What To Do When Your Business Seems To Be Failing

What To Do When Your Business is Failing?

The statistics are readily available; more than 50% of small businesses don’t last beyond the five-year mark, and as many as 70% will no longer be in business after two years.

At the onset of a business life, you may belong to the optimistic half who adamantly thinks that their small startup would survive the rough times. Let us smash the ego for a moment and acknowledge that there are always odds of the business taking a turn in the wrong direction.

Eventually, some have to sell off, transfer ownership and execute painful restructuring of their business. Some others close down in entirety.

So, what do you do when your business seems to be failing?

What separates a real entrepreneur from a pretender who’s just playing the game is the way we react when your business starts to show signs of failure. Here are some things that you should consider when dark clouds begin to form over your business.

1. Don’t give up, yet

If you walk away at the first sign of a downturn, you’ll live with that failure without a hint of making a phoenix-rising comeback. Having access to tools that will patch the hole in the hull, but going down with the ship anyway, isn’t noble. It’s silly.

Never give up until it’s obvious that no action or choice is going to salvage your business. Step up and take ownership of the situation.

2. Figure out your time horizon

Once you recognize trouble you need to figure out how much time you have left. Know your books, review your expenses against your capital on hand, review incoming revenue and start planning.  If you’ve got more than 6 months before you have to shut down then you have time to take action and try to turn things around.

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How to Cultivate an Awesome Workplace Relationship

How to Build Relationship in Workplace

Cultivating an awesome relationship with your workplace colleagues brings about great benefits. It boosts productivity, increases work output, strengthens team work and ultimately fast tracks your career progression.

Your effort in fostering respectful association with office peers begins from the moment you meet them for the very first time. Following are 7 important tips that will help you nurture and maintain an awesome relationship with your colleagues at workplace.

Project positive personality

People beaming with positive personality are approachable and easy to get around with. Smile and greet your colleagues when you chance upon them at the elevator, cafeteria, corridor and car park.

Groom well to office. You do not necessarily have to be good looking but it is important to look good. When you sit, walk and talk, project confidence. If you have a good humor sense, crack some jokes that can lighten up the day.

When you are filled with a positive energy, people will surely enjoy your presence. You ignite enthusiasm and happiness, which will lead to increase in work productivity.

Respect first, and you will get respect

Respect is earned, not commanded. To get respect, you must show respect to others first and recognition will come naturally. Show your appreciation and gratitude toward your colleagues; they make the team and without their presence and collective efforts, work cannot possibly run.

Argue tactfully in your verbal and email communications. Disagreeing is not a bad thing but it must be done professionally. Respect everyone equally and show no bias.

Get to know better your colleagues’ personal side by generating a genuine interest in their family and hobbies without overstepping the border.

Be your own self

Be honest of you really are. There are people who ignore this important fact and try to follow others. While imitating your boss or a colleague who is likeable to others may pay you for a brief time, your character will be adversely affected in the long run.

The problem with being someone else is that you need to behave in a different way in a different situation. Understand your strengths and weaknesses and try to build a reputation of your own. Identify your shortcomings and take charge in addressing them.

Where necessary, get opinion from your boss or colleagues how you can continually improve yourself as a worker and a friend.

Take pleasure in what you do

Check out the passion you have toward your work. If you are not enjoying your work, you would always emit a negative attitude toward everything around you, including your colleagues. People can notice whether you are passionate enough or not about your work without you even realizing it.

Whatever task is assigned to you, take pleasure in accomplishing it. When you integrate passion in your job, mastery and competency will shape up. A recognized competent executor becomes a source of reference by other colleagues.

Know where to draw a line

A big mistake many people make is to try too much to the extent of going overboard. This dangerously hampers the relationship building process. While being jovial, it is important to know where to draw the line.

Being professional is as important as being friendly. A slip of the tongue can get you into all sorts of trouble. So be careful about what you are talking.

In the corporate segment, partying is a common thing. Try to be within the “social limits” while attending such an event. Get your behavior under control and do not attempt a thing or two that you will regret later.

Listen more, speak less

Conversation is a two-way thing: you talk and people listen, and vice versa. The truth is that, people who listen more than talk gain more trust. Friends will be more inclined to confide to you when they know you are a trustworthy and reliable person.

Keep all the confidential details intact as promised. Never let those secrets out; they die with you.

Sometimes, people raise problems to you not because they want a solution. Rather, they just need someone who they can talk to. Someone they can blow their steam off at. Someone they feel comfortable as a company.

No politics please

Lastly, do not let yourself drawn deep into office politics. It is unfortunate that there are people who resort to ill-advised undertakings to gain promotion or increase popularity at the expense of other honest, hardworking colleagues.

If there is any issue with your colleague, talk to him for an amicable resolution. Try to be accommodating and seek a win-win conclusion.

Gossiping about your colleagues, especially in a bad light, is a sign of your unhealthy character. In the long run, you will suffer from a scratched reputation. People will loathe being around you. You may as well end up having lunch on your own everyday.

What is Performance Appraisal?

What is performance appraisal?

Performance appraisal is a method of assessing an employee’s job performance, and is an important process towards managing and guiding one’s career. It is also an indication of a worker’s values to organisation. The appraisal is done on periodical basis such as quarterly, bi-annually or annually.

Some of the elements evaluated in the performance appraisal include strengths, weaknesses, quantifiable achievements and suitability for promotional exercise. The results also facilitate an organisation to identify personnel who may require additional training, counseling or other career development initiatives.

In other words, the performance appraisal is a way to determine if you’re doing particularly well or not at your job. Are you performing excellently or the opposite? Is your performance at par with your other colleagues? Does your past 12-month contribution grant you a three-month bonus this fiscal year?

Traditionally, performance appraisal is done with the supervisor or the manager recording his or her evaluation on the employee and later submitting it to the higher level management. As the time goes by, new and more robust method of performance appraisals have been introduced.

These new methods include a 360-degree appraisal which not only requires the manager appraising his subordinates but also involves subordinates and peers giving feedback on his performance as a boss. While this new method in some way hurts the ego of the affected manager, it is now starting to gain popularity as it provides a more balanced and fair approach when it comes to delivering judgment to your peers. There are also other common methodologies such as behavioral, trait-based and management-by-objective appraisal.

Self appraisal is another type of performance appraisal which is growing in authority today. A self performance appraisal involves the employee documenting his or her own job performance. Contrary to what you might be thinking, self appraisal does not make the job of making you look good any easier because every single evaluation needs to come with its own justification, especially when you feel that you deserve a positive appraisal.

Whichever method your company uses in evaluating your job performance, make sure you know well what is this performance appraisal and use it as a consistent reference that you will always incorporate in the future and make improvements accordingly as the time passes by. Utilise it as a yardstick to measure where you are now, and where you want to go next in your career development plan.

How to Withdraw Resignation

How to withdraw resignation?

Withdrawing resignation and retracting your resignation letter is a very weird thing to do, but it does not mean this won’t happen. And it happens for a reason. For someone who has actually done it before, I believe it’s not the worst thing in the world. But question might linger in your head: how to withdraw resignation?

Sometimes, you realized you have made an incongruent decision in tendering your resignation. It could be that your state of mind has been unconsciously driven into confusion. Part of your mind wants to leave but your heart says otherwise. Later you wish you didn’t rush into making that decision to leave.

Or, sometimes this can happen after your employer countered with an offer too sexy to decline. But this would be ok. Since your employer shows its keen interest to keep you, there’s not pretty much work you would do to officially withdraw your resignation. If there is, it would be smooth, and very minimal.

If you need to do this – withdrawing your resignation, first, talk to your manager and clear the air. If you have come into an agreement whereby it is necessary for you to write a letter withdrawing your resignation, by all means do it. It does not have to be a letter with lengthy explanation, suffice to make a formal statement of your intention.

The company, however, is not under obligation to accept your withdrawal from resignation, especially when damaged was done on your part. This is probably arising due to the legal limitation by your employer, which may mean you will have to undergo a normal resignation procedure, and if you’re to work again, a usual hiring process will ensue.

A sample of resignation withdrawal letter.