Posts Tagged ‘Mondays with Mike’


Mondays with Mike: 10 Crazy and Successful Crowdfunding Campaigns

Rolls of US one hundred dollar billsI’m always intrigued to research the offbeat business concepts that find success in the increasingly popular crowdfunding arena.  It’s an endless supply of inspirational stories, as well as encouragement to find ways to follow your dream.  Here are some of my favorites:

  1. Chatype.  If you have any doubt that people have visceral, emotional relationships with fonts, look up some of the reactions to Comic Sans.  The Chatype campaign raised funds to cover the licensing of the official font of Chattanooga, Tennessee, and now the distinctive lettering can be found on everything from bike lanes to library flyers.
  2. Pizza Brain.  Located in Philadelphia, Pennyslvania, Pizza Brain is the world’s first pizza museum and restaurant. It houses the largest collection of pizza memorabilia – like a pizza cutter shaped like the USS Enterprise.  It’s also serving up award-winning pizza.
  3. Inman Park Squirrel Census.  Yep.  Squirrel counting.  What may seem like a trivial and mundane endeavor not only united an Atlanta, Georgia community, but it also inspired a line of census-themed t-shirts and infographics.
  4. Griz Coat.  Add this garment to the list of things you didn’t know you needed.  According to the campaign, “It’s not a costume.  It’s a lifestyle.”  You can embrace your inner grizzly with the original design, or you can opt for the newer wolf or polar bear designs.
  5. Let’s Build a Goddamn Tesla Museum.  In response to the shocking (pardon the play on words) lack of a museum dedicated to the brilliance of inventor Nikola Tesla, this Indiegogo campaign raised over $1.3 million!
  6. Bug-a-salt.  Begone, flies and mosquitoes!  This wildly successful Indiegogo campaign funded the production of air-powered guns that blow away bugs using ordinary table salt as ammunition.  The original campaign sold more than 20,000 guns, and a new campaign is underway to build the new and improved Bug-a-salt 2.0.
  7. Rob Ford Crackstarter.  The Website Gawker created an Indiegogo campaign in order to raise the funds necessary to purchase the video of Toronto mayor, Rob Ford smoking crack.  Although Gawker lost contact with the owner of the video, the funds they raised were donated to Canadian charities that work to deal with the problems associated with illegal drug abuse.
  8. Breathometer.  An app that’s both a party game and a safety measure, this campaign enables users to turn their smartphones into a breathalyzer.  You can determine your BAC, record, and track your results.
  9. Yellow Jacket.  Based in Baton Rouge, Louisiana, this campaign – started by a former member of the US Army – funded the production of an iPhone case that not only protects your phone, but also turns it into a 650,000-volt stun gun.  Intended to be used for personal protection, the Yellow Jacket was built after the campaign raised over $100,000.
  10. Lady Dinah’s Cat Emporium.  London’s first cat emporium, Lady Dinah’s provides a home for rescued cats, as well as a way for visitors to enjoy a relaxing cuppa with the resident felines.  The venue provides pet first aid courses, as well as yoga classes, and it is currently taking reservations for tea up to 50 days in advance.

In addition to providing simple entertainment, this list of successful crowdfunding campaigns is a reminder that you can find success in unusual niches, as long as you tell your story in a compelling way.


Mondays with Mike: 7 Tips For Improving Office Morale

3-16 Employee Hapiness smallEvery office goes through cycles – from motivated, focused productivity, to the doldrums of boredom and complaints.  When you see the need for a collective boost in spirits, try out these tips, guaranteed to get your staff back on track.

  1. Daily Huddle.  Try conducting brief, daily meetings designed to keep your team collectively focused.  Identify challenges and goals, then get right back to work.  I like to conduct these meetings with the entire team standing, so there’s no temptation to get too comfortable.
  2. Schedule change-up.  In nearly all cases, there’s really no reason to require every single member of your staff to work the same set hours.  If it makes sense for some folks to work unique schedules and manage their personal lives better, you’ll discover they’re more focused and ready to be productive when they’re on the clock.
  3. Focus on the Why, rather than the What.  Remembering why you started your business – and reminding your staff of your purpose – can help employees redirect their energy toward accomplishing big picture goals.  Look at the benefits you provide your community if you need inspiration to keep going.
  4. Say thank you.  It doesn’t cost you a cent to express your appreciation.  Make sure your staff knows how much you appreciate them, and they’re more likely to go the extra mile for you and your customers.
  5. Listen.  Just like dealing with an irate customer, you need to provide a private way for dissatisfied employees to air their grievances.  Getting the problem out in the open lets you manage office problems, and it keeps your employee from spreading dissatisfaction to the rest of the staff.  If your staff thinks you don’t care about their concerns, their productivity and morale will inevitably suffer.
  6. Take the bullet.  While you don’t want to fall into the trap of being the number one troubleshooter for your company, sometimes the very best thing you can do is swoop in to save the day.  Letting your staff know you’re prepared to roll up your sleeves and do the hard work will inspire them to greater heights.  If they know you have their backs, they’re more willing to be creative and innovative.
  7. Provide a change of scenery.  Monotony is the slayer of creativity.  When your staff tires of staring at their cubicle walls, take a field trip!  Whether you reward your employees with a day at the baseball park, or you band together for a community service day, sometimes giving your staff a change of scenery is all you need to reinvigorate them.

Most of us are operating on a budget and have more work to do than we have hours in a day, but you’ll be surprised at how effective an investment in your staff’s collective happiness can be for your company.  Keep ‘em focused.  Keep ‘em on track, and you’ll reap the benefits. 


Mondays with Mike: 10 Interview Questions That Find Great Employees

Job InterviewWe all know prospective employees spend hours prepping for important interviews.  They research the company they’re applying to, and they try to anticipate tricky questions they’ll be asked.  What surprises me is how little time many entrepreneurs spend preparing to interview their prospective hires.  If you take the time to think through what you want to learn from an interview, you’ll make the most of your time and effort.

The basic premise behind this list of questions is that you want to evoke genuine – rather than scripted – responses that reveal patterns of behavior in your applicants.  The way they’ve behaved in the past is the best indicator of how they’ll behave in the future, and as expensive and time consuming as it is to hire, train, and sometimes fire new staff, you want to get it right.

Here’s what to ask:

  1. What is your purpose in life?  The folks who have thought about the answer to this question are the ones less likely to be motivated solely by money, meaning they are less likely to jump ship for a higher wage.  Since staff turnover costs you money, you want to identify candidates with long term potential.
  2. How do you make decisions?  This question is a two-parter:  you want to assess your prospects’ decision making process, but you also want to ask for examples of decisions prospects have made in order to determine if their actions support their words.
  3. Show me how…  Ask applicants to demonstrate some of the skills they’ll be using in their new job.  They may feel like you’re putting them on the spot, and in truth, you are.  Whether you ask them to show you how they’d answer the phone, pitch your product, or resolve a customer complaint, you’ll get an idea of how they’ll handle the work they’ll be doing.
  4. How did you go about researching our company?  Serious candidates take the time to learn something about the places they apply.
  5. Tell me something about me you think is interesting.  Again, you’re putting an applicant on the spot, seeing how they think on their feet, and testing the extent of their research.  Do they understand your goals and values?
  6. Tell me about your past bosses.  This is a particularly powerful question, as it gives you insight into candidates’ relationship to authority, and it also tells you how they like to be managed.  Keep an eye out for applicants who complain about every single boss they’ve ever had;  they’re revealing more about their struggle with authority than they realize.
  7. What is your greatest fear about this position?  This question sifts out dishonest applicants, as every single one of them has fears, whether they own up to them or not.  It also lets you identify areas that will need extra attention when you hire.  You’ll be able to start off on the right foot by addressing concerns on the very first day.
  8. If money were no object, what would your ideal job be?  In a perfect world, you want to hire long term employees, and finding out what candidates really want to be doing lets you know if they’ll be around for the long haul.  If the position you’re hiring for isn’t at least a stepping stone, then you may be looking at a short-timer.
  9. Who are the biggest jerks you’ve ever dealt with?  What you’re looking for in this answer is a reveal of candidates’ conflict resolution skills.  How do they see people who cause them problems, and how do they deal with the conflict that will inevitably occur?
  10. What parts of work drive you nuts?  This question offers another way to catch a glimpse of applicants’ weaknesses and insecurities, letting you weed out inadequate candidates or address challenges early on.

Hiring new staff is too important for you to walk into an interview unprepared, but sometimes you’re still uncertain whether prospects are a good long term fit for your company’s goals and values.  When that’s the case, I advise you to hire on a temporary basis – say three months.  At the end of the trial period – assuming you’re pleased with the work – offer the employee a chance to stay on for a full time position or walk away with a $500 check.  The folks who jump at the check aren’t likely to be committed to your long-term success, and the ones who rip up your check are proving their dedication to you.


Mondays with Mike: 15 Email Mistakes To Eliminate

Man Writing an E-Mail on a LaptopGiven that many of us can conduct business without ever touching a piece of paper, email has become the single most important method of business communication.  Appointments, negotiations, confirmations, even billing can be handled via email, which means it’s more important than ever to ensure you’re communicating carefully and professionally.  Here are 15 mistakes you should never make in your business emails:

  1. Irrelevant (or missing) signature lines.  Your signature line should contain your contact information and nothing else.  That inspirational quote from your favorite author is just clutter in business communications.
  2. Cutesy emoticons.  Just don’t. 
  3. Using “Reply All” for every message.  Think about whether your reply really needs to go to everyone on the list.  Send information only to those recipients who really need it.
  4. Speling and gramer erors.  Nothing makes professional correspondence look sloppier than misspelled words and careless grammar errors.  If your email program doesn’t have spellcheck, take the time to copy and paste your messages into a word processing program to clean up any mistakes.  Put your best foot forward.
  5. Including long previous conversations.  Forwarding irrelevant portions of earlier conversations just means folks have to wade through more noise.  Strive to keep your emails clutter-free.
  6. Being too long-winded.  Email is supposed to make us more efficient.  Get to the point and wrap it up.  Don’t get bogged down in unnecessary information.
  7. Altering previous conversations.  Never, ever, ever should you edit earlier conversations to alter their meaning.  Not only is it completely unethical, but you’re likely to be called out for pulling an underhanded stunt.
  8.  Revealing you’ve been BCCed.  If you’re blind copied, it’s for a reason.  If you hit “Reply All,” you’re outing the sender of the original email.  Make sure you’re careful if there’s under-the-radar communication occurring.
  9. Irrelevant or vague subject lines.  If you’re sending an email, it’s because you have important information to share.  Using specific subject lines helps your colleagues wade through their inboxes and identify the emails which need their attention first.  A subject line like “Oh, by the way” is far less effective than “Change in meeting time.”  Be clear.
  10. Burying your point.  In the cases in which you do need to send a lengthy email, make sure your main point is covered early on.  You want to avoid the TL;DR effect – Too Long; Didn’t Read – by getting to the point right away.  Don’t make folks wade through a bunch of fluff to figure out what’s important.
  11. Babysitting your email.  It works just fine, even if you’re not watching it.  Email is supposed to enhance efficiency, but it doesn’t work that way if you’re interrupting your day every time you hear a “ding.”  Similarly, I see people pretending to be busy with their inboxes when they really could be doing something far more productive.  It’s a tool.  Use it at your convenience.
  12. Ignoring critical emails.  Don’t be a lousy correspondent.  So often we read an email and intend to come back to it later.  What ends up happening, though, is we forget, or when we do get back to it, we have to reread it to refresh our memories.  It’s far more efficient to handle important emails right away, or if you can’t, flag them so you don’t miss them when you’re reviewing your inbox.
  13. Replying too quickly.  We often get sucked into the trap of replying in a less than professional manner, simply because email is so quick.  Just because you’ve read a message doesn’t mean you have to answer it right that minute, though.  If you’re upset or confused, sometimes all you need is to take a little time and handle the email when you’re better equipped to do it calmly.
  14. Using a gushy closing.  These are business communications, and there’s really no place for flowery sign-offs.  Keep in mind that if your sig line has your name and contact information, you may not even need to sign off at all.
  15. Attaching enormous files.  Bear in mind that email has limits.  If you absolutely must send a large, critical file, compress or zip it so it doesn’t fill up the recipient’s inbox.

In short: be concise, be professional, and be clear. 


Mondays with Mike: 6 Steps to Building Better Proposals

2-16 business proposal smallWhether you do it many times a day or only occasionally, we all use written proposals from time to time in order to land new clients.  As important as generating revenue is, I’m consistently surprised by how little time many entrepreneurs spend on perfecting these opportunities to shine.  Here are six concrete ways you can make your proposal stand out from the crowd.

  1. Put your pricing options in the right order.  Your best bet is to start with your highest priced option and descend from there.  Why?  Your prospective clients know how much they’re willing to spend, and you want them making comparisons against your high figure first.  That way, every other option looks like a comparative bargain.
  2. Offer three options.  More than three choices can give your prospect analysis paralysis – an inability to decide when faced with an overload of information.  Fewer than three options can make a prospect feel forced into a decision.  Three is the perfect number.  It lets your clients select one option that’s the best fit and discard the options that don’t suit their needs as well.
  3. Include a partially completed contract.  In short, you want to make it as easy as possible for a prospect to say yes.  Doing as much of the paperwork as you can in advance not only makes it easy, but it also gives them a sense of progress toward a goal – in this case, the completed contract.  We’re much more likely to finish a task if we feel like we’re getting somewhere.  Don’t overwhelm your client with a mountain of blank pages to fill out.
  4. Use the power of font size.  I am not suggesting you hide important details in fine print.  What I am suggesting is that tiny modifications of font size can influence the way your prospects read a proposal.  Making the font just one point larger when you mention their name or their company’s name or highlight a key benefit makes the appealing stuff just slightly more apparent.  Reducing the font size one point for discussion of price – the less fun stuff – can minimize the impact of the cost.
  5. Personalize your proposal.  Odds are good that your prospect is receiving proposals from other businesses, and one sure way to make your stand out is by customizing it to reflect unique details just for your client.  If you send off boilerplate wording, it’s going to be less compelling.  If you use your client’s name and refer to specific attributes or benefits for their particular situation, you’re making a connection between your company and the client that’s hard to ignore.
  6.  Use good quality paper.  So many proposals are delivered electronically that seizing the opportunity to present a polished hard copy on heavy, substantial paper will always make you stand out among the other contenders.  You’re showing the client how important their business is to you, and you’re demonstrating your willingness to go above and beyond to ensure high quality results.

Whether you own a construction company that regularly writes high dollar proposals, or you’re a catering company who sends out occasional quotes, making sure you get your proposals right makes a big difference in your bottom line.


Mondays with Mike: 7 Habits Entrepreneurs Should Eradicate

2-9 bad entrep habits  smallI’ve started, run, grown, and sold businesses long enough to know how much we can learn from the unsuccessful habits of entrepreneurs who don’t make it.  By seeing the recipe for failure, we learn much about success.  Here are seven destructive entrepreneurial habits you should watch out for.

  1. Playing the victim, rather than the victor.  If you’re constantly whining “why me?” and focusing on all the bad things that are out of your control, you’re unlikely to be the sort of take-charge, positive person who flourishes as an entrepreneur.  You question should instead be “why not me?”
  2. Favoring ideas over action.  You’re far better off having a mediocre idea and putting in hard work to see it through than you are with a brilliant idea and no work ethic.  Inspiration is the spark, but perspiration is the day-to-day practice of putting your nose to the grindstone and getting things done.  You can’t feed your family on your brilliant ideas alone.  You have to be willing to work.
  3. Raising money, rather than making money.  Many small businesses need occasional infusions of cash, whether it’s for expansion or improvements.  The danger, though, is in spending more of your time chasing down investors than you spend wooing customers.  Revenue is the lifeblood of a company.  Focus on increasing your sales, and you’ll need less investor support.
  4. Relying on your backup plan.  It’s very seldom that you see great things achieved without risk.  If you’re constantly hedging your bets, tinkering with your arrangements in case your new venture flops, then you’re not really all in.  Commit to making your business succeed, rather than spending your energy planning for your failure.
  5. Hiring quickly and firing slowly.  Good employees are worth their weight in gold, and bad employees can cost you far more than you’d ever imagined.  If I could impress entrepreneurs with one single tip in terms of recruiting talent, it would be to slow the process down.  Take your time, hire staff that’s a good fit your company’s climate and values, and if an employee turns out to be a poor fit, then cut that employee out.  You can’t afford to let bad apples spoil a good bunch of employees.
  6. Failing to identify your target market.  If you don’t know who you’re selling to, your efforts in marketing, collecting feedback, and making changes will be seriously inhibited.  Successful entrepreneurs can clearly articulate who their ideal users are, and they frequently cater to a particular niche in a market.
  7. Doing minimum wage work.  I can’t tell you how often I see brilliant entrepreneurs doing unskilled work in their companies.  If you’re spending your time doing work you could hire someone to knock out for $10 an hour, you’re not doing your business any favors.  Your time and your talent are more valuable than that.  Put your energy toward the stuff you can’t hire people to do for you.  Grow your business.  Attract new clients.  Leave the simple tasks for someone else.

Some of the smartest entrepreneurs I know are the ones who see and avoid the obstacles that have tripped up their colleagues.  Success isn’t just about learning what to do; it’s also about learning what you should avoid.


Mondays with Mike: How To Fall In Love With Your Business All Over Again

Candy heartsIn a lot of ways running a business is like a marriage.  There are similar stages:  apprehension – when you’re not sure it’ll work out; infatuation – when you can’t get enough of the relationship; and resignation – when you realize that every business, just like every marriage requires hard work.  While there’s no avoiding the hard work, falling in love with your business again can help you sustain the energy that being a successful entrepreneur requires.  Here’s how to do it:

  1. Get back to your purpose.  Remember why you started your company in the first place.  Were you working to fulfill a need?   Did you see something you wanted to change in your industry?  Had you identified a way you could improve your community?  Let’s face it:  it’s easier to work for someone else and earn a consistent paycheck than it is to start your own business.  You did it for a reason, and you need to keep that reason in mind.
  2. Reconnect with your core values.  When we’re working in harmony with our core values, we feel good.  When we’re working against them, we feel tired, frustrated, and wrung out.  Simply making sure your company is working in support of the things that matter most to you can help you rededicate yourself to your business.  Identifying your core values can also help you ensure the staff you hire is in alignment with your mission.
  3. Focus on more than the money.  A Princeton University study has confirmed what we’ve been told our entire lives.  Money doesn’t buy happiness.  Specifically, the study found that once basic needs can be met – which they determined is at around the $75K income mark – additional money did not result in additional happiness, at least not in and of itself.  What did make people more happy was doing things they valued with that money.  Whether it’s charitable work or using funds to spend more time with your family, remember that your bank balance alone isn’t a measure of your happiness. 
  4. Make the world a better place.  One of the most rewarding aspects of entrepreneurship is the ability to effect change in your community.  When you have to slog through the hard work of running your business, knowing your work makes your community better can help sustain your efforts, help make it feel worthwhile.
  5. Realize your importance to your employees.  Not only does your company support your family and your community, but it also sustains the families of your staff.  Seeing the very real effects of the business you started and realizing how many people depend on your dream gives you concrete reasons to keep going.  We thrive on being needed, and entrepreneurs fuel our economy and support countless families.

Just like a marriage, running your own business doesn’t stop with the honeymoon.  It’s great to enjoy the first flush of starting a new project, but sooner or later, you must settle in and get down to the hard work of sustaining and growing that business.  Adjusting your perspective and getting back in touch with all the important reasons you had for striking out on your own can get you through the tough times.  


Mondays with Mike: What They Told You About Sales Is Wrong!

1-26 sales trips eye contact smallWhat’s been written about sales tactics could stretch from here to the moon and back.  There are seminars, webinars, and even one-on-one coaches who promise to give you the low-down on surefire tips to close a deal.  What’s wrong with the accepted truths about sales?  Many of them are wrong!  When you look at evidence, we discover that sometimes these techniques can backfire and actually hurt your chances for making the sale.  Here are some tips to watch out for:

  1. Make eye contact.  The goal of this tactic is to create a connection between you and your prospective client.  While you do want to connect, too much eye contact is frequently interpreted as aggression and can actually make a client uncomfortable and less likely to buy what you’re selling.  Intermittent eye contact is much more comfortable and still helps you create a connection.
  2. Quote a range of prices.  Say you’re working to land a new client for your cleaning service.  You tell the client it’ll cost between $100 and $200 monthly for your services.  You think that by giving a range you can settle in the middle and satisfy both parties, but here’s the trouble:  your client hears $100, and you’re hoping for $200.  If you settle at $150, then your client feels ripped off, and you’re disappointed.  A much better strategy is to quote a specific price, preferably one with wiggle room.  If you quote $170, knowing you’re willing to negotiate downward, then when you settle at $150, your client feels like he got a bargain, and you’re precisely where you wanted to be.  A specific price with room for expected negotiation is more likely to give you a win-win outcome.
  3. Assume the sale.  In the old days, we were taught to make your pitch assuming success.  The trouble is that consumers are wise to this not-so-subtle attempt at manipulation, and engaging in it can make you seem a little sleazy.  Telegraphing your attempts to toy with clients’ emotions is a fail, in part because it makes customers feel like you think they’re suckers – easily manipulated and not very smart.  Respect your customers enough to let them make their own decisions.
  4. Give them no way out.  High pressure sales can work, at least in the short term, but it’s not a recipe for long term success.  Consider this:  there’s an entire legal niche for attorneys who specialize in handling cases for clients who have buyers remorse after being pressured into purchasing a time share.  The tactic of shutting a client in a room and holding them there until they sign has major negative ramifications.  If your customers feel like they’re in control, they’re going to walk away thrilled to have given you their business, rather than walking away feeling like they’ve been ripped off.

The best sales people are psychologists, in a way.  They understand what consumers want, and they find a way to deliver it.  Assuming the goal isn’t just a one-time sale, building business deals that treat your clients like partners will result in consumer loyalty and future sales, as well as referrals based on great experiences.  Don’t let tired truisms guide your sales pitches.  Take the time to use tactics that are proven effective.


Mondays with Mike: What You Can Learn From Hyper-Startups

1-12 business plan smallThere are time-tested procedures for starting a business – from writing elaborate business plans to generating sales projections.  While we can learn a lot from following traditional paths, there’s a host of new entrepreneurs who start their businesses in a flash – moving from idea to implementation in a matter of hours.  These hyper-startups are volatile, flexible, and sometimes unstable, but there’s a lot we can learn from them.

  1. Reach out to customers right away.  While traditional models would have you create a prototype and run alpha and beta testing with a sample of potential customers, hyper-startups rope their customers in right away.  Using crowdfunding and crowdsourcing sites, entrepreneurs can solicit startup funds, feedback, and suggestions from end users before a product is even produced.  Bonus – when you do have a product to take to market, you’ve already established a list of potential buyers.  You’re researching and marketing all at the same time!
  2. Let your best customer find you.  Now, I’m not suggesting that you won’t need to do any marketing in order to reach customers, but what is worth pointing out is that by assuming you already know who your customer is, you may be missing out on your best customer.  Keep an open mind in terms of who will be excited about your product, and even about new or unexpected uses for your product or service.  Hyper-startups know to listen to the chatter.  Don’t limit yourself by thinking you know it all.
  3. Be mobile and be ready.  As more and more business is done on iPads, smartphones, and tablets, the speed with which a savvy entrepreneur can move from idea to income has become mindboggling.  Being ready and able to work wherever and whenever inspiration strikes makes you more effective and more efficient.  Integrating social media with your startup right away lets you make changes and share news anytime, anywhere.
  4. Ride the wave – and know when to throw in the towel.  Hyper-startups can flourish in a flash and fail just as rapidly.  Keeping abreast of trends and market shifts is essential if you’re going to make hay while the sun shines.  Not only does staying up on what’s hot keep you profitable, but it can also permit you to shape trends, in addition to reacting to them.  Encourage your customers to stay connected and keep in touch about their experiences and needs.  Not only are your vocal customers key in keeping your offerings current, but they’re also your best marketers, bringing in new fans every day.
  5. Plan for success (and prepare for failure.)  So you’ve got a brilliant idea.  Are you prepared for what you’ll do if it’s a crazy success and you have more business than you can handle?  Make sure you have a plan for how to scale up production and delivery just in case you’re a big hit.  Also, have an exit strategy, a stop-loss point at which you’ll cut your losses and move on if the startup doesn’t flourish.

Hyper-startups are inherently volatile.  They depend on the changeable desires and interests of notoriously fickle consumers who seek out the new and noteworthy.  That doesn’t mean hyper-startups are all bad.  It’s possible to make a lot of money in a very short period of time, provided you’re prepared.  Even if you choose a more traditional route to starting your company, there are elements of these rapid developers you can use to make your efforts more effective, even long-term.




 
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