Richard

There’s no denying that long-term, buy-and-hold investing can produce remarkable results. Berkshire Hathaway is the best example of that. I’m a day trader and find value in long-term investing. Because it’s enough for me to focus just on day trading, I have an investment advisor who manages the long-term portion of my portfolio.

The contrast between what he does and what I do could hardly be greater: My average hold time for a stock is five minutes, and sometimes, I’ll be in a stock for mere seconds. With those hold times, it doesn’t take long to find out if my investment strategy was right, wrong or dead wrong.

It’s not an exaggeration to say that day trading can be like compressing a lifetime of investing into a year. I’ve made over 20,000 trades so far and plan to keep trading for many more years.

Two common phases day traders go through

The first phase is beginner’s luck. I actually think it’s a thing with day trading, and I experienced it myself. In my first year of trading, I made about $30,000. Was I pumped! Yes, it was work, but it sure beat pumping gas, which I had done a few years back, or working for a bad-tempered boss, which I also knew about.

Over the years, I’ve heard enough similar stories from other traders to believe beginner’s luck is quite common. However, a hard reality always waits in the wings for those happy beginners, and it even has a name: regression to the mean.

After my second year of trading, I gave back those early gains and was now at breakeven. But in my third year of studying and hard work at trading — I wish I could say I turned the corner, but I didn’t. I lost a lot of money and was down to my last chance before having to get a “real” job.

Some people can look back at turning points and identify a mentor who said the right thing or a chance encounter that made a difference. In my case, keeping a journal of all my trades saved my day trading career. I recorded not only the trades but also my strategy at the moment I took the trades. In scouring that journal, I discerned a trading pattern that resulted in losing transactions and a different set of characteristics for my winning trades. With this knowledge, I turned my ship around.

This leads me to the second common phase, “investing friction.” Sometimes, when day traders experience a hard loss, they fear taking more risks. They mentally box themselves in, and it becomes more difficult to regain their trading confidence. It can be the beginning of a downward spiral.

But here’s the really interesting thing: The same phenomenon sometimes happens with wins. After an especially memorable win, traders will pull back and make progressively smaller trades.

Back to my trading journal: There are about 250 trading days in a year. I’ve found that my top 10 trading days usually account for over 20% of my entire year’s profit. On those golden days, am I just throwing caution to the wind? No, and this is where the flying analogy comes in.

Related: How Cognitive Biases Can Impact Your Trading and Investment Decisions — and How to Reduce Their Effects

Trusting your instruments

When you learn to fly, you only practice on days with good weather. You’re operating under what’s known as “Visual Flight Rules.” But if you stick with it, you’ll learn “Instrument Flight Rules.” When you’re cleared to fly with those rules, the good news is you can fly in all kinds of weather. The bad news is you must ignore your gut and learn to trust your instruments, or you’ll go into the ground.

The same is true with day trading. Successful day traders are not gamblers or cowboys but more like experienced pilots. They do a profit-and-loss calculation before ever taking a trade. They will see a recognizable pattern in the behavior of the stock price, including other factors like trading volume, news about the company, and so on. If it adds up, they take the trade.

The next part is where successful traders earn money: They stick with the parameters they set up. That means if the stock goes up, they have a process for taking some profits off the table while letting the stock continue to rise. But if the stock begins to go down, they don’t let it ride “a little longer,” hoping it will turn around. Instead, they sell without hesitation and cap the loss.

Either way, they trusted their instruments and would live to trade another day.

Related: Day Trading: How To Get Started

Don’t get me wrong: Even after 20,000 trades, I can control my emotions and trade according to my instruments. It never gets “easy” because I can always follow my parameters. Sometimes, emotions will get the better of me, and I’ll think: What just happened? Then, my journal review will reveal that on that day, my emotions got the best of me for that trade. It’s then up to me to become more disciplined in the heat of the moment, so I apply what I learned from that last trade.

There’s no way to turn day trading into a sure-fire system for profit-making. You can improve your chances of doing well in this most unforgiving of environments. You achieve that by doing three things:

1. Record what you were thinking at the time and how it worked out;
2. Analyze that transaction and how you might adjust your parameters in the future; and
3. Have the discipline to stick to those course corrections on the next day.

There is no guarantee of profits, but it’s the only way I’ve found to stay in this profession for the long term.

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Related: Apple Is No Longer the Top Phonemaker in the World as AI Pressure and Competition Intensifies

Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

Related: Samsung’s Newest Galaxy Gadget Aims ‘To See How Productive You Can Be’

Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

Consider the most impactful leaders you’ve encountered. What about them made you eager to trust and follow their lead? Perhaps they possessed a subtle yet unmistakable “presence” — a magnetic aura that commanded respect and instilled confidence.

This intangible quality, often referred to as “executive presence,” is a potent force in leadership. This article delves into the essence of executive presence, its significance in today’s competitive landscape, and actionable steps to cultivate it. Join me as we explore the vital components distinguishing ordinary leaders from those who inspire, influence and leave a lasting impression.

What is executive presence?

Executive presence is the projection of authority and credibility, and your signature presence defines your personal and professional brand. It encompasses the unique blend of demeanor, communication style and demeanor that distinguishes you as a leader.

Individuals with executive presence maintain a detectable, but undefinable, attitude about themselves. Although others might not be able to put their finger on why they want to follow these leaders, they will be more inclined to trust them.

David Roberts, CEO of Verra Mobility, recently defined executive presence as “the total combined manner by which an executive “shows up” for the job of leadership. It’s that unique combination of skills, style, actions and reactions in service to the goal of leading your employees forward and driving organizational results.”

The strength of your executive presence can also be gauged by how others perceive and respond to you in professional settings. It influences how you are perceived by colleagues, stakeholders, and industry peers, ultimately shaping your career trajectory and your leadership’s impact.

How to develop executive presence

Executive presence isn’t a skill you’re necessarily born with. Fortunately, that means anybody can develop this skill!

It is crucial to remember that developing executive presence is both an inner and outer game. If you are a poor leader internally, you will be a poor leader externally. Executive presence involves cultivating the skills of a leader and projecting them strategically and consistently.

Related: How to Develop an Executive Presence and Earn Respect

Developing inner executive presence

Before we discuss the external features of executive presence, we must address the “inner game” of executive presence.

This inner game of executive presence refers to self-awareness, or a profound understanding of one’s values, emotions, and behaviors. This self-awareness forms the bedrock of emotional intelligence, enabling active listening, emotional agility, and controlled emotional reactivity. It’s this internal alignment that radiates confidence, calmness, and composure in professional interactions.

Recognizing that internal character incongruencies can inadvertently surface in external nonverbal communication, decisions, and actions is crucial. The stories of Adam Neumann of WeWork, Trevor Milton of Nikola, Elizabeth Holmes of Theranos and Rajat Gupta of McKinsey & Company serve as cautionary examples. While they initially exhibited high executive presence, their lack of ethics and integrity ultimately eroded their credibility.

The great news is we can always improve our internal selves and therefore benefit others through our external presence and actions. For instance, if you identify difficulty in managing stress, seeking coaching or therapy can foster healthier internal coping mechanisms that will reflect positively in your external demeanor and decision-making.

Related: How to Develop Self-Awareness and Become a More Effective Leader

Now that we’ve explored the foundational aspects of building an internal executive presence, let’s shift our focus to developing the following external attributes that will amplify your leadership impact and project a compelling executive presence.

1. Positive body language

Effective communication begins with active listening and thoughtful responses. Letting others speak first, actively listening, and then speaking clearly and concisely demonstrates respect and authority. Thoughtful gestures such as nodding affirmatively and maintaining open body posture convey engagement and confidence.

Related: 4 Body Language Mistakes You Didn’t Realize You’re Making at Work — And How to Fix Them

2. Appearance

The significance of appearance in leadership dates back to ancient civilizations, wherein attire signified status and authority. Research consistently shows that a well-groomed appearance commands respect and fosters positive impressions. Pay attention to grooming, attire, and personal presentation to align with professional standards and enhance your executive presence.

Related: Five Tips to Optimize Your Appearance for Business Success

3. Confidence

Confidence is a learnable trait that emanates from within and is reflected in external demeanor. It’s not just about physical posture — true confidence is about controlling your environment and projecting assurance through gestures, voice tone, and spatial presence. Walk purposefully, maintain eye contact, and use deliberate gestures to convey confidence and credibility.

4. Intonation and cadence

The tone and cadence of your voice convey confidence and command attention. Speak with clarity, emphasizing key points with controlled intonation. Practice modulating your voice to convey authority and conviction while also maintaining a calm and composed demeanor.

5. Trust through consistency

Consistency is essential for building trust and credibility. Ensure your actions and behaviors align with your core values and leadership principles. Consistent leadership fosters trust among colleagues and stakeholders, enhancing your executive presence and influence.

Remember, executive presence is not merely a set of skills — it’s a holistic approach to leadership that integrates authenticity, confidence and professionalism in all aspects of your professional journey. By honing these external attributes while nurturing your internal self-awareness and integrity, you can cultivate a compelling executive presence that inspires trust, drives results, and leaves a lasting impact on those around you.

Productivity means doing things smartly and efficiently. When you’re productive, you’re not just busy—you’re doing things that really matter. First, think about what you want to achieve. Then, make a plan to reach those goals. Being productive means using your time and resources wisely. So, stay focused, plan well, and avoid busy work to maximize your efforts.

Identifying busy work

Busy work is when you spend time and energy on tasks that don’t help you achieve your goals. Sometimes, we do helpful things but don’t make real progress.

Examples of busy work include talking about things that don’t matter, spending too much time on emails, or going to meetings that aren’t important. It’s like spinning your wheels – lots of action but not going anywhere. Instead, focus on activities that actually move you closer to your goals. That’s true productivity, not just being busy.

Using a time clock can help you keep track of how much time you spend on tasks. This can help you work faster and more efficiently.

Emails can be distracting. But you can avoid interruptions by setting specific times to check them. This way, you can focus better on important tasks instead of getting caught up in busy work. So, next time you’re working on something, try using a time clock and setting email-checking times. It could really help you be more productive.

Related: This Bad Work Habit Is Stealing a Shocking 72 Days of Your Time Per Year

Workplace productivity statistics

Did you know that the average worker is only productive for about 60% of their workday? That means a lot of time might be spent not getting much done. It’s even less for office workers – only around two and a half hours of real productivity each day.

When teams are engaged and work well together, amazing things can happen. Highly engaged teams have fewer problems, such as internal theft, absenteeism, and job turnover.

Surprisingly, social media can cost businesses a lot of money. Employees spending time on Facebook and other sites wastes billions of dollars annually. And those long, unproductive meetings? They’re taking up billions of hours, too.

Nowadays, it’s not just about being busy – it’s about having the right talent. Talented and right employees can change how much work gets done. In fact, they can be up to 400% more productive than average workers. The best ones can even complete difficult tasks super efficiently, sometimes reaching productivity levels that are eight times higher than normal.

Related: Wasted Employee Time Adds Up: Here’s How to Fix It

Key elements of productivity

Did you know that employees can be twice as productive when they are engaged in their work? When people feel connected to what they’re doing, they tend to work harder and get more done.

But there’s something else that can affect how productive people are: sleep. If you’re not getting enough sleep, it can make you less efficient at work. In fact, sleep deprivation costs businesses a lot of money – $63 billion every year. And it’s not just a few people – one-third of workers in the US aren’t getting the sleep they need.

Another thing that can distract people at work is the internet. When employees spend time online doing things like watching sports or shopping, their productivity can be cut in half. It’s important to stay focused on work tasks to get things done efficiently.

Turning busy work into productivity

To make sure your team is using their time wisely, it’s important to plan ahead and delegate tasks properly. Start by figuring out what needs to be done first, and then guide your team to focus on those tasks. This will help them stay on track and motivated.

If you notice your team spending too much time on the same things over and over, try finding ways to make those tasks easier. You could use software or tools to automate them or group similar tasks together to get them done more efficiently.

It’s also a good idea to break up the workday into smaller chunks and take breaks in between. This can help prevent burnout and keep your productivity levels high. Also, keeping the office tidy and organized can help reduce distractions and keep your team focused.

Besides, you can use tools like time clocks, to-do lists, and project management software. These can help your team stay organized and on top of their tasks. With the right planning and tools, busy work can become productive work in no time.

If you delegate tasks based on expertise, you’ll find less time wasted on busy work. Follow up by regularly evaluating workflow. Keep your team informed about fresh methods and tools; thus, you can support them in working more intelligently rather than just harder. Identify what needs improvement and be willing to make changes.

Related: 12 Factors That Are Fueling Your Workplace Mental Exhaustion

Tools to stimulate productivity

If you’ve ever used a legacy digital calendar to become better with time and more organized, you probably felt you were spending too much time entering and revising data. The latest digital calendars are equipped with AI-enabled solutions that memorize your schedule and take over booking, organizing, and updating events and meetings on your calendar. They also sync across devices and tools, enabling a more efficient and productive work process.

Cluttered inboxes are one of the most significant productivity roadblocks employees encounter. The best email management tools can categorize similar emails and give employees a variety of tools to manage them easily, quickly, and efficiently. They can block senders, delete multiple emails at once, or unsubscribe from emails automatically.

Final Verdicts

By organizing tasks, setting clear goals, and using helpful tools, you can turn busy work into productive work. You should plan well, divide tasks wisely, and stay motivated to succeed. With your effort and the right methods, productivity can increase, distractions can decrease, and work can be more efficient for everyone.

^{This article originally appeared on Business Insider.}

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

Franchising is a well-known pathway to entrepreneurial success, offering individuals the opportunity to build their own businesses under the umbrella of an established brand. It provides the perfect blend of independence and support, making it an appealing option for various demographics.

The allure of franchising captivates many business-minded individuals. However, there are five groups who — based on their previous work experiences, lifestyle desires and demographics — are particularly well-suited for franchising.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

Corporate ex-pats

Having dedicated years to climbing the corporate ladder, long-term corporate professionals may find themselves at a crossroads due to layoffs, restructuring, or simply a desire for greater professional autonomy. Fueled by a hunger for new challenges and independence, they’re ideal for franchise ownership.

To attract this group to your brand, emphasize the opportunity for independence within a supportive network. Highlight the autonomy they’ll enjoy as franchise owners, coupled with the reassurance of having a franchisor who is invested in their success. By positioning franchising as the next logical step in their professional journey, you can successfully recruit corporate expats as valuable partners in your franchise network.

Related: Find Out Which Brands Have Ranked on the Franchise 500 for Longest, Earning a Spot In our New ‘Hall of Fame’

Retirees and families

At the heart of multigenerational franchise ownership lies a profound sense of unity and purpose, and one of the defining characteristics of these potential franchisees is their dedication to teamwork and collaboration. Raised in environments that prioritize family values and mutual support, retirees and families excel in fostering open communication, resolving conflicts constructively and leveraging each other’s strengths to overcome challenges. This inherent ability to work harmoniously is instrumental in effective franchise management, ensuring the smooth operation and long-term viability of the business.

For this group, franchising represents more than just a business opportunity — it’s a chance to build a lasting legacy that transcends generations. For example, Kiddie Academy®, where I serve as chief development officer, is a family-owned franchisor with three generations that have been involved in the business since its inception. True to the company’s origins, we also have many family-owned and multi-generational franchisees who are creating their own legacies through business. By positioning your brand as a legacy opportunity, you appeal to this group’s desire to leave a meaningful impact on their family’s future.

Related: This Franchise Leader Just Became the Newest Investor on Dragons’ Den, the Canadian Shark Tank

American Dream-seekers

The term “American Dream” evokes images of opportunity, prosperity and the pursuit of a better life–a dream that resonates deeply with entrepreneurial spirits and individuals with limited networks seeking to make their mark.

These individuals, regardless of background or obstacles in traditional business, are all driven by a shared ambition: to carve out their own success. Franchising provides them with a proven business model, established brand recognition and ongoing support, mitigating many of the risks associated with entrepreneurship.

To attract this entrepreneur, highlight the accessibility and scalability of your franchise opportunity, emphasizing the potential for financial prosperity and personal fulfillment. Showcase how franchising offers a viable path to business ownership for individuals from diverse backgrounds and circumstances. Make sure to illustrate real-life success stories of franchisees who have achieved their entrepreneurial dreams within your system. Underscore the inclusivity and supportiveness of your franchise community, fostering a welcoming environment where all aspiring entrepreneurs can thrive and succeed.

Related: This Entrepreneur Is on a Mission to Eradicate Generational Poverty in the Black Community — And She’s Using Franchising to Do It

Athletes and military veterans

Retirement from the high-pressure arenas of professional sports or the structured environments of the military can leave individuals facing a profound transition — and plenty of uncertainty about what comes next.

For post-career athletes and military veterans, a career transition represents more than just a change in occupation: it’s a quest for a new sense of purpose and direction. These individuals are no strangers to discipline, teamwork and leadership. With a strong work ethic and unwavering commitment to excellence, they’re primed to excel in the world of franchising.

Showcase your brand’s values of integrity and community involvement to resonate with these individuals, offering them a meaningful second career path where they can continue to make a positive impact. Additionally, highlight the parallels between their previous career and the franchise environment, emphasizing that their skills are not just assets but invaluable resources for success in their franchise ownership.

Most importantly for these individuals, emphasize the support and camaraderie offered within your franchise network, as this is likely a crucial aspect in their search for their next career.

Related: How Immigrating from Argentina to the Bronx Prepared Her for Life as a Franchisee

Fledgling entrepreneurs

Young entrepreneurs entering the business world seek opportunities that align with their ambitions and financial constraints. Low-investment franchise concepts appeal to this demographic, providing a stepping stone to larger ventures as they build their portfolios.

Early-career entrepreneurs bring fresh perspectives, adaptability and a hunger for success. They approach challenges with creativity, innovation and a willingness to take calculated risks. This agility and inclination to change make them ideal candidates for franchise ownership.

To attract these individuals to your franchise, position your brand as a launchpad for their entrepreneurial journey. Emphasize the flexibility and scalability of your franchise system, highlighting its potential to grow and evolve alongside its ambitions. Additionally, showcase the mentorship opportunities available within your franchise system, providing them with access to seasoned professionals who can offer guidance, support and invaluable insights gleaned from years of industry experience.

While many can succeed as a franchise owner with the right support and determination, certain demographics are particularly well-suited to thrive in this environment. By understanding the unique needs and motivations of these groups and tailoring your recruitment efforts accordingly, you can attract exceptional franchisees who will contribute to the growth and success of your brand.

As business operations shift, executives and entrepreneurs are increasingly turning to an on-demand workforce that is simultaneously empowered by technology and drawn to purpose-driven projects.

Consider Upwork, whose 2020 Future of Workforce Pulse Report revealed that nearly 80% of hiring managers engaging freelancers feel confident about doing so. These hires provide coveted expertise — on a project-to-project basis — that entrepreneurs need to scale their operations without incurring long-term overhead costs.

This new market paradigm also promotes dynamism, with 79% of businesses agreeing that freelance talent enables greater innovativeness. Perhaps most telling, 84% of hiring managers utilizing it feel more assured about adapting to future disruption, compared to just 69% of those relying solely on full-time staff.

By capitalizing on freelance marketplaces, entrepreneurs can amplify employer branding, augment capabilities and future-proof organizations, even amid turbulence. As nearly 60% of hiring managers plan to increase engagement with freelancers over the next two years, the time is now for executives to realize their inherent potential.

Related: Navigating the Great Reshuffle: Why Your Employer Brand is Key in Recruiting Talent

The job market continues to shift

After a season of massive hiring, we’re back to seeing layoffs and downsizing. Companies are feeling the bloat—from unused office spaces with rising rent to oversized employee structures — and are shifting focus to hiring only the most essential positions. This leaves a critical talent gap needed for complex projects and specialized tasks. Highly skilled and specialized independents can fill this void.

A few key benefits to engaging them:

• Access to niche experts: Platforms like Toptal and Guru provide access to elite professionals from leading Fortune 500 companies and innovative startups. Whether the need is for a machine learning specialist, growth strategist or financial modeler, entrepreneurs can now curate on-demand teams that boast specialized skillsets, enabling them to focus investment on projects with the highest strategic value.

• Enhanced agility: Leading corporations increasingly “rent” skills by tapping freelance experts for initiatives involving new technologies or while entering unfamiliar markets. With niche contributors available to plug knowledge gaps, owners can explore ideas that once seemed unrealistic due to internal constraints—unlocking inventiveness and first-mover advantage.

• Stronger employment brand: Blending full-time employees with project-based freelancers signals a commitment to modernization and work-life balance. Offering both engaging work and flexibility will help draw exceptional candidates and help you compete with corporate giants for top-tier talent.

Related: Can Retirees Thrive in the Gig Economy? Navigating a Changed Workforce

Tips for capitalizing on gig talent

Having explored the forces reshaping work, executives may wonder how to effectively leverage freelance platforms. After all, how can you know you’re getting your money’s worth if a hire isn’t physically present full-time?

• Define projects clearly: Contract hires thrive when expectations and deadlines are established upfront. So, clearly, detail needs around deliverables, success metrics, required skills and projected time investments. Staying ahead when it comes to communication and expectations will help avoid headaches, including delays.

• Build loyalty with talent: The best independent professionals have options regarding the projects they accept. Study their profiles to discern passions and incentives. Offer interesting work, flexibility and strong communication to motivate interest and improve results.

• Manage collaboration: Provide steady context, feedback and guidance at each project stage, but also foster autonomy, even while directing efforts toward strategic goals. A dynamic balance of these qualities drives optimal outcomes.

• Continue expanding your talent pool: Add proven freelancers to an internal database for repeat engagements, and notify talent about new initiatives for which their expertise would provide an edge. Uncovering additional ways, freelancers can enhance the business deepens the relationship.

Related: Fill Your Talent Gap by Sourcing Candidates From the Veteran Community

Top platforms for connecting with talent

Now comes the hard part: finding contractors who bring fractional expertise sets. There are a growing number of platforms, of course, but I’ve found that the following stand out as leaders:

Fiverr: Ideal for execs seeking design, digital marketing, writing, video and admin support. Known for affordability and ease of posting jobs. It taps a global talent pool, too.

Upwork: A flexible platform that spans more than 150 skills. Used by everyone from small businesses to global enterprises. Strong at IT, development, design, finance and consulting.

Toptal: Focuses exclusively on the top 3% of talent. Best for expert software developers, designers, project managers and finance experts. All contributors are extensively vetted.

Contra: A growing independent platform that vets and connects both job candidates and hiring companies. Best of all, it doesn’t take a commission from projects.

Related: 3 Strategies to Optimize Your Hiring Process and Find the Best Employees

The numbers speak for themselves: businesses engaging freelance professionals report greater confidence and competitiveness, as well as the ability to withstand turbulence, yet legacy beliefs can still cause hesitancy among those keen to hire. Supported by such specialized collaborators, companies can explore new horizons unencumbered by a one-time narrow view of staffing models.

I went through several tough years in my business. During that time, problems came one after another. Just when I felt like I had things under control and things were turning around, another challenge arose. In my coaching with entrepreneurs, this is a common experience. Being in business is challenging. There are hard times, and sometimes these go on for a long time. How do you know when it is time to quit? How do you know when to persist?

Nine out of ten entrepreneurs are burning out, based on the research we’ve been conducting using the Better Business, Better Life Assessment over the last four years. Burnout is insidious. It comes on slowly as we tell ourselves, “I can muddle through.” When we muddle through for an extended period, our capacity for resilience diminishes, and symptoms of burnout increase. One of the more severe symptoms of burnout is a loss of hope for a promising future. It’s often at this point that we want to throw in the towel.

Related: How to Spot Entrepreneurial Burnout (Before It’s Too Late)

When you feel that way, assessing what is truly going on with the business is vital. Avoid making any rash decisions when you are in the middle of a crisis. Give yourself thirty days to assess the situation and explore your options.

The Better Business, Better Life Assessment is a crucial tool in your journey to combat burnout and help you assess your business’s health. It’s the only assessment designed by a business psychologist that evaluates entrepreneurial burnout about the health of your business systems. Our findings show that burnout symptoms escalate in businesses with system gaps. Entrepreneurs who are not burning out have nearly double the number of systems in place compared to those who experience burnout. By taking this assessment, you’ll receive valuable feedback on the systems that need improvement in your business, leading to a higher quality of life.

In my coaching with entrepreneurs, I notice that allowing vulnerabilities to exist in our business for too long can be easy. We are aware of problems, but we avoid addressing them. Allowing multiple vulnerabilities to exist in the business for an extended period makes us particularly vulnerable to problems stacking up quickly in a short period. For example, keeping a toxic team member because your busy season is coming up could lead to that person quitting when you need them the most.

Cash flow is a struggle that, when it persists for an extended period, can make us vulnerable to burnout as we make survival-trap decisions that can worsen our situation. Multiple issues could be at play when cash flow is a struggle. Dig deeper instead of assuming that increasing sales is the solution to your cash flow challenge.

Related: 7 Tips To Avoiding Burnout As an Entrepreneur

If your revenue has been increasing, and cash flow is a challenge, it’s likely that expenses are outpacing revenue. This happens frequently in growing businesses, particularly as you add team members to meet increased demand. In this situation, you will want to look at ways to improve business efficiency and reduce payroll costs. What expenses can be cut? What activities are team members doing that can be automated? Do you have underperforming team members? If so, let them go.

If sales stagnate or slow down, you are likely not serving your sweet spot. Your offering may not appeal to your top clients. Identifying your top clients and interviewing them to better understand their needs will help you align your offering to better serve their needs and give you insight into how to adjust your marketing messaging to attract more business from clients like your top clients.

Often, the people challenges can make us want to throw in the towel. Dealing with difficult or demanding customers takes a toll on us and our team. Dealing with underperforming team members who are not coachable can make us question our leadership skills. Adding a system to help you consistently attract A-players to your team will help you reduce drama on your team. Similarly, putting a system in place to attract top-quality clients while creating filters to screen out poor-fit clients will reduce the PITA (“Pain in the Assets”) clients.

Related: Small Business Burnout: How to Learn the Signs and Avoid It

Seek out support. When I went through hard times, I worked with my coach. The objective perspective was invaluable — we all have blind spots. I also confided in other business owners and derived great support from the awareness that I was not the only one having this experience and hearing about their experiences. Often, I could formulate a more effective plan after receiving input from my coach and peers in similar situations.

I intentionally identified early signs of success to let me know my plan was working. I also focused on wins and successes each week, which helped me keep moving forward, even when there were setbacks. Due to the challenges we experienced, we strengthened several systems. Because of that, our cash flow is stronger than ever.

Deciding to let the business go is a viable option, particularly for entrepreneurs who have been experiencing severe burnout for an extended period of time. In this situation, it can be helpful to work with a coach to determine the best way to transition the business, what can be strengthened in the business over six to twelve months to increase its value, and what is not worth the effort.

Entrepreneurship demands a lot of us. Prioritizing our self-care and seeking support will help us make the best decisions during tough times.

The silver tsunami, or the expected increase of homes on the market as baby boomers downsize, could be slowed by golden handcuffs.

The New York Times reported on Monday that by the end of last year, there was more than a 3% gap between rates on new home loans and the average fixed rate on existing mortgages.

About 70% of homeowners had mortgage rates of around 4%, according to The Times, which is significantly lower than the current market rate of about 7%.

Related: A ‘Silver Tsunami’ Is About to Upend the Housing Market, Says Analyst Who Accurately Predicted the 2008 Financial Crisis

The gap between the current rate and the average incentivizes homeowners to hold on to their properties, locking them in with “golden handcuffs” or a financial reason to stay.

The effect is noticeable: The Federal Housing Finance Agency found that the mortgage rate lock-in stopped 1.33 million home sales from happening from mid-2022 to the end of 2023, reducing home sales by 57%. The shortage of supply, combined with population growth outpacing construction, has led to a 7.2 million home shortage, per Realtor estimates.

Boomers, who were expected to start downsizing their living spaces as early as this year and flood the housing market with homes in a silver tsunami, are instead holding onto their larger residences.

“We just don’t want to pay that much in interest,” finance professor Bob Wood, 66, told CNBC. Wood and his wife are in the 10th year of a 3.125% 15-year fixed mortgage on their 5,000-square-foot Alabama home.

Another couple, both over 70 years of age and empty nesters, told CNN Business that they’re “staying put” in their 3,000 square-foot, 5-bedroom California home.

Related: Barbara Corcoran Says ‘Now Is the Best Time’ to Buy as Home Prices Will Soon Go ‘Through the Roof

A Realtor survey from last year showed that 82% of homeowners who wanted to sell their existing home and buy a new one felt locked into keeping their homes because of the difference in mortgage rates. More than half said they were waiting for rates to come down before selling.

“One positive aspect that came out of the pandemic was historically low mortgage rates – and many people took advantage of this opportunity to buy their first home, upgrade to a more expensive home, or refinance the home they were in,” said Realtor Chief Economist Danielle Hale in the report. “Unfortunately, this comes with a bit of a catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”

The locked-in homeowners were also less willing to relocate for work, with Bloomberg highlighting last week that manager recruits based in the Midwest were turning down jobs in the South with salaries of $250,000, in part to hold on to their low-interest mortgages.

Related: Barbara Corcoran Sounds Off on NAR Settlement: ‘It’s a Scary Time for Real Estate Agents’

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