“Small Business” Does Not Mean “Disadvantaged”. Here’s Why.

by Lewis Robinson

Every small business should be focused on the future, and that means building innovation into internal processes. To remain competitive against big corporations and an endless stream of internet startups, companies looking for growth must produce new products and services to engage new markets. And not just occasionally, but frequently.

Innovate for Progress.

Production, shipping, time to market, and other functions must improve to keep pace with technology and evolving consumer demands. Managers and employees are depending on innovation for direction.

Managing innovation can be seen as a type of forecasting. Being the first with a new idea or new methodology helps to create a unique niche. In today’s digital world, good ideas can take the world by storm even for the smallest company.

Traditional management is learning to work by new rules. Centralized command and controlled processes are being phased out in favor of flexibility. New ideation principles are more than coming up with new products or services in brainstorming sessions. It requires inventing and motivating a whole new culture based on constant evolution.

Leverage Technology.

One of the ways this can be achieved is through immersion in developing technologies, particularly the internet. Nearly 87 percent of the US population spend time online. The online economy is really a global economy. This global network has eliminated geographic barriers and dramatically reduced timeframes.

SMS, video conferencing, and file sharing on the cloud can keep different locations or traveling sales and management in sync in essentially real time. Blogs, social media, and surveys let companies compile an endless stream of customer feedback. Connected smart devices, or the Internet of Things (IoT), is automatically compiling data. Companies have a treasure trove of information and tools that weren’t there just 5 years ago, and will only expand 5 years from now.

A Digital Model.

A shift of priorities is under way so that businesses can keep pace with a digital world that is always requiring more – more bandwidth, memory, channels, options, customization, and faster services. Consumers are communicating with reviews and shares that companies must keep track of.

Contact lists, customer data, and the number of mobile employees continue to increase. Given all the useful apps, and the capacity to designing and creating company-specific ones, no business can get by without tablets and smartphones. Virtual meetings are the norm. Emails collect too fast to keep up with.

Connect with Assets.

The internet with its near real-time data transfer rates allows companies to connect every day with more consumers, partners, and vendors. Businesses of any size can connect with consultants or supply chains from around the country or around the world. Cloud-based services provide better services like virtual bookkeeping that put smaller businesses on par with large ones. Online learning and virtual reality have revolutionized the training programs of many organizations. The variety of new cloud services that are presented continue to amaze. Innovation in one form of another is a constant element of business.

Innovation will also be important element of doing business in the foreseeable future. Managing expectations and delivery is crucial to sustaining growth. Businesses that stagnate are quickly overlooked and forgotten.

Data Driven.

Staying on top or ahead of innovation is partly luck, but also based in science. The total amount of data captured by industry doubles every 14 months. The era of big data analytics gives small businesses the opportunity to discover the patterns that their unique operation can leverage. It requires both statistical analysis and examination of data like social reach that’s not easy to quantify. Modern analytics is meant to expose insights that human analysts would overlook.

Innovation requires businesses to rethink how their resources can be used. Adapting and even thriving on disruption should be at the core of every small business model. Traditional models are not sustainable; success today is about managing innovation.

 

Lewis Robinson is a business consultant specializing in social media marketing, CRM, and sales.  He’s begun multiple corporations and currently freelances as a writer and business consultant.

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4 Creative Ways To Upcycle Pallets

Pallets are an effective way of transporting goods, like food and heavy objects. They are an integral part of the supply chain, giving customers peace of mind as they are able to track their orders. However, pallets can be used for more than transportation. There is the potential for creativity, as pallets can be upcycled and used for DIY projects. This has the advantage of being environmentally sustainable because standard pallets are made from wood.

Here are four creative ways to upcycle pallets:

Wine Rack.

Building a wine rack out of a pallet is easy, and can be made in an hour and a half depending on the tools. Start by using a hand saw to cut into the indent of the pallet where forklifts go. The height of the wine rack will be around 16-17 tall depending on where you cut it. Cut two boards from the centre of the pallet to use for the bottom of the rack.

Next, you’ll need three smaller pieces to separate the boards that hold the wine together. You can get these by cutting up the larger section of pallet that the boards are nailed to. Drill holes into the board for the glasses, screw the boards together and hang the rack up to admire.

Storage Chest.

A great addition to any room, a storage chest can be made by using two pallets. Deconstruct the pallets using a crowbar and create the frame and side panels. Screw the panels to the frame and attach thinner pieces of wood on top to create the edges. Use plywood for the bottom of the trunk and use nails to hold it down. Add the lid on top and you have a chest that’s ready to store all your valuables.

Coffee Table.

To make a coffee table for your living room, start by breaking the pallet into individual boards. Use a circular saw to cut a section of plywood down to the size you want the coffee table to be. Attach three pallet boards to the plywood tabletop with a drill and screw. After nailing down the boards, drill holes for the legs and then attach them. Flip the table over and sand away any rough edges.

Flower bed.

To get your pallet ready for the garden, start by placing it on a tabletop and lay down landscape fabric to cover the back and bottom. Secure it with nails by adding a strip of thin plywood. Turn the pallet over and fill it with good quality soil. Then, tilt it vertically so the soil can settle and then add the plants. Once all the plants are in position, mount the pallet between the two brackets secured to the house.

Using pallets for DIY projects is a great way to flex your creative muscles. You can get all the material you need from a reliable pallet courier who’ll deliver pallets directly to your doorstep. Once you start creating, the sky is truly the limit.

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5 Reasons Investors Should Keep Their Eyes On Omaha, Nebraska

by Mark Hasebroock, Founder and Managing Partner, Dundee Venture Capital

Here’s a word association game: what do you think of when you hear “Omaha, Nebraska”?

If you answered “cornfields” or “Warren Buffet,” you’re probably in good company. But not for long.

Omaha is rising in prominence among entrepreneurs and investors, making a name for itself in a more broad and diverse range of industries than in previous years. With more startups choosing Omaha as a homebase and an increasing number of success stories, the city is quickly becoming a midwestern hub for growth.

That momentum is likely to continue, with several of the city’s characteristics contributing to an environment that is uniquely ripe for growth:

1. Cash-rich investors with an increasing appetite for risk.

Warren Buffett is known to avoid embracing new technologies ever since his famous remark during the dot-com bubble of the 1990s that he doesn’t invest in technology because he doesn’t understand it. Buffett aside, though, Omaha has no shortage of cash-rich investors that are more eager to take well-informed risks on the startup tech sector.

The earliest Berkshire Hathaway investors living in Omaha are now at an age where they’re passing their fortunes down to their middle-aged children, who are in an excellent position to turn around and put that money into promising local startups. And the staggering fortunes in Omaha aren’t just related to Berkshire Hathaway. From Fortune 500 construction company Kiewit to Omaha Steaks to First National of Omaha to Oriental Trading, big-name businesses have put plenty of capital in the hands of Omaha residents.

Admittedly, many Omaha investors are still wary of early stage investments. Conservative agrarian roots mean that sometimes, even the most well-off Omahans sometimes prefer to choose “sure bets.” But these startups will create a lot of value over the long term, launching successful companies in the process. As startups continue to prove themselves, continuing momentum and increasing profits are sure to sway most investors with time.

2. A collaborative, inclusive approach to startup development.

West Coast incubators are known for being competitive rather than collaborative. The difficult application processes to be accepted into a prestigious incubator fosters a kind of zero-sum attitude, where one startup’s loss is another’s gain. That competitive spirit never really goes away.

In Omaha, things work differently. Like the city itself, incubators are cooperative with a core understanding that this is hard, but it’s less hard if we all work together; a rising tide lifts all boats. Being less selective about entry requirements actually helps to build up an ecosystem that still requires accountability, but is much more open and supportive as a result.

That’s the approach we’re taking at The Startup Collaborative, where companies that are still bootstrapping can share space with companies that have already been validated by the market and are ready to raise capital. The model is extremely inclusive, founded on a university-like model where we recognize that everyone is at a different stage. Startups are surrounded by mentors and by other founders, and can get the resources they need to be successful.

3. A culture of hard work and persistence.

People from Omaha are proud to be from Omaha, and with good reason. The impact of the weather on a city’s entrepreneurial mentality may sound trivial, but the brutal midwestern winters in Omaha truly form a basis for a culture of strong wills and perseverance.

In a relatively small city where the entire population has to get through tough winters, the people become tough themselves. They develop a certain resilience and resourcefulness, and a willingness to put up with getting knocked around a bit before getting back on their feet. That’s a great mindset for an entrepreneur, as the companies that succeed in the long-term are usually the ones who are also willing to risk and to overcome failure in the short-term.

4. Relatively low costs.

Relative to U.S. coastal cities, the costs of operating a business out of the Midwest are extremely low, allowing for greater profit margins.  Additionally, the costs of starting a business in general have been enormously compressed in recent years. Building a website used to be a huge investment of time and money that can now be completed in less than a week at the cost of a few thousand dollars.

These developments make it much less risky, as ideas can be cheaply tested and then easily tweaked. In risk-averse Omaha, this ability to prove market relevance will be a huge boon to startups.

5. The excitement of a city on the rise.

The rising prominence of Omaha’s startup scene feels similar to the excited vibes coming out of Chicago five or ten years ago, when Chicago was on its way to becoming one of the premier destinations for venture capital. Chicago’s venture boom started with a few seed round investments, followed by series A investments that brought with them a wave of rapid growth and major exits: Grubhub, Groupon, and others. As entrepreneurs saw that it was possible to grow and sell a business there, momentum kept growing. Founders exited with millions of dollars, and were ready to reinvest in new startups in the city.

Holding up Chicago as an example has brought a sense of excitement to Omaha, a sense of possibility that the Midwest has something special to offer and that Omaha really is within reach of being next in line. J.B. Pritzker’s formation of the 1871 collaborative startup lab in Chicago is similar to what’s been happening here in Omaha. There really is a feeling that now is the time and that Omaha is the place, and that we’re in the middle of something big.

Area for Improvement: Sales Skills.

The remaining point for Omaha startups to improve on is cultivating sales skills. There are some really talented engineers and developers here, and often they just want to focus on building great solutions to frustrating problem. That’s fine, but at the end of the day they can’t expect that the market will just find them. Sales aren’t glamorous, and universities aren’t teaching sales techniques to their students. It’s a dying art, and it’s a talent gap that entrepreneurs will have to work to close.

While there is still some work to do, the foundations in Omaha are already here for a continued startup boom. The next decade should be an exciting one for Omaha founders and investors alike.

 

Serial entrepreneur Mark Hasebroock started his career at First National Bank in Omaha before becoming an early franchisee at Vic’s Popcorn and working 12 years as an investment banker at McCarthy & Company. He then cofounded GiftCertificates.com and Hayneedle Inc. raising over $150M in venture capital for the two from the likes of Sequoia Capital and Insight Venture Partners. Mark went on to found Dundee VC in 2010, in order to help entrepreneurs like himself find hands-on, knowledgeable capital providers that could help a startup grow from an idea through to an exit.

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The Profit Of Kindness – 7 Pathways To Return On Kindness (ROK)

by Jill Lublin, author of “The Profit of Kindness“

It was go time! I was invited to speak at a conference on an island near Vancouver, British Columbia. I emerged from the ferry, and greeted my driver. As I moved towards the car, my feet flew out from under me and everything went black.  I woke up in a hospital the next day. My brain was foggy, while bolts of pain radiated from fracturing both ankles.  Bedridden, and immobilized, my carefully laid-out plans collapsed and my income gone.

I called Mark LeBlanc, my coach.  I no longer had a business and I had to put our sessions on hold.

“I won’t hear of it,” Mark barked in response. “Will continue with no payment until you are back on your feet – literally.”

Mark’s unsolicited kindness and generosity overwhelmed me; his humanity pulled me out of my funk. He provided an example I knew I wanted to follow and have others feel about me: admirable, trustworthy, loyal, grounded, and well-rounded.

The Profit of Kindness.

The kindness currency that Mark paid me during my most challenging time has paid off for him tenfold through my referrals and book sales.  Implementing kindness as currency in my own business has help me flourish professionally and personally in ways I never dreamed possible.

Consider the Profit of Kindness as a new kind of payment plan, one to which you commit yourself and your business in order to build equity in yourself, others, your goods and/or services, and your future. It is a plan based on seven pathways – the 7 Return of Kindness (ROK) Pathways – that generates returns on building long-lasting relationships through open exchanges that result in mutually beneficial outcomes.

1. Connectivity.

Kindness contains the word kin. “Kin” means relationship between people, a connected group. In business, you can’t have kindness without connection, or connection without kindness.

The first rule for connectivity is quality over quantity. Sure, you can’t contact everyone, but you can maximize the short amount of time you have with people in very simple ways.  Rule number two is to always have a card on hand with testimonials on them. It is a great tool and a great connector by bringing your credibility directly to the prospect. Rule three is to know your request. People are busy. Whether at a trade show or a networking event, there’s no time to waste playing guessing games.

2. Gratitude.

To succeed in business, employees, customers, clients, and colleagues must feel appreciated, that their work means something to us, and their patronage and loyalty underline our success.

If you see someone struggling, offer to help them. We struggle with our own stresses and time crunches, so the act of generosity packs a lot of punch. Offer handwritten notes of recognition as your time spent finding and writing a card makes a lasting impression.

Be generous with your time, your gratitude, and your skills to instill a culture of kindness.

3. Patience.

Patience is what keeps a sturdy bridge between people; impatience sends connectivity and the bonds we most desire in life toppling down. Patience is the main ingredient of the potion, with essentials of optimism, humility, and forgiveness to get it bubbling.

4. Flexibility.

Flexibility is the key to life and to all healthy relationships. In fact, to be flexible is to be adaptable.

No one wants to be slaves to the grind. Using flexibility, we don’t have to be. The kind gesture of flexibility in thought, mindset and schedule shows that you and your business are of 21st-century ilk and your sights are steadily on the future.

5. Generosity.

In your business there are a multitude of opportunities to be generous toward customers, prospects, staff, and – don’t forget – yourself!

You possess the best commodity: time. Imagine your customers, peers, and vendors who see you as approach and available. Being generous with time when you think it matters will pay off.

For even the most mundane thing, be generous with thanking, compliments, and praising of everyone in your business. People notice that you take time out of your schedule to notice and acknowledge them.

6. Compassion.

Care and compassion cannot be faked. We as leaders must want to be authentic in connecting with people, and build it into our mission, business, and company culture. Consider revamping your company culture into a compassion culture. Practice forgiveness, offer constructive criticism, and give the benefit of the doubt.

7. Positivity.

In my bad times, being positive and saying to myself, Okay I’m going to keep doing what I’m doing and do it well, and having a great attitude, has made a difference in my life.

My secret to a state of positivity is breathing. Deep breathing transcends all kinds of negativity and combats reactivity in the moment. For me, I take four deep, long breaths. In the four breath-long pause, I stop for a moment before the moment stops me.

Positivity gives us the strength to look at the most dismal circumstances, and rather than pulling our heads into the sanctuary and darkness of our protective shells, we find solutions.

 

Jill Lublin is an international speaker on the topics of radical influence, publicity, networking, kindness and referrals.  Lublin is the author of “The Profit of Kindness: How to Influence Others, Establish Trust, and Build Lasting Business Relationships“.

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3 Essential Tips For Small To Mid-Sized Businesses To Manage Holiday Returns

by Spencer Moore, EVP of Sales at Speed Commerce

Peak season 2016 was one for the record books. Total e-commerce sales reached a whopping $91.7B, representing an 11 percent growth when compared to 2015.

The ease of online shopping has created a new breed of customers and an even deeper divide between shoppers and small to mid-sized merchants. Today, 30 percent of shoppers purchase with the intent of returning unwanted items – a fourth of those same customers refuse to order an item if they had to pay for the cost of returns.

Given the complexities and costs of fulfillment and returns, many small to mid-sized merchants have stopped offering online shopping options altogether. However, with the exploding popularity of e-commerce, merchants will suffer without the option for online sales, particularly during peak shopping seasons.

Small to mid-sized merchants cannot afford to drop out of the online shopping game altogether. Retailers can create a path toward a profitable e-commerce and returns process that caters to today’s consumer demands with the following considerations:

1. Hire and train your dream team.

Staffing is an important and often overlooked aspect of streamlining online sales and returns processes. If you’re hiring for peak season help, ensure that you get a jump start on training to field questions related to returns. The competition is tough during busy peak periods and the good workers tend to get hired quickly. It’s always worth the extra cost of onboarding new talent before the busy periods kick-in – allowing employees to have as much experience as possible “in the seat” as possible.

Injecting fun into the training process for handling returns and online sales is a must. From the instant an employee encounters your company, they should feel that their tasks will have a sense of purpose and that the company is a fun place to work. Adding an element of fun will motivate employees to feel the same sense of personal investment in the business’ success as you do.

2. Get innovative with your returns policies.

Innovative returns solutions are entering the marketplace at a rapid rate. As a business owner, you should research and consider other novel business processes to lessen the cost of returns and online sales for your business. Examples of new tactics include offering a discount to online shoppers who are willing to opt out of returns altogether. Other smart practices include inserting return slips directly into packaging and equipping staff with the knowledge to answer a customer’s questions about even the most sophisticated of your products.

Retailers often don’t put the same level of thought into their returns processes as they do delivering products in the first place. A system should be put in place to figure out how to move a returned item back out the door – and fast. Returns should be treated as an original item for sale with the same fulfillment techniques applied. In turn, this will limit the amount of returned goods flowing to the secondary market, where value is inevitably lost.

3. Consider a fulfillment partner.

Outsourcing to a fulfillment partner can be an impactful way to streamline returns and online sales. A partner can handle the fulfillment side of the business, freeing up a significant amount of time to focus on your own core competencies for growing the business.

For example, the majority of a retailer’s business is conducted the five weeks before December 25^th. Therefore, a fulfillment partner can be particularly advantageous during and post-peak season to handle the inevitable swarm of returns. A partner can help retailers optimize their inventory by deploying new strategies to get returns merchandise out of the warehouse and into the hands of consumers quickly. Fulfillment partners can offer strategic insights based on historical and market data for the entire returns cycle. With those insights, businesses can increase packing accuracy and communicate where items are in the supply chain at a given time. At the end of the returns cycle, once items have been shipped and accounted for, fulfillment partners can offer data-driven reports for you to evaluate areas for improved efficiencies.

Why does this matter?

Bottom line, small to mid-sized business owners cannot afford to drop out of the e-commerce game. Online sales are expected to continue to grow and reach $523 billion by 2020, up 56 percent from original projections in 2015. Business owners should take a step back and evaluate their current processes for handling returns and fulfillment of online orders. By equipping your business with capable staff, considering innovative returns processes and potentially partnering with a fulfillment provider, you can reap the many benefits of today’s online shopping craze.

 

Spencer Moore is the EVP of Sales at Speed Commerce, a leading provider of fulfillment solutions, customer engagement services and ecommerce order management technology for retailers and manufacturers.

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5 Tips For Studying Whilst Working Fulltime

We were all taught that the path to success was simple and methodical – do well at school, do the same at uni, and you can’t fail to get a good, high-paying job.

Now millennials around the world are coming to terms with just how outdated that idea is.

Positions are insanely competitive, and even a CV loaded with the name of an Ivy League university doesn’t guarantee you anything except mountains of student debt.

So today, those who’re eager to get ahead are undertaking further education and work experience at the same time by studying around their jobs.

A balancing act.

And it’s easier than ever with the rise of reputable online universities.

No longer something to be sniffed at, Virtual Learning Environments from the likes of Anglia Ruskin University offer participants the chance to earn a distance learning degree in their own time and at their own pace.

But that doesn’t mean balancing study with work isn’t difficult.

Staying motivated and on top of deadlines can be challenging when you’re also dealing with a busy office, so we’re sharing a few tips that’ll help you do it all.

#1: Be honest.

Unless you admit you’re struggling, no one will be able to offer any help. Be honest with everyone, including your flatmates, family, friends and employer.

Make everyone aware of deadlines you’re likely to find stressful and, you never know, they might just be able to lighten your workload or take care of your share of the chores for that week.

#2: Work in your own way.

If your brain functions better in the evening then schedule in an hour of study time post-work, or if you struggle to stay awake past nine at night then hit the books for half an hour during your lunch break.

Figure out what’s best for you and stick to it.

#3: Be organised.

As soon as your course schedule is out, take note of every key event and deadline. Set reminders and countdown warnings on your phone and work computer so nothing can sneak up on you.

Time management apps designed to keep students on track, like Evernote or Timeful, are worth a look if planning isn’t your strong point.

#4: Stop procrastinating online.

Put down your phone and close that Facebook window you have permanently open, you’re just wasting valuable time stalking friends and updating your newsfeed.

We know it’s easier said than done, but follow a few digital detox guidelines and it’ll do you the world of good.

#5: Have a break.

Pushing yourself to the absolute limit 24/7 isn’t a recipe for long-term success. Give your mind a break and relax.

Set aside a day a week when you leave work and uni behind, and you’ll feel much more engaged the rest of the time.

Do you have any other top tips for balancing online learning with a job? Leave a comment and let us know.

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What The Super Bowl Can Teach You About The World Of Business

The biggest sporting event of the year is just around the corner, and all eyes will be turned to the NRG Stadium during the buildup to Super Bowl LI. But the showpiece event between the Patriots and Falcons isn’t just a game of football. It’s an iconic occasion that transcends the realm of sport altogether.   

If you’re one of the millions who will be tuning in (or even if you’re not), it can teach some valuable lessons. That’s especially true when dealing with the world of business and the future of your startup. Make sure you do, and you’ll be a winner regardless of the outcome in Houston.

Let’s get ready for the kickoff.    

Teamwork Is Everything.

Even if you happen to be Tom Brady or Matt Ryan, it’s impossible to win a Super Bowl without the support of a winning team. Likewise, you cannot expect to achieve great things in the world of business all with one pair of hands.

As a start-up company, there are plenty of options out there. From recruiting permanent staff to hiring online freelancers, the key is to get value for money. After all, employees are the most important asset at your disposal. Build a winning culture, and your team will stand a far better chance of winning.

Protect Yourself At All Times.

The purpose of any NFL game is to score points. Similarly, your business is looking to score a profit. However, it’s equally important to keep one eye on the potential threats. Protecting your startup with surveillance, and online security is key. Meanwhile, you cannot forget the significance of intellectual property either. After all, you’re the only person that should benefit from that hard work.

Ultimately, the future of the business will be determined by financial elements. Monitor your accounts at all time, and you’ll never lose sight of where the business stands. With that comfort and security, you’ll be able to attack the game with far greater assurance.

Marketing Is Crucial To Business.

The Super Bowl is a truly special event and will be broadcast to millions. America’s biggest companies appreciate that this is a huge opportunity to spread their message. And they will pay around $5m for a 30-second commercial. While you might not be able to compete with that, it underlines the importance marketing.

For SMEs like yours, efficient internet marketing is key to achieving greatness. Even if it’s a localized offline operation, a strong online presence builds familiarity and a stronger brand image. It might not guarantee sales, but you won’t even have a chance until people are aware of the venture. Advertise your business in a winning fashion, and you’ve already won half the battle.

The End Zone Is Everything.

There’s no doubt that every inch of the pitch is important in the Super Bowl. But it’s the end zone that truly matters. Therefore, everything you do in business should be geared towards your end zone, which means converting the sale. Whether that means accepting modern payment types or offering promotions doesn’t matter. Ensuring you get that score is vital.

However, work doesn’t finish with the touchdown. In football, the subsequent kick can make all the difference. In business, gaining repeat custom can do the same. Maintain great customer care at all times, and the loyalty will soon follow. You might not win a trophy for those efforts, but you should gain healthy profits.   

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5 Creative Experiential Marketing Ideas For Startups

by Justin Isles, Director of The Events Structure

As the owner of a startup business, you want to make sure that your marketing campaigns are as effective as possible, allowing you to build brand recognition and increase awareness. Experiential marketing has become a big part of that process, allowing potential consumers and investors to get up close and personal with your brand and getting excited about face-to-face engagement.

Today, we’re lifting the lid on experiential marketing, giving you 5 creative ideas for getting your startup the recognition it deserves.

1. Choose your location wisely.

Obviously, where and when your event takes place is crucial to its success. Carry out market research well in advance and make sure that your product is marketable towards the type of audience that are going to be attending your event. For example, it would be unwise for an urban fashion company to take their products to a countryside village fair. Knowing your audience will really help your business reap rewards – and, in turn, ensure your audience get to know you.

2. Appeal to all 5 senses.

Your pop-up event is going to set the tone for your brand, and the most immediate way to do that is by engaging the senses of your potential clients. Depending on your brand, you’ll have already thought about the most obvious senses. For example, if you’re a clothing brand, you’ll have thought about the visual appeal of your products, while a bakery would be more likely to focus on how their products taste and smell.

It’s difficult to stand out, however, when you’re only engaging with the obvious. Try partnering up with another non-competitive brand that can supplement your own event. Whether it’s new music playing in your exhibition trailers, or free cupcakes with every unit you sell, think outside the box when it comes to giving your audience what they want.

3. Find your creative side.

As a startup, you probably already know that to get ahead, you need to be creative in your approach to marketing. You want to build brand awareness and be memorable to your potential client base to make sure they come to you before seeking out your competitors. With that in mind, you’ll want to make sure your creativity sticks in the mind of event attendees.

While there’s something to be said for the weird and wonderful approach, going in loud and bright and grabbing attention, there’s also plenty of merit in keeping things simple. Brands who know what their business is about and promote it in a clean and easy-to-understand way are likely to gain the respect of their audience – and this isn’t always about being the biggest voice or competitor in the industry.

4. Run competitions.

One sure fire way to get people interested in your event is by running competitions. Start by building a social media following and advertise a product giveaway or a premium prize across your channels – then use the event day as the platform from which you can announce the winner. This will encourage engagement and hopefully boost footfall on the day of the event.

Competitions offer an opportunity for your business to give something back. Not only will this help build the foundations for relationships with future customers, it will also be a chance to reflect the values of your brand. And by encouraging participants to share, like and retweet competitions as part of the entry process, you’ll spread your reach far beyond your followers list.

5. Make it personal with social media.

Engaging with your event attendees is a crucial element of building brand recognition and relationships with your client base. You’ll want to make sure you get your target audience interested in your event, interact with them once they’re there, and keep them invested long after your event has finished.

One highly effective way of establishing and nurturing client relationships is through the use of social media hashtags. Create your unique hashtag a few weeks in advance of the event and tell people why they shouldn’t miss your event – advertising special offers or deals they can take advantage of by being there. During the event, live stream the highlights and show non-attendees all the best parts of the event. Then, once your event is over, keep your social media followers up-to-date with snippets of information about the event and what you’re planning next.

If you’re looking for creative inspiration when it comes to experiential marketing ideas for your startup, the above tips are a great place to start!

 

Justin Isles is the Director of The Events Structure, the UK’s only single source provider of state-of-the-art exhibition trailers, promotional vehicles and other event marketing solutions.

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How To Learn Essential Business Skills

Running a business is not a piece of cake. There is a huge amount to learn and although some people have a natural head for business, most of us end up making one mistake after another. Making mistakes is not a bad thing, as it teaches you to move forward in the face of adversity, but serious mistakes could cost you your business, which is an outcome nobody wants, least of all you.

All businessmen and women need to have a good understanding of the principles of accounting. Positive cash flow drives a business forward, but if the money dries up, the business will fail. However, a head for figures is not the only skill you need. You also need to be good at managing people and situations, seeing the bigger picture, and be ruthlessly organized.

It is likely that you won’t have all the essential skills you need, but there are many ways to learn them, so if you have dreams of becoming a successful entrepreneur, here are some tips to get you started.

Read Books, Magazines and Online Material.

There is a wealth of information out there, online, in books, and in magazines. If you have dreams of becoming the next Richard Branson or Warren Buffet, start educating your mind and learning more about the intricacies of business. You won’t become an expert overnight, but you will learn a lot of interesting – and useful – new skills.

Find a Mentor.

A mentor is invaluable when you lack practical experience of running a business. Mentors provide guidance and offer advice if you don’t know what to do. They can be on hand to help you start a business, or offer advice if you want to take your business to the next level. Mentors are usually highly experienced men and women who run their own businesses.

Business Angels are people who mentor entrepreneurs, as well as provide some of the financing they need to get their business off the ground. You will also find that if you borrow from a big lender, they will assign you a relationship manager to help guide you.

Alternatively, look for a mentor through local business networking groups. You will find that there is always someone on hand, ready to help and offer advice. Never be afraid to ask for help, as this is the best way to learn.

Take a College Course.

College courses from Ohio University are an excellent way to learn the ropes if you have no previous experience running a business. Low-level business admin courses are perfect for young people with an interest in becoming an entrepreneur, but it is also worth asking yourself: is an MBA worth it? You may find the answer is “yes” because careers for MBA graduates tend to be better paid, which gives you more choices if you decide to wait a while before starting your own business.

Practice makes perfect and the best way to learn new business skills is by actually doing the job.

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Should Your Engineering Startup Join A Chamber Of Commerce?

Starting a new business is always exciting, but there is much to do and much to think about. It isn’t always as cut and dry as you thought it might be because of all the red tape involved in getting set up, registering to do business in your city and state, as well as in seeing that you are compliant with all the regulations regarding the types of business insurance you need. Then there is marketing to be considered and if you are the ‘new kid on the block,’ you just might want to consider the benefits of joining the local Chamber of Commerce.

Here are a few reasons why this might be a very good idea:

B2B Exposure.

When it comes to engineering, much of what you will be doing is design, especially if your niche within the industry is civil engineering. You may already be friends with alumni of the college where you got your degree, and if you studied a popular online masters in engineering program like that offered at the University of California Riverside, chances are you may know one or more graduates of other programs. Networking and exposure within a group of professionals is one of the best reasons to join the Chamber of Commerce in your area.

Keeping Tabs on the Local Economy.

When it comes to designing architecture, for example, this market is largely dependent upon the local economy. No one in their right mind builds huge developments or large industrial complexes during times of recession and unemployment. That company may not be seeing hard times, but the people who will most likely shop in, rent or buy those buildings may not be in a good place financially. By joining the Chamber of Commerce you will get statistics on the economy, even before they are released to the general public in many cases. An online master of engineering can help you snag the right client, but if the economy isn’t doing well, you will get an advance hint to reach farther afield. Infrastructure is inexorably linked to the economy, so it helps to know the general state of affairs in your region

Leads on Who Might Be Contemplating Construction.

Then there are those all-important leads. By attending regular meetings and keeping up with local businesses, you will be in a great position to get wind of who is thinking of expanding or building new locations. This is a civil engineer’s dream. Is your county looking to build a new freeway or bridge over the river because the existing structure is decades old? Perhaps the local airport is looking to build a new runway or two. These are the things you can learn in advance when being active in your local Chamber.

Engineers often design and implement infrastructure, but they are also called upon for massive structures that an architect hasn’t the science background to design. Will joining the Chamber of Commerce be any great benefit to you? Actually, it really will. From putting you in the right place at the right time to lending credibility to your brand, it’s always a good idea to join your local Chamber of Commerce. For relatively low dues, you get so much in return.

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Bankless Banking Is Ready For Its Close-Up

by Harold Montgomery, Chairman and CEO of MoneyOnMobile

More than a third of the global population has no access to traditional financial services. “Access to financial services can serve as a bridge out of poverty,” says Jim Yong Kim, President at the World Bank. “This will require many partners – credit card companies, banks, microcredit institutions, the United Nations, foundations and community leaders. But we can do it, and the payoff will be millions of people lifted out of poverty.”

Even the United States has unbanked households. 7.7% of U.S. households do not have a bank account according to Urban Financial Services Coalition survey. However, the vast majority of bankless adults live in Africa, Asia, Latin America, the Middle East and India.

In India, at least 50% of the 1.3 billion people are unbanked and have no access to the convenience of electronic payments common in the west, making it the largest unbanked population in the world. There are only 182,000 ATMs across India with only 15% of adults using an account to make or receive payments with 72% of bank accounts showing zero balance. While many Indians are unbanked, mobile phone adoption is on the rise. India has about 200 million mobile subscribers and is adding 5 million new users monthly.

With more than one-third of the world’s population unbanked and more and more people using mobile phones, there is an outstanding opportunity for mobile payment technology to bring the financially omitted into the economic majority. Microfinance institutions are able to offer more competitive loan rates to their users to take advantage of lower costs due to dealing in cash.

What are mobile payments? Quite simply, mobile payments are is a form of payment using mobile phones in lieu of cash, check, or credit card allowing a customer can use a mobile phone to transfer money or to pay for goods and services. A customer can transfer money or pay for goods and services by sending an SMS, using a Java application or other mobile communication technologies. In India, this service is bank-led with Mobile Payment Forum of India, the organization overseeing the deployment of mobile payments in India.

Mobile payment technology removes the need for direct access to a bank or credit union. Mobile payments are much less expensive than other money transfer options. The option to tap into the power of mobile payments is readily available on the majority of the devices people own.

How is our global banking world affected by large pockets of our population that are unbanked? It is being impacted by the growth in mobile network operators and mobile payment platforms, not classified as deposit-taking institutions, who are acting as banking agents. In Kenya and Tanzania, over 25 million people use the M-Pesa mobile payments platform, operated by Safaricom and Vodacom, with money sent via text message.

In India, there are about a dozen mobile payment players in the field including Paytm, Mobikwik, Oxigen, Citrus Pay, Freecharge, M-Pesa, ItzCash, Itzcash, Airtel Money, mRupee and MoneyOnMobile which has serviced over 170 million cumulative unique mobile phone subscribers through over 306,000 retail distribution points across India.

These mobile payment platforms provide a financial tool which allows retailers to easily and quickly assist consumers who pay physical cash to complete bill payment and money transfer services. Retailers have a variety of methods from which to generate transactions: using SMS text messaging, mobile application or the web. Bill payments include prepaid/postpaid cell phone time, prepaid television time, utility bills, travel tickets, assisted eCommerce and transit cards.

As the industry is being transformed with “fintech” companies disrupting banking, there is uncertainty about the future of the industry and how it will look in the decade. Does mobile money pose a threat to the banking industry? Accenture Consulting “estimates that bringing unbanked adults and businesses into the banking sector could generate about $380 billion in new revenue for banks.” There’s no doubt that mobile money presents an exciting symbiotic platform for the global banking community. The reality is that the unbanked community is the most natural place for banks to look for their next 100 million customers.

As The Wall Street Journal reported, “the ubiquity of cellphones could allow a rapid expansion of financial services throughout the developing world with major implications for growth and credit accessibility, a McKinsey & Co. report concludes.” McKinsey Global Institute’s report found that about 1.6 billion people could gain access to financial services by 2025 without major new expenditures on physical infrastructure.

Mobile money provides a democratic gateway to banking which doesn’t care where you live or the amount of money you have. It is a great marketing tool for the banks to uncover people who are using money services but are unknown to the banks. Banks can leverage their regulatory experience, infrastructure and consumer trust to capture the unbanked mobile money market. Mobile money platforms feed cash into banks and act as a virtual branch network without the costs of an actual brick and mortar facility.

Deloitte predicts that “cost pressures and the drive toward simplification will create a new organizational paradigm. Reliance on third parties for noncore infrastructure and talent will be a common phenomenon. Banks will be become increasingly connected via a complex network or web of vendors and third parties.”

In September 2016, President Barack Obama addressed the United Nations General Assembly and said that, “technology now allows any person with a smartphone to see how the most privileged among us live and the contrast between their own lives and others. Expectations rise, then, faster than governments can deliver.”

Governments love mobile money because it allows them to track and tax the commerce and it is an ideal anti-laundering tool because all transactions can be traced. Governments and regulatory authorities need to work together to ensure that mobile money regulations are safe and secure. Governments around the world are looking at mobile money as a way to distribute subsidies and collect taxes without corruption and loss of funds to graft and pilferage.

Women, in particular, are excluded from the formal banking world. In developing countries, only 37% of women have bank accounts, compared to 46% of men reports the Gate Foundation. The global revolution in mobile communications and digital payment systems has created opportunities for women in poor households to gain a livelihood. For example, the Kalighat Society for Development Facilitation in India has trained 75,000 women on the use of Money on Mobile services so that they can take this back to their villages and resell mobile top up and other services to make money.

The global smartphone market grew 0.7% year over year in 2016Q2 with 344.8 million shipments according to data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker.   While smartphone sales have stagnated in many mature markets, India’s smartphone sales grew 23% annually according to Counterpoint. With 25% of India’s 1.2 billion residents owning a smartphone, most analysts predict that India will continue to register strong demand for smartphones and is primed to the next China in terms of consumer demand.

Today mobile networks reach more than 90% of the population in developing nations. Ensuring that this population has access to mobile banking requires an organized, multi-party investment in the overall digital payment infrastructure. To achieve scale, mobile money requires the coordinated participation of governments, the banking community, mobile network operators, the private sector and fintech upstarts all working together.

Mobile money allows people from all walks of life to transact business wherever they are simply with the touch of a mobile phone screen. With access to this mobile cash digitization network, unbanked consumers can deposit cash and use the cell phone for transactions. By broadening the reach of low-cost digital payment systems, particularly in rural and impoverished regions, we can offer poor and low-income people the opportunity to capture income-generating opportunities and create efficiencies of scale with equal access to financial services providers, government services and businesses.

The Gates Foundation believes that “the combined effect of these interventions will accelerate the rate at which people can transition out of poverty and build their financial security.” Digital payment systems can address the needs of individual low-income households by offering a one-stop solution to enable the collection of customer payments, buy goods and pay for housing, healthcare, utility bills as well as a way to send money to family, friends and business associates.

The mobile revolution can be the catalyst to help people in the world’s most impoverished regions to improve their lives and shape sustainable futures by linking them with digitally-based financial tools and services.

 

Harold Montgomery is Chairman and CEO of MoneyOnMobile, India’s largest mobile payment platform.

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Bypass The Brain’s Default Mode To Improve Innovation

by Ed Harrington, CEO at Ideas To Go and co-author of “Outsmart Your Instincts: How the Behavioral Innovation Approach Drives Your Company Forward“

Every business relies on cutting-edge ideas to stay ahead of the competition. Success hinges on maximizing the efforts needed to take a product from idea to development to launch. An important consideration for product development teams that can boost their capacity to generate new ideas and find creative solutions involves learning to recognize and overcome mechanisms in our brains that discourage us from innovating.

From the time of our prehistoric ancestors, our brains have been wired to steer us away from the new and novel, and toward the customary and the status quo. In the early age of civilization when humans needed to be hyper-vigilant and risk-averse, the brain developed Cognitive Biases, which honed our instincts for the known and away from the unknown. Playing it safe was our brain’s necessary default mechanism when the cost of taking risks was truly a matter of life or death. But, in today’s world, playing it safe is more likely to threaten our survival in the market.

How can we overcome the defaults wired in our brains that inhibit innovation? It’s a matter of learning to consciously compensate and strategically employ more effort, more focus, and more conscious thought to our creative endeavors.

Use these breakthrough strategies to move past the brain’s Cognitive Biases that dissuade innovation:

1. Shut down Conformity Bias.

Conformity Bias leads us to play along in order to get along with our co-workers. We’re hardwired for group agreement. But the unconscious tug of conformity stalls innovation. Conformity Bias keeps employees from speaking up when it means going against the group. At its worst, Conformity Bias leads to catastrophic consequences — such as the suppressed disagreement that led to the Challenger Space Shuttle disaster. Instead, learn to embrace dissent. While dissent for its own sake can undermine the group and diminish morale, dissenting points of view can enrich the group when introduced and incorporated effectively. Remind the team, frequently and supportively, that their initial individual response is important to hear, and that getting their opposing ideas out on the table is more important than everyone making nice.

2. Break out of Confirmation Bias.

Confirmation Bias is the tendency for people to favor information that supports their existing beliefs, and to ignore information that contradicts them. If we don’t make a conscious effort to identify and prevent Confirmation Bias, what we already know will limit what, and even if, we will learn from new information. To help overcome Confirmation Bias, regularly introduce new data, new experiences, new vendors, and new solutions. Invite experts in tangentially related industries to share their perspectives. An outsider’s depth of knowledge in an entirely different industry helps him get past the thought inertia that insiders often can’t avoid.

3. Say no to Negativity Bias.

We’re pre-conditioned to allow negative impressions to form more quickly than positive ones. Research shows that negative information, experiences, and even negative people have a stronger effect on us than positive ones. And, unsuitably for innovation, negative impressions form more quickly and are tougher to counter than good ones. While Negativity Bias can — and does — impact every stage of innovation, it’s most prevalent in the idea generation phase. (“It will take too long; it’s too expensive; we can’t manufacture it…”) Negativity Bias stifles creativity, kills great ideas, and creates an unproductive, competitive, and sometimes hostile environment that discourages people from participating. Intentionally shift the focus from rejection mode to problem-solving mode. Direct the language for commenting away from what you’re against to what you’re for with each idea offered.

4. Look beyond Availability Bias.

Because of our engrained Availability Bias, what immediately comes to mind provides the criteria for our decision-making. And what easily comes to mind tends to be our most recent or emotionally charged memories, often at the expense of more balanced or representative considerations. It’s easy, and yes, smart, to stick with the tried-and-true for many minor decisions. But in our changing world where the stakes can become very high, we need to think beyond the immediate solution. To overcome the inertia of Availability Bias, begin by asking different questions. Ask people to imagine how they would solve the problem at hand if they lived in Antarctica, or if viewed from the perspective of a submarine captain, or if they were blind. This kind of imaginative role-playing greatly encourages creative problem solving.

Learning to recognize and overcome Cognitive Biases will galvanize a creative team. From changing language, to seeking out new perspectives, to taking a playful approach, teams can give full airing to novel ideas. Remember, it’s possible to extract value from even the most outlandish idea if you allow the team to give it proper consideration.

 

Ed Harrington is CEO at Ideas To Go and has spent twenty-five years helping a who’s who of corporate America come up with new and innovative ideas. He serves on the Yale Center for Customer Insights board of directors. Together with Adam Hansen and Beth Storz, he is co-author of the book “Outsmart Your Instincts: How the Behavioral Innovation Approach Drives Your Company Forward“.

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5 Most Valuable Degrees For Business Owners

Whether you are starting your first business or running a successful business, you need the relevant skills and knowledge to sustain business growth. Earning one or two degrees will take your business to a higher level of profitability than you ever thought possible. You need education for personal growth as well.

If you have ever thought of going back to school to run your business better, here are some degree programs that you can pursue.

1. Master of Business Administration.

Most of the successful entrepreneurs in the world have attained an MBA. The degree is the most relevant program for all business owners. It covers important aspects of a business, including marketing, finance, accounting, and administration. If you are struggling to expand your business, an MBA will help you refine your business model and marketing strategies.

2. Computer Science.

Running a successful business in the current digital era requires good technological skills. A degree in computer science will equip you with the skills you need to integrate advanced technology with your business processes. You need a background in computer science to succeed in the technological field. Some of the most successful businesses in the world were founded by computer geeks.

3. Law.

The legal aspect of your business requires you to hire competent lawyers. You need legal advice to handle court cases and disputes. Your business lawyers evaluate your practices to determine if your business complies with current regulations and laws. You also need legal advice when creating contracts, filing taxes, obtaining a license, and buying a property.

You can save your business a significant amount of money every year if you have a law degree. You will have the skills to handle some of the legal matters and make wise decisions in your business instead of outsourcing all legal matters.

4. Master of Information.

Data analytics is critical to the growth and expansion of your business. You need to manage information from internal and external sources effectively to grow your business. A degree in information enables you to use data and intelligence to your company’s advantage. If you have attained a technical or information degree, you can improve your skills by earning an online master of information degree from Rutgers Online University.

The advantage of enrolling in this program is that you have many fields of specialization to choose from including an online MLIS program, technology, and data science among other programs.

5. Accounting.

An MBA equips you with basic accounting skills. You will need advanced accounting skills as your business grows. These skills are necessary to estimate and project the value and profitability of your business. You will also need excellent accounting skills to file taxes and prepare financial statements accurately. You are likely to hire an accountant as your business grows, but you cannot determine if financial reports are accurate without accounting skills.

Business owners must increase their level of knowledge continually to remain relevant in their fields. Sometimes one degree is insufficient to achieve the leading position in the market or industry. Business owners should pursue one or two of the degree programs listed above to achieve higher levels of business and personal growth.

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The Tax Advantages To Investing In Oil And Gas Your CPA’s Probably Never Heard Of

by Casey Minshew, COO of EnergyFunders

Investing in oil and gas as a new and alternative tax strategy can be a great way to substantially reduce your tax burden*. But chances are, your CPA hasn’t mentioned it. That’s because, like doctors, CPAs specialize. And the same way an ENT doctor wouldn’t advise you on how to treat, say, a rash, a CPA who doesn’t live in one of the few states where oil and gas is a major commodity isn’t likely to advise a client on its advantages. It just isn’t in their wheelhouse.

But it may be worth bringing up the next time you meet. Thanks to the considerable tax write-offs available for intangible drilling costs (IDCs) and tangible drilling costs (TDCs), oil and gas investing can drastically lower your tax bill — even when compared to investing in the more traditional stock or real estate markets.

How’s that? First, let’s tackle the terminology. Then let’s take a look at the tax deductions offered in stock and real estate investment markets and do the math.

The ABCs of IDCs and TDCs.

IDCs are any costs associated with oil and gas production that cannot be resold (or recovered) later. These include drilling rig rentals, cement, consultants, casing pipe, stimulating, fracking, acidizing, mud logs, geologists and the like.

On the other side of the coin, TDCs are any asset or capital expenditure that can be recovered later. Line heaters, leasehold interests, separators, tanks and wellheads are all examples of TDCs.

Stock and Real Estate — What Most CPAs Have Heard of.

Stock investing tax deductions are limited to losses and payments for education and/or advisory services. Short-term capital gains (assets held for sale or exchange for exactly one year or less) are taxed at your ordinary income tax rate, and long-term capital gains are taxed at either 0, 15 or 20 percent. And those looking to invest in the oil and gas market wouldn’t fall into the 0 percent bracket, so it’s safe to say they’d be looking at heavy taxes with few options for relief.

Investing in real estate is more tax-friendly than the stock market, allowing investors to depreciate the cost of the property over 27.5 years on what’s called a “straight-line” basis. But the market is still not as attractive from a tax deduction standpoint when compared to oil and gas, as you’ll see demonstrated in the next section.

How Oil and Gas Tax Advantages Add Up.

Let’s say you invest in a property for $100,000. Divide that by 27.5 to get the cost depreciation allowance, and you get to deduct $3,636 per year on its investment. The only downside? To get the full tax benefit, it’ll take almost 30 years – and that’s a long time. Think about it. Thirty years ago, most people didn’t even own a cell phone.

Let’s take that same $100,000 and look at the tax consequences in an oil and gas project. An investor can deduct approximately 80 percent of this amount in IDCs. The investor can also deduct 14.29 percent for the TDCs. TDCs are depreciated according to standard IRS depreciation rules over seven years – under the same as “straight-line” depreciation as on real estate, but over a shorter period of time.

So, in the first year, an oil and gas investor can deduct $80,000 for the IDCs and $2,858 for the TDCs. This comes to a total tax deduction of $82,858 in just the first year.

To add fuel to the fire, so to speak, oil and gas investors also get a 15 percent tax-free depletion allowance of the annual production revenue. So, for example, if a project produced $86,158 in the first 12 months of production, an investor would enjoy an additional $12,924 in tax reduction benefits.

How to Bring Up Oil and Gas with Your CPA.

There are, of course, many additional factors to consider beyond tax deductions when evaluating investment strategies. And that’s why it’s important to have a candid discussion with your CPA to go over your individual portfolio and determine what investments make the most sense for you. Your CPA has the necessary expertise to discuss all of your options while taking into your tolerance for risk and other significant factors.

If you do decide to consider oil and gas as a part of your investment strategy, here’s some additional information you can forward to your tax professional that will help facilitate that discussion.

 

*EnergyFunders, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. It should only be used to aid tax professionals who analyze and understand their client’s individual tax circumstances. You should consult your personal tax, legal and accounting professionals before engaging in any transaction.

 

Casey Minshew is the Chief Operating Officer (COO) for EnergyFunders, an online marketplace evolving the way capital investment and energy projects come together. With an extensive background that encompasses 15 years of experience across technology, commercial real estate and energy, Casey brings deep knowledge and experience growing early-stage ventures into hyper-growth scalable organizations. He has been a part of three successful start-up companies, most recently growing startup iWowWe from zero to twelve million dollars in revenue in less than 2 years.

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Building A Great Team Culture

by Jack Litewka, author of “The Sophisticated Manager: A Guide to Success“

You’ve got a Great Idea for a product or service. You dream of creating a Great Company.

Those two things – a Great Idea and a Great Company – are not the same thing, and the latter does not automatically follow from the former. There are countless Great Ideas for products and services… and only a few of those Great Ideas result in a Great Company. Why? Because the two require different skillsets, knowledge, and interpersonal skills. Failure to build a Great Company is why Great Ideas often die on the vine.

Let’s assume that you already have a Great Idea for a product or service. Terrific. The question that you then have to ask yourself is: “How do I create a Great Company?”

The answer is: “I need to build a Great Team Culture.” Why is that important? Because a Great Team Culture translates into a team that consistently meets and exceeds the quality bar.

If you’re thinking “I don’t have time for that now,” then you’ve already decreased your chances of success in creating a Great Company. You are always creating a company culture, but the question you need to ask yourself is: “Am I intentionally creating the Great Team Culture that I need to succeed in the long run? Or is the team culture evolving haphazardly?” If the latter, you are not optimizing your chances of success.

So the next question is: “How do I build a Great Team Culture?”

There are a number of answers to that question. Here are a few of the things you need to consider if you want to create a Great Company:

You need to be clear about what you consider a Great Team Culture… because creating a Great Team Culture is the key requirement for creating a Great Company.

• You need to hire great people, and that requires:
  • Knowing the skillsets your company requires. (That’s the easy part.)
  • Establishing a rigorous, world-class hiring process – from the initial job description through interviewing of candidates through hiring. (Very few companies do this in a world-class manner, especially start-ups.) Yes, this requires time and effort – and you might not think it’s worth the investment. Think again. Hiring is the most important specific thing you do. Hiring is expensive. Hiring has long-term consequences. It isn’t wise to conduct a so-so hiring process because doing so increases the odds that you’ll end up with a bad hire or a mediocre hire or a merely good hire – but not a Great Hire.
  • Understanding that the two key traits that you’re looking for in a new hire are team fit and upside potential.
  • Knowing what the Great Team Culture that you want to create looks like… and being able to communicate that to your staff.
• You need to involve your staff in the planning of team meetings… because it is their meeting as much as it is your meeting. (If that’s a surprise to you, think about the differences between a Dictator and a Creator of a Great Team Culture.)
• You need to make your values and expectations transparent to everyone in the company – and do so in an inspiring manner.

It’s difficult to focus on building a Great Team Culture when you’re simultaneously trying to build a great product or service – but both are critical for the long-term success of your company. If you don’t have bandwidth to do both, here are some things to consider:

• Are you more of an idea person than an operational person?
• Are you better at big-picture thinking than you are at attention to detail?
• Are you a control freak? Or are you able to delegate?
• Are you easy to work with? Do people enjoy working for you and with you? If not, you’ll lose top people, and you will need to give thought to what you can do to ensure that Great Hires will want to continue working for you. (Note: If you’re not sure whether you’re easy to work with and work for, then that’s a red flag… and you need to figure out ASAP how to increase your self-awareness.)
• Have you prioritized your activities? (If you don’t do that, you can’t know whether you have time and energy to do all the things on your plate – which will make it difficult for you to make the best strategic decisions about what to delegate to others on your team.
• If you don’t have time and/or energy to build a product/service and also to pay attention to building a Great Team Culture, you might need to hire a person who can carry that part of the load for you – to ensure that little things and big things in culture-building are addressed and to ensure that you don’t burn out.

 

Author of “The Sophisticated Manager: A Guide to Success” Jack Litewka has over 40 years of management and consulting experience. He has worked in huge companies and small companies, in high tech and medium tech and low tech, and in for-profit and non-profit businesses. During 14 years at Microsoft, he was a Sr. Director and Product Unit Manager. He and his team transformed a worldwide IT Professional training business from a $20M to a $60M business in less than 3 years.

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Financial Options To Help Your Business Grow In 2017

Is this the year you’re going to grow your business to the point where you feel like you’re really achieving something? Well, it’s probably going to require a healthy injection of money to do that.

Here are some financial options for you to consider if you want your business to grow in 2017:

Look for investors.

If finance is the reason your business hasn’t grown as much as you want it to so far, why not look for investors?

An investor might inject your business with the cash it needs to take on new staff, expand to a new premises or take on bigger and better projects, and all you’ll need to do in return is agree the percentage return you’re going to give them.

Just be careful when asking for investment – for one thing, you’ll need a watertight business plan if you want anyone to take you seriously, and you’ll need to have a particular set of qualities too. However, be wary of anything that sounds too be good to be true, and try to make it your priority to work with an investor who has strategic experience in your industry. That way, you can benefit from their financial support and their advice.

Take out credit.

Alternatively, if you want to grow your business without asking anyone else for advice (or are concerned that someone else will end up calling the shots), why not take out credit? Compare the best deals on business loans to see what’s available to help your small business grow, using the money to invest in the things you simply can’t afford on your own.

Seek a grant.

If taking out credit or seeking an investor isn’t something you’re comfortable doing for your business, you could consider applying for a grant. The US Small Business Administration could connect you with a lender to help your small business grow from strength to strength, with lots of different types of loans and grants on offer. 

Reduce your overheads.

On the other hand, finding money to help your business grow could be as simple as just cutting back on the things that you don’t absolutely need to spend money on. For example, does your business really need to be leasing office space downtown? If not, consider moving to a cheaper building, or scale it back further by working from home, in libraries or business hubs.

Unless your business needs somewhere for you and your team to work together all day, every day, you don’t need to pay for it. Similarly, examine your financial records to see how much you’re paying for services and subscriptions each month. You may not need to pay for the premium package for many applications such as Dropbox, Microsoft Office or Skype if your business isn’t using as much as it’s entitled to, so consider downgrading for now.

Don’t lose money!

Another way you can help your business to grow is by ensuring nothing’s going to hold it back. One way that your business might be being held back (or could be in the future) is by scammers and fraudsters. For example – the business checks you write your suppliers can all be intercepted by fraudsters and tampered with, costing your business anything from very small, imperceptible amounts of money to much larger sums indeed. Protect your business by investing in fraud-proof check books like these, and if you accept card payments from your customers, make sure your business is part of a secure card scheme service. 

Consider merging.

Finally, this option isn’t for everyone, admittedly, and if you want to retain tight control over your business or don’t feel prepared to share it, it’s not something you should consider. However, if you’re happy to share your success, you can also share risk and future opportunities for growth by merging with another company. You could merge with a rival company, for example, working with new customers and learning new methods while you grow your business as part of something larger.

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6 Things You Need To Start A Construction Business

by Paul Murray, Director of Jem Design

Starting a construction business can be profitable for you under the right circumstances and with helpful advice. Whether you’re someone who has some experience in the construction industry or a veteran who wants to venture into something different, opening a construction business needs a lot of research and study.

There’s a lot of business consideration before you can launch your startup. You have to learn how the industry works, what licenses are needed, the type of people you need to hire (or if you need to hire at all) and what laws you have to comply with.

Here are the things you will need when planning to start a construction business:

1. Partner.

Two heads are better than one, remember? Plus, you need someone to share the burden of everyday tasks.

How do you choose a partner? It’s not easy as you think. Your partner should be someone who you can work with comfortably and who can contribute something new to your startup. You can choose a colleague in the construction industry or a friend who has knowledge on how to start or run a business.

Having a partner not only divides the workload, you also have someone you can brainstorm with or collaborate creative ideas together.

2. Business Plan.

Most businesses have more chances of growing if they have a solid business plan. A plan is what guides the business towards achieving its goals, especially during the early days.

What should be included in your business plan?

• An overview of your business concept
• Your operations plan
• Market analysis of the construction industry
• The services you will provide and your specialties
• Your marketing strategy
• Competitive analysis
• Forming your management team

3. Professional Advisors.

We all know that it’s hard to make it on your own, especially in a competitive and high-risk venture like the construction business. You need experienced and professional advisors who can advise you on which path to take and which mistakes to avoid. You can learn from their wisdom and experience to guide you in running your new business. Having expert advisors will not only make your venture smoother, it will also save you a lot of money and time.

4. Pricing and Estimating Process.

Being in the construction industry, you’re already familiar with how clients request for a quote or an estimate. Most clients want a fixed price for their project – including labor, materials, equipment cost, overhead costs and your profit expectations.

To avoid quoting prices below the actual cost, you should develop a pricing and estimating process that will enable you to provide accurate fixed costs. You can choose from a wide selection of construction estimating software online to help you come up with accurate quotes for your clients.

5. Insurance.

Protect yourself and your business against claims for personal injury and property damage that may arise during your operations. Having proper business insurance gives you the security you need whenever an accident or a disaster happens onsite. Choose an insurance that will give you sufficient coverage.

6. Licenses and Permits.

You can’t start operating without these requirements. Research the things you need before starting a business including:

• Government licences
• Permits
• Approvals
• Registrations
• Codes of practice
• Standards and guidelines

Launching a construction business requires careful planning and strict attention to details. Only through extensive preparation and research will you ensure the success of your startup. Of course it will not be smooth at first, that’s how businesses are. But overcoming these challenges will allow your business to stabilise and grow year after year.

 

Paul Murray is the Director of Jem Design, one of Australia’s leading engineering firms providing innovative engineering solutions in Civil, Hydraulic & Fire services. With more than 25 years collective practical experience within the construction industry, Jem Design consistently provides proficient, reliable and cost effective solutions to itsclients. You can connect with Paul here on LinkedIn.

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How Work-Life Balance Starts With Your Weekends

Work life balance is a concept which has demanded attention for many years as people are continuously attempting to segregate time for innumerable demands of life and work. The business organizations have become dynamic and the work environment is becoming complex due to global competition. This kind of environment lays tremendous pressure on the employees as they have to attend the responsibilities in their work life as well as outside their work life.

If an employee can find ways to accommodate both these responsibilities, it can make a significant difference to the organization and in the employee’s performance.

Work-Life Balance and the Weekends.

Weekends, which are mostly meant to relax, take off from work and spend some personal time so that you can regain the energy which you drained during the week, can become a strong tool to achieve work life balance.

Most of the people can’t think about working on the weekends as they believe they hav earned this time by working hard during the week. To a great extent, this is right too. But, what actually happens is that during the week, we keep on juggling between the responsibilities of the workplace and the family, and during the weekends we are so burned out that we cannot think of even moving out of the bed.

But, what if I tell you that you can actually use your weekends to achieve better work-life balance and improve your productivity at work significantly.

All you need to do is set up your weekender calender in a way that you are able to achieve the best balance between your personal and professional life, while feeling relaxed during the week.

Make the Most of your Saturdays and Sundays.

All you need to do is indulging in a bit of planning, change your perspective towards it and do not consider your free time as the one having a lack of structure. One of the facts of life is that whether or not you have marked an event on your calendar, you still end up doing something in that time. So, when ultimately you hav to do something, why not make it a more planned, enjoyable and meaningful activity.

For instance, if you plan well ahead of time, you would already know that what all things your child would require during the upcoming week and when you go out on the weekends, you can take out some time to shop for those things. This way, you would not have to rush at the last minute and get pressurised. When you rush for something unplanned, you have to first leave what you were doing at that point of time and slowly it starts building up immense pressure in your mind. Consequently, you feel burned up.

So, the key is before planning the weekend activities, take out some time to plan for the weekdays. When you plan your week during the weekend, you have enough time to think about the best schedule and thus, you will have a more productive week. As a result, the weekend that will follow the productive week will also be more relaxed, and stress free.

The bottom line is, indulge into efficient planning on weekends to achieve work-life balance during the entire week.

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5 Warning Signs You Shouldn’t Ignore From Your Employees

When a long-term employee suddenly starts acting strangely, the first thing you should do is try to find out what’s going on. Even if your employee’s performance is suffering, your first reaction shouldn’t be to immediately fire him or her. Instead, try to be supportive and understanding. Everyone goes through stressful situations at times in life, and if you value your employees, you can help them get through it.

Here are five warning signs to look for in an employee who may be struggling with a serious issue:

1. Financial Problems.

The first warning sign that hints that something is wrong relates to finances. Having financial trouble can cause serious emotional stress and worry. Employers may not realize that there is a problem unless you see some potential warning signs. Your staff member may suddenly ask for a raise if there is a financial issue. This would be at a time outside of an annual performance review. Additionally, there may be a financial problem if employees are regularly asking for advances to their paycheck. If you notice these signs, take some time to ask how you can help.

2. Performance Changes.

Stressful situations may also cause employees to perform their duties differently. When a stellar employee suddenly starts making uncharacteristic mistakes or is missing deadline, do some investigating. If this behavior is out of the ordinary, avoid penalizing the employee harshly; this could cause more harm. Instead, be understanding and ask questions. Address the performance issues in a positive and non-accusatory way to find a solution.

3. Attendance Issues.

A change in attendance is another big warning sign that there is a bigger issue at hand. When your team member starts to come to work late more often than not, there may be a problem at home or elsewhere. You may also notice problems when an employee seems to be taking more than their usual number of sick days. Sometimes, a pattern of absences may start to materialize. In that case, you should address the issue as soon as possible. Again, feel free to offer some help.

4. Clashes With Others.

Sometimes, you may get feedback from your team about one specific employee’s change in the ability to work well with others. If one staff member is suddenly acting hostile or inappropriately, you’ve got to act quickly for the sake of the rest of your team. A sudden change in personality may signal a greater issue, like substance abuse or mental illness. Look for other signs that an employee may be struggling with an addiction at recoveryranch.com.

5. Appearance Concerns.

Seeing your employee’s appearance decline each day may be another sign that something is seriously wrong. A normally fastidious employee may start to appear poorly groomed or disheveled. Another occurrence may have an employee start to drastically change the style of dress or clothing. Either one of these situations may require some action on your part.

A positive work environment also focuses on your employees’ general well-being. If it’s clear that something is seriously wrong in your employee’s life, be sure to stay on top of this potential issue. Be sympathetic to help you and your employee get through this tough time.

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Marketing Tips For Startup Businesses

Starting up your own business can be a stressful process, with business plans, accounts, company registration and loads of time consuming administrative tasks that seem never-ending. Then there is marketing, which can be as big or small a task as you want it to be.

However, your marketing strategy will have a huge impact on the success of your business, so it is definitely worth investing a lot of effort into.

How much to invest in your marketing strategy.

If you’re not sure how much investment you should put into marketing your business, then leading business website Entrepreneur.com recommends that new companies (less than one year old) invest between 12-20% of their projected revenue on marketing. Whilst this might seem like a lot, this is because the initial marketing needs to get your brand out there for the very first time. For established companies, they recommend between 6-12% of your budget is spent on marketing.

Keep costs to a minimum.

There are ways that you can try and keep costs down, depending on your own skillset or any skills that you already have within your company, you can take on some of the marketing work yourself. If you have an understanding of website development and content management then you might want to set up your own website rather than hire the costly services of a web developer. Sites like WordPress and Wix offer easy to build website packages that can save you a lot of outlay.

Use free/cheap email templates.

Equally, if you have knowledge of email marketing, simple campaigns can be built through free or cheap services like MailChimp, where they provide templates to make your emails look professional.

Research the latest marketing trends.

If you are planning to take on a lot of the marketing work yourself, you will need to do some research if its all new to you. Don’t get carried away sending bulk emails to thousands of people and then wonder why nobody responded. There are techniques and methods that you need to be aware of that will ensure your emails are more effective, for example using Call to Action content and using segmentation email marketing.

A good way to keep up to date with the latest marketing news and trends is to follow marketing and business experts such as Forbes. You might also find some useful groups on sites like LinkedIn that publish articles and discussion threads that will help you to understand the latest marketing topics. Online tutorials are another good way of picking up marketing skills and tips. Some sites ask for subscription fees but there are plenty of free resources too.

Marketing your business can be a scary prospect but if you are prepared to spend some time and effort in getting to grips with it, you can save yourself a lot of money and drive some high quality leads that make your investment very worthwhile over the long term.

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