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Business Education

Trump Clinton Obama Spying Teach a Great Business Lesson

If you follow the latest news, you no doubt know there’s a lot of allegations about spying. And, you’ve definitely heard the word “collusion” all-too-many times. It’s post-election politicking at its worst (or best, depending on your perspective). Anonymous sources are spilling the proverbial beans day in and day out. Regardless of your take, all of this does teach a solid business lesson, you just have to look past the ugliness. That lesson is how to protect company secrets, particularly when employees depart.

How to Protect Company Secrets after Employees Leave

One of the best measures is to get to know all your team members so you can keep them happy. You might learn it’s time to transform your company’s culture or take other steps to improve the environment. The more involved you are with your employees, the better able you are to deal with problems before they arise or before they become overwhelming. This way, if you have a new hire who is willing to share information about a previous employer, you’ll know that’s a possibility when he or she leaves.

Ever wonder why generic forms of cola never seem to taste quite like the taste made famous by Coca-Cola brand? Or why nothing quite measures up to the “special sauce” in a McDonald’s Big Mac? It’s not for lack of effort by way of competitors, but instead, a careful product of some of the best-kept industry secrets. While many industries basically work to reproduce the same type of product in different forms, what helps a company distinguish itself from its competitors, gain notoriety, and keep a competitive edge is the little known inner workings that make their products or services stand out from the pack. —Business.com

It’s also a great idea to get to know your team members because then you can learn about them as individuals. This is a wonderful way to know what rewards are most appreciated. And, content employees are typically more loyal. On the other hand, employees who are kept at arm’s length tend to be more disgruntled. According to a Ponemon Institute study, 61 percent of unhappy team members steal company information. But there are other steps you can take to protect company secrets, even after employees leave your organization:

Set expectations. “It’s better to be safe than sorry,” the old adage warns. And, this is true when it comes to keeping company secrets. You have to ask yourself about what’s most valuable to your business and that’s what needs top priority protection. This starts by setting expectations and keeping employees informed about company confidentiality policies. If necessary, have employees sign non-disclosures so they are less tempted to share secrets.
Utilize technology. In today’s modern technological environment, there are plenty of tools at your disposal. Use them to your advantage so there’s less access or blocked access where it’s appropriate. For instance, if you are developing a new tool, salespeople should not have access to the plans but designers should. Put technology to work where needed and that will help to minimize potential risk.
Monitor employees. You can also use technology beyond controlling access. Monitoring employees can be a treasure trove and provide much appreciated relief. For example, if a team member is about to leave and is actively interviewing with other companies, monitoring their digital activity might be worthwhile.
Cut off access quickly. Although it’s not pleasant to think about, when an employee departs, unless it’s on truly amicable terms, there’s a risk something that could go with them, carried right out the door. So, be sure to terminate access right away to remain safe.

How do you keep trade secrets? What steps do you take to protect company secrets? Please share your thoughts and experiences by leaving a comment!

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

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Employees are Quitting Instead of Returning to Work and That’s a Good Thing — Here’s Why

July 9, 2021 No Comments

Leading news organizations continue to report a substantial number of employees are quitting their jobs rather than returning to work. The headlines are stark and alarming. They are also good news. Yes, it’s actually not cause for alarm. Instead, it’s a blessing in disguise, a silver lining to a cloud. Read on to learn why. Quitters Never Win? It’s a cliche, “Winners never quit and quitters never win.” But, we all know there are certainly exceptions. Put another way, sometimes quitting is the right choice, the best option, for an employee. Moving on and into something new can prove extraordinarily fortunate and fulfilling. However, it can also reveal qualities that aren’t net positives for businesses. After spending more than a year at home, some don’t want to go back to commuting, preferring the flexibility of remote work at least a few days a week. Others are simply burned out from logging long hours while also balancing child care and remote school, sometimes all at once. And nearly all employees are ready to see what else is out there. —CNBC Practically anyone who chooses to walk away and be part of what’s currently referred to as the “Great Resignation” is doing so for almost entirely personal reasons. And, that could very well point to a deficiency not previously exposed to co-workers, administrators, and owners. This of course being, unwanted characteristics, such as laziness, lack of passion or even interest, and just showing up for a paycheck. All of those are things a business can really do without. 3 Top Employee Qualities On the other side of the equation is the qualities that are the most beneficial to businesses. Companies should always look beyond resumes and take full advantage of the interview process (perhaps even going so far as to an informal interview over lunch or dinner). Here are some of the top qualities good employees naturally exhibit: Strong work ethic. Someone with a strong work ethic will obviously be productive. But also, concerned about the quality of work he or she is producing. But, be careful not to mistake a workaholic or the extreme statistics of the Japanese “karoshi,” people who literally die as a result of overworking. Strong work ethic isn’t the same and will offer a much more well-adjusted person to your team. Enthusiasm for the job. An enthusiastic individual is quite fortunately fairly easy to spot and even more thankfully, easy to distinguish from a phony or fake. (Phonies and fakes often exhibit many telltale signs they are just not genuine.) These people usually speak with zeal and great pleasure about their work. What’s more, will also talk about their work in a very focused yet informal and understandable manner. Team cooperation and collaboration. Place this quality in the “obvious” column, but one that’s definitely worth including. A person who is a true team player tends to be an individual who loves to listen to the input and perspective of others. Also, someone who can follow instructions without a bad or negative attitude, but can just as easily step into a leadership role, yet relinquish control for the good of the company. What other suggestions do you have? Please take a brief moment to share your thoughts and experiences so others can benefit from your unique perspective! You might just help out someone in a profound way. Interested in learning more about business? Then just visit Waters Business Consulting Group.

3 Necessary Replacement Manager Qualities

July 3, 2021 No Comments

Replacing a manager in any size business presents a number of challenges. It’s not just finding the person with the right skill set, or the most experience, or even the best aptitude for the position, but all of these and more. Unfortunately, too many administrators and entrepreneurs only look at these types of qualities. They fail to factor in other intangibles that would benefit their team members the most. Read on to learn about the three most important qualities of a replacement manager. Why Past Job Performance is No Guarantee of Future Success You’ve no doubt heard or experienced two different cliches: that past performance of an investment is no guarantee of its future result, and the Peter Principle (the phenomenon of people rising to their highest level of incompetence). Unfortunately, this is where many administrators and business owners go wrong. They mistakenly believe that an individual’s past performance is indicative of future results. But, this just isn’t true. Bad managers cost businesses billions of dollars each year, and having too many of them can bring down a company. The only defense against this massive problem is a good offense, because when companies get these decisions wrong, nothing fixes it. Businesses that get it right, however, and hire managers based on talent will thrive and gain a significant competitive advantage. —Harvard Business Review Sure, it’s absolutely necessary to look at a candidate’s previous experience and performance. It’s also just as necessary to rely at least somewhat on their proven skill set and untapped potential. However, this isn’t likely to give you a good overall evaluation of how he or she will fit into his or her new role. 3 Important Replacement Manager Traits One of the most difficult aspects of replacing a manager in any type of business is how he or she will be received by the team members he or she will lead. So, ask yourself if potential candidates have the following qualities: Empathetic ears. There are many different kinds of managers out there, and some of them are a better fit for a promotion or lateral move than others. Depending on their new responsibilities, you most definitely want them to be ambitious and take ownership of their responsibilities. Equally so, it’s critical to have a manager who truly listens to their team members because this will be the perception employees have of the company overall. Decision confidence. Obviously, if someone has all the experience and potential to move up or across, he or she should likewise possess a strong self confidence. In other words, a manager who doesn’t always have to rely on higher ups to make decisions, particularly ones that are relatively small. After all, you don’t want to put someone in a management role who just can’t make up their mind and constantly comes to you for those very reasons. Golden rule follower. If there’s one thing that rank-and-file team members despise the most, it is managers who cannot follow their own rules. Hypocrisy, double standards, and negative traits such as these will quickly erode away employee morale and productivity. Nobody performs well under such types of management, because it is so counterproductive by its nature. What other suggestions do you have for replacing a manager as a business owner? Please take a moment to 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.

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.