The impact of user reviews on businesses

Consumers nowadays have the power to sway market opinion. Through review sites and social media networks, customers can make public their experiences with businesses they utilised. User reviews influence buying decisions because the market now looks into the assessment of those who have already availed of particular products or services before committing to a transaction. Thus, client ratings and testimonials provide customers with both a resource and a voice that can affect one’s company or brand.

The rise of online shopping and e-commerce sites, social media pages, rating forums, booking sites and blogs have allowed patrons to consolidate their opinions and evaluation of a service or product in platforms that can be viewed by the public. With more and more sectors bringing their businesses in the cyberspace, customer reviews are no longer confined in the food and hospitality industry. It also extends in fashion and beauty, internet, retail and other service providers. Popular online personalities exude certain authority when it comes to setting trends and directing the flow of public opinion.

Given the shift in the mindset of buyers, how can user reviews impact your business and how can you use it to your advantage? Rankings and recommendations can become a marketing tool to promote your venture and, at the same time, strengthen the customer service and client relations aspect of your business.

The effects of customer reviews on a brand

It can boost or lower sales. One apparent and immediate effect of customer reviews is reflected in the sales performance of the product or service in question. Several negative comments may lower the sales of your business while, on the other hand, good reviews can boost profits as they drive more sales. When users are contented with the service, there’s a tendency for them to buy more or avail of additional services. The trend may vary from day to day, so make sure that you consistently have positive feedback from your customers.

It can build or damage your brand image. For a company, big or small, image is everything. If bad reviews keep pouring in, people will believe that you offer poor products of services, which may be difficult to reverse. It can cause a huge dent on your image because your existing and prospective clients may lose their trust in you. However, if you get good ratings steadily, the general public will regard you as a dependable company. It will build your stature in the industry that even a single minor unfavourable remark may not cause too much ruckus to your enterprise.

It can attract or drive out customers. Another impact of customer reviews is that they can either draw new customers to you or deter them from patronising you, let alone consider you as among their choices. Existing clients that are satisfied can become your regulars and brand ambassadors. They become your mouthpiece to others, so an endorsement or criticism can create a ripple effect on your future clientele.

The things you should do to bring it to your advantage

Knowing that customer reviews may have a lasting consequence in your business, here are some of the various actions you can take to make sure you turn every review to your advantage.

Always improve your product or services. Consider every feedback as a way to develop your products and services and enhance your business. If you always aim at providing the best quality and highest standards you will have satisfied customers. A user review can only become compelling if it rings true. Treat each customer like a VIP, making sure you provide them with good value for their money and that you attend to their needs.

Monitor online to gather feedback and reviews. Constantly check your corporate website, social media accounts, blogs and booking or e-commerce sites where you have signed up, blogs. Set alerts in your search engines to notify you when there is a new post or article about your business. It helps when you pay attention to comments and let your customers know that you heard them.

Respond to negative feedback right away. Don’t be afraid of receiving a negative review. Some fear it so much that they delete it from their sites. But the public will know and it will only cause more irritation from complainants. Avoid being defensive in your answers. It’s even worse if you go on the offensive. The best approach is to respond to the adverse feedback right away. Clear any misunderstanding if there is one. An apology may often be needed. It is also a way for you to show others that you are doing something to address the concern and that you are continually improving your products or services. When the public sees that you care for each client, they are more likely to trust you rather than just putting out only the positive marks you got. 

Encourage satisfied customers to leave feedback. Irate customers are more likely to leave a review than those who do not have complaints because the former is charged with so much energy driven by anger that they will go out of their way to share their experience. Make sure you encourage satisfied clients to write their positive reviews. Some review sites may dissuade businesses to provide an incentive for favourable comments, so the best you can do is to remind them to write about their fulfilling experience for the benefit of other customers.

In the end, it all boils down to having good relations. It encompasses relationships with your staff, your sales team frontliners, suppliers, and clientele. Establish and maintain open communications with them and build on that. If you have enough resources available, be sure to have a dedicated person or department that will take care of customer relations. It pays when you tune your ears close to what your consumers have to say. In the end, it is up to you to take action or not. However, customer reviews can also aid you in coming up with informed decisions based on what is best for your company and the customers.

12 digital payment tools for businesses

The dawn of digital technology has empowered more and more individuals to turn to the cyberspace to find solutions to their various needs. Such solutions are mostly accessed in a single gadget and transactions are done at a click of a button. Many online infrastructures are put in place to make life easier to both merchants and customers and allow the movement of funds to be swift but secure. With e-commerce now on the rise, it is important to take a closer look at online payment tools that can make the exchange of finances, goods and services faster and easier.

Whether you conduct B2B (business-to-business) or B2C (business-to-consumer) transactions, having an online payment platform can help drive sales to your enterprise and allow your clientele to pay at a more convenient and secure way. Movement of funds is also applicable not only to retail and wholesale businesses but also to organisations and individuals that conduct fundraising, crowdfunding, freelance work, subscriptions and other internet services.

Entrepreneurs can look into these platforms to see how they can take advantage of these technological advancements to drive sales and manage finances effectively. There are thousands of digital financial tools and software you can choose that can be beneficial to your business. Compiled here is a list of known payment processing programs that are chosen by merchants around the world. (Click on the headings to direct you to their sites.)

2checkout

They boast of having a global coverage but with a local feel. It has adaptable modular designs that make it easy for businesses to use, simplifying the e-commerce process. The company started in 2006 and now has over 17,000 active clients worldwide. Its platform has an all-in-one monetization capacity that provides ventures to easily grow globally. It supports businesses not only in selling goods but also in managing subscriptions and recurring billings.

Authorize.net

Identifying itself as a Visa Solution, Authorize.net simplifies transactions by accepting payments through various platforms and methods, whether it is in-store, online or mobile devices. It has been providing payment solutions to small businesses and merchants since 1996. Thus, it comes as no surprise that Authorize.net is serving over 430,000 merchants to date.

Dwolla

Transferring funds can be done in three easy steps through Dwolla. All the businesses have to do are to create users, attach bank accounts and move money. Payments may be automated, especially that Dwolla has a white-label API that makes it more convenient for developers to integrate into their application. Founded in 2008, Dwolla has been facilitating movements of millions of funds daily at little transaction costs.

PayPal

PayPal is one of the most popular digital payment platforms worldwide as it now has 277 million active account users. Its secure and convenient method allows businesses and individuals to send and receive payments across various countries online, by an app, mobile device or in person. PayPal enables the movement of funds by linking credit cards, debit cards and bank accounts. Users can send payments directly with only the recipient’s email address.

Square

Taking digital payment methods further, Square offers both software and hardware systems that enable businesses to receive funds through online platforms or swiping cards through the Square hardware solutions. This allows merchants to conduct transactions anywhere with tools like a magstripe reader attached to a smartphone or tablet.

Stripe

Stripe prides itself for its unparalleled APIs designed for utmost functionality that can serve various kinds of internet business needs, whether for e-commerce, crowdfunding or subscription management. Launched in 2011, Stripe now has millions of users worldwide using its design-friendly platform and process.

Braintree

Also a PayPal service, Braintree reach more customers that integrates payments through PayPal, Venmo, digital wallets like Google Pay and Apple Pay, bank accounts, credit cards and debit cards. With this integration, Braintree is able to drive higher conversion for businesses and merchants. Braintree began in 2007 and now has merchants in over 45 countries.

Due

At this day and age when transactions occur across continents, countries and time zones, Due provides solutions to businesses, merchants, freelancers and online payers through its various products. It has time tracking, invoicing, digital wallet, ecash and global payments. Due is a young company as it started in 2015 serving small businesses and freelancers for online invoicing until it expanded its services to include various payment options.

WePay

A Chase company, WePay can link and refer merchants to Chase and provide integrated payment solutions for any business model. It has flexible APIs that produce efficient and exceptional user experience. What started as a peer-to-peer payment platform in 2008 has now grown to integrate various payment options to move funds fast, secure and convenient.

Apple Pay

If you have Apple devices, it is easier to use Apple Pay. It is secure as you can pay in stores using Face ID or Touch ID. Apple Pay revolutionizes the transfer of funds as sending and receiving of money can be done in Messages or with the help of Siri. This digital wallet can be used as a debit card or credit card that facilitates purchases and payments easily and securely.

Google Pay

What used to be Google Wallet and Android Pay has merged into a single integrated online payment solutions provider in Google Pay. Its features allow users to purchase goods, reserve tickets, book rides and other app payments through websites and apps that accept Google Pay. It also serves as a digital wallet that combines convenience and security when transferring or receiving funds.

Payoneer

Payoneer’s capability to facilitate transactions globally through various currencies at a fast, efficient and safe manner has made it as one of the preferred platforms of businesses, online sellers and freelancers. Since its founding in 2005, Payoneer has come a long way as it now serves more than 4 million users around the world.

As you and your business move forward, take a look at the current trends and technological solutions that can aid you in reaching your targets, driving sales and managing your cash flow. If having an online payment platform is a pressing need of your venture, look through the various features of trusted service providers and choose the one that fits your requirements. It may be something you do not need for now but it could be a huge driver for your business in the future.

Getting into the mind of shoppers

When you own a retail business, you need to constantly feel the pulse of the market. Trends come and go, and people’s tastes and choices shift from time to time. How do you drive sales and profit in an industry where things are fickle and everchanging?

While consumer preferences and priorities vary every now and then, there are certain factors that can draw buyers and sway them in their decision-making process. 

Cost and budget

One of the major consideration of shoppers is the cost of items if they are within the budget and provide value-for-money. Products on discount sale or with promotional gimmicks are more likely to sell out faster than regular ones. Some consumers do not mind paying a little bit of extra if they see that the product is of better quality than others. Evaluate your cost and compare them with the industry price if it is something that will drive shoppers to choose your product. Moreover, ensure that you produce quality goods and attach the price corresponding to its value.

Appeal to senses

Packaging that is visually pleasing to the eyes, with the use of attractive colours and design, can attract shoppers at first glance. What the brain retains are the visuals, then the words read, the sound or music and the smell. How the products are presented, especially when they are neat, orderly and packed right, may encourage consumers to purchase them. Some brands put a lot of thought and resources on the design of their products, packaging and visual elements to attract potential buyers.

Novelty

People are always on the lookout for something new. Even if you have bestseller goods, always think of ways to reinvent them and introduce fresh items. Make consumers be curious about you to the point that they will line up just to have a taste of your new offerings or services. With the same products, you can come up with events or new marketing schemes that can bring more customers to your business.

Public perception

Shelves that seem to be getting empty, long queues, and customer reviews. These are a few things that may sway consumers even at the last minute. Others would choose a brand with ethical consideration. Some would weigh the opinion of other shoppers when they decide the business they will patronise. Public relations, media and social networks often play a role in shaping public perception.

Ambience

The interiors of the shop, the spacing of shelves and furniture, and the arrangement of the products also affect how consumers view a brand. Allow your customers the space to breathe and put consideration on their comfort as well. Have a friendly staff that is ready to serve and assist them. Make your building, office, store, stall or shop welcoming to your clients.

Shopping experience

Regardless of how you are able to attract your customer at first instance if you are not able to meet or exceed their expectations, they’re more likely not to return and do another purchase. Capture your shoppers with the quality of your products, good customer service and exceptional overall shopping experience. Establish rapport with them and leave a strong positive impression that will stay with them for long. If fully satisfied, they will even share their good experience with others and act as your brand ambassadors.

The key is to have constant and open communication with your customers. Friendly and informal chats with them can give you a glimpse of the psychology of shoppers. A good relationship with your clientele is a strong foundation that can keep your business longer and push it faster toward your goals.

Sharpening the entrepreneurial mind through jigsaw puzzles

Puzzles are created to tickle the mind. Putting together pieces of jigsaw puzzles, especially the huge ones, can be both exciting and daunting. Finding the right one that fits a particular section is pleasurable, but not figuring out the correct positions can be frustrating. It is sometimes exasperating, yet it can hone your skills and sharpen your thinking.

There are few insights from solving jigsaw puzzles that you can apply to various aspects of life. Take a few lessons from it and bring it to your business and let your entrepreneurial abilities expand and grow.

Vision: A photo reference is important

Creators of jigsaw puzzles provide a picture of what the finished product looks like. It serves as a guide on how the pieces should go together.

As the founder of your venture, your vision for your business is an important guide to keep you on the right track. Put your vision into something concrete, such as a picture or representation, which can also be a reference and constant reminder to you, your staff and team members. Then build your plans and strategies around that vision.

Coherence: Every piece count  

No piece is less important than the other. Everything is needed to create a picture. They have to lock together to appear as a single entity.

Some entrepreneurs establish their business based on their hobbies or skills. An IT expert is more likely to start a technology-related business. Owning an enterprise entails more than just putting your talents into good use. There is a need to familiarise yourself with accounting, human resource, marketing, sales and other components that keep your venture running.

Hiring experts is the best way to drive it forward. However, you may not have the resources to put together a team during the initial stage. And even if you already have skilled staff members, you still need to oversee various aspects of your business to ensure they all work together in the same direction.

Strategy: Start with the edges

When all the pieces are messily mixed together, it may render you clueless as to where to start first. The best strategy is to assemble the boundaries to get clues on the next pieces.

A business leader looks for more efficient ways to reach his target at an accelerated rate. Start with your vision and then craft your plan on how to achieve it in a short time. A good strategy will save you the resources, time and effort. Break down your big goals into smaller ones and start with tasks that are easy and doable.

Experiment: Do trial and errors to find the right fit

A piece may look like the right one for a particular spot. But when you put it with the other pieces, it doesn’t fit at all. You have to try similar-looking pieces to know which one will truly fit.

In business, there are several hits and misses until you get the right solution to your problem. Trial-and-errors are often necessary for you to achieve success. Don’t be afraid to commit mistakes, although there’s nothing wrong with being cautious and calculating. Starting and growing a business requires taking risks, so be wise in making decisions that may affect you, your family or other people.

Teambuilding: Working together makes it faster

Working on a jigsaw puzzle may take time. Doing it with people you are comfortable with is a big help. It also makes the experience more enjoyable.

While having an extra hand doesn’t necessarily correspond to efficiency, working with people that share your vision, corporate culture, work ethics, passion and drive can ease some burdens. They can help you figure out things, carry out tasks and take care of your business.

Fun: Enjoy the process as well as the result

Solving jigsaw puzzles is a lot of fun. It can be a hobby, a collection or something you can play during parties or by yourself. The feeling of being able to put the last piece and complete the picture is very fulfilling.

It is a given that the entrepreneurial journey is filled with the proverbial potholes and humps. Challenges and hardships are constant in every business. Don’t forget to enjoy the experience and have fun while working towards your goals. And when you achieve success big or small, find time to celebrate.

Now, gather the remaining pieces of the puzzle and work towards completing the picture of your vision.

Tips on identifying your market segment

Your product or service is not for everyone. It is not something that can cater to people across all ages, income levels, sectors or geographic areas. Even if you are producing a variety of items that can fill up a department store, it doesn’t mean you can sell to anyone. Trying to do so can result in wasting your time, effort and resources, which is not a strategic way to do business.

Certain ventures operate B2B (business-to-business) while others are B2C (business-to-consumer). Nevertheless, it is still necessary to profile the type of clients that are being targeted so that messages, activities and tactics are geared towards them. In a roomful of people, can you determine which ones will be attracted to your brand and will say yes to your offer?

People nowadays are getting more diverse as new interests, priorities and needs prop up as time goes by. It’s not enough to say that you are aiming for mothers. There are first-time moms, single moms, young mothers, moms with teenage kids, working moms, stay-at-home moms, aging moms, and many more. Go specific on the segments you are targeting, especially those that will give you the most ROI to your business.

Segmenting your target market will help you focus your marketing initiatives. While you welcome anyone who will avail of your product or service, your budget and endeavours can be poured towards groups that will likely patronise your brand. They are the segment that looks at your merchandise or offering as a solution to their problems and needs. But, who are they? How do you define the market segments to target? Here are a few tips.

Observe your current customers

Have a careful look at the kind of people that enter your store or office. Observe their buying habits, characteristics and behaviours. What are the commonalities among these individuals? Is there something similar that they share?

Gather data on their demographics and psychographics

Some companies give out feedback forms or conduct surveys. These are ways of getting data from your current and prospective clientele. Know their gender, age, location, income levels, occupation, marital status and other information. Learn about their hobbies, interests, lifestyle, preferences, values and beliefs. These details will help you understand better the segments that will likely patronise your brand.

Profile your customers or clients

Once you have all these observations and information with you, group them and profile them. Analyse the profile of the majority in your market segments. Your primary target may be middle-age working moms who love to take charge of things at work and at home. The secondary market may be young ambitious males who want to lead an independent life.

Engage and interact with them

Gathering information and profiling your market is not enough. You have to communicate and interact with them. Get into their psyche. What do they find most satisfying about your product or service? What makes them connect to your brand? Understand their needs and wants and how your business plays a part in helping them satisfy those necessities and desires.

Constantly update your database

There’s a saying that the only constant in this world is change. Your business may evolve over time. Your target market will get older or experience things in life that will alter their perspective, preferences or priorities. Update your database every now and then and review your market segment every time you gather at the drawing board to plot your marketing strategies.

Check your competition and industry

Also, take time to see the customer base of your direct competitors. Look at the entire industry and the market that they serve. How do you differ from one another? What makes your target market segments drawn to your competitors? What is your positioning in the industry compared to other players in the field?

Segmenting your target market groups also helps you refine your brand and imaging. It is also a major factor to consider as you grow your venture. More importantly, knowing more about them establishes rapport and strengthens the relationship with your clients and customers, something that is at the core of every business.

Taking a break without breaking your bank

Affordable vacations for entrepreneurs

Entrepreneurs need to take a breather every now and then. However, it doesn’t mean that because you own a business, you can splurge on your vacation. Frugality is a value that every entrepreneur should uphold, which means you go on a budget while making the most out of your holiday.

How do you do this? First, set how much you want to spend on this trip. Second, determine if this is something you want to do alone or with a partner, the whole family or a group. Then, identify the activities you want to do and choose the destination for your holiday. Note that you don’t have to travel far to enjoy your vacation. What you are looking for may just be a few miles away from home or work. The purpose of leaving your familiar environment is to allow yourself to take in new scenery and space that may bring a refreshing energy to your body, mind and spirit.

There are plenty of things to do, see and try for free or at reasonable costs. Yes, it is possible to take a break without breaking your bank. Below are some ideas to get you started on planning your affordable vacation.

Backpack to a new city

Take the simple and cheap route to your holiday break by exploring a new city like a local. Ditch the luxurious hotels and organised tours. Stay in an inn and let the map (and your feet) take you to some hidden attractions. By doing this, not only will you save money but you can also interact with common people. Who knows, you might be able to get some ideas for your business and learn more about your customers through meeting with people from different walks of life.

Volunteer and vacation

There is a way to enjoy a place where you satisfy your mind and body and, at the same time, give back to it, which can satisfy your soul and spirit. Help a community and channel your energies to volunteer activities where you get a change of environment while doing something worthwhile. There are several non-profits and charities that provide volunteer opportunities as well as a chance to stay in a community.

Attend an EO Global events or meet other entrepreneurs

Make your vacation a learning holiday. Attend events and activities of EO held in other cities or countries. Take in a new perspective from entrepreneurs from around the globe. Meet other business owners while you enjoy a different atmosphere in another place. It will be a great experience to have a break while surrounded by like-minded individuals.

Hike or camp in nature

Get close to nature, breathe in the fresh air, and stretch your muscles by doing some physical activities. It doesn’t have to be somewhere far. Look near your place where you can get away from the hustle and bustle of work and have some peace and quiet in nature’s bosom. You can bring a friend, your spouse or your kids to have some quality time to bond together.

Take a learning trip

Bring your family to museums, national parks, historic sites or factories and learn together. You can do research ahead of time and plan your itinerary to surprise the kids. Make sure to insert something that will also add value to you, both as a family man and an entrepreneur.

Have a staycation with the family

If you prefer to stay indoors and just spend time lounging on the bed for that much-needed rest, you can opt to have a change of surroundings by staying at an affordable resort or hotel. Choose one with facilities that can cater to your various needs, especially those of the children. You can also visit other family members or relatives and stay in their place.

Whatever plans you have or your preferred holiday in mind, remember that you need this break to recharge yourself and come back with more enthusiasm and energy for your enterprise. It is also a time for self-reflection and strengthening ties with your family, friends and loved ones. Most of all, a vacation takes your mind from the daily routine of work and allow you to bring in a new perspective in life and business.

Media Relations 101 for Your Business

Building your brand and establishing a positive image to your target audience takes time, resources and effort. One strategy is to engage with the press to help you get your message across and develop your reputation to the public. A feature about you or your business on broadcast or print media has a different effect compared to an advertisement that is usually for self-promotion. Having a reputable journalist talk or write about you positively cultivates trust among your prospects and customers.

The best approach to get the media to your good side is to hire a PR firm or publicist, which may require some budget. But if you are a startup with limited resources, you may do your media relations on your own.  Familiarise yourself first with a few terms to understand how media relations work.

Media list

Put together the media contacts that you believe can help bridge you to your target audience. Every news outlet has different shows or sections that can accommodate your story. Watch TV, listen to the radio, and read newspapers, magazines and online news portals. Get to know editors, station managers, reporters, columnists and people who work in the media. Research is vital in connecting with the media. Each company or person has a different style, preference or quirk when it comes to their work. Learn how to approach media people and know what clicks and ticks for them.

Media engagement

E-mailing your pitch or story idea may work for some but not for others. There are those that you have to meet in person so you can explain your proposal face to face. Constantly giving a pitch every time you contact the press may lead to media fatigue. At times, you can ask how you can be of help to them. A symbiotic relationship with the media is what you should try to achieve. Engage them on a professional and personal level with sincerity and within the bounds of integrity and respect.

Media kit

Prepare your materials and put them together in a media kit. It includes your business profile, brochures, a press release of your event or background of your campaign, and some photos. It is better to put your media kit in digital format as well so that it will be easy for the press to download and edit it for their use.

Messaging

While you want to share as many information as possible, focus on key messages in every story or press release that you want to share with the media. Identify at most three important messages that you want them to put out to the public. If it’s about a new product or service, allow your story to revolve around it. Get the facts straight and understand every angle of your story idea before you approach the media.

Pitch

Whether you’re doing it through e-mail, phone or face-to-face meeting, be cordial and straightforward when you make your pitch. It’s like selling the story to the media. Let them see the value of your idea to their audience to make them utilise it in their section or show.

Exclusives

You can work with a particular journalist for an in-depth exclusive interview. Explore possible collaboration with radio and TV shows as well. For example, you can give them a tour of your facilities or a demonstration of how to create or use your product. While you may grant several interviews to various media outlets, you can always pitch a different story angle, depending on their focus and preference.

Press release

A press release is an article that you write, which appears as a news item written by a third party, containing vital information about what you want to announce to the public through media distribution. These are given to press outlets to place in their publication. For broadcast media, video or audio releases may be provided. The releases should be well-written, produced and edited so that they are ready to use by the press.

Press conference

If you want to announce something in person to various media outlets at the same time, you can organise a press conference. It also allows the press to ask you questions. To maintain control of the discussion, stick to your messaging and focus on the topic that you are announcing.

Doing media relations on your own takes a lot of time and effort. However, if you do it right, the rewards can be immense and long-lasting. View the media as your partner and ally in bringing important news that can change lives.

The importance of family support in the entrepreneurial journey

A significant element to survive the challenge-filled entrepreneurial journey is a strong support system not only at work but also at home. Entrepreneurs often wear several hats and carry out various responsibilities – business owners, leaders, mentors and parents, to name a few. They sometimes end up tired and weary physically, mentally and emotionally. Thus, having a family that fully understands and supports the journey that entrepreneurs take is a factor in one’s longevity in the business world.

The flip side is when they do not fathom the extent of the weight you are carrying on your shoulders, they may end up resentful to you and your business. You may get too busy that you end up not having enough time for them, which may lead to them becoming unsupportive to your business venture.

One way to earn their cooperation and backing to your business endeavour is to bring them with you along your journey. Allow them to grow with you and share with them your pains and successes. When you do this, they can empathise with you and extend a helping hand. So, how do family members lend support to entrepreneurs?

Emotional assistance

The biggest support family members can give to entrepreneurs is emotional assistance. Lending a listening ear, showing encouragement, providing understanding and care, and having patience when times are hard can ease the pressure on business owners. Uplifting and comforting words can sometimes do wonders to a weary spirit. A simple pat on the shoulder has a reassuring effect on a tired body. When family members bestow positive reinforcement, the most difficult challenges become surmountable.

Financial help

Most entrepreneurs start their business living off on their savings. Resources can be scarce, especially when there is no one to invest in a novel venture. There are business owners who were able to establish their enterprise with the help of family members that provide financial aid. Some of them can be in the form of personal loans, which may not burden you as compared to those you avail from financial institutions. Other family members may willingly give money, although in small amounts.

Professional advice

Family members who have experience in running a business can be your guide or mentor. They can offer specific tips or ideas that can give you direction towards achieving your goals. There may be shortcomings in working with a family member. But getting professional help from them when you cannot afford one is a huge benefit when you are still starting out.

Volunteer time

The initial days or years of your business may mean you have to work alone. At this stage, your budget is limited and paying for someone can be an added burden to your pocket. That’s when you can turn to relatives or family members who have the capabilities and the time to ease your load. They may do menial things, but can greatly relieve you from the numerous tasks you have to fulfil.

Business referrals

If you are new in the industry, you need someone to open doors for your business. To expand your network, the first you can look into is your family. Some of them may know people who can become your client or customer. Business referrals are a huge advantage to penetrate your target market.

Business gifts

Little things that you can use in your office, operations or business processes can still enable you to save an amount within your budget. Family members love to give gifts. If it is something useful to your venture, it can somewhat lessen your expenses. Some of the gifts may improve your office or organisation or reduce extra tasks and speed up things.

Even if family members are not directly involved in the business, it helps to expose them to the realities of entrepreneurship and take them with you on the journey. Consider it as a great benefit to have them behind you to support you every step of the way.

Thus, allow them to participate in your other business activities, especially when it comes to your personal and professional development. Extend to them opportunities such as attending learning events that will benefit you and your family. For example, EO Melbourne has a Spousal Forum and a NextGen Forum that enable partners and teenage or young adult children to take part in your experience as an entrepreneur. The more they grasp the nuances of your responsibilities as a business owner, the more they can assist you in your entrepreneurial journey.

Kinds of entrepreneurs from tea varieties

Tea drinking has been part of both Western and Eastern cultures for many centuries now. Drinking tea has become a form of social interaction in certain societies, while it is considered a formal ceremony in other countries. With all the traditional and modern tea beverages in the world, it’s time to take a closer look at the tea varieties and how they can correspond to a certain type of entrepreneur.

There are true teas, and there are also herbal infusions and herbal teas or tisanes, which are usually mixed with dried fruits, herbs or flowers. For now, we will focus on the true teas which come from the tea plant Camellia sinensis. Each true tea is processed differently, producing various flavours and aromas. Which type of tea do you prefer, and which kind of entrepreneur do you think you can relate the most?

Black tea

It is the strongest and richest in flavour because it went through the whole process of oxidation. Due to this, it can retain its flavour for so many years. The leaves are withered and rolled and oxidized until they turn black. The black tea is the most popular kind. It has the highest caffeine content compared with other types of tea.

In a business sense, one can say that the entrepreneur who has gone through so many challenges and experiences is a black tea. Hardships and difficulties have strengthened them over time. Now, they can face any trial with determination, and many look up to them as a mentor or a source of inspiration.

Oolong tea

What is known as the “black dragon” tea, the Oolong tea has been withered under the strong sun. Its leaves are rolled, curled and twisted and went through partial oxidation, somewhere between black tea and green tea. It has a variety of flavours, from fresh flowers or fruity savour to a smoky, woody or nutty taste.

Oolong can correspond to business owners that have years of experience and with the versatility and flexibility to adapt to any given situation. They may be not as seasoned as the black tea, but they have their unique strength that can draw clients and other entrepreneurs to their charm.

Pu’er tea

Some have found this dark tea mysterious, but its process is straightforward, although complicated. It goes through the oxidation process and then fermented and dried. Then it is pressed into different shapes and sizes. You can taste its earthy essence but without any bitterness.

Entrepreneurs can be like Pu’er tea when they come with strong characteristics. They may be easily provoked and can be a bit complex, but if you get to their good side, you will find that they can be pleasant and genial. They work well under pressure and show improvement as time goes by, carrying with them lessons from their entrepreneurial experiences.

Green tea

Green tea has a grassy to sweet flavour with less caffeine. It is slightly withered after harvested, and oxidation is cut short through pan-firing and steaming. Green tea is popular in many Asian countries because of its antioxidant content. One particular widespread type of green tea is the matcha, which is a powdered non-oxidized tea.

Business people that exhibit the qualities of a green tea are those that have the ability to learn and apply so many things in a short time. They are easy to work with and may have many great ideas. Engaging with them is like dealing with a verdant field of creativity.

Yellow tea

The process with yellow tea is the same as with green tea, except that the leaves have a slower drying period. Another step is added, which is encasing or steaming the tea. With that, it has a mellow taste without the grassiness of the green tea.

There may be entrepreneurs that take their time learning the ropes of their business and industry as they start out in their journey. They take extra care to ensure that every step is well calculated and every penny spent produces good results.

White tea

White tea is the closest to the natural state of the tea plant. It has a light and subtle taste with natural sweetness. White tea comes from the youngest shoots that are the delicate buds of the plant. No oxidation process is done, and it is the least processed of all the true teas. It contains the highest content of antioxidants.

It can be likened to startup entrepreneurs that are still full of excitement and awe. They may still carry with them their ideals as they are not yet jaded by the harsh realities of the business world. On a positive note, it is good to engage with them because they are full of passion and energy to try various things, which is why they usually make inroads as they are not afraid to take the risk.

Next time you share a cup of tea with a team member, colleague, friend or family, think of how you are as an entrepreneur and the potential you can create for your business. A sip of a refreshing tea might spark an idea within you that may open doors to something huge.

Leadership skills you get from dog ownership

If you have a pet dog at home, raising it can also hone your leadership abilities. While dogs are cute and cuddly, owning one or more is not a walk in a park. That is why caring for them builds your character as well. Why not apply these skills to your business, particularly in leading your team.

Managing people and directing them towards your goals can be a tough act. Even when you have systems in place, the distinctive characters of individuals compels you to employ varied strategies and courses of action for every situation. Leadership is not just about holding a position. The very essence of it is the relationship one holds with those he oversees.

On a similar note, the bond that the pet owner and dogs share is crucial in shaping the kind of domesticated animal the latter can become. Thus, pay attention to insights that dog ownership can carry over to running a business and leading a team. Both are about taking responsibilities and ensuring that those cared for are well-provided and trained.

Authority

Canines are loyal and dependable, but they are also aggressive and ferocious. They respond to commands only when you have established your authority over them. It is important to stress this from the beginning. Not that you have to be stern at all times, but you also have to conduct yourself worthy of the respect that goes with that authority. As they say, dogs can smell your fear. The same way with humans, who can sense when you hesitate or when you are sincere in your words and actions. It is essential that you exude confidence, firmness and certainty to assure your people that you understand your obligations and that they can rely on you for direction, instruction, advice and guidance.

Care and protection

When you are the pet owner, dogs know that you are in command, but they also recognise that you are their friend. You care for them by providing them protection from harsh elements, food for their nourishment, and other essentials that can make them grow healthy and strong. Leading a team, no matter how big or small, means you are looking after their welfare. They’ll work as hard as they can if they know that you care for their needs and show concern to their well-being. A leader takes the frontline, not cower behind his staff, which includes taking accountability for his people’s actions.

Skills advancement

As an individual and leader, you have to grow constantly. Such growth extends to your team. Dog owners train their pets various tricks not only to show it off to others but also to teach these animals skills and capabilities to survive in certain situations. You can bring your business only to as far as where the capacity of your people can support you. Set up a plan to develop your staff as individuals and as a team. Introduce them to new information and know-how, while you also seek avenues to improve yourself. EO Melbourne has been providing entrepreneurs with various learning events and activities, which they can take to their business and pass on their knowledge to their team.

Reward and punishment

Part of training your dog and strengthen your bond is to give positive reinforcement. You give a treat when they obey your command or do something well. Conversely, discipline is needed when they go out of line. Rewards and punishment are ways of acknowledging good results and setting order and boundaries in your organisation. Recognition and correction are necessary to improve the performance of your people. It is also to exercise fairness, especially to those who follow the rules and exceed expectations.

Play and work

Dogs love to have fun. Play deepens the friendship between master and pet. Enhance the work conditions in your business where your people find joy in doing their tasks, spending time in the company of their colleagues and imbibing the culture of your establishment. Set aside time for them to relax, unwind and celebrate. But don’t overdo it. Too much of anything, whether play or work, may be harmful to the overall setting of your enterprise. Remember that you have goals to reach and obligations to fulfil.

Having a team with different personalities may be a challenge for any leader. It takes wisdom to balance the peculiarities of each member and unite them towards the direction you want to take them. You have to be strong enough to weather any conflict or hardship, yet inspiring enough to inject positivity in any circumstance. The outcome of good leadership is the loyalty of the people and their faithfulness to support you in achieving your vision.

All about social entrepreneurship

Social entrepreneurship has become a buzz word nowadays as individuals and groups incorporate social and environmental causes with business. This kind of set-up allows the venture to channel a portion of the profits to programs that create an impact on a community or sector of society.

The difference with not-for-profit organisations is that they raise funds through grants or other similar efforts to finance the activities and programs of the charity. With social entrepreneurship, the people behind the enterprise adopt a business model that makes the organisation less dependent on grants through sustainable means.

Some companies establish a social enterprise separate from their core business to keep things in check. If you are contemplating to start one or want to support such type of venture, there are various ideas on the kind of social enterprise that you can develop. First, find your passion and strength that will allow you to devote your time and energy to this cause for the long haul. Second, determine the need and how you can help fill the gaps. Third, find people who are equally passionate as you are to lend you a hand in your social enterprise, whether as partners or volunteers.

Familiarise yourself with different types of social entrepreneurship to know more what it’s all about.

Microfinance

Working as a bank, microfinance provides credit and loans to groups that do not have access to formal financial institutions. It has been seen as a solution to alleviating poverty by providing capital for small enterprises.

Cooperative

A cooperative is composed of members that manage and run their business through shares. They also get a percentage based on their patronage to their services. Cooperatives may come in the form of consumers cooperative, credit union or multi-purpose offerings.

Fairtrade

Local producers are protected in the global market through fairtrade conditions that allow small players to promote their products and services. They are given equal opportunities to market their goods to their target clientele.

Responsible tourism

Communities have found an opportunity from travellers and volunteers who come and enjoy their locality. They operate responsible tourism by allowing backpackers to participate in community building efforts in protecting the environment.

Social firm

Instead of products, a social firm offers services, such as employment opportunities, to those who are at a disadvantage in society. Those who do not have ready access to such privileges are given attention so that they can compete equally with others in the labour field.

There are many more kinds and methods of social entrepreneurship. Forerunners and organisers establish this type of business to make a difference in society and create a better place for present and future generations. Social entrepreneurship is doing business with a heart, combining a good cause with profit that will be channelled to addressing social issues.

The four seasons of entrepreneurship

Year in and year out, we experience extreme heat, extreme cold, flowers in bloom and trees in decline. As the planet goes through the different seasons of nature, the entrepreneurial journey also passes through various phases and cycles. In this world, and even in the business space, change is the only constant. Entrepreneurs must learn to adapt to such changes within its internal environs and even those happening in its external setting.

While nature’s season may be distinct from each other, the entrepreneurial seasons may vary from one business to another. The important thing is to be mindful of how things unfold and learn from what the planet and the shifting weather may teach that you can apply in managing your venture.

Winter – Reflect and Plan

The cold temperature may get you frozen in your tracks. Movement is difficult at this time of the year because of the snow. If you translate this into the business sphere, there are times in your venture when progress seems to be slow. Take this time to assess every aspect of your enterprise and plan for the coming years. Set new targets and come up with checklists on how to bring your company to your goals. Engage with your customers and formulate ways to expand your business.

Spring – Sow and Explore

Growing buds sprouting from the face of the earth bring a vessel of hope to everyone. Spring reminds us how fertile our vast land is and how tiny seeds can blossom into beautiful plants. There is always spring in the entrepreneurial journey. It is the time when opportunities abound, which becomes a perfect time to invest, to sow good ideas and explore possibilities for your business. If spring is too aloof to you, you can create your spring moments. Don’t wait for good things to come to you. Make them happen.

Summer – Nurture and Grow

The heat is a great excuse to head over to the beach and enjoy life. Summertime means you have to hydrate and keep the crops growing. There are times in your business when you feel the drought – concepts are not that plenty, sales may not be picking up as expected, and customers are sporadic. Allow your venture to grow by trying new things. Nurture your organisation by providing training and skills development to your staff. Strengthen your systems and operations. Check the gaps and ensure that you fill them in to avoid mishaps.

Fall – Harvest and Report

If there’s a time to sow, there’s also a time to reap. Autumn is the time for some harvests. Leaves fall, and nature prunes itself. Find a season in your business cycle where you do some cleaning up in your venture. Give importance to reports because you will need them every time you plan for your next move. Take time for some team outings and celebrate small and big wins.

Be mindful of the changing landscape in your business. The best way to approach them is to anticipate challenges and difficulties so that you will be prepared for the inevitable. Take three or more steps ahead of your competitors. Equip yourself with new skills and knowledge because your business grows as you grow. When winter, spring, summer and fall come, you are ready to weather the hardships and welcome the good things with open arms.

Tips for effective customer service

Businesses acknowledge the fact that retaining existing customers is more cost-efficient than seeking new clientele constantly. Consumers may extend their loyalty to a brand if they feel valued by the company and receive the ample attention they need. The danger lies when you commit and does nothing to salvage the damage done because customers can easily shift to another brand.

Nowadays, the public can quickly access the information they need through modern technology, which means they are more knowledgeable. The staggering options available can take their interest away from your brand. To counter this, investing in good customer service will help your company establish a strong support channel. If you truly subscribe to the adage that “the customer comes first,” then it is but apt to put your money’s worth on what you deem as the most important in your business.

Create a strong customer service team

The first thing to set up is a formidable customer service team that can quickly address various client concerns in any given situation. Hire competent people and train them well so that they can respond to customer needs and queries in a fast and amicable manner. Treat your employees well and keep them happy so that their positivity can radiate to the clientele they deal with, whether on social media, over the phone, via e-mail or through the face-to-face encounter.

Engage with them during and after-sales

When dealing with clients before and during sales, make sure that they get the best experience there is that they will find the transaction memorable. Take time to reach out to them after sales, to see how they are finding the product or service or to greet them during special occasions. Customers appreciate it when you keep them in mind. If there are foreseeable problems, it is better to take a proactive stance and inform them in advance instead of waiting for them to complain.

Gather their profile and contact information

Don’t lose your client’s contact details and viable information. Have a secure database where you store their data, including the kind of product or service they availed from your business. Keeping a record of these details can help you see the preferences and transaction histories of your clientele. It also enables you to customise and personalise your communication with them according to the information stored. Be sure, however, to always update your database regularly.

Use multi-channels to reach out to customers

Know where your customers are and make your brand accessible on various channels. Often, one source of frustration for consumers is not knowing how to get in touch with a particular business. Present and target customers must be able to find you online and offline. When you communicate with your clients, utilise different platforms to make sure that you have sent your message across and is well-received by them.

Emphasise on speed and quality

Be agile in attending to the needs of your clients. Speed is one thing that they will find admirable in a company. Pair this with quality service, where you provide the best attention and address every situation with utmost care.

Go the extra mile

Kind gestures, big or small, can warm someone else’s heart. Take consideration for those who need extra care, such as the elderly. Be patient when dealing with irate customers. Don’t overpromise, but overdeliver. Always wear a smile. Don’t just go after the sales, rather, go after the relationship. Moreover, do things more than is expected of you.

Customer service is a role that must not be confined within only one department of your company. Every person in your organisation should breathe and live good customer relations. Everyone must take part in ensuring that clients have a positive experience with your brand so that they will continue to patronise your business and even draw others to your fold.

Playlist for busy entrepreneurs

Busy entrepreneurs need to unwind to relieve themselves from the stress of work and other responsibilities. Whether it’s spending a day at the beach, hiking to the mountains or simply listening to songs while you do your day-to-day chores can help you rejuvenate and recharge. Music has a deep effect on the emotions. Ballads can make you feel mellow, while upbeat songs may tend to energise you.

You may not listen fully to the entire lyrics of a song, but some portions may jump out and connect with your innermost being. If you’re looking for this type of songs, here are some suggestions that you can include in your playlist. Note the highlighted lyrics that may motivate you when you’re feeling down and out.

Billionaire – Travie McCoy and Bruno Mars

“I wanna be a billionaire so freakin' bad, buy all of the things I never had. Uh, I wanna be on the cover of Forbes magazine, smiling next to Oprah and the Queen.” There’s no harm in dreaming, and this song encapsulates the vision of someone who wants to make it big.

The Distance – Cake

“Because he's racing and pacing and plotting the course, he's fighting and biting and riding on his horse.
He's going the distance.” Entrepreneurship is like a wild race. Motivation, persistence and determination are needed to keep you going to reach your goals.

The Story of Your Life – Matthew West

“This is the story of your life. You decide how the rest is gonna read. This is your chance between the lines to redefine what kind of legacy you leave.” The song reminds you of the legacy you want to leave behind as an entrepreneur, family person and business leader.

Firework – Katy Perry

“Cause baby, you're a firework. Come on, show 'em what you're worth. After a hurricane comes a rainbow. Maybe a reason why all the doors are closed so you could open one that leads you to the perfect road. Like a lightning bolt, your heart will glow. And when it's time, you'll know.” If you need some boost of confidence, Katy Perry’s song can give you a good dose of encouragement.

I Believe I Can Fly – R. Kelly

“I believe I can fly. I believe I can touch the sky. I think about it every night and day. Spread my wings and fly away. I believe I can soar. I see me running through that open door.” Believing in yourself is key to surmounting any challenge that comes your way.

Rise Up – Pennywise 

“Well, your point of view it belongs to you, no one can take it away. Dare to envision, hold on to your decision, take control of each passing day.” The song’s words are a reminder that you have to own up to your vision and stay committed to it.

The Time Of My Life – David Cook

“But now I'm risin' from the ashes. Finding my wings. And all that I needed.” Mistakes and hardships are part of the journey. They are the spice of life that makes you learn and become stronger and better than before. Failure happens only when you give up.

Unwritten – Natasha Bedingfield

“Drench yourself in words unspoken. Live your life with arms wide open. Today is where your book begins. The rest is still unwritten.” You chart your course, and you carve your path. As a business leader, you go where others fear to tread and create something that will actualise your vision.

Survivor — Destiny’s Child

“I'm a survivor. I'm not gon' give up. I'm not gon' stop. I'm gon' work harder.” The business space is a cutthroat world. It takes guts and determination to survive the competitive journey.

Stronger (What Doesn’t Kill You) – Kelly Clarkson

“What doesn't kill you makes you stronger. Stand a little taller.” Learn from every experience you go through and turn the negative into positive.  

Now, you may opt to include in your playlist genre that you prefer to listen to and songs that you can relate best. There are millions of music that you can select for your different moods. Check which ones can motivate and inspire you in your entrepreneurial journey.

10 Books on Persuasion and Negotiation

We have established that closing sales and winning deals are necessary for business. That’s the art of negotiation. It takes a lot of savvy, skills, training, exposure and insights to hone your competence on persuasion and end with success on your pitches.

To arm you with more learnings and additional knowledge for your negotiation acumen, we listed down ten books on persuasion. You can apply a thing or two (surely, more) from these materials to your sales transactions or other forms of business bargaining. You can even translate them to the day-to-day activities in your personal life.

The Art of Closing Any Deal: How to Be a Master Closer in Everything You Do

by James W. Pickens

Author James W. Pickens, a sales guru, covers in this book concepts like customer attitude, customer objections, closing techniques and closer pressure, among other things. Identifying blocks and obstacles along the way enables you to find means to get around them, break them or turn them to your advantage so that you can achieve your final close.

Crucial Conversations: Tools for Talking When Stakes Are High

by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler

When you are stuck in crucial situations where an important matter, such as a relationship is at stake, you have to find a way to establish a dialogue with people concerned. It may be a tough hole to escape, but the book will provide you with tools on how to approach such circumstances and achieve appropriate results.

How to Win Friends & Influence People

by Dale Carnegie

Dale Carnegie’s self-help book was first published in 1936 and has become a source of inspiration and advice to readers who want to learn how to win people. It contains topics on how to handle different kinds of people, gain people to subscribe to your way of thinking, become a leader, and make your personal life happier than ever.

Bargaining for Advantage: Negotiation Strategies for Reasonable People

by G. Richard Shell

Professor G. Richard Shell is the director of the world-renowned Wharton Executive Negotiation Workshop, and he shares with professionals his systematic approach to effective negotiation and bargaining. His book enables readers to know their Negotiation I.Q. and learn how cultural disparities and gender can be factors to consider when you enter into a transaction.

Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal

by Oren Klaff

The book discusses Oren’s method, summarised by the acronym STRONG: Setting the Frame; Telling the Story; Revealing the Intrigue; Offering the Prize; Nailing the Hookpoint; Getting a Decision. He incorporates research results from neuroeconomics, which give us an idea of how the brain functions when making a decision and reacting to a pitch. Such information provides readers with insights on how to approach people and situations effectively that can make you win deals.

Getting More: How You Can Negotiate to Succeed in Work and Life

by Stuart Diamond

A New York Times Bestseller, USA Today Business Bestseller and #1 Wall Street Journal, Getting More touches on a new method of interaction that was a result of several years of research in various countries. It encompasses a more realistic approach to human psychology, which involves understanding cultural diversity, emotional intelligence and the perceptions of other people.

Getting Ready to Negotiate: The Getting to Yes Workbook

by Roger Fisher and Danny Ertel

Readers will find informative presentations in this workbook, such as charts, forms, worksheets and case studies where one can personalise and outline his strategies for negotiations. It features seven elements of negotiation, which includes identifying interests of other people and finding alternatives when other parties do not agree during negotiation.

Negotiation Genius: How to Overcome Obstacles and Achieve Brilliant Results at the Bargaining Table and Beyond

by Deepak Malhotra and Max H. Bazerman

A negotiation genius can turn a hopeless situation around and get out of it with success. Through this book, the authors uncover the strategies that geniuses employ during the process of negotiation. It contained stories and scenarios that present how negotiation geniuses approach difficult situations and produce positive results.

Getting Past No: Negotiating in Difficult Situations

by William Ury

For some, getting no for an answer means the end of the road. But not for William Ury. His book identifies barriers to cooperation and how to break them, describes ways of preparing for a negotiation, and illustrates various breakthrough strategies. For him, achieving mutual satisfaction is better than a one-sided victory.

Pre-Suasion: A Revolutionary Way to Influence and Persuade

by Robert B. Cialdini

Robert Cialdini expounds through his book about successful persuasion where influencing minds involve changing the state of mind of other parties. The book reveals new strategies, ideas and research insights in influencing and persuading people.

So, if you need someone to give you a “yes”, get some tips from any of these books on how you can create a win-win solution at the negotiation table. You’ll never know how they can help you turn things around and pave innovations to your business.

Creating an exit strategy for your business

A business plan often centres around plotting how to establish a venture and grow it past the startup stage. Not many may include an exit strategy in the plan, thinking that such an idea only applies when things turn south, such as a loss or bankruptcy. On the contrary, an exit strategy is employed not only during difficult situations but even during times when the business is faring well, which is the more commendable route.

Those who think long-term see an exit strategy as a succession plan or a way to grow the business or the entrepreneur. An exit strategy is a plan by the owner, investor or venture capitalist to leave a business and withdraw its involvement, particularly from a financial standpoint.

Reasons to exit a business

There are various reasons why an owner would exit from the business. Some of them may be personal intentions or may be due to economics. Such motives, although not all, may be any of the following:

• Health – Running a business may take a toll on one’s well-being physically, emotionally and mentally. It is not at all times that the entrepreneur is at the pink of health, and age or retirement is also inevitable.

• Family – Priorities change over time. One may prefer to spend more time with their families or may have to move to a different location or more pressing matters that require his attention.

• Financial disruptions – Internal and external factors always affect the security of the business. Mismanagement, fraud, legal battles, economic crisis, natural disaster – all these may suddenly turn the enterprise upside down.

• Change of interest – One’s focus or interest may evolve along the entrepreneurial journey. The owner or investor may find something more interesting to devote his time, resources and energy.

• Better opportunities – A better offer or opening for the owner may be a motivation to leave the business. Something more attractive and lucrative that may come along the way that can be too difficult to resist.

• Growth for the business – Often, the best direction to increase the capacity of the enterprise is to place it on the hands of someone who can handle such growth.

• Serial entrepreneur – Many entrepreneurs are good in establishing startups that they find fulfilment in creating ventures, making them grow and then transitioning the business to new owners.

Methods to exit a business

An entrepreneur or investor may look into different possibilities for exiting a business. Below are various options that you can review to choose the best approach to pass on the venture to a new owner or set of owners. Each has its pros and cons, so it is better to consult with experts rather than jumping into a decision that may bring more drawbacks than benefits to you and your investors. Keep in mind as well that the process of exiting does not happen overnight, and the transition may take longer than expected.

• Initial Public Offering (IPO) – making your business public means selling your stocks to anyone interested to be a shareholder. This option can bring in big returns and may enable you to return the capital of your investors. However, it may require several things, including satisfying stockholders, which means conditions must be good enough to attract buyers. Plus, one has to be ready for varying scenarios as the stock market may sometimes be volatile. Going public can become a huge success, but the risks are also high.

• Mergers and acquisitions (M&A) – a bigger company of similar interests or from the same industry may acquire your business or merge it to their current set-up. This method allows the acquiring company to enlarge its scope and offerings while, at the same time, provide the acquired company with the benefit of recouping its investments.

• Management buyouts – the people who best know your business inside-out are your executives and employees. They may be setting their eyes at owning the company, and the buyout will be an opportunity for them to have a bigger stake in the enterprise. It also allows for a smoother transition, which may be more amenable to your present partners and clientele.

• Family succession – if any of your family members is involved in the business or has their eye on the company, you can maintain your legacy by passing on your enterprise to them.

• Sell shares to partners – if the venture is owned by two or more individuals, there is the likelihood of selling your shares to any or all of the remaining business partners. It’s an easier path for the majority, but this is only applicable to ventures where it’s not a sole proprietorship.

• Sell to an individual or group – none within your internal environment may be interested in taking over the company. You can then look into a private individual or group of persons that may want to buy the enterprise.

If things are not going well and your exit strategy is your last resort, then you may consider liquidating your business or filing for bankruptcy. But you wouldn’t want to have a bleak end to all your efforts, that’s why it’s good to have an exit strategy prepared at a crucial point of your venture. Always be ready for the inevitable and take action before do not turn on your favour. So, think ahead and start drafting your exit strategies that will end in a win-win situation for everyone.

7 Entrepreneurial spirit animals

The business world is a corporate jungle where varied entrepreneurs that possess qualities and exhibit characteristics similar to members of the animal kingdom abound. Thus, it is not surprising that there are individuals who relate themselves with and take inspiration from creatures and wildlife as their business personae in the form of spirit animals.

A spirit animal is often used in some cultures, beliefs or practices wherein it symbolises a guide for the person or something that one yearns to exemplify. Even in the business wilderness, individuals apply spirit animals to determine the different kinds of entrepreneurs that exist or various entrepreneurial traits they want to harness in themselves.

How about you? What is the spirit animal that best represents you or one that you hope to personify? There are many animal species in the forest, but we will list only seven animals that reflect the various types of entrepreneurs we may encounter in the journey.

Cat

Curiosity, astuteness and tenacity spell a cat. Known for having nine lives, cats are part of superstitions, mystical plots and historical narratives. They are ferocious, playful and easily intrigued. While cats like to take naps from time to time, they can be vigorous at night since their eyes can easily adapt to the dark.

A person who considers the cat as a totem in business regards the knack to weather hardships and survive challenges as essential in the entrepreneurial journey. They love to explore and try new things, willing to play the game and win. They can be sociable and, at the same time, independent.

Dog

When it comes to loyalty and trustworthiness, nothing can beat a dog. They are reliable partners that can function as protectors, hunters, guides and rescuers. Dogs are smart and can learn various tricks when trained well. These furry animals can be adorable as they love to be touched. It’s no wonder why we refer to dogs as man’s best friend.

Entrepreneurs exhibiting a spirit animal of a dog are faithful, hardworking and dependable. They can adapt and learn new things easily. A caring attitude is an innate quality for them as they love to nurture those around them. When trouble comes, they are not afraid to face strife with determination and bravery.

Dolphin

Dolphins are intelligent mammals of the sea. Human beings adore them for their cute antics because they are good-natured. You can see them leap on the water and squeal gleefully when excited. Dolphins best represent harmony as they can exist peacefully with human beings and other animals.

A dolphin personality is one who is a good communicator and an intellectual. Such a person can get along with different kinds of people and bring harmony to the work environment. This type of entrepreneur protects people they care about and displays generosity and positivity.

Eagle

The eagle is not known as the king of the birds for nothing. When one thinks of the eagle, the qualities of courage, strength and leadership come to mind. They can soar high and by themselves. Because they can fly on high altitudes, they have a broad perspective of the landscape. At the same time, they have a sharp eye to spot prey and strong feet to stay grounded for long.

Having the eagle as your spirit animal means you demonstrate or aspire great leadership. You have a broad vision for your business, while you pay attention to details. Entrepreneurs that display the eagle’s qualities always aim high, but they keep their feet on the ground. Strong winds, in the form of challenges and difficulties, are not a threat but an opportunity to spread one’s wings.

Fox

You probably heard of the phrase “sly as a fox” and read fables that portray foxes as tricksters. Foxes are cunning, with the ability to sneak in a place and leave unnoticed. They move swiftly and can adapt with no trouble. Often, they are used to symbolise wisdom and intelligence.

If you have the fox as a spirit animal, you can quickly respond to situations, yet cautious and calculating in your decisions. As a totem, it means that you have to confront obstacles head on and find a smart way to overcome them. You can approach situations with humour, blend with new environments and learn new things effortlessly. Also, discretion is a characteristic you possess or value.

Horse

A horse symbolises speed, energy, passion, drive and freedom. Horses transport human beings and things. Horses can gallop and run wildly, sometimes depicted as a significant figure in historical events and battlefields. In olden times, they epitomise stature as they carry royalties, generals and heroes.

In business, those who characterise the horse are entrepreneurs who are always motivated and driven. They work hard in full speed and seems to have the energy to do several things and accelerate tasks. Because they are adventurous, they are not restricted by the norm, enjoying the freedom to create and try new endeavours.

Lion

The king of the jungle is known for its fierceness, along with the power it upholds. Lions are feared, and they will not think twice to attack anyone who will be a threat to their pride. Their roar alone is enough to drive aggressors away.

Someone who has the lion as a spirit animal is a true leader who knows how to look after his team. He is determined and brave, not willing to back down to any problem or hindrance. He can discern those who can be a help to the business and those who may pose harm. A lion entrepreneur may have a strong presence and can be aggressive. If you are one, learn to control your temper and utilise your inner power to exercise patience and avoid hostility. That way, you can command respect and authority from others without instilling fright or distress.

With these entrepreneurial spirit animals, assess your personality and review the qualities you want to hone in yourself. Refer to them as a guide for self-development, relationship building, and decision-making. It can also help you determine the attributes of other entrepreneurs and help you deal with them accordingly. Take inspiration from the positive qualities of these animals and bring these characteristics to running your business. So, what do you think is the spirit animal that best represents or inspires you?

The role of middle management in an organisation

For a lack of a better term, middle management is the level in a corporate structure that bridges the senior executives and the junior ranks. While most startups may have a leaner configuration of staff members and flatter organisational chart, those that expand and increase their people may see the need to manage and put an order in their teams through units and layers.

Not many may subscribe to the school of thought of putting a tier between upper management and low-ranking associates. However, there are those who see the difference between supervising 5 to 10 people from overseeing 30 or more members. For those who are contemplating hiring managers to streamline functions and improve corporate performance, it’s time to take a closer look at the role middle managers should portray within an organisation.

Team leaders

As industries and the workforce evolve and develop through changing times, middle managers are more empowered to create, conceptualise and make decisions for the good of the organisation. Gone are the days when they are perceived only as a go-between that accepts and carries out directives from the higher-ups. Entrepreneurs can stay on top of their business if they have self-sufficient managers that can help them realise their vision and bring the entire team towards the goal.

Managers provide directions, cascade the corporate thrust, and pay attention to details, which may be too burdensome for the business owner if it were a flat organisational structure. Delegate your role to leaders who can uphold your aspirations and improve productivity. Such leaders can help correct errors, fill in gaps and tighten loose ends, which may occupy so much time and energy of business owners.

Relationship builders

Middle managers have closer interaction with frontline employees, which make their role as relationship builders crucial to the business. They have to be effective in communicating the vision and mission of the enterprise and translating the corporate culture to the day-to-day operations and activities of their team. Building cooperation and mutual trust between and among the senior management and the rank and file is one of the competencies managers should have that is significant to the growth and success of the company.

Accelerators and motivators

The advantage of having a middle management level in an organisation is that it loosens the bottleneck and ensures swift action to get things done. They have to be quick in solving problems and putting out fires, boosting the morale of the team, listening to the ideas and feedback of members, and accelerating growth to bring the venture closer to its destination at the shortest time possible. Managers provide the needed energy and force to thrust the business forward as they encourage their people and inspire them to carry out their functions effectively.

Strategists

One of the capabilities that middle managers should possess is breaking long-term goals to short-term targets and turning plans into actionable items using strategies that yield positive results. They know how to navigate through a situation, mapping out methods even with limited resources. Having efficient managers can help you put together pieces of the puzzle in a most creative way as they imbibe your vision and employ tactics to achieve it.

Probably, you may be in a situation where there is still no need to put a middle manager for now. If you get to the point where you have to fill this position in your structure, be sure to revisit the qualities and roles that your manager should uphold in your organisation.

The vital aspect of making middle management an effective tool for human resource and employee engagement is finding the best candidate that suits the role. A person who embodies the right corporate culture, ethics, values and skills will be beneficial to your business. The middle management tier will only work if you have the perfect person for the job who will aid you in bringing your venture and the whole team towards your goals.

Entrepreneurial lessons from wine-making

On special occasions or to cap the night on a relaxing mood, a glass of wine can add sparkle and colour to any scenario. Wine is also a symbol of luxury, which used to be the drink of the kings and the rich. It has a long history, recorded in ancient books and manuscripts. However, behind the glamour ascribed to wines is a tedious process where we can pick a few lessons that we can bring to the business space.

Imagine taking a sip of wine and absorbing the various insights and inspiration that go with it. From growing the grapes to manufacturing the wine to aging it and bottling it, the procedure entails lots of obstacles and complexities. Several factors may affect the taste and quality of the end product. It takes a lot of patience, hard work and diligence to be able to produce good wine, similar to how it is when you want to achieve your entrepreneurial goals.

Knowledge and hard work are valuable

A vineyard requires land, storage and equipment. It involves a huge investment of money, time and energy. Wine-making can be laborious, which is why passion and determination are needed to produce good wine. You have to know the right kind of grape species and how to grow them successfully. Different processes and blend can produce varied flavours of wine. A good understanding of wine will make you become a connoisseur that will earn the trust of wine lovers.

As an entrepreneur, constantly updating yourself of information about the industry and doing research on your target market are vital tools in decision-making. Knowledge and skills of various aspects of your business will give you a macro and micro point of view of your venture, which can help you easily spot an opportunity or threat.

Fostering good conditions for your product can yield positive results

Grapes can grow well in suitable conditions, which includes weather, rainfall, type of soil, and other elements. Other components, such as the manner of pressing, the mixture of yeast and other ingredients, the wood used for the barrel, the temperature of the storeroom, the period of aging the wine and the like, are necessary for wine-making. It is important to choose the appropriate spot for your vineyard and winery so that you can produce good quality wine.

Putting importance on corporate culture and providing a positive environment for your team can enhance the productivity of your people. Strategic location and proper tools and equipment will put an edge on your venture over your competitors. As to your clients and consumers, good customer service and relations, notwithstanding high-quality offerings, will be beneficial to nurturing loyalty among them.

Pressure can squeeze out the flavours of grapes

The grapes are crushed and pressed to remove the juice from the fruit. It is a necessary step to squeeze out the flavour from the grapes and make the wine more pleasant to drink. Old methods had wine-makers stomp on the grapes. Now, modern machines do this process of extraction.

The entrepreneurial journey is a roller-coaster ride that is full of challenges. Nonetheless, such experiences mould you to become a better person and entrepreneur. It brings you immense lessons that are more impactful than those you read from books or hear from other experts. When hardships come your way, embrace them and turn them into learning encounters that can develop you to become the best in your field.

Patience develops taste (and character)

The entire process of wine-making takes years. Waiting is inevitable. But it’s not passive waiting. The wine is fermented, filtered, clarified and placed in barrels or bottles for aging.

They say that wine improves with age, so the longer you stay in the entrepreneurial space, the more lessons you reap. There are areas where you can accelerate success, but there are parts of the journey that you cannot take a short cut. Patience and perseverance are key because the passage to success can be slow at times. Dedication to your craft is also instrumental in achieving the results you envision for your venture.

Indeed, wine-making and entrepreneurship are both difficult paths to take, which is a reason why you need to pop a bottle of this precious drink when the occasion calls for it. Wine also symbolises celebration, and commemorating successes, big or small, can motivate you to keep going until you reach your goals. Remember that a delectable wine did not happen overnight. The process may be arduous, long and tough. However, if you endure and persist through the hardships, the result can be vivacious and bright.

The importance of sleep to entrepreneurs

One of the things that most entrepreneurs give up whenever they enter the business world is sleep. Late nights and early mornings are devoted to checking e-mails and worrying over several business matters. Entrepreneurs have too many tasks and responsibilities that they have to sacrifice slumber so that they can bring their venture towards its goal. However, the amount of sleep lost is never a measure of success. It’s time to break that chain of thought and shift on the need for entrepreneurs to value sleep.

Sleep is a natural state of our mind and body where our physiological make-up goes into processes that restore our body systems. Studies show that normal adults need around 7 to 9 hours of sleep. There are instances when you don’t get enough forty winks, and you still feel fine. But when it becomes a habit or recurring event, your body will feel the ill effects of not snoozing the way it is supposed to do.

What happens when you are sleep-deprived?

Too much stress and anxiety at work can affect your body’s performance. Some of the ill effects are insomnia or sleep disorders. For many entrepreneurs, sleep is a luxury that they cannot enjoy very often, which can later become a cause for worry.

Having an ongoing or prolonged case of sleep deficiency can lead to serious health problems. It can weaken the immune system and cause cardiovascular diseases. When you have stayed awake for long hours and denied your body of slumber, it may result in low concentration levels, weak judgment and poor creativity. There is even the danger of accidents when you drive or losing your balance when you walk. Inadequate sleep may distort your mood, leading to irritability and crankiness, which may unsettle work conditions in your business.

Why the need for good sleep?

Getting enough rest is not only based on the number of hours you spend shutting your eyes. It is also about how deep the slumber that your mind and body were able to achieve. Sleep reconditions the vital organs of your body and processes your immune system and memory bank. A healthy dose of sleep can help you become more productive and creative because your brain had a well-deserved break from the rigorous functions it does all day long. Good sleep can clear your mind and focus, which are needed when you conceptualise, strategise, compute, analyse and make decisions.

How do you achieve quality sleep?

Managing your time and disciplining your mind are key tools to attaining quality sleep. However, it is easier said than done. You can consider a few tips below on how you can gradually bring snoozing into your daily routine.

• Create daily checklists and routine. One of the main reasons entrepreneurs stay up late is because of the endless things to do and the feeling of not achieving anything. But if you break them down day-by-day and put order into your routine, you can insert enough sleep into your schedule. A checklist can help you organise your timeline as well as give you a concrete way of seeing your daily achievements. Allow time to check your emails and browse your phone, then take a break from it at night.

• Listen to your body. If your body feels tired, don’t push it to the limit. Some entrepreneurs are attuned to power naps, while others prefer continuous sleep of 6 to 9 hours. Adjust your routine according to your need.

• Meditate. You can do yoga, breathing exercises, prayer, or a quiet activity that can calm your mind and body. Listen to soft music or nature’s sound as you do this. Read books, if you like. It can slow down the processes in your brain and induce drowsiness.

• Exercise. Allow your body to sweat. Jog, run, hike or do some vigorous exercises that will help you stretch your muscles. Not only is this healthy, but it can also improve your sleeping patterns as the body responds to exercise in a way that encourages rest. 

• Watch your food intake. Consuming caffeine and food with similar ingredients can affect your body because they can keep you awake for a longer time. Avoid this kind of drinks, take in healthy nourishment and have your meals according to schedule. Watch your food and beverage intake, especially at night, and opt for sustenance that promotes sleep.

• Get a massage and apply essential oils. Allow your body to relax through massage or aromatherapy. It can relieve you with stress and help you doze off at night.

• Maintain a good sleeping environment. Make your bed and bedroom clean and orderly so that it can induce drowsiness and promote a good night’s sleep. Choose pillows and beddings that will make lying down relaxing.

Now, it’s time to relax and get into good sleeping habits for a healthier you, which can lead to a healthier business. If sleep is too scant for you, consult with a physician or sleep expert. Remember that as an entrepreneur, your mood and physical well-being is instrumental in pushing the venture forward. Take good care of yourself so that you can better care for your team and the enterprise you have built.