Dealing with angry customers in your business

At some point in your business, you might encounter unhappy clients or customers. It could be that a fault in your product or service was found, a mix-up took place or an unexpected misfortune occurred. Whether the concern was caused by internal or external factors, businesses have the responsibility to look into the complaint and even appease the customer.

Sometimes, the client may also be going through a rough patch and emotions may run high. You and your team must not take things personally and deal with the matter at hand with fairness and an open mind. Below are tips on the actions you can take when dealing with irate customers.

Understand the problem and the customer

In an emotionally-charged situation, it is important to keep everyone calm, especially the customer. First, listen attentively to the complaint and understand the problem. Allow the client to state what the concern is and repeat them to clarify. Ask questions to have a better picture of the scenario. Adjust your mindset and try to look at things from the perspective of the customer so you can sympathise with them. Remember that the consumer may be exasperated or frustrated, so make sure that you ease their minds and let them know that you’re there to help them.

Respond politely and explain thoroughly

No matter how angry a customer is, be polite as much as possible, unless the patron goes beyond the line. Be sincere in your response and state your explanations with composure. While you may have a customer service or staff receiving the complaint or attending to the customer, it may sometimes be helpful to have a manager step in. Be conscious of situations where the business owner has to interfere as it may bring positive results, but may also make matters worse.

Acknowledge any mistake and apologise humbly

Whether it was an unintentional error or a misunderstanding from the part of the customer, offer an apology for the stress the situation may have caused. If a mistake was done from anyone in the company, acknowledge it humbly.

Offer solutions and compensate, if needed

The best way to respond to a complaint is to offer solutions if there are any problem presented. If it’s a damaged product, you might want to send a replacement. There are incidents where a ready solution is in place while there are those where you probably need to discuss internally how to mend an issue or solve the problem. Be ready to compensate, if necessary. Even if it’s not needed, do an act of goodwill by sending over free goods or special benefits to the consumer as a way of making up for the anxiety that may have been experienced due to the situation.

Follow-up and update the customer

If it takes time to resolve the problem, make sure to update the customer of the status of the complaint. Follow-up with the customer if you have brought satisfaction with the way you dealt with the problem. It may even be even helpful to let the customer know if you have instituted changes or improvement within your business that was a result, directly or indirectly, of the circumstance.

In business, one is bound to commit mistakes and misunderstandings are unavoidable. Nevertheless, whenever you encounter disgruntled customers, treat every complaint as important. One tiny error can ruin a lifetime of hardwork. Don’t be afraid to face an angry client. It is better to resolve issues as early as possible, seek ways to mitigate it and review how it can be prevented in the future.

How to pivot a business

During interesting times, such as a global pandemic and an economic crisis, some industries and businesses suffer due to little, no or negative growth. It often happens during normal days as well, when the market does not seem to be enthusiastic about a brand or certain products or offerings. There are several moments when a business hits a plateau or reaches a downward slope. When this occurs, maybe it’s time to revisit your goals and if you need to do a pivot.

Pivoting is an option to save your business from eventual failure. If you do it at the right time and proper strategy, you may be able to even grow your venture. While it may not be easy to do a turn, especially if it’s something that may not be aligned to your core products or services, it is an opportunity to test your flexibility and resourcefulness.

The question is how do you pivot? How do you decide what kind of new offer should you be doing? How do you get out of the mould and institute changes in your business?

Assess your talents and assets

Have an inventory of your assets and talents. Maybe you can use your raw materials and turn them into something else that is unique, affordable and marketable. What are your other skills and talents? You can probably turn a business out of it. If you have hobbies and you are good at them, you can consider creating a business out of those. See how your other resources and talents can respond to a need in society. Some businesses are born out of necessity, while others are built because of ingenuity, generating new interest from the public.

Look at opportunities for new demand

Feel the pulse of your customers and see what keeps them preoccupied or if there’s anything that can make things easier for them. The best way to pivot is to create new demand for your market. Find gaps in society and evaluate how you will be able to fill that gap. Opportunities usually come in areas where there’s most need, so keep your eyes open for them. Some of them may be unrelated to your current offering. Look beyond what you currently have and view the scenario from the eyes of your current and prospective clientele.

Explore the digital world

Take advantage of modern technology. If you can bring your business to the realm of the digital space, you can probably come up with tons of possibilities to pivot your business. Transactions are done faster online, and with the occurrence of the pandemic, more and more industries are turning to the virtual world to deliver the services they can offer.

Innovate your business model or offerings

Is your business model still working? Are your products and services in demand at this time? If the answer to both questions is “no”, then probably it’s time to rethink your strategies and approach. Brainstorm with your team and assess how you can innovate to pivot your venture. You can bring your products a notch higher by innovating or introducing something novel to your clients.

When your business hits a wall, find ways how you can go over or around it. Look into how businesses that have successfully pivoted did it and learn from their best practices. There are many ways to pivot. Be creative. Consider carefully various alternatives and plan your next steps towards achieving your goal.

Data vs gut-feel in decision-making

How do you make decisions for your business? Do you rely on numbers or to your intuition? In this age where information is vast and several tools are available in measuring them, many companies turn to data in helping them come up with plans and strategies for their businesses.

It cannot be denied, however, that there are entrepreneurs who gained resounding success for listening to their business instincts. But with resources, people and many other things on the line, you cannot afford to take a huge risk and decide on something that cannot deliver the expected result.

There are pros and cons when deciding based solely on data available or listening only to what your gut is telling you. The key is a balance of both. There are times when you need to take into consideration one over the other but it is helpful not to discount the other in the process of arriving at a resolution.

Data-gathering may take a lot of time, effort and resources. While numbers can scientifically provide a basis in forecasting what is to happen, there are other factors involved that data cannot fully capture. Since businesses always involve people, emotions and other influences may come into play that data may not be able to completely predict. That’s where gut-feel comes in. Certain decisions have to be made instantaneously and your instinct and hunch can guide you to making a good one. The downside with intuition is that it is more of a hit or miss thing, which can lead to either great achievement or a huge failure.

Numbers may sound cold but logic can provide a greater probability. On the other hand, perception and gut-feel will provide the warmth and may up your chances for success. Here are some instances of how looking at both methods can be advantageous in decision-making.

Spotting trends and patterns

Consumer behaviour can be plotted and measured, which can allow you to see patterns on how trends come and go. Data will provide you with a rationale on how the market moves and allow you to see the next things that may happen. However, how things will unfold cannot be foreseen fully by the numbers. Changes in human habits are unpredictable because people’s feelings are not based on logic. You need to have a good grasp of your market through experience and relationships, which may be able to complete the picture that data can partially provide.

Getting feedback

Surveys are prevalent nowadays, especially with modern technology, as they can be administered online. It’s a good way to get feedback from your clients and prospective customers. But it can only gather limited information as you may not fully know the rationale as to why participants gave such answers. But if you communicate effectively with your market and you interact with them regularly, you will be able to comprehend why they behave in a certain way. Knowing them well will enable you to get their pulse which graphs and pie charts may not be able to entirely provide.

Planning strategies

You can craft your strategies and tactics based on scientific facts. It may save you unnecessary losses as it will help you efficiently match the need and demand of the market rather than taking a shotgun approach and make you overpromise what you can do or underpromise and limit your capability. But there will be times when experience and right judgment may give you a better lead than what data can offer. You can inject some creativity and ingenuity in your strategies based on your gut-feel and good perception.

Putting your faith in your intuition may pose an enormous risk. But going into business is a risk in itself and only those who are courageous can truly achieve success. However, you can take a calculated risk when you back your judgment with data. That will increase your odds towards success.

Letting go of employees

Certain circumstances may cause you to rethink your current organisational line-up and let go of some people in your team. Staff members performing poorly at work, acquisition or merger that may result in redundancy or financial difficulties or disasters that force businesses to downsize. Firing an employee is not always easy and may sometimes be unpleasant.

However, business owners have to face the situation and deal with the difficulties for the good of the company and the people who will remain in your organisation. How do you go about letting go of an employee?  

Check the laws and confer with your HR

Consult with a legal expert or refer to your local labour laws to avoid complications and ensure that everything is done appropriately. If you have a Human Resource department, empower your HR team and let them take the needed actions. Make sure that you process everything by the book.

Review the documents and assess the situation

You need to have a basis for why you need to release someone from his position or spot in your organisational structure. Make a decision that is backed up by data, so make sure that proper documentation is in place.

Plan the transition process

Before you start the ball rolling, plan out how to go about with the process. Do you need to issue a warning first? If the option is clear to fire the employee, have a checklist of what needs to be done and the crucial steps that must be taken to ensure a smooth transition of tasks and responsibilities. Include in your plan on how to avoid or lessen the negative impact of your decision on the business and the team.

Talk privately with the employee

The person concerned may not be able to fully grasp why you have to let him go. To prevent hostile scenarios, speak with the employee in private. Stay on the course and be direct without being antagonistic. There’s no need to sugarcoat things as well, but be diplomatic when you have to explain the whole picture and lay down the next steps.

Carry out changes and adjustments

The next step is to secure your company’s assets and information, which has to be explained thoroughly to the employee leaving your organisation. Also, you need to have alternatives when the position is left vacant to ensure that there is no void in the work you render to your clients and customers. Discuss with your other team members on the next steps to be taken as the employee turns over his responsibilities to the remaining staff.

It is often a sensitive issue to let go of an employee, regardless of the circumstance. The last thing you want is for emotions to run high. Don’t let tension take control of the situation. If a third-party or a consultant is needed to manage this scenario, tap into the expertise of those who the capability to do this. Don’t drag the situation too long and don’t delay the process. Settle things peacefully, learn from the experience and move forward to other important matters in your business.

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.

Practising hygiene and sanitation at work

With the rise of so many illnesses and the world coming face-to-face with a pandemic, it is high time that we revisit our sanitation and hygiene practices at work, whether you do it from home, from the office or at the field. Nevertheless, it is a must to observe cleanliness at all times to keep you and the people around you healthy and fit and safe from infectious diseases.

As they say, “prevention is better than cure.” Make it your goal to put hygiene and sanitation as an important part of your corporate culture. Start with doing a checklist that you can do and instil with your colleagues and your team.

Come up with a policy on hygiene

Have you laid down some rules on how you and your team should follow sanitation and hygiene in your office? Inculcate strict handwashing, cleaning after working, and wearing clean and safe clothing, depending on your industry and corporate culture. Your policy may provide toiletries or materials to your team, install hygiene signages or reminders around your office or put anti-bacterial sanitizers in designated areas. If you still do not have such a policy in place, discuss it with your team. If you have one, make sure to review it regularly if it is still relevant and updated.

Designate different areas for different activities

Make sure that your office has a pantry, a toilet, and a supplies room. Given that, eat only in the pantry and not on your work desk. Keep food in a clean and safe place. Supply every work station with a trash can and segregate biodegradable from non-biodegradable garbage. Don’t mix dirty items from clean ones.

Equip your toilet and sink with cleaning tools and materials

Your toilet and sink must be clean at all times. Equip it with cleaning tools. Furnish your office with soap, detergent and disinfectant to be used in keeping bacteria and other kinds of germs away from every area of your workplace. Change common washcloths, towels and rugs regularly.

Assign someone to take charge of cleanliness

As your organisation grows, have someone who oversees the cleanliness of your office. If you cannot hire a cleaner, check third-party services that provide such services. Assign someone to regularly monitor the cleanliness of your office. If you work alone or if you are working from home, put cleaning as part of your schedule.

Have a yearly check-up for you and your team

Cleanliness starts with your body. Apart from good hygiene habits, take care of your physique through regular check-ups. Also, if there are vaccinations available, extend such benefit to your team.

Make your workplace bacteria-free and safe for you and your team. Put cleanliness, good hygiene and sanitation as among the top priorities in your corporate culture. It’s for your own safety and that of your organisation. In the end, you will reap the fruits of your endeavours, keeping you healthy and strong.

8 things to do while in isolation

The current global health situation has forced people to stay in their respective quarters, halting many activities around the world. But it is not only during times of quarantine when one has to go into isolation. There are many instances where one has to be on his own, may it be during travels or even to take extreme measures.

However, having some “me” time is something that every entrepreneur must enjoy. It allows business owners to recharge, think things through with clarity and step back to see the bigger picture that is often missed by the mundane day-to-day activities. But what happens when being isolated stretches for a longer period like how it is now?

For one, being away from the office or even your loved ones is not an excuse to cut off any form of communication with your team or family. Modern-day technology allows you to keep in touch with them and still do a lot of work remote and virtually. Nowadays, there are several platforms that you can use for online meetings. The only caveat is when you’re done with work and boredom sets in. What are you going to do? We have listed eight suggested activities to not only keep your preoccupied but also help you grow while you are in isolation.

Finish a book about business

This is a good time to immerse yourself in reading materials that can inspire you and give you life and business lessons. You can start by reading the biographies of successful entrepreneurs and businessmen. Learn some insights and be inspired by women business leaders who penned their books. If you want to brush up on your persuasion and negotiation skills, this list of books may also be a good recommendation.

Complete a jigsaw puzzle or a creative project

Being cooped indoors or away from others can be an opportunity for you to channel your creative energies and express them through a project. With more time in your hands, you can complete a jigsaw puzzle and even learn how to apply the insights from jigsaw puzzles to running a business. You can also get into painting, sketching, lego building or indoor gardening. It will hone your mind to see tiny details and allow you to visualise the big picture. How about checking out some of these hobbies that may sharpen your thoughts?

Do some DIY crafts or carpentry work

If there’s anything that needs fixing in your home or area, you can do some carpentry work or do-it-yourself crafts. You can create small cabinets that you can use in your work area or small useful accessories that you can put on your desk or something for your family and kids. DIY crafts can teach you how to become resourceful and transforming simple items into practical uses.

Watch videos about business or do a movie marathon

It’s time to binge-watch and finish that movie or TV series you’ve been wanting to see. But if you want something that can be close to home when it comes to entrepreneurship, these 10 movies might be helpful. Apart from films, you can also try watching these YouTube channels that are apt for business owners.

Organise your stuff

Go through your files or things and see which ones to keep and throw away. Keep your work area, even at home, always neat and tidy. Organise your documents, both the physical stuff and your digital copies. Sometimes, you’ll find something useful now that you’ve kept hidden for a long time. Check out some Mari Kondo methods and see what you can apply to your home. Check out also other areas of your life that may need to be decluttered.

Learn a foreign language

In our globalised world, learning another new language may be valuable in communicating with other cultures. Some online apps and websites will enable you to take language lessons. Knowledge of a foreign language or more, even just the basic words and phrases, can take you places, literally and figuratively.

Write an article or reflection

Put your thoughts into written words. Later on, you may be able to utilise your writings for your marketing, blog, speeches, podcasts, interviews or avenues where you will be able to share your thoughts and musings. It’s also a good exercise of self-reflection and remembering areas in your life that could be a source of inspiration for others.

Play an online game

Treat that inner child in you through an online game. Give yourself a break and have some fun moments even when you’re by yourself. If you want to nurture that entrepreneurial spirit within you and release your business prowess through a game, consider these online games about starting and growing a business. Who knows, you might just emerge as one of the top players in these games.

Just look around you and there are plenty of things to do. But then again, don’t forget to rest or sleep, which is very important for business owners like you. You’ll never know when you’ll be back in your normal working environment and routine so take your isolation as an opportunity to recharge your body, mind and soul.

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.

10 Biographies to Inspire Your Entrepreneurial Journey

If you’ve got some “me” time or when you’re stuck indoors for some reason, why not spend it by poring yourself on reading materials that will inspire and energise you to keep going in your entrepreneurial journey? A good start is to look into the life stories of business leaders who withstood adversities and exhibited determination and persistence in achieving their dreams.

These individuals have become powerful forces in their respective companies and industries. One may wonder, “how did they do it?” The answer may lie between the pages of those books that journal their lives and business experiences. We have listed 10 biographies that you can start reading and then you can work your way towards finding books that are related to your business or industry.

Shoe Dog by Nike Co-Founder Phil Knight

The book chronicles the early days of Nike in the eyes of its co-founder, Phil Knight. He also narrates his youth and how he faced the risks and challenges in getting close to his dreams. Did you know that this global footwear giant started being sold from the trunk of Knight’s car? But look where it is now. Get behind the story of the iconic swoosh and pick up the lessons you can apply in your enterprise.

Miracles Happen by Mary Kay Cosmetics Founder Mary Kay Ash

Mary Kay Ash started her company at the age of 45. Yet, it was not without some heartbreaks in her personal and professional life. However, she held on to her principles that were her beacon of light in her journey. She established her company not only to make her dreams become a reality but also to help women attain their dreams, too, by believing that miracles happen.

I Love Capitalism by Home Depot Co-founder Ken Langone

Regarding himself as the epitome of the American Dream, Ken Langone shares through his memoir that poverty did not impede his ambition of making it big. He worked his way to get an education, build a career and establish businesses. The book is a peek to his life and a testament on how capitalism has helped him achieve the success he now enjoys.

By Invitation Only: How We Built Gilt and Changed the Way Millions Shop by Gilt Co-founders Alexis Maybank and Alexandra Wilkis Wilson

Changing the way millions of people shop was something that Alexis Maybank, Alexandra Wilkis Wilson and their co-founders in Gilt never imagined they would achieve by putting up their online store. But the recession, the shopping culture of the market and conflicting needs of their suppliers were hurdles they had to surpass to save the company from impending death.

The Everything Store: Jeff Bezos and The Age of Amazon by Brad Stone

American journalist Brad Stone interviewed several Amazon executives, including former employees, to tell the story of Amazon to his readers. Although the Amazon founder, Jeff Bezos, declined an interview, he allowed Stone access to people around him to document how this modest online bookseller grew to become what it is now, offering many items beyond books and topping the online selling space.

Lean In: Women, Work, and the Will to Lead by Facebook COO Sheryl Sandberg

In this book, Facebook COO Sheryl Sandberg, who is also one of the Most Powerful Women in Business by Fortune magazine, puts the spotlight on women. Backed by research and based on her personal experience, Sandberg touches on the challenges on women with the realities they face at work, in the community and at home. She also provided some practical tips and useful advice for women on how to build their careers and empower themselves.

Bloomberg by Bloomberg by Michael Bloomberg

Bloomberg Co-founder Michael Bloomberg fuses his personal stories, business insights and management lessons in this book that he penned himself. Readers get an overview of his struggles during his youth and onto his career and how he bested industry giants. He also shared his foray into public service and philanthropy.

Alibaba: The House That Jack Ma Built by Duncan Clark

Being an early advisor to Alibaba, investor Duncan Clark has a first-hand view of how Alibaba has grown and how its founder, Jack Ma, has accomplished massive success. From being a teacher to becoming a worldwide business phenomenon, Ma has shown that nothing is impossible. Regardless of background and location, he has managed to grow his business and pit it out against industry titans.

Steve Jobs: The Exclusive Biography by Walter Isaacson

Writer-historian Walter Isaacson has written the biographies of Albert Einstein and Benjamin Franklin. He added another feather on his cap by writing the biography of Apple co-founder Steve Jobs. Jobs had granted Isaacson various exclusive interviews, sharing his thoughts and experiences to the author. Isaacson also spoke to the countless people surrounding Jobs to present his story coming from all angles. From Jobs’ childhood to his youth and career life, Isaacson presented the inspiring story of Steve Jobs, including his character, values and lessons.

Grinding It Out by Ray Kroc of McDonald’s

As the first partner of the McDonald brothers, Ray Kroc revolutionised the fast-food industry through franchising, automation, training and advertising that helped shape McDonald’s as a global leader in its business space. In his autobiography, Kroc shares his journey from being a salesman and how he became a huge success. It was a steep climb and full of twists and turns, producing many valuable lessons and insights that will inspire his readers.

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.

The rise of female entrepreneurs

In celebration of Women’s Month this March, we take a look at the present state of female entrepreneurship and how it contributes to the big picture of the entrepreneurial journey. Women taking the path of entrepreneurship are on the rise, yet we still need to do more to support and encourage them in this endeavour.

EO is taking extra steps to welcome more women business owners into their fold so as to extend the needed backing and provide the values that can strengthen them and their enterprise. There are governments that are also providing the necessary infrastructures to encourage more women to start and grow their own businesses. We still need to up our ante to level the playing field for all genders globally.

The challenges that female business owners face

Even in our modern times, women are still up against huge challenges in our society. The need for funding and lack of confidence in them by investors as well as unfavourable stereotypes and prejudices on women are just a few of those stumbling blocks female entrepreneurs have to face. It is even trickier for female business owners to navigate in industries that are dominated by men. In addition, they also play vital roles in family life and home management, which they have to juggle on top of running a business.

Successful female entrepreneurs

There are women who withstood the rigours of life, braved through storms and emerged triumphant in their journey. Arianna Huffington, Tory Burch, Cath Kidston, and Pamela Slim are among the many female business owners that have shown us that nothing is impossible if you only put your heart and mind into your goals. Their stories show that despite the hardships women face in society, one can still reach the top and carve a name for oneself.

How women can succeed in business

The question, however, is how to do it? First of all, go and test the waters. There’s no better way to find out what you’re up to unless you take the first step. Come up with a formidable plan, organize a good team and get the ball going. While you’re at it, widen your network and surround yourself with likeminded individuals. Join groups like EO or attend workshops and business conferences or get a mentor who can guide you through the journey. Put your venture out there, aim for continued growth in your profession and business, and watch out for opportunities that can help you on your journey.

The need for more women entrepreneurs

As we move forward towards economic development in various parts of the world across different industries, we need to narrow the gender gap among male and female entrepreneurs. Providing opportunities for women will empower them to run their own ventures, tapping into their strengths and capabilities that can help spur and increase financial growth and shape societies and communities.

More and more women are taking the entrepreneurial journey. It’s a good start, but we need to widen the road because the current numbers are not yet enough. We long to see a future where one day we’ll see equal figures for men and women when it comes to business ownership, especially among developing countries. We hope that future generations will have access to the same opportunities regardless of gender, belief and background.

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.

To be or not to be (a multi-tasker)

Every morning, you browse through your emails on your laptop while sipping coffee, then answering and making calls in between. In one sitting, you have ticked off several tasks in your to-do list. It goes on for the rest of the day. Yet, before the morning is over, you are already exhausted, often skipping lunch and short breaks or spending sleepless nights finishing a lot of things.

In this busy and fast-paced life, you often find yourself doing so many things at the same time, trying to fit everything in your 24-hour schedule. There are definitely advantages to those who can multi-task, but it may also easily use up whatever energy you have for a day. Let’s face it, not everyone can be a multi-tasker. But even to those who are able to do it, there are certain things to watch out for in order to minimise the adverse effects it may bring.

If you are someone who can or prefers to do several chores at the same time, be on the ball on the pros and cons that come with it.

Benefits of multi-tasking

Accomplishes a lot of things in less time. If you have 50 tasks to do in a day, regardless of scale and importance, and you get to do 4 or 5 of them in less than an hour, you are able to shorten that list faster, which can give you a sense of fulfilment. It allows you more time to do other things, increasing efficiency and productivity at work.

Fills in lull periods. Multi-tasking keeps you from having lull periods, which makes your day less boring. When you undertake various jobs at the same time, there’s no place for idleness. You find something to fill in time while waiting for one task to finish.

Keeps the mind going. You crave for progress and multi-tasking gets you on the go. Since it enables you to do simultaneous tasks, you are able to clear some items from your checklist and move on to the next pending job quickly. While your computer may be at a loading mode, your mind is already set on the upcoming work ahead.

Copes with chaos. When new undertakings suddenly prop up, you are not easily shaken because you are used to juggling many things at the same time. Multi-tasking conditions your mind that it allows you to cope with the chaos around you. As they say, you find order in chaos because you don’t get overwhelmed with so much work and can manage to finish something despite the various demands coming from different directions.

Drawbacks of multi-tasking

Causes stress and burnout. When you work faster than everyone else, you tend to absorb more work than what is normally done. However, you can only do things based on the energy you have, and when you do more than what you can take in, it leads to you feeling tired and burned out. Sometimes, the waiting time for tasks to finish is the little breaks that can help you recharge. But when fill that time with other things to do, you don’t get the opportunity to relax a bit for the bigger tasks, which can lead to more pressure and stress.

Affects the quality of work. Not because you get a lot of things done quicker means the job has been finished. Sometimes, you miss seeing the gaps and cracks of your work and it can affect the quality of your output. That may often result in repeating your work due to some minor mistakes you overlooked.

Instigates distractions. Juggling things need a great amount of focus. But when you’re doing too many little things at the same time, you get distracted by those mundane tasks that you end up not giving your undivided attention to more important matters.

Confounds priorities. More urgent things are often pushed to the background and screened by the many jobs you multi-task. At the end of the day, you may have shortened your to-do list by accomplishing a lot of minor jobs but fail to complete the bigger and more important matters. It gives a misleading notion that so many things were done, yet in reality, not being able to achieve the real purpose of the project or of the business.

Multi-tasking may be good, especially if you wear too many hats. When you are starting out, you often need to perform several jobs at the same time. However, take time for short breaks and to stop and evaluate your work and how you manage it. If you have people around you, it is better to delegate those little tasks than juggle them all. Learn to sift through your to-do list where you can work on things that are more important and let go of those that may be carried out by others. Aim to achieve the position where you are on your business rather than in your business.

The entrepreneurs’ new clothes

"What you wear is how you present yourself to the world, especially today when human contacts are so quick. Fashion is instant language." 

These are the words of renowned fashion designer and entrepreneur Miuccia Prada. True enough, individuals are often sized up according to how others see them, including the clothes they wear. Entrepreneurs are no exception. But with more business owners becoming younger and more modern, their fashion style has also evolved.

Gone are the days when business owners have to wear the usual coat and tie or stiff outfits. Entrepreneurs have become more dynamic, acknowledging the freedom they enjoy, which includes not being bound by corporate attires. You can see some of them in just plain jeans and shirt or in semi-casual attire and still manage to be successful. Being a business owner means you can set the culture of your organisation, including how you dress up in your office or workplace. Because of this, everyday work clothes have changed over the years, as well as perceptions of business owners, and we expect it to still transform in the years to come.

However, despite the liberty to choose your outfit as the owner of your business, there are still considerations and etiquettes to ponder when you select the kind of apparel you will don at work. Create your own style that can best represent who you are because fashion is a way of expressing yourself. A few pointers to note can help you find the right apparel in your wardrobe.

Choose comfort

When choosing for your outfit, think of yourself first before you even consider how others will react to it. Prioritise your ease over appearance. While the latter is still important, choose comfort first then looks second. There are industries when you need to be in pullovers or in garments wherein you can move and do certain tasks without difficulty.

Show your personal and corporate image

Your clothes are an extension of yourself. It is a way of showing your creativity through your style. People will often form their impression of you through your garb. Don outfits that can show your personality, as well as your work ethics and corporate behaviours. Let your clothes speak about who you are and what you stand for.

Exude and attract the right attitude

Radiate and draw confidence, respect and authority through your apparel. While you may be at ease wearing simple clothes, don’t make it too simple that may confuse people and lead them to overlook you as an entrepreneur. There’s no need for pretence either. Flashy clothes will not automatically impress people. Find the right style that will not only make you just be yourself but also allow people to be drawn towards you.

Dress for the occasion

You may ditch blazers and trousers or tight skirts in your wardrobe, but you may still need them from time to time, especially when the situation calls for it. Even when shirt and denim are the norms in your workplace, you need some long-sleeves and trousers or dresses when attending board meetings, client presentations or conferences. It is better to overdress than to underdress. Remember that you represent your business, so elevate your brand’s image through how you appear yourself with various audiences.

They say that “clothes make a man”. While it does not totally define yourself, it is a reality that others will still look at the exterior factors to form their opinion of you. Let your outfit work for you, not against you.

Whether you want to blend with the crowd or stand out, or go with the flow or chart your own direction, let your clothes be a plus factor that can contribute to your personal and business growth. As fashion photographer Bill Cunningham once stated, “Fashion is the armour to survive the reality of everyday life." Wear your armour well and be ready to face your daily battles with courage and confidence.

Checking out your competition

In every industry, competition exists as there will always be various businesses that will offer similar goods and services. Even for industries where monopoly ensues, there are still indirect competitors that can provide alternatives to consumers. When you run a business, you do not operate in isolation, so you also have to be conscious not only of your market but also of other players in the field.

Some of your plans, strategies and campaigns will also hinge on competition as you have to determine how to position yourself in the market. While you may be selling the same products or doing the same service as several other ventures, you have to make sure that you have your own brand identity that will set you apart from other businesses. The reality is that everyone wants a bigger chunk of the market pie. And that means your competitors might want a share of your market.

It’s better to plan your strategies before you realise it’s too late. Assessing your competition will help you plot your moves along the entrepreneurial path. But how do you check your competitors and establish your brand positioning in the industry where you belong? Here are a few tips that can help you do a competitors’ analysis.

Identify and categorise your competitors

List your competitors and create a chart where you can input their information. How do you find them? Look around your vicinity. Most of your competitors may be sharing the same geographic area as you. You may see their advertisements, collaterals or marketing materials. You may hear them from people around you or the media. You may find them in trade fairs and exhibits or pass by their stores or offices. Know as much as possible about every competitor – direct and indirect. Do your research so you can better categorise the different types of contenders you have.

Check out available materials

There are always available sources and ready materials that can give you a lot of information on your competitors. Read their brochures, check their websites and social media, and update yourself regularly with news articles and press releases pertaining to other players in your area and industry. Know what they post, how they engage with their readers and followers, and how the market reacts to their strategies.

Try your competitors’ products and services

Oftentimes, the best way to know your competitor is to experience yourself their offerings. Visit their stores, order their goods and hire their services. Know who their employees are, as well as their suppliers. Observe how they conduct their business, learn a few tips and note down areas where you can improve in your venture.

Get feedback from customers and suppliers

Your customers and suppliers may share their impression and knowledge of other companies that are providing the same products and services like yours. It’s like hitting two birds in one stone because apart from learning about your competitors, you will also get an idea of what your clientele’s needs, wants and preferences.

Conduct a survey

If you want to know the thoughts of a particular sector, you can do an informal or formal survey and gather the information you need. There are now many platforms and apps that you can use to conduct a survey and interpret the data generated.

Do a SWOT Analysis

When you have the necessary information, you can do a SWOT analysis and competitive analysis to see the bigger picture and the finer details. Chart their strengths, weaknesses, opportunities and threats vis-à-vis yours. There are also available resources online and software that can help you chart the data and put together a competitive analysis.

Of course, all these are for a healthy competition where you are able to provide motivation and positive energy to push you forward toward your goals.

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.

Messaging apps for entrepreneurs on the go

Running your business often requires you to be out in the field and travel for meetings or official engagements. Sometimes, you have to manage your team and your transactions from a remote location to ensure that everything is running smoothly. While you can communicate using SNS and calls, they are sometimes not enough to help you keep track of things. That’s where instant messaging apps can be of value to you and your venture.

Through these apps, you can send short messages instantly, call each other, send files and photos, and store conversations. While some of them may have similar features, there are certain factors that you find a particular app suitable for your needs. Oftentimes, you end up using two or more of these apps depending on the intended recipients. While it can be useful, it can also cause confusion, not to mention that it can take up a lot of space in your phone’s storage.

It’s about time we take a closer look at these messaging apps so you can assess which ones you can use for your business needs.

Slack

Chat with your team or call your business partner using various channels. You can share files from your Google Drive, Dropbox, Trello and other apps that are integrated within the Slack system. You can easily search for the topics you have discussed and shared through this platform. Slack can be accessed via its website or downloaded on the computer or smartphone.

Microsoft Teams

Users of this platform can do individual and group chat and video meetings. They can also store files and use other Microsoft products, especially with the Office 365 suite, seamlessly while integrating non-Microsoft products through its extensions. It can be used for personal, business and educational purposes. It replaced Skype for Business using Skype’s advantage as one of the early players in instant messaging and video conferencing.

Twist

Messaging apps are your best tools to exchange information fast and efficiently. But when your group or team becomes huge, conversation threads may seem all over the place, and every message notification may become distracting. Twist provides a way to organise online discussions and you can disconnect if you need to focus on more important matters.

Zoho Cliq

If you are using other Zoho products, such as Zoho CRM, Zoho People, and Zoho Desk, it is easier to integrate them with Zoho Cliq, which can streamline your team’s conversations. You can easily chat with them, call them and set up reminders wherever you are and from any device you use.

Flock

Another app that is revolutionising modern communication is Flock. You can send instant messages and call contacts directly or through your group. You can also add people as guests to limit information sharing. It allows you to manage your mailing list and bookmark significant messages.

Google Hangouts Chat

If you have been using Google products or comfortable using G Suite, then you’ll find Google Hangouts Chat very convenient to use as you can integrate these products together. It is also downloadable in any device. You can easily share your docs, sheets, and slides that are in your G Drive with your team or contacts. The beauty of Google Hangouts is that there are several Google users, which makes communication easier.

Facebook Messenger/Workplace

There are millions of Facebook messenger users around the world, which means that you can easily contact your teammates, suppliers and other stakeholders through this app. Facebook ups its ante through Facebook Workplace where you can create an organizational chart for your contacts, translate messages into different languages and allows you to do live videos on top of its instant messaging, video conferencing and integration of third-party apps.

WhatsApp

Another messaging app that is gaining more users globally is WhatsApp. Its version for business owners allows users to create product catalogues and manage their customer service through this platform. WhatsApp can be downloaded on any device and has a web-based platform for laptops and computers.

WeChat

Originating from China, WeChat is a messaging platform that is popular in China and various parts of the world. One of its features is WeChat Pay where users can transfer or pay money for goods or services. It also adds other features such as photomontages, music lyrics, floating windows, and translation from images.

Kik

If you want your team to enjoy communicating with others, Kik provides a fun way of connecting with people and groups. It has gaming features, news, tips and a lot more. Brands can have their stickers, that users can include in their messages when chatting with their contacts.

There are many more messaging apps and platforms available online. Some are more popular in a certain country or a particular sector of society. Choose the one that you and your team can easily use. Make it also a medium for your clients and customers to communicate with you, enabling you to deepen and strengthen your relationship with your market.