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The Project Management Trifecta™ — What it is and Why it’s Essential

About 30 years ago, I worked with a graphic design company near Aspen, Colorado. By most standards, they were very successful. Their loyal, repeat clients loved them; they had excellent revenue and top-line growth; the team loved working there; and they had a large backlog of work. However, they struggled to be profitable. 

READ: An Essential Guide to Business Impact Analysis (BIA) — What it is and Why it Matters

I’ve seen similar scenarios many times in entrepreneurial service firms, including professional service firms such as engineering, architecture, and IT. I’ve also seen it in service firms that acquire business through a bidding process and are paid a set project price, such as construction, landscaping, or catering.

Why do firms with lots of work and loyal, repeat clients so often struggle to be profitable? 

Many factors may contribute to this, but the big differentiator is that profitable companies are laser-focused on what I call the project management trifecta™. This trifecta measures projects’ bottom-line metrics and creates clear accountability for project leaders, who are accountable for three things that make up the trifecta. Deliver the project or product: 

  1. On time.
  2. On budget.
  3. At or slightly above clients’ expected quality & meeting the standards.

I realized that the designers for my graphic design client in Aspen were true artists at heart but were creating business graphics, which was less sophisticated artwork. They spent more time than allocated to take their work quality way above what the client expected, and likely wouldn’t even notice. 

This either put significant stress on the team to deliver projects on time or caused projects to be late. The company was often so over budget that there was no profit, or worse, they lost money. (You can’t design a Ferrari when somebody’s paying you for a Chevrolet sedan design!)

READ: Mastering Leadership in Times of Economic Uncertainty — 3 Strategies for Success

In most small and midsize companies, team members who lead projects — project managers (PMs) are a prime example — usually have little to no financial training. One famous engineering firm recognized the importance of their PMs learning how to manage project financials. They taught them basic financial concepts and then worked with them to create project accountability for the trifecta metrics.

The results were astounding. The company reversed their financial performance, taking profitability from (-6%) to (+14%) net and continued around that level. 

As I wrote this article, I wondered what an AI perspective would be. So I asked Pi.ai, “What are the most important success metrics for a project manager?” The answer came back: “A few metrics are considered crucial for measuring a project manager’s success. The first is on-time delivery, or the ability to complete projects within the given time frame. The second is on-budget delivery, which refers to the ability to complete projects within the approved budget. The third is customer satisfaction, which looks at how happy the stakeholders are with the project and the project manager’s work. Finally, there’s quality of delivery, which looks at how well the project meets the requirements.” 

So often the key to improving profitability (and who doesn’t want that?) is to provide simple financial training to the folks in charge of projects and hold them accountable for the trifecta metrics. The trifecta is the project’s triple bottom line.

 

TC North, PhD is a Certified EOS Implementer® and international speaker. He is co-author of the best-selling book, “Fearless Leaders,” an international speaker and Techstars All-Star Mentor/Coach. He has coached 100s of entrepreneurs to become high-performers and in recent years he has helped two entrepreneurs go from years of frustration and flat revenues to become members of the Inc. 5000 fastest-growing private companies in the US.

10 Reasons Fractional Executives Could Transform Your Business in 2024

The concept of fractional executive work is gaining remarkable traction, but it isn’t just a quirky experiment in the business world; it is already a proven and practical approach that is growing, and not going away. According to recent statistics, a growing number of companies in the United States are recognizing the value of fractional leaders. In fact, over the past five years, the utilization of fractional executives has seen an impressive uptick of approximately 35%.

READ: Fractional Executives — A Growing Trend in Colorado

Picture this: You’re building a house, and you have two options for a power tool. You can choose a precision drill designed for the job, or you can go with an all-in-one tool that claims to do it all. Which one do you think would get the job done faster and with better results? It’s the precision drill every time. The same principle applies when considering the impact of an experienced leader serving fractionally in a focused role versus the potential scope creep that may come with a full-time capacity. 

Companies explore fractional expertise over hiring full-time executives for several compelling reasons. 

1. Specialization at Its Best: Fractional leaders are expert crafters with specialized tools. They’re honed for their specific role, bringing a level of expertise and focus that’s unmatched. Much like a precision drill, they excel in what they do, while full-time roles might spread them thin in a startup, trying to do it all, much like an all-in-one tool that may not excel in any particular function.

2. Efficiency and Accuracy: A focused fractional leader operates with laser precision. They are often masters of time management and resource optimization. They focus on delivering results efficiently, as they are conscious of the time-bound nature of their engagements, making them highly effective in their roles.

3. Minimum Overhead, Maximum Impact: Fractional leaders are like compact, low-maintenance machines. They don’t require constant attention or a hefty investment. You get maximum horsepower when you need it, without the ongoing maintenance costs. It’s like having a top-of-the-line power tool in your toolbox, ready to perform when required.

4. Cost efficiency: Fractional experts are often more cost-effective than full-time executives. With fractional professionals, businesses can access top-tier talent and experience without the hefty salaries, benefits, and overhead costs associated with full-time hires. This allows for budget flexibility and resource allocation when a business is not financially at a means of full-time seats in those leadership roles.

READ: The Power of the Gig Economy — How Skilled Freelancers Can Boost Your Business Growth

5. Flexibility: Fractional experts offer flexibility in terms of engagement duration. Whether it’s a short-term project or an ongoing need, companies can adjust the scope and duration of fractional roles to match their specific requirements. This adaptability is particularly beneficial when dealing with fluctuating workloads.

Now, this isn’t just a fad for the hippest startups or an exclusive club for tech giants. Businesses of all varying sizes, from small startups to established corporations, are embracing fractional executives. With such a significant rise in adoption, it’s high time to debunk the myths and misconceptions surrounding this innovative approach to leadership.

Myth #1: Fractional executives lack commitment

It’s a classic misconception: Fractional executives are commitment-phobes because they’re not punching the clock like 9-to-5-ers. In truth, fractional executives are not just committed; they’re practically married to your business, minus the shared bank account. Their dedication stems from a passion for helping you succeed. It’s not about the hours they work; it’s about the results they deliver. Consider them your “weekend-only” personal trainers for business fitness.

Myth #2: Fractional executives are costly

The common myth persists that fractional executives are an expensive indulgence, like that fancy artisanal coffee blend you secretly love. In reality, they’re more like the budget-friendly coffee machine at the office, delivering excellent results without breaking the bank. You pay for precisely what you need, sidestepping the financial pitfalls of full-time commitments. This flexible arrangement enables you to allocate your resources more efficiently.

Myth #3: Fractional executives lack in-depth industry knowledge

Now, let’s address the “they’re not industry experts” myth. Fractional executives might not have an entire bookshelf dedicated to your industry, but they’ve read a chapter or two, and they’re quick learners. Their eclectic backgrounds offer a fresh perspective that rivals that of siloed experience in one industry. Think of them as the “Renaissance artists” of the business world, with expertise that transcends boundaries and can color your business canvas in unique ways.

Myth #4: Fractional Executives Are Inaccessible

Fractional leaders serving your business for impact understand that communication is the key to success; your success = their success. And communication standards and expectations can be established in a balance that fits your business just right.

The bottom line

As you ponder the potential of fractional work for your business, remember that it’s not as mystifying as it may seem. There are professionals with decades of expertise at a once full-time capacity, who offer commitment, expertise, flexibility and accessibility. The decision to hire a fractional leader or one at a full-time basis depends on your business’s specific needs, budget and long-term objectives. So, don’t let myths paralyze your business aspirations. Embracing fractional expertise precisely when and where it’s needed will serve in guiding you toward a future of greater flexibility, efficiency, and success come time to fill the role at a full-time capacity.

 

Jill Simonds headshotJill is founder of Savvy Strategic Partners; a fractional C-suite advisory firm specializing in propelling businesses – from early-stage startups to medium-sized enterprises – toward accelerated success. She serves businesses as COO & Integrator (companies running on EOS®). Savvy Strategic Partners are passionate about empowering owners of rapidly growing businesses to protect and cultivate a vision that inspires action, innovation, and growth–all while living a burnout-free legacy for themselves, their team, & their community.

Transform Your Mental Health in the Workplace: Strategies for a Healthier, Happier Experience

It’s easy to let our well-being take a back seat as the demands of the modern workplace often leave us little room to focus on our health. Long hours, looming deadlines, and the constant pressures of work can take a toll on our physical and mental health.

But it doesn’t have to be this way. Prioritizing your health should be at the top of your list. If you’ve realized that it’s time for a change, you’re in the right place. This guide will help you take the first steps, from simple stretches for upper back pain to healthy sleeping habits and more, to transform you from a tired employee into a healthier, more vibrant version of yourself.

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Mindset and motivation

A positive mindset acts as a powerful driver, allowing you to face challenges with resilience and make healthier choices. It influences your perspective, outlook and overall well-being. Similarly, motivation is the catalyst that propels you to act and achieve your goals, ensuring you continue moving forward.

What can you do about it?

  • View work in context: Every task, no matter how small or unglamorous, plays a part in your broader career journey. You can stay motivated even during less exciting assignments by recognizing that your current role contributes to your future success.
  • Break tasks into smaller steps: Instead of tackling overwhelming projects all at once, break them into more manageable pieces. Start with simpler objectives, such as writing a paragraph or conducting initial research, and build momentum from there.
  • Understand when you’re most productive: Identify your most productive hours. Some people perform best in the morning, while others hit their stride later in the day. Tailor your work schedule to harness your peak productivity during these times, allowing you to tackle challenging tasks more effectively.
  • Clear distractions out of your workspace: Minimize distractions and interruptions by organizing your workspace and setting clear boundaries. Turn off notifications and optimize your environment for focused work. This reduces the temptation to stray from your tasks.
  • Take regular breaks: Regular, active breaks are essential for maintaining motivation and productivity. Extended periods of sitting can slow down your thinking. Short breaks, like a walk to the water cooler, increase blood flow to your brain, helping you think more clearly and stay motivated throughout the workday.

READ: How Managers Can Support Employee Mental Health After the Holiday Season

Managing stress

Who among us hasn’t experienced the weight of stress at some point? It’s a familiar companion in the modern workplace, impacting our health and overall well-being. The good news is that we can learn how to manage it effectively and regain control of our lives.

Five practical tips to manage Stress

  • Create a pre-work ritual: Many of us begin our workday already stressed, thanks to hectic mornings. Start your day with planning, proper nutrition and a positive attitude. A well-organized morning routine can make you less reactive to workplace stress.
  • Mindfulness practices: Incorporate mindfulness exercises into your daily routine. These include techniques like deep breathing and meditation. They help you stay grounded, reduce anxiety and navigate stress more effectively.
  • Identify your stressors: Recognize what causes stress during your workday and how you react to it. Whether it’s morning traffic, a noon meeting or other triggers, jot them down. Then, reflect on how to respond to each situation in a healthier way.
  • Set aside time for yourself: Make room in your schedule for activities you enjoy, like spending time with friends and family or pursuing hobbies. This helps recharge your mental and emotional batteries, making you more resilient in the face of workplace stress.
  • Seek Support: Don’t hesitate to reach out to colleagues, friends or professionals when stress becomes overwhelming. Sharing your concerns can provide valuable insights and emotional relief.

READ: Why It’s Important to Invest in Yourself — and 4 Ways to Do So

Regular physical activity

Many of us spend our workdays sitting at desks, which can lead to discomfort and upper back pain. To address this issue, consider incorporating regular physical activity into your work routine and beyond.

Practical tips for staying active in the office

  • Park farther away: If you drive to work, resist the urge to find the closest parking space. Choose a spot farther away, allowing you to enjoy a beneficial walk at the beginning and end of your day. If you use public transit, consider getting off a stop early and walking the rest of the way.
  • Schedule mini-movement breaks: Stand up every 30 minutes to combat the negative effects of prolonged sitting. You can set a recurring alarm or install an app that reminds you to take regular breaks. These breaks don’t mean you have to stop working, but they encourage short bursts of physical activity.
  • Stretch: Take short breaks for light stretching several times a day. This helps reduce stiffness and soreness that can result from long periods of sitting. Pay special attention to stretches that benefit your upper back, such as the upper back stretch, shoulder blade squeezes and neck tilts. The upper back is particularly vulnerable in a sedentary office environment.

Post-work activities for relaxation

While staying active during the workday is crucial, it’s equally important to unwind and relax after work. Engage in activities like walking, running, swimming or any other physical pursuits that you enjoy. These activities not only help to alleviate stress but also enhance your overall well-being, making the transition from work to personal time more balanced and enjoyable.

The role of sleep

Quality sleep is the cornerstone of good health. It allows your body to repair tissues, consolidate memories and regulate hormones. A lack of quality sleep is associated with an increased risk of various health issues including heart disease, obesity and mood disorders. In the workplace, sleep deprivation can lead to decreased productivity and concentration.

Tips for improving sleep quality

  • Set a sleep schedule: Go to bed and wake up at the same time every day, even on weekends. This consistency helps regulate your body’s internal clock.
  • Create a comfortable sleep environment: Ensure your bedroom is cool, dark and quiet. Invest in a comfortable mattress and pillows. Remove electronic devices that emit blue light, as it can interfere with your sleep cycle.
  • Wind down before bed: Establish a relaxing bedtime routine. Engage in calming activities like reading, taking a warm bath or practicing deep breathing exercises.
  • Limit stimulants: Reduce caffeine and alcohol intake, especially in the evening. These substances can disrupt your sleep patterns

Take the first step today

Your well-being deserves your attention, especially in the demanding world of work. It’s easy to neglect, but you have the power to change that. Choose strategies that suit your lifestyle, take small steps and become a healthier, happier version of yourself.

Prioritizing your well-being isn’t just for your benefit; it contributes to a more productive and positive workplace. So, whether it’s regular physical activity, effective stress management or improved sleep quality, your journey starts now. Embrace your well-being, take action and watch your life transform. You’ve got what it takes to make it happen.

 

Deepak Juneja is the founder of Tech Webers an expert in website development and SEO.

Essential Tips for Starting a Business: How to Ensure Longevity and Sustained Growth

Launching a business is an exciting step for many entrepreneurs. It’s the result of years of planning and, if you play your cards right, can put you on the path towards financial freedom and generational wealth. 

However, data collected by the Colorado Secretary of State shows that 175,650 new businesses started in the state in 2022 — many of which are doomed to fail due to unseen challenges. 

Defy the odds and start a successful business by accounting for these challenges before it’s too late. Even a little planning and preparation can help you dodge issues like lawsuits, financial mismanagement, and low customer retention. 

READ: Top Tips for New Business Owners to Empower and Guide Their Teams to Success

Finances to adapt

Many firms start life with the goal of solving a common problem amongst consumers. This is a noble, profitable goal as most customers will pay a premium for a product or service that makes life easier. However, the problems that you seek to solve won’t be around forever — particularly if you’re operating in a field like marketing or technology. Eventually, a bigger business will enter the market and shut the door that your firm worked so hard to open. 

Secure your firm’s long-term by starting a financially sound, innovative business. Innovative small businesses are stronger than their competitors and more profitable in the long run. They set aside capital for experimentation and have a strong enough credit profile to strike up fresh funds should they need to suddenly pivot towards a new product. 

Protect your personal and business credit profile during the early stages of your entrepreneurial career. Build up your trade accounts with vendors and use business credit cards to build your score and improve your ability to raise fresh capital should you ever need it. 

Data protection 

The global average data breach costs a business $4.45 million — that’s more than enough to sink most small businesses. However, few new business owners take time to ensure that their customer’s private data is kept safe from prying eyes. 

You can protect commonly stolen types of data, like account log-ins, by taking cybersecurity seriously from day one. Use two-factor authentication on all work devices and log on to a VPN whenever you’re handling sensitive information. If you collect private financial data, be sure to use encryption programs that will protect you against malicious actors. 

As your firm grows, consider bringing on a team of cybersecurity experts or outsource your cybersecurity to a trusted team. This will minimize the risk of lengthy, expensive lawsuits and focus your efforts on building your brand. 

READ: Ensuring Business Survival — The Vital Role of Cybersecurity for Small Businesses

Customer retention

New businesses are almost always well-received at launch — but how do you plan to keep folks coming back after their first purchase? 

Improve your chances of securing long-term success by tracking the customer experience. If you run a business from a physical location, survey the folks who come into your store. If you primarily sell your wares on the web, use key data points like bounce rate and engagement to determine whether or not customers really resonate with your branding. 

Use the insights you gather to give your next marketing campaign a clear direction.

If, for example, folks say that they like your product but can find similar wares at a lower price, you should probably run a campaign that highlights the superior quality of your product. This will help customers understand your brand while you build a loyal consumer base amongst folks who are willing to pay for the finer things in life. 

The bottom line

Starting a business requires plenty of planning and preparation. Put yourself in the best position to succeed by increasing your working capital and improving your credit score. This will help you raise funds when you need to pivot and can protect you should you ever face a data breach. As your firm grows, be sure to reinvest your profits into things like customer retention, as this will secure the long-term profitability of your firm. 

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

Balancing Business Ownership: Is Work-Life Balance Possible for Entrepreneurs?

The concept of “work-life balance,” is a frequent talking point in modern culture. Job seekers actively look for employment opportunities at businesses with a positive company culture. They want the opportunity to work hard, but also to enjoy their personal lives.

While that may be possible for the average person, it becomes much harder for someone who owns their own business. 

Small-business owners are aware that when they don’t do something, it simply doesn’t get done. That type of pressure can make it hard to relax at the end of the day. 

Is proper work-life balance even possible for small business owners? In this article, we explore that question and look at ways you can meet both your business’s needs and your own. 

READ: Mastering Work-Life Balance — Practical Steps for Entrepreneurs to Thrive

What is work-life balance?

Work-life balance has developed a pop-culture connotation that doesn’t quite align with most people’s experiences. You’ll see big tech companies invest hundreds of thousands of dollars in quality-of-life features at their office buildings. Sushi bars. Yoga classes. Meditation studios. 

Those things are nice, but they aren’t within the realm of possibility for most people. The average person is hoping for simpler things. The ability to eat dinner at home. Pick up their kids from school. Sit through their child’s soccer practice without needing to answer emails. 

As a small business owner, you are probably more than just the founder and CEO. You’re also head of sales, marketing and customer relations. It’s a big responsibility that doesn’t just click off when the clock strikes five. So, how can you handle the responsibility and still retain some semblance of a personal life?

First, establish your priorities

It’s important to take a step back and view the situation objectively. Certain responsibilities do require immediate attention, regardless of what time of day it is. As the business owner, you will need to address these circumstances right away, regardless of whether or not there is something you’d rather be doing at home. 

Other things could be pushed back until tomorrow. Telling the difference can be difficult when you have your head in the game. Take a step back and think things through as objectively as possible. What do I want? Dinner at home with my family? I have to do A, B, and C. If I take on all three, there is no way I will get home on time. Can they wait?

Sometimes, the answer will be no. However, simply by asking the question, by establishing dinner at home as a priority, you increase the odds of finding opportunities to do it. 

READ: How to Balance Your Day Job and Side Hustle for Entrepreneurial Success

Taking care of yourself

It’s important to consider self-care and work-life balance as a foundational aspect of your business practices. As an entrepreneur, you aren’t just trying to get through the day. Your goal is to build something that will last for years to come. 

You can’t run yourself into the ground every day, without eventually bottoming out. 

Self-care and work-life balance help make your business practices more sustainable. While accomplishing these things may look a little different from person to person, here are some foundational aspects of both to keep in mind. 

  • You need sleep: Most experts recommend between 7-8 hours a night. While accomplishing this is often difficult, it is an important aspect of keeping yourself healthy. Sleep deprivation can lead to stress, anxiety and poor decision-making. 
  • Good nutrition: As a busy business owner, it may be tempting to reach for takeout or a prepackaged meal. But while junk food is easier than healthy home cooking, it’s not doing your body any favors. Well-balanced meals provide you with energy and can boost cognitive function. Don’t skip out on your leafy greens. 
  • Monitor your mental health: It’s important and increasingly socially acceptable to pay careful attention to your mental health. Social stigma around mental health has largely evaporated. Now, it is very mainstream to admit you suffer from stress or anxiety, or even to say that you think you need counseling. 
  • Mindfulness: Mindfulness is, at its core, all about being aware of how you feel and what is happening in the world around you. Basically, it’s about living in the moment. Many people achieve a state of mindfulness by practicing meditation. While you don’t have to become a yogi, occasional mindfulness exercises can help you better understand your feelings, and live a happier life. Speaking of which….
  • Do things that make you happy: Truly, what’s the point of being a business owner in the first place if you aren’t happy? It’s important to remember that entrepreneurship is a choice you make. Make sure it’s one that you find fulfilling and enjoyable. Put your heart into the business, but make sure it doesn’t come at the cost of personal happiness. Otherwise, what’s the point of it anyway?

Nailing a proper work-life balance as a business owner won’t always be easy. Nor will it even always be achievable. However, by establishing it as a goal and prioritizing it every day, you vastly increase the odds that you can enjoy a fulfilling professional and personal life. 

 

Andrew Deen HeadshotAndrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.

How the ‘Coffee Badging’ Trend Is Brewing Trouble for Hybrid Work Models

“Coffee badging” is the latest work trend attracting attention. The practice describes workers who go into the office long enough to drink a coffee so they can technically comply with their employer’s requirement to spend a certain number of days in the office. However, once they finish socializing with coworkers, employees leave the office to work from home.

Workers may not have the same unanimous motivations for coffee badging, but there are common themes in the data. According to the 2023 Survey of Working Arrangements and Attitudes from the organization WFH Research, almost six in 10 employees said “no commute” was the top benefit of working from home. The second most popular benefit was saving on gas and lunch costs, closely followed by flexibility over when work takes place and less time spent getting ready for work.

Employees who coffee badge may be following hybrid work protocols on the technicality that they are making an office appearance. However, there are troubling consequences of this latest trend.

Employees who stay in the office for an entire day’s work may feel upset by seeing their coworkers take advantage of hybrid work policies and lose respect from their staff if they cannot adequately enforce them. Coffee badging can also reduce the time teams spend on collaboration and undermine attempts to build a cohesive work culture.

Coffee badging is another obstacle in efforts to convince workers of the value of the office. Employers need to make in-person work meaningful for their teams if they want to successfully combat coffee badging. Three successful tactics to do so are addressing commutes, creating opportunities to socialize or collaborate and practicing open communication.

READ: Best Hybrid Work Strategies — Success in the Post-Pandemic Corporate World

Minimizing transportation costs

Data shows commuting and gas costs are a major reason why professionals like to work remotely. In the case of coffee badging, employees may not be saving money on gas, but they may be avoiding a nasty commute. There are several strategies employers can use to make commutes more bearable for their teams. 

Flex hours can allow employees to come into the office before or after rush hour. While it is important their flex hours overlap with other team members, a few hours of overlap is often enough for productive collaboration and innovation. Leadership can introduce policies encouraging employees to call into meetings from the car, so they maximize the value of their time. 

Commuter benefits can also increase overall attendance at the office and convince coworkers to stay longer. Parking reimbursement, pre-tax funding benefits, public transportation coverage and gas gift cards can encourage employees to return to the office.

Finally, be creative about ways to bring fun to commuting. Cultural initiatives like employee audio book clubs or a company podcast can also give workers something to do during their commute. 

READ: Adapting to the New Norm — Post-Pandemic Work Culture and the Future of Remote Work

Create opportunities to socialize and collaborate

Despite the coffee badging trend, workers do see value in the office. The 2023 Survey of Working Arrangements and Attitudes also found 62% of workers said socializing with co-workers was the top benefit of working from the office, while 54% chose face-to-face collaboration. The challenge for leaders is to ensure employees understand the value of these in-person interactions.

One first step is encouraging employees to socialize at work. While it is important for employees to prioritize their job duties, their productivity and focus can benefit from short breaks throughout the day. Personal connections between team members can also help them work together more effectively. Consider setting up a coffee station in the breakroom to encourage conversation or hosting happy hours after work at a nearby restaurant.

It is equally important to create space for employees to collaborate. Promoting open discussion, incorporating team-building activities, setting goals and expectations, encouraging personal bonds and offering learning and development (L&D) opportunities can all increase collaboration. When more employees see the benefits of the office as a space to socialize and collaborate, they will naturally want to spend more time at work of their own accord.

Focusing on open communication

Transparent and open communication is the final crucial element of addressing coffee badging. For employees who participate in coffee badging, the trend might seem like a harmless way to balance their work and life. They may not realize leadership might see coffee badging as an attempt to break the rules or a sign they lack interest in being a part of company culture. Overworked employees may see coffee badging as a way to ward off burnout, rather than approaching their manager to address the root of the problem.

Instead of “calling out” individual employees for coffee badging, it is important as a first step to openly address the trend with staff.

Begin by acknowledging leadership has noticed employees are only coming into the office for a brief portion of the day. Express empathy for employees who coffee badge, but be firm that the practice is not in the spirit of the company’s hybrid policy. Finally, explain why it is critical for employees to adhere to this policy and outline any initiatives to make coming into the office easier, such as flex hours or commuter benefits.

A general announcement can help most employees recognize the need to stop coffee badging, especially if they feel like leadership understands and hears their concerns about returning to the office. However, follow-ups may be necessary to enforce hybrid policies. Once management has directly addressed coffee badging with the entire team, it is then appropriate to follow up with employees who do not change their behavior. 

Coffee badging may be a frustrating trend for leaders who want their employees to see the value of working together in the same space. However, coffee badging reflects the challenges employees face when coming into the office, such as long commutes and burnout. By lightening the burden on employees and highlighting the positives of the office, leaders can reduce coffee badging and improve their organizational culture.

 

Niki JorgensenNiki Jorgensen is a Managing Director of Client Implementation with Insperity, a leading provider of human resources offering the most comprehensive suite of scalable HR solutions available in the marketplace. For more information about Insperity, call 800-465-3800 or visit www.insperity.com.  

Tips for Inheriting a Business: Navigating the Emotional and Strategic Challenges

Inheriting a business can stir a complex mix of emotions. Amidst the grief of losing someone close, there’s often a sense of overwhelm, coupled with the realization of a significant opportunity. It’s a pivotal moment, demanding sensitive handling and strategic planning to navigate the future of the business you now find yourself at the helm of.

READ: How to Select a Fiduciary

Understanding the last owner’s will

The last owner’s will is more than a document; it’s a roadmap that illuminates your legal standing and outlines the intended future of the business. Understanding its nuances is crucial for anyone stepping into the role of business inheritor.

Reviewing the will with a legal professional

This is a vital first step. Engage with a lawyer who specializes in estate and business law. They can help interpret complex legal jargon and explain the implications of the will’s content. Ensure you understand every clause, especially those directly affecting the business. Questions like, “What percentage of the business do I own?” or “Are there any conditions attached to my inheritance?” need clear answers.

Additionally, if the previous owner dies without a will, that will also require significant attention from a legal professional. While the previous business owner may not have had a will, if they had a business succession plan, that’s a completely different legal document.

Understanding specific directives

Wills can sometimes contain specific instructions regarding the business operation, such as succession plans, allocated shares to other stakeholders or even instructions on selling or dissolving the business. Analyze these directives closely. If the deceased had a vision for the business’s future or specific wishes about its direction, these can guide your decision-making.

By thoroughly understanding the last owner’s will, you arm yourself with the knowledge required to make informed, strategic decisions about your new venture. This understanding sets the foundation for the many choices and challenges you will navigate as you take the helm of your inherited business.

READ: Study Shows Most Colorado Business Owners Are Not Ready to Sell Their Businesses

Assessing your situation

Assessing your situation before inheriting a business is a multifaceted task, demanding a thorough, honest reflection across various dimensions:

Emotional readiness

Inheriting a business in the wake of a family member’s or close associate’s passing can be emotionally taxing. Acknowledge your feelings of grief, loss or even guilt that may accompany this new responsibility. Consider if you’re emotionally ready to handle the business’s daily demands, decision-making and the legacy expectations attached.

It’s also essential to think about your passion for the business. Are you excited, reluctant or indifferent about this venture? Your emotional investment can significantly influence both your well-being and the business’s success.

Financial stability

Take a deep dive into the business’s finances. This isn’t just about whether the business is profitable. Analyze cash flow statements, balance sheets and income statements. Look at outstanding debts, ongoing expenses, creditor obligations and customer receivables. Evaluate the efficiency of current financial practices — are there areas where costs can be cut without sacrificing quality? Understanding the financial nuances helps in making informed strategic decisions and preparing for potential investments or necessary cutbacks.

READ: How Colorado Businesses Can Benefit from Nontraditional Funding and Private Equity Firms

Vision alignment

Consider how your personal vision aligns with the business. Are you on board with the direction in which the business is heading, or do you see a different path forward? Your vision for the future of the business will significantly influence strategic decisions, employee morale and ultimately, the success of the enterprise.

Risk assessment

Every business comes with its set of risks. Conduct a risk assessment to identify areas of vulnerability — be it financial, operational, legal or market-related. This can help in crafting strategies to mitigate these risks, preparing for unforeseen circumstances and ensuring business continuity.

By thoroughly assessing these areas, you’re not just evaluating the present state of the business; you’re preparing yourself mentally and strategically for the path ahead. This deep understanding of both the business and your relationship to it is crucial for long-term success and personal fulfillment.

Legal and financial considerations

You’ll be navigating a sea of legal changes including ownership transfers and understanding tax implications. A thorough financial audit is indispensable. Know the business’s assets, liabilities, cash flow and other essential financial dimensions. This information is vital for informed decision-making.

By delving deep into these legal and financial considerations, you lay a sturdy foundation for the business’s longevity and success. This preparation helps to navigate the complex landscape of business ownership, ensuring compliance, financial stability and strategic foresight.

Embracing leadership and business culture

Stepping into a leadership role requires more than just authority; it demands respect and trust. This transition often means understanding the existing business culture and considering how to evolve it. Balancing the legacy left behind with innovative approaches is key to modern business success.

The bottom line

Inheriting a business is an emotional journey, laden with responsibilities and opportunities. It calls for resilience, an openness to learning and sometimes, seeking external help. Remember, you’re not just taking over a business; you’re continuing a legacy while crafting your personal and business vision.

 

Jill BrooksJill Brooks is a freelance writer from the East Coast who enjoys discussing how technology impacts the future of work. In her free time, you can find her in the mountains, or on a hunt for the world’s best mac-and-cheese recipe.

Opening a Dispensary Business: Everything You Need to Know

Starting a dispensary business can be a lucrative venture, but it requires careful planning and execution. This article will outline the steps you need to take for opening a dispensary business.

Understand the legal requirements for dispensary businesses

Before diving into the world of dispensaries, it’s crucial to understand the legal requirements you must comply with. Research the laws and regulations surrounding the cannabis industry in your area. This includes licensing and permit requirements, as well as any restrictions on the location and operation of dispensaries.

When it comes to the legal landscape of the cannabis industry, it can be a complex and ever-changing terrain. Each jurisdiction has its own set of rules and regulations, making it essential for aspiring dispensary owners to conduct thorough research. By familiarizing yourself with the legal requirements, you can ensure that you are operating within the boundaries of the law and avoid any potential legal issues.

One of the key aspects to consider is the licensing and permit requirements. Different regions may have different processes and criteria for obtaining a license to operate a dispensary. It is important to understand the specific requirements in your area, including any application fees, background checks, and documentation needed.

READ: Polis Administration Announces Cannabis Business Loan Program

Research the local market for potential customers

When conducting market research, it is important to gather data on the demographics of the area. This includes information such as age, gender, income levels and education levels of the potential customers. Understanding the demographic profile of the local population will give you insights into their purchasing power and preferences.

Additionally, it is crucial to analyze consumer preferences in the area. This involves studying the buying habits, preferences and trends of the local population. Are they more inclined towards organic and natural products? Do they prefer specific types of cannabis strains or products? By understanding these preferences, you can tailor your offerings to meet the demands of the market.

READ: Determining Your Business’s Target Market – Why It’s Necessary and How To Do It

Design a business plan for your dispensary

Creating a comprehensive business plan is crucial for the success of your dispensary. It will serve as your roadmap and help you secure financing from investors or lenders. Your business plan should include an executive summary, a market analysis, a description of your products and services, a marketing strategy and financial projections.

When developing your executive summary, it is important to concisely summarize the key elements of your business plan. This section should provide an overview of your dispensary, highlighting its unique selling points and competitive advantages. It should also outline your mission statement, vision and goals.

In the market analysis section, you will need to conduct thorough research to gain a deep understanding of the industry and your target market. This includes analyzing the current trends, customer demographics and competition. By identifying market gaps and opportunities, you can position your dispensary strategically to meet the needs of your customers.

A well-defined marketing strategy is essential for attracting and retaining customers. Your plan should outline your target audience and the tactics you will use to reach them. This may include online advertising, social media marketing, partnerships with local businesses, or hosting educational events. 

Financial projections are a crucial aspect of your business plan, as they demonstrate the potential profitability and sustainability of your dispensary. This section should include projected revenue, expenses and cash flow for the first few years of operation. It is important to be realistic and conservative in your estimates, taking into account factors such as market volatility, regulatory changes and competition.

Obtain capital to fund your business

Starting a dispensary business requires a significant amount of capital. You can explore various funding options such as bank loans, investors or crowdfunding. Create a detailed budget that accounts for all the expenses involved in setting up and running your business, including rent, renovations, inventory, staffing, marketing and ongoing operational costs.

Be prepared to present a solid financial plan to potential investors or lenders, demonstrating how your dispensary will generate revenue and sustain profitability.

Identify and secure an appropriate location

The location of your dispensary can make or break your business. Look for a location that is easily accessible, visible and in an area that aligns with your target market. Make sure the location complies with all zoning laws and regulations for dispensaries.

Consider factors such as proximity to residential areas, traffic flow, parking availability and the presence of other businesses that can complement your dispensary. Leasing or purchasing a property that meets all your requirements is an important step toward opening your doors to customers.

READ: Weathering the Storm — How the Colorado Cannabis Industry Can Thrive Amidst Market Disruption

Acquire the necessary licenses and permits

Obtaining the appropriate licenses and permits is essential to operate legally as a dispensary. This includes a business license, a seller’s permit and any additional permits required by local and state authorities.

Ensure you complete all necessary paperwork and submit your applications well in advance to prevent delays in the opening of your dispensary.

Develop strategies for marketing and promotion

Once your dispensary is legally set up, it’s time to focus on marketing and promotion. Design a comprehensive marketing strategy that includes online marketing, social media presence local advertising, and community outreach.

Connect with potential customers through educational campaigns, events and partnerships with other businesses or organizations in the cannabis industry. Always adhere to the advertising regulations specific to the cannabis industry to avoid any legal issues.

Hire trained and qualified staff

Building a knowledgeable and friendly team is crucial for the success of your dispensary. Look for individuals who have a passion for cannabis and understand the importance of customer service. Consider hiring staff with experience in the industry who can provide valuable insights and recommendations to customers.

READ: Embracing Neurodiversity in the Workplace — 5 Benefits of Hiring Neurodiverse Talent

Establish the right suppliers

Having reliable and quality suppliers is essential to ensure you always have a consistent supply of cannabis products for your customers. Research and establish relationships with reputable suppliers who can provide a wide range of products that meet your customers’ needs and preferences.

Set up accounting and financial systems

Efficient accounting and financial systems are vital for the smooth operation of your dispensary. Implement a robust point-of-sale system to track sales and inventory. Keep accurate records of all financial transactions and expenses.

The bottom line

Starting a dispensary business requires careful planning and execution. By understanding the legal requirements, conducting thorough market research, designing a solid business plan, securing funding, finding the right location, obtaining necessary licenses, implementing effective marketing strategies, hiring qualified staff, establishing reliable suppliers and setting up accounting and financial systems, you will be well on your way to starting a successful dispensary business.

 

Olivia DavisOlivia Davis is deeply passionate about the dynamic landscape of the cannabis industry. She is enthusiastic about sharing her knowledge on the intricacies of starting and running a successful cannabis dispensary.

Adapting to the New Norm: Post-Pandemic Work Culture and the Future of Remote Work

New data published by the Federal Reserve Bank of Kansas City highlights the remaining gap in expectations between employees and employers on remote and hybrid work. In July 2022, employees reported they wanted to work from home about 42% of the time on average, twice as much as employers were offering at that point. Here lies the complications of the new post-pandemic work culture.

By November 2022, many employers had shifted their rules to accommodate employee preferences. The average employer in the study data allowed employees to work from home 28% of the week.

Despite compromise from employers, employees increased their preference for working from home to about 43% of the time, during this period. Employee expectations of working from home were still not aligned with their employers’ policies.

For many business leaders, this lingering gap can be a source of frustration. Management may struggle to understand why many employees do not see value in the return to the office three or more days a week.

While this frustration is completely understandable, leadership also needs to recognize the need for strategy and creativity in aligning workers’ preferences with business needs.

The solution is for leaders to refine the “why.” When employees understand the reasons and experience the value of in-office work, their preferences can shift in alignment with their employer’s needs. The requirements to make facetime feel meaningful include a robust organizational culture, strong mission and values, and ample professional development opportunities. The post-pandemic work culture doesn’t have to be at odds with your employees or bottom line.

READ: Best Hybrid Work Strategies — Success in the Post-Pandemic Corporate World

Resolidifying the post-pandemic work culture 

The coronavirus pandemic was transformational in many ways. Many organizations proved themselves capable of adapting at a breakneck pace to totally unforeseen circumstances. With the unforeseen pivot to remote work, staff spent weeks, months and, for some, years productively working remotely.

As challenging and lonely as the pandemic felt, many newly remote workers appreciated the ability to balance their lives more effectively. Some also went months, or even a full year, without visiting the office and experiencing the myriad of benefits from face-to-face socializing with coworkers.

While leaders may have hoped the benefits of facetime would be self-evident, that has not necessarily been the case for the majority of remote workers. In a 2023 survey from Pew Research Center, 54% of remote and hybrid workers said their work arrangement hurt how connected they feel to co-workers.

To convince the remaining 46% of the value of the office, leaders can tap into their employees’ desire for connection and build a culture that values relationships. Employee recognition programs, corporate social events and frequent, meaningful one-on-ones with managers can reinforce positive relationships at work.

When employees work in a culture that encourages connection, the time they spend at the office will feel more meaningful, personally and professionally.

READ: Navigating the Post-Pandemic Workplace — Struggles, Solutions and the Return to Office Culture

Strengthening mission and values

Mission and values are critical for employees to feel engaged and satisfied at work. However, there are signs that remote and hybrid workers are disconnected from mission and values.

According to a 2023 survey from Gallup, only 28% of remote workers and 35% of hybrid workers agreed that their company’s mission or purpose made them feel their job is important, plunging from 36% and 43%, respectively, who agreed in 2019.

This disconnect from mission and values could be another reason why the work-from-home expectations gap has yet to close.

Restoring employees’ sense of purpose in their job is a key step to closing the work-from-home expectations gap. The most important step is clearly articulating the purpose of the organization.

First, examine mission statements and core values to ensure they continue to align with day-to-day operations. Then, make your mission and values as visible as possible.

KPIs should tie into this mission so teams can connect their own daily activities with the organization’s purpose. Reference mission and values during corporate meetings, one-on-ones and employee reviews and consider displaying the corporate mission statement at the office.

Finally, leaders need to take accountability, both by modeling these values for their teams and by calling out actions that contradict them. When workers see their leaders walking the talk, they will feel a stronger sense of purpose in their work and greater interest in being surrounded by coworkers at the office.

READ: Navigating the New Era of Employee Engagement — Everything You Need to Know

Offering professional development

Senior leaders know facetime is critical for employees to build relationships and find the mentors they need to advance in their careers. However, workers themselves may not necessarily see the value.

In the 2023 Pew Research Center survey of remote and hybrid employees, barely one in three agreed that working from home hurt their opportunities to be mentored at work. Of course, mentorship opportunities should be accessible to all employees, no matter whether they work remotely or not.

However, the office should also be valued as an environment for mentorship and learning and development (L&D). Leaders can offer in-person “Lunch and Learns,” bringing employees together to learn new skills, or group mentorship events over happy hour. Even on a low budget, these events can use existing spaces at the office.

Not only can emphasizing professional development help close the work-from-home expectations gap, but it can also increase employee retention. A McKinsey study in 2022 found employers tend to underestimate how much employees value the potential for advancement, leading to higher attrition rates. By taking professional development seriously, employers can win over their workers in more ways than one.

Two years after the coronavirus pandemic began, the work-from-home expectations gap between employees and employers remains. The steps to closing the gap — a thriving organizational culture, a well-defined purpose and high internal mobility — are fundamental to an organization’s success.

 

Niki JorgensenNiki Jorgensen is a Managing Director of Client Implementation with Insperity, a leading provider of human resources offering the most comprehensive suite of scalable HR solutions available in the marketplace. For more information about Insperity, call 800-465-3800 or visit www.insperity.com.   

How to Balance Your Day Job and Side Hustle for Entrepreneurial Success

Having a full-time job and a side hustle is exciting yet challenging. How do you stay productive and balanced, avoiding burnout or conflict with your employer?

Read on for a quick overview of the benefits of side hustles and how to pick one that suits you. Plus, you can juggle your day job and side hustle with some practical tips on setting boundaries, time management and self-care to set you on your path to success.

READ: Avoiding Founder Burnout — A Guide on Fighting Hustle Culture for Entrepreneurs

The rise of side hustles

It’s essential to understand how rapidly side hustles are growing and how significant they are in today’s economy for any successful business.

The change has been most noticeable during the COVID-19 pandemic. People have started to turn their hobbies into a source of income, and it’s not just young folks. Many of these go-getters are over the age of 54.

In fact, statistics reveal that 39% of working Americans, which is nearly 80 million people, have a side hustle. That’s a sizeable portion of the population!

This trend is made possible thanks to the advancement in technology that makes it easy for anyone to start a project on the side. The shift is clearly visible and it’s an exciting time for the enterprising who are ready to embrace this growing phenomenon.

READ: Harnessing the Power of the Gig Economy — How Skilled Freelancers Can Boost Your Business Growth

The benefits of a side hustle

Besides extra income, a side hustle can help you grow personally and professionally. It lets you explore passions outside your day job and gives you an outlet for creativity. It also allows you to learn new skills and build your professional network.

Exploring side hustle ideas

There are many side hustle opportunities out there that you can explore, no matter your interests or skills. Here are just a few to get your creativity flowing:

  • Craft selling: If you’re artistic and love creating unique designs, why not start selling your artwork? You could make original paintings, handmade jewelry or custom clothing, and sell your craft on platforms like Etsy.
  • Freelance writing: If you have a knack for words, freelance writing can be a great way to earn money. This can range from writing blog posts and articles to copywriting for businesses.
  • Tutoring or teaching: If you are an expert in a certain field or subject, consider offering your knowledge to others. You can tutor students or even create classes on platforms like Skillshare or Udemy.
  • Shopify store owner: Learning how to buy a Shopify store could be a brilliant starting point for your own online business. You can buy an existing Shopify store to jumpstart your e-commerce business.

READ: 8 Steps for Creating an Omnichannel E-commerce Strategy

Managing time and setting boundaries

It’s tough juggling a regular job and a side gig, so it’s important for your own sanity and productivity to set aside time for each task. Make sure to create clear rules between the two. 

You can’t afford to let tasks overflow from one domain to the other. That’s why it’s crucial to optimize your time efficiently.

Create distinct schedules for your regular job and your side hustle, and stick to them. Prioritize tasks, delegate when possible and learn to say no to unnecessary commitments.

Remember, achieving a work-life balance is key to preventing burnout and maintaining your overall well-being. So, set boundaries and respect them.

Steering clear of trouble

Not all bosses are open to employees having side hustles, so it’s important to know the rules of your job before you start one. 

Check your job contract to see what is allowed. Usually, there’s no rule against having a side hustle, as long as you do your job well, don’t work for a competitor and don’t share any secret company info or use company equipment.

But if you’re unsure, it’s best to talk it over with your boss. It’s always good to be open and honest rather than avoiding the conversation.

Prioritizing decompression and self-care

Balancing a day job and a side hustle demands a well-structured self-care plan to keep burnout at bay. It’s crucial to prioritize time to unwind and recharge.

Just as you schedule your work, schedule your downtime too. This could be a simple walk in the park or a meditation practice.

Don’t neglect your physical health in pursuit of entrepreneurial success. Ensure you’re eating well, getting enough sleep and taking time off when you need it.

READ: Why It’s Important to Invest in Yourself — and 4 Ways to Do So

The bottom line

Balancing a day job and a side hustle is no small feat. But, with the right strategies, you can master it.

Remember to prioritize organization, self-care and clear boundaries. Tackle potential conflicts head-on and recognize the benefits this balancing act brings. It’s not just about juggling two roles — it’s about paving your way to entrepreneurial success.

 

Przemysław Puternicki headshotPrzemysław Puternicki is a content wizard working for Husky Hamster who authored numerous articles featured on websites concerned with cybersecurity, business growth, and traveling. His primary interests lie in new technologies and innovative ways to use them. When he is not writing another article, he spends his time watching documentaries and playing video games.