2015 August Financial Newsletter
2015 August Commercial Newsletter
Ask a Dumb Question; Get an (Even Dumber) Answer
Prior to the Millennials, workers weren’t expected to give honest feedback. In fact, sometimes they were shown the door. But that was then; this is now. Small businesses, especially start-ups (requiring highly collaborative, engaged employees), depend on staff to help problem-solve.
So how do you get a hybrid team of employees to throw out the old order and begin to really give the kind of feedback a small business needs to grow?
Simply ask the right questions.
Management, generally, is not skilled in the art of questioning, and most employers tend to make the same mistakes when asking for feedback. Many managers and business owners ask closed-ended questions that elicit yes or no answers. This doesn’t help identify problem areas, but identifying those areas is something most employees could do readily. If asked.
You get the best from your employees by gaining their commitment; and that comes when staff feel their opinions—especially critical ones—are valued, listened to, and often acted upon. For the employer, this represents valuable advice from people who work on the front line.
LinkedIn Influencer Jeff Hadden recommends this approach: Rather than asking, “Can anyone think of a good reason not to go forward with this plan?” try the following: “What do you think about this plan?” and “What are some areas of concern we might face when moving forward with this plan?”
Generally, your most critical employees will contribute the best—most honest—feedback. That’s good. You need those critical minds to spot areas of weakness you might not see.
ENTREPRENEURS: Secret to Escaping the Emotional Roller-coaster
If you’re an entrepreneur, there are days when you’re on top of the world. Other times, you feel like sinking into the depths of despair.
Sometimes there’s a combination of these days in succession that leave you feeling like you’re on a roller-coaster. You need to disconnect emotionally so you can make calculated decisions and weather storms with a clear head and clear picture of what’s really going on.
Measuring helps you gain an understanding of the state of your business, but know that it’s not always productive to panic if sales aren’t as good today as last Tuesday. You could just be facing normal ebbs in the flow of commerce.
As you learn to measure, you’ll recognize trends and your heart won’t always skip a beat when you see a dip in sales. Beyond looking at sales numbers alone, check other numbers to help get a better idea of your current landscape.
Look at such things as profit margin, the sales pipeline and the recent conversion rate of leads.
After a few cycles of measurement, you start to get a clearer picture of what’s really going on, and it can be easier to determine whether to be concerned and take action.
Weekly, monthly and quarterly reports can be compared while gathering business intelligence to help you plan ahead.
It can be difficult to relax when your livelihood and your dreams are at stake, but using metrics to your advantage will give you a competitive advantage and help you sleep better at night.
ENTREPRENEURSHIP: Tips to Help You Get the Most out of Your Time
You can’t manage time, but you can manage yourself and make good use of the time you have.
Time management skills are especially important for solopreneurs and small-business owners who often perform many different jobs during the course of a day.
A key to managing your time is identifying where your time is going and pinpointing personal time-wasters.
Make a list of what you do during the day and how much time you spend on each activity. Then list the most valuable activities – those that generate the greatest revenue for your business and constitute the highest, best use of your time.
Once you’ve identified these activities, make sure you allocate sufficient time to them.
A time management tool, such as Outlook or a day planner, can help you organize and plan so that you spend your time productively.
Begin every day by prioritizing tasks and setting goals for that day. Establish routines and stick to them as much as possible. Limit time spent on mundane tasks such as running errands and making personal calls.
Take time to organize and set up systems for filing, data management, record-keeping, scheduling and the like. Be sure these systems are efficient, transparent and easy to use – and then make use of them.
Avoid overscheduling yourself. Set time limits for meetings, calls and interruptions.
Delegate or outsource where you can. Always have something with you to occupy dead time or time spent waiting.
Employees’ Personal Issues May Put Your Business at Risk
When employees’ personal problems bleed into their work lives, performance and productivity plummet. In a small business or a close-knit working group, the situation can have a ripple effect that destabilizes the entire organization.
Personal problems can distract others
Typical situations that spill over into employees’ work lives include divorce, legal and family problems, financial stress, alcoholism, and drug use. These issues can require people to take excessive time off work. Plus, they are distractions that sap energy and attention, and generally weigh on other people’s physical, financial, psychological, and emotional well-being.
When should you get involved, and just how far should you go in helping your workers deal with their personal problems? Generally speaking, the best policy is to stay out of employees’ personal affairs, but if the situation is putting their job in jeopardy, affecting other employees or customers, or impacting the business in any way, it may be necessary to intervene.
Before getting involved, consider whether the issue is temporary and fixable or deep-rooted and complex. Be realistic about the kind of help you are capable of giving. If a worker has chronic financial, substance abuse, or serious psychological problems, your involvement is not likely to change the outcome.
Be supportive but …
However, if a person is hurting, you may be able to help him or her by listening sympathetically and connecting him with resources to assist in dealing with the situation he’s experiencing. If one of your employees is having a problem that’s affecting his job performance or otherwise affecting your business, you should have a conversation with him early on before loss of his job adds to his existing woes.
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