Endurance activities and Entrepreneurship

It is inevitable for entrepreneurs to feel exhaustion, fatigue, discouragement, frustration and despair in the course of the business journey. But in true entrepreneurial spirit, they bounce back and march again with more determination. Hence, a little bit of mental and emotional stretching is needed to build stamina, face challenges head-on and keep going towards the goal.

Several options are in store for entrepreneurs on how they can re-energize themselves and fire up the embers of their passion before it totally diminishes. One resolution that some business owners choose is getting into endurance sports and activities.

What are endurance activities?

There are various types of sports and exercises for the body. Some are geared towards developing one’s flexibility while others are to build balance. Some sports are for improving strength while others are to increase endurance.

Endurance or aerobic exercises and sports are done to keep your cardiovascular, respiratory and circulatory system in top shape. Such activities intensify breathing and heart rate of the body. Examples are biking, running, jogging, walking, swimming, dancing and sports that involve these exercises.

Benefits of endurance activities to entrepreneurs

More and more entrepreneurs find great benefit from doing endurance activities. A number of these advantages are listed as follows:

Motivation and energy. When it seems that the responsibilities are too overwhelming that it causes you to lose interest in your work, endurance sports can wake up your senses and get your adrenaline rushing. They can pump up energy into your system, especially when you do it in the morning, and motivate you to channel that energy to your business. Joining marathons and competitions can make you feel competitive and determined.

Mood booster and stress-reliever. The stress and demands of running a business can sometimes make you grumpy, irritated and angsty. What’s worse, you take these negative vibes at home and areas outside of work. Endurance exercises can help you release the tension in your body and make you think more clearly afterwards. It keeps your physical, emotional and mental well-being in good health.

Focus and staying on track. Those who get into endurance sports, especially in triathlons and races, have a goal in mind. Being focused on those goals can also extend to your work habits. Running or biking in open spaces allow you to clear your mind and zero in on the most important things to do.

Discipline and responsibility. The difference in endurance sports like biking, running or swimming is that you must rely solely on yourself from beginning to end of a competition or marathon, unlike in team sports where others can make or break the game. Training is important to prepare for a race. Having the right discipline and sense of responsibility can take you towards the finish line.

Similarities between endurance sports and entrepreneurship

Endurance sports do not only keep you healthy in body, mind and heart but they also teach you inspiring thoughts that you can apply in your entrepreneurial journey.

• Aiming for a goal. Like in a race or marathon, the entrepreneurial journey is more fulfilling when you have a goal in mind. You work towards that goal, which is not actually the end but the beginning of more races to come. If running and biking competitions have a route, owning a business is also a journey that will take you through twists and turns and ups and downs.

• Challenges at every stage. From training to racing to sustaining your good performance, the challenge and hardships are always present. The same goes in running a business. Difficulties are part of the equation from founding your enterprise to startup to growing it and bringing it beyond the five-year mark. The challenges may differ at every stage, but they are sure to come.

• Risks and anxiety of not meeting the target. Although you run for yourself and by yourself, competition is a given in a race or in the business space. There is always the danger of not reaching your goal or dropping out midway, despite the effort and investment you have put in this endeavour. You’ll experience frustrations and self-doubt at times, both in endurance sports and in entrepreneurship.

• Skill and work discipline go hand-in-hand. You train to discipline your body and acquire skills that will be helpful to your sport. In business, constant learning is important to expand your knowledge as an entrepreneur and, at the same time, grow your business. Having the right skills set and work ethics in running a venture is key to its success.

• Success does not come overnight. What we see is an athlete that bagged a medal after a few hours of running. We also pay attention to business owners when they hit the headlines. But before they got to that point, there are many sacrifices that were made. They devote their time, energy and resources to the sport or their business before they become successful. Before they even reap the fruits of their labours, the adversities they experience during the planting part are sometimes not visible to us.

In the end, such sports or activities develop an important thing among entrepreneurs – endurance. The strength and determination to persevere and endure increases over time that as you gain more experience, the hardships become bearable. They no longer serve as hurdles but as an opportunity to stretch one’s willpower to keep pressing on until the ultimate goal is achieved.

The impact of user reviews on businesses

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

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

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

The effects of customer reviews on a brand

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

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

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

The things you should do to bring it to your advantage

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

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

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

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

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

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

“How to Build Successful Families” Workshop with Warren Rustand

EO Melbourne members and their families had a fun engagement at the How to Build Successful Families Workshop with Warren Rustand. Out of the 80 participants, 33 were family guests or children of EO members. This workshop coincides with the chapter’s focus this year on family and in bringing those most important on the same journey.

The workshop revolved around the principles and values of how to create high performance, successful families. It included specific activities and techniques that could be used within a family to make it happier and more productive. 

12 digital payment tools for businesses

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

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

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

2checkout

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

Authorize.net

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

Dwolla

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

PayPal

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

Square

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

Stripe

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

Braintree

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

Due

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

WePay

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

Apple Pay

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

Google Pay

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

Payoneer

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

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

Getting into the mind of shoppers

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

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

Cost and budget

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

Appeal to senses

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

Novelty

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

Public perception

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

Ambience

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

Shopping experience

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

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

Sharpening the entrepreneurial mind through jigsaw puzzles

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

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

Vision: A photo reference is important

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

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

Coherence: Every piece count  

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

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

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

Strategy: Start with the edges

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

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

Experiment: Do trial and errors to find the right fit

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

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

Teambuilding: Working together makes it faster

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

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

Fun: Enjoy the process as well as the result

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

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

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

Nuggets of entrepreneurial wisdom from Harry Sanders

Work hard. Find your purpose. Step out of your comfort zone. These are the three main lessons that Harry Sanders, founder and director of StudioHawk, a Google Marketing Specialist SEO company, learned in his experience as a businessman. Harry established his company during his teens, and he found that the entrepreneurial journey is full of challenges. Yet, the hardships moulded and strengthened him to be what he has become today.

Resilience is the biggest factor that enabled him to move forward and continue on the journey. “I knew that it was a make-or-break situation, either I would find a way to make the business work or I was going to remain where I was. There was no fallback or backup plan. During the journey, however, I faltered many times, wondering what I was doing and even wanting to give up on it all. In the end, what got me through is the resilience to keep going when every part of my body wanted me to stop. I recovered by persevering and crushing it for the clients that I had, which generated mass referrals,” Harry recounted.

Three major lessons on the journey

The challenges and milestones that Harry faced since he decided to hit the entrepreneurial road have brought him many lessons that he will always carry in life. He shares three major learnings that he got out of his experience.

1. Hard work. Harry found that there is no substitute for hard work as there is no “get rich quick” formula to a successful entrepreneurial journey. One has to work hard and for a long time to reach one’s goals and take them further towards bigger goals.

2. A deeper purpose. “If you are in this just to make money or hoping to strike it big quickly, you will need to dig deeper to find your purpose. Mine was to provide opportunities to others. Find out why you do what you do other than for money,” Harry said. Most businesses are born out of a particular need, and their products and services provide solutions to such necessities.

3. Stepping up and stepping out. “Be uncomfortable. Step up. Do that speaking job. Do that thing that you’re not sure if you are ready for it. The most consistent success that I have seen has been when I stepped outside of my comfort zone,” he remarked. Becoming an entrepreneur is not just creating a product or making an idea into reality. It also calls one to become a leader, a motivator, a mentor, a marketer, a sales specialist, and so much more. Someone who wants to enter the entrepreneurial world must be ready to take in as many roles as possible to achieve his mission and goals.

Two core values to keep the business running

For Harry, he found that these couple of core values have done well for him in managing his business and facing the challenges of entrepreneurship.

1. Passion. When things get tough, passion is the fire that fuels one’s drive to brave the difficulties. According to Harry, “Always be passionate about what you do. If you are not passionate about it find out what makes you passionate and pivot accordingly.”

   He also advised that other tasks in the business that you do not have the expertise or drive to do, such as administrative work, should be delegated to other team members to maximise your time for the most efficient areas of the business.

2. Win-Wins. Coming up with solutions that are mutually beneficial to your business and your clients can contribute to the longevity of your venture. “Every relationship that we have, whether it be with a client or a partner, needs to be a win-win. Anything that isn't geared towards that will be temporary at best and can be detrimental to your reputation at worst. We also find ways to make sure that the other party benefits from anything that we do, something that was taught to me very early on in the business,” Harry imparted.

One goal of SEO

To demonstrate domain expertise and knowledge is the key goal of SEO, according to Harry. It is what gets brands to the top, not to put keywords on pages or acquire tons of backlinks.

He further states, “SEO is a simple thing that a lot of people make complex. Essentially you want to make sure that you have:

1. Strong technical SEO as how Google perceives the website and which issues it can see like broken links, poor structure, among many others;

2. A good backlink profile with strong, niche-relevant websites referring to you. For example, having a gym talk about your SEO business is not niche-relevant. So, even if it's from a massive gym brand, it will still not help;

3. Good search intent. Make sure that you are answering that query that users are looking for and that the answer is structured in an easily digestible way. This could be through your services pages, or often through a blog and content.”

Becoming part of EO Melbourne

The hardships of the entrepreneurial journey become bearable when you take it with like-minded individuals who can support you along the way. As an entrepreneur, Harry found many additional knowledge, insights and learnings in EO Melbourne.

“It's been a great experience, meeting up and connecting with other successful business owners. Understanding through the activities helps further things that we could be doing as a company to push the envelope and innovate,” he quipped. Harry may be young, and there are still more things ahead on his journey, yet he has acquired so much wisdom through the years. Even so, he continues to learn and develop himself to serve his business and clients in the best way he can.

President’s Update - September

From the President

Dear EO Melbourne,

I can’t believe we’re halfway through September! As I write these words and reflect on the journey so far, I note that at the conclusion of September, our first quarter of our Board’s term will be complete. And what an impactful first quarter it has been!

True to my speech at the Handover Gala this year, we have a focus on family (with a capital F) to make sure that we bring (and include) those most important to us on the same journey. Under this framework, our Family Chair Simone Kelly launched NextGen Forums for adult children (16-30 years old) of EO members with the goal of launching our first NextGen Forum; an initiative that I am incredibly excited about. Under her leadership, Simone has also launched the EO Melbourne and Japan Homestay Program, where EO families in Japan will host our families (or even ourselves) in Japan. Are you thinking of visiting Japan for the Olympics next year? This is the perfect way to do it in style. If you are interested in NextGen or the Homestay Program, please contact Simone Kelly for more information.

To everyone that attended our How to Build Successful Families Workshop with Warren Rustand, thank you for bringing your partners and your children to our first family-inclusive learning event. It was wonderful to see the engagement and active participation from everyone involved, especially the next generation who are now charged with keeping their parents accountable to creating a compelling family vision, a clear mission and values that provide the rules by which the family plays by!

Continuity planning is important, and we are mindful that we want incoming Board Members to be effective before their term begins. Therefore, we’re making great strides with unifying our back-office software and management tools that we use to keep our Chapter engine running like clockwork. What excites me about this work is that it is strongly tied into the idea of the Personalised Member Journey (to be later announced) and the Member Success Initiative (to be later announced). Under the leadership of our Integration Chair Aaron Wallis, we’re strengthening the foundations on which our Chapter is built upon so that our Board can focus on doing what they do best, lead, deliver value, and focus on elevating the collective Member experience.

Finally, I am proud to share that our events have been rating on average 9+ (with our Mercedes Benz Drive Day rating 9.9/10!). This speaks to the incredible and tireless work of Events Manager Olivia Poynton and Chapter Manager Kirsten Yokoyama, who collectively make what they do look easy! Our ethos for this year is to ensure that our events create moments and spaces that spark a conversation that will leave an indelible mark on your life, and moments that will help you build relationships for life.

As we close off our first quarter and head into our second quarter, I am humbled and proud of the collective effort and leadership of our Board. In truth, we have a Legendary year planned for everyone and are biting at the bits to share with you what’s in store. But I will leave that to our illustrious Learning Chair Nick Clift to fill you in (see if you can corner and persuade him to give you a titbit at an upcoming event). What I can share, however, is that these events are crafted so that they are Legendary, and will have you talking about them for years to come.

With Warmth,

Kym Huynh
President 2019/2020

Check here the announcements and good news in EO Melbourne’s September newsletter.

Tips on identifying your market segment

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

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

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

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

Observe your current customers

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

Gather data on their demographics and psychographics

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

Profile your customers or clients

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

Engage and interact with them

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

Constantly update your database

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

Check your competition and industry

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

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

Taking a break without breaking your bank

Affordable vacations for entrepreneurs

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

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

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

Backpack to a new city

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

Volunteer and vacation

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

Attend an EO Global events or meet other entrepreneurs

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

Hike or camp in nature

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

Take a learning trip

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

Have a staycation with the family

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

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

Media Relations 101 for Your Business

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

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

Media list

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

Media engagement

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

Media kit

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

Messaging

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

Pitch

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

Exclusives

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

Press release

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

Press conference

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

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

The importance of family support in the entrepreneurial journey

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

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

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

Emotional assistance

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

Financial help

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

Professional advice

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

Volunteer time

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

Business referrals

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

Business gifts

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

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

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

Kinds of entrepreneurs from tea varieties

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

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

Black tea

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

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

Oolong tea

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

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

Pu’er tea

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

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

Green tea

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

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

Yellow tea

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

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

White tea

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

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

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

Time management for entrepreneurs

Juggling different tasks in business, roles in your personal life, positions in your various associations and commitments in other interests can be tiresome. “Time is gold” rings true to every entrepreneur, which is why there is a need to manage it well. Otherwise, you’ll end up doing too many mundane things that may take up a lot of your time and energy.

The best way to approach the rigorous demands of running a business is to put a system in place that will allow you to organise your schedule and thoughts while reaping positive results. You may hear a lot of suggestions and advice on how to deal with effective time management, but we narrowed down five important tips that can help you structure your work with your other responsibilities.

Break down your goals into small tasks

Huge goals can be overwhelming at times. If you have several projects to finish, it is better to break them down into small tasks that you can check every day. Make these tasks very specific and time-bound so you can easily monitor their progress. Designate a few minutes to go over your checklist at the beginning and the end of the day.

Categorise tasks according to their urgency

Not everything is urgent. Organise your tasks according to priority so you can easily spot the things that you need to focus on and set aside other things at the bottom of your to-do list. Review your tasks and distinguish which ones that need your immediate attention and those that may be delegated to others or at another time. Use applications or software that can make your task and schedule easier to manage. Allow a few hours each day for emergency cases, but learn to sift through your appointments or undertakings to avoid getting your day swamped with too much work.

Set aside time for each role

In your business, you can allocate time for your different responsibilities, roles and departments. When you are home, centre your attention to your family and loved ones. Make a timetable for your other commitments as well. If you are involved in business groups like EO, have a day specially dedicated for this interest. What you’re trying to avoid here is overlooking obligations outside of work that you end up neglecting your other accountabilities.

Delegate to your team

You don’t have to do all the things by yourself. Learn to entrust tasks to your team members. Invest in skills training and professional development of your staff so that they can also exercise leadership capabilities. Schedule a regular meeting with them for them to know your directions and business style, which they can imbibe in their work.

Give yourself a break

As an entrepreneur, what sets you apart from office workers is your culpability over the many lives that depend on you. You cannot take care of your people if you do not take good care of yourself. Don’t overwork yourself. Instead, allow yourself some short breaks to relieve your mind and body from stress. Stretch your muscles, do small exercises, have a nap, walk to the pantry or nearest café for a cup of coffee, watch the scene outside your window or breathe in some fresh air. These breaks will give you an opportunity to recharge and re-organise yourself, especially when there are too many fires to put out or decisions to make.

Most of all, listen to your mind and body. When you’re tired, take a rest. Remember that there are only 24 hours in a day and seven days a week. Know your limitations. Go after quality over quantity of things done. If you need to let out stress, find like-minded individuals or mentors who can listen to you and help you sort things out. Once you’ve mastered your day and the tasks you need to do, you can get through the challenges with more confidence and determination.

Leadership skills you get from dog ownership

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

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

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

Authority

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

Care and protection

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

Skills advancement

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

Reward and punishment

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

Play and work

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

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

All about social entrepreneurship

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

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

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

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

Microfinance

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

Cooperative

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

Fairtrade

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

Responsible tourism

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

Social firm

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

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

The four seasons of entrepreneurship

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

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

Winter – Reflect and Plan

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

Spring – Sow and Explore

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

Summer – Nurture and Grow

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

Fall – Harvest and Report

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

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

Tips for effective customer service

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

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

Create a strong customer service team

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

Engage with them during and after-sales

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

Gather their profile and contact information

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

Use multi-channels to reach out to customers

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

Emphasise on speed and quality

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

Go the extra mile

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

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

Playlist for busy entrepreneurs

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

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

Billionaire – Travie McCoy and Bruno Mars

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

The Distance – Cake

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

The Story of Your Life – Matthew West

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

Firework – Katy Perry

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

I Believe I Can Fly – R. Kelly

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

Rise Up – Pennywise 

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

The Time Of My Life – David Cook

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

Unwritten – Natasha Bedingfield

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

Survivor — Destiny’s Child

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

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

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

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

Different kinds of advertising media for your business

At any point in your business, you will need to turn to advertisements to build and strengthen your brand, boost your sales, and reach out to your customers and prospects. You need to employ them to get your message across a broader audience, especially those that are far and beyond your circle of friends and network.

But when one talks about advertising, it connotes paid space or air time. A business that wants to advertise has to set aside a budget for it. For this reason, you have to be strategic in the placement of your ads, the kind of medium to use, the location and the timing, if you want to get the best results out of your money’s worth.

There is a great benefit if you understand and study your target market well to know where they spend their time and resources the most. Remember, however, that there are millions of brands out there that are also competing for the same audience. Thus, your content and presentation must appeal to them and contain a huge value to sustain their interest and lead them to take action.

For small businesses, you may have limited resources to do advertising, which is why you have to carefully study the different media and see which ones can work for your brand.

• Websites – Widgets, web banners and pop-ups are a few examples of internet advertising. You can find this on websites or search engines, wherein it utilises search engine marketing, generating ads based on the visits and searches of users.

• Social media – Almost everyone is on social media. You’ll find creative ways of advertising in various platforms through sponsored posts, which appear as regular content. Facebook, YouTube, LinkedIn, Twitter, Instagram and other social networks allow brands to advertise on their platforms. The good thing about this is that it can go viral and can be shared or targeted.

• E-mail – Opt-in e-mail advertising is a way of sending promotions and new product announcements to a list of subscribers. Getting the permission of the recipients is important so that they will welcome any communication from you. The target recipient signs up a subscription form through a website, social network or face-to-face encounter.

• Text message – Through Short Message Service or SMS, you can send short promotional text messages to subscribers who sign up for such service. The length of the text is limited. The good thing is that there is a high probability that recipients will open and read your message.

• Mobile apps – The advent of mobile applications, many of them are available for free, also gave way to a new era in advertising. Game apps utilise ads to allow players to get to the next level or continue with the game without cost.

• Podcasts – Podcasts capture an audience that are busy individuals who thirst for learning. It incorporates web-based ads and audio ads.

• Billboards – Whether traditional or digital billboards, they have become a popular mode of advertising, especially in densely populated areas. While it can attract attention, especially during heavy traffic and rush hours, a moving audience may sometimes miss it. The challenge is to put interesting content that can be captured in a split second and pique the interest of motorists and passersby.

• Posters – The advantage of posters as an advertising tool is that you can put as much information as you can, such as mechanics for a promo or contest or instructions for an event or campaign. They can be placed in strategic areas and distributed to a wide range of establishments and locations.

• Banners – You can spot them at street posts along the sidewalks or inside buildings or malls. Banners are used to lure prospects to a store or call a hotline or contact number.

• Wraps and Automobiles – Buildings, posts and vehicles are utilised to carry brands through wraps and truck advertising. Wraps and mobile ads are huge enough to capture the attention of people in heavy traffic areas.

• Guerilla advertising – Street marketing, unconventional strategies and application of creative ways are among the types of guerrilla advertising to attract the interest of the public. It can often be interactive that allows the target audience to experience the ad. Some of these ads are those seen on benches and other items like grocery carts, mall floors, elevators and escalators.

• Blimps, giant balloons and skywriting – They utilise aerial space to get the attention of people. The downside is that they can only accommodate short messages and last for a brief period.

• Fliers – If you want to put a lot of information in an ad, a good way to do it is by giving out fliers. However, some recipients may not be interested in the content, and the fliers end up in garbage cans.

• Brochures – A brochure can have all the details about your business, product or services. You can even add a reply form that target customers can return. You can place your brochures in your place of work, bazaars or carry them with you.

• Magazine – Because there are different kinds of magazines catering to various interests, you can select the kind of publication where you can place your ad.  Such ads are usually very colourful and visually appealing.

• Newspaper – There are varied kinds of ads in newspapers. You can place your ad within the section that corresponds closely to your message or brand.

• Film – The good thing about film advertising is that you have a captured audience. You can either show a video before the movie or have your brand or product integrated within the script or scene.

• Television – Television is still a popular medium for advertising because it can reach many households. But with the emergence of digital ads, TV networks come up with more creative means to present their advertisers’ messages, such as embedding the ads within their programs.

• Radio – Radio ads have been in existence for many years. But with the challenges that modern technology poses to radio stations, they have to find other ways to widen their reach, such as airing their radio programs via the internet.

• Events – Audience can be very targeted for events. It provides an experience to its target market. Events give high talk-value as they can utilise social media or become a news content in TV, magazines, newspapers, blogs and vlogs.

To ensure that you choose the right vehicle for your brand and message, you may consult media planners that have carefully studied the effects and target audience of each medium. If budget is a constraint, you can conduct an informal survey among your clients and prospects which media appeal to them the most.