According to Inc., small businesses could get their loan forgiven under the new stimulus package. 

Small businesses reeling from the impact of coronavirus may have good news coming in the form of loan forgiveness.

Read article on Inc.

Under the new stimulus plan small businesses with less than 500 employees could qualify for a loan, reports Inc. 

With President Donald Trump having signed an unprecedented $2 trillion economic stimulus package aimed at supporting U.S. businesses and individuals, you're probably wondering what it all means for you as a small-business owner.

Read article on Inc.

Former head of the Small Business Administration warns that 20% of all small businesses could go under during the covid-19 crisis, reports Yahoo Finance. 

The former head of the Small Business Administration under Barack Obama hailed the arrival of the coronavirus stimulus package, but warned of catastrophic outcomes for a large number of American small businesses.

Read article on Yahoo Finance

Small businesses work to come up with solutions to bring in cash flow during Covid related shut downs, reports KCRG.                                   

“On a normal Saturday this place is hopping,” said the owner of Main Street Exchange Tracy West. “We had trouble keeping up, but today we’ve only had 10-12 people coming through the doors.”

Read article on KCRG

Before too much time passes this year, it’s best to get a jump-start on Tax Season. Taxes are just around the corner, so learn about the new changes to 2020 taxes now to avoid any surprises. There just might be a few benefits in the new code that will positively affect you and your business, but also beware any changes that could cause problems if you are noncompliant.

Preparing For 2020 Tax Season

It’s standard to expect adjustments to the tax code, but 2018 saw sweeping changes with the 2017 Tax Cut and Jobs Act, the biggest change in about 30 years. So, this year, implementing changes from this Act are still affecting businesses as well as new changes effective January 1.

For the 2020 tax season, make sure you’re aware of these and any changes that affect your business.

• Employee Withholding Certificate. If you have employees and a payroll, then be sure you’re aware of the new 2020 Form W-4, Employee’s Withholding Certificate. This is the document that allows employees to claim exemptions, lessening the amount of income taxes you withhold. Previously, employees selected exemptions, but now there is a new method to determine their withholding allowance. The new form has a five-step process to determine total allowances with the goal to improve accuracy of withholdings.

• Deductions Cap. If you are a pass-through business, such as a sole proprietor, partnership, or S corp, you want to pay attention to the SALT Cap. The State And Local Tax (SALT) Deduction allows you to deduct your state and local income taxes and property taxes. Previously, the amount to deduct was unlimited, but for 2020, there is a cap at $10,000 per tax return. This could affect businesses operating in high-tax areas—the cap does not shift to account for regional difference in tax rates, so you may not receive as much back as a business with the same deduction that operates in an area with lower taxes.

• Retirement Adjustments. This year will see slightly higher contribution amounts for both employees and employers to any tax deferred benefit. Be sure you consult the IRS Tables to ensure you allow for the correct amounts. Also, the SECURE (Setting Every Community Up for Retirement Enhancement) Act allows small businesses to create Multiple Employer Plans and reduce costs for setting up retirement accounts. Finally, the minimum age at which employees can begin to draw on their retirement accounts rose from 70 ½ to 72 years old.

Consult A Professional

As with any business practice, make sure you work with professionals who will guide you through these changes and ensure your business receives every benefit while avoiding any pitfalls. From determining your tax bracket to managing your employees’ payroll, you want to be accurate and ensure your business follows the law.

Unless you’ve received some sort of windfall or have another source of cash, you’re going to need money to fund a new business. The easiest and most readily available source of cash is a business loan, a reasonable step to take for a start-up.

Considering A Business Loan

A business loan works just like any other loan for your auto, house, or education. You request to borrow a certain amount, and, depending on your credit, the lender applies interest on the money you get. If your company booms and you pay off the loan, you’re free and clear with 100% ownership of your company and the profits that come with it. If your company fails, then you’re in a worse position.

The problem with a loan should your company falter or folds is you must still pay back the money. Your loss will garner no sympathy from the lender, so you can’t expect the loan to disappear. The lender wants their money back with interest, regardless of the health or even existence of your company. Thankfully, we’re past the days of debtors’ prison, but the consequences of defaulting on a business loan can be just as devastating to your future business opportunities.

So, starting a business with a loan is a risky proposition, but often an easier option to secure funding than from one or more investors. Still, for small businesses, a huge bank loan can be more than necessary and come with prohibitive risk. You can expect a sizable loan when you conduct business with a bank, but your start-up costs may not be that much. Taking out more money than you need is never a good idea and a sure-fire way to get into financial trouble.

Loan Options For Small Businesses

However, there are lenders that offer smaller sized loans to match small business needs. Companies like Shopify Capital or PayPal offer more manageable loan sizes that allow start-ups or small businesses the chance to get their feet under them without looming debt.

Like a bank, smaller loans from these lenders work the same way. The interest rate will depend on your credit score and there will be a specified payback period. However, unlike banks, many of these operations come with restrictions like membership to their site or availability based on longevity of the membership with the company. Further, interest rates may be higher and payback durations shorter. Some of the lenders may consider the monthly income of your business as a determining factor in your interest rate or loan amount.

The small business lenders are a good option and less cumbersome than a bank loan for start-ups, but it pays to shop around (pun intended). Compare rates, options, restrictions, and types of loans available from each before you apply.

Certainly, have a well-shaped solid business plan and a good assessment of the market within which you’ll be competing. In the end, the source of your loan is a business decision that must be determined based on your risk tolerance.

Crowdfunding is helping many startups and small businesses get cash for their respective projects from a variety of sources. However, despite the availability of various crowdfunding sources, many people still have little knowledge on most of them which make it difficult for them to get the money they need to propel their businesses to the next level. In this article, we highlight various methods that you can use for your crowdfunding campaigns and other options of funding that can be helpful to your business.

Crowdfunding has been here for some time and has proven its helpfulness in sorting out one of the biggest challenges for businesses, which is funding. Depending on the amount of money and the type of crowdfunding you decide, you may or may not repay those who invest in your campaign. Some of the examples of crowdfunding methods you can select from are highlighted below.

Debt crowdfunding

As indicated by the name, debt crowdfunding entails raising some cash, which will be repaid later just like a traditional loan. A good example of this type of loan is Kiva which is known for helping entrepreneurs mainly in developing countries and the US to raise money for different projects. The main advantage of this platform is that they are not too concerned with looking at factors that traditional lenders such as banks look into. They are not too concerned with credit history which is one of the key areas that banks are interested in or the risk which is presented by the type of business you are engaged in. Instead, their model is based on the amount you want to borrow. For instance, if you want more money, they will require you to be more qualified.

Reward-based crowdfunding

This is another type of crowdfunding that is different from the first one. As opposed to paying back the funds raised at a later date, this type involves rewarding individuals that backed the company with incentives. These incentives can be as small as tokens of appreciation, thank you cards and small tokens. It can also involve giving early access to products or services among other things. An example of such is Kickstarter which has helped in funding many businesses amounting to tens of millions of dollars. While this way is far better than the first one because there is no repayment, it raises the pressure in raising funds.

Equity crowdfunding

This method of funding requires you to give those who invest in your idea equity in your business as evident through the name. It is like looking for venture capital, but it is somehow easier if marketing is done correctly. An example of equity crowdfunding is Wefunder, a site that can be used by any business to obtain funding. Users can express the equity they are willing to give. The main drawback of this site is that only a few people are aware of it and therefore getting funds might become hard.

Donor crowdfunding

This is one of the best crowdfunding options that you can explore if you need funding for your business. Unlike the others, you are not required to repay the funds or give rewards to the funders or donors. Instead, it is based on donations. An example of this kind of funding is GoFundMe, a well-known crowdfunding platform that is strictly based on contributions. This platform allows an individual to post an appeal to potential donors which can be anything ranging from money for business or any other personal reason. GoFundMe is known for raising money for various causes which may be business or other purposes all over the world.

The rise of artificial intelligence, big data and machine learning is changing the way small businesses are doing things. Banking institutions are in a hurry to collaborate with fintech providers to find solutions that offer small businesses an opportunity to seek financing. In countries like the United States, for example, there are more than 30 million small businesses that make up about 99% of all businesses in the country. They offer employment to millions of citizens and contribute immensely to the economy. As the gig economy continues thriving, financial institutions are seeing a booming market that can generate massive returns from small businesses.

Historically, small businesses have been underserved by financial institutions. Today, technology solutions are being developed offering small businesses a way to interact with banks that in the process optimizes operations for them. Unlike in the past where small businesses were operating adequately but not optimally because of lack of credit facilities, the evolution of technology has altered many facets that small business owners experienced when using traditional loan facilities. Small and large banks provided loans with little use of technology to automate processes. This was detrimental to the growth of businesses and substantially impacted the experience of the customer.

The entry of new fintech and the competition that followed the 2008 financial crisis has spurred innovation and created an entirely new cycle of lending. This method of lending has revealed the importance of small businesses to the economy. It has emerged that technology can change the boundaries that were created by traditional processes of credit to small companies as innovations have now been established.

As the banking industry continues advancing, questions that arise are on how the lending environment will look like in future and how technology can be valuable in enabling lending institutions come up with new products and activities. Many small businesses and financial institutions are also asking themselves whether credit will be available and if companies will take advantage of this availability to better their operations.

Given these aspects, big data and artificial intelligence will be the game-changer. They will help lenders determine if small businesses are going to succeed in their operations or not by using patterns to predict the market. The success of a small business is going to determine the creditworthy and noncreditworthy small scale businesses that in the end will be of benefit to everyone. The availability of such information will give lending institutions clarity on borrowers therefore reducing risks that are associated with piling of debt. Only those who can pay back will access credit while those who will not have to find other sources of financing their operations.

In an environment where lenders have information on their potential customers, there is no gap in accessing profits for those who deserve it. This means that creditworthy businesses will not be unfairly disqualified. Small businesses that have potentially viable business ideas will access credit to buy equipment that they need to operate. It is worth noting that even though perfect information is not likely to be obtained, entrepreneurial data presented by emerging technologies in financial industry will eliminate many uncertainties and give confidence to lending institutions.

Search cost has also been a burden for many financial institutions and small businesses that need financing. By automating operations, searching time will reduce from about the previous 20 hours to a few hours thanks to digital platforms that store different information. It will also enhance transparency that is required in any industry in modern business environment.  

With commerce drying up and the entire service economy grinding to a halt in the wake of the ongoing COVID-19 pandemic, it is imperative that business leaders, from the captains of industry to mom and pop bakeries, take pains to navigate this crisis carefully and deliberately. This is not the time to panic. Businesses can survive this – and business leader, entrepreneur, and philanthropist Liz Elting can speak to how. Elting, who famously shepherded her company TransPerfect from a dorm-room startup into a billion-dollar enterprise through both 9/11 and the 2008 financial meltdown, knows how to handle a growing and unpredictable crisis and wants to help businesses overcome this challenge.

Liz Elting’s Nine Necessities for Business Survival in a Crisis

1. 
   Reassure your team. “You can’t predict the future, but you must do what you can to provide calm, steady leadership by renewing your commitment to the people who work for you. Set the tone, and everyone else will follow.”
2. Have backup plans for your backup plans. “Much of the world is lurching suddenly over to primarily work-from-home arrangements, which comes with its own set of problems. Tools like conference call systems are already being overwhelmed by volume beyond capacity, so you need to know what you’re going to do when your plans fall through. The whole world is rushing to find technological solutions, and that’s going to take time. Plan accordingly.”
3. Maintain person-to-person contact.“After 9/11, flights in the United States were grounded for weeks, which meant that business travel was impossible. Thankfully, here in 2020 we have tools we didn’t have nineteen years ago to keep in touch. That means that it’s time to back off from email and text and engage more over voice or video. Don’t become a disconnected presence.”
4. Proactive communication.“If you weren’t a big communicator before, you have to step up and be one now. You need to be proactive and make sure your team and your customers know what’s happening step by step. Stay connected, stay together, and make sure your team knows they’re not alone. You need to up your communication game. And that extends to clients as well. See what they need, because their needs are changing day by day. The better you stay on top of those needs, the stronger your business will be.”
5. ABC – Always be closing.“You need to hustle like you’ve never hustled before. There will be a strong tendency for potential clients to grow timid in these uncertain times, but the same goes for your competition. Be forthright, be out there, and offer solutions to the problems of this strange new world we’re suddenly in. Don’t retrench. Don’t retreat.”
6. Invest in work-from-home solutions.“I know the temptation right now is to preserve cash. But you need to keep your business running, and that’s not going to happen with half-measures or workarounds. Productivity is already going to be struggling right now; don’t let bad tools make it worse. Find a solution that fits your business, and make it work. Give your team time to get up to speed too; there is going to be a learning curve, so make sure to emphasize scheduling and goal-setting (just as you would in the office) to keep everyone on track.”
7. Remember that you aren’t alone.“You don’t have to solve this crisis at once, and luckily, it’s not your responsibility to do it by yourself. You’ve hired a team you trust and believe in. Now is the time to lean on their collective experience, intelligence, and wisdom to help make the right decisions.”
8. Reevaluate your finances.“These are going to be lean times the likes of which the United States hasn’t faced in quite a while. Cut where you can. If you are in a position to get out of a lease on office space, well, your team is already working from home anyway. Let the space go, and get that cash back. Do whatever you can to preserve cash flow without cutting people. And the Fed is busy injecting capital into the financial system and slashing interest rates, which means cash is going to be cheap.”
9. Act with integrity.“You need to understand the weight of the historical moment we are in. This is not a time to shirk responsibilities or balk on commitments. Reaffirm your commitment to your team. If your company is healthy, you have a responsibility to support your team through this crisis. These are times that make and break leaders, and it’s going to require vision and a commitment to the common good to make it through. We have an opportunity here to not only survive the crisis, but to create whatever comes after.

Liz Elting, Founder and CEO of the Elizabeth Elting Foundation, is an entrepreneur, business leader, linguaphile, philanthropist, feminist, and mother. After living, studying, and working in five countries across the globe, Liz started TransPerfect out of an NYU dorm room. During her tenure as Co-CEO, she grew TransPerfect into the world's largest language solutions company, with over $600 million in revenue, 4,000+ employees, 11,000+ clients, and offices in more than 90 cities worldwide. Liz has been recognized as a NOW “Woman of Power & Influence,” an Enterprising Women “Enterprising Woman of the Year” and one of Forbes’ “Richest Self-Made Women.”

If your business is feeling overwhelmed by phone calls, hiring an answering service, virtual receptionist, or call center can alleviate problems and improve customer and employee satisfaction. Although chatbots and text can help with some customer needs such as appointment-setting and bill-paying, the need for human voice communication is critical to the success of any business.

How do you know when it’s time for your business to hire a voice service?

In this article, we share three key indicators of a failing in-house phone system:

• Low-quality customer service
• Strained resources
• Frustrated customers

Find out how to recognize the warning signs so that your company can avoid losing customers, employees, and revenue to poor telephone customer service.

Low-Quality Customer Service

Are you providing top-quality customer service by phone, or is the quality of your service compromised by an inefficient phone system?

• How long does it take to answer the phone? Ideally, business calls should be answered within 15 - 20 seconds because more than half of potential customers will hang up after 45 seconds.

• What’s your average hold time? Nearly 60% of consumers list long hold times as one of their top frustrations with telephone customer service.

• Are you struggling to keep up with the number of incoming calls?

• Are you missing calls due to customers calling after-hours?

If people are hanging up before talking to a representative, you’re probably losing revenue and upsetting customers.

Evaluate the efficiency of your phone service, and hire outside help before low-quality customer service damages your customer relationships or brand reputation.

Strained Resources

If trying to keep up with incoming phone calls is straining your company resources, you should consider hiring a voice service solution.

There are several ways to recognize strained resources:

• Your staff is feeling overwhelmed by interruptions
• Phone calls are interfering with their ability to follow up on leads or close sales
• Answering basic, repetitive questions take up a significant amount of time

Overextending your staff can lead to burnout and low job satisfaction, and callers can tell when employees aren’t happy to help them.

If incoming calls are straining your human resources, you should hire a voice service to avoid problems with both employees and customers.

Frustrated Customers

Ideally, businesses will notice the signs of poor quality phone service and strained resources early on and hire a voice service to fix the problem.

When customers become frustrated with your phone service, it can affect your online reputation. According to a Clutch survey, 70% of people who have a negative telephone customer service experience are likely to share it with others.

For many, that means poor reviews and negative comments on social media.

The good news, though, is that 75% of people who have a positive telephone customer service experience are likely to share it with others.

Businesses that invest in high-quality customer service will benefit from the social proof provided by customers who are happy with their service and share their experience.

Determine When You Need Help Answering Phones

When your phone system compromises the quality of your customer service, strains your staff resources, or causes frustration for customers, it’s time to get a voice service for your business.

Kristen Herhold is a Senior Content Developer for Clutch, a B2B research, ratings, and reviews firm in Washington, D.C.

Low production costs equal a higher margin – something that any business savvy company strives for. To do this they often turn to questionable suppliers or opt for inferior material. Other times they elect to buy supplies in bulk – as many suppliers offer a discount the more of the same item that is purchased all at once.  While Amazon, and E-bay are popular e-commerce destinations for bulk supplies – Alibaba, a Chinese B2B online commerce company that specializes in bulk shipments and cheap prices is becoming well known in the global community as the one-stop-shop for all B2B supplies. But with accusations of scam artists, wrong items, and delayed shipments it has left many companies wondering about the safety of Alibaba.

If you’re one of those businesses that are wondering if the “Amazon of China” e-commerce business is safe to use – you’re not alone. The short answer – Yes -Alibaba is completely safe. IF you do your research. Alibaba isn’t a website where you pick a wholesaler to work with and hope for the best. It takes time to research a reputable company, vet them, get samples, and compare pricing. If you’re not willing to do that – you may not have the best experience using the website – and may even get scammed.

The first thing you should do when comparing companies is to vet the manufacturer. What do the reviews say? If they have gotten numerous positive reviews – you know they have produced positive results. But beware of the reviews that give 5 stars and say nothing about their experience. “Thank You!” or “Great Job!” or “Product is perfect!” may very well be fake. Look for reviews that are at least a few sentences long and give details about the product purchased.

Alibaba gives awards and verifications to top suppliers – look for those when deciding which manufacturer to go with. While it’s still good to vet the company you decide to work with – Alibaba takes some of the leg work out of it for you. Gold Suppliers are the most coveted verification in the Alibaba world – and manufacturers will often work hard to keep their gold status. Look that an organization is a Verified Supplier and has Trade Assurance – which includes multiple safe payment options, and worry-free shipping.

In his YouTube video, Josh Morris suggests that legitimate manufacturers will go through hoops to ensure that you’re a satisfied customer. They will be willing to answer any questions, give you a quote, and even send you samples. He concludes, “A good supplier will give you tons of information – booklets, pamphlets, price sheets, quotes. They’ll give you all the details about shipping – everything.” He speculates that a good supplier wants you as their customer while a scam artist would rather just have your money.

In a rush for your product – Alibaba may not be the best marketplace to shop at. In his YouTube video, John Santos states that he has had a lot of disappointing orders that were anything but satisfactory. “It is a shot in the dark,“ he says about purchasing from Alibaba. “…You have to be aware that more than likely your order won’t come in right the first time.”

While Alibaba is safe for many companies shopping for bulk supplies – it is important that you take the right precautions when doing business on the popular e-commerce site. Make sure that you fully vet the supplier and ask questions. It’s OK to ask for samples and ask about less-than positive reviews. And remember – if it’s too good to be true – chances are it probably is.

Running your own small business in this age of fierce competition has lots of responsibilities attached. This is even harder when everything is at its initial stages. As such, having some knowledge on how to effectively run operations may come in handy as it allows you to understand necessary aspects of business operations. Such knowledge will also enable you to make your business successful and turn you into a good manager. Below are six skills that can help you make your business better according to the Young Entrepreneurs Council.

1. Delegate duties

As a first-time business owner, you may face challenges when it comes to assigning responsibilities to other people as your company grows and you become more engaged. However, there comes a time when you cannot do everything alone and you must delegate tasks to others. While you might feel delegation is a sign of laziness at first, it might prove necessary as you will be required to focus on the company’s bigger picture such as making executive decisions. Train yourself to delegate some tasks and do the core business functions, like critical decision making. You should only come in when your help is required or when you want to check how the team is performing.

2. Establish good communication skills

The fact that you might have heard this somewhere means that communication is critical for any business. Sadly, many business owners lack adequate communication skills necessary to interact with their employees, customers, or investors. Lack of these skills can be a huge problem for teams, and the work environment can become toxic. As an owner of a business, you should lead your employees by example by coming up with an organizational culture that encourages proper communication that is honest and open. Without appropriate channels of communication, unofficial channels will come up, and how management and employees relate will be affected. Misconceptions will, in the process, occur causing a massive blow to employee morale.

3. Be financially literate

Financial literacy is by far a critical knowledge that you should have to run a successful venture. For your business to succeed, you must know how much different things such as labor, sales, taxes among others cost and the profit you generate. This is important because every business intends to be profitable and be capable of running operations seamlessly. This is achieved only by putting proper plans in place and ensuring correct cash flow.

4. Provide good customer service

Any successful business has excellent customer service. Since customers are what keeps businesses running, lack of good services to them will affect sales and may damage the reputation of your organization in the eyes of the public. Failure to provide what the customer wants may lead to their departure and your business will be as good as dead since getting new ones is expensive. As a small business owner, you need to learn what your customer wants and provide just that so that you can receive positive reviews.

5. Be proactive

Businesses have various challenges, and a good mentality is a right solution to roadblocks that you are likely to encounter as you work. Having the right mindset even when the customers are at your neck will solve most of the problems and will keep you going long enough. Try to see what could go wrong and think of what can be done to fix that potential situation in time. This gives you and your team confidence and will ensure operations are seamless.

6. Be a thought leader

A thought leader is a person who views things differently compared to other people. As a business leader, you have to look at things from different angles before reaching a conclusion. You should try to motivate your employees and people around you even when the situation is not pleasing. Innovate, share and motivate others by your actions and your speeches since this will encourage people to work towards your goals.

There was a time when “ergonomics,” the contouring of furniture to best fit the human body, had little claim to fame; it was not well understood. The pieces of furniture looked odd and contorted, foreign to our expectations. Many were summarily rejected because they were so unfamiliar to the user.

Luckily, as healthy living and wellness became more mainstream, the benefits of ergonomics began to outweigh the objections to the look of this furniture style. Joint and tendon syndromes, weakened core strength, weight gain, back pain, and general discomfort were convincing factors to try something new.

As ergonomics gains recognition and acceptance as the better options for workplace furniture, more options appear in the market. Here is a selection of the best ergonomic furniture to support the human body at work and prevent problems associated with standard workplace equipment.

Logitech’s MX Master 3 Mouse. This mouse offers a new level of comfort and ease. The natural resting place for your thumb comes equipped with a whole suite of controls. You can now scroll 1000 lines in a second with the thumb scroll wheel, navigate forward and back or do many other common tasks with two more programmable buttons, and improve your productivity while preserving your wrist and hands.

Herman Miller Aeron Chair. Most office chairs offer options to raise and lower the height, but not all of them come with adjustable arm rests, head rests, and more features to accommodate the human body. The Herman Miller Aeron Chair offers adjustable features that ‘posture fit’ to support your lower back while the tilt limiter can be set to let you recline or restrict the chair to upright to ensure proper posture. The flexibility of this chair to conform to the body and posture fully supports the user no matter the task.

UPLIFT Desk - V2. The ability to stand while working gives employees the option to move more and combats damage from sedentary jobs that require long hours at the computer. The UPLIFT Desk - V2 sit/stand desk frame supports a flat desktop from 3’6 to 7’8 wide and includes 48 mounting holes for a variety of under-desk accessories. One of the key features of the desk frame is the electric sit/stand controller; it allows the desk to be raised or lowered to any custom height in the height range, and includes a 1-touch feature to raise or lower it to pre-programmed heights. 

Vari Deskpro 36. If you’re already working from a standard desk but want the benefits of a standing desk, a Vari Deskpro 36 is a great solution. It’s a desk that retrofits onto an existing work surface. This device includes a simple, spring-assisted lifting arm on each side to make raising or lowering the desk easy for almost anyone to use. The lifted desk space even supports 2 monitors, keyboard, mouse, and a substantial workspace for documents, notes, or phone.

Year after year, ergonomic options for offices are ever more accepted and pervasive. In 2020, it’s time to sit, stand, and scroll without causing damage to our bodies.

Being a leader is lonely work. As an executive coach, I hear it from new leaders often—especially if they are promoted from within. They say, “I was doing a good job as an individual contributor, but now I’m not sure what I should be doing after my promotion. I feel really alone.” They find themselves in a leadership role without much guidance and they aren’t sure how they can “skill up.” Every leader has to find their own way of doing the work of leadership. They have had a variety of bosses in their career but they aren’t sure who to emulate, and they may feel like they aren’t providing any real value in the organization any more. Some get sucked into a spiral of trying to do more and more work, while missing the real work of leading.

And it is true, as a leader, you are alone. You can’t express doubts to your boss because you don’t want them to doubt you. You can’t express your doubts to the people you manage because you don’t want them to know you aren’t sure of yourself. You are careful about what to share at work and you may be unsure about who to trust.

It is lonely being a leader, and leadership is lonely work. But there are ways you can ease the loneliness. Here are five simple ways you can help yourself overcome the loneliness of leadership:

1. Establish lifelines.
Find friends outside your industry and workplace to spend time with. You need a safe space to vent, and it will be better for you to have an outside perspective. For about a year, I was a leader in a very toxic workplace. One of my friends said, “You are really different lately, you seem really edgy and unhappy.” He was right, I was. It helped me to think about the situation differently and to make some different decisions. I was less lonely because he cared. Having friends helps.

2. Exchange answers for questions.
Give up on being a leader who knows the answers. Give up on being an “all-knowing” Dad leader and allow yourself to say, “I don’t know. How do you think you can find out?”  Your staff will be amazed by your engaging leadership, and will be more empowered. You won’t be solving as many problems alone late at night by yourself. Your questions will allow people to work on problems together and it will create a deeper sense of team for everyone to share the problem solving—including you.

3. Manage up.
Create allies in the people in the organization above you. They believed in you when they promoted you, help them see you succeeding. Share positive triumphs regularly and ask for advice on challenges they might be able to help you with. This can’t be contrived—you have to genuinely respect them and their opinion. If you trust them, then they can become your allies, and you can become their confidante over time. Make sure to keep their secrets and you will start to become important to them. You will start to have a better understanding of what is happening in the organization. Loneliness is worse if you are out of the loop.

4. Be interesting.
Allow yourself to have interests outside of work. Have friends. Have dinner parties or cocktail parties. Experiment with hobbies. Take most of your vacation time (I know it can be hard). You will have to navigate your own workplace culture around vacations, but your life will be fuller, richer, and more fulfilling if you have a life that is deeply interesting outside the office. Leadership will feel less lonely if it a part of a larger context of fulfillment.

5. Practice extreme self-care.
Leadership is hard. Between imposter syndrome and emotional labor, the job itself can take its toll. Learning to replenish is important. When things get tough, reach for the vitamins and vegetables instead of the margaritas and martinis. When leaders are only the edge, they start to look a little rough. There is visual evidence they aren’t quite pulling it off. When you start to feel that way, double down on some self care—a massage, a good haircut, a manicure, or a personal trainer can help you feel like someone cares about you. It will show that you care for yourself.

As a coach and thought partner of top leaders, I know leadership is hard. Almost every leader I know earns their salary through giving deeply of themselves. Lean in, connect with others, engage, and find the real relationships all around you—your colleagues are probably a little lonely too. You can find a path around the loneliness.

Melanie Parish is a public speaker, author, and Master Coach. An expert in problem solving, constraints management, operations, and brand development, Melanie has consulted and coached organizations ranging from the Fortune 50 to IT start-ups. She is the author of The Experimental Leader: Be A New Kind of Boss to Cultivate an Organization of Innovators. For more information, please visit, www.melanieparish.com and connect with her on Twitter, @melanieparish.

In a world where work, family, recreation, faith and other factors compete for our time, people speak about the need to seek a “balanced life.”  But maybe “balance” is the wrong goal. “The concept of being in ‘balance’ has the potential to set us up for immediate failure,” says Michael Sipe, author of The AVADA Principle and founder of the consulting firm 10x Catalyst Groups (www.10xgroups.com).

 “We talk about work/life balance as if work and the rest of our lives are separate things. But in reality, work and everything else are all part of one life.”

Instead of balance, Sipe suggests seeking an “integrated life,” where the integral parts of life are combined into a fully functioning whole. He acknowledges that’s easier said than done.

“It’s a challenge to determine what the integral parts of human life are, how to integrate them, and what a fully functioning and completely whole life would be like,” he says.

For Sipe, a major part of that integration involves faith. But his suggestions on how to approach your job so that it is integrated into the rest of your life are relevant regardless of spiritual views.

In Sipe’s view, work often gets a bad rap. Work is actually a neutral concept, he says,  and the larger evaluation is not that we “have” to work, or how much we work. Instead the key is to look at the purposes toward which our work is directed and to be intentional about how we allocate our energy.

In managing your attitude about work, Sipe recommends that you:

Focus on purpose. “One definition of work is energy directed toward a purpose,” Sipe says. “If you find yourself holding a detrimental attitude about your work, take a look at your purpose. Perhaps you simply are not directing your energy toward a purpose you care about.” If so, he says, consider changing your work so that you can invest your energy toward a purpose that matters to you. Alternatively, perhaps you have not connected your work to your purpose, and thus, your motivation to work is suffering.

Avoid griping. The more you declare that work is hard, bad, unpleasant, a waste of time, and a drag, the more it will be all those things for you, Sipe says. “Reframe work as good, as a joy, a blessing, a challenge, an opportunity, a privilege, an investment,” he says. “Loving your work is a choice – your choice.”

Take responsibility and take charge. If you don’t like your work, Sipe says, then change it. “You are not a tree rooted in place; you can move,” he says. “You are not a victim or a slave. If you are blessed to live in the Western world, and especially if you are blessed to live in America, you are free to do the work you love toward purposes you desire”

Ask yourself better questions. When things aren’t working out as you hoped you might be inclined to ask yourself, “Why me? Why is this so hard? What did I do to deserve this?” Instead, Sipe says, ask yourself: “What am I supposed to learn here?” He says you could also do as the late Jim Rohn, a motivational speaker, instructed: “Don’t ask why things are so hard; ask how you can get better.”

“The concept of work is simple, but we tend to complicate it,” Sipe says. “And work really does apply to everything we do. Yes, we can work at a job, but we also work on our health, work on our education, work on our marriage, work on our friendships, and work on our faith. It’s all energy applied toward a purpose.”

Michael Sipe, author of The AVADA Principle, is the founder of 10x Catalyst Groups (www.10xgroups.com), which helps entrepreneurs grow profitable and thriving businesses organized on a foundation of Biblical principles. Sipe has also enjoyed a successful 30-plus year career in mergers, acquisitions, and business development as the founder of CrossPointe Capital, a middle market investment-banking firm. In that capacity, he consulted with and evaluated over 5,000 companies and has provided advisory services for approximately a half-billion dollars in business sales involving hundreds of companies. He remains active in transactional work and has been a key advisor in mergers and acquisitions projects covering a multitude of industry sectors.

At first, when your company was new, you were responsible for everything. From opening for the day to writing orders, making product, shipping orders, balancing the books, and closing, you were the solo operation every day. But at some point, the company will reach a tipping point when you simply can’t do it all and succeed. You need to grow.

Growing Pains

Whereas before, you did everything, now others make your product, track regular shipment going out, etc. You’ve still got your finger on the pulse of everything, but it’s not possible to follow every decision or outcome unless it’s brought to your attention.

Now, you won’t know everything that happens in a day. If you do, then you’re upsetting your own organization; if you still try to control everything once you’ve grown, decisions stall waiting for you, production slows waiting for your approval, and growth grinds to a halt.

The question becomes, how do you allow your company to grow beyond your immediate control?

Letting Go The Reins

No matter who you employ, this will always be your business, your vision and ultimately, you have to answer to investors, customers, and employees when trouble occurs. However, instead of riding solo, your horse is now pulling a carriage. You don’t need to hold the reins any longer as much as you need to direct the carriage.

So, you need a carriage operator, a horse manager, a carriage maintenance pro, etc. In other words, when we stop horsing around, you will need to find others who have both the experience and drive to help you lead your business to the next level. You must build a culture of trust in which these others can make decisions about your business.

Ways To Encourage Growth

Growth means that your former laser-focus on day-to-day operations must be dispersed, delegated, to a management team. When you employ the right leaders with the right drive who are willing to buy in to the vision of the growing company, then you can let go and allow the organization to function. The carriage will gain momentum and race down the lane.

As the owner of the company, you control the culture of the company more than any other individual. Showing that you are willing to trust the leaders that you bring in to make decisions and that you don’t have to do everything yourself is the first step in growing your company.

Encouraging these first partners to do the same with the next level of management brought in continues this culture of empowerment with each step of growth. Have clear goals for all levels in your organization, but trust that they will succeed, and hold them accountable to both their failures and successes.

A Winning Growth Formula

The best way to create a growth culture is through trust. When you allow professionals to do their job and trust in their efforts, then they will rise to the expectation. You hired them for a reason, now trust them to do the job.