The 5 C’s of PR Crisis Management

Unforeseen circumstances are not uncommon in any business and industry. You may not fully prepare for it but you can somehow mitigate the ill effects of a crisis if you just know how to handle it. There are many aspects of crisis management. Some may be working directly in the frontline to lessen the problem, others may be looking for a concrete solution, while others may be tasked to face and update the public.

Public relations in times of crisis is often necessary because it is during this period when your audience needs information and some form of assurance from you. But when do you need PR for crisis management? It may be a calamity, labour dispute, product damage, unfavourable situation, business change or any circumstance where it may adversely affect your brand. Here are the five C’s you can note when doing PR during a crisis.

Crisis Management plan

Planning is getting prepared for what’s to happen, even when it is just a probability. Part of it is anticipating the worst-case scenario and putting the safety nets in place before they occur. Gather your team and consults to put together a crisis management plan that will provide a framework of what to do before, during and after a period of disaster or emergency.

While it can be flexible to suit various situations, it should be able to outline the processes or protocols that your organisation must undertake during this circumstance, the structure of the crisis management team including the spokesperson, and probable timeframe. The plan must include training and workshops to equip your team in responding to a crisis.

Checking facts and gathering data

When a problem occurs, the basic action to do is to gather information and check the facts to size up the extent of the catastrophe, the corresponding solution to such predicament, and the resources needed to deliver such solutions. In times of disaster, people will always clamour for data so that they can gauge how the problem is being handled. Update your facts regularly so that you can monitor the progress of your actions.

Coordination with other departments

During times of emergency, it is helpful to have a task force representing the different departments of your organisation for a more coordinated effort in tackling the issue at hand. Some units may be putting the fire from behind the scene while the PR’s task is to face the people and assure them that things are under control. One is needed by the other and no single unit can face a huge task by itself. Teamwork, unity and harmony are vital to overcoming a crisis.

Communication content and messaging

Before facing your audience, be sure to draft the key points that you want to convey. While certain information needs to be protected, be as upfront and straightforward as you can. Wordsmithing and choosing the right words are crucial in communication. Stick to your core messages and communicate them calmly and diplomatically. Brief your task force and the entire team of these messages so that even if they’re not going to face the public, they still know the points and embody them in their work and casual conversations.

Credibility and sincerity

Another important aspect of PR is showing that you are sincere and trustworthy. Be consistent. Make sure that your statements coincide with your organisation’s actions. If you declare that you are distributing goods but people are not seeing them, then it will just result in doubt and suspicion. Maintaining good relations between your business and your market/audience is vital to your company’s survival.

In a crisis, one can either transcend it or fall flat on the ground. However, it’s not just all about you. It is also about your team, your stakeholders, and the countless people you serve, such as your clients or customers, including your prospects. Public relations during a catastrophe is a huge challenge that if it is not handled well it may cause a long-term setback, but if done properly can lead to better results.

An entrepreneur’s daily checklist

The life of an entrepreneur is demanding. It means facing risks, meeting challenges head-on, taking responsibility for lives reliant on you, and dedicating yourself to bring the business forward towards your goals. If you take a look at it, it is not an easy role, but the emotional, financial and social gains of its success are tremendous.

While you keep your eye on the vision, which may be a long-term one, you need to break down your goals into tasks to make them achievable. To do so, a good form of discipline, order and commitment can help you get through your day-to-day undertakings and obligations. Successful entrepreneurs have daily checklists and routines that enable them to manage the tasks on hand while not losing sight of the result.

Here are some of the things that effective business owners do. Of course, you have to tailor-fit your checklist towards your needs and priorities. More importantly, you have to be flexible. You can always adjust your checklist depending on something that suddenly props up or on its relevance to your over-arching goals. But they can be overwhelming sometimes and you may want to get some ideas on what to do daily.

Plan your schedule at least a day ahead

You wake up with a fresh mind if you already have an idea of how to go about your day. The best option is to plan. As they say, “take care of your tomorrow today.” Managing a team or a business effectively starts with managing yourself, which includes your schedules and activities. Visualise how your day will unfold and consider the things which you can control and those you can’t. See if you have any pending or unaccomplished tasks that you have to carry over the next day so that you will be able to tick it off your checklist of to-dos.

Think of what you want to achieve on this day and work around it

What are your top priorities? What do you need to achieve for the day? Is it meeting a sales target, approving new product designs or mentoring your understudy? Whatever big or medium goals you want to accomplish, break them down into doable tasks for the day, such as calling a prospective client or visiting a supplier’s workshop. And think also beyond work. Include your personal goals and those for your family and community.

Reflect and meditate

Always allocate time for reflection or meditation. It may be starting your day with prayer or simply breathing in and out while driving to work. Do something that you find therapeutic. And while you’re at it, reflect about your inner self, on what makes you happy and contented, and of what you want to achieve. 

Nourish yourself and take care of your body

Take good care of yourself so that you can take care of others. As a business owner, you have a team to supervise and lead. Many entrepreneurs are also parents, so they also have to oversee their household’s needs and make sure their family is okay. Be sure that you are physically, mentally and emotionally able. Eat breakfast and don’t skip meals. Exercise or do activities to keep your body fit and healthy. De-stress when you fell burdened or burnt out. Get enough sleep and rest when your body shows signs of tiredness.

Talk to important people in your life

Whether it’s a morning conversation with your loved one, bedtime storytelling with your kids, brief updates from your managers, meeting with your client or one-on-one forum with a fellow EO member, make sure that you allow time to talk with important persons in your lives. They may be family members, colleagues, team members, fellow entrepreneurs, customers or friends who can provide you with valuable insights, inspire you to keep going or encourage you to be the best that you can be.

Clear your inbox

In this digital age, it is also important to keep your gadgets and devices free from clutter. Delete unnecessary files. Make it a habit to clear your inbox regularly. You can either allot a schedule when you can check your emails or set your account to only notify you of urgent messages or from important people.

Clean and arrange your desk

Having a clean environment has a positive effect on one’s mood and mental state. Some people find order amidst the clutter, but it’s still best to have some system and arrangement in place even when your desk may be full of papers and other things. Separate things that need your immediate attention and put them in an area that can easily be seen. During the day, take a few minutes arranging your stuff and throw what needs to be in the wastebasket.

Develop yourself

Listen to a TED talk podcast or read a book. You can enrol yourself in a short class and allot an hour or two for practice or study. Indulge in your hobby or do a creative activity. Always include an item in your to-do list that can contribute to your personal or professional growth and development. It may not be too big or noble. It can be a simple thing that will add value to yourself.

Inspire others

Do something where you can inspire or help others. It may be a simple smile to a person you meet on the street, a tap on your team member’s shoulder, doing a podcast, writing a short sweet note to your life partner or family member, or a pep talk to a community of entrepreneurs. Each one of us can uplift somebody else. Include that in your daily checklist and see how it can do wonders to your day.

There may be days when you may not be able to accomplish a lot of things in your checklist. That is fine. Don’t be too hard on yourself. But if it keeps dragging on, see what causes the slump. Review your list if they are still relevant or if they are truly attainable. And if you need help from people around you, do not hesitate to let them know about it.

Skydiving your way to the entrepreneurial path

Skydiving is an activity that may not be for everyone. People with a fear of heights may be averse to jump from a high altitude into the unknown. It takes knowledge, presence of mind and courage for one to do so. This is what many business owners stand out as they are ready to take the risk just to achieve the goal they have in mind.

If you love the thrill, curious about how it feels or want to tick an item off in your bucket list, then you may want to try what it’s like to skydive. It takes commitment, adherence to safety measures and a form of discipline to make the entire experience a success. And while you’re at it, learn to apply some lessons from this activity into running your business.

Calculate the risks and face them bravely

Going up thousands of feet from the ground and hurling yourself off the plane is something that should not be taken lightly. You have to prepare yourself mentally, emotionally and physically before doing your first jump from the air. Experts take note of the weather, wind velocity, height and other essential factors that can make the skydive a successful one.

Putting your efforts, time and resources in building and running a business mean you have to be prepared with the right tools and measures to make sure they don’t go to waste. It is crucial to know your capabilities, learn your environment, and surround yourself with the right people to have a better foothold when you hurl yourself to the entrepreneurial space. Data, experience and your gut-fell will help determine the decisions you have to take.

Listen to your instructor and trust your team

If you are doing it for the first time, you should pay attention to what the instructor says and observe it diligently. Review the guidelines and follow directions to avoid mishaps. There will also be a team that will support you, from the pilot to people on the ground. Trust them and establish a strong connection with them so you can better communicate during the entire process.

Having a mentor and like-minded individuals can assist you as you dip your feet on the water. Once you have established your business continue to upgrade yourself, seek the counsel of experts and join groups like EO. Hire people that fit your corporate culture and requirements and look after their professional development. Skydiving like entrepreneurship may seem to be a solo activity but there are many people behind the scene that ensure the success of the endeavour.

Wear the proper gear and always prepare for an emergency

Safety first. That is a primary principle in most industries. The same goes for skydiving and entrepreneurship. You don’t do these things blindly. You create a plan and several back-up plans when things go wrong. There will always be unexpected circumstances, such as calamities, economic crises, armed conflicts and pandemics.

Whether the investment you put in your business is your life savings or financial contribution from an angel investor, you have to ensure that it will multiply rather than a negative yield. Have your business insured, consult with financial and legal experts, create a short, middle and long-term plan, including an exit strategy. Make sure not only have two parachutes but extra ones when you dive into business because unlike skydiving, more people are dependent on you as a business owner.

Feel the moment and enjoy the experience

People who skydive want to experience the thrill of the activity. Entrepreneurs get into business because of their passion and vision. Never let go of that desire for success. Keep your eyes on the prize and the destination ahead. There may be times when it gets scary, frustrating, difficult or impossible, but your fervour and determination will keep you going. Enjoy the experience while you can because the joy of achieving your goal will be far more immense than the struggles you’ve been through.

How do you find the right suppliers for your business?

Customers prefer brands that offer quality goods and services as well as great value for money. Thus, having the right suppliers that can provide you with the best materials at affordable prices will be instrumental in becoming the no. 1 choice of your clients. You must select suppliers that fit your needs and styles. How do you go about it?

Set your criteria for selection

Know your needs and wants. What are the important standards you want for your suppliers? Is it having an affordable cost of their offerings? Is it their capacity to deliver the number of materials you need? Your criteria may include location, pricing, reliability, availability, efficiency and output. List down what you require from your suppliers and make it as specific as possible.

Come up with an efficient supplier selection process and system

Gather relevant documents and data from prospective suppliers and do some fact-check and due diligence to ensure that they meet your criteria and that there are no conflicts of interest. Make sure that they are legit and that they comply with government requirements. If you are just starting with a limited network, you can find suppliers through referrals or by checking the internet. Then, create a process and system that will make the selection smooth and trustworthy. Have them submit their price quotation for your reference and comparison.

Check the quality of production or service

Apart from information and documents, also get samples of their products, test them and try the way they deliver their service. Visit their factory, warehouse and office to observe their quality of work. You can also inquire with their existing and past clients on their experience and satisfaction level of your prospective suppliers. Gauge their capacity to deliver to their promise by verifying their turnaround time and the volume of products they manufacture regularly.

Consider their knowledge of the industry and market

How long have they been in their line of business? Take into account their expertise, experience and understanding of the industry and your market. Are they up-to-date with the latest trends and needs of your prospects? How competitive are they in their industry? Are they able to lend sound advice to you to make your offerings durable and appealing to your market?

Assess their values and culture with yours

Treat your suppliers as your partners and members of your team. If they cannot work well with your work style and culture, things can be unmanageable. How easy is it to communicate, coordinate and deal with them? Even if they have the best services and affordable rates but may be difficult to handle, problems can still get in the way. Align their values with yours.

Have at least three prospective suppliers for your every need. Once you have chosen your supplier and signed a contract with them, implement a regular assessment on their output and evaluate if you need to continue or halt your partnership with them.

Preparing for a media interview

Business owners, especially those of startups or small and medium-sized enterprises, are usually the face of their company as they carry the name on their shoulders. People’s trust in a brand is heightened when they are familiar with the person or individuals behind it. Moreover, an entrepreneur’s story plays a significant part in conveying the narrative behind a business, product or service.

More often than not, media outfits are interested to hear all of these, particularly for new updates and announcements, straight from business owners themselves. It is also necessary in times of crises or emergencies. Granting them interviews for brief news statements or in-depth feature can be advantageous in putting your brand out there or clearing the air from any confusion or negativity. It is also an effective way of communicating to a bigger audience. But before you get in front of a camera or a microphone recorder, prepare yourself first to ensure that you say the right things that can benefit your brand and your target market.

1.       Get sample questions and know the interview topic

Various interviews are conducted for varied reasons. The first thing to do is to know the purpose of the interview, the topics that they want to cover and possible questions that they want to ask you. Coordination with the interviewee or media program, whether it’s for print, radio, tv, podcast or online, is essential to make the conversation smooth and on point. While you’re at it, get to know the background of the media entity and the interviewer as you may have some common grounds that can help you navigate towards the messaging you want to communicate.

2.       Gather data and information you want to share

Once you have secured the purpose, topic and sample questions, it’s time to refresh yourself with your internal information or gather new data that may be needed during the interview. Being knowledgeable of your brand, offerings and market will give you more confidence to discuss your company’s background, present state and upcoming plans. Have an internal briefing with your team from different departments and brainstorm the things you want to highlight during the interview. Some of them may not be part of the questions, but you can find a way to inject them in your answers.

3.       Include stories of your personal experiences

While numbers and data are important and effective, it is always good to humanise your brand through stories or anecdotes of your personal experiences. But don’t overdo it. Pick only important moments that you want to share with the public, especially one that can provide them with a deeper understanding of your company and inspire them to aspire for greater things.

4.       Put together your talking points

When you have identified the important ideas you want to raise and highlight during the interview, organise them into talking points. They don’t have to be lengthy. You can simply put phrases with keywords so you can easily remember them. Go over your talking points several times days before the interview. Don’t cram the information last minute as it might confuse you more.

5.       Practice, practice, practice

Your nerves may get the better of you during the interview. Relax and have confidence in yourself. But it’s easier said and done. The best way to battle becoming nervous is to practice with your team through role-playing. That doesn’t mean you have to memorise a script. Allow them to ask you questions that are not on the list because it happens all the time.

And don’t stop at the preparations. Have your presence of mind during the interview proper. If you are face-to-face with the interviewer, maintain eye contact. Dress the part and be courteous in your words and actions. Then, when the interview is over, be sure to thank the interviewer and the crew involved. Ask when it will come out and monitor it. Then assess what you need to stop doing, continue doing and start doing in your other succeeding interviews.

Remember that the first few media interviews are the most nerve-wracking. But once you get the hang of it, you will be able to do it like it’s your second nature. Most of all, enjoy the experience. It’s your way of reaching out to your customers and target market, so view this as an opportunity for them to get to know you better.

Innovate your products and services to grow your business

In a world where competition and survival are inherently embedded in our DNA, the playing field in the entrepreneurial space becomes tougher and tougher every single day. There is no room for complacency, which can only drag a business towards a downward slope. It often calls for a lot of creativity and innovation to bring your venture a notch higher than it used to be.

Merriam-Webster defines innovation as “a new idea, method, or device; the introduction of something new; can refer to something new or to a change made to an existing product, idea, or field.” Innovating your products and services will help you expand your venture and increase your earnings. It will also keep your customers or clients interested in your brand.

How do you innovate your items, amenities or services? When you get to the drawing board, take into consideration the following tips that can help you develop new merchandise goods or skill offerings to your clientele.

Review your current offerings

There’s no need to look too far to find concepts that you can use for innovation. By reviewing your existing offerings, you can generate several ideas that will enable you to introduce something novel in your present line-up. You can improve your product menu by upgrading your current merchandise or upskilling your people for added services. However, remember to remain true to the brand you represent and the industry where you belong. Don’t come up with new products that are too disconnected from what you currently have.

Innovate your systems and processes

Prior to instituting changes in your list of products and service on offer, innovate first your systems and processes. You may need to automate, use new software, shorten certain processes or speed up some procedures in your business. Make certain that you have laid down the necessary foundation that can absorb and support the changes in your enterprise. It is helpful to prepare your internal environment and stakeholders by modifying certain methods and instilling stability and coherence in your organisation.

Brainstorm with your team

Make brainstorming a regular activity in your team. It is good to have a Research & Development department, but if you don’t have one, you can opt to hire a consultant or utilise the skills and creativity of your existing staff. Check with your frontliners regarding the feedback and observations they get from your customers. Huddle with your team on the difficulties they encounter with your present products and services and how they can be improved. Get them to suggest improvements by establishing an atmosphere of openness and creativity.

Provide a venue for reviews, complaints and suggestions

Your customers, clients, and suppliers are also a rich mine of concepts for product innovation. Create a feedback system where you will be able to generate ideas from them. Consider not only their suggestions but also their complaints and turn them as a potential part in your innovation plan. Understand that your market’s needs evolve over time, so you also have to keep pace by upgrading your products and services and providing new solutions and added value to them.

Analyse market and industry trends

Change happens constantly and continuously. To be ahead of the game, you either pivot and introduce something mindblowing or be abreast with the trends in the market or industry. If you fall behind you might lose momentum and may not be able to keep up with the changing tide. Persistently watch out for possible trade movements and business development. Market research is an important aspect of the innovation process. Keep your eyes and ears open for things that may spark inspiration within you. Check the news, industry reports, and even social media posts, as they might be helpful in giving you ideas on how to improve your menu of offerings.

Test your new products or services

Once you have already come up with an idea and plan, set the ball rolling immediately. Test your new products and services to see how effective they are in attracting and retaining customers. Sometimes, you will never really know how good a product is unless you put it out there. If you find any gap in your new offering, correct it straightaway until you perfect it.

Communicate the changes

When you have done your product innovation, be sure to communicate it efficiently. Get the proper trademark for intellectual property. Come up with a marketing plan and launch your new product or service to the market. There’s no use innovating your offerings if people will not know about it. Produce materials and events that will bring these novel ideas closer to your customers.

Innovating requires risks and resources. It is a tedious process but the result, if done right, can be rewarding. How often you do product innovation really depends on you and the pace of change in your industry. Ask around and do some research of businesses that have done it so that you are well-informed when you make a decision of introducing something novel in your venture.

When your entrepreneurial journey hits a plateau

The path of entrepreneurship is full of twists and turns, as well as potholes and mounds, that make the journey challenging yet exciting. It’s a rollercoaster ride that can take you up and down, which can often cause you to stumble or lose your balance. But what if you’re going through a smooth ride like a paved highway, only to find out that you’re going flat and no growth happens at all?

As a startup, you have the potential to bring your business to whatever height you can reach. The danger is when it goes on a plateau because it can later lead to a slope unless preventive measures are taken immediately. When growth stagnates, it’s a warning that something’s not working right. Maybe it worked during the first few years of your business, but after some time it no longer produces the growth your company needs. One thing’s for sure – it calls for changes within your business. So, what should you do when things don’t seem to be progressing as they should be?

Evaluate your business

Find out first where the gaps are within your company. There may be dead-ends in some departments of your business that you need to fix so that the flow of progress can continue. Conduct some evaluation procedures to identify areas that need to be modified. Keep an eye on unnecessary expenses. Weigh well if you have to continue or put a halt on a project or initiative so as to avoid bigger losses. Don’t be afraid to call for a stop even if you have poured so much investments on it. It’s better that way than to cause uncontrollable damage in the future. Tie loose ends by coming up with specific action plans that can provide lasting solutions to your problems.

Develop new products or services

If you are stuck in the same profit margin despite making adjustments on your raw materials and prices then look at the possibility of developing new products or services. There are instances when you need to inject a new stream of investments to pump up your business growth. You may have to expand a bit, whether it is office space, geographic location or organisational structure. Having limited products may work in the initial phase of your venture, but not in the long run. There will come a point where you have to take your business a notch higher and bring in something novel to spice up your growth.

Modernise, automate or innovate

Are you still doing things manually or the traditional way? Take a look into technological advancements that you can apply or utilise in your processes or operations. At this age, there are plenty of equipment, gadgets, devices, software, and applications that can make things quicker and easier. Time is an important factor in growing a business. If you can find ways to hasten production and earn more income at a lesser amount of time, there’s a chance that it will boost the increase in sales and profit of your enterprise.

Re-structure your team

If something is not working out right in your team find your weakest link and resolve the issues. Probably, you have too many layers in your organisation or you have been holding on to people that are not fit to your business culture and set-up. Invest in people who have the right values, work ethics and skills that can help your venture to move forward.

Rebrand your image

Sometimes, your business is not doing well because your brand does not connect with your market. There are businesses that relaunch their image to convey a clearer or better message to their prospects. However, rebranding is not just about changing your company logo or product packaging. It entails resetting the perception of the public towards your enterprise, people, and offerings. When you take this route, plan it well and execute it right.

Don’t panic or don’t give in when plateaus occur in your entrepreneurial journey. Instead, take it as an opportunity to step back, review the overall picture of your business, look into the details and choose the right direction and pace that will bring you forward. You can tap into the expertise of consultants or get ideas from other business owners and like-minded individuals. The best thing you can do is to take a risk then prepare yourself for more uphill climbs to reach the top.

The importance of insurance to your business

At this age when climate change is causing natural calamities more frequently, plus with the threat of cyber-attacks, fraud, terrorism and other man-made disasters, it is vital to protect your business from such possible scenarios that may cause damage to your venture. It becomes imperative to avail of insurance for you and your business that will allow you to be in a position of confidence during times of uncertainty.

There are different types of insurance that you can avail. First, you need to be aware of the requirements for businesses because some of them include getting various kinds of insurance policies. Make sure to check out the law and comply with it. Doing so will also benefit you because these policies will help protect different aspects of your business.

Yourself and business partners

As the business owner, you need to have yourself insured since most of the venture, especially during the initial stage, are anchored on you. It goes the same for your business partner or other owners of the company if there are any. Even if you keep yourself healthy, there may be unforeseen circumstances that can possibly happen. There may be policies specifically for business owners that provide better deals and benefits, so be sure to check that out.

Assets

Fire, earthquakes and other catastrophes and misfortunes may damage your properties, vehicles, fixtures or any of your business assets. Getting insurance for your assets can help lessen the adverse effects of unfavourable scenarios. There are different packages that will ensure that you are compensated for any loss or destruction to your real estate, buildings, automobiles and similar valuables items as long as the circumstances are indicated in your policy.

Products, goods and services

Your products and services are the lifeblood of your business. Make sure that you have a safety net with regards to the preparation, production, transportation and storage of your goods in case of any eventuality. Also, protect your business from errors by taking Liability Insurance. If you are using technology, have your business insured from cyber-attacks that may damage your data and software.

Finances

Ascertain that your finances are safeguarded from fraud, theft and similar instances. Although most financial institutions may already have security measures in place, it pays to have other protection for your hard-earned money.

People in your team

Look after the welfare of your management and employees by getting them insured. While it is also dictated by law to provide such benefit to them, it is also to your advantage that your team feels secure within your organisation. It will also boost there morale knowing that you take care of them.

Before you decide on the insurance packages, make a checklist of what you need to avail, enquire from various companies or agents and choose the most suitable insurance company and policies for your enterprise. Don’t let all your hard work go to waste by allowing some adversities knock you down. Always be prepared for the worst while you hope for the best outcomes. It’s good to be ready before any misfortune hits you by addressing the threats that can possibly hurt your business. It can lessen the negative impact of such scenarios and help you recover fast.

Making good decisions as an entrepreneur

Business owners face tough decisions every day. There are several things that need your attention, including fires to put out. More often than not, these decisions can affect not only your personal life but also those of others. The responsibility of making a choice that can chart or hinder the growth of your business is a heavy burden to take.

However, there are various factors to consider when you make a decision. Oftentimes, you have to take different approaches depending on the situation. And even if you encounter similar circumstances, there is no surefire formula on which solution to take because results may vary from time to time. The best you can do is to make a calculated risk and lessen the possible negative impact of the decision you take. These are things you need to consider to help guide you in choosing the most suitable path for you.

The reason for the decision

Before you look at your options, analyse first the reason why you need to come up with a decision. Knowing your purpose will help you weigh your choices better. Are you going to make a decision that can help boost the sales of your business or is it for stronger long-term relationships with clients and your team? Priorities may change at any given point, so make sure that you are making a choice that will support your present need and priority.

Effect of the decision

What is the possible effect of your decision on yourself, your business, your family, your clients or people involved? Some decisions may be minor to you but major to others. Take into consideration the probable outcomes if you choose a different route. While you are at it, deliberate the short-term, medium-term and long-term effects of your decision.

The time needed to make a decision

There are circumstances where you need to think and act fast. Otherwise, you might lose an opportunity or prolong a crisis. On the other hand, there are instances when you shouldn’t rush with your judgment, but have to take time to assess the various angles of the situation and the options available.

Value of feedback from others

It is not unusual to seek opinions from others, especially those who have more experience or who had been in the same state before. But when you gather feedback from others, it cannot be avoided that there will be opposing or varying views. You need to ask yourself, are you getting inputs from others because you just want to affirm what you have already decided or are you approaching the right people who can help you see through the gaps?

Information and resources available

Is the information available up-to-date that it will help you see the complete scenario when you go by your decision? Are there enough resources to back up what you have decided to do? While some options appear ideal and perfect, carrying them out may be difficult to do because you do not have the capacity and capability to follow it through.

You will never really know when you have made the right decision until the results start showing. Making a decision involves logical and strategic thinking as well as listening to your gut-feel. However, bear in mind that as a business owner, decisions you make may affect several people in the process. There are times when you have to make sacrifices and go against the flow for the greater good or for long-term success. It is good if you can unburden the load by sharing your sentiments with like-minded individuals, similar to the Forum setting in EO, without having to reveal confidential matters. In the end, decision-making is a responsibility you have to take when you lead a team and bring your business towards success.

Attracting venture capitalists to your business

One of the things that aspiring business owners take consideration before they enter the entrepreneurial waters is capital. While there are ventures that may not need a huge amount for a startup, there are those that require some decent investment to open shop and keep it going. Some get a bit intimidated by this thought or discouraged to take the entrepreneurial journey due to lack of resources. Given this, there are those who delve into venture capital to fund the business to put it up.

Venture capital defined

A person or institution invests funds in a startup business in exchange for equity or stake or a share in the enterprise. In effect, the venture capitalist also becomes a part-owner or financial partner of the business. It is also called risk capital because of the huge risk involved if things don’t work out positively. On the other hand, the venture capitalist can also rake in tremendous gains should the enterprise take off successfully.

How to attract venture capitalists to your business

Research, research, research

As a business owner, you have to know your market and the industry where you belong. Learn the laws and requirements in setting up and maintaining a business. Search for the most capable individuals, those who can adhere to your corporate culture and work ethics, to be part of your team. If you want to approach an investor, know its background, goals and priorities and see how you fit in each other’s vision and mission.

Draft a detailed business plan

Your business plan must have clear objectives, detailed action plans, as well as a comprehensible and feasible business model. Include targets, financial projections and timeline in your plan. While you ensure that all bases are covered and all gaps are filled, your plan must be easy to digest, especially by busy individuals that may be receiving tons of proposals regularly.

Present thoroughly

If possible, meet with prospective investors so you can present your plan and discuss thoroughly the partnership. Share the vision, mission and values of your company. Introduce your team and highlight your qualities, strengths and assets. Explain how your business can provide a solution to a particular need and how you will be able to grow the venture using the investor’s funds. Give them a scenario on the opportunities and benefits your company can provide in growing their resources.

Observe transparency

Don’t exclude the problems, challenges and difficulties when you present to a potential investor. They will appreciate the honesty and transparency that you provide. Inform them of the risks involved and the possible threats to your business, including your alternative plans should such a problem occur. If there are any concerns or issues, big or small, let them know immediately.

Draw a clear agreement

Once you are on the stage where you both seem to agree on the partnership, draw a clear agreement and make sure that it is mutually beneficial to you and the investor. Seek advice from a lawyer or legal counsel to check on the provisions in the agreement.

While you are in the process of discussion and you feel doubtful of the partnership, take a step back and analyse it further. Don’t rush into a partnership simply because you need the resources that the investor is offering. It is also important that you share the same values and vision for your company.

How do you close a deal?

You may be selling a product, working on a partnership or bidding for a new client. For any of these, you need to make sure that you successfully close a business deal that will be mutually favourable for you and the other party. The negotiation process may take a while, but there comes a point when you already have to make the final move to accomplish your goal.

But how do you ensure that all the time and effort you invested in the talks will bear good fruit? Sometimes, a prospect stalling a decision may lead to a missed opportunity. You have to put a close to the transaction before it’s too late and someone else takes the prize of your hard work. There are a few techniques you can incorporate in your methods that may help you attain the result that you are hoping to get. Still, it is best to assess the situation and get the pulse of the prospect before you proceed with your strategy. Otherwise, you might end up totally losing the deal.

Having a sense of urgency

You can give your prospect time to think over your proposal. But don’t give them too much time. Two to three days of considering your offer would be enough for them to make a decision. Otherwise, the additional time might give them an opening to back down on your offer. Let them know that there are other people interested in your product, service or partnership and that the slot that may be allotted to them can be given to another prospect within two days if no they do not arrive at a decision. There may be other reasons for you to take back the offer, but it boils down to the sense of urgency to make your prospect sign on the deal.

Letting the prospects understand the solution to their needs

One of the factors that brought you and your prospect together is that you have a solution to their problem. Harp on that need that they have, wherein if they do not sign you up or accept your offer, their worries might pile up. Stress the need to avail of your offering immediately to minimise their worries and ensure that any further difficulties may be avoided.

Offering a limited benefit

One way to help your prospects sign the deal and take your offer is to provide a limited benefit that may expire in a few days. Such benefit may encourage them to consider your proposal within the given time and help you get through the finish line. It could be a discount, a free product or service or an exclusive benefit that they can enjoy should they accept your offering.

Taking them to the pros and cons of not closing the deal

There are prospects that need to fully understand the whole picture before they can make a decision. It is understandable, especially if a huge amount or value is at stake. Just take them through the pros and cons of your offer and let them know that you are there to help guide them in their decision-making process. Remember that your relationship with your prospect is important, and it’s something that you must preserve while conducting your negotiations.

Giving them a visual tour of enjoying the benefit

Some prospective clients or customers just need a little nudge to convince them to take your offer and sign the deal. A more positive approach is to make them imagine how your product or service can change their life or impact their future. They have to visually think of the advantages you can bring to them to encourage them to make their decision as soon as possible.

If you have zeroed in on a prospect, make sure that all your efforts will yield to a positive result. There may be many other more techniques that you can apply. The best way is to observe and learn from situations. Not all strategies may work to all prospects, so you have to feel the situation and find the best approach that will work with a particular client. Most of all, be sincere in your dealings with them and do not burn bridges. Always communicate and reach out to them.

Accounting tips for your business

Keeping up with your finances is always a major hurdle when it comes to managing your venture. Accounting is a key element that you must carefully pay attention to when running a business. Being conscious of your cash flow is important given that so much investment goes to setting up and maintaining your business, whether it is self-funded or financed by investors. Moreover, it is the lifeblood of your enterprise, which is why you need to go over your books even if you are not good with numbers or merely not fond of them.

For startups and those scaling up, here are a few tips you can note to help you manage your accounts.

1.       Have a proficient accounting software and system in place

An accounting system allows you to track, keep and organise your records. You can also automate your methods and incorporate this to your system. Fine-tune your methods and procedures to put in place a proper order of how things should be done and ensure nothing falls through the cracks.

You can choose from any of the accounting software available for businesses. Take a look at the one that is most suitable for your operations and install it in your devices. Have yourself and your team trained on the proper way of using the software to make it more efficient and fast in implementing the system in your day-to-day activities.

2.       Familiarise yourself with the basics of accounting

When starting out, business owners usually do everything by themselves. However, whether you have to personally do the recording of your finances or have someone do it for you, it is still advisable that you know the fundamentals of accounting. It also makes it easy for you to understand the numbers and interpret them. That way, you know when something’s amiss or when you need to pay more attention to a certain part of the business.

3.       Hire a dedicated person to do your accounting needs

Being on your own at the initial stage of your venture is not an uncommon situation for entrepreneurs. But as you go along your journey, you may realise that there is a need to have another person do your accounting work. Whether it’s a full-time staff or a third-party contractor, you need to delegate the finance job to a particular person or team because it will take too much time and effort to constantly do it. In addition, it needs do be done in a detailed and meticulous way to make sure that records are accurate and regularly updated.

4.       Document and record transactions

Always keep and file your receipts and financial documents. It is needed for auditing purposes. Plus, it is also to your benefit and future reference when everything is put in black and white. Better to digitalise your files and save them on your computer so you can store them without taking up too much physical space. Don’t forget to back up your files and keep multiple copies. On another note, be conscious of tax requirements and deadlines and make sure you comply with them. A clean record of your finances will be helpful for auditing and tax filing.

5.       Segregate expenses

Even when you are starting out small, always separate your personal from your business expenses. As you expand, make sure that you segregate budget and expenses per project or department. This also makes it easy for you to track money that comes in and out of your business.

6.       Do regular financial check-ups and reporting

Filing, monitoring and reporting financial transactions are tedious work. However, they come in handy when you maintain a rhythm. Reporting allows you to be conscious of your current financial status. You learn from previous data, which you can use when you plan your future and forecast your earnings. Regular accounting check-ups contribute to the financial health of your company.

When in doubt or when problems come your way, always consult an expert. You can refer to certified accountants and fellow entrepreneurs regarding efficient accounting procedures and systems that can help your business grow. Observe good financial practices to avoid drawbacks that you may encounter in your entrepreneurial journey. Accounting is a serious matter because the numbers you see in your

Tips on how to become a good public speaker

When you achieve a certain level of success as an entrepreneur, one of the things you’ll receive are invitations to speak to a group and share your entrepreneurial journey with them. While there are some that feel right at home on stage and under the spotlight, there are those that find it daunting to face and talk to an audience, especially a large one.

Stage fright or the fear of public speaking can often hinder one to share valuable insights. If your fear is to mess it up and not deliver your message right, then there are a few things you can do to develop yourself to become a good public speaker.

Preparing for a speaking engagement

Preparation is key to hone your craft in public speaking. And you have to prepare yourself mentally, physically and emotionally even when you don’t have any scheduled engagement in place. You have to keep a mindset of being always prepared in case something comes up and you need to take the podium and the microphone. Here are things you can do before or when you are preparing yourself for a public speech.

Watch videos of speakers. During your spare time, learn how the experts do it by watching videos of them like the ones in TED Talks and similar materials, many of which you can access online. Note what makes them effective speakers and observe the various methods they employ to capture their audience.

Don’t memorise, but outline your thoughts. When you plan what to present and how you will go over your topic, organise your ideas through an outline. It’s more advisable NOT to memorise your entire speech as you might make a mistake along the way and affect your entire presentation. Rather, keep in mind the flow of ideas by familiarizing yourself with the outline. Of course, this goes without saying that you should know the type of audience you have beforehand so that you can adjust your presentation and tailor-fit it to them. Prepare your notes in bullet points using keywords or keyphrases so it’s easier to remember.

Inject anecdotes and personal stories. The audience loves it when you share a part of yourself. While you may present facts and figures during your presentation, it makes your speech more engaging through personal experiences. It strengthens your connection with the audience, especially if they can relate to your story. It adds a human element to your speech. You can also include powerful quotes from famous people, but don’t overdo it.

Practice in front of a mirror. If you really want to hone your speaking skills, you have to practice a lot even when you don’t have a speaking engagement coming up. Practice in front of your family or friends and do it also in front of the mirror. You will find excess gestures or habits or facial expressions that you need to control when you speak in front of a crowd.

Record your speeches and practice sessions. When you speak before a group, record your presentation and watch closely the things you need to limit and avoid next time. Probably, you stammer or you talk too fast. Maybe your face stays stoic the whole time or you talk on a monotone. Make a mental note of what you can stop, continue and improve doing when you deliver a message to an audience.  

During the speech

The crucial moment is when you’re on stage and holding the microphone. If you’re not careful and you allow your nerves to get the better of you, you might experience a mental block or freeze on the spot. First, remember to breathe. Focus on your breathing until your nervousness goes away and you become calm. Then go ahead and start your talk.

Pause and talk slowly. Don’t rush. While you are mindful of the time element, deliver your speech rightfully. You can change your pace throughout your talk, pause for effect, enunciate words that you want to stress and repeat certain phrases that need to be highlighted.

Control your tones and gestures. Watch out for your hands. You might be overdoing some hand movements. Control them by putting your hands together in front of you in a relaxed manner and use them only when necessary. An enthusiastic tone can help gain the attention of your audience. You can lower your voice at certain portions and raise them up at important parts. The key is to have variations throughout your speech so as not to lose your audience.

Maintain eye contact and interact. Scan the crowd and look at people in the eyes when you talk. Public speaking is also a form of conversation, it’s just that you are talking to several receivers of your message. Make your presentation interactive by asking questions, engaging your audience or even making them repeat some phrases for emphasis. The eyes are the windows to the soul and looking directly to your audience allows you to show your sincerity, be sensitive to their feelings, and build confidence.

Maximize your space. You may have a large stage for your talk, a small platform or you may be seated on a couch. Get familiar with your space before your talk so that during the presentation proper, you can use it to your advantage. If it’s too large, walk around to involve all your audience in the conversation. However, if it’s just a platform, it’s an opportunity for you to be intimate with your listeners because you can walk nearer to them.

Leave a good closing statement. Make your ending memorable. Just like any good movie, doing a presentation also leads you to a climax and denouement. The finale must be impactful and powerful enough to cap your talk. That way, the audience will remember more about your speech and the pertinent points you raised.

So, get your notebook ready and start taking down notes. Go in front of the mirror and practice speaking. Hone your public speaking skills because it’s a tool you can use in inspiring and motivating others, sharing your story, building yourself and promoting your business. Once you have the confidence to hit the stage and the podium, you can now start accepting invitations for speaking engagements.

As American clergyman Alexander Gregg once said, “There are three things to aim at in public speaking: first, to get into your subject; then to get your subject into yourself; and lastly, to get your subject into the heart of your audience.”

Shaping your corporate culture

Corporate culture is an important facet in the success and longevity of a company. Similarly, if a corporate culture incites undesirable behaviours within its people, it may lead to the downfall of an organisation.

Culture is not something that is built overnight. It develops over time until it becomes a standard and comfort zone of a set of people. When it is ingrained deeply in their minds and conduct, it becomes an accepted norm. On the other hand, the wrong values or culture that become a regular practice in your organisation will be difficult to undo and change to how you want it to be.

Hence, it is vital that an entrepreneur shapes the corporate culture of his company in the onset. However, not all business owners may have this in mind when everything is just starting to roll, especially for those who spend the initial stage doing all the roles by themselves and employed people only a few years later. Before they know it, the establishment has grown and people have become absorbed to a particular mindset, psyche, belief, language, behaviour and interaction that may dictate to how things are perceived and done in the organisational space.

If you want your company to adapt to a particular corporate culture, there are a few things you need to do to shape it according to how you want it to be. It may yield far longer than you have anticipated, so you have to exercise patience, persistence and consistency to achieve the desired results.

1.       Determine the values you want to inculcate

Envision the kind of workplace and interaction you want to attain within your business. From that, identify the values that you want your company, brand and employees to have. You may want your business to be attributed as a fast, efficient and reliable one. It could be that you prefer a family-type of environment among your staff and with your clients. You may want to hype creativity within your group that others will associate you for your out-of-the-box ideas. Whatever it is, your vision of your work environment is essential in carrying out the specific tasks to introduce and build a particular culture in your organisation.

2.       Include in the policies

The good thing about being an entrepreneur as compared to working as an employee in a huge company is that you have a hand on how the work culture would be within your business. To reinforce your aim and turn your ideas into action, you will often need to put it into policy. For example, if you want punctuality as a culture within your venture, then you need to have HR guidelines on work hours, turn around time and activity timelines.

3.       Communicate and listen to your team

For you to be successful in shaping corporate culture, there has to be a buy-in from your staff and stakeholders. Keep mentioning about the kind of work environment you’d like to have during meetings whenever you give a pep talk to your team until it has become ingrained in their thoughts. Include this as an agenda in your regular huddles. Create an atmosphere of suggestion where your team can openly share their thoughts on the culture. If everyone agrees to it, emphasise it through reminders on your bulletin boards or in your various communication channels. You can introduce a culture or policy through a teambuilding activity, where you can hire a consultant to help you convey to your team the culture you have in mind.

4.       Hire according to the culture fit and skills set

The challenge often is when a new person comes in and it disrupts the current culture of the team. When hiring a new staff member, look into the candidate’s culture fit as much as you review the credentials and skills set that they may bring to the table. Once you have successfully selected the right person for the position, make sure to orient the new hire about your corporate culture to avoid misunderstanding or possible conflict in the future. They must know what they’re getting into and be committed to abiding by the rules and culture of your business.

5.       Validate right behaviour with rewards

To fortify actions that contribute to the corporate culture you want to build, validate them through a rewards system. As in the example above, if punctuality is something you want to be part of your culture, then include an award for employees who come to work early or do things without delay. When employees develop a good feeling towards something they have done, they will tend to continue with it or improve on it.

6.       Lead by example

The best way to entrench in the consciousness of your team about the kind of culture you want to have in your workplace is to live by example. Whatever they hear from you or read in employee manuals will be substantiated by your action. You cannot stress punctuality if you come late to work. Otherwise, it will cause some cracks in your organisation because people will no longer take your word seriously.

If you don’t know where or how to start shaping your corporate culture, seek counsel from a mentor or someone who has done it before. Remember that culture involves people and people are dynamic. Thus, culture may evolve or it may come out differently as to how you imagined it to be.

Stay focused on your vision, mission and values, which are the foundation of your corporate culture, and set your directions based on that. Conduct self-reflection and evaluate your work environment regularly. A positive and encouraging culture can bring happiness to you and your entire team, which can lead to a motivated staff that works with you in achieving your goals.

The importance of succession planning in business

It takes a lot of effort to plan, prepare, start, manage, sustain and grow a business. However, most ventures revolve around the business owner. If the entrepreneur does not have any business partner or family members involved and when unexpected things happen on the owner without any backup plan in place, all those hard work may go down the drain.

To ensure the continuity and growth of the business, especially when one wants to, later on, be on the business rather than be in it, putting together a succession plan won’t hurt and may even be beneficial to the entrepreneur. Having one doesn’t necessarily mean that you are leaving the business. Instead, it can help you focus on more important roles rather than taking on several responsibilities.

Ensures continuity and assures stakeholders

Creating a succession plan is a way of securing the continuity and future of your business. Whether you want to take on a different role, expand the business, start new ones or retire from the company, it will assure your investors, board, staff and clients that the company will continue to operate and carry on the vision and legacy it wants to create. It guarantees your stakeholders that there will be no void in the organisation should anything inevitable may happen to you or the business.

Motivates current employees and hones prospective leaders

Succession planning is usually done through internal movements in the organisation. Going that route can encourage your current employees to perform well in the hope that they will someday take on a higher position, which can be one of the positions you hold. You can evaluate members of your team who has the potential to take on bigger responsibilities. It will also hone prospective leaders within your team as you equip them with skills and qualities that are needed to fill in a leadership role in the business.

Fills in the gaps

When you put a succession plan in place, you may be able certain gaps in the organisation that you might not have seen before. It allows you to see things from a different perspective and gives you room to address what you may have missed before. When you look at possible candidates for an important post in your business, you tend to step back and look at things from a bird’s eye view and then you zoom in to the details, giving you the opportunity to think ahead of possible problems and come up with solutions or alternatives.

Provides opportunity for personal and business growth

Although most business leaders come up with a succession plan during the times when they intend to leave the organisation, it is not always the case. You may want to take on a board role rather than handling the day-to-day operations of your business. There may be instances when you want to start new businesses while maintaining the current one. Whatever circumstance you may have as a business owner, having a succession plan gives you more room to grow as an entrepreneur and expand your business.

If this is something that you are wanting to do in the future, it is good to discuss this with your HR and board so you can put a proper structure and system in place to get a succession plan going. But even before you draft a blueprint of your plan, you can first seek advice from mentors or other entrepreneurs who have done it before. Also, know the repercussions that may come with having that plan in your current setup. Nonetheless, it’s something you might have to face later on along your entrepreneurial journey.

How to organise a successful launch event

Assuming that you have perfected your new product or service and you are ready to tell the world about it, how do you make sure that many will know of and avail of your new offering? You need to come up with a well-thought plan to hype your product, service or campaign to the public, especially to your existing and prospective customers and clientele.

However, doing a launch event is easier said than done. It takes a lot of thought, effort and resources to create and organise an event that will move people to trust your brand and patronise your products. The best way forward is to hire an event team to do the work. But if you’re short on the budget since you’re still a startup business and want to do things by yourself, here are tips on how you can launch your new campaign successfully.

1.       Envision how you want the launch to happen

Start with your goal in mind. Set your goals, objectives and targets, and what you want the event to achieve. Envision what you want to happen during the launch and how you want it to benefit your business. Make sure to set measurable and achievable goals that you can easily assess later if the event is a success or not.

2.       Plot the best strategies

Once you have identified your goals and objectives for the launch event, come up with the best strategies to attain these. Doing research ahead of time on what will click to your target market will be most helpful as you plot the right tactics. Know the latest trends and map out the best routes possible to get you to your desired targets. Assign a coordinator within your team and divide the tasks among each other for easier monitoring.

3.       Brainstorm for a concept

To make your launch event memorable and talked about, you must have a cohesive concept that also ties your brand image and your new campaign together. Some go for an all-white event or a carnival or one that is easily associated with the occasion or the company. Decide if you will have a product test, a special show, a sit-down dinner, a social media hype or a combination of everything.

4.       Set timeline and budget

When you have designed your launch event, it’s time to get down to the details – venue, stage, lighting, talents, food, etc. But first, draft your budget and timeline as this will be the skeleton of your plan, along with your objectives and strategies. Based on your budget, you can adjust your concept if you need to tone it down or take out certain parts.

5.       Get down to the tasks and details

Now, it’s time to contact your suppliers and service providers that can mount your launch event. On the sales front, you can do pre-orders and sign-ups. For the communications part, nail down the right messaging and have a press release and FAQs written down. Create teasers and materials that can support the launching of your new campaign or product. Conduct regular meetings with your team to check on the progress of each task needed to accomplish.

6.       Create invite list and send out invitations

With preparations on the roll, create a list of people you want to invite to your launch. Tap influencers, VIP customers, industry movers and the media that can echo your message and create a positive ripple effect on your brand.

7.       Run-through the event several times

The reason why companies and brands consider special events as a marketing tool is to provide people with an experiential taste of their offerings. It is crucial that the experience during the actual event is magnificent enough for people to talk about it in a good way. Conduct run-throughs and technical checks prior to the event to make sure that every detail is looked into and each gap is filled in.

8.       Be visible during the event

The event proper is your opportunity to network and have face-to-face interaction with your guests. Make sure to allocate time for media interviews. It is also more impactful if your visibility is not only limited offline but also extends online. Use an event hashtag and post updates of the launch.

9.       Sustain the buzz

Every phase of the launch event is important. From the planning to preparations to the event proper up to the post-event, each opportunity must not be missed. The launch does not end when the event wraps up. It continues for a few more days, weeks or months through various initiatives and endeavours that support the hype. Make sure that your customer service is in place. Deepen your relationship with your consumers and take this opportunity to create a community among them.

If you’re doing this for the first time, it is good to seek the help of those who have more experience than you. Take advantage of opportunities to attend events when you’re invited so you can observe how they go about it. You can do both in EO Melbourne where learning and fun events happen all-year-round.

Things you can enjoy through MyEO

Starting and running a business is not only all about checking the books and finding the money. The entrepreneurial journey is also a journey of learning where entrepreneurs can expand their horizon about business, about themselves and about life, in general. For those who have taken their journey aboard the EO vehicle, there is an exciting part where members get to connect with their fellow EOers around the world through the MyEO program.

MyEO empowers members as they can host an experience or participate in one. The platform is an opportunity for members to connect and collaborate by uniting their unique passions and creating their own personalised experience. It allows entrepreneurs to explore various aspects of their lives and pursue their interests with like-minded individuals.

As the saying goes, “all work and no play makes Jack a dull boy.” MyEO is one of the programs that enable members to be cool, make a mark, thirst for learning, trust and respect, and boldly go! In other words, the program inculcates EO’s core values among the members and shapes them to be a 360

Members can choose the groups they want to belong to and enjoy the activities within that group. They can meet online or face-to-face, or gather and attend events and activities. There are groups for: women, members who are 35 years old and younger, families and spouses, those belonging in the same industries, and those sharing the same hobbies, causes and interests. MyEO groups are avenues for members to initiate and champion undertakings, exchange insights and ideas, travel, play sports, and do activities that can hone and shape the members’ holistic growth.

Personal development

Whether you want to improve the skills you already have or engage in a new pursuit, you can choose from and participate in a variety of MyEO endeavours. Champions initiate a MyEO group or event to interact with other members who share a common ground with them. Book lovers have formed an online reading group, some share ideas on how to meditate and practice mindfulness, while others come together to satisfy their thirst for learning.

Family care

Many entrepreneurs are also heads of families, and they have to take care of both their business and their households. MyEO weaves families – spouses, partners and children – into the EO fabric by including them in various activities and engaging them in the entrepreneurial journey of the members.

Advocacies

Global issues like caring for the environment, gender equality and ethnicity are also tackled in MyEO groups. Philanthropic activities and cause-oriented endeavours are also initiated and championed by members to pursue solutions to social problems.

Industry concerns

 but, industry-related MyEO groups are also championed by members themselves. Various groups are formed for those who have businesses that are focused on health, finance, construction, food and beverage, real estate, hospitality, education, legal and consultancy services, and retail, among many others.

Interests and hobbies

The beauty of MyEO is that members can indulge in their other passions, such as their hobbies, sports and varied interests. May it be about art, music, farming, adventure activities, golf or music, there are groups available to engage in the things you love, other than business and family. If you cannot find one that suits your hobby, you can always create one. Moreover, not only will it provide you with a venue to communicate your interests with people who share your passion, but you can also organise events and activities that can fulfil your zeal for things close to your heart.

Now, check the various MyEO groups and events and tick off the ones that catch your eye. You can also champion a MyEO initiative. To know more how to join in the MyEO activities or create one, read the resource found in the MyEO page.

Short courses for entrepreneurs

Perhaps people are confident to go after their passion to start a business because they have acquired enough experience to do so or their training and educational background provided them with the knowledge and skills to make it happen. Still, this does not mean that business owners already know everything. They need to constantly update themselves with the latest trends and upgrade their proficiencies to move their ventures forward.

One of EO’s core values is Thirst for Learning, which is something every entrepreneur must have to keep going in their journey towards their goals. EO itself has executive-education programs that provide members with added resources and learnings. Several schools, professional groups and online sites offer short courses that help advance an entrepreneur’s competences. Some of them can run for a few days or weeks.

The personal and professional development of business owners can also lead to the growth of their enterprise as they are able to execute strategic plans of action and accelerate the progress of their productivity. Entrepreneurs can still continue their education and gain more expertise in different areas that may impact their businesses. Topics may revolve around, but are not limited, to the specialties below.

Leadership and Management

Graphic artists may open a design agency, health gurus can start a fitness gym, and lawyers and accountants can establish a consultancy firm. Basically, anyone can create a company based on their passion and expertise. However, running a business takes more than just proficiency in their field of work. It requires strong leadership and management skills to steer the venture towards success.

An entrepreneur must be able to look at things short-term and long-term, large-scale and micro-perspective. They need to grasp the nitty-gritty parts of human resource and operations. Being able to adapt to change is a skill that can be developed over time. Business owners must be able to think creatively and act strategically in any given situation.  

There are many courses on entrepreneurship, leadership, business planning and management that are offered in academic institutions. They sharpen one’s mind to innovate, transform, manage risks, generate ideas and create breakthroughs in their business.

Finance

Not many business owners may be able to understand and know the financial aspect of an enterprise. Yet, it is important to be acquainted with cash flow as this is the lifeblood of a business. You may find short courses on entrepreneurial finance, principles of accounting, budget planning financial analysis, financial systems, taxation, asset management, auditing, and other investment and economics-related topics.

Marketing

Marketing is an aspect of business that entrepreneurs should be familiar with because it drives sales. However, marketing is a broad area to study. It encompasses branding, market research, advertising, public relations, events management and sales, including customer service. Business leaders can expand their understanding and know-how of promoting their brand, company, and products or services.

As the market evolves, business owners also have to stay attuned to the changes not only to conform to the demands of the times but also to introduce new ideas and cause disruption to the minds of customers.

Internet and digital space

A new trend in marketing that presents a new and wide-ranging arena is the digital space. Gone are the days when promoting and selling are done face-to-face or via traditional media. The advent of the internet and new media has created a whole different culture in pushing for one’s brand.

From blogging, web management, SEO, social media marketing, mobile applications, new software to online community management, the digital field is expanding by the minute and new information comes in by the second. Short courses on such topics can widen an entrepreneur’s comprehension of the digital age and how this can help grow their business.

Technology

New technological advancements happen across various industries, such as in food, hospitality, accounting, engineering, education and medicine, to name a few. Artificial intelligence is applied in communication, security, research, aeronautics and other fields of endeavour. Business owners can take special classes on technology courses that can be applied in their business.

Special Interests

To develop other aspects of your entrepreneurial self, you can also take short classes on public speaking, writing, languages and other special interests that can also add value to your organization.

The road of your entrepreneurial journey may be steep or filled with potholes. As long as you continue to improve yourself and pour the added knowledge you amass into your business, you can achieve the unimaginable. With more skills and competence, what you are able to attain in three years, you might be able to realise in a shorter time. Learning knows no age, so you can keep on acquiring expertise as you go along your journey.

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.

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.