Improving Your Telework Habits
In her recent April 20th, 2020 Forbes article, “Three Keys to Engaged, Productive Telework Teams,” author Rajshree Agarwal, who is a professor of Strategy and Entrepreneurship, explored how to get the most out of telework. This highly timely article covers some very important territory for many companies dealing with the COVID-19 pandemic. Let’s explore Agarwal’s key points so that you can help your team get the most out of telework.
Agarwal notes that people may tend to shy away from sharing personal information and feelings while in the office. But via video conferencing, the story can be different. For this and other reasons, it is necessary for employers to keep in mind that the dynamic between you and your employees may be different when you use video conferencing. This will also often be the case when your employees speak with one another.
She prudently cautions business owners from taking a “business-as-usual” approach to the COVID-19 situation, as it can make them look both unnecessarily cold and out of touch with reality. On the flip side, however, it is also important to not dwell on the negative aspects of the pandemic. Offering some sense of normalcy during the COVID-19 pandemic is a smart move as well.
How you use telework and video conferencing is, in part, about developing the correct balance. On one hand, you’ll want to acknowledge that the situation is serious and must be addressed. But on the other hand, you don’t want to dwell on the pandemic. After all, not effectively handling the work at hand could undermine your business and cause other problems for both you and your employees.
It is in everyone’s best interest to be smart, safe, and acknowledge the bizarreness of the current situation while striving to achieve business goals. The keyword here is “balance.” Agarwal states that “The combination of empathy and purpose unifies individuals, allowing team members to channel their efforts towards shared objectives and values. This is the best antidote for anxiety.”
From Agarwal’s perspective, there are three keys to making telework effective: communication, socialization, and flexibility. First, there has to be good communication. For example, people can’t simply ignore one another’s emails because they are working virtually. She points out that real-time meetings via Zoom or Skype can eliminate some communication issues, but not all.
The second factor to consider is socialization. As Agarwal points out “Engaged, productive teams also take time to socialize.” Working from home alters the typical modes and methods of socialization, but virtual interactions can be used to help people form and develop their social networks.
In short, socialization doesn’t have to end once telework begins. Used judiciously, socializing, and the bonds it creates between co-workers can still continue.
Agarwal’s third key is flexibility. Flexibility is critical, as all team members must adjust to what, for some, may be a fairly radical restructuring of their day-to-day work experience. Those who haven’t worked virtually before may find adjusting to be quite a challenge. Management should strive to be more flexible during telework caused by the COVID-19 pandemic. Trying to maintain the same top-down approach could prove to be problematic.
It goes without saying that telework presents challenges. However, the challenges it represents are not insurmountable. There are benefits to teleworking, and teams can use it to generate solutions that they might have not reached in the typical work environment.
Copyright: Business Brokerage Press
The post Improving Your Telework Habits appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Around the Web: A Week in Summary
A recent article from BizBuySell entitled “COVID-19 Stalls Q1 Transactions; Presents Once in a Lifetime Opportunity for Acquisitions” provides insight into the current state of the M&A market as well as actionable advice for both owners and buyers at this time.
Following the promising start to 2020, transactions took a 43% dip in response to the Coronavirus pandemic. However, the quality of the businesses that were sold improved based on recorded metrics. While many businesses are currently required to be closed, and the economy has been deeply wounded, the circumstances present a stunning opportunity for willing buyers. At this given time, buyers who are prepared can not only close the deal of a lifetime because prices are being driven down, they may also qualify for the SBA Debt Relief Program released this year. Owners can take multiple actions to increase the appeal of their business, with the most important focus being on reducing the risk the buyer would be taking upon acquisition.
Click here to read the full article.
A recent article from Thomas Publishing Company entitled “Has the M&A Market Caught a Virus Too?” evaluates the implications of the Coronavirus on the M&A market.
It’s no secret that given the current circumstances, M&A activity has begun to slow. However, the reality of this downturn is much different than in past years, when the damage has been a result of economic problems. The external factor that is forcing a cessation of demand in this scenario is merely causing deals to be put on hold rather than stopped all together. For investors who are ready to weather the storm, there are great rewards on the other side of it. That being said, for the time being, the first priority is to ensure liquidity and solvency. Businesses have to survive the downturn before they can consider other options. Experts estimate that the current downturn will last approximately nine months before things start to look up again and considering the natural flow of the market, it is likely to be a buyers’ market for a while. Before COVID-19 it was a very strong sellers’ market, so this change has created space for a more level playing field.
Click here to read the full article.
A recent blog post from Exit Strategies Group entitled “COVID-19 Exit Planning Insight: Keep a Journal” suggests that business owners begin keeping a real-time record of all relevant events and decisions during the pandemic.
When a business is sold, it is necessary to share the past three years of financials. Inevitably, the COVID-19 crisis will impact these records and leave the buyers with some pointed questions. It is in the best interest of owners to maintain a real-time record of every business decision that could impact the future of the company. It’s important that owners not try to rely on their memory and that they include things like the rationale behind the action and its expected outcome. Types of events and decisions to document include financial, customers, marketing, suppliers, employees, products & services, and strategic. When it comes time to list your business, your business broker can help you to tell your unique story, which will rely on accurate logs from this fragile time.
Click here to read the full article.
Read More
Don’t Fear Failure, Learn from It Instead
Failure is rarely fun. But it is also a key ingredient in success. While failure can be painful, there is no doubting the fact that the lessons that come from failure can be powerful teachers that provide life-long lessons and even life-trajectory altering results. Summed up another way, failure hurts. But on occasion, not failing could hurt more, especially in the long run.
In her Inc. article, “Why Tons of Failure Is the Key to Success, According to Seth Godin,” author Sonia Thompson, CEO of Thompson Media Group, points out that most people “avoid failure like the plague.” Instead, they spend their time trying to achieve perfection. In the process of adopting this approach, people miss all kinds of opportunities because they are afraid of damaging their egos. Embracing failure is a way to experience many “transformational benefits,” which would never be experienced without the lessons of failure.
Thompson points to the work of 18-time best-selling author Seth Godin who has written about how entrepreneurs who fail more often perform at a higher level. She quotes Godin as follows, “The rule is simple. The person who fails the most will win. If I fail more than you do, I will win. Because in order to keep failing, you’ve got to be good enough to keep playing.” Godin continues that failure imparts a gift of sorts in that it teaches us how to distinguish between a good idea and a bad idea.
As Thompson notes, research supports the notion that if you want a breakthrough idea, you will need to “produce an enormous volume of ideas.” Obviously, most ideas won’t work, but that isn’t the issue. The issue is to work your way through the bad ideas to get to the winners. Sure, it would be great to have nothing but winners. But life and reality don’t work that way. Failure should be seen more as a path forward than the end of the road.
Getting comfortable with failure, in Thompson’s view, is critically important. She believes entrepreneurs should take steps that make them more comfortable with failure, such as detaching oneself from the results.
It is vital to remember that you are not the work. In contrast, the work is part of an ongoing process. Getting good at something takes time, and there will be failures. For this reason, entrepreneurs simply must embrace a “growth mindset.” Don’t think of failure as failure, but instead as part of a learning process. There is no denying that this approach will make you calmer and that, in turn, may help you make better decisions.
There will be failure in life. There will be problems and there will be obstacles. Much will happen that you can’t predict, manage or control, such as the COVID-19 outbreak. The trick is to focus on what you can control and move forward without a paralyzing fear of failure. Because in the end, failure may be one of your best tools.
Copyright: Business Brokerage Press
The post Don’t Fear Failure, Learn from It Instead appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Around the Web: A Week in Summary
A recent article from Divestopedia entitled “Cash Forecast Excel Tool: In Tough Times, Cash is King” provides actionable advice that business owners can use to navigate the current financial challenges.
The central theme for businesses trying to stay afloat during times like these is simple: be conservative. Most business owners’ basic instinct to save every dollar they can and narrow their focuses on continuing to turn a profit is reasonable. In this article is a checklist of tips for surviving the downturn, a tool to calculate weekly cash flow, and a list of questions business owners can utilize to perform a cash analysis.
Click here to read the full article.
A recent article from Smart Business Dealmakers entitled “Coronavirus Has Disrupted, But Not Extinguished, M&A Options” discusses the benefits of the current market conditions for businesses, buyers and owners considering selling.
It is true that the current disruption to the economy is not ideal. Given the circumstances, it may seem as though negative consequences are all there is to look forward to. However, the situation at hand does present opportunities for the M&A market. For owners, buyers and sellers alike, here are some things to look forward to:
- Reduced Risk – For business owners looking to remain in business, now is an opportune time to consider bringing in a minority investor in order to grow the business or to reduce your personal risk as well as the risks for shareholders who may be concerned about their financial safety during a time like this.
- Buying a Company – During an economic downturn, there is also a leveling out of pricing. There is likely to be an increase in the number of businesses available for purchase, and with that will likely be a decrease in the average price of each company.
- Selling – As an owner, there are many reasons to consider the sale of your business right now. Whether it’s to avoid the difficulties that lie ahead or to put cash back in your pocket for security, there are plenty of investment firms and buyers on the lookout for new opportunities. While prices may decrease, the market will see an increased use of structuring tools such as earn-outs that may be enticing for some owners.
Click here to read the full article.
A recent article from Axial entitled “PE Business Development Post-Coronavirus – COVID-19 Virtual Roundtable” provides the audio files and show notes from a discussion between eleven M&A professionals regarding the effects of COVID-19 on the lower middle market.
During their discussion, these experts discuss important questions such as:
- How is the business development ecosystem evolving in this time of upheaval?
- Are firms pressing pause on sourcing?
- Will investors change their mandates in response to the pandemic?
- How is time being spent differently right now?
- How have strategic acquisitions been affected?
For insight into these questions and more, access the recordings and the main takeaways from the discussion, as well as links to previous COVID-19 Virtual Roundtables.
Click here to read the full article.
Read More
How to Connect During a Crisis
Small business owners are facing new challenges during this crisis. Communicating with customers requires more focus and depth than ever before. In Mat Zuker’s latest article for Forbes Magazine, he cites Jay Mandel who runs The Collective NYC, a marketing consulting team focusing on a customer’s experience, who underlines the importance of businesses to understand their mission statement and values in order to re-enforce marketing strategies.
Information is Crucial. Each customer purveying your business’s website needs to understand your hours of operation, any limitations to service and what is being done to ensure cleanliness. Providing this information establishes to your customer your seriousness of precautions which will be appreciated during this time.
If your financial situation allows, focus on your employees, donate to charities or offer discounted or free products. By marketing this information, your brand’s scope will bolster with the customer as well.
Utilizing the Customer’s Time. Most customers are adhering to social distancing guidelines put forth by their state and the federal government. Now, more than ever, it is important to exhibit to your customers how your brand can be utilized beyond your brick and mortar. Zuker cites how universities are beginning to offer free online classes and telecommunication companies are offering two months of free service to low-income families; King Arthur flour is promoting its library of comfort food recipes (yes, please!). Thinking beyond your storefront to put your service or product into your customer’s virtual hands is important.
Remember to entertain. By each passing day, customers are looking for new stimulation to help the time go by at home. Movie companies are making the best of the situation by sending theatrical releases to online streaming services. We don’t think it is necessary to always make your customers laugh, but it might be within your branding to aim for content geared towards warmth, humanity and empathy.
The metric for engaging your customers is changing; moving beyond views and shares to quality feedback or social impact on your community. Do not bite off more than you can chew. Cited in Zuker’s article, Social Media Today warns of virtue signaling; meaning declaring a set of values, but not following through on the actual deeds.
Also, this is a fantastic opportunity to consider your marketing strategies for when this crisis ends. What will your business look like once you are able to open the doors? How are you able to stay relevant with your competitors? These are all questions needing answers, but today we must do our best to accomplish what is in front of us.
Read Mat Zucker’s full article here: https://www.forbes.com/sites/matzucker/2020/04/01/content-in-a-crisiswhat-brands-can-deliver/
Copyright: Business Brokerage Press, Inc.
The post How to Connect During a Crisis appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
