EO Melbourne takes part in the APAC Bond University Executive Program

EO recently held its first-ever university-based EO Executive Education Program in the Asia-Pacific (APAC) Region and EO Melbourne members have taken part in this milestone program. It was held at Bond University in Gold Coast, Australia’s first private University and is ranked #1 in Australia for student experience.

The “Building the Forever Business Program” was an immersive five days of world-class on-campus learning that combined academic theory and entrepreneurial practice with a practical action plan to implement in one’s life and business. It culminated with each class member presenting their action plan to take away and implement.

This program was organised to build on the legacy of EO Executive Education Programs at Harvard, London Business School, and the Entrepreneurial Master's Program (EMP) at MIT. It aimed to enhance the members’ EO journey and support their transformational growth. Moreover, it was created to encourage regional connection with peers, supported by a mindset of shared experiences and group learning.

EO Melbourne Members Jeni Clift, Nick Clift, Steve Constantinou, Sam Hunt, and Costa Vasili joined other EO Members from various regional and global chapters for this Executive Education Program. The facilitators in this program were Dr Justin Craig from Bond University, Carlo Santoro from EO Melbourne and Nick Bloor from EO Brisbane.

Members of the inaugural Class of 2022 were raving about their experiences at the EO APAC Bond University Executive Programme. “Life changing.” “Transformational.” “Loved the living case studies…would have paid the money just to listen to them.” “If I had known there is ‘Nothing more practical than a good theory,’ I wouldn’t have run away from it all my life! We learnt many theories and frameworks and then witnessed how they are applied!”

This program is another milestone for EO APAC in enhancing the members’ EO journey, supporting their transformational growth and gathering like-minded leaders to connect with each other through shared experience and living up to the EO Core Value of “Thirst for Learning.”

EO Melbourne brings back Jack Daly with a hyper sales growth workshop

EO Melbourne has recently brought back one of its highest-rated speakers of all time – Jack Daly. Jack is an internationally sought-after speaker and has been called the best professional sales trainer in America because of his expertise in sales growth, sales teams, and sales culture. 

EO Melbourne has secured Jack Daly for this learning event that allowed participants to know more about how to scale their companies with "hyper sales growth" and live an exceptional "life by design". 

Dubbed "The Proven Path to Hyper Sales Growth While Living a Life By Design", the workshop included pointers on how entrepreneurs could grow their sales force by recruiting, training and developing their people. It also taught participants how to build a winning culture that differentiates them from their competitors.

According to Jack, the path to increased profitable sales includes creating a culture where people want to deliver their 100%, putting the best performers in the sales seats and having a consistent application of proven systems and processes. Winning sports teams follow just such a formula and too often, sports teams at every level are coached better than most sales teams. For Jack, who is not only a Sales Coach but also a CEO and entrepreneur, it is time for that to cease as he aims to coach businesses on the winning formula.

Those who came to the workshop have nothing but praises for Jack. “He’s possibly the best speaker I have seen since being in EO,” one said. Moreover, they found the whole session and its content very informative and valuable to their learning growth. “There are practical takeaways to implement in my business and in my life,” another remarked. 

One attendee stated, “the session was incredible as it has a very high value from a sales perspective,” while another shared, “the content was relevant, delivered well and focused on genuine things to do.”

Learning events like this are aimed at supporting the personal and professional growth of EO Melbourne members and those that join the EO programs. If you’re interested to be part of EO Melbourne, please visit https://www.eomelbourne.org/join for more details.

EO Melbourne holds more learning events for its Members

EO Melbourne Member Benjamin Trinh (left) shared his “Deal of a Lifetime” during a learning event. The event was hosted by fellow EO Melbourne Member Dean Cherny (right).

A virtual “Points Hack” workshop, a talk on a “Deal of a Lifetime”, a Learning Day on Cash, and a Trainual virtual workshop. These are just some of the recent events that EO Melbourne has organised for its Members and those in its Accelerator and Key Executive programs.

Living up to its core values of “Thirst for Learning” and “Together We Grow”, EO Melbourne continues to bring to its community thought-provoking learning events that can benefit them in their growth and development.

Never fly Economy again: A Virtual 'Points Hack' Workshop with iFLYFlat

Steve Hui, Founder and CEO of iFLYflat and also known as Australia's Points Whisperer, shared with event attendees how they could turn their company into a points-generating machine and never fly Economy again.

Business owners sit on a gold mine of opportunity to use points to fly Business Class saving between $2,500 and $5,100 per trip. The fastest way to earn millions of frequent flyer points is using credit cards to pay company expenses.

His workshop allowed the participants to learn how to earn maximum points for the lowest fees and understand the numbers behind the calculations that prove the value is worth doing, select the best business credit cards, redeem points and know which points to use per destination, and many other hacks that are helpful to entrepreneurs.

The deal of a lifetime: How Ben Trinh started, scaled and sold his business to a billion-dollar company

Benjamin Trinh, Life Ready Health Group CEO, current EO Melbourne Member, and former EO Melbourne Board Member, shared his journey from when he founded his business with only $10,000 as capital, how he grew it to over $50 million in revenue and eventually sold it to one of Australia's largest private health insurance companies — in the deal of a lifetime.

The deal resulted in 12 of his friends, early investors and key employees becoming millionaires, all the while remaining as a Director and the CEO of the business.

Ben also talked about his highs and lows, as well as mistakes and wins. He also unpacked the key principles, strategies and mindsets that go into starting something that will grow and endure.

"Get your business out of your brain" Trainual virtual workshop

Chris Ronzio, Founder and CEO of Trainual, discussed how organisations could put everything about their business in one place, making it easy to cascade all the information to their teams and get them on board faster than they can imagine.

The “Get Your Business Out of Your Brain” Trainual virtual workshop enabled attendees to learn actionable tips on how to start documenting and delegating what they do so that they have time to do more of what they love. Audience participants had the opportunity to take part in exercises and Q&A with Ronzio and walked away with the ability to start building their own playbooks with the digital companion worksheet.

These learning events imparted to EO Melbourne participants hacks, tips and key insights that could help them in growing their businesses and take advantage of opportunities around them.

EO Melbourne celebrates EOFY and Board Handover with a Gala Dinner

The 2022/23 Board.

EO Melbourne Members and their partners and guests gathered for an exciting and fun Saturday night to celebrate the End-of-Financial-Year (EOFY) and mark this new chapter with the Board Handover during the annual Gala Dinner. 

2021/22 President Socrates Capouleas (right) hands over the leadership to 2022/23 President Damian Blumenkranc (left).

The chapter thanked 2021/22 President Socrates Capouleas and the Board and then welcomed 2022/23 President Damian Blumenkranc and his Board:

President: Damian Blumekranc

Accelerator Chair: Anthony Lam

Accelerator Chair: Ashley Bent

Communications Chair: Costa Vasili

Finance Chair: James Murray

Forum Chair: Rob Roy Rankin

Forum Chair: Richard Fuessel

Learning Chair: Kate Save

Learning Co-Chair: Matthew Beesley

Member Engagement Chair: John Bevitt

Member Engagement Chair: John Liston

Membership Chair: James Murray

Membership Co-Chair: Meirav Ambar

Mentorship and Key Executive Chair: Jenifer Clift

Strategic Alliance Partnership Chair: Socrates Capouleas

Ken Matthews (2nd from right) was recognised with the President’s Award during the night.

Winners of various awards were also honoured during the evening. Hailed as the Accelerator of the Year was Mena Mikhail, Founder of Heven. The President’s Award was awarded to Ken Matthews, Managing Partner at Matthews Steer Accountants and Advisors and Board Member at Family Business Australia. The chapter named Miguel Donnenfeld, Co-Founder of Creativa Videos, as the Danny Guest Awardee for Bravery in Business.

UNA took the 1st place at the Forum Cup.

During the night, the winners of the Forum Cup were also announced. Bagging 1st place was the UNA forum, followed by MOSO in 2nd place, and Feverish in 3rd place. Each team received special prizes for accumulating the highest forum points throughout the year.

The chapter also recognised Accelerator grads Kate Blundy and Alex Schnyder who have now joined as EO Members.

On a different note, the Global Communications Committee has rewarded the EO Melbourne chapter with US$1,000 as one of the top five chapters in the region with the highest percentage of member profiles with the EO branding on LinkedIn.

Congratulations to all the winners! With this year’s theme focused on unleashing the Power of EO Melbourne, we look forward to a fun and more exciting FY 2022/23 for the chapter!

Unleashing one’s leadership potential through EO

How do you unleash your leadership potential? For Entrepreneurs’ Organization, it is important to support the needs of the 360° entrepreneur through business, family, community & personal experiences and help them grow, develop and reach their full capacity as business leaders. 

This is why EO’s Global Leadership Conference (GLC) plays a critical role in defining what leadership at EO means, serving as a source of inspiration and a key moment to building a community for tens of thousands of EO members. GLC is EO’s flagship event that empowers members with the tools, insights, and networks they need to unlock their capabilities. 

The theme for this year’s GLC is ‘Unleash’ – helping every member unearth greater success, find their greater purpose and have a greater impact on those around them. It saw an innovative in-person and virtual hybrid format that made it accessible to all through in-person events in Washington, D.C., USA and Barcelona, Spain, and virtual access on its online platforms. Over the course of five days, talks, workshops, webinars and interactive sessions helped EO members hone their skills and abilities as individuals and as a collective – finding opportunities, not challenges; stepping stones, not roadblocks.

Speakers from different industries shared their journeys, insights and learnings to inspire participants to look within their respective experiences and apply the lessons they captured from these sessions. Headlining the GLC 2022 was supermodel-turned-super businesswoman Tyra Banks, who talked about her beginnings, the challenges and the successes she experienced in her journey. Here are a few takeaways from some of the speakers during the conference.

• “Don’t delegate your core competency. The biggest lesson I’ve learned during quarantine is that it’s not always about defence, you have to play offence. You have to figure it out. Another lesson I learned is that there’s strength in numbers.” - Tyra Banks, Executive Producer & Host of America’s Next Top Model and CEO of the Tyra Banks Company

• “Our ability follows where our mind leads. Unleashing our potential is a strength we all have. ‘Unleash’ is more than the theme of this year’s GLC. ‘Unleash’ is a rallying cry for us, entrepreneurs, to level up, to be more of who we are, to bend the future.” - Marc Stockli, Managing Director of MOS Advisory Services

• “I learned that sometimes life doesn’t work out the way that we plan it, it very seldom does, but I learned that I am the one who chooses how I want to live my life. Some goals are hard to reach, they may feel like an eternity, and my goals were definitely unrealistic. But instead of being demoralised by the vastness of that goal, I decided to break it down into one day at a time. By doing so, it just didn’t feel like it was that overwhelming.” - Karina Hollekim, professional Free-skier, BASE jumper and Co-founder and Head of E-Learning for Young Happy Minds

• “The key is utilisation. One of the biggest lies is that knowledge is power. Now, is it really? At best, knowledge is potential power. It becomes ‘power’ when we utilise it and when we apply it. The number one skill to your success is your ability to learn rapidly. If you and your team could learn rapidly and translate that learning into action, it’s the ultimate competitive advantage, bar none.” - Jim Kwik, Founder at Kwik Learning

• “Nothing that is meant for you will ever get away if you’re open to it. It’s okay to take a turn and a change into a new direction that is completely different from where you started and where your passion lies. It doesn’t have to be these major, big changes that we make. It could be small, little changes that we make along the way, utilising the tools and opportunities that we already have in our hands, creating different outcomes for ourselves.” - Tala Raassi, Fashion Designer, Entrepreneur & Author

• “What is your victory going to be? What’s the story that you’re going to tell with your life? What is your purpose? What is your company’s purpose? What are you going to give to your employees so that they can live a life of purpose? What are you going to do with the blessings of your life? As you guys go forth, I want you to think about what I said at the very beginning – this whole ‘help one, help many’ thing. Who’s your one? Go back to wherever you live and let’s just solve it for one person. But I think I know what’s going to happen. You all don’t know how to stop at one. One’s going to turn into two, two into four, and all of a sudden, a roomful of people that are changing the world.” - Mick Ebeling, Founder and CEO of Not Impossible

• “I was never willing, at any point, to say ‘I’m done, I give up’ because defeat is not a real thing until the second you say, ‘I give up.’ And even when I saw the Thuggs, I was done for the season, but I wasn’t done for my life.” - Brian Smith, Founder of UGG Australia

More insights were shared by various other speakers in the different Learning Blocks – Potential, Community, and Impact – and the Breakout Sessions during the conference. The GLC is an occasion for EO to come together and unlock the power of community. It provides an opportunity to use our connections to make entrepreneurship a force for good in the world and to unearth how we can have greater impact as an organisation.

The Excitement Soars High at the iFLY EO Melbourne Family Event

It was a fun Sunday for EO Melbourne families as participants had a thrilling experience at the iFLY Family Event held on 3 April 2022 at the iFLY Melbourne attraction. 

Recognising the importance of entrepreneurs spending quality time with their families and loved ones, EO Melbourne has always been putting together family events for its members and their families to enjoy.

Adults and children alike had the opportunity to soar high in this indoor skydiving facility without having to jump out of an airplane. The facility is the first 14-ft diameter iFLY wind tunnel to be built in Melbourne. 

Participants first had hands-on training with a professional coach as they were briefed on the safety procedures of the activity. They were also provided with flight gear to prepare them for their indoor flight. The good thing about this activity is that no previous experience was necessary and anyone over the age of 3 years old could participate.

Members have nothing but commendation for such a fun and one-of-a-kind experience. “It’s a great unique experience to share with the family,” Damian Blumenkranc said. 

EO Melbourne is part of the global network of Entrepreneurs’ Organization, a unique, experience-based network that supports the needs of the 360° entrepreneur through business, family, community & personal experiences. Our chapter offers world-class learning events, skills-specific workshops and a venue to exchange business stories that help our members learn and grow.

EO Melbourne's online catch-up events: Chat Roulette and Needs & Leads

In a time when physical interaction is limited and most people are at home due to restrictions, reaching out to one another is of great importance. Having a community where members can seek help or extend assistance can make a huge difference in people’s lives. This is how EO Melbourne has become a flourishing environment for entrepreneurs where continuous growth and constant support takes place.

Recently, the chapter held virtual catch-up events that allowed members to get to know each other at a deeper level and lend a hand to those in need. Members were more than enthusiastic to participate in such endeavours that provided them with an avenue to strengthen their bond as they navigate the challenges of the current crisis together.

Needs and Leads

The EO Melbourne community is always thriving due to the rich exchanges of ideas among members. Taking this a step further, the chapter created an exclusive virtual event with structured networking and business matching.

It was an opportunity for members to connect, express their needs, and provide leads for each other. Participants of this online session had the chance to share their three core areas where help was required, and at the same time, offer introductions or solutions for the other participants.

Based on the positive feedback received, the chapter offered a second round of this online event. Needs & Leads 2 included Board Members from EO Brisbane and EO Sydney to assist participants who had needs in those states, a great benefit for members with national businesses.

Chat Roulette

Ever heard of Chatroulette? It's a site that took the internet by storm in 2010 that pairs random users for webcam-based conversations. EO Melbourne introduced its version of it, but on Zoom. Instead of random users, EO automatically paired members with each other.

EO Melbourne's "Chat Roulette" Social Hour was an enjoyable event for those who love to network, wherein speed dating and Forum One2One was combined into a single, fun, and cool activity.

This event allowed members to have four one-on-one conversations with other members for ten minutes each. Conversation starters were provided to help move the chats along. It was an opportunity to catch up with other participants and an amazing way for them to get to know someone new.

So, who says one can’t have fun and enjoy other people’s company despite the restrictions of the lockdown? It’s often nice to spend some time with friends and surround yourself with like-minded individuals, even though it’s in the virtual realm. Moreover, having a group like EO Melbourne can help and support you through the challenges that the present situation may bring.

Interested to be part of EO Melbourne? Click here to join.

EO Melbourne's virtual Wine-Tasting Nights

A week loaded with various tasks and business concerns to attend to deserves a relaxing Friday evening. A glass or two of wine is a wonderful way to cap the work week and welcome the weekend. EO Melbourne recognises this as the chapter recently held virtual wine-tasting events for its members.

To start our virtual wine tasting journey, EO Melbourne Member Hugh Jones and his wife Raquel, the couple that established Weathercraft Wines, hosted a wine-tasting night where participants enjoyed three of their wines: 2018 Limited Chardonnay, 2019 Rosé, and 2017 Shiraz.

Hugh and Raquel shared the story behind each wine, its characteristics and how they are processed. Produced from the Weathercraft Wines vineyard in Beechworth, their wines are a result of fruits handpicked from painstakingly managed vines.

But there’s more to just the bottles of wine that the group enjoyed. They were also inspired by the journey that the Jones couple took in turning Weathercraft Wines into a reality. “In 2016, my wife Raquel and I fulfilled a long-held dream and purchased an established, premium vineyard, at Beechworth in North East Victoria. We immediately started producing our wines from the site. Raquel focuses on the winemaking, whilst I focus on the business side,” Hugh revealed.

“Vintage dependent, we produce around 1,800 cases of wine per year from our little winery, and we are very fortunate to be located within spitting distance of some of Australia’s most iconic producers, such as Giaconda, Savaterre and Castagna, to name but a few. Although our focus is on Chardonnay and Shiraz, Raquel’s European heritage has inspired us to grow alternate Spanish varieties best suited to the climate, rainfall and soil composition of our site,” he added.

The following wine-tasting event was a Wine Masterclass brought by Willow Creek Vineyard & Jackalope Hotel and Brad Hampel, EO Melbourne Member and Director of Solution Entertainment. Attendees learned more about the art of winemaking and food pairing during this virtual event.

Glass-in-hand, winemaker Geraldine McFaul walked guests through the winemaking process and shared her viticultural secrets. Participants were also led to a guided wine tasting experience with Jackalope Hotel’s Food & Beverage Director (and Sommelier), Ollie Tucker.

McFaul’s understanding of the terroir and its subtleties is instinctive. When working with exemplary fruit, McFaul says the biggest challenge is “doing less rather than more”. For the wines from the Willow Creek Vineyard, it’s all about letting the vineyard shine through.

With a fastidious focus on cool­-climate chardonnay and pinot noir, McFaul makes some of the most elegant single-vineyard wines on the Mornington Peninsula. Under the expert hands of original viticulturists Robbie O’Leary and, more recently, Ant Davenport, Willow Creek Vineyard’s fruit is hand-tended, block by block, which includes pruning, canopy management, yield control, and harvest. The vineyard consistently produces the fruit of excellent quality, lending itself to minimal intervention and manipulation in the winery.

Members additionally experienced a wine and cheese night with Austin’s Wines, who delivered a virtual pairing of 2018 Austin’s Chardonnay and 2018 Austin’s Pinot Noir as well as L’Artisan Cheeses & crackers in the comforts of their homes.

Austin’s is a family-owned vineyard in Victoria’s beautiful Moorabool Valley. They have been producing wine since 1982 and is now owned by the second generation of Austins.

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These virtual wine-tasting events have been popular among members of the EO Melbourne chapter where they were able to connect online and enjoy the experience amid restrictions imposed due to the pandemic.

How about you, what activities do you engage in to relax your mind and body after a hard day’s work? We’d love you to share your story with us.

Ways of streamlining your business

As your business grows, you will find that tasks increase, files pile up, materials (and dust) gather and more things need your attention. Some items take longer to turn around, need several documents and require to deal with a lot of people. When work gets more complicated and unproductive, maybe it’s time to review your business and see where you need to streamline and simplify things.

Streamlining items and systems means you declutter objects and remove unnecessary steps so that you can cut down on wastage and use resources wisely. You can use modern technology and techniques to make your organisation more efficient than before. How to do that? Take a look at a few suggestions on how to simplify different aspects of your business, whether they are physical objects or processes.

Focus on your core products and services

When you try to expand your business, the temptation to do many other things that may no longer be part of your core products or services is high. Instead of doing so many things within your business, it is better to separate them into different ventures and let each focus on its strong components. Pay more attention to the quality over quantity of work you do. Eliminate factors that are not essential to your business but take a lot of time, resources, and energy from you and your team.

Outsource certain tasks

For you to be able to focus on the core of your business, outsource the components that are not your expertise. Which part of your business can you farm out to experts? Is it design, finance, IT, engineering, PR, marketing or delivery? Outsourcing allows you to have lesser things to think about, do what you’re best at, and reduce cost. 

Take out unnecessary steps in processes

From hiring to finance to procurement to operations to generating reports, review if there are steps that are not very essential to the processes within your enterprise. Go through your workflow and check the gaps and bumps that may hinder more than help accomplish a particular task. If you need checks and balances, you can put in systems that will enable you to monitor and generate reports without having to go through extra steps and assign too many people.

Remove redundancies

Check for any redundant positions, tasks, items, or machines. There may be too many forms to fill out. While back-ups are necessary, you can always come up with techniques and strategies to do this without adding another layer in your process or extra task to do to get work done. See if there are any overlap of roles and work. The leaner and simpler things are, the easier and more efficient you accomplish your goals.

Shift to electronic copies

Do you have piles of paper stacked on your desk? Is it difficult to find an important document among the folders kept on your shelf? Shift to electronic copies and cut down on paper usage. This way, you not only minimise your expenses but you also help save the planet. Be sure to have a system on how you organise files to make it easy to find. When it comes to streamlining, also review your physical space if it is conducive for work or if there is too much clutter that sometimes affects the way people do their job.

Automate your systems

Take advantage of modern technology and see the available software in the market that can help you in your business. You can consult an expert to check which part of your venture you can automate and make things faster and more efficient. Focus on the portion where you spend more time and workforce so you can ease the flow of processes.

Reduce delays

Maybe there are things where you can communicate online or electronically so that you don’t need to spend more time on the road or be physically present in meetings. If you can make things faster or lessen the amount of time you need to spend on menial tasks, find ways to reduce delays. Cut down on your travel time and do meetings more efficiently.

When you have streamlined your business, review it from time to time so that you can adjust and refine the changes you have instituted. No need to complicate things when you can do them more simply. In the end, you can even be more productive while saving some of your energy and resources.

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How to do a proper handover and transition at work

People exiting an organisation is a common occurrence in every business. There are plenty of reasons why staff members leave the company. Whatever is the circumstance behind an employee departing, the changing of employees is something that every entrepreneur should prepare for to ensure that there are no gaps in-between periods of a team member leaving and a new one coming in.

A common scenario is to secure a short overlap of time where new and old staff can work together. However there are many times when the outgoing staff member has already ended their service while the incoming person has not yet begun working in the company. Whichever circumstance you have in your business, it is best to assign a person, such as an HR staff or team leader or office manager, to oversee that proper turnover is done by the exiting employee.

Below are a few pointers to facilitate a smooth transition of work so that nothing is left unattended when someone leaves your team.

Have a turnover meeting

It may take a single meeting with the outgoing staff member or a series of meetings to discuss the transition and handing over of tasks. Let the employee give you an overview of the day-to-day activities of the position the person is holding, incomplete tasks, and other pertinent information you may need to continue where the member has left off. If a new person is already reporting, sit together with both of them so that you can all discuss pending matters that the departing person will be leaving behind as well as orient the incoming employee about the role.

Create a turnover document

Prepare a checklist of things you need from the employee so that it’s easier to navigate through the tasks once the position is left vacant. The document includes the list of files being handed over, unfinished tasks or unfulfilled responsibilities, and the contact details of clients, suppliers and other stakeholders they normally deal with while working in the organisation. If the person is handling social media accounts and online access on behalf of the company, get the account information and passwords. The document becomes a reference for you and the one who will be filling in the role.

Check physical and digital files being left behind

Don’t just simply receive the files handed over to you. Review them and familiarise with them, especially with contracts and important documents. For the soft files, understand how they are organised so it’s easy for you to look for them in the future. Verify the list of files given to you and check thoroughly in case something is missing or forgotten.

Get introduced to accounts, clients or contacts the person is handling

In positions where the employee has several external contacts or dealings with, such as in sales and marketing, be sure to get the directory of these accounts. Set a timeline where the outgoing team member introduces you or the new person to people they regularly come in contact with during their tenure in your company.

Set a period to shadow the outgoing employee

Sitting down one time or having a single meeting before the employee leaves may not be enough to fully cover the gaps. If a new person has begun reporting, let that person shadow the outgoing employee as part of the new staff training and orientation. Otherwise, if there’s still no one to take the place of that team member assign someone who will shadow the person or document the day-to-day tasks and activities properly to have a smooth onboarding process when the new person comes in.

Generally, it is easier and more cost efficient to retain good people because hiring a new one takes a lot of effort and energy. However, since it cannot be avoided that people will leave an organisation, better be prepared for this eventuality by setting up a system that will make handing over of tasks seamless that will ensure the continuity of tasks.

The pros and cons of serial entrepreneurship

There are entrepreneurs and there are serial entrepreneurs. But what is the difference between the two? Both start a business from an idea. While a typical entrepreneur may opt to stay to run their venture, a serial entrepreneur may pass on the reigns of managing the business to someone else and moves towards starting another one.

Some entrepreneurs may be more skilful at the startup stage and find it a challenge overseeing the day-to-day needs of the business. Serial entrepreneurs thrive at creating ideas and putting such concepts into concrete results by building startups. There’s nothing wrong with it if one’s skills set better matches becoming a founder rather than managing a business. Still, it pays to be aware of the advantages and disadvantages of serial entrepreneurship should you decide to be one.

Pros of serial entrepreneurship

More opportunities to widen one’s creativity

Not all business ideas can be merged into one venture. Some are unrelated that you need to establish a separate enterprise for your various business concepts. The good thing about being a serial entrepreneur is that you don’t get stuck with just one idea or box yourself within your existing business. By opening another startup, you can experiment and come up with many creative outputs without putting your other business in jeopardy.

Gives you more flexibility and freedom

A variety of businesses with different concepts and core products or services may allow you more flexibility and freedom to do whatever you want. As you are more into generating ideas and laying them out, you are not tied up with the day-to-day operations of your businesses. With that, you can pour your time and effort into what you do best while getting experts to take care of areas where you need help the most.

Personal and professional development

Exposure to different industries and challenges will help hone your skills and capabilities. It can provide you with various avenues for professional growth as well as personal development. You get to learn the ins and outs of the many industries where your enterprises belong and understand more the mindset of different market groups.

Can bring in more money

Having more businesses may bring in more sales and profits. It’s not always the case, but if they all become more prosperous, you will reap a good harvest with what you’ve sown. Many successful serial entrepreneurs now enjoy various streams of income because they have established several ventures and provided a good foundation to allow them to grow.

Cons of serial entrepreneurship

Several risks to take

Establishing businesses here and there may sound exciting but it may come with a huge price. Starting a business means investing your resources, time and effort. If you have several ventures you may need a lot to invest in them, which means exposing yourself to a lot of risks. You need to be more calculating in your decisions to lessen probable harm to you and your businesses.

Need for trustworthy people

Since serial entrepreneurs are usually more present in the business during the early phase and may have to hand over the reins to someone else, there is a need to find trustworthy people who can manage the various aspects of the business once it has started to take off. As the entrepreneur moves on to another startup, there must be strong leadership that will steer the other ventures forward.

A lot of accountability

Although there may be directors and managers that will take care of the other businesses and their departments, having several enterprises entail bigger accountability to the entrepreneur. There are more people under your wing. One misstep may not only affect one venture but may also affect the others. When something unexpected happens, you have more people to tend to and matters to attend. It cannot be avoided that as you multiply your businesses and expand them, there are more mouths to feed and more individuals relying on you. It might be difficult to pull out when the right time comes.

Lack of focus

With three or more businesses to your name, you need to allocate quality time for each. Having too many may result in a lack of focus, causing one or several of them to suffer. Some of your businesses may demand your attention all at the same time and not be able to address a certain issue may yield to losses and failure.

Becoming a serial entrepreneur takes a lot of courage and confidence. Not everybody may be one, as much as not all can become an entrepreneur, but if you put your mind and heart into it, you may be able to surpass the unimaginable and be able to build a business empire.

When to partner with a competitor

It may not be commonplace to find competitors partnering with each other, but it is also not a rare case. Besides, such collaboration only lasts for a certain period and is not expected to be done in the long-term.

However, there are benefits you can get by working with a competition, although it may also pose some risks. But if you have a common goal in mind, then doing so may mean you have to set aside your differences and cooperate until you achieve what you both want to attain. Just make sure that you keep your trade secrets close to your chest as certain circumstances may call for it.

During times of crisis

A crisis, tragedy or disaster, such as the global pandemic we are currently experiencing, are few instances when you need to put two minds together until both your businesses can surpass such difficulty. Oftentimes, several companies in the same industry come together to cooperate so that they can survive and navigate through a crisis.

For innovation in the industry

Competition happens not just among businesses belonging in the same field but also among various industries. With the rise of online and app-based ventures, physical stores or those with physical products experience a dent on their performance. Other industries are left behind because of the fast technological advancements. Partnering with a competitor to revive your industry or innovate it is a good move to help your business withstand the rising trend of other new industries.

When expanding the market

It is often difficult to enter a new market or expand your existing one to new territories. To save you on your effort and resources, as doing so may require a huge risk, partnering with a business similar to yours may be a wise thing to do in certain situations.

To complement each other’s business

While you are competitors, you may have different strengths and unique selling propositions that one may have over the other. You may complement each other’s businesses by putting on the table something that the other one does not have.

In facing a bigger competitor

When a huge corporation dominates a certain market, small businesses sometimes suffer as they only get a meagre portion of the pie. They need to join forces so that they can increase their market share and have a better competing power against the big player in the field.

For a common charitable cause

Businesses usually help out a sector that is related to their brand or operation. Construction firms would want to build homes to the homeless or schools to communities in need. Enterprises that are into children may help in education. Competing companies can work together to help a particular sector of society, hoping to provide better conditions to that group.

It may be an opportunity to find a circumstance where you can partner with a competitor. But then, think it over thoroughly, do a lot of research, discuss it with your team and analyse the situation carefully. There are benefits with working with a competitor but know the risks. Be sure that you do it to advance your business and help you get closer to your vision and goals.

Tips on doing niche marketing

Getting exposure to as many people as possible may be a good thing. But it can take so much time, effort and resources on your part. Meanwhile, if you target a specific market, it will take less but may produce the same or better results.

Niche marketing is a strategy where you direct your initiatives towards a target market and customise your messages and design to their preference. It is different from mass marketing, wherein you convey you communicate to a bigger audience. On the other hand, niche marketing focuses on the segment which has the most need and most interest in your product or service.

To make sure that your niche marketing strategies are effective and successful, here are a few tips that may help your business.

Get the demographics of your market and segmentize them

Surveys, feedback forms or interviews are just a few methods of getting information about your customers. It’s always helpful to gather data, observe first-hand and analyse the numbers to set the foundation of your strategies. Know the age, location, occupation and other information on the demographics of your clientele. From the statistics generated, divide your market into segments so you can decide the best group to target for your niche marketing.

Research on the behaviours and psyche of your target market

Delve deeper into your target segment and know their behaviours, hobbies and preferences. These will help outline your strategies on how to approach and communicate with your market. Understanding their needs and pain points and seeing the connection as to how your products or services address such will enable you to tailor-fit your marketing campaign towards them.

Maintain a database of your customers from that niche

Put together a database of your clients belonging to your target segment and communicate with them regularly. Better yet, provide an avenue for them to form into a community. It will enable you to strengthen your relationship with your target market and encourage loyalty to your brand.

Choose the right communication platform or channel

Once you have determined your target market’s mindset and behaviour, select the right platform or channel where you will communicate to them. Although bags are the same, targeting a high-end and matured market is unlike communicating to a young group. The idea with niche marketing is that you don’t have to be all over the place. Instead, you can focus more on where you can be most visible to your intended audience.

Craft your messages and design for the target segment

When you have fully known and understood that market segment you want to aim, craft your messaging and design your marketing materials as to how they will appeal to them the most. Doing so is like communicating to them directly. Adjust your messaging and design according to the platform you are using. Ads in written format should not be the same with broadcast media. Similarly, direct emails are drafted differently from press releases and social media posts.

Follow-up, follow-up, follow-up

Sustain your initiatives by scheduling properly your activities. If you did an exclusive event for your target market, sent out an email or launched an online campaign, make sure that you do a follow-up. With so many things going on in a single day, people may tend to forget about your brand. Make your presence felt in a way that your product or service becomes more relevant to them.

If you even know better the market you want to target, you can be even more specific on your action points. Don’t forget to evaluate how effective your niche marketing is and if it’s something that you should consider doing for your brand for the long-term.

How to sell your business

Selling a business, big or small, is not something that happens overnight. If it is part of your exit plan, you need to outline how to go about it so that when the right time comes, you can easily start the ball rolling. Whether it’s the point when you feel you need to move to another industry or retirement, attend to other personal matters or navigate through a crisis, such the pandemic that the world is experiencing, selling a business is always an option that an entrepreneur can consider doing.

The logistics of preparing to sell your venture is tedious in itself, which includes the financial, legal, mental and emotional aspects of it. Consider also that there are people that will be affected by it, so think through it several times before you make decisions, plan out your steps and carry them out. What are the things you need to do to help put your enterprise on the market?

Know your company’s worth

You have to know your company’s market value. There are several ways to calculate this, which is by looking at the return on investments, growth, performance rating, assets and other factors. It also depends on the size and potential of your business. You may consult with an expert or check out data in your industry to help you determine the right price for your venture.

Look for a broker, adviser or someone to represent your business

A broker can help you look for potential buyers and also help with the valuation of your business. Consider that the broker gets a piece of the pie as well, but you can unload some burdens on your shoulder. However, if you want to do it yourself and save some money from getting a middle man, you should have an adviser whom you can consult on various matters regarding the sale. If someone is willing to help you out minus the hefty fee, then the better it is for you.

Organise your financial books and important documents

Prepare your finances to make sure that everything is in order. Work with your accountant on this so that it is easier to present your business status and when due diligence is required. Also, make sure that important documents, especially licenses and legal papers, are in place and without any problem. Prepare a contract and have a lawyer and financial expert check it for you.

Talk to the people around you

Whether it is a family business or not, it is good to talk it with your family so that they can support you on your decision. Discuss the matter with your business partners, if you have any, as well as your associates and staff. They will be most affected by the sale of your business, so you have to make sure that emotions are kept in check by giving assurance and clear directions.

Polish your business model, systems and workflow

Your business must be able to function and grow without you. Should you decide to stay in the business even after the sale, you need to change the mindset of people within and around your organisation. Lessen the dependence of your people on you. Strengthen your systems and workflow so that when the new owner comes in, the business will continue to operate.

Get the word out

If you have already done half of the preparation of selling your business, start talking to people and let others know of your intent to put your business in the market. Once, everything is ready and the only thing needed is a buyer, market or advertise your business and get on the proper channels that can lead you to interested parties.

Review prospective buyers and prepare for due diligence

Once you have a list of people who are expressing interest to acquire your company, check their background thoroughly to make sure that you are leaving your venture in good hands. In the same way, buyers will also conduct due diligence on your business, so be prepared for it as well.

Negotiate, close the deal and hand over the business

When you and the buyer agree on the price and the provisions on the contract, sign it, close the deal and provide a period of turnover with the new owner. Once everything is done, don’t forget to celebrate.

Starting and building a business is like nurturing for a child. The emotional attachment may be there, which may often make selling a business a little difficult for entrepreneurs, even for team members. If you have fully thought and decided on putting your business on the market, mental and emotional preparation is paramount. One way to look at it is that you want the best for your company, so selling it to the right person or group may be necessary to let your business grow more and flourish in its industry.

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The need for concept testing

Good ideas can raise your business to greater heights. Whether it’s a brand name, logo, packaging, new product or service, promotional design or marketing campaign, concepts help your venture grow and thrive. But how do you know if your brainchild is indeed a good one? Some may seem brilliant but they don’t necessarily translate to sales or profit.

Concept testing allows you to calculate the probability for success or profitability of your idea. You may conduct a survey, focused group discussion, interviews, product sampling, test runs or soft launch to gauge how your target market will receive your idea. Some companies acquire the services of an agency to do market research while others do it in-house. Whatever method you think is best for your idea to be tested, know first why it is important that you do it before you fully launch your idea.

To avoid wasting time and resources

Trying to perfect your idea on the drawing board will often cost you time instead of going out and testing it to your market. You launch your idea to the market without knowing how they’ll respond to it may sometimes lead to failure. Remember that the process of turning abstract into something concrete involve investment, effort and time, which may go to waste if the project does not succeed. Testing your idea on your target market will give you a piece of the bigger picture that you may not be able to view if you only stay within the confines of your workspace.

To know the pulse of your market

You come up with new concepts, may it be a product or a marketing strategy, to satisfy your customers. While you may be contented with what you have come up with, people may have a different view of it, and it will show with how they will receive the fruit of your idea. You cannot know what’s in their mind unless you test it on them and see their reception to the novel thing that you want to introduce. It will also give you insights that you may find useful in your other initiatives or endeavours.

To estimate the potential of the idea

You, your team and closest friends may find your new idea remarkable, but you can only estimate its potential, especially the profit or benefits it may generate unless you go out and ask your existing or prospective buyers if it’s something that they deem favourable to them. You can then gauge the extent of effort and resources you can invest in such a project once you can approximate the degree of returns it can give you.

To improve it further

There are times when time is crucial and one does not have the luxury to perfect an idea. Concept testing acts like a filter that highlights areas you can still work on while providing you with answers that you will not be able to generate if you spend so much time on the drawing board. As you gather feedback from your target market, testing your concept can even give birth to tons of new ideas and help you improve your initial concept to become a better one.

To bring you closer to your goal

The goal could be increasing sales, expanding your business or leaving a legacy to your clientele. Whatever it is, concept testing will help you determine if your idea will lead you in the right direction. It will help you plan the next steps that will bring you closer to your goal.

So, next time you have a brainstorming session in your business, don’t miss out testing your concept on your market in the whole process. Choose the best method or methods to do it that will help you evaluate better your concept.

Mentoring your team effectively

Business growth is not only measured by the increase in sales and profit but also on how the organisation develops and improves. Human resource development allows you to shape the people within your organisation and let your venture grow and thrive.

Whether there is a newbie in your team, someone up for promotion, a member being honed for succession or only a skeleton staff is working and you have to deal with a lean organisation, training a team member is part of your human resource development. One form of training is by mentoring, which is teaching new skills, adding knowledge and guiding the person-in-training.

It can be done formally and informally, as mentorship can also be part of your corporate culture. However, if you have a goal in mind and to make sure that your mentorship is effective, there must be a certain framework where the mentor and mentee can refer to as they go through the process. You or your HR may outline the things needed for mentoring, such as the activities we have listed below.

Do a skills review

Before you plan out how you will conduct your mentoring, do first a skills review so that you can identify the strengths and weaknesses that the person can work on as well as where the skills set can fit in your organisation. What are the competencies that need to be built up? What talents and capabilities that must be instilled in the mentee?

Set clear objectives and accountabilities

Once you have identified the skills that can be enhanced and those that still need to be developed, design the objectives and measurable goals of your mentoring. Draw up an action plan and specify who is accountable for which. Stipulate how you will achieve your goals and how to evaluate if the mentoring is indeed successful.

Build a good mentor-mentee relationship

As much as you have a goal in mind, don’t forget to put importance on the whole process and the relationship. As tennis player Arthur Ashe once said, “Success is a journey, not a destination. The doing is more important than the outcome.”

Trust is a good foundation to make the mentorship a fruitful one. Mentors must exercise patience and provide motivation and inspiration to the mentee. On the other hand, the mentee must be open to correction and learning so that the lessons that the entire experience can bring will be ingrained deeply to one’s frame of mind.

Delegate and assign tasks

Experience, as they say, is the best teacher. The best way to mentor someone is to allow them to be immersed in various situations where they can exercise good judgment and resourcefulness. Delegate tasks that the person can work on. Don’t spoon-feed. Rather, be a guide and allow room for the person to do things based on his abilities and work style.

Monitor and evaluate

Have a regular huddle or avenue where you can assess the short-term goals of your mentoring. By monitoring the progress of the process, you will be able to define the areas where you need to work on the most to achieve the objectives you have set for this mentorship.

Mentoring is a way of sharing knowledge and building expertise among your people. As your team develops, your business will also grow. Even when you have a lean organisation, if you have quality people, it will keep your venture going. Moreover, looking after the improvement of your staff also boosts their morale and strengthens your relationship with each other. But as you mentor your people, it is also best that you also look after your professional growth. Have someone mentor you as well so that you keep on increasing, expanding and improving your skills set and experience as an entrepreneur.

Benefits of business collaborations

Companies, big or small, sometimes work together for a common goal that will mutually benefit each party involved. Collaborations are not uncommon among brands and organisations, especially if this can lead to increased knowledge and sales. Such partnerships may occur through joint projects in developing new products and services, enhanced processes, training and upskilling of people, sales and marketing initiatives and so much more.

Before you get into any form of collaboration, you first have to assess your current state and upcoming plans vis-à-vis to that of the prospective partner organisations. Conduct a SWOT analysis of your business and the other participating businesses. How will this benefit you and your company? What will be the division of labour? How are you going to work out the partnership? What are the stipulations in the collaboration?

One thing to note is that you need to do your thorough research and risk assessment before committing to a collaboration. Make sure that things are documented in black and white so that you have something to refer to in the planning, implementation, monitoring and evaluation of the business relationship. But if such cooperation between businesses become a huge success, the benefits to your venture can be enormous.

Shared learnings

Collaboration may lead to the sharing of new information, best practices and additional knowledge about your industry and current trends that can be useful to the development of your business. It is when you go outside the box and expand your horizons that you will get to see so much more things to learn that can help you and your venture grow significantly.

Enhanced human capital

The best training for your people is to provide them with on-hand training and exposure, one that collaboration with other businesses can bring to the table. It can widen their horizon and allow them to think outside what you consider as a norm in your organisation. This will enhance their capability as they get to experience new things in a different setting.

Improved products and services

Whether your partner with other businesses to develop a new product or service, combine the best parts of your respective offerings or enhance what is already available, such cooperation will allow you to offer more to your customers. In effect, it will attract additional prospects to your business and grow your clientele.

Increased promotions and brand value

Some collaborations may be limited to joint promotions or marketing tactics. Nevertheless, partnering with another brand, especially a stronger one, may increase the value of your name and expand your reach. It will widen your audience and market as you will be able to communicate to your collaborators’ network. In the long run, it will be helpful to your brand, not only for name recall but also for its trustworthiness.

Financial gains

With experienced people, better offerings and attractive promotions, collaborations may be able to help boost your sales and increase your profit. Successful partnerships may even benefit your bottom line in the long-term as more and more people will look at it as a sign that your business is one that they can depend on. Moreover, the resources and effort that you will put into collaborations vis-à-vis the advantages you will gain will be more cost-efficient as compared to you doing it all by yourself.

Competitive edge

During and after a successful collaboration, all the learnings and improvements that your venture will obtain will give you a competitive edge over other players in the field as you move forward on your entrepreneurial journey. Other businesses get into some form of cooperation with other companies, even for a short period, to use it as a launching pad for more endeavours.

There are surely great wins when you work with other business entities. There are also risks involved and failed collaborations may even have an adverse impact, so do it sparingly and with caution. But if you work towards making it successful, you will reap the fruits of your labour a hundredfold. They may not necessarily come immediately or in monetary form, but it will provide your organisation with many more insights that you will not normally get when you work on your own.

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.