Posts Tagged ‘Entrepreneur’


How to Get the Work Done and Still Go on Vacation

Stocksy_txp611ba5ef119000_Small_293786American small business owners don’t take enough vacation. In fact, the United States is the only western nation without a single legally required paid vacation day or holiday. By law, every country in the European Union has at least four work weeks of paid vacation. Do they know something we don’t?

Most entrepreneurs would agree that time away from work is actually good for their productivity. Unfortunately, so many small business owners are afraid to take vacation for fear of missing something or the their company “falling apart”. However, vacation time is actually a good time to measure how well the company actually operates without you. If the company‘s success is all about you, it is actually a very dangerous situation. Assign someone take your place while you are on vacation and test what happens. Even though it is a risk, a company that runs without your daily involvement is more valuable to any buyer or shareholder.

When I go on vacation, I do come back to over 3,000 emails, but I also realize that no one died and nothing happened that I could not be resolved the next week. No matter how fast we think business moves, things will many times wait longer than you initially realized. While there may be a few missed opportunities, the time away will be worth the increased productivity when you return.

If you can’t leave work for an entire week to recharge, consider doing work every morning for an hour while on vacation. During this time, follow these strict rules:

  1. Set an out of out of office message on your email and voice mail. Do not respond to emails that can be successfully handled by others at the company or when you return. While this may be tempting, it is important not to engage in these conversations since they will lead to additional work while on vacation.
  2. Leave strict instructions with your staff. This should include not to be bothered unless they need your advice or approval to a situation that will be “irreversible” if it is resolved instead in a week. Never call into the office to see “what’s happening”.
  3. Have no major deadlines while on vacation. Don’t take work with you. Any business done during this week should be to new issues that come up while you are gone.
  4. Do not use your laptop, tablet or phone for work except during this one hour a day. If you forgot something that you think of later in the day, write it down and let it wait to be addressed until the following morning.

What tips do you have to go on vacation from work?


What Is the Ice Bucket Challenge for Small Business Owners?

Doing_the_ALS_Ice_Bucket_Challenge_(14927191426)Have you taken the “Ice Bucket Challenge”? It challenges friends to put a bucket of ice over their head or donate $100 to the ALS Association. The rules state that within 24 hours of being challenged, participants need to video record themselves by accepting the challenge followed by pouring a bucket of ice over their head. The participant then challenges others on that video. As a result of this viral phenomenon, the ALS Association has received $31.5 million in donations during the past month. 

What would the small business version of the Ice Bucket Challenge? Consider these for yourself:

“The Cash Flow” Challenge: You only have $1000 in the bank on Monday to keep running your business until Friday. Help to beat this challenge: Learn how to read a cash flow statement every month so there are no surprises.  If cash is low, isolate the expenses that need to absolutely be paid or it will drive you out of business. Be direct to vendors and employees about when they can expect to be paid.

“The Customer Satisfaction” Challenge: Your top customer is dissatisfied and is threatening to leave your business. Help to beat this challenge: Listen fully to what the customer has to say. Ask them what the best solution to the problem is. Follow through to a resolution and report back to them on the results.

“The Key Employee Left” Challenge: A key employee just quit and now you have to replace them in 24 hours. Where do you look to replace them? Help to beat this challenge: Always ensure that your employees are cross trained so if one leaves, another can do that job for at least a short time.

“The New Version of Your Product Doesn’t Work” Challenge: You announced a new product, but the latest test show it does not work. You have thousands on backorder. Help to beat this challenge: Isolate what is wrong with the product and what can it be fixed in a reasonable amount of time. Take any other functionality out and notify backorder customers when a product can be shipped.

“The 16 Hours of Work Needs to Get Done in 24 Hours” Challenge: You have a huge pile of work to get done today that will take a lot longer than you have. Help to beat this challenge: First decide what not to do. How will it really affect the business if the work was done tomorrow instead of today? What two things must get done today that are critical to the company?

What would your small business challenge be?


Take this Test before Quitting Your Day Job

Unlike popular business myths, not everyone should start their own company. In fact, it is not the path to happiness and wealth for most people. Every month, over a half million people will quit their day jobs to start a company. Many people have that big dream of betting it all to take a huge risk. Others have a business on the side or as Pamela Slim says, a "side hustle" going while they work a full time job. Unfortunately, most of these people that make the jump to quit their day job are making one of the biggest mistakes of their lives.

Please take this test before quitting. Answer yes or no to each question below:

  1. Do you have paying customers for your product or service? (This does not include relatives!) 
  2. Have you placed a strict limit on the amount of money you will invest? This means is there someone else that has to approve more funds besides you?
  3. Can your family survive if you lose all the money that you are about to invest in your business?
  4. Does your spouse have a job? (Living with your parents counts.)
  5. Is your spouse “enthusiastic” about your move to quit your job and start a company?
  6. Do you have other smart people and mentors that you will listen to even if you think they are wrong?
  7. Have you started a business before?
  8. Do you have good alternative for health care insurance that you currently get through your job?
  9. Is this really the very best timing for quitting your job (or starting a business)?
  10. Can you afford to not make any money from your business for the next six to twelve months?

Scoring the test: Give one point for every “yes” answer and zero points for every “no” answer.

Results: Unless you scored seven points, don't quit your day job yet. There are still too many risk factors for there to be high odds of success.

If I could be happy working for another person I would. If you are like me and can't, pass this test and welcome to world of entrepreneurship. 

Stocksy_txp48d91c10b09000_Small_52263


Everything That’s Wrong With Your Company’s Plan (and How to Fix It)

Stocksy_txp9b06d560GD8000_Small_276711Wondering why your business revenue is going in the wrong direction? It all goes back to that foundation you first created for your company — or sometimes didn’t create — and how solid it was front the start. Everything since then should be built on top of that foundation, that plan. Without a strong and clear strategic plan, your business may flounder, and you may make a lot of costly mistakes along the way.

The following are some of the most common problems I’ve seen business owners have with regards to their business plan.

1. It’s Nonexistent

Maybe you never slowed down enough to actually write a business plan for the strategic growth of your company in its early days.  Perhaps that’s because you didn’t think you needed one, were overwhelmed at the idea of writing one, or didn’t know where to begin.

How to Fix It: Better late than never. Start today with a fresh business plan or strategic plan on where your company is and where you want to take it. Start with free software such as www.enloop.com

2. It’s Ginormous (and Therefore Useless)

Back in business school, you were taught that business plans had to be thick tomes, 40 pages plus. They needed to be all-inclusive and leave no stone unturned. Fortunately, that rarely applies to small businesses (unless perhaps you are seeking funding from investors), and what you’ve got is overkill. It’s so overwhelming, you never actually take it out to review it. So what’s the point of having it if you don’t use it?

How to Fix It: Try a simpler plan. You may be the only person who ever reads your strategic plan, and that’s okay. But you want it to be readable and comprehensible, and that starts with simplicity. Stick to the basics, and don’t strive for length. Just get to the point.

3. You Never Look at It

Maybe you developed a fantastic business plan…5 years ago. Likely a few things have changed since then. A plan should be a living, working document that you regularly review (try for 2-4 times a year) and modify as needed.

How to Fix It: Blow the dust off that thing and take a look at what you’ve got. Probably the structure can stay the same, but if you’ve pivoted in your product offerings or otherwise changed company goals, those need to be reflected in the business plan.

4. It’s Not Actionable

Maybe you stuffed your plan with $10 words and filled it with fluff. You read it and don’t have a clue about what to do next.

How to Fix It: Amend that plan with action items. If you established a goal of becoming a $1 million company, set up steps for how you can make that a reality. These need to be achievable and measurable steps so that the next time you review your strategic plan you can actually see how far (or not) you’ve come toward achieving those goals.

Having a manageable and updated business plan or strategic plan is what keeps your business on track toward achieving those goals you’ve set for yourself. So keep it simple, keep it updated, and keep it nearby so you can refer to it regularly.


Nextiva Tuesday Tip: How to Manage Your Team and Still Get Your Own Work Done

One of the biggest challenges for any small business owner—or, for that matter, for any small business owner’s key managers—is how to manage people while still getting their own day-to-day work done. If you, like me, feel it’s important to be responsive to your team and value an open-door policy, you can often find yourself pulled in two directions as you balance an urgent task with an employee who urgently needs to talk to you.

How can you manage a team, put out unexpected “fires” in your business and still get your own work done? Here are three tips.

  1. Practice a closed-door policy. Not all the time, but at least one or two hours a day, set aside time when everyone knows that you’re not to be interrupted. Typically, the early morning hours work best for this. If you find this policy too difficult to stick to in the office, consider working at home for the first hour or so of the day before you head in to work. Once you’ve got that precious time, don’t waste it on small stuff—use it for activities that require concentration and focus, such as long-range planning or proposal writing.
  2. Delegate. As small business owners, we often like to keep our fingers in every pie. If you’re lucky enough to have managers working for you, make sure that employees go to their managers with questions, concerns or problems first before escalating it up to you. This doesn’t mean you’re an untouchable god on a throne in your office—it just means you shouldn’t be the first person that people come running to when they have a problem.
  3. Empower employees to create their own solutions. Very early in my career, someone gave me this advice: Never go to your boss with a problem until you’ve come up with at least two possible solutions on your own. Asking your employees—at all levels—to follow this rule will not only save you a lot of time coming up with solutions, but will also give your employees valuable lessons in coping with issues that arise at work. They’ll be better workers for it—and you’ll probably find that they often come up with better solutions than you would!

??????????????????????????

 


4 Tips for Building Your Network Before You Start Your Business

Many would-be entrepreneurs think they’ve got to wait until they start a business to begin building a network of contacts and potential customers. Not so. 90 percent of all small business owners get business from referrals, so the sooner you start — both online and off — the sooner you can forge connections with people that will help you create a sustainable business. You also want to position yourself as a resource so that you can make connections that are meaningful. So don’t wait to start networking! Get started today.

Tip 1: Find Your Industry Peers Locally

?????????????????????????????????Depending on how large a city you live in, there may be networking or support groups for businesses in your industry. If that’s the case, begin your networking efforts there immediately. Join professional organizations or simply attend a few meetings so you can get to know the big (and small) players in the space where you want to do business.

How this will help you: Networking in person helps you assess what types of businesses you’ll be competing against, as well as provide ideas for how you can better serve your target audience. You can look for strategic partnerships. If you plan to only offer Service A, you can find others who offer Services B, C, and D, and by working together, you can reach more customers. And finally, you can find a mentor who can provide you with guidance through your journey into entrepreneurship.

Tip 2: Start Getting Social Online

Social media provides you with the fabulous opportunity to brand yourself and your soon-to-be business. You can create profiles for yourself now and start sharing content that will make you known in your field, before you even have a website for your company. Start by following people that fit the mold for the types of customers you’ll want for your business, and you’ll have an instant audience when you do launch.

How this will help you: Once you start your business, you’ll need an audience for your content. Social media is the ticket to getting more readers for your blog posts — and thereby more customers on your site. And being known as a thought leader will also net you plenty of followers.

Tip 3: Attend Conferences

Another spot rife with networking opportunity is industry conferences or local business events and workshops. Wherever people in your industry — or for that matter, your ideal customers — gather, you want to be there too. Collect business cards. Run your idea by people. Just get your name out there.

How this will help you: Not only do conferences provide great learning opportunities, but you can observe your competition closely. You can also bounce your business idea off of other people to see if it’s even got viability. You may find you need to tweak your strategy before you launch — by getting feedback from others now, you save the time and money of not launching a bad idea.

Tip 4: Join LinkedIn Groups

An even more specific social networking strategy, especially useful if you’re relatively new to an industry or owning a business, is to participate in LinkedIn groups that cater to that niche. Just like with other types of networking, LinkedIn provides access to smart folks who can give you ideas for your business, as well as let you get feedback from them before you start yours.

How this will help you: There’s plenty to learn from others, if you’re open to it. Read the articles and discussions, jump in where appropriate, and take plenty of notes. You’ll need them for your business.

Networking opportunities are abound, if you know where to look. It’s better to start your relationship-building now while you’ve got the time, because once you launch that business, you’re going to be really busy!


Good, Better, Best: How to Be the Best Leader for Your Small Business

Stocksy_txp4741dc94fC8000_Small_17003Like it or not, as a small business owner, one of your primary roles (if you’ve got employees, that is), is that of leader. If you haven’t had a lot of experience in the past in leading people, you might need a few pointers for polishing your skills. Not to worry: even if you’re not a born leader, it’s something you can improve with a bit of effort and education. And don’t be afraid to sign up for a leadership course.

The Qualities of a Great Leader

While everyone’s got their own opinion about what makes for killer leadership skills, most can’t argue that the following are qualities that can help you manage others with grace:

  • Solid listening & communication skills
  • Striving to help employees succeed
  • Empowering employees to make decisions
  • Striving for self-improvement
  • Learning from mistakes

How many of these qualities do you possess? If you need a brush-up, here are tips for expanding your abilities on each point:

  • Listening & Communication: Let your employees speak without you interrupting them. Pause before responding, and really consider what they’ve said.
  • Help Employees Succeed: If an employee comes to you with a problem, don’t just listen; act. Show him that you keep your word by making change to help him overcome his obstacle.
  • Empower Employees: Show your staff that you trust them to make decisions without your constant approval. They’ll blossom if you let them.
  • Self-Improvement: Realize that good leaders never assume they’ve reached the top, and keep striving to better their skills.
  • Learn from Mistakes: Just like anyone, you’re fallible, so rather than try to deny your errors, take them as valuable lessons.

Why You Should Strive to Be a Great Leader

Do you really need to improve your leadership skills? If you care about keeping your staff happy (and at your company), you should care. As Eric Jackson quotes the old saying in this Forbes article, people quit their bosses, not their jobs. Do you really want to be the reason you keep losing good talent?

Your staff looks to you for guidance on how to conduct themselves, as well as how your company is run. A good leader inspires her staff, not makes them cower under their desks.

Owning Your Leadership Style

If you’ve been to business school or any kind of leadership training, you might be familiar with Lewin’s Three Leadership Styles. These date back to 1939, and while others have been identified since then, these styles of leadership still ring true today:

  • Autocratic: You make decisions on your own without the input of your team, and your word is law. You’re not open to suggestions from your staff, which may make them fearful of you, and may cause employees to be difficult to motivate or keep on board.
  • Democratic: You involve staff members in key decisions, though you still have the final word. Employees feel more vested in the company when they are encouraged by you to provide input.
  • Laissez-faire: This style of leadership isn’t always effective. You put the responsibility of decision-making in the hands of your employees, which may cause your team to feel confused and without strong guidance, since that’s not a laissez-faire leader’s strong suit.

Each of these leadership types (as well as others) has its benefits and drawbacks. The key is understanding which comes naturally to you, as well as which your staff responds best to. For example, if you identify with the autocratic style, but your staff seems afraid to come to you with ideas or issues, try on the democratic hat for a week or two and see if results change. It’s better to align yourself with your staff’s needs than stick to what’s easiest for you.

The better the leader you are, the happier your employees will be. And a small business with happy employees makes for a successful company.


Mondays with Mike: Experts and Minions

????????????????????????????????????????????????????While entrepreneurs strive to staff their companies with superstars, we all know that there’s usually one person who stands out – you know, the person that everyone (including you) calls when you’re stuck and need expert advice.  Since cloning people isn’t legal – and probably not cost effective, either – it’s easy to feel frustrated when there’s simply not enough of your expert to go around. 

After all, an expert can only be in one place at a time, right?

Wrong!  The solution to your expert cloning needs is to provide your experts with minions.  Here’s an example of how it works:

Let’s say that you own a security company, and you provide installation and monitoring services to your clients.  You have technicians who work out in the field doing the installation and making service calls when something goes wrong.  These technicians are trained, but you’ve got one guy who can always troubleshoot any problem and devise intelligent solutions.  But he’s only one guy.

You can’t send him out on every service call, but what you can do is keep him in the office.  No, I haven’t lost my mind.  You keep your expert in a single location, and you set up a way for him to communicate with everyone out in the field.  When a technician encounters a problem, he gets on the phone with the expert, and the expert talks him through the solution. 

The single most important component of this model is a consistent, reliable, and flexible means of communication, because if your communication goes down, the system falls apart.  Many VoIP (Voiceover Internet Protocol) providers offer all the services you’ll need.  My team uses Skype, but there are other companies who provide similar services.

So your minions can connect to your expert via phone, but if they need to share files, Skype also facilitates that.  If your minion has a particularly sticky problem and needs to show the expert what’s going on first-hand, Skype lets you use a webcam to virtually put the expert on-site.  Think about it … if your minions are connected to your expert, then your expert can be virtually anywhere.  You’ve essentially cloned your expert.

The hidden benefit of this model is that while your technicians are out in the field, relying on the expert for support as needed, they’re also getting additional training when they implement your expert’s solutions.  They have a model for troubleshooting that they can begin to implement in their own work.

This model is surprisingly versatile, as well.  Any business that has to send trained staff out to work with clients occasionally has employees who encounter unexpected circumstances and find themselves out of their comfort zone.  Whether you make service calls to repair copiers, or whether you have a team of sales reps in the market, you never know when your staff will need quick answers from your expert.  Setting up an expert-minion structure and protocol ensures that you have enough staff to get out to your clients, without the expense of hiring a dozen experts.


How to Find a Mentor for Your Small Business

??????????????????????????????????????????????????????Have you ever considered finding a mentor in your industry to ask for advice on running your small business? Having a mentor can help you avoid mistakes they’ve made and guide you to finding a faster path to profit and prosperity. And it’s also great to have someone to bounce ideas off of. Here are some suggestions for how to find the right mentor for your company.

First, Figure Out What You Need

Are you looking for a mentor who can advise you on running a business just like yours? Or someone who can help you in a particular area, like marketing, sales, or product development? Knowing what area you want to improve in can help you figure out where to start your hunt.

Look Around Your Industry

There are likely people who have worked in your field for years that are willing to help you along the same path. If you don’t know many people in your area, attend industry networking events to meet them. Ideally, you want to find someone who’s a little further down the path than you are so he can help guide you based on his experience.

Visit Local Small Business Resources

You’ve probably got a SCORE chapter or Small Business Development Center near you, so take advantage of the free access to business professionals. If they can’t help you, they may be able to connect you with willing folks to serve as mentors. The best thing about SCORE is that you can find a mentor online as well as in person. Also look for a Women’s Business Development Center, they offer great resources as well for men or women.

Check Your Online Network

Don’t overlook your online contacts in your search. While you might not be able to meet face-to-face, having a virtual mentor you can connect with on Twitter or LinkedIn can still provide the benefits you’re looking for. Pay attention to who you interact with on social media, or search for someone you think has the experience you need.

How to Approach a Potential Mentor

Finding a mentor is all about relationship-building, so be prepared for the long haul. Start by simply getting on this person’s radar so he or she knows who you are and what you do. Support him in any way you can, such as by sharing his blog articles or responding to his status updates online.

If the person you’re considering is local, invite him to coffee to get to know one another. If it feels right, mention that you’re looking for a mentor and see where the conversation goes. Be sure to highlight what the other person will get from the relationship. Many people might not even consider that you’d want them as a mentor, so don’t be afraid to ask flat out once you’ve built up the relationship. They’ll likely be flattered.

Lay out your expectations for the relationship:

  • How often you’d like to meet, and how (phone, email, in person)
  • What you’d like to learn from him
  • How you can reciprocate (offer business referrals, etc.)

Your potential mentor may have other ideas about how you can work together, so be open to hearing them.

As you build your mentor/mentee relationship, be grateful for the time he gives you, and find ways to show your appreciation. A heartfelt thank you note can go a long way, as can a thoughtful gift during the holidays.




 
Nextiva Logo

phone-icon(800) 799-0600 Sales phone-icon(800) 285-7995 Support
Nextiva is the leader in Business VoIP Services. Copyright 2014 Nextiva, All Rights Reserved,
Terms and Conditions, Privacy Policy, Patents, Sitemap