Running on the tightest of budgets
We recently covered the pros and cons of hiring a consultant versus a full-time employee. But, what if you can’t afford either option? What if you need help and advice but your budget is small or non-existent? There is a convenient, accessible solution, no matter in which area you live within the United States. Whether you currently have your own business and need business advice or your goal is to become an entrepreneur sometime in the near future, Uncle Sam can help.
All across the United States, Small Business Development Centers, also known as SBDCs, are physical resources for entrepreneurs in all industries. Located in all fifty states and several U.S. Territories, SBDCs provide educational and consultation services for free. All you have to do is go into your local center and attend a workshop and ask those tough questions that have been plaguing you—topics ranging from marketing, engineering, or even organization and product production.
Boosting your brand’s success
Although you may feel embarrassed seeking free assistance from the government, there is absolutely no need. Even so, all consulting and provided services are kept confidential. This is to protect you, your business, and your customers. These Small Business Development Centers are fully staffed and fully funded, consisting of full-time staff members and volunteers qualified to advise business professionals.
These days, valuable business advice is rarely free. However Uncle Sam understands the importance of small businesses for the vitality and livelihood of the current economy. These centers make professional goals easier to achieve and even more worthwhile and rewarding for everyone involved. Even if you are confident in your knowledge about how to run a business, getting pointers and advice from other professionals can only help to further your efforts.
Depending on your own professional success, consider volunteering in the future. You could be the saving grace for a professional just starting out, just like someone was for you. The small business community should be about supporting each other. The Small Business Development Centers are a great place to start.
Scientifically check your risk for burnout with this free quiz
(BUSINESS ENTREPRENEUR) This new tool lets you take a free self-assessed, science-based burnout test to give you an idea of how much self-care you need.
Concerns of keeping self-care and mental health in a positive spot – specifically in relation to burnout – have been a hot topic of discussion. While COVID-19 has exacerbated these concerns and stress levels, the issue of burnout has been around for quite some time.
Work burnout is often discussed within terms of work-life balance. Simple ways to avoid that crash are enforcing a hard stop on reading or responding to emails at a certain time of evening, or to continuously clean your workspace. Easier said than done, but it is critical.
But sometimes you have to look at the nitty gritty. Sometimes you have to ask difficult questions about your job and your personality in order to understand how burnout is impacting you. This can now be done with Global IT Burnout Index, a free, science-based assessment to tackle your stressors before it’s too late.
This is geared towards people working in tech (as the website reads, “burnout in tech is high and real”), but is useful for any industry.
To begin, you simply start the quiz and answer a few questions about yourself and your job (e.g. “I find it difficult to relax after a day of work” and then you answer based on how strongly you agree or disagree).
There are 10 total questions, and no personal information is asked (no name or email). It is open data, meaning it will help people on the other side better understand burnout; but, it’s totally anonymous.
The quiz takes no longer than 2 minutes. At the end, it will give you a number out of 6 measuring your burnout rate. The higher the number, the more likely you are to experience burnout.
Burnout has the ability to manifest physically and mentally, and can take a toll on your body and mind. Knowing if you’re experiencing high amounts of activity that can lead to burnout can help you know if you need to take precautions to change things in your life or job.
For those of us working from home, the situation is a Catch-22. You aren’t currently forced into a stressful commute. But it’s harder to pull yourself away when 5pm (or whatever your end time is) rolls around.
For people in the office or on site, it’s the same thing. You get to socialize (safely, obvi) with your coworkers, but there’s those on-site pressures.
No situation is perfect, but understanding if you’re in a situation where you could use a change or some help is incredibly important – especially these days.
Is COVID proving that efficiency is overrated?
(BUSINESS ENTREPRENEUR) Forget about maximizing profits. Don’t decrease friction – increase it. Oh, and efficiency? Overrated. Wait… what?
When COVID-19 took off in the U.S., shortages of toilet paper, cleaning supplies, and blow-up pools had many of us thinking the American manufacturing supply chain must be inefficient. How was it even possible that we didn’t – and still don’t – have enough PPE for healthcare workers?
But what if the problem is that the supply chain is too efficient? That’s what Barry Schwartzis, a professor of psychology at UC-Berkeley and author of “The Paradox of Choice,” argues. Streamlined supply chains, just-in-time deliveries, and little slack in the workforce are all part of the gospel of efficiency. But maybe all that efficiency isn’t really working out for us.
Storing huge supplies of masks in warehouses is, arguably, an inefficient use of money and space. But we sure could have used a stockpile when the pandemic hit.
When businesses run lean, there’s little room to hedge against potential disasters. Schwartzis suggests we focus less on efficiency and more on being prepared for all potential scenarios the uncertain could bring.
It’s all about “satisficing.” (Anyone else now have Elvis in your head singing, “All this aggravation ain’t satisfactionin’ me”? No? Carry on.)
Satisficing = satisfaction + sufficing. It’s aiming for the adequate, not the optimal. Schwartzis calls it insurance against “financial meltdowns, global pandemics, nasty bosses, boring teachers and crappy roommates.” Sign. Us. Up.
He goes farther and takes that lesson to our personal lives. Don’t try to blow the return on your IRA out of the water. Set a goal that works for good and bad financial times. Don’t search for the best of all possible jobs. Find a job you’ll like doing even if you have the manager from hell. In short, look for the “good enough.”
Sound familiar to those of you who are parents? Amid all the talk of the Tiger Mom and the Helicopter Parent, there’s also been discussion of the Good-Enough Parent. You might want the coffee mug that says “Best Mom Ever,” but you don’t actually have to be the Best Mom Ever. Ditching “best” for “good enough” is like a magic elixir for de-stressing yourself and your kids.
Still, the idea that we can increase efficiency in our personal lives is so seductive. We all want to spend less time doing the things we don’t enjoy so we can spend more time on things that bring happiness and, yes, more money. You’ve read the books, listened to the podcasts, seen the lists: Structure your schedule. Time your tasks. Organize all the things.
Being able to always find your keys certainly could reduce the amount of cursing in your home. We can’t just toss out the Holy Grail of efficiency.
So Schwartzis has another word for you: Friction. Slow down. Don’t move too fast.
“Building friction into our lives, as individuals and as a society, is building resilience into the system,” Schwartzis says. It’s like tapping the brakes.
For business, friction could come from companies seeing themselves as caretakers of their communities rather than just profit centers. Could that kind of corporate responsibility lead to fewer jobs eliminated in the name of efficiency?
For homeowners, friction could be in the form of kids, pets, neighbors or the community – making you see the property as more than just a big investment. Could that prevent skyrocketing housing prices by reducing speculation based purely on profit?
Sure, maybe that’s a stretch, but it’s an interesting take on issues we’re thinking more about amid the disruption of 2020’s pandemic.
“To be better prepared next time,” Schwartzis says, “We need to learn to live less ‘efficiently’ in the here and now.”
That could be one of the more important lessons we’re learning now.
Amazon sets eyes on couture with launch of online Luxury Stores
(ENTREPRENEUR) As of this week, Amazon is an online luxury retailer. Is this good or bad news for smaller luxury retailers?
When I think of high-end fashion shopping, Amazon is not the first store that comes to mind. Groceries, random knick-knacks, and pet accessories for my adorable pooch are the items in my cart.
This week, Amazon confirmed the launch of its high-end online designer fashion and beauty brand shopping experience, Luxury Stores. Currently, Oscar de la Renta is the first brand to launch on the platform, but more are on the way.
Available by invitation only to eligible Prime members, the store launched on Amazon’s mobile app. Eligible customers received early access to the designer’s Pre-Fall and Fall/Winter 2020 collections. The collection included “ready-to-wear, handbags, jewelry, accessories, and a new perfume,” according to Amazon.
If you’re a Prime member and didn’t receive an invitation, you can request an invite by visiting amazon.com/LuxuryStores.
Alex Bolen, CEO of Oscar de la Renta said, “Oscar de la Renta is thrilled to partner with Amazon for the launch of Luxury Stores.” He told Vogue that “somewhere near 100% of our existing customers are on Amazon and a huge percentage of those are Prime members. For me to get more mindshare with existing customers in addition to getting new customers—that’s the name of the game.”
According to The Verge, Amazon has over 150 million Prime members. With that big of a number and potentially huge customer overlap, we can all see why Bolen is so thrilled.
But what does Amazon’s break into luxury retail mean for smaller luxury retailers? Smaller companies are still struggling to keep up with the retail giant. With small brick-and-mortar stores fighting to stay afloat during the pandemic, could Amazon’s online Luxury Stores be an all-inclusive solution?
According to Amazon’s press release, the company doesn’t plan on only partnering with established fashion brands, but also with “emerging luxury fashion and beauty brands.”
“We are always listening to and learning from our customers, and we are inspired by feedback from Prime members who want the ability to shop their favorite luxury brands in Amazon’s store,” said Christine Beauchamp, President of Amazon Fashion.
Engadget reported that Amazon is taking a hands-off approach with Luxury Stores. The company will offer backend and merchandising tools support. Brands will have control over their pricing, inventory, and selection. With brands being able to have more control over their experience, maybe smaller luxury retailers will feel inclined to use this new sales outlet.
“It’s still Day One, and we look forward to growing Luxury Stores, innovating on behalf of our customers, and opening a new door for designers all over the world to access existing and new luxury customers,” Beauchamp said.
Amazon has yet to reveal which new luxury stores will arrive on the platform. Hopefully, we will also see our local luxury stores on Amazon in the future, too.
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