10 negative effects of micromanagement with severe consequences

10 negative effects of micromanagement with severe consequences

10 negative effects of micromanagement with severe consequences

December 04, 2023

Negative effects of micromanagement

Micromanaging your staff is really not the route you want to go. The negative effects of micromanagement are too many and the positive ones probably none. Why is micromanagement bad? Well, first and foremost, it damages the relationships with your employees which ultimately results in a big turnover.

If a manager continues to micromanage their staff, failing to see the abyss before them, it won’t be long before overall productivity and quality drops. The negative effects of micromanagement spread very quickly, attacking every cell of the business.

10 negative effects of micromanagement

The following examples will show you how micromanagement hurts not only the scrutinised employees but also the entire organisation. The sooner you stop micromanaging the better. Otherwise, you’re causing your own misfortune.

Affecting the morale

One of the most negative effects of micromanagement is the impact that it has on morale. Micromanagement signals that you do not trust your employee to do the job which takes a toll on engagement and often erodes confidence. 

The vast majority of people want to feel they are trusted and have the freedom to express their creativity within their role. Since micromanagement is the antithesis of this then it can lead to high employee turnover.

I have spent many years in Leadership Development and have observed two broad styles of management.

The first is managers who lead teams from a position of empowerment and then the polar opposite where they are micromanaged. The tangible work product/performance is always better with teams that are led from an empowerment style. You see much more creativity and innovation coming from the teams and overall much more happiness/engagement which comes as a result of having true psychological safety. 

Where the opposite is true you see so much more visible stress, burnout and an inability to take creative risks which is catastrophic for businesses. It also leads to very poor succession within those teams as development tends to be non-existent where a command and control style is prevalent.

Ginnette Harvey, Senior Vice President at Real Staffing

Smothering the supervised

The micromanagement style of leadership has many flaws. In my experience, the greatest disadvantage of micromanagement is that it smothers those who serve under this type of supervision, resulting in stifled creativity, animosity, stunted growth, and low morale. Most organizations that operate in this manner eventually force the independent, creative individuals out, leaving yes men and yes women. The end result: an unsuccessful company/agency.

Damon Nailer, CEO at Kitril

Affecting motivation

Micromanagement creates a vicious circle. Even the most talented and engaged employees might lose the motivation to overcome challenges by themselves and come with suggestions.

I once had an intern in my accounting team. It’s one of the brightest young professionals I’ve ever met. He had a perfect-match set of soft skills and was very successful with his academic studies. I wanted him to succeed in our organization by doing his first project error-free. I provided him with excessively detailed instructions and shadowed him to make him feel supported. Unfortunately, the outcome was the opposite of my expectations. This over-protection made him think he was expected to be a thoughtless doer rather than the project owner.

Mian Muneer ud din, Managing Partner at Beaufort Associates

Impacting work performance

Based on my experience being micromanaged, I constantly felt as if everything I do is scrutinized. I’ve doubted every action I do because I might have misinterpreted the instructions given to me. Not only that, but I also felt a loss of autonomy, and it made a huge impact on my work performance. I became frustrated and stressed out – which has led to an outburst. Though it was quite embarrassing, I gained support from my colleagues when I stood up against our manager for not letting us work freely. 

Later, I found out that he usually does it to everyone to insert his authoritativeness since he was new to his role and wants everyone to acknowledge him. I had a one on one discussion with him and at least he understood where I was coming from. He finally adjusted himself on how to handle our team and found other tasks he can do rather than keep an eye on everything we do.”

Dexter Grima, Founder & CEO, VitaBright

Draining the confidence

While in substance, I believe daily meetings about tasks progress are beneficial when done right, I also thought spending one hour and a half per day was too much. Added to the overload of work, me and my colleagues spent considerable time detailing things that didn’t concern other participants. We were many to have little enthusiasm for this meeting. The feeling of having to justify every single decision to the manager was really draining me and my confidence.

Another effect it had on me was blocking my comprehension of the upper management’s decision. I was so stuck in this micromanagement bubble that I lost sight of my sense of purpose and my added-value as an engineer in the company.

Ludovic Chung-Sao, Zen Soundproof

Limiting creative development

Employees need space in order to flourish and develop in their roles. Micromanagement can stifle creativity and encourage employees to work in a more robotic and patterned manner, which limits their full potential. I prefer to allow my workers space to breathe and make their own decisions, which in the long-run creates the necessary conditions for an employee’s creative development. This allows them to make their own decisions and apply their own unique solutions, which boosts their confidence, leading to a happier and more productive employee.

Stefan Smulders, Founder & CEO of Expandi

Doubting oneself abilities

I had the unpleasant experience of being micromanaged in a former job and it negatively affected my confidence. My manager would pick over the tiniest aspects of my work and it led to me doubting my own abilities. Prior to him taking up the post, I had rarely received negative feedback about my performance.

Fortunately, he left the company within a few months and the manager who took over gave me breathing space to actually do my job. When I no longer felt under constant scrutiny my confidence returned.

Brandon Wachs, Eyewear Specialist at Shark Eyes Inc

Burning you out

Micromanagement is the recipe for your own burnout. Constantly looking over many shoulders daily will quickly burn you out. With burnouts, eventually, you’ll adjust to hating your job and maybe end up quitting. 

As Director of Marketing, I used to always look over my workers’ shoulders to make sure that everything is on the right track. In reality, everything was always right; I just added stress on myself trying to find something. But after a few months, I quickly got tired of having to stress out over other people’s jobs and not focus on my own. 

Chris Prasad, Director Of Marketing at JookSMS

Increasing staff turnover rate

In my experience, micromanagement has a direct impact on the staff turnover rate. It demotivates employees, and they have to be extra careful with their actions throughout the day, which makes them frustrated. Frustration causes them to eventually search for other job opportunities and leave the company whenever they find one.

Working in a startup business, I have closely observed this as there were only a few employees in the company, and it operated through micromanagement. The boss was always there and kept roaming around, keeping an eye on every individual and inquiring about every task. This demotivated not just me but all my colleagues too and from time to time we all switched our jobs.

Cale Loken, CEO at 301 Madison Consulting

Missing the big picture

One of the common mistakes managers make is focusing too much on individual tasks which in turn drives them away from the big picture. This can be potentially dangerous for a business because managers’ job is to make sure each project contributes to the overall strategy. If they fail to fulfil their duty there will be nobody else above them to notice the oversight.
In my experience, it is very easy to get caught in solving minor issues every day that it becomes almost addictive. Managers feel the need to oversee every process, yet they easily miss out on crucial strategic decisions. In the long run, this habit can cause severe imbalances in the workplace.

Nick Chernets, CEO of Data for SEO

Conclusion

Now that we’ve understood how micromanagement hurts the business it’s time you stop breathing over your employees’ shoulders and let them breathe freely. The moment you stop micromanaging is the moment their full potential will take off your company will start flourishing. Don’t let the negative effects of micromanagement embed and create a toxic company culture.

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Bad branding: 16 critical branding mistakes to avoid

Bad branding: 16 critical branding mistakes to avoid

Bad branding: 16 critical branding mistakes to avoid

November 30, 2023

Branding mistakes and how to avoid them

Believe it or not, running a successful business, for the most part, is nailing the branding. So you’d think that business has evolved since the dawn of trade, but the bad branding examples we see daily claim otherwise.

What’s even more startling is that the number of branding mistakes hasn’t dropped with the rise of the Internet. In fact, the access to unlimited resources worsened things. Nowadays everyone thinks they can create a logo or even build an entire brand only with the help of Canva or any of the AI design tools that have been coming out like mushrooms since ChatGPT was introduced at the start of 2023.

Jump directly to:

 1. Attaching the brand to the wrong products

 2. Focusing only on visuals

 3. Not considering SEO 

 4. Jumping from plan to plan

 5. Inconsistency and conflicting messaging

 6. Not being specific

 7. Dismissing the importance of trademarks

 8. Being company-centric

 9. Loss aversion marketing

 10. Overlooking the internal team view

 11. Getting a cheap logo

 12. Spending on fancy print marketing

 13. Associating with the wrong brand

 14. Greenwashing

 15. Buying stock photos

 16. Not understanding the meaning of branding

16 branding mistakes you want to avoid

To save you the trouble of rebranding or becoming a memefied internet sensation (although if you’re smart enough you can turn the publicity to your advantage) we made a list of the worst branding mistakes businesses make.

Attaching the brand to the wrong products

Brands attaching their name to products that don’t align with how their company should be perceived is a common branding mistake we see at Powerhouse Prints. 

We recently came across a prime example when we were approached by a technology firm to make custom perfume tubes that they would infuse with a scent and give to their clients. The foundation of the idea could easily lead to a negative representation of the company as the “thoughtful gift” could have a scent that caused their customer displeasure. 

Evan Rosenberg, Founder and CEO of Powerhouse Prints

Focusing only on visuals

The biggest branding mistake I see is thinking that their slogan, logo, colors, physical appearance, etc. are their brand. Branding is actually about creating a positive impression in the prospect’s mind. So the visuals are certainly a part of that, but the bigger part is how they experience you. If your walk doesn’t match your talk, your branding does more harm than good.

As a green/social entrepreneurship profitability consultant, speaker, and author, I look at how branding can amplify regenerative businesses: I help develop and market profitable products/services that turn hunger/poverty into abundance, war into peace, racism and other kinds of othering into equity and catastrophic climate change into planetary balance.

Shel Horowitz, Transformpreneur at Going Beyond Sustainability

Not considering SEO when branding your business

It is bad branding not to consider SEO in the era of Google. You should always take into account how your brand and brand name will positively or negatively impact your business rankings online. Using major keywords in your business name or punch line will help you in the future rank better for important keywords. Keeping the impacts of your branding on your SEO will help you rise above your competition as this is frequently not considered.

James Watson – Owner and Director of Marketing at Omaha Homes For Cash

Jumping from plan to plan

One big branding mistake businesses make is jumping from plan to plan. The first piece of advice new entrepreneurs are given is to make a plan, but if the plan isn’t taking off immediately and our enterprising individual isn’t as stalwart as the need to be it may be tempting to change the plan to something else. Having no plan would be preferable to jumping around because you’re basically wasting your money.

You need to remember that most effective marketing plans require a long look. They take time before seeing the inevitable payoff. Test your marketing first and then build out the rest of your strategy based on the results of your testing. Each marketing campaign should be built upon the success of the previous campaign; and over time, you will see your results improve. Marketing builds on itself, so the more you market, the better results you’ll get.

Wendy Young, Marketing Assistant at Bootstrap Local

Inconsistency and conflicting messaging

One of the biggest branding mistakes that I see businesses make is that the messaging on all marketing materials and consumer touchpoints are inconsistent or conflicting. Incongruent messaging leads to consumer confusion and can negatively impact sales.

Kristin Marquet, Owner at Marquet Media

An example of bad branding I see most commonly, especially from new and fast-scaling businesses, is a lack of consistency. Consistency is everything. Your brand messaging, logo, tone of voice, color schemes, straplines – everything needs to be rock solid and consistent for a long period of time to build equity around the brand.

Consider the most significant brands in the world right now. McDonald’s has used the same golden arches for nearly 60 years; it’s impossible to use the word swoosh without thinking of Nike; and most adults in the world would be able to identify Apple’s advertisements even without the brand name being used because of its logo and signature use of white space.

Matt Caspell, Founder of Lumo Digital

Not being specific

One branding mistake businesses often make is not being specific about who they are and who they serve in their branding. They think if they brand themselves as a one-stop shop for every person in the world that everyone will want to shop there. 

The opposite is actually true, and the more specific you get with your branding, the more your ideal audience will feel you created your product specifically for them, making them more likely to buy. Then, once you have traction, even people outside your ideal branded audience will start to buy, so being specific in branding won’t hold you back long-term and it will help you get ahead when starting out.

 Stacy Caprio, Marketing at Renuw Skincare

The biggest branding mistake I see businesses make is that there’s often a disconnect between who the brands think they are, and who the audiences think the brands are because of poor communication. 

Brands and businesses aren’t typically crystal clear on who their target audience is, and they market and brand in a way that doesn’t necessarily translate to the audience, so a millennial product Brand, for example, thinks they’re talking to their ideal target when in reality they’re reaching 50-somethings instead who aren’t buying. 

The best way to avoid this is to research, listen to your audience and before being clever in your content, to get to know your audience’s pain points, understand their language and THEN speak to them in a way that’ll resonate. Your message won’t get lost in translation and what you want to transmit will align with what they understand about your business. When in doubt, be clear rather than clever.

Sabrina Scholkowski, Owner at Sociouse

Dismissing the importance of trademarks

Not all businesses see trademark protection as important to a branding strategy. The likelihood of businesses becoming less competitive increases if their name is similar to another business and there are limited options for recourse. Trademarks can be helpful tools in mitigating this issue. Trademark protection creates brand value, builds customer base and helps to diversify the business’s portfolio. 

Another related mistake is inconsistent use of registered marks in consumer markets, or a complete non-use of the registered mark. This may happen more often if the business owns a family of trademarks. Trademarks can be cancelled for non-use, thereby impacting the brand’s reputation. How to avoid this mistake: Ensure that there is a market for and actual sales for the product/service that bears the registered mark; have a foolproof branding strategy at play – don’t register marks that you will likely not lose.

Marsha S. Cadogan, Lawyer and Consultant at MSC Intellectual Property

Being company-centric

The biggest branding mistake any company or organization can make is being company-centric. No doubt it’s essential to have a clear brand identity, but the importance of being customer-centric should not take a back seat. At the end of the day, it’s the customer we are serving and facing. The brand needs to make the customer the hero of the story instead of concentrating on themselves. 

The secret of success of small brands is their closeness to the voice of the consumer. When deciding the value proposition or branding strategy, keeping the requirements of the customer is essential. A brand should have a clear and consistent character on different social media platforms. If a customer meets a different persona on different social media platforms, there is a good chance that they can get confused and back out.

Avinash Chandra, Founder and CEO at BrandLoom

Overlooking the internal team view of the brand

One key branding mistake businesses often make is overlooking how their internal team views the brand. If your employees aren’t on the same page about what your brand stands for, exactly what your business offers, and who you are targeting, then that uncertainty will impact their work — and leave your customers confused and unmotivated to take action.  You can’t have an impactful external brand without a strong internal understanding of the brand.

Abhishek Agarwal, Founder of Design’N’Buy

Failing to build brand advocates from within is definitely a bad branding move.

While it is important to know how the business’ product/service is valuable to consumers, failure to train and empower employees to live out the essence of the brand will lead to a weak brand presence.

A salesperson solely motivated by meeting a quota will not effectively convey to a consumer how the transaction is more than an exchange of money for a product and/or services. That consumer will end up looking for a cheaper or better solution somewhere else.

Business owners/leaders need to help their employees understand why what the company is doing matters. They need to empower team members to flesh out that vision through their own individuality, going beyond fulfilling a job description and selling a product/service.

Vincent Lee, Owner of Can You Brand Me

The biggest mistake business owners make when they are just starting out is believing they can get by with just a logo and getting one made cheaply from Fiverr or similar. Creating a logo without any brand strategy behind it is doing a disservice to your business. Your brand is so much more than just a logo – it’s every single touchpoint your customer has with your business and should be carried throughout your customer’s entire experience. If you don’t have a big budget use a free logo maker online.

Emily Messing, Owner of EJM Design

Spending on fancy print marketing

I started a branding/marketing firm 19 years ago and recommend NOT spending money on things like fancy brochures/letterhead/business cards. Until you know your business is launched put your budget into things that help fill your pipeline with customers. 

Getting your URL/website up and running is key. I created online stationery for proposals/invoices, ordered my cards online and made downloadable materials as leave-behinds for people looking for more information to help me find clients more quickly. You need to look professional and have a website to be taken seriously but embossed paper/watermarks/heavy card stock is not going to accelerate your sales cycle. 

I know many business owners who spent thousands of dollars on these things and found it was a waste of money. Find reference customers quickly, use them to get testimonials/referrals. There’s plenty of time later to dress things up!

Paige Arnof-Fenn, Founder and CEO at Mavens and Moguls

Associating with the wrong brand

I heard of a self-development event company looking for sponsors for their event and they are looking at $250,000.

After 3 months of asking for sponsorship, they only received about $100,000, and 3 weeks later is the event date. A few days later, a cigarette company offered them a million-dollar sponsorship, to have their brand banner up during the event all the time.

The event company owners were tempted as the event’s date draws near. But they decided not to go ahead as it would hurt their company brand. Just less than a week before the event, another company decided to sponsor $150,000 for the event.

The owners did not give up till the end and did not associate with the wrong brand.

Cyrus Yung, Director of Ascelade

Greenwashing

Sustainability has become such a hot keyword in businesses big and small. Because it’s so trendy, it’s sad to see companies take advantage of such a value and attempt to rob others blind by lying about these important credentials. “Greenwashing” is the act of corporations advocating for environmentally friendly practices and branding, but in reality not operating by the same standards that they talk about.

This is especially rampant in industries of fashion, food, and traveling, which are big contributors to pollution and waste. If the company undergoes a green “rebrand,” displays vague facts and figures about their sustainability performance, and continues unethical employment and operational practices, these are red flags that display they don’t mean any of the words they advocate.

Sharon van Donkelaar, CMO at Expandi

Buying stock photos

One of the branding mistakes a business can make is buying stock photos to use on its website. Those photos are often used by hundreds of other websites and they become the classic visual cliche rather than serving as a visual aid to the message the business is trying to convey. The stock images may also break the trust that the business is trying to establish with their clients. 

For instance, using images that show offices and environments different from where a business is operating would signal dishonesty and may result in losing business. If the branding image is as essential to the business as the quality of their service or product then the business should hire a professional photographer who would give a more honest and creative image of the business brand.

Sam Fatima, Lead Photographer at Sam Headshots

Not understanding the meaning of branding

.The single largest branding mistake businesses make is not understanding what actually a brand is. Most often, they think it is a logo like the Nike swoosh or Coca-Cola Spencerian script and curved bottle. Sometimes they think it is about a sale or promotion, like Macy’s Thanksgiving Day Sale and Parade. Those are not brands. A brand is a company’s character and it lets customers know what to expect each time they interact with a business.

For instance, Eddie Bauer’s brand used to be comfortable and rugged outdoor gear and clothing. The quality was so good, they even had a lifetime warranty. Unfortunately, they destroyed their brand by removing the quality. Patagonia has not done this, which is why their brand remains intact and Eddie Bauer has been losing market share for years.

Another great example is Microsoft versus Apple. Microsoft was known for Windows and Office, but these were not what made the Microsoft brand. Microsoft has name recognition and a solid product line, but they lack a brand. Apple, on the other hand, has name recognition and customers know what to expect when they buy an Apple product. The products will be cutting edge and integrate various design elements that make them pleasing to look at, touch, and use. Apple’s brand has allowed them to build a loyal customer base. Microsoft never fully established a brand and had to switch to SaaS billing to create a steady cash flow.

Another great example is Walmart versus Target. Walk into any Walmart and you never know what you will get. Some look old and decrepit, even if they have implemented the latest signage. Worker uniforms at some are neat and clean, but old and worn at others. Shelves will be organized at some and messy at others – bad branding! Target, on the other hand, provides the same experience regardless of the store you visit.

Your brand lets your customers know who you are as a company and what they can expect every time. There is uniformity, regardless of the number of locations. For instance, Nike will not make cheap shoes, because that would undermine their brand. Nike wants to be the Lexus of athletic wear, so they won’t make a crappy shoe. Compare that to what other retailers like Eddie Bauer have done to their brands.

The number of times I have to talk executives out of accidentally destroying their brand would amaze you

Anthony Babbitt, MS, MCSE, Founder of Babbitt Consulting

Conclusion

We know it’s easier to pull off bad branding than it is to avoid making any of the branding mistakes listed above. However, that doesn’t give you the right to make a disaster of your brand. If you don’t know how to build a brand you better hire a professional who knows what is doing. It will be an investment in the long run.

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30 best quotes about business growth (2024)

30 best quotes about business growth (2024)

30 best quotes about business growth (2024)

November 23, 2023

Quotes about business growth

Business growth has been a constant primary focus of companies across all industries and locations. With the fast paced technological innovations, entrepreneurs and business leaders are actively seeking for ways to disrupt their business industries and achieve enviable business growth. 

But in the highly competitive world that we live in, growth can be difficult and even the most daring entrepreneurs among us need some extra inspiration about business growth to move ahead. Let’s get an insight into the wise words by some of the greatest entrepreneurs to date about business growth.

30 quotes about business growth to motivate you

1. If you don’t build your dream, someone else will hire you to help them build theirs. – Dhirubhai Ambani, founder, Reliance Industries
2. Play by the rules, but be ferocious. – Phil Knight, founder, Nike
3. It is impossible to progress without change, and those who do not change their minds cannot change anything. – George Bernard Shaw, playwright and political activist
4. Motivation is the catalyzing ingredient for every successful innovation. – Clayton Christensen, economist and Harvard professor
5. Test, measure, learn. It is the best way to understand what works best for your company and invest in the right area to get more efficient and achieve business growth. – Irina Georgieva, co-founder and CEO, Enterprise League
6. Every problem is a gift — without problems we would not grow. – Anthony Robbins, motivational speaker and writer
7. There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder. – Ronald Reagan, 40th US president
8. Conformity is the jailer of freedom and the enemy of growth. – John F. Kennedy, 35th US president
9. The road to success is always under construction – Lily Tomlin, actress
10. Strength and growth come only through continuous effort and struggle. – Napoleon Hill, author
11. Mistakes are the growing pains of wisdom. – William George Jordan, writer/editor
12. If you don’t find a way to make money while you sleep, you will work until you die. – Warren Buffet, investor
13. I have not failed. I’ve just found 10,000 ways that won’t work. – Thomas Edison
14. Sell for an amount of money that will sustain your business and sustain your life. Megan Auman, jewelry designer
15. Mistakes are the growing pains of wisdom. – William George Jordan, writer/editor
16. The only way you are going to have success is to have lots of failures first. – Sergey Brin, co-founder, Google
17. Incredible things in the business world are never made by a single person, but by a team. – Steve Jobs, co-founder, Apple
18. Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time. – Jamie Dimon, CEO, JPMorgan
19. Never lower your price, add value. – Grant Cardone, author
20. Experiment with new technologies and try out new workflows and processes. There is always a way to improve your productivity, quality and internal processes, leading to a lower lead time and faster business growth. – Atanas Georgiev, CTO, Enterprise League
21. Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble.
22. Profit is not something to add on at the end, it is something to plan for in the beginning. – Megan Auman, jewelry designer
23. To be successful, you have to have your heart in your business, and your business in your heart. – Thomas Watson, Sr., former CEO, IBM
24. Happy employees lead to happy customers, which leads to more profits. – Vaughn Aust, EVP of Integrated Solutions, MarketStar
25. Many companies get trapped by the paradox of hitting numbers ‘now’ versus improving sales for future quarters or years ahead. – Tiffani Bova, Global Customer Growth and Innovation Evangelist, Salesforce
26. All change is not growth, as all movement is not forward. – Ellen Glasgow
27. Focus on being productive instead of busy. – Tim Ferris, entrepreneur
28. The hardest part about being an entrepreneur is that you’ll fail ten times for every success. – Adam Horwitz, entrepreneur
29. Who dares – wins! – SAS motto
30. If you don’t drive your business, you will be driven out of business. – B.C. Forbes, journalist founder of Forbes Magazine

Conclusion

Every entrepreneur needs extra inspiration and motivation from time to time and we have gathered some of the best quotes about business growth to help you achieve that.

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22 support small business quotes to inspire you (2024)

22 support small business quotes to inspire you (2024)

22 support small business quotes to inspire you (2024)

November 21, 2023

Small business quotes to inspire you

Small businesses are the backbone of local economies and communities. When you shop small, more money stays in your community to support jobs and neighborhood vitality. Small business owners also often provide specialized products and services tailored to community needs.

And if it takes a list of quotes about supporting small businesses quotes to inspire you to buy a book from the independent bookstore around the corner, and not from Amazon; or to wear handmade knitwear from your neighbour’s modest store, instead from Zara; or shop for fresh veggies and fruits at the local market, as opposed to the giant chain supermarkets – then we’re hope quotes will inspire you to support small businesses.

30 quotes about supporting small businesses

Most of these supporting small business quotes are from anonymous sources and that brings them even more value. Because it means these support small business quotes came from ordinary people like us – people who understand our daily lives – and not billionaires who’ve lost contact with the real world and preach from their glassy towers.

1. A small business is an amazing way to serve and leave an impact on the world you live in. – Nicole Snow

2. A big business starts small. – Richard Branson

3. When you support a small business, you support a dream. – Anonymus

4. When you support handmade you are not just supporting a person, small business, family, our economy; you are purchasing a small part of an artist’s heart. – Anonymus

5. Supporting another person’s success won’t ever damper yours. – Anonymus

6. When you buy from a small business, an actual person does a little happy dance. – Anonymus

7. If each of us spent $100 a year more on supporting local businesses instead of chain stores, it would put an extra $3 million a year into our economy, not only that but it would create thousands more jobs. – Anonymus

8. When you buy from a small business you’re not helping a CEO buy a third vacation home. You are helping a little girl get dance lessons, a little boy his team jersey, a mom put food on the table, a dad pay a mortgage or a student pay for college. – Anonymus

9.  Every small purchase makes a big difference. – Anonymus

10. Support your friend’s business and progression like you support the celebrities that you actually don’t know. – Anonymus

11. You can’t buy happiness, but you can buy local and that’s kind of the same. – Anonymus

12. When you support a small business, you support a dream. – Anonymus

13. Support your friends. Don’t ask for free stuff, pay for it. Go to their shows, be the first to buy their products and promote their ideas. – Anonymus

14. Every time you spend money you’re casting a vote for the kind of world you want. – Anna Lappe

15. When you buy something made by a person, there is something special there, and you feel it. The consciousness with which a thing is made is often more important than the thing itself. – J. Donald Walters

16. Today we celebrate side hustles that became main hustles, dreamers that became doers, maxed out credit cards that became thriving businesses, big fails that became big wins, and individuals with ideas that became teams with visions. – Anonymus

17. Giving a gift from a small business is giving a gift twice. – Anonymus

18. The best compliment you can give is a referral. – Anonymus

19. If we want to have these amazing small businesses, we need to actively seek out and support those who put their necks on the line to chase down a dream. Sometimes it may be a bit faster to zip through the drive-through line, but I can almost guarantee that the personal service and higher quality product will be worth the extra minute it may take. It could be a lasting relationship that holds more value in the long run. – Branch Street Coffee Roasters

20. We need to keep our small businesses healthy in order to keep our economy strong.  – Keith Haynes

21. Celebrity makes $80+ million a year, you will never meet them. You pay them full price or extra for what they sell. A small business owner makes $25K – $100K a year, they live next door, and you want a discount. – Anonymus

22. Small businesses provide the feeling that a real person is behind it all, someone who cares more about giving us a quality product or service, over just taking our hard-earned dollars. – Annia Bukhman

Conclusion

When you get right down to it, small businesses are a huge part of what makes our communities special. They’re our neighbors, friends, and local partners in making our communities thrive. However, all the efforts would be pointless if the customers don’t see the importance of shopping at small, independent stores. So if you’re a customer, we hope these support small business quotes awakened something noble in you.

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5 steps to successful exit planning (2024)

5 steps to successful exit planning (2024)

5 steps to successful exit planning (2024)

November 20, 2023

Planning your steps for successful exit

An exit plan outlines the steps necessary to maximize the value of the business, find the right buyers, negotiate favorable terms, and time the sale strategically. With the proper exit planning, entrepreneurs can pave the way for their company’s next chapter and achieve their personal and financial goals upon selling their stake.

Evaluate your reason for exiting

You will need to evaluate your reason for leaving. Ask yourself, why are you leaving? Are you leaving to follow a dream or have more personal time? These are pull factors, or in other words, these ideas are pulling you in another direction.

Alternatively, are you leaving because you are bored with your current venture, reaching retirement age, or health problems making staying impossible? These are push factors, simply put, they are factors that are pushing you out of your current venture.

Know what type of exit you want

Next is to determine what type of exit you want; this is where you decide what kind of sale you want to make and how much control you will retain when you are done. Here are the different types of exits you may have:

Outright and walk away

This type is where you sell all of your shares in your company and walk away completely. You will have no say or control in anything else that pertains to the company.

If you are going for an outright exit, make sure that you time it so that you receive the most value for your sale. You will need to show prospective buyers why your company is valuable to receive the best payout.

Recapitalization

This exit is where you sell part of your equity and retain control of running part of the company. You would choose this type of exit if you still want to have a say in the future of the company while being able to go after new ventures.

Liquidation

If you are excited because you are tired and do not see a future for your company, liquidation would probably be the way to go. Liquidation means you sell the real assets of the company instead of the company as a whole. This type of exit is suitable when you feel your company may be hard to sell.

Hire a COO

In this exit, you will retain control of the decisions in the company, but a Chief Operating Officer will be running the day to day necessities. Exiting this way allows you to continue to draw a salary, be in control and still have time for the other things that are driving your exit.

Become a chairperson

As a chairperson, you will no longer have a role in the company, and someone else will be making the decisions. Becoming a chairperson means that you will be relinquishing your control of the company yet maintaining your shares and dividends.

Hand it down

This exit is when you give your company to your family to run and control. If your company is doing well, you might choose to hand it down to your children or other family members.

Employee buyout

In an employee buyout, your employees will buy and take over the company. This is an excellent option if your company is doing well and your employees have the knowledge to run and control the company on their own.

Generally speaking, a manager would buy the company or several employees may pull together to buy you out and retain the company and their employment.

Evaluate the value of your business

You will need to get a professional who knows how to value a business to find out the exact value of your company. After you seek the value from a professional, you will need to decide what your company is worth to you. When you have decided on a value, compare it to that of the professional. Then decide if you want to sell your business or try to raise the revenue and profits to increase the valuation.

You will know you are ready to sell when your opinion matches that of the professional valuation. You will also need to consider your reason for exiting. Your reasoning will play a large part in your assessment of your business.

Know what role you want to play after the exit

A crucial part of any exit planning is deciding what role you want to play in the company after the sale. Depending on the type of sale you may choose a lump sum and walk away from the company altogether.

Another possibility is staying on after the sale to allow the new owners time to become familiar with their new acquisition. You will decide if you want to stay on after the sale and for how long you are willing to stay. You will need to consider this carefully. Do you want to stay and receive a more substantial sum, or cut ties and walk away with a lump sum after the sale?

Know what role you want to play after the exit

The final step is setting your achievement goals. What do you want to achieve from the exit of your company? For this, you will need to answer two questions. Is it important that you get the maximum amount for your company and are you willing to stay after the sale and for how long?

If you are financially secure outside of the sale and you want to maintain control of your company, your best option is to hire a COO to handle the daily business of running your company. If you want to walk away or stay for a short amount of time after the sale, your best option would be selling to a strategic buyer.

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