Four must-listen podcasts for small business owners
Starting and managing a small business takes a lot of work. Many business owners work long hours and assume high risks. Still, for many entrepreneurs, starting a business ranks among their key life accomplishments. And running a company can be a tremendous learning experience. That said, small business owners can also learn a lot by listening to the right podcasts.
First up, failure is a fact of life for many entrepreneurs. And many of the most famous business leaders today suffered setbacks and failures at one point or another. You can tune into Entrepreneurs on Fire to hear not just success stories, but also failures and what key business leaders learned from setbacks.
Managing your finances can be especially difficult when running a small business. And not just your company finances either, but also your family finances. Fortunately, you can tune into Stacking Benjamins, a chatty, humorous podcast covering business and personal finance.
A great view-from-the-trenches podcast is The Startup Chat. This podcast offers actionable insights and covers many of the most pressing challenges that threaten to derail startups. Each 22-minute episode is packed end-to-end with useful advice and examples.
Last but not least, Business Wars takes a deep dive into some of the biggest business battles of all time. We’re talking Pepsi versus Coca-Cola, Nintendo versus Sony, and Blockbuster versus Netflix (we all know how that one turned out). Studying these epic clashes is entertaining, and if you pay attention, you may glean many insights.
Whether on your commute or over a morning cup of coffee, the above business podcasts offer plenty of insights.
Improve recruitment and retention with exit interviews
Reviews and testimonials are essential to doing business in the modern world. In today’s competitive labor market, conducting an exit interview is your opportunity to learn more about the worker’s experience within your company and potentially become a more desirable workplace.
An exit interview lets you learn more about the vacated role, which has likely evolved. This knowledge helps you elevate your job ad from a boilerplate to a targeted description of expectations. The more precise your job ad, the better your chance of identifying the most suitable hire.
When employees leave, they’re more likely to give candid feedback about their experience on the job. This information can help you make informed adjustments to your corporate culture. It can also help you identify which practices are working. It all adds up to an opportunity to improve conditions for those who remain with you.
Ask a local employment agency or counselor to advise or support your recruitment and retention, from job ads to exit interviews.
Breathing break reduces stress
If your to-do list is running long and your stress levels are rising, you might want to start your day with a quick break. It sounds counterintuitive, but it’s true — just a few short minutes of breathing and mindfulness can help you set your stress aside and improve your focus and productivity when you attack your inbox.
Set a timer for five minutes. Start up some relaxing sounds or soft music if you like. Close your eyes, relax your shoulders, and take a few deep breaths from your belly, letting the air slowly rise up into your chest, all the way up to the top of your head. Inhale for four counts, hold for four counts, exhale for four counts, then hold for four counts before starting again. Focus on each count and how the air feels as it moves in and out of your body. Think about how your body feels through each breath, and if other thoughts enter your mind, acknowledge them and let them go.
While you do this exercise, don’t worry about how well you’re doing it — just try to stay in the moment. When your timer goes off after five minutes, you can return to your tasks feeling refreshed and ready to tackle each challenge as it comes.
If a DIY quick meditation isn’t for you or if you prefer a guided experience, a number of meditation apps are available for iOS or Android. Try Headspace, Calm, Healthy Minds, or The Mindfulness App.
How to attract millennial employees
According to a survey by Deloitte, by 2025, 75 percent of the workforce will be made up of millennials. As an employer, you must learn this generation’s motivations, needs and expectations to attract, engage and keep them in your company. Here are five things to consider.
1. Highlight values. Millennials want to work for a company with values that align with theirs. For them, a job isn’t just about a paycheck. It’s very much about having a purpose and making a difference.
2. Create flexibility. Millennial candidates are looking for a job that offers a work-life balance. For example, they’ll prioritize companies that offer remote or hybrid work schedules.
3. Prioritize advancement. Career progression is a top priority for millennial workers. They’re much more likely to stay at a company if they feel upper management is invested in their careers. Ensure you have strategies and policies in place to facilitate career progression.
4. Offer continued learning opportunities. Millennials want to advance and learn new things to progress in their careers. They’ll seek out employers who can provide these opportunities. Investing in training and development can help catch and keep their attention.
5. Embrace technology. Technology is essential to the millennial workforce. Therefore, integrating popular technologies and platforms into your business can give you a decisive edge in attracting this generation.
Ensure your company continues to grow and thrive by appealing to millennial employees.
Keep your workspace organized and boost your productivity
A clean desk doesn’t just feel nice — it communicates professionalism, reduces stress, helps you keep track of your important tasks, and saves you the time you would have spent hunting for lost files and sticky notes. Try out these strategies to transform your workspace and your work life:
- Use a bulletin board to keep assorted papers from piling up on your desk. If it’s important enough to keep, pin it to the board, but if not, chuck it into the wastebasket.
- Try a hanging closet organizer with clear plastic pockets for shoes or other small items to store extra office supplies. Hang it on the wall or the back of your door, or if you work from home, just stick it in the closet.
- Utilize the space under your desk. A small cabinet or shelf under your desk could be a storage lifesaver.
- Use wall space. You can mount shelving, hooks for cables and headphones, or whiteboards for making notes. You can even buy wall-mounted organizers to stash your supplies or planters to brighten your space.
- Speaking of plants or other decorative items, try to minimize them on your desk. A nice plant stand or stylish wall-mounted shelves will give your office some color without sacrificing desk space.
- Create extra desk space with risers for laptops and monitors.
- Stash a few cleaning supplies within easy reach so you can quickly wipe away dust or clean up coffee rings.
6 blunders that can demotivate your employees
Engaged employees are more productive and creative and less likely to quit. However, demotivating management practices can make employees inefficient and start looking elsewhere for work. Here are six managerial mistakes to avoid.
1. Making too many rules. Organizations need rules, but unnecessary rules can make employees feel cramped and uncreative.
2. Overlooking accomplishments. When managers don’t recognize employee successes, workers become less motivated to exceed expectations.
3. Hiring and promoting the wrong people. Great employees want to work alongside other great workers. Hiring or promoting friends or underqualified employees demotivates those who work with them.
4. Treating everyone equally. Treating all employees equally shows top performers that they’ll be treated the same as underperformers, no matter how hard they work.
5. Breaking promises. Keeping your promise of awards, time off, or raises engenders trust. Reneging on commitments makes you look disrespectful and uncaring, creating an environment where accountability isn’t valued.
6. Tolerating poor performance. No one likes conflict, but when you fail to call out an employee for poor performance, you show the entire team that their underperformance has no consequences.
Engaging your employees and recognizing their worth is key to maximizing your organization’s performance.
Quiet hiring versus quiet firing
In a tight labor market, not only is it hard to find employees, but it’s also difficult to keep them engaged. Gallup has found that at least half of employees are emotionally disconnected from their jobs. Many of these folks do the bare minimum amount of work, and at least 18 percent of workers are actively disengaged, meaning they’re proactively undermining their company.
Disengaged employees can be a major drag on companies and their bottom line. That’s why some companies are pursuing quiet firing. This means the company makes the work environment a bit unpleasant in an effort to encourage disengaged workers to quit. Don’t like it here? Then find a new employer — or so the thinking goes.
Getting employees to quit, instead of flat-out firing them, may reduce costs. Severance packages, for example, can be rather expensive. Further, many companies aren’t exactly sure who the underperformers or disengaged folks are. Quiet firing could spur under-performers to self-identify.
Now, companies are upping the ante with quiet hiring. Instead of just encouraging some folks to quit, businesses are proactively identifying certain employees and then showering them with favoritism. Selecting and rewarding high performers is a business mainstay. However, with quiet hiring, favoritism is also part of an effort to push low-performing employees out. Often, these favored employees are shifted from position to position, working to address an organization’s most acute needs.
Companies aren’t the only stakeholders using “quiet” methods either. Many employees have also been quiet quitting. Essentially, they stop doing their job, perhaps expecting to get fired in the future, but instead of quitting, they continue cashing checks. Gallup believes that disengagement, in general, could be costing the global economy more than $8 trillion.
Wind: 1mph SSE
UV index: 0