Top 6 Successful Ways That Help Startups Build A Great Team Spirit

Every brand’s success story is viewed from two perspectives: –

1. How they handled stepping stones, what innovative ideas they brought in the market, and the secret ingredient that keeps them afloat amidst all the competition.
2. How the team handled stepping stones, how the team worked on creating innovative ideas, and the secret ingredient to team spirit that keeps them afloat amidst all the competition.

It is clear that while the world views success as a series of accomplishments, a business owner knows it is all about the team. It is not possible to become a brand without a successful team backing you up at every point.

One of the major reasons why startups fail is due to the wrong team. Your team shouldn’t necessarily be a group of highly skilled, all-rounder professionals. However, they should definitely fit together like a jigsaw puzzle where one person fills the shortcomings of the other – in order to create a bigger picture.

Here are top 6 ways that will help you put up pieces together perfectly to create the bigger picture.

1. Hiring process – make or break time.

Whom you hire decides the future of your startup and how you hire is how you can ensure a good future for your startup! Your hiring process should be crystal clear in your mind and should filter you the candidate that not only meets your requirements but also matches your core values.

Here are certain points that are absolutely necessary for hiring –

• Break away from the regular and age-old process of hiring, especially if it doesn’t meet your criteria. Figure out what works for you and hire accordingly.
• Whom you hire shouldn’t be your sole decision but a team decision. This is especially important for startups.
• A resume can be as good or bad as a book cover. You know what they say about judging a book by its cover – never make the same mistake with resumes.
• Most importantly, never forget to ask the question – “Are you ready to work in a startup?” A frank answer will save you from troubles later on.

2. It’s time to move ahead of the “cogs in the wheel” ideology.

Frankly speaking, how often do you relate happy emotions whenever the idiom “a cog in a wheel” comes to your mind? Yes, it sounds corporative and brings out a certain spirit of discipline, organization, and orientation. However, with employees spending more time at the office than their homes, they need to feel more than that.

Create a work environment that makes employees feel motivated to work and eager to head to the office every day. The work environment differs according to the type of work that goes in the office. However, you can make sure that work never goes off balance.

3. Recognition matters more than you can imagine.

Whenever your startup successfully achieves a milestone, it’s a matter of pride and happiness. However, it’s not something that is exclusive to an employee. Just the way you want your startup to be recognized, similarly, every employee wants to be recognized for his/her efforts.

Remember, every small thing (maybe a small Employee recognition enamel pins) counts. From verbal appreciation every now and then to giving out the employee of the month, awards on annual parties, and special acknowledgment during completion of projects.

4. Don’t miss on the fun quotient.

Lack of energy and motivation are very common problems in the workplace. Especially in a startup – where you can be faced by difficult challenges at any given point. Startups cannot work according to their schedule; they need to work around their client’s schedule. Hence, too much workload is a common sight at a startup office.

Beat this gloominess with fun! Incorporate fun in office schedule whenever and wherever possible. From monthly visits to cinemas and local places to yearly trips. Even your daily schedule can have some interesting activities to do. There are many ways to have more fun at work.

5. Hierarchy should not hamper communication.

You’ll be surprised to know what problems can miscommunication cause at a workplace. If we have to name one major reason for miscommunication at a workplace – it has to be hierarchy.

Hierarchical structure makes people at a certain level unavailable and inaccessible to people at a different level. When employees feel they are unheard, unappreciated, and unduly judged, it affects the whole working system.

This problem can mostly be tackled only in the starting period of the business. Make sure you create a hierarchy that leaves no to minimum space for miscommunication.

6. Understand how to deal with conflicts.

What’s worse than a poor sales period for a business? Conflicts within the team. Recovering from a dry period is comparatively easy than recovering from conflicts within team members.

The nature of conflicts can vary from being solely work-based to personal matters. You need to deal with them with precaution, as these matters can easily upset the work environment of a startup in no time.

Clear mind, unbiased perceiving of the matter, and focusing more on resolution than pinning the blame – these are some of the important aspects that every startup should know about how to deal with conflicts.

Secret Ingredient to team spirit.

The secret ingredient to team spirit that most successful brands vouch by is – ensuring growth for every team member. As your startup grows, it’s very important that your employees feel they are growing with it too!

Final Words.

Your startup’s success story of becoming a brand is not just in your hands but in the hands of your team as well. Remember, no startup was driven to success by a single person. It’s collective efforts that lead to collective results.

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How To Establish A Successful Branded Merchandise Strategy

Offline promotions and branding campaigns are still some of the most effective ways to separate yourself from the competition. Through effective branding campaigns, you can connect on a more personal level with the audience and your best customers.

Thanks to changes happening on the market, there are more ways you can get your brand in front of the right audience. The changes are also affecting existing branding methods, giving you more flexibility when it comes to choosing the right instruments to use.

One of the oldest tricks in the book of branding is branded merchandise. It may be an old trick, but the options you have today make it easy to establish a successful branding campaign with the help of branded items. These tips will help you develop your own branded merchandise strategy.

The Right Merchandise for the Job.

There are three main things you can do with branded merchandise. First, you can produce branded merchandise as a way to maintain customer relationships while earning additional revenue in the process. This is usually done by producing high-quality merchandise to be sold to customers and fans of the brand.

The second goal is maintaining your dominance on the market. We see top brands using posters and accessories to maintain the presence of their brands in certain areas. This a strategy you can use to defend your turf too.

The last goal is branding itself. Branding campaigns can help enhance the brand image and deliver relevant key messages to the customers. Of course, you have to know the goals you want to achieve in order to formulate the right strategy to use.

Keep It Functional.

There are plenty of branded merchandise ideas you can use for the goals we have just discussed. Posters, flags, branded toys, and accessories are easier to produce these days. You also have items like T-shirts and bags to use as part of your branding campaign.

One thing to remember when deciding which merchandise to make is the importance of functionality. Sure, decorative items are great, but branded items that customers can actually use are even more impactful.

This is why items like T-shirts are usually the ones top brands use. Customized lapel pins are an option worth considering too; they are practical and can be attached to bags and other personal items.

Pay Attention to Quality.

The branded merchandise you give or sell to customers reflects the image of the brand itself. The last thing you want to do is go for cheaper, lesser quality merchandise to save on your branding budget. Bad merchandise will only lead to bad brand image.

Rather than trying to save by reducing the quality, you actually want to focus more on this and reduce your branded merchandise cost by lowering the quantity. Yes, you gain less exposure with fewer items, but the audience that gets exposed to your branded merchandise will be more than happy to wear the items.

The fact that the high-quality merchandise you produce are worn is well worth the investment. You gain additional exposure this way too.

Keep Going!

Using branded merchandise for branding purposes is a well-tested method. You can use it on occasions when branded merchandise can be useful, but the best way to increase its impact is by running a continuous branded merchandise campaign.

There are plenty of ways you can integrate branded merchandise with other marketing campaigns in your playbook. You can give away merchandise as prizes, use them as bonuses, and even attach the branded merchandise to your online campaigns to gain more exposure.

Now that you have these four tips in mind, you can establish a successful brand marketing strategy that elevates your brand to the next level. The more you do it, the bigger the impact you get in return.

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Seven Ways To Do The Hard Work Of Really Loving Your Employees On Valentine’s Day (And Beyond)

by David Deacon is the author of “The Self Determined Manager: A Manifesto for Exceptional People Managers“

Valentine’s Day is around the corner. If you’re thinking of taking your team to lunch or bringing in heart-shaped cupcakes, go for it: It’s a nice gesture. But don’t think your work is done… far from it. Loving your employees is an all-year-long endeavor and it involves a lot more than saying, “Thanks,” or, “I care about you.” It means pushing them to grow, thrive, and reach their full potential.

Most managers try to show ‘love’ to their team in superficial ways, but few are truly committed to doing the hard work. Real love is tough, tiring work that you can never give up on. You must relentlessly be looking for ways to help them grow, thrive, and reach their full potential.

Self-determined managers intentionally create environments that allow, enable, and empower people to do great work. This is incredibly tough, which is why such managers are rare gems. And a big part of the job is knowing your employees.

Once you understand your people’s strengths, dreams, flaws, and other defining aspects, you can begin the deliberate work of bringing out their best performance. This really is love, and like all love, it can be a mix of joy, frustration, exhaustion, and yes, ultimately, pride at their growth and progress.

Every self-determined manager should be doing the following:

1. Get very clear on what your employees are good at.

Make it your job to have a good sense of each person’s skills and be sure you can articulate them. This requires lots of awareness, watching, reviewing, and considering. It’s not enough to say that someone is “a good salesperson.” Instead, they are great at getting inside customers’ heads or building a rapport for lasting relationships or have a natural charisma that creates goodwill.

Make up your own mind and use your own words to figure out what your people do well. Rehearse these thoughts in your head and be able to say them out loud, to each employee and to others.

2. Learn what drives them.

Everyone hopes to get certain things from their work. It could be recognition, regard for their expertise, affirmation for their opinions, respect, friendships, perceived success, or something else. Your job is to get a good grasp on where each employee’s motivation comes from, what gets them out of bed in the morning, what gets them to perform, and what excites them to make the extra effort. When you spend time observing and talking to your people, you can usually ascertain what drives them (and if not, you can always ask them).

3. Find out their ambitions and career goals.

One team member may aspire to become a trusted lieutenant, while another is committed to rising up in an organization’s leadership. Another person might want to gain a senior title, but only within his area of expertise. Most talented and ambitious people want to advance. But also keep in mind that while others are content in their roles and don’t seek advancement or seniority, they don’t want to stagnate. Pay attention to the ambitions of this hardworking group as well, and make sure they too have a sense of progress.

Again, if you talk to your employees regularly, both in formal situations like performance reviews and also informally, you should know what drives them.

4. Help them shore up their shortcomings.

Pointing out when your employees have done poorly is rarely effective, and, anyway, it’s nearly impossible to articulate the details in a way that empowers an individual; these discussions usually just lead to defensiveness or defeat. Instead, create the environment where their weaknesses (most people have several) can be discussed in a spirit of joint problem-solving. Help them get the overall picture in their heads, to know how best to focus their efforts to be successful, and to recognize when they may need to ask for help.

5. Make it clear you’re on their side.

Most of us have had managers who are over-critical, who take achievement for granted, who take credit for others’ work. Self-determined managers decide not to be like this. They start from the premise of being on the side of employees. This isn’t about turning a blind eye to poor performance. Great managers will be critical, or push, or cajole when needed. They also make their team feel valued and appreciated. When you believe in your people and support them to be the best they can be, a little magic occurs. They will do better work than they knew they could, and better than you hoped.

6. Have a plan in mind for your people.

The best managers have a good sense of where they believe each of their people should be headed. For each employee, look forward and ponder three thoughts:

1. Where might they be in a few years’ time: perhaps a bigger job, a different role, or a larger team?
2. Do you have a clear view of what they need to learn now and what they need to learn next that will support their future growth?
3. Do you have a sense of responsibility and accountability for helping them make that progress?

With great managers, the plan is mainly in their heads and they can tell you instantly what it is. Not in the language of career frameworks and competency models, but in words that show what they see and appreciate and hope for and worry about for each of their people.

7. Hold them to high standards and hold them accountable for their success.

Self-determined managers can be difficult to work for because they expect a lot from their people. Any employee who is less than engaged, hardworking, and committed will struggle. If your employee needs direction or mediation and has a good attitude, by all means give them the support and counseling they need to improve. But if you detect someone who doesn’t care or lacks consciousness, make your expectations clear and firmly accept nothing less.

It’s not easy to truly know your team, but it’s a crucial part of being a self-determined manager. When you do this, you’ll have a better understanding of how to cultivate outstanding performances, foster harmony, and unearth each team member’s true potential.

This Valentine’s Day, commit to helping your team members discover their greatness, harness their talents, and achieve more than they — or you — thought possible. There’s no better way to show them some love.

 

David Deacon is the author of “The Self Determined Manager: A Manifesto for Exceptional People Managers“. He has been a human resources professional for over thirty years and passionate about how managers manage for almost as long. He has worked for a variety of the world’s leading companies, including Credit Suisse and MasterCard, and has lived and worked in the US, the UK, and Asia.

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Top 7 Reasons Why You Should Think About Quitting Your Job

It’s so simple to find yourself stuck in the job that doesn’t make you feel comfortable or where you aren’t appreciated. The longer you’re employed, the more difficult it seems to quit. However, you should understand that you don’t live up to your true potential and it’s time to move on.

When to quit your job? Think about taking this step if you:

• Believe that you aren’t valued;
• Feel that your career suffers;
• Don’t feel comfortable;
• Stopped liking your job.

Analyze all circumstances before making a final decision.

Do you often think about quitting your job, but you aren’t sure that it’s the right decision? Before taking this important step, you must be sure that you really want to do that because you won’t get your job back later. It also makes sense to ensure you have a good and updated resume before quitting. If you are a busy person you can always rely on the help of professional services like Resume Chief and Resume CV Writer. Be polite about quitting and avoid burning all bridges.

If you simply hate your work, it’s not the best reason to quit unless you have other job propositions. There should be specific circumstances beyond your control or other warning signs that it’s time to leave. According to The Balance Careers it’s a good idea to keep a journal of the things you like and dislike at your work. Figuring out what exactly doesn’t work for you will help you spot a better fitting job next time.

When to look for a new job.

There are many reasons why you should quit your job other than just hating your work, including:

• It has lost its excitement and energy;
• You have to sacrifice your health;
• Your work culture is toxic;
• You hate the very idea of going to work;
• There’s clear instability;
• Your gut feeling keeps telling you it’s time to go;
• It doesn’t challenge you.

1. Your job has lost its excitement and energy.

The more enjoyable your work, the better your performance. If you have no sense of excitement and energy for it and you don’t find it engaging, it’s a warning sign that you aren’t in the right place. Reassess your career goals and go in a different direction if something else keeps calling to you.

2. You must sacrifice your health.

Company structure and workplace expectations matter a lot. If your job requires you to sacrifice your health, consider an exit strategy. First, you may not think it’s a big deal, but you’ll have to face harsh consequences over time. Once you start noticing the negative effects on your health, it can be too late. There’s no job worth it.

3. Your work culture is toxic.

It can be toxic because of negative colleagues, verbally abusive employers, and other circumstances. The longer you stay, the more your job will affect you. For example, you may lose the following:

• Your energy to produce high-quality work;
• Motivation to achieve success;
• Enjoyment from doing your job.

4. You just hate going to work.

If you dread to wake up in the morning only because you must go to work, it’s probably time to get a new job. If you absolutely hate the very idea of doing that, it’s quite an obvious sign that quit your current job. However, “if you are still at an entry-level job and trying to make a good impression, you might want to stick around at work and there are plenty of tricks to distract yourself from hating your job” – says Marge Holden, a Senior HR Manager at Essay Dragon.

5. There’s clear instability.

Instability may not be a good reason to quit, but it’s a clear sign to keep your options open. Consider it as your opportunity for promotion and improvement. However, some promotions are empty and granted because of cutbacks. If your company keeps laying off employees, it’s in a downward spiral and you need to have your exit plan.

6. Your gut feeling keeps telling you it’s time to quit.

Sometimes, your decision to leave is not about professional goals, work culture, or company stability because it’s more intangible. You may feel that you aren’t where you should be. Hearing this inner voice telling you to quit your job is the worst for the people involved in the creative industry. “If you are involved in a creative job like a designer, photographer or even creative writer, not feeling it for the job might play a bad trick on you” states Adam Wilkins, a Creative Director of Nerdy Mates platform. It often takes quite a long time to get clear about what people are really meant to do. It’s impossible to ignore this feeling once it hits. Focus on what’s going on in your mind and listen to your gut feeling.

7. You aren’t challenged at work.

If you’re interested in developing your professional skill set and challenging yourself, it’s time to quit if your current job no longer challenges you. Everything depends on the potential for advancement and how it makes you better every day. Otherwise, you risk ending up with a lack of meaning or a feeling of relative emptiness. If the company doesn’t invest in you, it’s a sign that you should think about quitting.

What to consider when you decide to leave.

Once you make a final decision to quit your job, do that as gracefully and smoothly as you can. You need to write an impressive resignation letter. In most cases, employees give a 2-week notice or they’re unable and unwilling to provide it. Remember that you may not be eligible for your unemployment compensation or benefits if you quit a job without a good reason. Finally, be prepared for job searches and interviews to get hired fast.

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How Much Business Financial Jargon Do You Really Know

In business, there’re a lot of terms brandished around, particularly relating to finance. It’s a continuous learning curve and it’s crucial to learn as much as you can as a business owner. If you want to help your company to grow and expand, learning all you can about business finance language is going to help.

Here, you’ll discover some of the key business finance terms you need to know to take your business forward.

Multi Assets.

Multi assets typically relate to investment funds. Many businesses choose to invest in assets in order to both diversify their portfolio and increase their profits. With multi-assets, it basically means investing in numerous different types of assets at one time.

Investing in assets is always risky and there’s a lot that can go wrong when you do it. That’s why it’s typically a good idea to use the help of a company such as Wellington Management. Having a professional look after your milt-assets for you can reduce the risks and provide peace of mind.

Equity.

Equity is another common financial term used in the business world. It can relate to two different things. Firstly, it can be referenced as a type of finance businesses can opt for instead of a loan. You raise the capital needed by selling shares in your business in stock form.

Most commonly however, equity refers to how much your business is worth minus any debts and liabilities you might have.

Liabilities.

Following on from the above, liabilities means any debts your business has. It could be credit card debts, loans or any money you may owe to suppliers. Your business may have both current and long-term liabilities that it needs to account for. Long-term liabilities would be loan repayments, whereas current liabilities would be any immediate debts you owe (such as debts to suppliers).

Bottom line.

You’ll often hear the term “bottom line” mentioned in business and it means the overall amount your business has lost or earned within a month. So, the total figure you’re left with at the end of the month, is your bottom line. It’s important to monitor your bottom line to see how well the business is performing, as well as to make crucial decisions if needed to improve it.

These are just some of the most common pieces of financial jargon you need to be aware of as a small business owner. The more you understand about common financial phrases, the easier you’ll find it to push the business forward and expand. It can also help to enlist the services of a financial consultant if needed, who will help you to navigate the world of business finance.

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Understand The Why To Change The How Of Your Spending

by Marc Barlow, author of “Redesign the Reality of Your Finances: Understand the Why to Change the How of Your Spending“ 

At the most rudimentary level, there are only two things people need to remember when it comes to personal finances: 1) spend less than you make, and 2) invest the rest.

If only it were that easy! Most literature on personal finances offers ideas and strategies on how to cut back on spending, eliminate debt, and invest in the future. However, few assist people in first understanding the “why” in order to change the “how” of their spending. Topics such as the effects of trauma, the growth mindset, and the power of gratitude can assist people to better understand the voids in their lives, how they try to fill such voids (possibly with the purchasing of “things”), and how to live within one’s means by learning to be grateful for what they have.

Trauma: a sinister root cause of debt.

Many people have a void in their life, and trauma can exacerbate this void. The adverse childhood experience (ACEs) study found the greater number of ACEs, the greater the risk for an array of poor physical, mental, and behavioral health outcomes for people over their lifetimes. The ACEs study provides additional understanding as to why millions of people around the world use biochemical coping methods (i.e., alcohol, drugs, food, sex, tobacco, violence, and even the purchasing of “things”) to escape intense anxiety, fear, anger, or depression.

Consequently, related to one’s personal finances, important questions to ask include: “Do I spend a considerable amount of money on biochemical coping methods to escape intense anxiety, fear, anger, or depression that could be rooted in past trauma?” And, “Do I try to fill the void in my life by living beyond my means, like buying things I cannot afford in the hopes of addressing the unfulfilled needs in my life?”

If one does not first address the “why” of their spending, then their efforts to change the “how” become insane; or doing the same thing over and over and expecting different results.

Growth mindset and finances.

Right thinking is the raw material for right actions. People’s actions will naturally reveal the direction of their thoughts. Therefore, how has your thinking or mindset affected your current financial reality? What beliefs do you hold about yourself and your future that do not align with you being the best, healthiest version of yourself? What lies do you believe about yourself that are holding you back and making you doubt that you can be debt free and financially strong? Simply changing how you spend your money will not be enough. You will have to change how you view money, yourself, and your future. You will have to change your mindset.

Carol Dweck (2006) reveals years of research in discovering two very distinct mindsets: the fixed mindset, and the growth mindset. As Dweck has found, taking new action is at the heart of a person with a growth mindset because they embrace challenges, persist in the face of obstacles, see effort as a path to mastery, learn from criticism, and find lessons and inspiration in the successes of others. All of this motivates them to take new action.

Conversely, taking new action seems to be the antithesis of a person with a fixed mindset because they avoid challenges, get defensive or give up easily, see effort as fruitless, ignore useful negative feedback, and feel threatened by the success of others. All of this motivates them to be protectors of the status quo. Consequently, developing a growth mindset will be paramount in a person’s ability to change how they spend their money.

Enough is a feast.

Throughout time and place, there are many trappings in the world which try to rob us of our peace, joy, contentment, and money. Materialism is one such culprit. Materialism and comparing one’s Monday-through-Friday life with other people’s highlight reels is fertile ground for living beyond one’s means. Consequently, to combat this debt-producing spending, one must learn to practice gratitude.

The core of gratitude is that it allows us to celebrate the good in our lives in the present moment. By identifying and affirming all the good, people are able to focus more on what they have, and less on what they do not have. The Buddhist saying “enough is a feast” is countercultural to the more and more seemingly materialistic prompting of our modern world. However, through deep, honest reflection many people would realize that they actually have “enough,” and that “enough” is truly a feast. When “enough” becomes a feast, the voids in people’s lives no longer need to be filled with the buying of “things” and that money can then be used for eliminating debt, investing in their futures, and becoming financially free.

This is why one must first understand the “why” in order to change the “how” of their spending.

 

Marc Barlow has 23 years experience in public education in instructional leadership, social/emotional supports, data-based systems analysis and reorganization, and overseeing state and federal budgets and compliance measures. Marc currently is a director of state and federal programs and social/emotional supports for a high school district. He is author of “Redesign the Reality of Your Finances: Understand the Why to Change the How of Your Spending“.

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4 Essential Advice For Young Professionals

Everybody has definitely heard of the saying, “Work hard, play harder.” It is actually life – life is not just about working hard. You also need to play hard to enjoy the different things around you. Still, it is imperative that you learn to value what you have in order to be more successful. This is especially true to young professionals, who need to come up with ways to become successful in their field.

The following are pieces of advice that will serve and inspire you to revolutionize strategies, all of which are essential in achieving success. Make sure to keep them in mind!

1. Find a person who has the life or job you want.

The idea here is to be inspired by that person. He will be there to tell you about how he managed to get where he is now. And while his field might be different from want you want, the ways he used to get there should be enough to stir your interest. Whether or not you know this person, it is ideal that you send him an email or two. Perhaps you can ask him for a coffee and talk about his job.

Let’s say you are interested in the banking industry. You can ask a banker – be it your friend or not – to sit down with you and discuss the field. You can ask for tips or recommendations from him. Do not be afraid to do this, especially if you know this individual personally.

2. Remember to hire a personal injury lawyer. 

Believe it or not, there is a huge advantage in having a personal injury attorney. Keep in mind that you are a young professional, who is still building his accolades to get where you want. As such, you will be facing a lot of challenges or obstacles that are all detrimental to your success. And one of these is getting injured – be it physically or psychologically – as a result of another person’s negligence. Having legal assistance at hand could help you mitigate the process and, at the same time, get what is due for you.

3. Develop an interesting and relevant niche skill.

There is a reason why someone can be called your worthy competitor. One of these is having the necessary skills and experience for the type of job you want. Imagine yourself driving in a city at a rush hour. If your goal is to beat everyone else on what should always be the proper route to your office, you are likely to arrive later than expected.

The same thing can be said for the skills market: You need to develop prerequisite skills and be good at them. But if you are just going to put energy into those, you might find things a bit overwhelming. Your best course of action is to cultivate a niche skill that is both desirable and something that the competition has. Not only will this make you interesting but also more useful.

4. Get a mentor.

As a young professional, you want to have a person who can be your mentor. Ideally, this should be someone that is senior with your work or company. In reality, it can be anyone else who has more experience than you in the industry. A general rule of thumb is to go with a mentor is both respected and has the influence. This person will play a huge part in honing your skills. He will not necessarily be there to pave the way towards success (as this is your personal goal). Rather, he will be there to guide and influence you.

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How To Solve Typical Small Business Tax Problems

Entrepreneurship can be rewarding as you build a business you are passionate about. However, many small-business owners spend much of their focus on attracting new customers and increasing profits.

Very few consider the tax requirements that come along with owning a small business. This can lead to a few common tax problems.

Lack of Financial Records.

Keeping detailed records of your profits and losses is important for a few reasons. Without a careful record of how much you have put into the business and how much the business has given back in profits, you can never truly know how well you are doing. Consistently taking a loss month after month can put you in significant financial trouble.

Not keeping detailed records can also make tax filing very difficult. The IRS wants to know how much you have made, so they can tax you on that amount. Without an accurate amount, it is likely you are either underestimating or overestimating your taxes owed.

Underestimating What You Owe.

Many financial experts recommend taking a portion of your earnings each week and putting it aside for taxes. The problem, however, is that there is no set amount you should put aside. Overestimating the amount you will owe can take valuable dollars from your business. Underestimating the amount you will owe can leave you negative, which can put you in a position of owing back taxes.

Owing back taxes can really put a damper on your small business. It can make it impossible to reinvest into the success of your business. Additionally, while you are paying it off, the owed amount is still collecting interest and late fees. It is important to get a hold on back taxes as soon as possible. A tax professional can help you better understand your options, allowing you to take action before it spirals out of control.

Taking Too Many Tax Deductions.

Small-business owners have the ability to write off business expenses. Expenses such as office costs, marketing fees, and employee wages are deducted from the adjusted gross income. This reduces tax liability, so business owners do not have to pay taxes on money they never received.

Come tax season, some small-business owners may be tempted to claim too many deductions in order to reduce their tax liability. While this might decrease the amount you owe, it can raise red flags with the IRS if the deductions are unrealistic. If the IRS implements an audit, even years later, you could end up owing back taxes.

Not Taking Enough Tax Deductions.

While you do not want to overvalue your tax deductions, you do want to take advantage of the ones you are eligible for. Failing to account for things such as the wages you paid your employees or the losses you took can force you to pay taxes on money you did not actually earn.

You don’t have to be a tax professional to run a small business successfully. But by being aware of the most common tax mistakes small-business owners make, you can avoid putting your business, and your personal financial future, into trouble.

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[Infographic] How Are Robots Improving Business?

Modern robots are far more capable than their early predecessors. They’ve moved beyond the production line, transcending factories to see widespread use in restaurants, hotels, offices, retail outlets and other workspaces. Today’s technology has a wide range of applications we’ve only begun to explore.

Small businesses and large corporations alike have integrated robotics to incredible effect, achieving higher levels of efficiency while reducing labor costs by an enormous margin. And it’s safe to speculate more companies will transition toward an automated workforce as the price of technology continues to fall.

So what benefits can these companies expect? How are robots improving business, and what do these robots look like? In this article, we’ll explore the subject in greater detail, examining the influence of robotics on commerce and the implications of automation for the future of the country.

Foodservice Robots Supplement Staff.

Many members of today’s workforce — especially those within the foodservice industry — are fearful of automation and the potential of robots to replace them. While this is rational to some extent, robotics often supplement existing staff without substituting them. These changes are small but effective.

To provide just one example, Miso Robotics created a robot capable of flipping hamburgers. Employed in Dodger Stadium in Los Angeles, it helps the service staff meet the demands of thousands of hungry sports fans. “Flippy” hasn’t replaced anyone, but has proven incredibly useful in a supporting role.

Pneumatic Arms Increase Productivity.

The pneumatic robot arm’s function in modern manufacturing is critical to acknowledge. Of all the developments and innovations in the field of robotics, pneumatic arms are one of the most enduring, a testament to technology’s potential to improve productivity. So how do these pneumatic arms work?

As illustrated in the infographic above, pneumatic arms are excellent for completing repetitive tasks and those deemed too dangerous for employees. A factory outfitted with this equipment can ensure management meets their production goals, reducing risk, and by extension, expensive downtime.

Drones Enhance Data Collection & Analysis.

Drones are one of the more common types of robot in service today, providing data collection and analysis in a diverse range of industries. Their functionality is impressive, and professionals use them to monitor construction, inspect crops, view traffic and enhance security. It’s easy to understand why investment has grown.

As drone technology continues to expand in its capacity for navigation and analysis, it’ll change the nature of business. Best of all, these robots are comparatively inexpensive beside other equipment on the market, making them accessible to entrepreneurs and startup companies. Data collection is no longer so costly.

The Future of Robotics.

Modern robots are far more capable than their early predecessors, and far in the future, today’s technology will seem outdated. It’s exciting to speculate on tomorrow’s innovations, and what we’ll see moving into 2019 and beyond. The field of robotics is promising, and its potential is impossible to overstate.

Looking ahead, automation will likely play a large role in commerce. It’ll help to supplement and strengthen the capabilities of a company, increase their productivity and improve data collection and analysis. In short, it’s an ultimately positive transition, and though there are detractors, it’s best to remain optimistic.

The country is moving in a positive direction, and robotics is paving the way.

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Customer Appreciation Ideas To Keep Existing Customers Happy

Most business owners are aware that no matter what industry you’re in it’s your clients/customers that ultimately determine your success. Unfortunately, however, most entrepreneurs fail to realize the importance of showing their appreciation. More than giving great products and services, brands must do more to let their customers know they really appreciate their business. The more appreciated a customer feels, the more inclined they are to continue working with your brand – and sending others your way.

Making your clients or customers feel valued is imperative to your success. Here are just a few ways you can give thanks to those that support your brand:

Loyalty Programs.

You can let customers know that you’re appreciative of their business by starting a loyalty program that comes with rewards attached. When customers purchase products or services from your company, these purchases can be turned into points which at some point can be redeemed for something free.

Free Corporate Gifts.

Gifts are one of the most common forms of showing thanks. To show how grateful you are for your clients, you might consider handing out corporate gifts. Turkey or ham vouchers, for instance, around the holidays is a great idea. It saves them money on their holiday expenses and is an item that certainly won’t go to waste.

Picnics or Outings.

Face to face meetings is always great. It gives your customers a chance to put a face to the brand name. It also shows that they’re important enough to you for you to take time out of your day to meet with them. You can take this one step further and host a picnic or outing in which you invite your most loyal customers to attend for free. Something as simple as a hot dog or a hamburger and a few moments of your time can go a long way to cultivating lasting relationships.

Social Media Features.

Social media is all the craze these days and is one of the more common methods used for marketing and interacting with customers. Small businesses can take advantage of this free platform and broadcast their appreciation. Going beyond a typical post, business owners can select a customer to feature each month to give thanks. Posting a picture and a small note of appreciation allows them to be in the spotlight even if only for a moment.

Exclusive Sneak Peeks or Sales.

What better way to say you’re valued than to host exclusive sneak peeks or sales to your most loyal customers? Opening the business before or after hours and allowing them to get the first look and the first opportunity for purchase makes them feel special.

Birthday Gifts.

Instead of sending a traditional happy birthday email or card in the mail make your customers feel special by offering them a gift. This gift could be a free promotional product, a coupon, an exclusive discount, or some other gift of your choosing.

Candy, Coffee, Water.

It seems simple, but it lets your clients know that you appreciate them and their time. Having things like candy bowls out in the reception area along with beverage options like water, coffee, and tea is a small but impressive token of appreciation.

Quality Customer Service.

Last, but certainly not least, to thank your clients or customers you must provide outstanding service. Answering their questions, following-up on their concerns, and ensuring their needs are met is the ultimate thanks.

There’s a lot of information out there about how to attract customers to your startup, but keeping them is equally important. Loyal customers are the foundation of your business and greatly impact your bottom line. If you want to ensure that you remain a success it is imperative that you go above and beyond to give thanks to those that help you get there. The above-mentioned ideas are all affordable and easy to implement and will certainly help to develop a deeper connection between you and your customers.

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4 Effective Way To Keep Your Customers Coming Back

There are many business owners who don’t realize that retaining customers is much more valuable than acquiring new ones. Did you know that you are going to pay five times more if you want to acquire a new customer, than what it would cost you to keep a customer who has shopped with you in the past? However, it’s possible that the cost of attracting a new customer is even higher.

The point is, retaining your customers is a much more affordable endeavor, and in the long run, it’s going to be more profitable than new customer acquisition. If you need some tips to help ensure your customers keep coming back for more, keep reading. This article is just what you are looking for.

1. Offer Customers Loyalty Rewards or Incentives.

Offering some type of loyalty program, such as a digital rewards program, is a great way to ensure your customers keep coming back. This type of program is going to reward your customers and give them incentives to shop with you again and again.

Once you have a customer who opts to become a part of your loyalty program, you can make them feel extremely special by giving them exclusive offers. For example, you can offer exclusive coupons or discounts and give them sneak peeks at some of your newer products. This type of “royal treatment” is going to make your customers feel as though you value them, which is going to enhance their desire to shop with you more often.

2. Don’t Ignore Customer Questions.

Have you ever noticed that having extra eyes on something you have created will help find problems you may have missed? This is because you are so familiar with the text or product you just “get it.”

This same type of situation can occur with your business. You took the time to create the customer journey, set the prices, build the product pages, and more. You know everything there is to know. However, this isn’t the case with an outsider.

If your customers have questions about something, don’t ignore them. Be sure to reach out, answer in a clear and helpful manner, and you have just helped to retain that customer. The fact is, your customers may be asking questions that seem obvious to you, but remember the situation mentioned above. Just because you “get it” doesn’t mean everyone else will.

3. Address Customer Complaints.

If you want to retain your customers, you have to ensure they are fully satisfied with their experience with your business. If a customer is unhappy with the product or service you provided, what’s their motivation to come back in the future?

Because of this, you need to make sure that you treat each complaint you receive as a mini-survey that shows you overall satisfaction levels. Be sure you use these to improve your services in the future.

In this situation, the bottom line is – if you get a complaint from a customer, make sure you don’t ignore it. Instead, use this as an opportunity to make someone else’s experience better.

4. Use Social Media to Its Full Potential.

Today, more than 52 percent of all small businesses are actively engaging customers on these sites daily. There’s a reason for this – they want to ensure their customers remember them.

Being active, engaging your customers and making posts is the best way to keep your audience engaged and ensure your business is top-of-mind.

As you can see, there are more than a few ways for you to retain your customers. Consider implementing the tips here to ensure that you are able to keep your customers coming back and that their satisfaction levels are high.

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4 Simple Ways To Optimize Your Customer Reviews For Higher Conversions

by Manish Dudharejia, President and Founder of E2M Solutions Inc

Today’s customers are increasingly skeptical and distrusting, especially when it comes to marketing. Over-promising and under-delivering simply doesn’t fly, especially in today’s highly competitive business landscape.

This is why having a robust library of honest customer reviews is so essential for building trust and confidence with new customers. According to BrightLocal’s report, 86% of customers now look at past feedback before buying from a new business, and the majority check out at least 10 reviews before they feel they can trust the company. Furthermore, nine out of ten consumers report they trust a customer review just as much as a personal recommendation from a friend.

Making the most of your business reviews is a great approach to attract new customers and increase your conversion rates.

So, how can you optimize customer feedback in a more strategic way? Let’s discuss.

1. Display Them on Your Homepage.

You already know that customers are looking at reviews during the decision-making process, so why not make it easier to find the best ones? Instead of only listing reviews on product pages or third-party sites (i.e. Yelp), feature some on your homepage as well.

Not only does this increase the visibility of your best reviews, it can also help your SEO presence. Reviews make up over 15% of the ranking factors for Google SERPs and they often naturally include common long-tail keywords that new customers may be looking for. Plus, when reviews are regularly added and updated, it generates fresh content that signals activity to search engines, which could boost your rankings as well.

Don’t be afraid to list a mix of reviews, either. This can actually increase the trustworthiness of your brand when customers see that you don’t showcase only have perfect 5-star ratings. For example, the Trustpilot reviews on Capterra show a mix of positive and negative feedback, which helps them come off as more authentic. They even invite customers to list out the pros and cons so that other consumers know exactly what to expect and have a better idea of how the platform works.

By making reviews a key part of your homepage design, you are instantly creating a more trustworthy experience for new customers. It can also improve the overall customer experience with your website –  as new visitors are finding the information they are looking for right away, rather than having to search through to find it.

2. Encourage UGC Visuals.

Brands that focus on incorporating visuals into their marketing tend to outperform their competitors in terms of conversions and engagement. The same goes for customer reviews. Consumers want to know what to expect from a product before they buy it, and they are not always willing to trust the curated and heavily Photoshopped versions that are typically displayed on business websites.

Since consumers are more likely to trust what another customer has to say than what the brand’s marketing content says, visual UGC reviews can be highly influential. Be sure to ask customers to upload pictures of the product or share customer posts regularly on your social media pages.

In order to start collecting visual UGC, your marketing team may want to utilize a social listening tool like Mention that will send an alert when your business’s name is mentioned anywhere on the internet. That way, if a customer uploads a picture of your product to their Instagram or posts a video on YouTube about it, your team can reach out and ask to use that content for marketing purposes.

3. Respond in a Timely Manner.

Replying to a customer’s question or negative review quickly can actually make them feel better – and may even change their sentiment. Replying to positive reviews is also important, and other customers do actually pay attention to see how brands respond to other customer reviews. In fact, customers are actually more likely to purchase from a brand that regularly responds to customer’s reviews, especially the negative ones.

In most cases, you will want to respond within a few hours or days, as the majority of customers expect a response within this timeframe. By responding in a timely manner to disgruntled customers, you may be more likely to turn things around and find a way to resolve the issue. Plus, providing an apology and an offer to make things better shows to new, existing, and potential customers that your brand really cares about the experience and service it offers.

4. Offer Incentives for Feedback.

Unfortunately, most customers won’t leave a review for a business on their own. Furthermore, consumers are actually more likely to leave feedback after a negative experience than a positive one. Obviously, this is bad news for companies that are trying to build their brand reputation by focusing on reviews.

Therefore, to get more reviews, it may not hurt to create a promotional strategy that offers small but meaningful incentives if a customer leaves a review. Even something as small as a 10% discount code can be enough to convince more people to leave positive feedback. You can also use this as a strategy to encourage brand advocacy by asking customers to share their experience on social media pages and offering referral bonuses.

Conclusion.

If building trust is a top priority for your business, then you need to make the most of your customer reviews. Clearly, buying decisions today are heavily influenced by the opinions and experiences of others, and seeing positive feedback can be just what a new consumer needs to convert.

Be strategic about the placement of your reviews by incorporating them throughout your website for higher visibility and increased SEO value. Give your customers the kind of content they really want by Including pictures and videos from real customers whenever possible. And finally, keep your strategies customer-centric by making it a priority to respond to reviews and offer incentives for honest feedback.

By following these simple strategies, you can start to generate more feedback (and trust) with new customers for a more successful business structure.

 

Manish Dudharejia is the President and Founder of E2M Solutions Inc, a San Diego Based Digital Agency that specializes in Website Design & Development and eCommerce SEO. With over 10 years of experience in the Technology and Digital Marketing industry, Manish is passionate about helping online businesses to take their branding to the next level.

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A Six-Step Guide To Day Trading In Gold

With gold investments, failure is never an option. You always get the winning streak even if you put all your eggs in the gold basket. However, a diversified investment portfolio is recommended especially for new investors who want to test the waters.

Gold has always been a safe and surefire hedge against inflation. It’s a tangible asset that is easier to procure, as compared to other assets such as real estate. It also performs at its peak levels in the market even in times of political adversity or war. This is mainly the reason why many people choose trading in gold.

Why Day Trading In Gold Is A Good Financial Move?

It’s a foolish move not to invest in gold. If you believe in long-term investments or accumulating wealth for the long haul, then you must really set your eyes on the goal, or gold for this matter. It  is regarded as a luxury that’s worth splurging on because it has no tinge of liability and also increases in value over time.

Here are the reasons to day trade in gold:

• Expect high market prices. Its value depends mainly on the law of supply and demand. There is always a stable and increasing demand for gold especially in the jewellery industry. The price of gold is at a steady upward slope because of its high demand and low supply.
• Gold is on the mainstream, same as the fiat money or US dollar. It’s a tangible investment that anyone can take and not worry of losing their money in a blink of an eye. It’s a globally accepted currency and unlike some cryptocurrencies, this does not operate on stealth mode. In other words, you can trade gold at any point in the world because this is legally accepted globally.
• Gold performs at par or even better when pegged with the US dollar. It is a very competitive currency so expect higher yields or returns as opposed to other financial assets.
• Gold is considered more secure and offers protection on your investments. It actually performs better over time in terms of value as compared to fiat money and other assets.

Check out the six-step guide to day trading in gold:

1. You have to study market trends.

The key to getting it right with day trading in gold is predicting and knowing certain market trends. If you observe, gold will always follow certain market trends. As a trader, you need to discover that trend and get into the right position and at the right timing. Analyzing market trends is very important in this step.

2. Identify and understand your market.

Check if it is a range bound market or trending market. Know the difference.

3. Creating trends.

Looking into the technical indicators such as the Fibonacci retracement indicators will help you determine your strategy or where you begin your point of entry. Here is where you need to sort out the resistance and support levels.

Experts or experienced day traders would advise to wait for a breach before you make the entry position. To achieve a downward trend, you need to jump into the highs. On the other hand, creating an upward trend would require you to connect rising bottoms and them taking advantage of any support opportunity.

4. Another buying position to take advantage of is that of moving averages.

This is considered to be a favorite by many day traders because it’s basically very simple and convenient to use. All you have to do is buy when the faster moving average crosses over the slower one; and then proceed to sell once the faster average passes above the slower average.

5. When trading, always check into a confirmation of divergence.

This will help boost your confidence in the trading process and come up will better trading results.

6. There is a season for gold.

There are particular seasons of the year wherein gold predictably rises and falls in precision. It’s a pattern that is easy to master once you get into gold trading. It’s a general pattern to follow, but gold is usually at its strongest in September and weakest in March.

It rises on the first quarter of the year and then weakens, following a rise on the last months or final quarter of the year. You have to take note of the seasonal trends or patterns in gold so you know how to implement your trading strategy the right way.

Here are some tips from day traders of gold that will give you more control on your trading strategies:

• Test the technical indicators before you actually use it in trading with gold.
• It pays to read, research, and be informed of the technicalities and jargons of gold trading. Basically, you cannot trade gold or anything for that matter without learning the ropes or the ins and outs of the system. There are no shortcuts to this. You need not be an expert or master to trade, but you have to at least be acquainted with the basics or strategies of gold trading.
• You can actually check on the support and resistance levels based on the highs and lows of the market.
• Investing in gold can be for short-, medium-, or long-term arrangements. Nobody has ever experienced financial drought by buying, holding, and selling gold. Trading is cyclical and predictive, which helps protect your assets if you are in it for the long haul or even if you want to get your profit right away. Either way, you win.

Trading in gold is a smart move if you know how to play your cards right. You can make huge money with gold trading, that is a fact. Seasonal winning streaks for gold repeats itself year after year. While it may vary a bit, you would most likely predict wins in value of actual gold and prevent losses with staying attuned to the gold seasonal pattern.

Diversifying your investment portfolio with at least 2% to 10% of gold is a good number. Understanding your market and following seasonal golding trends will certainly give you higher profit, and puts you in a better position to decide your entries and exits.

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How To Increase Customer Lifetime Value

Finding ways to increase customer lifetime value isn’t just important to a business — it’s essential. So why is that?

The customer lifetime value (CLV) metric shows you how much your customers like what you provide, whether it’s products or services. It shows you how strong your message is to your customers, and it indicates what you’re doing well, and what you could improve on.

If you can calculate your current customer lifetime value, it’s one of the best metrics to see how your efforts are helping you improve over time.

The following are some key points to know about customer lifetime value, and how to increase it.

What Is CLV and How Is It Calculated?

To lay the foundation for this, what is CLV and how do you calculate it and important things to have an understanding of. First, customer lifetime value is a measure of the total value you can derive from your average customer.

While it can be more complex to calculate it based on your business, to make it simple, you can look at how much you profit from each purchase a customer makes each year. You can then subtract the amount of money that it took to acquire that customer through advertising or other means. It’s a very simple way to look at it, but it does provide you with the basic idea.

Customer lifetime value is important because it’s not just about what a customer spends with you one time. It’s about the future value they will bring to your business, but only if you can retain them as a customer.

The higher the number for your customer lifetime value, the higher your profits.

It also costs much less to retain existing customers as opposed to obtaining new ones.

Once you have the basics, how can you improve your CLV number?

Regular Communication.

If you want to increase your CLV, then you’re going to have to focus on regular, relevant communication with your existing customers. You need to be developing a relationship like you would any other relationship. You want to deliver communication that’s engaging and on-brand. This regular communication is what’s going to ultimately help you develop a sense of trust between your existing customers and your brand.

Email marketing is one of the best ways to communicate with existing customers. Recognize special dates and events, such as their birthdays, and provide your customers with rewards for doing business with you such as discounts.

Social media is another great way to communicate with customers, but ensure that you’re communicating in a way that’s personalized and meaningful.

Feature Your Customers.

When you’re creating social and email content, recognize your customers. You can spotlight and feature them and show your appreciation for them. When they see that you’re recognizing them and prioritizing them, it’s more likely that they’re going to continue doing business with you.

One example is to feature customer profiles or even just photos on Instagram and Facebook each month.

Ask for Input and Respond to Criticism.

One thing that customers value when they’re interacting with a brand and they’re buying from that brand is the opportunity to be heard. They want their concerns to be heard, their questions to be answered and their feedback to be valued.

Provide ways for your customers to provide feedback both positive and negative. Show them that you’re taking it into consideration.

If your customer provides feedback that you end up incorporating into some area of your business, give them credit for that. If they have a great idea, let everyone know that they came up for it or at least inspired it.

Provide Existing Customers with Something Premium.

For your good and valued customers, give them something extra. Maybe it’s the opportunity to try a new product or service for free, or perhaps you give them an upgrade of some sort. Even if it costs you a little extra, it’s likely to be worth it when it comes to your customer lifetime value.

It’s similar to what airlines do with their frequent flyers, but you can make it work with your business.

Finally, always be available when and where your customers need you. If they have a question, ensure that it’s easy for them to reach someone from your team and receive an answer. If they are struggling with something, be available to help. Customer service is essential to improve your customer lifetime value, and with social media, that means being on those platforms as quickly as possible.

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6 Office Supply Must-Haves For Filing Documents

In this digital world, documents and other transactions are now done through computers. Even though the workplace is now dominated by computer systems and servers, it is still important to have physical copies of transactions. In this modern age, the filing of documents and data archiving still holds a place in the majority of workplaces.

When it comes to data archiving, the filing process is that one process that could make or break company data system. When the filing process is easy and efficient, there would be minimum inconsistencies, missing files, and other problems one might encounter in archiving the documents. It is also important to consider the location of the documents and the extra measures such as labels, the container of the documents, and other things. A filing cabinet or a box (if the office is not that spacious) would be needed.

Users would also want to keep the physical records orderly and not prone to weathering. To keep physical records orderly, several office supplies are needed. These supplies are necessary to keep things tidy and orderly.

Here are the six office supplies that you would need in order to keep the filing cabinet in good shape.

1. Binders.

An office will not be complete without binding supplies that keeps everything together in one piece. This is also a good way to organize things, especially those lonely papers that can be classified together. Binders are also good at compiling reports. Using a binder will also let you organize things in custom categories, depending on your needs. You can arrange records per day, per week, or per month, depending on what’s more convenient.

One more benefit in using a binder is that it reduces pages to fall off using the rings included. In this way, you can carry a record to your desk or anywhere else without worrying about the contents falling.

2. Rubber Bands.

You’ll be surprised at how rubber bands can become handy in any workplaces. Rubber bands allow more customization in organizing records. For example, a rubber band can hold documents that are too thick for a binder. It can also temporary help you separate things while organizing records. Last, but not least, rubber bands can hold together binders, folders, or envelops that are stuffed with too much paper and are bursting out. This sounds funny, but it actually happens to a lot of workplaces.

3. Scotch Tape and Masking Tape.

The Scotch tape is helpful for tidying up things through labels. An alternative for Scotch tape is glue, but it would be a hassle if you want to make things done immediately. Scotch tape can also be used in sealing envelopes for mail and more things. This is one of the most important office supplies to have. Masking tape is also important if the workplace is using boxes to store older files, especially if there is limited space in the filing cabinet.

4. Markers.

Printed labels are still the better option, but if you have a lot of labeling to do, a marker might be more efficient. Instead of printing a lot of labels, cutting them into squares and rectangles (or circles, if that’s your gig), and then using Scotch tapes to stick those labels on things, a marker is a simple solution. Make sure that your handwriting is decent and that other people will be able to read it.

5. Folders and Envelopes.

A filing process is not complete without folders and envelopes. There are other options such as a binder, but there are things that are better off in folders and envelopes. If you have a category that only has a handful of papers, a folder is more logical. It is also a good way to utilize the capacity of binders. If you have to store papers of different sizes, then an envelope might be a better choice. It is also a better option for paper with the smaller size or documents that cannot be put in a folder or a binder.

6. Binder Clips and Staplers.

Clips and staples are used to keep several documents together. Staplers are for handful documents that need to be stored together for easier retrieval later on. Binder clips are used if you have to stick more pages together and wherein staplers are not enough. Binder clips can also serve as reference points for easier retrieval of documents.

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You Don’t Have To Be A Super Hero To Be A Successful Entrepreneur

by Christy Wilson Delk, author of “Adventures in Franchise Ownership: 4 Pillars to Strengthen, Protect and Grow Your Business”

Before I started teaching future entrepreneurs diligently earning their business degrees, I thought most entrepreneurs were performing super hero acts in order to be successful. After all, I proudly wore my super hero cape through fifteen years of risk taking, innovating, stumbling and expanding before selling my business in 2012 for a very nice profit.

For the last several years, I’ve been on the other side, dutifully studying what entrepreneurs actually do from a practical and academic perspective. To my surprise, it’s different than what I thought it was when I was head down and knee deep in my own venture. That’s why my current mission to share what I have learned from both sides.

Don’t worry, you’ll still need your cape!

If you want to be an entrepreneur or expand your existing business in 2019, consider the following 4 basic principles that outline what most entrepreneurs do to get their business started on the path to success.

1. Start with your Means.

You don’t need a boatload of capital or cash to start every business.  Start with your means, meaning:  Who You Are, Who You Know and What You Have.

Consider your experience in and out of a work environment, your expertise, education and training. Add your abilities, special interests and preferences or tastes. Write them down. You will be surprised. Then, add to that list your social and professional network and your network’s network.  Now you are getting somewhere.

Last, consider what your network has in terms of things you can use, borrow or rent. This includes connections, equipment, space and knowledge. What do they have, what do they know and who do they know that can help you? This includes introducing you to folks that may turn into your first big “sweet spot” client.

I was in my early 30’s and had a house, a degree and a very nice neighbor when I started my business. I used the equity in my house as my down payment, my work experience and education to convince the SBA lender I was worthy of the loan and my neighbor to introduce me to the franchisor who eventually agreed to sign me up after also personally guaranteeing the loan for the first year.  Those were my means to get started.

2. Know Your Money Numbers.

The answer is not the most you can borrow or get investors to contribute. The answer is not even dependent on the industry you want to be a part of. The answer is how much you are willing to lose. Is it $1,000 or $10,000? If it’s $5,000 then that is where you start. That’s your first number. 

With bootstrapping, you make it enough by tapping into your means and leveraging the heck out of that $5,000 to start your business. You don’t need your own industrial kitchen to start a catering business when you know someone that knows someone that has one and would gladly rent it to you by the hour, half day or full day. If you come up empty-handed, go back to your means list. You will be surprised how far your money will go.

Money number two. Know how much you need to make and by when. I do not usually recommend that anyone takes the plunge. In most cases, a toe in the water is the way to go. Your second money number is highly dependent on the other income you have access to. In other words, start slowly. Until you can produce revenue and profit to meet your second money number, you should not cut off or quit your primary source of income. No matter how bored or confident you feel. Your money numbers will motivate and drive your success. Be patient and persistent.

I recently read that John Legend, the Grammy winning singer, song writer musician did not quit his full time job until long after many of us were singing along to his songs.

3. Embrace Surprise & Leverage Disappointments.

Most tenured entrepreneurs, when pressed; can recall at least one very positive significant shift in their business that occurred because they chose to embrace or leverage something that was unexpected or difficult instead of shunning or ignoring it.

I was turned away by several realtors because my offers for the various locations I wanted to build on was not high enough. I wanted and thought I needed a corner lot for my early childhood academy. Frustrated, I eventually ‘settled’ on a non-corner lot. To my surprise, rather than being inconvenienced, my growing client base appreciated that I was not on a busy street corner.

Later, that lot I didn’t want, but could afford was big enough to allow for a substantial expansion which led to being able to offer services that my competitors could not.

In the early stages of growing your business, this principle can reap great rewards. Listen to what your clients and prospects say; especially those that are willing to work with you. Be prepared to embrace surprises and adjust accordingly.

4. Form Partnerships.

In some cases, such as an expansion, I am referring to a formal agreement, but for start-ups and newer businesses, I’m referring to informal working relationships with other entrepreneurs that appeal to and target similar clients. Informal partnerships can help you grow your business without spending your precious cash. 

Similar to your means list exercise, write down other local businesses that have a client list you envy. Yes, this does involve some homework. For example, if you have started a social media company and have focused on small business service companies, what other professions target these clients? Commercial insurance agents and wealth management advisors come to mind because they have close client relationships that includes clients who value their opinion of other companies.

Next, target your best potential partners, invite them for coffee or glass of wine and see if you have the makings of a partnership that should include a systematic way to make professional introductions for your mutual benefit.

One of my target partner groups were independently owned restaurants. I would provide educational coloring sheets (with our logo and other information imbedded) and crayons that the hostess would provide to families with young children as they were being seated.  For my part, I distributed weekly invitations and dining coupons to my clients for those restaurants that partnered with me.

One final note of advice before you put on your super hero cape, these are general guidelines. Only you know your niche, your plans and the opportunities and hurdles you will face this year. There are many paths to success and I’m confident you will find yours in 2019.

Now go get your cape.

 

Christy Wilson Delk is a business professor at Rollins College in Winter Park, Florida, as well as a contributing franchise industry writer. With over 15 years of successful franchise ownership, Christy uses her cumulative business and franchise experience, as well as her new book, “Adventures in Franchise Ownership: 4 Pillars to Strengthen, Protect and Grow Your Business” to consult, lead workshops and speaking engagements to teach others how to implement their own 4 Pillars approach to motivate and lead them to higher performance and success.

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