Winning the startup phase the Jenga way

Playing Jenga, where you take a wooden block from any part of the tower and stack it on top, takes a lot of patience, concentration and control to win over your opponents. The objective of Jenga, which is a Swahili word that means “to build”, is to make a taller tower but stable enough not to topple during your turn.

It’s survival of the fittest. The way to win is not to lose. You have to do your best so that the tower will not fall on your watch. The aim is not having the tallest tower but building one that cannot collapse easily. Like in a startup stage, the way to get past that is to endeavour your business to survive the hardships that come with establishing it. It may be the most challenging phase in entrepreneurship, and you might get a pointer or two from Jenga on how to win this chapter of your business.

Maintain a stable foundation

Blocks may vary with slight differences in size and thickness. Take out first the lighter and thinner ones and pile them on top. A strong base is crucial in preventing the blocks to crash instantaneously.

If you apply this to running a business, a strong vision, mission and corporate values are necessary to keep yourself focused on your purpose. A good core team and core products or service offerings will also strengthen your enterprise. Don’t be distracted by things that may be disparate to your main business. Always keep your priorities in check and devote time and effort to more important points of your venture.

Build a structure with good balance

Watch out for every move, and concentrate on your turn and those of your opponents. A good way to keep the balance is to take out the middle blocks first because the risk of getting a block from the side is higher than that from the centre. However, if you need to remove a block from the sides, stack it on top at the opposite side from where you took it. Eliminate loose parts first rather than those that are tightly connected.

In business, you have to check the loose parts and eradicate those that may cause your enterprise to tip over. Retain things, such as people, products, equipment or process, which help hold your company together. Identify your strong points and use it as your “centre of gravity” that will keep your venture on balance even when changes or challenges come your way.

Take risks with care

To add another layer on top, you have to move blocks from the bottom. It’s a must to get the game going. During your turn, take your time and do not rush things. Tap and move a block gently. If you do it well, your turn will go successfully, while it may put your rival at the edge, as there’s a possibility of the other to lose the game.

Calculated risks are not uncommon in the business world. Entrepreneurs make a plan and also listen to their gut-feel. Review possible scenarios of the outcome of your actions. Create alternatives in an event when things do not go as expected. Be wise in your decisions. Also, experience and added knowledge can help you pull some tricks up your sleeve.

Expose yourself to various situations as much as you can. If you think you don’t have enough experience yet to bring you to your goal, you can always listen to stories of other entrepreneurs and learn from them. That’s how EO members support each other. Then work towards winning the startup phase the Jenga way.

Building self-confidence in entrepreneurs

Taking the entrepreneurial journey requires a lot of guts and courage because the path is full of difficulties and hardships. To be an entrepreneur means you’re ready to take risks, and becoming one is already an indication of confidence. But not at all times you may be brave enough to face various challenges. There are moments when fear and timidity set in, and it can cause you to crumble from the inside.

Self-confidence is an important quality of an entrepreneur in various stages of the journey from pre-inauguration to startup to growth to expansion. Business owners represent their company and lead their teams, which is why belief in one’s self is necessary to carry out these roles and make swift decisions.

A healthy dose of self-assurance is advantageous in attracting partners and customers, closing deals, transacting with suppliers, managing staff, and steering the company to the direction you want. If you are nervous, introverted, reserved or afraid, it’s never too late to build the self-confidence you need so that you can bring your business to a better and brighter place.

Reflect for self-awareness

One way to build that courage you need is to reflect on your qualities, both good and bad. Self-awareness will help you see your positive points as well as areas for improvement. Do not be discouraged by your weak areas, but see it as an opportunity for growth. Focus on your strong characteristics and see how you can use this to push your business forward.

Compliment and reward yourself

Never rely on external forces to make you feel good. Praises from others may make your heart flutter, but inner awareness of your positive traits can give you that boost of confidence to pursue things, regardless of the results. Pat yourself on the back and reward yourself for the wonderful job you have done. No one can make you feel any better other than yourself.

Work on your fears and weaknesses

Criticisms are part of life. Do not be afraid to fail. Otherwise, you’ll never try and take a risk. There may be people who will be disappointed when you do not meet their expectations. Never allow this to stop you or dampen your spirit. Instead, treat it as a learning experience where you can grow and improve yourself. If you are aware of your weaknesses and fears, work on it. Do you have stage fright? Expose yourself more through endeavours like public speaking.

Set goals outside of your comfort zone

Try something new. Expand your social boundaries. Do activities outside of your routine. Get out of your comfort zone and allow yourself to grow beyond what you have been used to do. Start with something that you have been interested in doing but never got around to trying it. Make a checklist of things you want to initiate and create a plan to ensure you implement them. Check every item you have accomplished, as it will help you feel good about yourself.

Join groups and clubs

Meeting various kinds of people can open your mind to different perspectives and ideas. It can also lead you to many opportunities and possibilities because you can learn from their experiences, especially those who have been on the entrepreneurial path ahead of you. Join business groups like EO Melbourne or clubs for your new hobby where you can interact with other entrepreneurs and skilled individuals. It will help you gain the confidence to face experts or those in position.

Attend learning events and expand your knowledge

When you acquire more knowledge and skills, you also increase your level of belief in yourself. Find a suitable method that can help you learn more expertise. You can attend learning events from EO Melbourne or similar setting, participate in seminars or conferences, or go back to school to study or obtain additional courses.

Find a mentor

It takes baby steps at the start of the entrepreneurial journey to keep moving. If you are afraid to take the big leap, you can get a mentor to guide you at the beginning so you will be able to walk confidently by yourself. There are various ways to find a mentor, which we have outlined in this article.

The best way to build self-confidence is to get out and acquire as much experience as possible. It may not happen overnight, but it will develop as you go along. The mind is the best tool to induce faith in one’s self. Appreciate yourself more and present that side to others. People will see your value through the value that you give yourself.

Ways of doing competitor’s analysis

Every business has competition. It’s a factor that you have to consider in making business decisions. Numbers may indicate that you have a positive bottom line, but you also have to check your portion in the market share. There may be an opportunity to increase your piece and get a bigger slice of the pie. How do you do it?

First, you need to gather information and take a look at the bigger picture to determine how you can grow your market segment. A competitor’s analysis is necessary to determine the other players in the industry so you can strategise how to position your business at a higher part of the pyramid.

Healthy competition is good. Having a strong competitor may indicate that the other business is doing something effective that appeals to your target market. Analysing them can bring you insights on how to improve your business.

Start your evaluation by listing down 5 to 10 businesses from your industry that pursues similar customers. If you have a store, include those within your vicinity or locale. You can create a matrix to profile your competitors, which may incorporate a SWOT (strength, weakness, opportunity, threat) analysis of each. Fill in the information through research and data-gathering. Here are some ways you can get data about businesses that offer the same products or services to your target clients.

Online search

A rich repository of information is the worldwide web. You can check your competitors’ websites and social media accounts and analyse their traffic, influence and engagement with their followers. There are websites that measure and compare online metrics of your brand and those of other players in your field. Other online sources are blogs and review sites where you can read the opinion of other people on various brands.

Media scanning

Browse through articles and features of your competitors and see how the media portray them. Review how frequent other businesses are showcased and evaluate the effect these stories are on their brand.

Industry reports

Annual reports and industry documents may reveal relevant data that can help you gauge your competitors’ standing and assess them with yours. These reports may include financial data, graphs and other metrics that you can use in your business.

Surveys, FGD and interviews

Either you hire a research company or do the market research yourself, talking directly to customers, suppliers and other stakeholders in the industry is a big help. Methods you can use are surveys, focused group discussion or interviews, whether formal or informal. You can determine the reputation of your competitors based on the responses and feedback of your interviewees. Talk to other experts in the industry, some of which may be within your circle or in groups like EO Melbourne.

Keen observation

Try the products and services of your competitors. Visit their stores and offices. Engage with their employees. Know the situation firsthand by witnessing how the target market patronises their offerings. Through this method, you will see the best practices of your competitors, as well as areas for improvement, which you can learn and apply in your business.

When you have gathered the information and made a comprehensive profile of your competitors, determine your positioning in the market. From there, strategise how you can bring your business towards the top. You may already be doing well right now, but don’t settle for good when you can aim to be the best in your industry.

Creating a winning presentation tool

Do you need to entice an investor, attract a client, talk in a seminar or persuade a partner to move forward with your business? In occasions like these, you might need to come up with a powerful presentation to drive your point and close a transaction fast and effectively.

While facing your audience is the most crucial part of the presentation, it all begins when you prepare your materials. Several tools are available to aid you in conveying your message, but the easiest and most common one is creating PowerPoint slides. Some people may not focus much on this, but it can make or break the business deal. Your presentation materials can capture the attention of your audience, allow you to deliver the points you want to put across and convince them to agree towards achieving your objectives.

How do you do that? A few pointers can help you put together a powerful presentation tool that can lead you to a resounding success.

Focus on your message

The meat of your presentation is your content. Work first on the copy and the message you want to impart before you think of the aesthetics. When you have perfected this part, everything will come into play. Don’t make your messages too wordy. Emphasise on the main ideas so that your audience won’t have information overload and get lost in the myriad of concepts and data.

Organise the flow

Even if you have great ideas and important facts to share, but if you do not arrange them in a cohesive flow, you will still lose your audience along the way. Know how to transition from one thought to another and learn how to build up your drift to the climax of your presentation. It’s like storytelling, where you have an impactful introduction, a substantial midpoint, a stimulating highlight, and a convincing ending.

Make it visually appealing

Once you have nailed your content and organisation of ideas, it’s time to turn into the visuals and how to make them appealing enough to attract and maintain the interest of your listeners. Remember that your design represents your brand, so you have to include the qualities of your company and reflect that to your presentation tool.

Use powerful images

Photos and images are more powerful than words. Those who are on the receiving end of your message can visualise your ideas better if you have pictures that can represent them. Be sure to use photographs that are of high quality and easy to understand. They have to be interesting enough so as not to bore your audience.

Less clutter, more impact

Don’t put too many visuals in one slide. The simpler, the better. Keep away from too much animation that can distract your viewers. If you put several graphics in one slide, the tendency is that your audience will lose focus on the main thought.

Cut down on words

Too many words can be a strain to the eyes. Your copy should not be heavy. Instead, include only key phrases that participants need to remember. Use bullet points to break down ideas.

Use the right colours and font

Avoid neon colours in your presentation tools. A dark background is good when you are using a projector. Contrast the shade of your text to your background so that they are readable. Make the fonts big enough for them to be readable to people at the back.

Be consistent with your format

Moreover, consistency is key. Your format and layout have to be coherent to make it more memorable. Changing from one design and arrangement to another can confuse your receiver. A consistent format can also strengthen the image of your brand.

With your tools at hand, practise your presentation so that you become more compelling in your delivery. Remember that your PowerPoint slides, videos or materials are only your aides in expressing your thoughts. In the end, how you articulate your ideas will enable you to achieve the objectives of your presentation.

The advantages of an employee performance appraisal

There are costs and benefits in implementing an employee performance appraisal in an organisation. It requires energy, time and resources to conduct it annually. If the execution is off-tangent, it can even leave a negative impact on the team. On the other hand, an effective appraisal system can boost the morale of your people.

Experts have come up with different methods in conducting performance appraisal. Performance management has developed and continues to evolve as different tools, templates and processes are created to suit varying corporate environments. The best way is to hire a professional who can handle your human resources or get a consultant that can manage the evaluation process of your company efficiently. The important part is not to lose focus on the objectives of the performance appraisal.

A lean organisation might not see the immediate need for an employee performance evaluation as you can easily gauge the performance of your staff. However, companies that are growing will find it useful in the long run, putting an order in the movement of people within the establishment.

Establishing good relations with staff

Companies conduct an evaluation of employees with the intent of reviewing their output and fit in the corporate environment. But it is also an avenue for management to strengthen relations with staff members. Employees can take this opportunity to openly express themselves and communicate their opinion and insights, especially in a one-on-one setting. This way, trust is established within your business.

Alignment of company goals with individual members

Employee appraisals provide the management with a platform to reiterate the company’s vision as they can review employee performances’ alignment with the overall goals. Your staff may be delivering good results, but if they are not in harmony with the company goals, they need to be re-directed to the objectives of the business.

Rewarding good performers

There’s a threshold of positive outcomes from good performers if they are not rewarded or commended. It can dishearten or burden them, thinking that their actions are not getting the right attention they deserve. Recognising their efforts through a promotion or upgrade will encourage them to continue with their admirable work and even strive to excel and be better. It’s difficult to keep good people, so an appraisal can be a tool to maintain them in your team.

Motivating dispirited team members

Problem employees are part of the reality of an entrepreneur. It’s not always the case, but when it happens, there are ways to deal with it. During the evaluation process, you can discuss sensitive topics like this and agree on a win-win solution for both the company and the staff. Sometimes, letting go is the most viable option, but you have to set a period where the employee can still improve himself or for the company to determine if he has the right fit.

Planning employee’s career development

Generally, the appraisal can be a basis on how to plot the development of your people within the organisation. You can do more than just giving feedback because you can also take this chance for coaching and mentoring.

You can review your performance management system regularly to check if it still serves your purpose or if it’s time to look into other systems available. The employee performance appraisal should be a tool to help your business forward, not a hindrance that will hamper your operations.

Pivoting in the entrepreneurial world

Have you ever walked down a road, so sure of your direction only to find out midway that you’ve taken the wrong path? Even in the entrepreneurial journey, mistakes and change are bound to happen. The initial goal may no longer be viable under the present circumstances, and a crossroad of choices appears before you. You can give up, continue with your original intent but with a few tweaks, go back to the beginning and redo things, or pivot and make a major overhaul of your business.

Pivoting is an option that some startups choose when faced by dangerous entrepreneurial waves. Unfavourable situations can take a toll on your business. For example, your numbers are hitting red, customers are not buying your product or service, or your business is no longer staying relevant. These are some conditions wherein you need to take a step back, review your business plan and ponder if you need to pivot and take some drastic measures in your venture.

A word of caution, however, because pivoting does not necessarily lead to the road of success at all times. It is never easy, but if business owners traverse through the shift carefully, pivoting can be their lifesaver. First, you need to look at a few things before you make a risky move in your enterprise.

Vision and goals

Is your business direction still leading you to your goals? Is your vision still relevant to the changing times? These are a few questions you need to reflect when you are thinking of doing a pivot. You have probably determined that something’s amiss, which led you to a decision to pivot your venture. Go back to the basics and revisit the purpose you want your business to pursue.

Funding

Do you have enough resources to do the pivot? The changes you have in mind may be costly to execute, so you have to weigh things based on your capabilities and funds. Calculate first how much you need to invest and the amount required to get you going for a year or so. Otherwise, you may just hit a blank wall if you don’t have enough fuel to run your business on a sharp turn.

Partners and team

Are your family members, business partners, investors, colleagues and team members supportive of your decision to pivot? Remember that the alteration of your business route will also affect other people’s lives. There may be resistance, and you might have to let go of some people. Still, it is important to keep people engaged to your cause because it will be difficult to make the shift if you do not have people behind you to help you carry the weight that comes with the change.

Target market

Will your prospects, customers and clients be receptive of the new course you are taking? Don’t forget to employ market research before you take the initial step to pivot. Some businesses experience failure because they have not made a thorough study of their internal and external environments. Data and information will be your tools to effectively plot the next steps towards the new path you are taking.

Competitors

Can you compete with other players in the industry? Will you be able to carve a niche for your business in the space where you are operating? Gauge the positioning that your business is capable of taking in the market pie. Envision how you are going to survive in your industry and make your way to the top. Your pivot should give you a higher chance of capturing a better place in your field.

Certain brands achieve success because of an effective pivot that they did to their business. Cover all bases and look at things from different angles. Gather some confidence and wisdom from the stories of entrepreneurs who have made a successful shift in their businesses. In the end, you’ll never really know the outcome unless you take the plunge and try it. Who knows where the other road will lead you? Just keep moving forward until you reach the destination you have in mind.

Checkmate your goal: on chess and entrepreneurship

Strategy and winning. These are two words that best describe the game of chess and entrepreneurship. However, in business, winning is not necessarily associated with competitors. Rather, it is winning your goals by challenging yourself.

The business space and the chess board may be two worlds apart, but there are concepts behind the sport that you can use to navigate on your entrepreneurial journey. Like a chess player, you have to sit down and carefully look at all the pieces before you decide on the play you plan to employ to get to your target.

Define your goal

Bear in mind that it’s both offence and defence. Aim at capturing the other player’s king while protecting yours. If you know what that king you need to capture represents, it will be easier for you to plot out your moves. It could be your target market, a position in the industry, or the objectives you set for yourself. Focus on that goal, don’t be distracted and work your way towards getting the prize that comes with it.

Study your opponents and team members

Chess pieces, yours and that of the opposing player’s, are important elements of this board game. Some have more powerful moves and important positions, so you should know how to use them wisely. Be attentive to your adversary’s style and frame of mind. In business parlance, know your competitors and your market. How do you capture the interest of your prospects? Market research will be a useful tool that can provide you with the answers. Look into the proficiency and talents of your team members, which can be helpful to your planning.

Plan a strategy

A mind game like chess requires strategising so that you can outdo the other contender. Before you place your next piece on the square you are eyeing, review all possibilities and anticipate worst-case scenarios. As they say, you should be two moves ahead of your rival. Victory is within sight when you have proper preparation, planning, practice and execution.

Use perception and change moves, if necessary

Although you have crafted your plans, intuition also plays a significant role in the game. There are circumstances when an entrepreneur’s hunch leads him to success. It’s not always a guarantee, as perceptions may go wrong, but there are times when intuition can save you from danger. Entrepreneurship is all about risks, so always be prepared to pivot when needed. Don’t be afraid to change directions midway if it can lead you to your goal.

Prepare to make sacrifices

Pawns are frontliners that get sacrificed in the play. There are several things you have to forego when you take the business journey. Time, resources and effort are poured into your endeavours to make them a success. When it comes to your people, circumstances call for you to let go of those who may not fit in your corporate culture. If you need to give up something, look at the bigger picture and the long-term effect of it to you and your venture.

Consider the importance of time and the right timing

A professional match may require a time element per move you make. While you need to contemplate carefully your next steps, don’t dwell too much on one strategy as well as don’t rush to get to the next square. Certain actions work best when done at the right timing. Be sensitive to your surroundings, particularly to the market you serve and the industry where you belong. In making decisions, discern well when you have to take a long pause before you take action or when you have to immediately act upon it.

Over time, your experiences will help you navigate through more difficult passages with confidence. Just keep playing and practising. To be a master, you have to learn from more experienced players. Joining clubs can help you hone your skill and capability, such as becoming part of EO where you get to interact with and learn from other entrepreneurs and business owners. In the end, you’ll be able to plot your strategy to arrive at a checkmate to your goal.

To VA or not to VA: the benefits of a virtual assistant

Goals and checklists are good, but if your day is not enough to fulfil all your tasks and responsibilities, you end up delivering work that is not at par with the quality expected or you suffer from burnout, fatigue and other illnesses. Managing time and obligations is one of the biggest challenges of entrepreneurs. Some of them turn for help by hiring virtual assistants who can do certain jobs on their behalf. It is an option to unload one from mundane work to focus more on urgent matters in the business.

What is a VA?

A virtual assistant or VA is someone who provides backend support to your business or personal projects online. They manage things remotely based on what you assign them to fulfil. Mode of communication is through e-mails, messaging apps and online meeting platforms.

There are different kinds of virtual assistants. Some operate solo, while others belong to a group. A VA can be a digital nomad, transferring from one place to another, or based in one location alone. You can choose the capacity and expertise you need from a VA as some are more adept on administrative work, while others act more like consultants and business managers. They need to have some level of skill and proficiency because they can handle things themselves with less supervision.

What does a VA do?

There is a wide range of things that a VA can accomplish, depending on your needs. A VA can answer your emails, set up your schedules, coordinate your travels, create reports, manage your social media accounts, do clerical work, and other tasks that you can delegate. If you are hiring a VA based on expertise, you can designate your VA to do sales and marketing, bookkeeping and accounting, copywriting and content generation, or other specialised jobs.

What are the benefits of having a VA?

Before you consider hiring a VA, examine first if you need a VA or not. It is not a guarantee that getting a VA will not pose any problem to you or your enterprise. It may either work for you or not. That is why it is understandable if you have apprehensions of getting someone from a remote location do things for you. If this is the case, talk to other business owners who have done it successfully. EO Melbourne is one venue where you can seek answers to your questions through the experiences of entrepreneurs who have benefitted from having a VA.

For a start, take into consideration the advantages of a VA before you discard the idea.

Time-saving and faster output

Spending half a day going through your e-mails and replying to them can be draining and less productive. But if you have someone who can organise your correspondences, showing you only what’s urgent, then you can devote your time to more important matters in your business. With a VA, you can delegate tasks that may not require your immediate attention, saving you time and enabling you to produce outputs at an accelerated rate.

Focus on essential tasks

If you review your checklist of tasks and rank them according to urgency, you’ll find that many trivial things take your mind away from your big roles. Organising your contact list, sending out invites, following-up people and similar activities can often blur your concentration on decision-making responsibilities. A VA can take over some of those tasks so you can focus on more essential things that can allow you to steer your business towards your goal.

Quality work

Having a busy schedule is not a sure-fire formula to success. If you’re too hands-on in every aspect of the venture and you’re all over the place, you may miss out on important matters or deliver haphazard service, which can cause your business to suffer in the long run. You need someone like a VA to help you carry the load and enable you to produce quality work that can appeal to your clients and customers.

Fills in gaps

A VA can help you fill in the gaps and take care of the details that you might have missed. With all the action items you need to tick off, it is inevitable that you’ll forget or overlook something. Cover all bases by getting a VA that can make sure that nothing slips through.

Flexibility

When you know there’s someone who attends to your business while you are out of the office, you can go to a client meeting or sales call or spend a vacation with your family with some peace of mind. The VA can do the work you assigned on specific periods or as needed, so it allows you to be flexible in your business as well.

Efficient use of budget

Since the VA does not occupy office space and use supplies and equipment, you get to save on your budget. Also, it is more cost-efficient to maintain a VA than a physical office secretary. The VA takes care of filing for individual taxes and benefits. It’s also value-for-money to have someone do things for you than you doing things on your own, which may make your operations suffer along the way.

Where and how to find a VA

If indicators in your assessment point to more advantages of hiring a VA than not having one, then you have to find a person that fits your requirements. First, list down the qualities you are looking for in a VA. Then write the tasks you need to delegate to this person. The hunt begins when you have determined the kind of VA you want.

Freelance websites like Upwork, Freelancer, Guru, Toptal, Peopleperhour, VAnetworking, and TaskRabbit, to name a few, can provide you access to millions of prospective VAs. Check out other sites and consult with other entrepreneurs where you can mine great talents for your business.

Creating an effective business plan

A business plan is a tool that will help you get to your entrepreneurial destination within the timeframe you set or even at a faster pace. It provides you with a map and directions on how to get there.  Not everyone may be able to read a map, as much as not many may find a business plan useful.  Maybe not in all circumstances, but in major crossroads of your entrepreneurial journey, it is advantageous to have something that you can refer to that can help you stay focused on your goals.

Whether you are opening a new business, launching a new product or service, expanding or growing your venture, bringing in more investors or coming up with a new campaign, a business plan will help you put form and shape to your ideas and plot out the details. It will also help your stakeholders visualise what you have in mind and bring them on board on your journey.

There are templates available online, and you can choose one that is most suitable for your organisation. Keep your plan short and direct to the point, but cover all the bases. Take into consideration the following factors that you may need when you draft your business plan.

Gather data and verify them

“Knowledge is power,” as they say, and every bit of information about your industry and other key players in your field may be useful to your plan. You have to know everything about your target market – what clicks and what ticks them. Research statistics, do a survey, conduct focused group discussions or interviews, visit sites or read materials about your prospective customers and competitors. Check the industry pricing, the sources of materials you need, and the people known in your business arena. While you’re into it, make sure to verify all the facts you gathered as they may change from time to time.

Analyse your current situation

Armed with the data you gathered, match them with your current situation and evaluate your position in the market. Conduct a SWOT analysis to review your strengths, weaknesses, opportunities and threats, then address the things you need to do to enable your business to operate towards the direction you want it to take.

Set targets

The main ingredient in a business plan is your objectives. You create a plan because you want to achieve something. However, be SMART in creating your goals. They have to be specific, measurable, achievable, realistic and time-bound. When you do your regular monitoring and evaluation, whether it’s monthly or quarterly or annually, you will have to refer to your objectives to see where you are in your journey towards your targets. It would be better to break down your timeline into monthly goals so you can keep track of your progress easily.

Plot strategies

Once you have defined your objectives, strategise how you will be able to attain them. Outline the steps on how you can market your business and appeal to your target customers. When it comes to mapping out your business journey, find the fastest way possible to get from point A to point B and the kind of vehicle you need to take to arrive there.

Make detailed action plans

With your objectives as your compass and your strategies as your map, you can fill in the gaps with specific action plans, complete with a timeline and comprehensive information. Put alternatives and contingency plans in scenarios where your plan may not work out as expected. Include point persons from your team and people who can help you carry out your action points.

Assign figures and costs

To complete your business plan, it should have a budget and projections, which will help you keep track of your expenses and sales. The financial aspect is significant in any business because it allows you to check if your investment is growing, remaining the same or going the opposite way. Make your budget thorough so that you can approximate how much you need to shell out for you to realise your goals.

When you have finished writing your business plan, put it somewhere visible and accessible. Refer to it in your regular huddles. Share your plan with your team or, better yet, draft the plan with them. Get everyone on board, including your family members and friends. Adjust items if necessary.

If you are not confident with your business plan, consult with a mentor or colleague. Listen to the stories of other entrepreneurs, such as those in EO, and attend learning events to get more pointers on how to make your plan work. Lastly, a plan will only be as effective as the actual output you do. Let not your plans go to waste. As you have converted your ideas into words, bring life to it through your actions.

Platforms you can use for online meetings

Doing business in different parts of the globe or having team members in various locations may require a lot of communication to ensure that things go well. In this age of modern technology, being physically apart is not a hindrance in doing business transactions or official meetings. Within EO and among EO members, online meetings are also common and widely used.

Several online platforms are currently available to make video calls and meetings more plausible. Nowadays, you can see each of the meeting participants on your screen, share files and record conversations, depending on the features of the application. Take a close look at 11 video conferencing platforms that you can consider for your remote meetings.

GoToMeeting

You can access GoToMeeting on your desktop or mobile devices, which makes it easy for participants who are on the go. It goes beyond screen sharing because it also has drawing tools which you can use to direct your participants’ attention and focus on a particular part of the screen. It can record and store your meetings on cloud storage. GoToMeeting offers a free 14-day trial with up to 50 attendees.

Skype

One of the many platforms that have been around for some time is Skype, which offers free calls and messaging globally. You can even connect to a mobile or landline number. It Is downloadable to computers and mobile devices. Skype is widely used and popular, which makes it easy to use for video calls and conferencing.

Join.Me

You can customise your meeting link and personalise your meeting background. There are one-click screen sharing and free conference calls. Join.me is also downloadable in any device, which makes it easier to have an online meeting. It offers simple integration solutions for Chrome, Outlook, Office 365, Trello, Slack, G Suite and other apps.

Google Hangouts

Google Hangouts is one platform to consider because it is easily accessible through Gmail, Google Calendar and Chrome. Google users can open the application from various devices and use it for messaging and calls free of charge. Another advantage of Hangouts is that Gmail and Google are widespread globally because many Android phones already have the app built-in upon purchase or activation.

WebEx

Cisco’s WebEx has cloud calling that has the advantages of a traditional phone system, less the intricacy of securing and managing it. WebEx products have features for video conferencing, team collaboration, webinars, online training, video support, conference calling, conferencing devices, and cognitive collaboration. There are different plans available according to your meeting size and needs.

Zoom

Users and attendees can do video calls and online meetings through the Zoom site or its downloadable app. Companies and organisations also use Zoom for webinars, virtual conference rooms, phone system, business messaging and file sharing. Apart from its free basic features, Zoom also has other plans for your various business communication needs. Zoom caters to industries like education, finance, government and healthcare.

Zoho Meeting

Zoho Meeting provides an avenue for participants to connect online and integrate other apps like Zoho CRM, Zoho Projects and Zoho Calendar. Hosts can also have webinar polls and Q&A to facilitate discussions.

ezTalks Meeting

You and your team can hold virtual meetings with a real video conferencing experience where you can share your screen, use online whiteboard tools, record discussions, and chat as a group or privately. It also allows attendees to use the app on any device.

Highfive

Highfive is a cloud video conferencing software that is easy to use as there’s no need to download an application. You can join meetings by going to the Highfive URL in your browser, making it smooth for users and administrators to conduct online video calls. The URLs are also simple, which you can customise and make it easy to remember. Lengths of meetings are unlimited. Although it does not use PIN codes, meetings are still kept secure.

AnyMeeting

Another browser-based app is AnyMeeting, which is accessible on any device. The online meeting software allows hosts to customise their meeting rooms where they can include their business logo on the background. It has a built-in phone conferencing, video sharing, screen sharing, recording and meeting notes.

With all these platforms and many others that are available online, distance is no longer a problem to meet and discuss important points. You can even use the applications to further your business and exchange knowledge and information with others.

Let us know in the comments section below which ones you have tried and which ones you find suitable to your meeting needs.

Why make your business green

Our planet is aging. It is a fact that we cannot ignore. Harmful products and activities contribute to the worsening of our ecological problems. The rising concern on our environment has heightened the awareness of several industries and markets to take steps in preserving our ecosystem. Going green has become a buzz word where small to large companies implement ways to lessen the negative impact of their operations on the environment, society and the economy.

You, too, can be part of this undertaking by shifting your venture to become a sustainable enterprise. It starts from the vision, mission and values of your company where you take to heart environment principles in every aspect of your business. You can go paperless, plant more trees, conduct regular clean-ups, limit utility and energy consumption, remove hazardous ingredients in your products, recycle and reuse materials and wastes, lessen the use of natural gas, utilise renewable energy, carpool, and many other methods that can minimise your outfit’s negative effects to the earth’s natural environs.

It may take a lot of major changes to convert into a green business, but the rewards are huge and with a lasting effect. It can outweigh the birth pains that you have to go through when you transform your business. The advantages can benefit greatly your enterprise as well as stakeholders and other sectors of society.

Good for the environment

We only have one earth, and we are its stewards. Whatever we do to our biodiversity will eventually come back to us because we live in a network of ecological units. When you make a move to protect the environment, you will also reap the fruits of your labour, which can even extend to your family and loved ones, the future generation, and those in your community. Who wouldn’t want to see our planet lush and verdant? A clean environment can make us healthy and well, while the opposite can bring us many problems.

Less cost and more savings

If you keep track of your company’s usage and limit your wastage, you can lower your spending and secure some savings for your business. You may have to invest in executing changes and adjustments in the onset, but you’ll save a significant amount in the long-term.

Positive image and brand reputation

Your sincerity to push for sustainable development will see through your messaging, actions, initiatives and the endeavours that you support. It will appeal to the government, communities, industry players, and the general public. Running a green business will earn the trust of various sectors and enhance your brand’s reputation. A positive image is essential in the entrepreneurial space because things can work favourably for you. To maintain the public’s confidence in your venture, you have to be consistent in your fervour of making your business green.

Marketing advantage

Letting the public know that you are a sustainable business will give you a bigger chance of earning their support. They may patronise your products and services and keep you top-of-mind. Whether it will lead to bigger sales or not, it will allow your enterprise to be a vehicle for educating people about protecting the planet. You can even take your advocacy further by creating cause-related marketing campaigns that will benefit a non-profit or local community.

Stronger team satisfaction

Another benefit of becoming a green business is the increased morale of your internal team. They will work harder, knowing that there is a bigger cause than just aiming for targets and securing sales. Going green also means looking after their welfare and the people they love, advancing their wellbeing and those of their families and friends.

The age-old proverb “You reap what you sow” is an assertion that when you do good deeds, such as care for the environment, you will also enjoy its benefits. Becoming a green business will create ripples of progressive impact to more generations in the future. Imagine if several businesses will take this direction. Surely, many people will enjoy the positive change it can do to our communities.

With all the natural calamities and changes our planet is experiencing, it is never too late to take action to save Mother Earth. All it takes is the conviction to take action by going green and helping protect our environment. After all, we only have one earth, and we have to do everything we can to preserve it.

Tips on creating a successful event for marketing

Most brands and companies organise events to nowadays promote their products and services to their target audience. While it takes a lot of resources and effort to stage an event, organisations still consider it as an important tool in marketing because it provides an opportunity for the brand to have a face-to-face interaction with their market, giving them an experiential taste of their offerings. It can also result in instant sales and feedback if utilised wisely.

Examples of events that can boost your sales and marketing are product launches, press conferences, trade fairs, seminars, exhibits, mall tour, and the like. You can be as creative as you can and make it either intimate or huge.

Organising an event, big or small, is a tedious process. You may need to hire the services of experts to mount a successful one. However, with limited resources, you may opt to do things by yourself. If you are in such a situation, you can consider these tips that may help you or your event organiser come up with a memorable event.

Plan carefully

Meticulous planning is the foundation of a successful event. First set your objectives and targets, then you can draw everything else from that. Base your strategies, publicity and promotional tactics, timeline and budget from your goals and resources available. Always review your plan and go back to it to adjust some details, if necessary.

Form a team

One person alone cannot stage an event. You need a team to oversee various aspects of the project. Open communication and harmony with your teammates will help you achieve the objectives you set for your event. A project leader is crucial to consolidate everything and supervise things so that each team member is not left behind.

Set the theme

An event is a vehicle to send your message across your audience. Having a theme is like tying everything in an integral axis. It’s easier for participants to remember your event and the purpose of the activity when you have a central idea that can bring each part of the event together.

Choose good suppliers

Some of the blockage in carrying out a good plan is a problematic supplier. It can be a thorn on the side if they are not able to produce the much-needed result. When you choose a third party partner, do not only consider their cost but also their success rate. Gather three to four possible suppliers, evaluate them carefully, do a background check and select the best supplier that is value for your money and have great working relations with you.

Create a checklist and monitor well

Proper coordination is key to a successful event. They say that the devil is in the details. Have a checklist of everything you need to do and have for every activity of the project. Monitor your checklist regularly so that you don’t miss out on important things. A team meeting will help you see gaps which you haven’t noticed before.

Come up with back-up plans

There may be unforeseen circumstances and factors that may hamper in the process of organising an event. Weather, costs, and other internal and external conditions can affect the preparation. Make back-up plans that you can do on varied cases.

Select the right people to invite

The guest list is important in attaining your objectives. It’s not enough that you gather warm bodies to fill in your venue. You have to bring in people who can help you with your brand. They can be your clients, industry partners, media people, social media influencers and target customers.

Have run-throughs

When everything is ready and in place, do some run-throughs to make sure that everything works out fine. You can polish certain things, such as seating arrangement, lighting, sounds, timing and food serving. Aim for perfection and bring the best experience to your participants and guests.

Evaluate and do a report

Like in any other experience, it is good to learn from an event, both the mistakes and the milestones. Evaluating the entire process and coming up with a report is a method that can help you improve on your event organising skills. It will also serve as a guide to your team for your succeeding campaigns.

On top of these tips, another way to learn about mounting a successful event is to attend as many events as you can and observe attentively. See how they execute events and note the areas that you can improve if you will have to do it yourself. More importantly, enjoy the experience and take this opportunity to interact with the guests.

Surfing the entrepreneurial waves

Surfing is not for the faint-hearted, and so is the entrepreneurial journey. It takes skills, practice, determination and passion to ride the waves of tribulations. One can brave the perils of surfing or entrepreneurship through persistence because perseverance is necessary to achieve the needed to accomplish.

However, one has to know the basics of surfing to get it right. From this kind of discipline, we can draw out the lessons and apply them to the entrepreneurial journey.

Before jumping on your surfboard and heading to the sea, there are a few things that should be noted down. It is imperative that you brush up on your swimming skills first. Equip yourself with the right gear and get a good instructor if you’re a beginner. Don’t go out there all by yourself. It’s the same when you wade through the entrepreneurial waters. You have to learn the ropes of running a business and arm yourself with the right tools and skills. Here are a few more reminders as you prepare yourself for the sea and the business world.

Warm-up and practice on land

Stretch those muscles. Practice your moves. Exercise first and prepare your body for the harsh conditions of the sea. In business, familiarise yourself with the various aspects of managing an enterprise. Do an internship, work in other companies or gather some skills and experience that you can later use in your venture.

Listen and follow instructions

Pay close attention to your instructor. Make sure you remember the safety precautions and surfing etiquette. Interact with other surfers and learn from the more experienced ones. Watch carefully how others surf so you can gain more tips and insights. When you start on your entrepreneurial journey, it is helpful to have a business mentor who can guide you. Be part of a business group like EO where you can meet like-minded individuals and learn from their experiences.

Choose a good spot, start small and finish big

Scan the area before you surf. Choose a spot for beginners that is not crowded where you can move freely. Start with waves that are not too huge for your limited skills. As a businessman, acquaint yourself with the industry, which includes your competitors, stakeholders, target market and various players in the area where you want to establish your enterprise. Operate first on a manageable quantity or magnitude, then work your way towards bigger things.

Paddle hard

When the waves are coming, paddle hard and go with the force. As much as in surfing, many businesses succeed because of the hard work that is put into the endeavour. Devote yourself to improving yourself and your venture. Invest resources, time and effort in bringing every milestone a notch higher until you get to achieve your goals.

Be quick to rise and stand

The key in surfing, whether you are waiting for the right moment or recovering from a fall, is the swiftness to rise and stand. Be quick to capture the coming wave or bounce back. Don’t be intimidated by a few failures, both in surfing and entrepreneurship. Watch out for great opportunities, and do not hesitate to take advantage of them to move your business forward and enable your brand to make a mark. Better yet, create opportunities that can accelerate your growth and bring your business closer to your target.

Bend your knees and keep your balance

Balance is crucial in riding the waves longer. Bend your knees so you can easily adjust your weight. Always keep a balance in your entrepreneurial journey for you to survive and sustain your accomplishments. Listen to your body, the people around you and the market you serve. Bending one’s knees also signifies readiness, humility and action. Be swift to respond to your customer’s feedback and serve their needs.

If you believe you already have the skills and the courage to go into the deep, do not hesitate and just take the plunge. It’s good to start sooner than later, whether in surfing the sea or building your business. You’ll never be fully prepared unless you find yourself in the spot where you need to put your learnings into good practice. When the wave comes and you are able to ride through the challenges, don’t forget to have fun and enjoy the fruits of your success. So, get ready! Surf’s up!

Finding the right mentor for business

The challenge-laden entrepreneurial journey is not for the faint of heart. One may get lost or burdened going through it, especially for the new ones. It becomes bearable when you take it with other entrepreneurs or when there is someone who can guide you along the journey. A mentor is someone who can do that and help you get to your destination faster.

It is important that you have a full grasp of the concept of mentorship to keep things straight from the beginning. Understand that a mentor is neither your boss nor instructor. You will be the one to make decisions in the end. Your mentor will only guide you towards the right path. Because you are too caught up in your venture, a mentor will help you look at your business at a different angle and see gaps and loopholes.

But finding the right mentor who can help you in your personal and professional development is easier said than done. It’s not just all about the achievements your supposed mentor should have but also the personality that can match yours as well. The main concern is where to find the one that can fit your values and entrepreneurial needs. Having a checklist of things that you prefer in a mentor will help you narrow down your search.  

Family and Friends

Start looking for a possible mentor among your inner circle of family and friends. Someone close to you might be able to support you in providing advice and processing your ideas and decisions. There are pros and cons in choosing a family member or friend. While it is easy if they already know your character and work ethics, it may also become a deterrent in the mentorship as this can cloud your judgment of each other. However, if you feel more comfortable with someone familiar, then you can take this route in having a mentor in your entrepreneurial journey.

Business Groups

A good venue to find a mentor is a business group or organisation like EO. Such groups are composed of people who are also in the same boat as you are, some may have already been ahead while others are still starting out. In addition, they have programs and learning activities that can provide you with an opportunity to have a mentoring session with someone who can support you in your business experience.

Networking events

Seminars, conferences and workshops are a a great opportunity to meet business leaders and experts who can give you tips and advice when it comes to running your business and braving business challenges that may come your way. You may even meet business people whom you look up to as a model or inspiration. Events like these can open doors for you to establish friendship with them that can lead to a mentor-mentee relationship.

Mentoring service

There are many online platforms nowadays that provide mentoring services to startup founders and entrepreneurs. They often provide resources and experts who can share pertinent points on various apects of the business. Some platforms can even match you with a mentor. Examples of these onine applications are SCORE, MentorCity, Find a Mentor and Mogul.

Social media

There are social media networks that can connect you to other entrepreneurs. You can find some online communities where you can find like-minded individuals exchanging business insights. LinkedIn is one particular example. However, it is best to connect with a mentor through social network if you have established rapport with the person.

Once you have your eyes set on a particular person as your mentor, get to know that individual first so that you have an idea of the best approach to do the ask. Learn well from your mentor. Who knows, you might also become a mentor to someone in need when the right time comes.

The makings of a powerful logo

A logo is a visual mark that can make your brand stand out. A powerful logo, whether that of your company or product, can become top of mind among your target public. It represents the essence of your business because it is the initial thing that can capture the interest of your clientele.

There are millions of logos worldwide, each seeking the attention of consumers. To avoid getting drowned by the many brands and marketing campaigns and paraphernalia, you must ensure that your logo relates with your target market and, at the same time, your company maintains its integrity and high-quality offerings. 

Come up with a good logo for your enterprise or product with a design that can deliver the following things.

Convey your brand’s message

The primary thing in creating a logo is the clarity of its illustration. It should not confuse your audience. You have to put a lot of thought on the symbols, font and colour that you will use in your logo. They must all come together to convey the personality and meaning of your brand. Endeavour to reflect your corporate value and characteristics on the design. Remember that simplicity is often the best way forward.

Attract your target customers

A powerful logo can stand out in a sea of signs and marketing visuals. Colour and font are significant in attracting the eyes and etching the image in people’s minds. Test your design and see how they can capture the interest of your target audience. A catchy and witty one can strike conversation pieces and spark interest to the public.

Elevate your image

Since your logo is your form of identification, it should be unique, classy and recognisable, wherein it elevates the image of your brand, product or business. Placement and proper usage of your logo have to be carefully filtered as it will also create an impression on your company’s appearance. Your team members, partners and target market must be happy to wear your logo as a badge and be associated with your brand.

Connect with your customers

Although a logo speaks volume of who you are as a business, also include your consumers in the thought process of designing and creating your logo. You can put science and art in designing it, but don’t forget to make it meaningful enough where it can evoke the right kind of ideas and emotions on your clients.

Stand the test of time

Think big and long-term when you conceptualise the logo of your business or product. While creating a trendy one may be good for now, it may no longer be interesting many years down the road. Imagine it on buildings and big venues. It can become known worldwide. Design a logo that can weather time and boundaries.

More importantly, it is best to consult an expert when you are making a logo. Work with a design team that can come up with the best representation of your brand. Don’t rush things because your logo becomes your mark. Conduct market research and test your logo before you even launch it to the public. However, your brand goes beyond your logo. How you conduct business and come up with quality products and services will give you the results that you want when it comes to your brand image and individuality.

How yoga can make you productive at work

No matter how passionate you are with work, it is inevitable to feel a bit overwhelmed and exhausted from all the rigours of the entrepreneurial life. One way to relieve yourself from stress is to get into meditative exercises like yoga.

There are different kinds of yoga, and you can choose which you think is best suited for you. Look up for yoga classes in your locality and learn more about it. Although it is originally part of a spiritual discipline, it has evolved into a physical and reflective workout in its modern practice. The good thing about yoga is that it’s something you can also do at home or in your workplace. If you are a newbie, it is best to have an instructor who can introduce you to the proper way of doing it.

Several people and companies get into yoga because they have seen the potential benefits it can bring to an individual or a group. One particular result that others have found is the increased productivity of those who get into this exercise. We give you some of the benefits of yoga that can heighten your efficiency at work.

Relaxes mind and body

Meditation and exercise free your body and mind from stress, helping you achieve mindfulness. Too much responsibilities and tasks can burden you and take a toll on your body. Yoga enables your physical and mental state to ease a little bit to relax. Over time, you will find that it will help you gain a positive outlook in life and makes you view work as a way of improving yourself.

Enables you to focus

When you have mindfulness, you tend to focus on your target and the necessary things. Trivial things and those that are not helpful are weeded out and become less daunting. Such focus is needed at work as you have to set your mind on your goal and not be distracted by the difficulties and trials of the entrepreneurial journey.

Gives you energy and good health

Yoga is like relieving yourself of the toxins in your body and mind. It helps you take out the negative things in yourself and stretches your mental and physical muscles, enabling you to increase your capacity, generate more energy and develop good health. In return, you perform better and meet challenges with vigour. You get renewed strength every day as you incorporate yoga in your daily life.

Instils self-discipline

Once yoga becomes part of your system, it can instil self-discipline. The mindfulness and focus, as well as the positive change you experience, will motivate you to carry it out regularly. Such discipline can extend to your work habits that can inspire order in your workplace and direction for your career.

Increases creativity

Freeing your mind of all the clutters of work and the daily grind will allow you to sharpen your thoughts and encourage creative thinking. You can channel this creativity to your profession, which can advance your personal and professional growth.

Makes you flexible

Yoga exercises can develop your body’s flexibility. It is applicable not only on the physiological sense but also in life, in general. Flexibility at work is necessary as unforeseen circumstances often arise. As you practice yoga, your body and mental disposition adjust to the situation.

Improves confidence and morale

One of the benefits of yoga is that you start to feel good about yourself. With a positive attitude, you reap good results in your business. When you see that your performance at work has improved, it boosts your confidence and uplifts your morale.

It’s never too late to get into yoga. Set your apprehensions aside and get into meditation and exercise. Achieve things at an accelerated rate by handling stress competently and focusing your energy towards your goal.

What you get out of joining business associations

If you are a new entrepreneur or have kept to yourself all these years, it’s probably time to go out of your comfort zone, huddle with other entrepreneurs and consider joining business organisations. There are pros and cons to becoming part of a group. Membership may entail investing your time, talent and treasure into the group, but the rewards can be tremendous if you use it to your full advantage.

The value you receive from a membership of a business association can benefit your business and personal growth. There are even business owners that found a second home in groups like EO Melbourne. Not only have they surrounded themselves with like-minded individuals but they also come to establish good relations with them. It is necessary that you carefully choose which groups to join that can match your needs, background and commitment level.

Taking the entrepreneurial journey means entering into space where you don’t exist in a bubble. Everything is interrelated. The journey is also full of challenges. Thus, you need a support system that can help you carry through the difficulties and bring you closer to your goal at an accelerated growth. Once you join one, you will realise the rewards you get out of it.

1.) Networking

To run a business, you need staff, suppliers, contractors, consultants, partners, third-party agencies, customers and clients. Many players are needed to enable your venture to run at full speed. Joining business associations can introduce you to different kinds of people who can help you directly or indirectly. Some may even be your competitors, but it’s still advantageous to establish good relations with them. More than anything else, business groups can improve your social skills and help you adjust to the business world, especially if you are in a cutthroat industry.

2.) Added opportunities and knowledge

Business groups can open floodgates of opportunities for you and your company. Learning events, seminars, training sessions and workshops may be available to members only, one that you cannot get into if you are not part of the organisation. You can also avail various resources and materials that may not be accessible to the general public. Interacting with other members can also allow you to gain insights from them, listen to their stories and take their lessons with you on your journey.

3.) Brand image

Other entrepreneurs join groups to boost the image of their brand or company. A prestigious business group can add brand value to your enterprise. It increases your credibility because being part of such an organisation ensures your clients and customers that you go through a regular review process by your peers. It’s also a symbiotic relationship where the organisation also generates a positive image from the integrity of its members and vice versa.

4.) Cooperation and common voice

As a business owner, there are several concerns and issues that only fellow entrepreneurs can understand. There may be situations where you have to take a collective stand within your industry or the business space, in general. Certain problems may not be resolved by yourself alone. But through concerted effort, you will have a common voice that will be heard by more people.

5.) Build relationships with other entrepreneurs

You experience business and personal growth in joining business associations because of friendship and mutual trust your form with other members of the group. The good thing is that you sometimes find a mentor in this setting. As you go on with your journey, you also develop to become a mentor to others. Since it’s a give-and-take relationship, you develop a bond beyond business.

There may be several business associations in your area. List them down and conduct some research on the group where your interest lies. Inquire from their secretariats, talk with members of the groups and know the activities and requirements of the organisations. Once you have chosen the right association for you, send in your application. Moreover, if you are accepted to be a member, don’t forget to have fun, learn from the members and enjoy the experience.

The value of a rewards program

Rewards programs are now common as more and more businesses in various industries get into this method. From the travel industry to hospitality, dining, finance and retail, many companies offer special privileges to their clientele through a rewards program.

A rewards program is also sometimes referred to as a loyalty program. As the name implies, it acknowledges valued clients and provides benefits to those who avail of the program, may it be through gifts or discounts after accumulating certain points or fulfilling particular requirements. For EO Melbourne, for example, a Rewards Program is in place for members who stay in the organisation longer.

While there may be some cost and effort involved to make this program work, there is immense benefit and advantages it can bring to the brand if done properly. Firstly, there must be a person dedicated to looking after the program to make sure it works. Another thing is to keep your promises and deliver the rewards at a timely and efficient manner. The returns, however, are good.

Customer retention

The most obvious advantage of having a rewards program is customer retention. Some studies have indicated that it costs more to acquire new clients than to maintain existing ones. With a rewards program, you attract repeat customers and build loyalty with them. Having a card that consumers carry around will help remind them of your brand.

Data gathering and market research

Since customers have to sign up to join the program, you instantly get their information and file them in a database, which you can later use for market research. Through their details, you can do some profiling on their demographics and create constant communication with them. You can run surveys, send out newsletters, or announce special events to them.

Building relations

When you communicate regularly with your loyal customers, you strengthen your relationship with them. As you take care of them through this program and offer remarkable benefits to them, they will feel valued by your company.

Drive sales

Having a rewards program may not be a guarantee of increased sales, but it will be a factor in helping bring in sales directly or indirectly. You can come up with special sales events or exclusive promos to rewards members and encourage them to patronise your products or services.

Generate referrals

If rewards members are satisfied with the program, they will even end up as our brand ambassadors as they share their positive experiences with their families and friends. It can generate referrals and bring in new customers to your business.

However, remember that several other companies are also offering rewards programs. Your direct competitors may even be doing the same thing. Make sure that your program stands out and provides better and enticing prizes and benefits to your loyal customers.

How to effectively close a sales pitch

Marketing efforts can only be as effective as your ability to bring a sales transaction into a successful close. Whether you are selling an actual product, a concept or a service, being able to convince your prospect is a skill that can be learned and practised. Many become sharp at selling as they get more experience at it.

It is inevitable to feel some apprehension whether you are a newbie or have done it before. You can seek the advice of experts and learn from experienced entrepreneurs like peers and members of EO Melbourne. A few tips can help you face a target client and make your way towards success.

Research your assignment

One of the successes of a sales pitch is your extensive knowledge of your brand and product as well as your ability to assess your prospect. They say that “knowledge is power”, and this particularly works in sales and marketing. Know your business by heart, gather data and information, understand your consumer base and update yourself with the trends and happenings in your industry and location.

Focus on objectives

Before you make your pitch, review your objectives and aim. While doing the pitch, you might make compromises along the way in your eagerness to close a sale. Remember the value that you can offer and the corresponding benefits it can give to your lead. Don’t short-change yourself and never forget your corporate vision and mission, as well as your long-term and short-term goals.

Offer a solution to a problem

The best way to approach a sales scenario is to position yourself as someone offering a solution to someone else’s problem. Your product, idea or expertise is only a tool to address a prevalent concern. A convincing presentation will help your prospects recognise the value you are giving them. Once your clients understand this, they will look at it as an investment rather than an expense.

Listen to feedback

When you are pitching your sales points, bear in mind that it’s not a one-way conversation. You can formulate your strategy depending on how the other party reacts or responds to your offer. Listen to what they are saying, get non-verbal and underlying hints, especially when you sense some doubt, apprehension, objections or complaints.

Tailor fit your strategies

Getting the pulse of your prospect will lead you to come up with an effective strategy that can close your sales pitch. While there are several techniques in cinching a sale, remember that good relationship with your client or lead is key that will guide you in the right direction. Mutual trust is a pillar that can bridge the parties together. Depending on the situation, you can provide alternatives, ask questions, share testimonials, stress the urgency to avail of your offer or allow your customer to test your offering. If one technique hits a blank wall, you can try other methods that will bring you to a successful deal.

Now, if you feel you still need to hone your sales skills, try it out with your colleagues, friends and family. Confidence is an important ingredient in locking a sales deal. When you feel good about yourself and your offering, it will radiate to others and will assure them that they’re talking to the right person.

Finding ideas for creative marketing

There are times that your marketing ideas hit a slump when your brand appears ordinary and your activities become a routine. It’s always good to put variety in your marketing strategies. You can brainstorm with your team to get various insights, but you still need to widen your horizon to find inspiration from things within and outside your workplace.

The question is: where do you start?

Inspiration can strike anytime and anywhere. All you have to do is open your senses and allow your imagination to take you further. However, if you have a timeline to follow and you are pressed to deliver something, you can get ideas from the sources below.

Internet

The world wide web is a rich repository of concepts and information. You can search for a particular topic, read websites and blogs, browse social media networks, watch online videos or listen to podcasts. Discover new things by going through these platforms where you can come up with new thoughts that may fit perfectly with your brand.

Commercial Centres

Go to where the crowd goes and observe what draws them together. Attend events and check out shop interiors. See how consumers react to brands and marketing campaigns. Actual situations can help you formulate marketing concepts that you can bring full-scale to your venture.

Traditional media and resources

Don’t discount books, magazines, newspapers, TV and radio as they still hold great value when it comes to knowledge and viewpoints. Revisit old ones because they are a treasure trove of concepts that you can modify to modern settings.

Surveys and interviews

If you want data as your reference to your marketing ideas, surveys, focused group discussions and interviews are the best way to go so you can customise your campaigns according to the preferences of your target market. Market research is a big help when you plot your marketing plans because you can align the data you’ve gathered in every aspect of the business.

Business groups and conferences

Another avenue that can help you generate ideas in marketing your enterprise is by interacting with other entrepreneurs and like-minded individuals. Joining groups like EO Melbourne, attending learning events and participating in conferences will enable you to listen to their stories and encourage you to craft your own while taking into consideration the lessons from their journeys. You can also throw in your thoughts and test how they are well-received by your peers.

Neighbourhood, family and friends

Walk around your area. Talk to people. Look at your surroundings. Meet with your friends. Listen to family members. Big ideas often come from small things. You can also find marketing gaps just by consulting with your family and friends. Create something new that you can get out of day-to-day slices of life.

If you think you need to inject new things to your brand to re-introduce it to your existing clientele or launch to prospective customers, there are plenty of ways to do it. Keep your eyes, ears and mind open to various ideas that can boost your business and take you closer to your goals.