Monthly Archives: July 2020

Hate Your Job, Make Less Money and Be Unhappy?

There is a recurring theme that I keep on hearing about love/hate relationships with jobs. It’s only anecdotal, but are job haters unhappy and make less money than  those with high job satisfaction? What are the possible reasons and what can you do about it?

Difference between a difficult job and hating your job

There are some jobs that are difficult, due to a lot pressure, working for management with poor people skills, and harsh working conditions. I’m not talking about a difficult job, but one that you hate so much that you dread waking up, driving to work, and virtually every second you are working.

Your drive may be less if you dread your job

When the drive to perform your job is diminished, most likely you will not push yourself to do a great job or go above and beyond. Ironically, if you put more effort into a job, even one that you hate, you may increase your satisfaction, while at a minimum bettering your job performance. Your bosses and management will eventually notice.

Dissatisfaction = lower income

When your drive is lower because you hate your job, it’s like a self-fulfilling prophecy, whereas your performance suffers and so does your pay. If you don’t give just a little bit extra of yourself, then others will notice. You may end up being a self-centered taker vs. a generous giver, which does not feel good.

Control your reactions and responses

The ultimate solution is to respond to your job situation versus being reactive to every negative whim you experience. Maybe it is not the job that is the issue, but your reactions to your job situation. Start responding in a healthy way and you will start to see how your work relationships change for the better. Better relationships = greater satisfaction.

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3 Things MBA’s Don’t Learn in School

Obtaining an MBA is quite an accomplishment and is something to be proud of. However, there are 3 eye-opening things they don’t teach MBA’s in school, especially when running a small business.

You’re probably so smart that you’re not

Intelligence and knowledge are extremely useful in life, but it can also be a liability. What I am referring to is that not everyone around you will have an MBA and you must be able to relate to your employees, vendors, and customers. Don’t be so proud that you look for perfection or have expectations that are not practical. If you do, then you will end up constantly firing employees and vendors instead of trying to seek the best from them. Worse yet, you may end up viewing everyone as numbers.

The cash in your business greatly depends upon your personal spending needs

When you work for a large, multi-national company, you can’t just decide to withdraw huge sums of money at will, and even if you did, it may not hurt the cash flow of the business. However, when you run a small business and take too much cash for your personal expenses, then you can easily choke the business, even a very profitable one.

Fancy projections and metric may not matter all that much

MBA’s like to crunch numbers, create graphs, and make presentations. Although financial ratios and projections matter greatly, the truth is that they can change in the blink of an eye in a small business and change drastically. If you can’t run the business properly to support your projections, then the projections are useless.

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Before You Open Up A New Location

It’s not a crazy idea, but now may be the time to open another location. Before you do, here are a few things you should consider:

Do you still have capacity at your existing location?

It’s much, much easier and less expensive to utilize your existing location to increase your sales and profits then to look for a new location. If you still have plenty of capacity in your current location then the time is not right. If you the opposite is true or you are trending to be at full capacity soon, then the time may be right to look for a new location

Relocate or additional location?

A relocation is essentially just a move, however, if you are keeping your existing location then the task becomes more complex. An additional location is almost like running two separate businesses at the same time.

If an additional location then consider management and staffing

Who will manage your new location? If you answered that you will, then expect to burn yourself out in a short period of time. Strongly consider either hiring a manager for the new location or for your existing location, while you manage the new location.

What is your cash flow like?

If your cash flow is already tight, then figure out what the reason is before you magnify the problem. A larger location or additional location will only add to cash flow problems if you haven’t addressed this issue already.

 

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