Whether you’re running a business currently or looking for a business idea to get started, you definitely want to avoid bad scenarios. While there are stories of companies defying the odds and becoming successful, these are few and far between. The reality is the majority of new businesses fail. (Or established businesses trying something new that ultimately fails — think New Coke.) How to Develop Good Business Ideas Before we get into the bad, let’s take a quick look at some good ideas. If you’re already in business for yourself but want to branch out, there’s probably a reason why you feel that way. Take a little time to seriously reflect on this notion. Ask yourself if you’re no longer interested in your core product and/or service. Also, think about a product or service that can really complement your current offerings. If you want to make more money sooner as an entrepreneur, you need to learn how to spot dead-end business ideas and say no to them so you can focus on the good ideas. This is especially important when the ideas are coming from your inside your own head. It’s easy to be protective of your own ideas because they feel like your own children, but you have to learn to be more objective if you want to create something profitable. —Entrepreneur.com You can seek objective advice from your peers. Other business owners might easily spot something that’s totally eluding you at the moment. If you’re not already a business owner but want to start the process, then look to your favorite hobbies. Imagine how you can monetize what you most enjoy. Ways to Spot Bad Business Ideas If you’re looking for a business idea, you want to settle on something with real promise. But, how can you peek into the future? Well, there is no magic crystal ball to foretell precisely what will unfold. However, there are some red flags which typically accompany a bad idea: It doesn’t meet a real need. If the idea doesn’t immediately solve a problem or fulfill a need, that’s a giant warning sign. After all, how do you market a product or service that doesn’t meet an actual need or take care of a problem? It isn’t scalable to other markets. Another problematic scenario is if you can’t imagine how it will scale to a larger market. While this doesn’t mean you need to abandon it, it certainly means you need to rethink the idea. It can’t stand out over the competition. Ask yourself if the idea can compete in the real world against its closet competition. If you can’t readily answer that question, you’ve already got a big problem. It’s too complex to easily explain. Any business idea you can’t explain in an elevator-pitch style will typically experience a lot of problems. Put another way, if you can’t explain it in simple terms, consumers won’t understand what it is or how it works. How do you spot bad business ideas? What other advice do you have to avoid wasting time with different ideas? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Summer Fridays are a type of alternate scheduling that allows employees to either leave the office early or take the day off at the end of the week. As the name suggests, these reduced hours occur during the summer months and apply only to Fridays. Obviously, team members appreciate the option and this policy can be beneficial to both employees as well as businesses. Just What are Summer Fridays? Again, workplace Summer Fridays refer to a flexible work policy where employees are granted reduced work hours or time off on Fridays, typically during the summer season. The specifics of Summer Fridays can vary depending on the company, but the most common approach is to allow employees to leave early or take the entire afternoon off after completing their required work hours for the week. Reasons to Incorporate Summer Fridays Summer Fridays are a popular perk that can be a great way to boost employee morale and productivity, but it’s important to carefully consider the pros and cons before implementing this practice in a small business. Here are the advantages companies can expect to gain: Increased employee morale and engagement. Offering Summer Fridays can boost employee morale, satisfaction, and motivation. Knowing they have extra time to enjoy summer activities or spend quality time with friends and family can increase overall happiness and job satisfaction. This, in turn, can enhance productivity and reduce burnout. Improved work-life balance. Small businesses often face challenges in maintaining a healthy work-life balance for their employees. Summer Fridays provide an opportunity for employees to recharge, reducing stress levels and preventing burnout. The increased flexibility can also allow employees to schedule personal appointments, attend children’s activities, or engage in hobbies, which can positively impact their well-being. Attraction and retention of top talent. In a competitive job market, small businesses may struggle to attract and retain skilled professionals. Implementing Summer Fridays can be an attractive perk for prospective employees, differentiating the company from competitors. Additionally, existing employees are more likely to stay with a company that values work-life balance and offers flexibility. And, last but certainly not least – increased productivity and focus. Shortened work hours can lead to increased productivity as employees strive to accomplish their tasks within a condensed timeframe. Knowing that they have limited hours available can encourage employees to prioritize their work, minimize distractions, and focus on completing their assignments more efficiently. Considerations Small Businesses Need to Take into Account Before Implementing Summer Fridays Of course, there are always some potential drawbacks or downsides that go along with just about any type of change, regardless of intention and promise. Here are some things small businesses need to consider about Summer Fridays: Impact on operations and client expectations. Before implementing Summer Fridays, small businesses need to consider the potential impact on their operations and client relationships. Adequate planning and communication should be in place to ensure that reduced work hours or the absence of key employees on Fridays do not disrupt workflow or negatively affect customer service. Scheduling and staffing challenges. Small businesses often operate with limited resources, and adjusting schedules to accommodate Summer Fridays may present staffing challenges. Careful consideration should be given to workload distribution, cross-training employees, or arranging for temporary help to ensure essential tasks are covered. Consistency and fairness. It is crucial to establish clear guidelines and policies for Summer Fridays to ensure consistency and fairness among employees. Setting expectations, defining eligibility criteria, and addressing potential conflicts can help avoid misunderstandings or negative feelings within the team. Communication and transparency. Effective communication is key when implementing any new policy. Clearly communicate the details, benefits, and expectations of Summer Fridays to employees. Openly address any concerns or questions and be transparent about how the policy aligns with the company’s goals and values. What else would you include in the pros and cons of instituting Summer Fridays that small businesses should know about? Please take a few moments to comment and share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

The world paid close attention to the summit between President Trump and Kim Jong Un. Regardless of its ultimate outcome, there’s a lesson going on every entrepreneur should learn. Namely, how to avoid snakes in business. The Fable of the Scorpion and the Frog They come by different names: charlatans, cheats, hustlers, swindlers, and more. For those who’ve not heard it, the fable of the scorpion and the frog weaves a short, cautionary tale. A scorpion needs to cross a river and asks a frog for a lift. The frog objects, saying the scorpion will sting and kill him. Regardless of their specific methods, con artists typically depend on their abilities to charm, intimidate, and rapidly spin convincing lies. More often than not, con artists are successful because well-meaning staff members accidentally provide crucial information in an attempt to assist them. Ultimately, the best way to protect your business from con artists is to make your team aware that they exist. CEOs and their team members should be constantly vigilant about what they share and with whom. —Forbes.com But, the scorpion points out, if he were to sting the frog, both would drown in the river. The frog reluctantly agrees and midway, the scorpion stings him. The frog asks why and the scorpion replies, “It’s my nature, I’m a scorpion.” How to Avoid Con Artists to Protect Your Business Now, con men cleverly disguise their true natures. They conceal their actual motives and that’s what makes them so difficult to spot. But, there are usually at least one or two (even more) warning signs. Here are a few ways to avoid con artists to protect your business: Listen to your gut. Con men know how to read people — it’s a necessary trait. So, they are careful to convince. Which means, it’s not easy to spot the scheme straight away. But, your gut feeling might be all you need to avoid becoming a victim. Put things into perspective. This is another way of saying, “If it sounds too good to be true, it probably is.” In other words, if you hear something that seems to be too good, put it into perspective. More particularly, place it up against reality. If it’s like trying to hammer a square peg into a round hole, you have your answer. Don’t hesitate to ask around. Shysters need to move on and move quickly before word spreads. While it might not be comfortable, ask around. Do a little digging if you get a funny feeling to see if others had a bad experience. It’s worth your time and effort in the long run. Trust but verify. Along the same lines is to verify. Check out what they’re selling to learn if it’s genuine or just a hustle. With a small amount of sleuthing, you can save yourself a lot of grief. How do you spot charlatans? What additional advice would you give others about avoiding con artists? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.