business lesson

5 Manager Mistakes (That Make Good Employees Quit)

Few things do as much damage to your business as good employees leaving. And few things can chase away an employee as effectively as a bad manager. Research has proven that up to 70% of employee motivation depends on the manager. Hold your managers accountable, and keep good workers from leaving before they put in their notice!

Overworking

Employees burn out fast once you start overworking them. But it’s a tempting trap for managers to fall into because, to them, surely there’s some way to get more work out of good employees. The problem is, if you’re going to increase the amount of work or the time someone must work, you must balance this with status changes. Give them a raise, promotion, or a title change if you must work them harder.

Lack of Empathy

Another reason employees burn out fast is when they don’t feel understood, particularly when there’s a difficulty affecting performance at work or home. This could be another coworker who makes it difficult to focus or to accomplish a project; or a too-heavy workload. Managers should be able to empathize with their team and to help members achieve their goals. However, a manager who fails at this will always have a higher turnover rate. Team members can’t work for someone who sees them as cogs, rather than people.

No Feedback

Employees, especially Millennials, desire recognition. That doesn’t mean a gold star for every task, but it does mean acknowledging work done, progress made, and goals achieved. It also means open communication between a manager and a team member to see where an employee can improve. Managers who prefer to fly solo may tend to ignore their team. In consequence, their team members may feel frustrated at the lack of feedback over both positive accomplishments and problems they struggle to solve. If they have a manager like this, they’ll look elsewhere to get feedback.

Stagnation and Inattention

It’s often healthy for employees to be able to manage themselves. But if they have absolutely no support structure, they will flounder. It is the duty of a good manager to manage, and that includes finding ways to help team members grow. Managing requires feedback to employees, challenging them when necessary, and helping them see the big picture. Without this, employees will feel that they’re in a dead-end job and leave.

Stifling Intellect or Creativity

Passionate and talented employees get a lot more done. But some managers may refuse to let their employees use their innate creativity to improve a process, workplace, or project. This sounds like a good idea to everyone, right? These managers may feel threatened if someone breaks limits in this way. This insecurity is a sign of a poor manager willing to limit those around him or her rather than let others succeed.

Finally, a bad boss stifles the opportunity to grow intellectually. People want to improve themselves, or at least they should. Successful bosses and managers make people get out of their comfort zones (in a good way) by setting high goals. Then, most importantly, they reach out to help their team succeed. A poor manager won’t challenge their team, leaving employees bored and looking for a challenge elsewhere.

 

Don’t let your managers chase away good employees! Make sure your managers are working to build better teams, and you’ll see greater success through your whole company.

5 Business lessons you can learn from Shark Tank

Did you know Shark Tank started airing in 2009? Shark Tank has grown in popularity over the last 5 years and with it, we have gained some very valuable business lessons. Here are 5 lessons every business owner, entrepreneur, franchisor and franchisee can learn from the show.

Do your research

Before pitching a product, meeting with investors or potential business partners, do some basic research. You should find out as much as you can about potential business partners. If you are talking to investors: Who has he/she invested in before? Have they been successful? How well do they know your indsutry? If you are partnering with a business for the holiday season: What are some of the causes this business is currently interested in? What is their history of partnerships? Were they successful?

Often times on the show Mark Cuban will come out with his “final deal” and for those of you who watch the show you know what that means. Hint: it does not mean try and negotiate further. Learn all you can about the people before you set that lunch meeting. If you are entering the franchise market, research the history of the product or service you plan to sell. Are there certain atmospheres, shopping centers, business locations that succeed?

Create different presentations

After watching Shark Tank for so many seasons, you begin to realize each shark focuses on different aspects of the presentation. Some sharks may want your financial history, others just want your entire business summed up in 10 words or less. We suggest having 4 presentations ready.

This should come as no shock but we have to mention it all the same. Be ready to share your business ideas with everyone. You should have one business plan of no more than 50 pages. This is for your records, financial advisers and those serious investors. The second plan should be a condensed PowerPoint presentation with no more than 20 slides.  This is great to show at luncheons, seminars, startup conventions, etc. Your third presentation should be a 5 minute elevator pitch, perfect for the golf course or your next opportunity on Shark Tank! Lastly, be able to explain your business in 10 words or less. Simplicity to business partners means simplicity to clients. If you understand your business well enough, you should be able to pair it down to a one sentence statement that anyone could understand.

Networks matter

The Shark Tank investors bring huge value in their networks. Daymond John got the sticker guys distribution in Best Buy as well as retail distribution for Nubrella. Lori Greiner is the queen of QVC and is able to help businesses she invests in get on the network. When you’re looking for investors understand their circles and more importantly if they’re willing to leverage them for you. Ask about this before you sing a deal. Sometimes a deal with less lucrative financial terms is better if it brings the right network to the table.

Develop people skills

business lessons

If this is second nature to you, check this off your list and scroll down. This is so much more than being friendly and personable, but while we are on the subject: Investors buy into people as much as ideas. The Sharks get most excited about a passionate, likable entrepreneur. The same could be said in business. Now, if that’s not you, and you need good PR, consider finding someone to start making those connections.

Also you need to learn to listen! The Shark Tank investors offer great advice when they turn people down. If you’re told “no” don’t be so displeased that you can’t listen to the rationale. And, if they don’t tell you why, ask so you can leverage that advice moving forward. This is a chance for insight from experts.

The best business lesson … don’t be stupid

Don’t tell potential investors they’re wrong. When you tell Sharks they’re wrong – especially in front of other people (like the national TV audience of Shark Tank) they will naturally stop listening to you. Haven’t we learned this by now? No one wants be told they’re wrong in front of other people. Don’t respond to people you’re pitching with disdain or sarcasm, even if they say something nasty. Look for other ways to question their position but think before you speak. How you defend your own position makes a difference. How you act in a pitch will shape what potential partners think it would be like to work with you. In fact, maybe they’re pushing you just to see how you’ll react under pressure.

 

 

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