Why Your Micromanaging Tendencies Are Slowly Destroying Your Business

Micromanagement is a word that often comes up when we talk about bad bosses. Of course, a little bit of micromanagement isn’t the end of the world and in some cases can help you keep your employees on track. However, if you let that power get to your head and you start to focus too much on their tasks and not your own, it’s going to slowly kill your business and, before you know it, you’ll end up without a business to run.

Micromanagement is one of the most common causes of a lack of ideas and creativity within the business. Image Source

What are the signs of micromanagement?

To being with, let’s take a look at some classic signs of micromanagement.

 

  • Micromanagers will always integrate themselves into other people’s projects. This usually means that a micromanaging boss cannot trust their employees with a task, even if it has nothing to do with the boss themselves. This is usually a sign that you have no faith in your employees and is a problem that will fester and create problems in the future.
  • Micromanagers discourage new ideas being formed due to their overbearing grip on their business. If you’ve ever worked in a company where the manager has a final say on everything then it’s another sign that they lack faith in their employees. If you want to show loyalty to your employees, you need to trust them to form new ideas instead of always following your orders.
  • Micromanagers will insert themselves into every process and create a bottlenecking effect. If you have to approve of every decision then it’s only going to slow down your business. Give your employees the power to make decisions that can affect the company and it will grow their long-term relationship with you and your business instead of constantly feeling caged.

 

You can probably already see a pattern here: micro-managers have a lack faith in their employees. In order to tackle this, we need to focus on what makes micromanagement happen in the first place and what you can do to overcome it as a habit.

Improving the relationship with your employees

As mentioned already, trust is a huge factor when it comes to micromanagement. In order to build more trust in your employees, you need to first identify why you don’t trust them.

 

  • Trust is a two-way street – If your employees have a lack of faith in you then it’s common for you to be distrusting of them too. During times like this, you need to focus on mending that trust by offering them reasons to be loyal to your business.
  • Promote a good balance between work and leisure – Don’t just talk about work all the time in the office. Give your employees time to enjoy themselves as well and don’t force them to work all the time in the office.
  • Recognize their efforts – Even if an employee doesn’t reach the expectations you set for a task, at least recognize their efforts and understand that they tried to help your business.

 

Breaking free from the shackles of micromanagement

Once you’ve established how you can rebuild your relationship with your customers, it’s time to actively break free from those micromanaging tendencies, and we’ve got some fantastic solutions to get you started

For starters, consider employee shift scheduling software if you find that you’re constantly unable to assign shifts correctly. If you ever mess something like this up, then it can severely harm the trust that your employees have in you and they might find you to be incompetent and not worth believing in. Not only does this help build trust, but it also means you personally don’t need to constantly assign shifts since a computer can do it for you.

Being more open to your employees is another great way to improve your relationships with them and get rid of micromanaging tendencies. If you’re transparent about changes to your projects or your workflow, then your employees can adapt to it (as long as those changes are for a good reason) and they’ll feel like they are a part of your business instead of being a disposable employee.

Some final words to keep in mind

As you can see, trust is a major factor when it comes to micromanaging tendencies and it’s important to focus on building a good working relationship with your employees. It will help you be more efficient, it will boost productivity and it will help you become a successful company.

Get In The Black: 5 Ways To Get A Business Out Of Debt

There are various reasons why businesses get into debt. Poor financial management is a biggie, though profits may not arrive as quickly as hoped, either. Many businesses are also founded on debt, with money borrowed to expand and grow. Whatever the reason, debt is a hole that a business manager needs to climb out of. Failure to do so may result in bankruptcy and the closure of the business, and in the majority of cases, that has to be the last resort.

Thankfully, there are solutions. Should you own a business, and debt is something you are all too aware of, the following are some of the ways you can raise money and keep your doors open for longer. If your business is currently in the black, it’s still worth taking note of the advice given.

Increase sales

We are talking about increasing online sales quickly, and getting the business out of a financial jam. A concerted effort needs to be made to improve sales, such as selling off excess stock at a discount price, offering promotions, and using affiliate marketing programs. With hard work and savvy business planning, it is possible to boost income and pay off those debts sooner than later.

Take out a short-term loan

Taking out another loan may not be an option a business manager is willing to take, especially if they are already struggling with debt. Still, if money is needed in a hurry, online companies such as OneMain Financial may be the answer. It may cover staff salaries and overhead costs, essential if there are absolutely no other sources of money coming in. A short-term loan is also better than taking out another long-term loan, avoiding binding contracts and high-interest rates.

Consolidate loans

You need to be careful with this option, as you need to make sure you are paying back less money each month than before. Some debt consolidation companies charge large fees, for example. Still, it is worth shopping around as this is a viable option for those making payments to several lenders a month. Whether a credit card or loan company is chosen, it is important to look for low-interest rates, thus consolidating any loans into one easier to pay monthly payment.

Cut business costs

Budgeting is essential for all businesses, and there may be areas where expenses can be cut down. While redundancy is the last thing any business owner (or staff member) wants, it may have to be a necessary evil if funds are dry. Of course, there are other ways to cut costs before this happens, whether that’s cutting down on inessential resources, or moving to another office building and paying less rent. Hiring the services of an accountant should also be considered, ensuring any financial decision is a wise one. Any money saved can then be used towards paying off the ongoing debts.

Sell business assets

In some cases, this is a last resort option. Many business assets, such as computer equipment or machinery, are essential for the day to day running of the business. Still, if anything isn’t being utilized on a regular basis, it may be worth selling them, thus making money to pay off any outstanding debts. The other option is a ‘leaseback agreement,’ where the business owner makes money by selling something, but then rents the item back. This way, the debt is covered with the sale of the asset, but productivity doesn’t have to be delayed for long if the asset can then be loaned back to the business.

Finally

Debt is hard to get rid of, but the steps above may offer a solution to the business manager. Of course, it’s important to make sure things don’t spiral out of control again, so diligent financial management and a concerted marketing push need to be the priority going forward.

What is Cryptocurrency and How Does it Work?

Cryptocurrency, now a globally acknowledged peer-to-peer exchange system, relies on cryptography for secure exchange. As the world embraces digital transformation, cryptocurrency represents the next money evolution is undergoing.

Cryptocurrency currencies take the concept of money, and they take it native into computers, where everything is settled with computers and doesn’t require external institutions or trusted third parties to validate things.
Naval Ravikant – CEO & Founder AngelList

Governments, prominent software companies, and banks are increasingly recognizing the insatiable value in cryptocurrencies. Every transaction in the p2p network is immediately visible to the entire network, eliminating the need for intermediary third parties.

Note: In Cryptocurrency, confirmation of a transaction is a crucial step. Once completed, a transaction cannot be forged or reversed.
Read more on Blockchain.

What Cryptocurrency Miners Do

While everyone can take up the role of cryptocurrency mining, certain business organizations have invested in computers chips uniquely engineered for this. Satoshi Nakamoto, Bitcoin’s founder, set requirements for interested parties; they had to show proof-of-work by investing their time and computing power.

Solve a cryptographic puzzle and you would earn several cryptocurrency units. To guard against creation of excess cryptocurrencies, the system can only produce a limited number of units within a given time frame.

Cryptocurrency Revolutionary Properties

By keeping a consensus of balances and accounts (a ledger), cryptocurrencies foster peer-to-peer transactions in ways which conventional banks simply can’t. Unlike banks where figures can be tampered with and accounts suspended, no entity has such authority over individual cryptocurrency monies.

Transactional Properties Attributed To Cryptocurrencies

Pseudonymous:

Neither accounts nor transactions share connectivity with real-world entities. Cryptocurrency is sent through an “address”, approximately 30 characters long. While it is possible to analyze the flow of transactions, real-world addresses and identities remain hidden.

Permissionless:

You don’t require anyone’s permission when accessing and using your cryptocurrencies. The software can freely be downloaded by anyone and utilized at any time. With no gatekeeper, you are free to transact with as many cryptocurrencies types as there are.

Security:

All cryptocurrency funds are secured with a publicly accessible cryptography system. As the owner of your private key, transactions can only proceed with your direct authorization. The big numbers and strong cryptography used make cryptocurrency virtually impossible to compromise.

Irreversible:

Once a cryptocurrency transaction has been confirmed, it cannot be reversed. It is therefore advisable to take extra precaution when transferring your units to a peer. The open ledger is accessible to and monitored by all users, limiting risk and corruption.

Fast and Worldwide:

Within the network, authorized transactions are propagated almost instantaneously; confirmation only takes minutes at most! This happens on a global scale, with computers working together regardless of their physical locations. This enables creation of a digital ledger.

Cryptocurrency Monetary Properties

Controlled Supply:

To remain viable, legit cryptocurrencies limit the number of tokens in circulation. Bitcoin, for instance, is projected to arrive at its final number approximately around 2140. This is as per the schedule written within the code. Future monetary supply can be calculated today.

No debt, but bearer:

Are you aware that money in your bank account is created through issuing debt? The open ledger in cryptocurrencies represents no debt, with the money being as good as gold coins.

Understanding the revolutionary power behind cryptocurrencies requires consideration of both property sets. Governments are wary of accepting this change, owing to the multiple advantages cryptocurrencies have over traditional monetary policies.

The power to control inflation and deflation, which central banks achieve through monetary supply manipulation, is decentralized in cryptocurrencies. The entire network responds collectively.

The Dawn of a Fresh Economic Order

With their revolutionary capability, cryptocurrencies have surpassed their inventor’s wildest dreams. Though many other attempts at digital currencies failed in the nineties, Bitcoin provoked incredible fascination and enthusiasm by 2008.

As digital gold, cryptocurrencies are secure from political manipulation. Over time, the currencies preserve and gain even more value. If the late 2017 Bitcoin surge is anything to go by, cryptocurrencies will soon go mainstream!

Fast Growing, Dynamic Markets

Quite frankly, cryptocurrencies have been used as payment in outlawed products, services, and markets. Many exchanges, however, deal in clean cryptocurrency trading as a means of making the digital currency more accessible to internet users.

In some of these markets, gross daily exchanges surpass those of European stock exchanges. In their early stages, cryptocurrencies experience volatile growth amidst speculation and mistrust.

Here are the most revered cryptocurrencies currently;

Bitcoin

Undoubtedly the most renowned cryptocurrency, Bitcoin is at its best, valued at slightly over a whopping $14,000! As the digital gold-standard in this industry, a lot rides on how Bitcoin fares in the years to come.

The transaction volume keeps on growing, an eventuality which has led to Bitcoin being diversified to reach a wider demographic.

Bitcoin won’t be withering away any time soon.

Bitcoin is here to stay. There would be a hacker uproar to anyone who attempted to take credit for the patent of cryptocurrency. And I wouldn’t want to be on the receiving end of hacker fury.
Adam Draper – CEO Boost VC

Ripple

In cryptocurrency circles, this might be the least popular and used options. The native XPR being used poses many limiting challenges. It is more of a system designed to secure IOUs rather than one for generating real cryptocurrency, usable in financial transactions.

This might explain why banks take on Ripple with less restrictions; they exercise more control over it!

Litecoin

Coming closely after the invention of Bitcoin, this cryptocurrency is faster in transaction, with a higher amount of tokens available. From its codebase, several other cryptocurrencies sprung up, diversifying the choices for consumers even further.

Lighter versions stemming from Litecoin include lesser-known Feathercoin and Dogecoin.

Ethereum

Ethereum not only processes transactions but also secures complex programs and contracts. In blockchain application, Ethereum passes as the perfect instrument due to its unmatched flexibility. However, a DAO Hack forced the emergence of Ethereum Classic.

Branching out from a single entity, Ethereum is now a conglomerate of smaller cryptocurrencies.

“When I came up with Ethereum, my first first thought was, ‘Okay, this thing is too good to be true.’ As it turned out, the core Ethereum idea was good – fundamentally, completely sound.”
Vitalik Buterin – Co-founder Ethereum

Investing in Cryptocurrencies

When it was first traded in 2009, the first successful cryptocurrency was valued at under $1. By 2014, this had grown to a commendable $1,000. Bitcoin, however, saw the biggest valuation in 2017, with its value shooting to $14,000.

Speculators worldwide, more than ever, are eager to invest in Bitcoin and other cryptocurrencies. In comparison with the global financial market, cryptocurrencies still take up a negligible proportion.

“We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?”
Olaf Carlson-Wee – CEO & Founder Polychain Capital

Cryptocurrency in conclusion

With many vendors purporting to deal with cryptocurrency solutions, it is important to be dilligent.  Cryptocurrency investors should always have a secure, flexible wallet in impeccable working condition.

Which cryptocurrency have you taken an interest in?

How to Run a Social Media Competition

Competitions run through social media can make a big difference to your follower numbers, and to the people who will therefore come into contact with your brand. The more people who enter, the more of their friends and family will see your company, and what you offer. If they enter too, the ripple effect goes even wider. Plus, a social media competition is low risk for the entrants, and can give your company a trustworthy air – always a bonus when it comes to finding new customers or clients. To do all of this, the competition needs to be successful. How can you make sure it is?

Appeal to Your Target Market

Running a competition on social media is great if it brings you more likes and followers, but if those likes and followers aren’t your target market, then it’s unlikely you’ll make much profit out of it. The idea behind running a successful campaign is to build your business through it, so working out who your target audience is, and making sure that the competition is something they would be interested in is important. One way to do this is to link your promotion to a specific event. This could be a convention of some sort, a sporting event, or the final of a TV show. Only the people interested in those things will be likely to enter, and find out more about your company.

Giveaway Something of Value

People may be excited to enter a competition, they may know the answer to the question, or they could be keen to work with you in some way, but if they prize does not seem to be something of value, then they may not bother at all. To get the maximum number of people entering and engaging with your business, the prize needs to be something of high value such as Lion king tickets or the chance to drive a fast sports car round a track. Make sure the prize is worth something, and that it is relevant to your target audience.

Offer Incentives

One of the best ways to run a social media competition is to offer incentives to the people who like or share your posts. It’s a simple thing to do – once someone has entered your competition, they can have another entry (and increase their chances of winning overall) if they share your post. Make sure they are aware of this offer as soon as they enter the competition for the first time; it could be a pop up, for example, or a direct message. If you do it as soon as they enter, their desire to win will be at its strongest, so they are more likely to follow your instructions to get another chance to scoop the prize.

Paid Ads

If you don’t have a large following, and hope to change that with the competition that you’re running, you might wish to consider running a paid ad on Facebook, Instagram or Twitter, for example. You can organize these ads to target specific groups of people, which is perfect as they can be your target audience as mentioned above. These ads don’t have to cost too much if your competition is interesting and easy to enter, and if the prize is worth people entering. You can set a small daily budget, but the reach your ad will have will be huge.

 

Business Problems Are Easier To Prevent Than They Are To Solve

Those of you that have visited your doctor for a physical exam have probably heard them go on about prevention being better than a cure. The idea behind this phrase is that it’s a lot easier to prevent diseases from happening than it is to cure them. The same goes for business problems that can arise at any time during your lifespan. Preventing problems is far easier than trying to solve them when they arise.

As such, learning some key prevention techniques is essential for anyone operating a small business these days. If you understand how to protect your company from potential business issues, it will save a lot of time, money, and manpower should the problem come about in the future. In this piece, I’ve picked out a few things you can do that will prevent loads of different issues from damaging your business.

Image Source

Pre-Employment Background Checks

Employees can pose business problems for any owner. One of the biggest issues is hiring someone and finding out later along the line that they lied during their application. They weren’t the expert they claimed to be, and their poor performance is costing your business. Or, they have a criminal record and have been convicted again, tarnishing your reputation.

Countless scenarios like this can occur and cause lots of issues for you. It may mean you need to train your employee, which costs money. Or, you might have to fire them and hire someone else, which also costs a lot of money. Either way, your business suffers! To avoid this, all you have to do is conduct pre-employment background checks. Do some research into your candidates and check if they have criminal records or check with references to see if they are as capable as they claim. This helps you siphon out all the dead weight and liars, leaving you with a pool of capable candidates to choose from. Now, you can hire them without worrying about potential stumbling blocks down the line.

Insuring Your Business Assets

Another potential business problem is losing some of your assets as the result of theft or something else out of your control. Let’s say you work out of an office and it gets hit with a flood that destroys everything inside your building. It costs your business load of money as you had physical assets there that were valuable. Or, say you own a retail store, and someone robs the cashier and steals your earnings. In either scenario, it creates a huge problem; you’ve lost a lot of money, now how do you get it back?

Finding solutions to this problem can be very hard as you have to think of ways to regain what you’ve lost, which may end up costing more money for your business. But, one simple preventive measure is to insure your business. With commercial business insurance, you can protect your assets in scenarios like these. I’m sure there’s more information about the different policies and how much they cost elsewhere, but the basic idea is that you protect yourself from this problem. If either of the scenarios above happens, everything you lost could be covered by the insurance, and paid or replaced ASAP. There’s no need to find a solution, as you’ve prevented the need for one with insurance!

Addressing Recurring Business Problems

No business is perfect, and it’s likely you’ll succumb to recurring problems with your clients/customers. These can range from things like an outdated link in an email not working, to a fault with a payment system. These problems aren’t massive, and you can usually solve them right away – or with very little effort. The issue is that you’re constantly providing your customers and clients with a substandard service. What’s more, you’re always having to devote time to little problems that keep recurring over and over. You don’t feel like it matters as they can be solved quickly, but all this wasted time adds up!

Instead, you should focus on preventing these issues from happening ever again. Often, all it takes is a quick bit of work to permanently solve a problem and prevent customers from complaining over and over again. Let’s say you have a faulty card reader in your store that plays up from time to time. Instead of trying your luck and keeping it, get a new one that works properly. Here, you’ve prevented future problems from happening and will keep your customers happy. That’s the key here; by preventing common issues, you will reduce the number of complaints you get and provide a better service.

Backup Power Sources

Lastly, we have a problem that seems quite trivial, but is a massive issue in the modern business world. Imagine you’re working away, then all of a sudden the power cuts out. All the lights in your business premises go off, as do any computers people are working on. You speak to the owner of the building, and they tell you it will be out for a good few hours until someone can come and fix the generator. At this point, you stand on the verge of missing out on hours of productive business time. There’s no telling how much this can cost you; what if you were on the verge of sealing a deal?!

Thankfully, you can prevent this from being an issue by investing in backup power sources. There are loads of small backup generators you can buy and use to power computers and all your other essential equipment. This means your office can keep functioning as usual, without losing out on precious time.

 

I hope this article has given you some insight into the power of prevention. When it comes to business problems, it’s so much easier to prevent them than it is to solve them. Some people think that the costs of prevention aren’t worth it as there’s no guarantee any of these problems will ever happen. However, it’s well worth it just in case they do. If they occur and you haven’t tried to prevent them, then you’ll end up spending more money.