happiness. Sure, this certainly isn’t the most exciting topic. But it’s an area of your workplace that does play a vital role and in more than one way. On the positive side, it’s where your team members go to relax and decompress, and even form interpersonal relationships. However, it can also be a battleground for bickering employees and an area that breeds and thrives on office politics. That’s why you should make it into a place that promotes good vibes, relaxation, and yes, a true break from work. Beware the Break Room Drama There’s no question that there are two sides to every break room in every office building. While it can provide an escape for employees, there are inevitable instances when it is hijacked and made into a room full of drama. In most cases, this is simply a matter of conflicting personalities and people who really like to push conflict on to others. It’s also a place where people who will avoid conflict tend to retreat, only to be thrust into an argument. Today’s workforce works extremely hard, putting in long hours that often spill into our home lives. People need a place to decompress at work, both physically and mentally. To do that effectively, the space should look and feel different from the rest of the office to distinguish it as a place to relax, rewind and collaborate with colleagues. —Business News Daily So, it’s important to understand that the room itself can be part of the problem. That’s right. If the break room environment, meaning it’s aesthetics and functionality are counterproductive, it won’t naturally be a relaxing place to take a little time away from the daily grind. Make no mistake about it, if the room feels empty, unwelcoming, and doesn’t provide ample distraction, people’s bad feelings are more liable to escape them and that’s obviously bad for company morale. How to Create an Effective Break Room in 3 Easy Steps The break room should be a place that feels separate from the workplace itself. Think about it as an oasis of sorts, a spot where employees can truly unplug for a few moments and enjoy their breaks away from their roles and responsibilities. Here are three simple ways to create an effective break room: Provide food and beverages. A nice variety of healthy snacks is always a good idea. Particularly, popular food and drinks, like water, sports drinks, and even energy drinks, along with fruits and vegetables and perhaps nuts and other snack foods. While you don’t have to stock the refrigerator and pantry with entire meals and common dry goods, there should be enough delicious little edibles and both cold and hot drinks available. Furnish it for comfort and relaxation. Whatever type of furnishings you put in the break room, don’t make the colossal mistake of turning it into a stuffy office or crowded cubicle. In other words, it should feel very homey, with comfortable furniture and even some fun pieces, like oversized bean bags and such. Additionally, having relaxing music playing in the background is a nice touch. The decor should also be aesthetically pleasing and it should forgo any corporate feel. Make it a fun place with games and entertainment. Not only should it be comfortable, the break room ought to be a fun place where employees are encouraged to escape with things like simple board games. Or, if your company culture permits it, table games like foosball or ping pong. Alternatively, you can put a television in the room but this particular idea may not work in every workplace environment. What other suggestions do you have that might be of help? Please share your thoughts and experiences by commenting so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Successful Entrepreneurs Stay Calm Under Pressure

May 16, 2017 No Comments

There’s one thing that’s certain about starting and running a business, there will be challenges. Some are mere annoyances, while others are minor and easily dealt with, then, there are times when it seems the earth moves. It can happen in the blink of an eye, a simple error demonstrating much to your chagrin the butterfly effect. One tiny mistake or misstep makes a larger-than-life impact, and, your team looks to you to deal with the situation. We are told our whole lives that when faced with a challenge to remain calm. While it’s easy to do so as an exercise, things get a lot more complicated in real time. It starts with a stark realization, your heart drops into yours stomach, and, you begin to look desperately for answers. For most of us, that’s a normal reaction, however, for successful entrepreneurs, there’s a different approach. How Successful Entrepreneurs Stay Calm You’re not alone if you believe that stressful situations wreak havoc on lives and cause physical damage, particularly because it’s backed by science. Dr. Travis Bradberry helped to conduct a research study on more than one million people. As the nearby quote states, the analysis revealed that a whopping 90 percent of those categorized as top performers were able to stay calm, manage their emotions, and remain in control. The ability to manage your emotions and remain calm under pressure has a direct link to your performance. TalentSmart has conducted research with more than a million people, and we’ve found that 90% of top performers are skilled at managing their emotions in times of stress in order to remain calm and in control. —Forbes What this teaches us is that people learn to deal with stress, and other neuroscience research has found this to be true. One of the secrets revealed is that staying calm and under control is not an inborn trait. In fact, we also know this because of our instinctive fight-or-flight response–both can make a bad situation a whole lot worse. So, how is it that successful entrepreneurs stay calm under pressure? Well, they do these things: They take a breath and step back. Okay, we all know to do this, but, how many of us actually practice it? Too often, we let our gut instinct fly, which in most instances, isn’t a path to solve the problem but exacerbate the situation. Taking a deep breath allows you to breathe, in other words, calm your nerves, and your brain. They solicit and seriously entertain ideas. Look to some of the most successful people in business, and, you’ll definitely find a common trait: trust. We’re not talking about self-confidence, but trusting in others, or, put another way, giving serious consideration to the ideas and suggestions of other people. Behind every successful business person, there’s a team of people they trust and rely on for advice. They think carefully but don’t fret the outcome. Rather than focus on the moment and allowing it to become an exercise in fear and doubt, look to the future. While what you face might be heart pounding at the moment, it’s quite helpful to see the good that will come from it. Fear produces poor decisions but hope gives you options and a sense of peace. They stand by their beliefs and principles. When confronted with a problem, rather than give into the pressure, successful people choose to stand by their beliefs and not compromise their principles. While this might cause a setback, it serves a higher purpose and makes a statement. They relabel their emotions. Though not easy, this is very helpful. Instead of giving into fear, reroute the feeling into anticipation. You can turn frustration into desire, and transform dread into wise caution. It takes practice to do these things, but becomes more natural over time. That’s a good thing, because you’ll learn a lot on your journey and different constructive coping mechanisms that produce real results. [shareaholic app=”follow_buttons” id=”26833294″]