Top Tens for Businesses

Hiring Older Workers

2012-03-10T08:11:00.000-08:00

In many areas the only workers that are available are older workers...those over 50 years of age who may be trying to re-enter the workforce or they may be trying to change occupations or jobs. The older worker can be one of the most valuable resources of your business. The following are a few things to consider when hiring a 50+ worker.

Ask for a resume, review it carefully. Look for gaps in employment and frequent changes in employer.
The older worker often has extensive experience, both in dealing with difficult people and situations but also in organization and planning.
I recently heard the comment that older workers show up, on time, ready to work and without attitudes.
Older workers can be more flexible in their schedules, they don't have young children to consider when making work commitments. OR they can be more rigid, they have done the crazy work schedules and now they are looking for stability and routine. Neither is right or wrong, but as a potential employer you will want to find out which it is.
The job may be a secondary income and therefore money is not the most important thing. A few well thought out questions will tell you what the employee's motivation is and if the job your are offering can fill it.
Is the potential employee energetic or have they perhaps started the "slowing down process" Again there isn't anything wrong with someone wanting to slow down a bit, but that will not make them suitable for all jobs. Match the person to the job and be careful not to rework the job to suit the candidate.
Check references.
Has the employee been a senior manager, a business owner or an executive? They may be used to making the decisions with little input from others. Will this work in your business?
Ask about vacation plans. Travel and family vacations may be high on the employee's list of priorities. See if there may be conflicts with times that are going to be demanding in the workplace.
Will an older employee fit into the company culture? Do they have the skills that are needed to do the job?

Ten Advantages to a Business Partnership

2011-07-09T12:46:00.000-07:00

Many people are hesitant to enter into a business partnership and there are certainly some disadvantages to business partnerships that need to be considered. But that is a topic for another blog. The following are ten advantages to a business partnership:

Makes the business stronger by having the strengths of all the partners available to the business
Increases the amount of investment in the business, thus making lending to a partnership more attractive (in some cases) that it would be for a sole proprietorship.
Gives the flexibility to the partners to have different "hands on" hours in the business. One partner may only be able to work 25 hours a week on weekends in the evenings but the other partner can work 40 hours a week. This will give good coverage to the business and the profits can be divided to reflect the actual time each partner works
Paperwork and tax filing for a partnership is similar to a sole proprietorship and therefore less costly than the tax requirements for a corporation.
Year ends are calendar year with the final income tax returns (the owners' personal returns) due in June.
A partnership can hire employees.
Family members of the partners can be paid employees of the business as long as fair value is exchanged. The family members provides the work and is paid the market rate.
Succession planning may be easier as a potential buyer may be one of the partners. There is still legal requirements to transfer the ownership from two or more partners to one of them.
Decisions can be made within the management/ownership of the business. The partners can seek professional opinions if necessary and they can also arrange for an independent opinion in the case of disagreements amoung the partners.
The set up and dissolution of a partnership is easier than it is for a corporation.

This is a brief overview. Before entering into a partnership it is suggested that you seek the advice of your lawyer and your accountant.

When Choosing Accounting Software

2011-07-09T07:54:00.000-07:00

Business owners have so much to do and plan and manage that the administration and accounting tasks associated with a business sometimes do not receive much attention. The task of finding and installing, setting up and using an accounting software package can be daunting and intimidating. The following are a few things that may make the process easier.

Make a list of the features that you would like to see in your software package. While there are accounting principles that require things to be done in a certain way there are several different packages available to choose from. Will you be using the software from more than one computer, do you have a network and consequently need a software package that can be accessed from several machines. Do you want to have the ability to preschedule certain tasks, such as writing recurring monthly payments?
Is there training and support available locally for the software package? If you are going to be relying on this package to track all your financial records then you may want to have classes available in your area where your staff, and you, can receive training on the use of the package.
What software package are other businesses using? Are they satisfied with the performance and with the support from the developer?
If you are using the services of a public accounting firm to have your tax returns and other reports generated, do they have a recommendation for a specific software package? If they are using one package, it might be to your advantage, financially and otherwise to use the same package. This will reduce time in completing your year ends and other regular reports.
Will you require the ability to track expenses and revenues by project or job? Do you have an inventory that you would like to have recorded and tracked through your software package? How many employees do you have and will you be using this software package to calculate wages and any subcontractor payments?
Can you make changes in tax rates for federal or provincial sales taxes? If the GST rate drops or if that tax is eliminated you will want to be able to make that change without having to purchase a software update.

The above are a few of the things to consider when you are starting the process of choosing an accounting software package.

Top Ten Reasons to Review Your Marketing Plan

2011-06-30T08:09:00.000-07:00

Many business owners are so pleased when they get all the planning done, the business plan, the marketing plan, the strategic plan and the HR plan that they heave a sign of relief and put the "plans" on the shelf, never to be used again.

Your marketing plan is a living document, at least it should be. The plan needs to be implemented and then monitored and then corrected and the process starts again.

Reasons to Review your marketing plan:

1. To learn if it is working
2. To monitor the results of your marketing activities
3. To implement any updates and changes, using social media for example
4. To develop a consistent look and feel to your marketing efforts
5. To develop a budget for your marketing activities
6. To monitor repeat business
7. To learn where your customers are hearing about you
8. Get referrals
9. Build sales results
10. Develop marketing materials, brochures, business cards, other promotional material.

Ten Sites with Great Business Advice

2011-05-15T10:23:00.000-07:00

1. http://www.entrepreneur.com

2.   http://www.cbc.ca/news/business/story/2009/10/05/f-entrepreneurs-business-tips.html

3.   http://entrepreneur.lifetips.com/

4. For Young Entrepreneurs http://sbinformation.about.com/lw/Business-Finance/Small-business-and-entrepreneurs/10-Business-Success-Tips-for-Young-Entrepreneurs.htm

5. For Young Entrepreneurs http://blogs.sitepoint.com/top-tips-young-entrepreneurs/

6. For Artists and Craft Producers    http://ezinearticles.com/?Art-and-Craft-Business-Tips-for-Entrepreneurs&id=1041437

7. Business Networking Tips.   http://entrepreneurs.about.com/od/businessnetworking/Business_Networking_for_Entrepreneurs.htm

8. http://www.scribd.com/doc/14021497/Buying-a-Distressed-Business-Ten-Tips-for-Entrepreneurs

9. Home Based Businesses   http://www.powerhomebiz.com/112007/business-tips-entrepreneurs.htm

10. Great Canadian Content for all provinces http://www.canadabusiness.ca/eng/

Ten Reasons to Vote

2011-04-25T06:12:00.000-07:00

Become involved
Influence the outcome
Without voting you lose your voice
Make changes
Reshape the face of parliment
Support worthy candidates
An opportunity to learn about the candidates and their platforms
Raise awareness in others
Have an opinion
This is your government, without voting you have no say in who will form the next government.

Ten Things to Issue A Press Release About

2011-04-10T10:14:00.000-07:00

There are a lot of missed opportunities by business owners, many don't issue press releases. One reason is that a business owner doesn't think they are doing anything that is newsworthy. The following are a few ideas that could be used for press releases:

A business milestone, having the 1,000 customer, or celebrating 10 years in business.
Hiring additional employees
Adding a new product line or service
Being a supplier for a celebrated business
Supporting a local charity or organization
Being interviewed or featured in a magazine article
Starting a newsletter or blog
Being nominated for an award, and of course winning an award
Being honoured
Being the guest speaker at an event
And the list goes on.

Is there anything in the above list that you could use to prepare and issue a press release?

Press releases should be no more than one page in length and should be to the point. Enclose or attach a photo if that is appropriate. And be sure to give the name and contact information of the media contact.

Ten Tips for Motivating Employees

2011-03-31T10:37:00.000-07:00

Say thank you
Recognize employee excellence
Treat every employee fairly, no favourites
Clearly communicate your expectations
Create win/win situations
Don't micro manage
Establish reasonable deadlines
When hiring new employees, hire skills and build on the existing base
When forced to lay off employees, give fair notice and give references if they are warranted
Be truthful and honest with your employees. They are people who deserve your respect.

Ten Reasons To Start A Business

2011-03-30T08:10:00.000-07:00

While many people scratch their heads in confusion when someone suggests starting a new business, others see the challenge, the sense of accomplishment and the future. The following list includes a few of the reasons who people choose to start a new business:

Can find a job that they like.
Can find a job.
Is tired of working for someone else
Wants the autonomy of owning a business and doing things their way
See a gap in the services and products available
Wants to increase earnings
Wants to create a legacy for family members
Wants to create jobs and give back to the community
Wants to reduce work hours (although that one is usually quickly proved incorrect)
Wants the opportunity to work with family, friends etc.

These are just a few and none of the above are right or wrong in every situation. If you are starting a business research your options carefully and tread lightly. You may get what you wish for:-)

Enhance your e-Business Practices - Internship program for SMEs

2011-03-22T07:54:00.000-07:00

Enhance your e-Business Practices with the Small Business Internship Program

A significant number of established small and medium-sized enterprises (SMEs) are currently only connected to the Internet or are passively on-line, and might not be taking advantage of the possibilities offered by e-business. The Small Business Internship Program seeks to improve the competitiveness of SMEs by supporting businesses to actively market on-line and improve their competitiveness with e-business practices and technologies.
Join the Small Business Internship Program Team, as they explain how the Program could work for your business. Victor Paul-Elias will present the English Webinar and Lynne Antoine will present the French Webinar.
The webinar takes place on Friday, April 15, 2011 at 12:00pm EST in English and at 1:30pm EST in French. If you're interested in attending, complete the English Webinar or the French Webinar registration form.
For more information, please send an email to SBTBWebinar-DGPETWebinaire@ic.gc.ca

Ten Tips for Making Sales

2011-03-17T08:02:00.000-07:00

There have been many, many books written about making sales, closing sales and the sales dialogue. The following tips are what I have found to be the most helpful from all the materials I have read.

Be prepared. Find out about the client and what they are currently using.
Know your product and the benefits for your client
Answer objections
Ask probing questions
Make sure you understand what the customer is saying, ask for clarification if needed.
Enjoy yourself, smile
Establish trust and consequently an excellent reputation for you and the product or service you are selling
People love to buy, they do not like to be sold.
Realize that not everyone is your customer, respect that.
Talk to the decision maker. You are wasting your time if you are talking to someone who doesn't have the authority to make the purchase.

And 10.5 Follow up after every sale. Fix what is wrong.

Ten Tacky Things

2011-02-25T08:17:00.000-08:00

We all have heard about the importance of networking. The messages are constant and frequent about what to do to be effective in networking. Well I recently had the chance to observe someone who was doing a lot of things incorrectly...she was annoying people.

Don't monopolize the conversation. Talking non-stop about your business, how your product will be the answer to all problems and how you will solve the customer's every wish does not work.
I can do that... I know someone who can help you... I know who you should call... I know just the organization you should join... You can't possibly have all the answers, so don't start every sentence with ''I".
Going to a business event sponsored and presented by one business organization, and telling someone there that they shouldn't bother with the sponsoring group but they should join another group. This is rude and tacky to the nth degree.
Interrupt conversations because you want to have a chance to talk to everyone there. Join a discussion certainly but don't take it over and make it about you and your business.
Work with other businesses, getting them to refer business to you is always more effective than blowing your own horn
Criticize the organizers, the food, the location, the attendees and everything else you can think of.
Sexy and revealing clothing has a place, but it usually isn't at a business event. Dress appropriately, your clothing and accessories shouldn't be the centre of attention.
Too much jewellery that jingles and jangles and is distracting. Less is more and quality beats quantity.
Forget your business cards and then make do by borrowing and writing on the back of another business's card.
Talk, talk, talk, especially if you have a high pitched voice that is annoying to listen to. We all have flaws, but minimize them. If your voice has an annoying quality work to change that, speak slowly and distinctly and make every word you say count. Cut the fluff.

Be courteous, business like, and professional in everything you do.

Top Ten Business Ideas

2011-02-16T07:50:00.000-08:00

The entrepreneur who would like to start a home based business has a lot of choice. Sometimes too much choice.

The following listing contain some of the obvious and hopefully some of the not so obvious ideas for home based businesses:

Dog walking services
House sitting for folks lucky enough to be vacationing in the sun during the winter, or for those folks who have accepted short term work out of province.
Specialty baking. (In an approved kitchen) This can include health foods, decadent treats for you or for your pooch, or full course meals for the time challenged working parent.
"Go fors" Errand providers. This can work very well in an area where there are seniors or physically challenged individuals who need just a bit of extra help with grocery shopping or picking up perscriptions.
Event organizer. This works best if you specialize in a niche market, maybe tradeshow production or maybe specializing in wedding planning.
Writer or artist. These require alone time to create and then the finished products are marketed. Know your markets and be prepared to work as hard at the selling part of the business as you do at the creative side.
Bookkeeping services for small businesses or non-profits who do not have the work or budget for a full time staff member to complete the essential bookkeeping tasks.
Teach, talk and train. Be a facilitator and presenter on a topic you are knowledgeable about and have interest in.
Provide administration support services to businesses with employees on vacation of sick leave. Operate your own temporary staffing agency...with you as the only staff.
Offer contracting or design services for the home construction industry.

As with any business idea, you must do your research and make sure there is a demand for the services you will be offering. Meet all the legal requirements and enjoy what you do.

23 Public Speaking Secrets Gleaned from the Greats

2011-02-08T12:22:00.000-08:00

This post is giving readers a bonus... 23 Public Speaking Secrets. Thank you to Carol Brown for suppling the link to this great information.

http://www.onlinecollege.org/2011/02/01/23-public-speaking-secrets-gleaned-from-the-greats/

10 Tips and Facts on Taxes

2011-02-05T07:35:00.000-08:00

The following list can help as a review prior to preparing your tax return:

Make sure you have all your information slips. T-4"s etc must be prepared and mailed by February 28th.
Review your room to contribute to RRSP's If possible top up your contributions
Review and invest in RESP's if applicable
Are you able to take advantage of tax free savings accounts. Check with your financial institution to see if your account qualifies, and make arrangements for 2011 now so you can capture tax free interest earnings next year.
Educations credits, possibly transferable from a family member of for yourself.
Northern living allowances, travel expenses. If you lived and worked in a designed Northern area then a portion of your income may be a living allowance with can have special tax treatment. Check with your tax advisor.
If you operate a home based business, save all your home operating expense receipts...a portion of them will be a business deduction if your business made a net income.
If you are using your vehicle in your business save your vehicle operating receipts and keep a log of the business km. driven,.
If you are and your spouse are drawing pensions, then you may benefit from income splitting.
File your income tax return on time. If you owe taxation dollars, you may be subject to fines and penalties if you file after the deadline.

Seek professional tax advice when you have a question.

Ten Tips for Networking at an Event

2011-02-01T13:56:00.000-08:00

Show up
Show up prepared
Bring Business Cards
Wear a name tag on your right side
Don't spend all your time talking to people you already know
Ask questions
Listen to the answers
Have a plan before you arrive, how many people you want to meet, referrals, testimonials, have goals
Compare your results to your plan, revise, update and try again
Send follow-up information or correspondence within one day of the event.

Tips for Public Speaking

2011-01-31T07:49:00.000-08:00

Public speaking can be daunting for many people. However, it is often necessary if you wish to get your ideas across. The following tips may be of help:

Join an organization such as toastmasters that helps you develop public speaking skills and a whole lot more.
Remember your body language, keep your body relaxed. Any tension will "appear" in your voice.
Don't cross your arms or look down at your audience. Crossed arms build a wall/division between you and the audience.
Many people prefer not to use a podium, again the podium can be a barrier between you and the audience.
Look at the audience...scan it frequently with you eyes. Talk to people, not over their heads.
Dress comfortably and that is especially important for shoes. Don't pick presentation day to break in a new pair of shoes.
Keep your hands out of your pockets.
Women should avoid large gaudy jewellery, dangling earrings and low necklines. You want people to listen to what you are saying...don't distract them
Don't turn to face a powerpoint presentation, keep your face to your audience. This is very easy to achieve if you have a laptop and it is in front of you. You can use the laptop screen as your source and you know your audience is seeing the same thing on the screen(s).
Smile, relax and enjoy. You know your topic. Strive to work from a minimum of notes. Reading isn't nearly as effective as talking.

Practice, practice and more practice will make you more comfortable making presentations to small and large groups of people. Use the energy in the room and be in control

Ten More Tax Tips

2011-01-28T08:17:00.000-08:00

There are many rules and regulations when it comes to calculating and reporting taxes. A few more tips to help you through the process:

All Canadian T-4 slips must be prepared and distributed by February 28th.
All RRSP contributions for 2010 must be done by the end of February.
If you have a home based business, a portion of your household expenses may be eligible as a deduction against your home based business net income.
A portion of your vehicle expenses may be an eligible deduction if you use your vehicle for business purposes. Canada Revenue Agency requires that you keep a vehicle log, tracking the total number of kms driven, the business kms driven.
Keep all your vehicle receipts and calculate the % allowed based on your vehicle log.
If you have transferred some personal assets into the business, determine a realistic valuation. For example, the black book valuation for your vehicle rather than the original purchase price.
If you or your spouse are self employed both marriage partners must pay any taxes owning by April 30th but have until June 15th to file their tax returns.
The owners of a sole proprietorship or a partner in a partnership must file the tax information for their business on their personal tax return. The business activities must be reported on a calendar year basis.
Incorporated companies can select their year end at any time throughout the year. However, once the year end has been selected it cannot be changed with the written permission of CRA.
As the tax laws are constantly changing, it is often advisable to hire a professional tax prepared to complete your tax return.

The above information is intended for information purposes only, please consult your professional advisor for recommendations for your particular situation.

Top Ten To Do's for After the Trade Show

2011-01-27T09:13:00.000-08:00

After all the work of preparing for, and then working at, a trade show it is always tempting to let out a sign of relief and relax. However, that will have to wait. The after show activities are the what will convert those maybes into actual sales. There are always a number of routine tasks that need attention as well. The following list will help you make every show as productive as possible.

Unpack all merchandise and props, inspect for damage and make the necessary repairs, or replacements. You want everything to be ready for the next show.
Follow up on all promises made at the show. If you promised to provide additional information or pricing do it immediately after returning home from the show.
Many trade show organizers provide the exhibitors with a listing of show visitors. If you have access to such a list, plan a program to contact everyone on the list with announcements of new products or other show dates. Keep in touch. Just because they may not be ready to purchase now that doesn't mean they won't be interested in a few weeks or months.
Evaluate your actual results by comparing them to what you had budgeted. Did you meet your goals?
Review your sales by items or category. Were there items that didn't do as well as you expected? Were there some that did better?
If appropriate prepare a brief survey/feedback form and ask some of your key customers to complete it. The object would be to get information on which items are selling well, and if possible find out why these items are particularly attractive to customers.
Record any notes about the show that will be of value to you when making the decision to display in this show in future years. Particularly note and comments by other exhibitors about other shows they have attended and which they found to be the best for them.
Issue a press release about the success you had at the show. Include a picture and send to all local media outlets.
Include a couple of pictures and a writeup on your website or in your newsletter.
Don't forget to add any new contacts to your social media pages. That will give you a very economical way to update them on new events and products that you are involved in.

Now relax and take a deep breath. It will soon be time to get packed up for the next show.

Tax Tips for Small Businesses

2011-01-25T13:27:00.000-08:00

Don't we all enjoy the process of "getting ready for the taxman"? The following tips and suggestions are based on Canadian tax laws and they are not meant to be advice. Consult your Tax professional to determine what would be best for you.

Be organized. File your receipts in a logical manner. This will reduce the time spent during the actual income tax preparation exercise.
If you do not understand basic bookkeeping, hire someone who does.
Keep your record keeping up to date. Don't save six months of paperwork to do all at once.
Separate the invoices and receipts for all capital expenditures, things that have a life of more than one year.
Make a list of all the money owed to you.
Make a list of all the bills you owe
Count your inventory...don't estimate!
Give your information to your accountant as soon as possible after your year end. Accountants get extremely busy between mid February and the end of April so avoid the rush.
Prepare a list of questions you may have for your tax preparer. Don't rely on your memory.
If you are hiring an accountant this year, ask for references and talk to other small business owners to find out who they use and if they are satisfied with the service they are receiving.

These are a few of the basics. More in future blogs for home based businesses and retail.

Ten Tips for When the Customer Isn't Pleased

2011-01-24T08:30:00.000-08:00

We have all encountered the customer that there is no pleasing, they are never satisfied and they take up time and resources with little benefit. Or is the benefit little? Sometimes the best referrals come from the most demanding customers. Other businesses give up and let the customer go away angry and dissatisfied. A few tips to deal with dissatisfied customers:

Understand the problem. The customer has a complaint, don't assume that you know what is wrong. Ask questions until you understand exactly what is wrong.
Under what the customer expects. What will make the situation right for them. For example some customers don't know what it is they want you to do...just fix the problem. If the new tires that you sold to the customer are faulty what does the customer want...new tires, a refund, a credit for the tread remaining on the tires, or ???
Give the customer you undivided attention. Don't let them feel that their concern isn't important to you.
Don't promise more than you can deliver
Deliver on time and more that you committed too
Ask the customer what it would take to make them happy. A gutsy move so be prepared to follow through if you use this one.
Let the customer know what is happening to solve the problem. If you have to resolve the complaint over time, keep in touch with the customer.
Follow up with the customer to make sure the solution that you put in place is working.
Follow up again after a few months to make sure everything is still all right.
Treat your customers like the valuable asset that they are...no shortcuts and no "good enoughs".

Sounds like a lot, but customer service will make or break your business.

Ten email do's and don'ts

2011-01-22T09:14:00.000-08:00

I read the other day that email is fast becoming a thing of the past, we are now using social media to communicate, fast and brief messages about our life, work and dreams. It seems hard to believe that email is going the way of snail mail...or is there a place for both? The following tips are for business communications.

Formal communications require formal format...use letterhead and write a business letter. You may chose to send it by "snail mail" or attach to an email.
If you are sending important communications as attachments to emails, ask for a read receipt.
Don't assume that all emails find their destination. While some will bounce back to you, other can vanish into servers that don't forward them on or back.
Legal documents should be dealt with in a paper based mode, print and mail.
Remember that you have no control over who will eventually see your email. Don't write in haste and regret at leisure.
Always be polite, no profanity and avoid abbreviations that some may not understand.
Limit the size of the files you are sending by email. Not everyone has the storage capacity for large video or picture files.
Not everyone has the internet speed to download large files. Limit the information in an email to must have and follow up with faxes or letters.
Respect the reader's time. Don't fill up their in box with several emails when one well written on will do.
Use the subject line to describe what the email is about. Even when replying to an email change the subject line to describe what you are including in your response.

Email is a fast and convenient means of communicating. It can also be very effective if used correctly.

Ten Websites for Businesses

2011-01-21T09:31:00.000-08:00

There are several excellent websites that offer reliable information for business owners. The following are just a few that you might find helpful:

This is only a few of the many business related websites that are available. For example all Canadian Financial Institutions have a business banking section on their website which provides information re loans and lending criteria.

Ten Tips for Trade Show Effectiveness

2011-01-19T03:22:00.000-08:00

Trade shows can be a great marketing tool, if the business owner is well prepared. The following tips are meant to give you ideas on how to make your trade show experience more productive.

Be prepared. Practice setting up your display prior to the show and use every square inch effectively.
Avoid clutter and confusion. Our eyes can only absorb so much at once. While it is always tempting to display everything and hope the visitors to your booth find what they want, it is your job to help them make your booth display a positive one.
Track the visitors to your booth. Have a draw and ask for business cards as entry forms, or ask visitors to sign up for a free newsletter.
Have a system for tracking the names of people that have asked for additional information, placed orders, or want to meet with you during a show break.
Pass out brochures and business cards to potential buyers. Since advertising material can be expensive you will need to make a decision about who you will give information to.
Keep you display area neat and tidy and clean. Take a few minutes every hour to step back and view your display and do any housekeeping that is required.
Don't sit behind a table. If you must sit down between talking to buyers, have a stool that will keep you at eye level with the people visiting the show.
Dress appropriately. Wear comfortable shoes, not runners.
Make a good first impression, smile, welcome your visitors and make them feel welcome without hovering or hard selling.
Enjoy your experience by being prepared and living in the moment of the show. Take advantage of everything that is offered, seminars and networking with other exhibitors.

And 10.5 Have someone to help you in your booth if the show is several hours or days. Be realistic about how much you can do.

Ten Things that Keep Managers up at Night - by Dan McCarthy

2011-01-17T07:50:00.000-08:00

This article was provided as a link on the Globe and Mail face book page this morning. Written by Dan McCarthy.

After two decades in management, leadership development expert Dan McCarthy, on his Great Leadership blog, identifies 10 things that keep managers up at night:
Confronting a performance issue
He calls this the granddaddy of all managerial headaches, but argues that while they are never easy to handle, they don't have to be so hard. Often they can be preventing by better selection in employee recruitment, establishing clear expectations, regular feedback, coaching and development, and using a progressive discipline process. "Yes, you'll still need to confront poor performance, but when you do, it shouldn't be a surprise and it'll be the right thing to do," he writes

Having to dismiss or lay off an employee
No matter how assiduous you are in performance management, there will still be gut-wrenching moments when you must fire or lay off someone. The fact it's not easy is fine; nobody should be too comfortable with this responsibility.
A tough hiring decision
Choosing between the final candidates when hiring can be agonizing, because if you pick the wrong one, your organization will suffer and you may face some of the other bad moments on this sleepless-nights list. "Use a good selection process - do not wing it (most managers actually do)," Mr. McCarthy notes.
Guilt from doing something unethical or wrong
Before making decisions, he suggests you consider how comfortable you would be reading about it on page one of the newspaper (rather than scheming about what your chances are of being caught). However, if you screw up - and he notes we all do -come clean, and own up to it.
Boss confrontations
Most people don't like to be told they're wrong, so if that's your goal in a confrontation, it won't be a productive conversation. Try putting yourself in your manager's shoes and offer an alternative that will help that person meet his or her objectives.
Team-member conflicts
As with being a parent, bosses must adjudicate disputes. However, a lot of team-member conflicts can be avoided by searching in hiring people who excel at teamwork and collaboration. Make sure you don't create conflict by ignoring the fact a star performer has become a prima donna, and is irritating everyone else.
Peer confrontations
When the stakes are high, you must confront peers on issues and behaviour. If you find this awkward, he recommends the book Crucial Confrontations by Kerry Patterson, Joseph Grenny, Ron McMillan and Al Switzler.
Doing something new
It's always difficult to leave our comfort zone and feel less than competent - or even incompetent - again. "If you never do anything new and different, you're not developing. The most impactful way to develop as a leader is new jobs and challenging assignments," Mr. McCarthy writes.
Losing a star performer
It can be excruciating when a star performer walks into your office, closes the door, and announces he or she is leaving. Avoid those sleepless nights by making sure those folks are paid properly, are challenged, are supported, are learning, and know how much you appreciate their fine work.
Burnout
Take care of your health. Maintain perspective about what is truly important in life. Make sure you are doing something you enjoy.