Shaping your corporate culture

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

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

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

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

1.       Determine the values you want to inculcate

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

2.       Include in the policies

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

3.       Communicate and listen to your team

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

4.       Hire according to the culture fit and skills set

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

5.       Validate right behaviour with rewards

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

6.       Lead by example

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

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

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

Nyree Hibberd: bringing meaning and beauty through her business

Gift-giving is part of our way of life from days old. People give gifts for every occasion, especially this time of the year when the holiday season is fast approaching. But selecting an item as a present is not as easy as grabbing anything available on the shelf or adding the first product you see online to your virtual shopping cart. It helps when you can find something that has meaning to people and society and give it to those who mean most to you. That is the core of Koh Living, the business that Nyree Hibberd and her business partner put up several years ago.

The conception of Koh Living was unexpected. Before she began with this venture, Nyree had an IT business for about eight years, while her business partner was in recruitment. “My best friend and I were travelling through Asia, and we were in Bangkok at an Israeli cafe having lunch. A lady on the next table asked to join us. She travelled the world buying products for her store in Queensland. My best friend and I just looked at each other and thought, ‘Well, that sounds fantastic. Why don’t we do that? Let's do it. Let's just stop doing what we're doing and start something that will just be fun and get going.’ So, that was probably the turning point for deciding to get off the path that I was on, which was business, but it was IT and completely different compared to gifts,” Nyree narrated.

Different topics, same themes

While there are differences in the types of business Nyree had previously and the one at present, which is Koh Living, she found that there are also parallelisms. Managing people, administering operations and staying on top of the financials, especially the cash flow, are some of the similarities she found between the two businesses.

The challenge she encountered was in retail. Nyree had never sold anything all her life. She had to get her hands dirty and do things by herself. She found herself selling candles in the markets, something she never did before. Creating products, overseeing stocks and dealing with artists, suppliers, and contractors were the areas where she needed to adjust. There were things that she needed to learn and some lessons came the hard way.

Learnings and tools

Through her experience in her IT business and now Koh Living, Nyree has come to learn a few important things in running a venture: define your roles with your business partner; foster an environment of challenge; watch the numbers because they tell you exactly how healthy your business is or when you're going to have trouble; and lastly, get the legal side of things in order.

During the first five years of Koh Living, Nyree and her business partner were just having fun. It was at the next five years of the company when they started to take it more seriously and looked at educating themselves and trying some tools that can help. “As we got to that 10-year mark, the first two books that we came across that were really useful were Jim Collins’ Good to Great and Verne Harnish’s Scaling Up. So, we started dabbling with the flywheel and the quarter sheets,” Nyree stated.

Having an end product that they need to constantly track, they use a software tool, Unleashed, to manage inventory. Then, they export the numbers to Excel to analyse their data. “I would say that in every industry, there will be a tool that feeds you back that data or about the health of your business and the core thing that you sell,” she added.

Her desire to upskill and bring more to her business led her to join EO Melbourne. She was through Verne Harnish’s website and found that he had coaches. That made her contemplate of doing focused one-on-one training instead of attending conferences. She and her business partner got a coach and it was during one of the sessions that EO was mentioned. Seeing that EO is composed of people with businesses, experiencing similar issues as they were, Nyree decided to join the group.

Products with meaning and beauty

To set Koh Living apart from other brands selling similar product lines, Nyree and her business partner decided to produce gifts with meaning. “People are becoming more and more conscious of connecting with other people. We live in a more connected but disconnected world. A lot of it is becoming about the experience. So, if you're going to give a gift, people want it to mean something. We want it to not just mean something to them personally but also to think about how it's being produced, where it's being produced, and if some of the money is going to a bigger cause than ourselves. What we do with our stories is we link them back to have some meaning not just to the gift recipient but to society, as a whole,” she explained.

To give meaning to their merchandise, they link the consumers with their artists, providing a platform where the customers can know the story behind the artworks. They have indigenous designs, Australiana themes, Wildflowers range and other motifs by their Aboriginal artists. Apart from meaning, they also make sure that their products exude beauty. They put a lot of thought into the design and the material of their items so that they come up with quality goods that are priced fairly.

Putting purpose on the business and the entrepreneurial journey

Despite 15 years of Koh Living, Nyree is unsure how the future will unfold 10 to 15 years down the road. Given the constantly changing consumer behaviours and trends, especially with technology transforming things so fast, she admits that it’s hard to even look at the next five years of the business. However, she is sure that Koh Living will still be going strong internationally at that point. She stressed, “We need to scale it in a smart way so that we don’t fall apart at the seams and become a victim of not watching how society is actually changing their purchasing behaviour.”

But on a personal note, she hopes to also contribute to society in a bigger way. “I've just applied to get on a board in the indigenous environment for artists. So, I'd like to see myself assisting businesses and individuals outside of Koh Living in a way that I can bring what I've learned about growing a business to others that aren't necessarily as big as Koh Living at the moment or are just starting out or in that stage where they're growing,” Nyree shared.

Since the time Nyree and her best friend thought of the idea of Koh Living, they now wake up with one thing on their mind:  to make people feel special.  Koh Living has come a long way and they look forward to continuing to create moments of connection, love and joy with friends and family among the chaos of modern life well into the future around the globe.

Know more about Nyree Hibberd through her LinkedIn profile. Read on Koh Living and its products at https://www.kohliving.com.au/.

Nyree and her business partner in Koh Living.

The importance of succession planning in business

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

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

Ensures continuity and assures stakeholders

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

Motivates current employees and hones prospective leaders

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

Fills in the gaps

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

Provides opportunity for personal and business growth

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

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

How to organise a successful launch event

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

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

1.       Envision how you want the launch to happen

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

2.       Plot the best strategies

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

3.       Brainstorm for a concept

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

4.       Set timeline and budget

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

5.       Get down to the tasks and details

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

6.       Create invite list and send out invitations

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

7.       Run-through the event several times

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

8.       Be visible during the event

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

9.       Sustain the buzz

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

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

Things you can enjoy through MyEO

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

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

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

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

Personal development

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

Family care

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

Advocacies

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

Industry concerns

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

Interests and hobbies

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

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

Short courses for entrepreneurs

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

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

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

Leadership and Management

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

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

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

Finance

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

Marketing

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

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

Internet and digital space

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

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

Technology

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

Special Interests

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

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

The impact of user reviews on businesses

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

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

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

The effects of customer reviews on a brand

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

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

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

The things you should do to bring it to your advantage

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

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

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

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

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

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

“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. 

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.

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.

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.

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.

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.

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.

Creating an exit strategy for your business

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

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

Reasons to exit a business

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

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

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

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

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

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

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

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

Methods to exit a business

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

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

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

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

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

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

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

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

The role of middle management in an organisation

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

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

Team leaders

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

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

Relationship builders

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

Accelerators and motivators

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

Strategists

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

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

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