How to Make a More Productive Monday on Friday

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Work-from-home roles have greatly increased over the past couple of months. And, for those continuing in their WFH capacity, there’s a number of challenges to overcome (or get used to in one way or another). In other words, a few weeks of working remotely might give you a taste of what it’s like. But, if it turns into a long-term scenario, you’ll need to know how to fight off the creeping insanity it brings in your life. So, let’s take a look at how to preserve your head and keep your family happy, too. Biggest Work-from-Home Challenges Okay, if you’ve worked at home over the past few or several weeks, you’ve probably encountered one or more challenges. For instance, distractions are among the top. This is probably the most ubiquitous problem. However, a bit of discipline will go a long way. Then, there’s noise. Others inside the house can create a lot of noise. The easiest fix, asking for quiet and working in a space away from the hustle and bustle. Working from home comes with its own set of challenges. It’s important to have a quiet space where you can work, minimize distractions, set a routine, and focus on your goals for the day. Working from home with kids can add a new dynamic to your job. When our kids are on extended breaks from school and are sharing the same space, distractions can come more easily which can impact our productiveness. —Focus On the Family Inadequate equipment. This will present itself at some point. Here’s the way to beat it — be proactive and list what you need, then obtain those items before their absence becomes problematic. No boundaries is yet another challenge. Family members will interrupt — it’s inevitable. Instead of letting it happen, set a system in place to prevent interruptions. Effective Work-from-Home Success Strategies Now, we’ll get into some ways to keep your sanity — and to keep your family happy at the same time. It’s not rocket science, but these strategies will prove worthwhile. Here’s what you can do: Establish a routine. Now more than ever, it is key to establish a routine to keep your sanity, your focus and your productivity. Working from home can and will be a temptation to draw you into a relaxed sense of productivity as if it is the weekend. Take regular breaks. Run an errand or step outside to walk the dog. Stroll around the block once or twice or trek up and down the stairs. The idea is not to stagnate behind a desk or elsewhere. Just take brief breaks during the day. Don’t neglect household chores. If you’re working from home, you’ll probably want to avoid household chores. However, there’s win-win situations being missed. Throw in a load of laundry, put the dishes away. Mop, vacuum, or sweep the floor. When you do, you’re doing your family a favor (and yourself). Be careful not to let the household chores distract you from your focus on business responsibilities. Entertain your children regularly. Kids need to be active. And, you can take advantage of this to get outside yourself. Go to a park, play a game of catch, take a stroll around the block. Do fun things with them and you’ll both get something out of it by taking a break and spending quality time with your children. Embrace the power of work mobility. Now that things are beginning to normalize, it’s possible to get some work done at the local coffee shop. Or, sit out on the porch and make a few phone calls when it’s quiet. Do small household projects now and again. Don’t ignore those little things around the house that need fixing. Instead, work on small projects incrementally and reap the reward of pride and the benefit of having a better place to live. What other suggestions do you have? Please take a moment to share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs Beware! Planning Can Easily Put You On a Road to Failure: Here’s Why Entrepreneurship is a realm often associated with innovation, risk-taking, and adaptability. However, in the quest for success, entrepreneurs can sometimes fall into the trap of overplanning, meticulously trying to account for every detail. Ironically, this excessive planning, which might seem like a prudent approach, can impede their journey toward success. Why Overplanning is So Counterproductive Overplanning is a common pitfall for entrepreneurs. It can be tempting to spend hours, days, or even weeks crafting the perfect business plan before taking any action. However, overplanning can actually prevent entrepreneurs from succeeding in business. Here are a few reasons why: Overplanning can lead to analysis paralysis. When entrepreneurs spend too much time planning, they can become so bogged down in the details that they never actually take action. This can be a fatal mistake, especially in the early stages of a business when it’s important to be agile and adaptable. Overplanning can lead to missed opportunities. The business world is constantly changing, and entrepreneurs who are too focused on their plans may miss out on new opportunities that arise. For example, if an entrepreneur is spending months developing a new product, they may miss out on the chance to launch a similar product that is in high demand now. Overplanning can lead to wasted resources. Time and money are precious resources for entrepreneurs, and overplanning can lead to a waste of both. Entrepreneurs who spend too much time planning may not have enough time or money to execute their plans effectively. Overplanning can lead to bad timing. An entrepreneur may spend a lot of time developing a new product, only to find that there is no demand for it when it is finally launched. This is because the market may have changed in the period since the entrepreneur started planning the product. Overplanning can lead to counterproductivity. An entrepreneur may spend too much time planning their marketing strategy, and not enough time actually executing it. This can lead to missed sales opportunities. Overplanning can lead to poor ROI. An entrepreneur may overspend on developing their website or other marketing materials, only to find that they don’t generate the desired results. This is because the entrepreneur may have not done enough research to understand their target market and what they are looking for. How Entrepreneurs Can Avoid the Overplanning Trap While planning is indeed a necessity, it can easily be overdone to the point it becomes problematic instead of advantageous. With this in mind, it’s important to know how to stay away from its trap. So, how can entrepreneurs avoid overplanning? Here are a few tips: Set a deadline for your planning. Give yourself a reasonable amount of time to develop a business plan, and then stick to that deadline. Don’t let yourself get bogged down in the details. Focus on the most important things. When you’re planning your business, focus on the most important things, such as your target market, your value proposition, and your financial projections. Don’t worry about the less important details until later. Be flexible and adaptable. Be prepared to change your plans as needed. The business world is always changing, and entrepreneurs need to be able to adapt their plans accordingly. Take action. Don’t wait until your plan is perfect to start taking action. The best way to learn is by doing. So, get out there and start testing your ideas. While planning is undeniably essential in entrepreneurship, there is a fine line between thoughtful preparation and overplanning. Entrepreneurs must strike a balance, embracing the unpredictable nature of the business world. Flexibility, adaptability, and a willingness to learn from mistakes are qualities that can propel entrepreneurs to success. By avoiding the pitfalls of overplanning, entrepreneurs can successfully navigate the challenges of entrepreneurship with agility and resilience, increasing their chances of long-term success in the ever-changing business landscape. Right now, you can get John Waters’ latest book for FREE! (Currently selling for $19.95 on Amazon). This inspiring book titled “Profit by Design: The Blueprint to Successfully Scale Your Business and Regain Your Freedom” is a must-read for business owners who want to do just that! Request your FREE copy in any of the following ways: By phone 602-435-5474 Visit Waters Business Consulting Group By email: Steve@WatersBusinessConsulting.com