How do you find the right suppliers for your business?

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

Set your criteria for selection

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

Come up with an efficient supplier selection process and system

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

Check the quality of production or service

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

Consider their knowledge of the industry and market

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

Assess their values and culture with yours

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

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

President's Update - March

From the President

Dear EO Melbourne,

For all our Members, the last month has been difficult, unsettling, destabilising and heartbreaking. However, I am also cognizant that it is during times of crisis that great leaders – and feats of great leadership – emerge.

It is during times like these that people turn to us as leaders, and one message has been clear in my conversations with leaders whom I deeply respect and admire: Leadership requires us to make fast (and well-informed) decisions, leadership requires us to be present, leadership requires us to increase our pace of communication, and leadership requires us to accept that we make decisions knowing what we know at the time and with the resources that we have available to us.

Further to the above, Warren Rustand’s summarises in his recent message to EOers globally the 3 key things that leaders must do during times of crisis: https://www.youtube.com/watch?v=ZlFhLat4kW0

1. Establish our priorities and have clarity of vision

2. Act on the things we can control

3. Be calm, rational, and the voice of reason

It has been incredibly uplifting for me to see Members pick up the phone and reach out to other Members even if to check-in. Sometimes, you can give a lot by giving a little, and your phone call can make all the difference for another person. As we navigate the uncertainty that lies ahead, I encourage everyone to lean on each other because what I know with certainty is that we do not have to experience this alone and that we are better and stronger together.

I include Melbourne-specific updates below and updates from Regional and Global. Please be mindful that our landscape changes every 24 hours, and so we will be increasing our pace of communication so that Members are kept informed. Please keep an eye on our Facebook group, WhatsApp group and your inbox for updates.

Melbourne updates

• Events cancelled until the end of Mar to date, and we will inform Members of further cancellations and changes. Given recent announcements, further communication pieces will be sent outlining our plan for the next 3 months.

• COVID-19-related learning events being scheduled (with 2 runs over the last 2 weeks) to help Members plan and prepare

• Coordination with Chapters globally regarding access to virtual learning events, and sharing of virtual learning events; particularly concerning COVID-19-related learning

• Creation of “EO Melbourne - Together” WhatsApp group for fast dissemination of information amongst Melbourne EOers - https://chat.whatsapp.com/BrXX5w9pabPFzzL3iaBAD0

• An APAC-specific central repository of information for COVID-10-19 with links to EO Members sharing their experiences around the world, webinars, virtual learning, medical news, ideas and stories

• Forum support, move to virtual and we encourage each Member to self-determine if they will attend Forum over the coming 4 weeks without penalty. Check Forum Best Practices Guide Link here.

• The Board will convene this week to discuss further strategies, resources and support that we will provide for Members, with communication pieces sent shortly after

Regional and Global updates

• Paid Zoom accounts for Chapters running learning events

• APAC Business Conference will be held virtually and will be free of charge

• Contents that are focused on how to survive 2020 physically, mentally and financially

• Global virtual tours planned for speakers from the cancelled Global Leadership Conference

• Pending updates on financial leniency on renewals and re-qualification

• All APAC meetings to go virtual

Finally, as always, I invite you to join me in reflecting on how we can make this year ”Our Best Year Yet!” With the recent crisis, the lens at which I look at this statement has changed, and as I close off this month’s update, I consider that it is during times of crisis that great leaders emerge. I hope that this provides an opportunity for us to transform into great leaders.

With Warmth and Gratitude,

Kym Huynh

President 2019/2020

Preparing for a media interview

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

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

1.       Get sample questions and know the interview topic

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

2.       Gather data and information you want to share

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

3.       Include stories of your personal experiences

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

4.       Put together your talking points

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

5.       Practice, practice, practice

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

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

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

President’s Special Update on Sustaining EO Melbourne Through the Crisis #1

From the President

Dear EO Melbourne Members,

For so many of us, the last few weeks have been incredibly difficult and trying, and we are grateful for the outpouring of support and solidarity that have shown from this powerful community. It has been nothing short of amazing.

During times of crisis, we have the opportunity to decide whether we are brought closer together or torn further apart. What I have witnessed, from the numerous phone calls, to Members reaching out personally to each other, and to Past President Carlo Santoro facilitating a well-attended emergency event this week to discuss the impacts of this pandemic, proves to me that for us, it is the former. It is in times like these that our humanity shines through and shows that we are all in this together.

Whilst none of us are certain about the short, medium and long-term impacts or outcomes at the moment, we as a Board and Chapter are doing everything we can to support our fellow Members. Please see below a few updates on what we are working on, and we will be communicating regularly so you are abreast of updates.

Let's all work together to minimise the impacts of this pandemic. If you haven’t yet, I encourage you to pick up the phone and reach out to another Member. Sometimes, you can give a lot by giving a little, and your phone call can make all the difference for another person.

With warmth and gratitude,

Kym Huynh
President 2019/2020

IMPORTANT UPDATES

EO event cancellations

With the growing effect of the COVID-19 pandemic on countries, businesses, communities and individuals, the EO Melbourne board has discussed certain measures to assist our Members while taking precautionary steps for the upcoming events and activities of our chapter.

In the meantime, all EO Melbourne events are cancelled until the end of March, and we will continue to re-evaluate our position and keep our Members informed.

COVID-19 crisis support

Your health and well-being are of utmost importance. If you are feeling unwell, such as having a dry cough, fever or respiratory difficulties you should be tested and/or self-isolate until the virus can be ruled out.

• You can refer to this self-assessment test from the Victoria Department of Health and Human Services.

• The Department of Health has also set some guidelines on social distancing to avoid contracting the Coronavirus.

Should you require emergency crisis support, please reach out to a fellow Member. Below are also some further resources/support services that you can draw upon should you need it:

• Lifeline 13 11 14

• Crisis Support Chat https://www.lifeline.org.au/get-help/online-services/crisis-chat

There is also a page with all the translated health resources about COVID-19, which is essential for non-English speakers.

EO resources

Here are EO links if you're trying to navigate your business through this current situation.

• The EO COVID-19 Communications Centre has links to timely information on the spread of the virus, updates on the pandemic’s potential effect on scheduled EO events, and announcements for those who wish to volunteer their support for areas in need.

• Verne Harnish, on his Scaling Up, presents the 5 Practical Cs for leading in a crisis/downturn.

Forum support

We will respect that different Members have different risk tolerances and different situations that lead them to take alternative views on exposure, and we will provide an environment where the views of all, especially the most risk-averse are respected. Having said that, it is up to your Forum to choose how you would like to meet, respecting everyone's needs. If you do wish to meet face-to-face, please remember those in our community who have venues and spaces you can utilise.

We encourage each Member to self-determine if they will attend Forum over the coming 4 weeks, or not, and without any penalty. In other words, it should not be considered an absence. We believe that common sense should prevail and that each Moderator can manage this and determine if Zoom is a viable methodology to use for Members, who may prefer to not attend the physical Forum. This is your decision either way and your Moderator should govern the suggestions and planning.

• The EO Virtual forum guide lays down the basic format and some best practices in holding a virtual EO Forum.

EO Melbourne social media support

As a community, we want to keep you up to speed, so we have set up a WhatsApp group for more updates and exchange of information. There are also related posts in our Facebook group.

If you haven't yet filled out the EO APAC all member survey, please fill it up now. It will only take you five minutes to complete it.

EO Raleigh Durham COVID-19 webinar series

EO Raleigh Durham has graciously opened their COVID-19 webinar series to all EO Members. Please see the below invite from EO Raleigh President Todd Atlas, along with the series listing.

“In these challenging times, we have gathered a few experts for remote online learning and info-sharing to help your businesses combat the realities of Covid-19. Please join us for these virtual meetings "COVID-19 and Your Business." Rather than just making these meetings available for members of our chapter, we have worked with EO global to make these available to all EO members."  - Todd Atlas, EO Raleigh Durham President.

For questions about these events please contact Chapter Staff, Amy Henning at admin@eoraleigh.com. Full description of the webinars is found here.

1. Coronavirus and your business response, rationale and Q&A - Monday, 16 March, 2:00 PM-2:45 PM EST - https://zoom.us/webinar/register/WN_qjD9IBG9QPSjfiw_HpqPyg

2. Work at home best practices round table - Wednesday, 18 March, 8:30 AM-9:15 AM EST
   (Option 1) - https://zoom.us/webinar/register/WN_BIiXeOhzRVmGflp9aUnXew

3. Work at home best practices round table - Wednesday, 18 March, 3:00 PM-3:45 PM
   EST(Option 2) - https://zoom.us/webinar/register/WN_xRFZmulhT3e2dz-zkCCqkA

4. Disaster Loans and the SBA - Thursday, 19 March, 2:30 PM-3:15 PM EST - https://zoom.us/webinar/register/WN_roCGY2evQgico8H-uiqdtQ

5. Contingency Planning with Randy Nelson - Wednesday, 25 March, 2:00 PM-2:45 PM EST - https://zoom.us/webinar/register/WN_JcWiiF3eSFyZuoFauK5mZQ

Successful entrepreneurs who failed in business before making it big

We see their faces and names on magazine covers, TV documentaries, business news, and in some important events past or present. They have gained fame through the success of their companies and brands, but these entrepreneurs had tried their hand on business and, at one point, didn’t work like a Midas touch.

It goes to show that even when worst things happen in your entrepreneurial journey, it can never stop you from achieving your goals, as long as you keep moving forward with determination and persistence. These entrepreneurs embraced failures as stepping stones towards their ultimate goal, which made them attain the success they now have. Their stories are sources of inspiration, especially those who are going through the challenges, difficulties and frustrations of starting and sustaining a business.

Richard Branson

Virgin Group Founder Richard Branson is soaring high with the success of his companies like Virgin Atlantic, Virgin Games, Virgin Holidays and so much more. Yet, he also had ventures that hit a dead end. He has openly talked about these experiences and shared what he learned from them. At a very young age, Branson already exhibited an entrepreneurial mind. While still in school, he tried breeding budgerigars and growing Christmas trees and selling them. The birds took off, but not his venture. He then opened Student magazine. While it wasn’t successful, it paved the way for Virgin Records. He also made mistakes along the way, which led to companies like Virgin Cars, Virgin Brides and Virgin Cola to shut down. That didn’t deter him from growing his existing businesses and starting new ones. And look where he is right now.

Colonel Sanders

His face is right there at the Kentucky Fried Chicken logo, but Harland David Sanders, who later earned an honorary title of “colonel”, took a long time before he began his entrepreneurial journey. He first worked on several jobs in his 20s and 30s before he opened a service station when he was about 40 years old. While running his service station, he also served food to customers enabling him to open a café and later acquire a motel. But they were not without challenges. Feisty competition, a fire incident, route changes, the Great Depression and World War II were some of the adversities he had to face that led to the closure of his businesses. He went on to do other jobs until he franchised his chicken recipe to restaurant owner Pete Harman and other restaurant owners. That’s how KFC was born.

Milton Hershey

Hershey’s name is synonymous to sweet success. But it was after a few failed businesses that Hershey finally hit the gold mine in the candy industry. He first opened a candy shop in Philadelphia before he built some ventures in Chicago and New York. All of them closed later on. However, it was when he started the Lancaster Caramel Company that he made progress on his entrepreneurial journey. Eventually, he sold the Lancaster Caramel Company and established the Hershey Chocolate Company.

Christina Wallace

An Entrepreneur In Residence at Harvard Business School, Christina Wallace can talk about failures and overcoming them because she, herself, had her fair share of experiences when it comes to facing complexities in business and making difficult decisions to surmount such challenges. She co-founded the fashion company Quincy Apparel, opened Startup Institute New York as its founding director, and established BridgeUp: STEM, an educational tech startup at the American Museum of Natural History. With the failure of her first company, she spent weeks in bed watching TV to weep for her loss before she mustered the courage to move ahead and face the world. Now, she is the Vice President of Growth at growth advisory firm Bionic. She also authors several books, co-hosts a podcast and speaks about entrepreneurship, failure and women in technology.

Evan Williams

Blogger, Medium and Twitter are hits attached to his name, but Evan Williams also had some misses with Odeo and Pyra Labs. The silver lining was that Twitter and Blogger were side projects of these failed ventures, offshoots that became huge successes even when the companies folded. Blogger was eventually acquired by Google and Williams recently stepped down from Twitter’s board to focus on Medium, but his works continue to grow and bring more successes.

Kathryn Minshew

After spending sleepless nights and working weekends establishing and building PYP Media with three other co-founders, Kathryn Minshew lost everything, including her life savings, due to disagreements with the other founders. Out of that major bump in her entrepreneurial journey, which caused too much pain on her, Minshew and her co-founder Alexandra Cavoulacos went on to start The Muse, a career development platform and now have been helping people on their careers.

Ruth Fertel

With a need to earn more to finance her sons’ college education, Ruth Fertel acquired a restaurant for sale that she found on a newspaper ad. Despite not having any experience in running an eatery, Ruth went on to mortgage her house to purchase Chris’ Steak House in New Orleans. But Hurricane Betsy caused damage and power outages in her place, which prompted Fertel to cook and serve her perishable products to the community. Then, the steakhouse caught fire. As she had to transfer to a new location, she couldn’t keep the original name of the restaurant, so she added her name before it, making it Ruth’s Christ Steak House. And the rest, as they say, is history.

Mark Cuban

He may be considered a maverick in the entrepreneurial field, but Mark Cuban had to endure several failures in business, from selling garbage bags and powdered milk to setting up a bar, before he started tasting the sweet flavour of success. Still, there were hiccups along the way, yet those difficulties helped shape Cuban to become a lucrative businessman who owns NBA’s Dallas Mavericks, AXS TV, Magnolia Pictures, Three Commas, Dropbox, and several other companies.

Natalie Ellis

Natalie Elizabeth Ellis is the one part of the duo behind BossBabe, an online movement of women for women. But before she co-founded her BossBabe company with Dr Danielle Canty, Ellis was already on her entrepreneurial journey at a young age, selling candy floss and later on starting her digital marketing consultancy and a company selling detox superfood supplements. But this young serial entrepreneur also had her string of frustrations. In one of her earlier ventures, she experienced some disparities in a business partnership that led to its dissolution, which has caused her so much stress but also taught her valuable lessons. She realised that she went through that route because she wasn’t confident enough to do it all by herself. That led her to believe in herself more, making her what a BossBabe truly is.

Rowland Hussey Macy, Sr.

Named after its founder, Rowland Hussey Macy, Macy’s is one of the biggest and most popular retail stores in the US. At 22, Macy opened a needle-and-thread store in Boston which later closed shop. Two years after, he built a dry goods store and suffered almost the same fate as his first venture. Undaunted, he went on and partnered with his brother to open another dry goods store. The success was not astounding and only short-lived. Macy left and headed to New York City where he opened his own dry goods store -- R.H. Macy & Co. And that’s how Macy’s started and continued its rise, which would have not been possible if not for the persistence of its founder.

Countless more business owners have dealt with failures during their entrepreneurial journey. You’ll hear some of them from EO Members themselves. Still, they kept going and many of them have made breakthroughs and reached milestones in their businesses and careers. It goes to show that when you are determined and persistent about attaining your vision and you put your heart and mind into it, the possibilities can be limitless. Failures are inevitable, but if you embrace them and use them as tools for your journey, you will eventually reach the peak of success.

Innovate your products and services to grow your business

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

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

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

Review your current offerings

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

Innovate your systems and processes

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

Brainstorm with your team

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

Provide a venue for reviews, complaints and suggestions

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

Analyse market and industry trends

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

Test your new products or services

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

Communicate the changes

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

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

The rise of female entrepreneurs

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

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

The challenges that female business owners face

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

Successful female entrepreneurs

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

How women can succeed in business

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

The need for more women entrepreneurs

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

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

When your entrepreneurial journey hits a plateau

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

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

Evaluate your business

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

Develop new products or services

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

Modernise, automate or innovate

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

Re-structure your team

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

Rebrand your image

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

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

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

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

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

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

Benefits of multi-tasking

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

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

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

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

Drawbacks of multi-tasking

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

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

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

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

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

President's Update - February

From the President

Dear EO Melbourne,

As I reflected on what I would share with everyone this month, one thought that remained constant for me is that of challenge and hardship. We dedicate and spend so much of our lives to finding balance and building systems, processes, structures and relationships that make us feel safe and secure. But often, things happen outside of our control that quickly reminds us that perhaps there are too many unknowns that can destabilise us. Whether it be a personal or familial tragedy, such as the passing of someone we love or a global disaster like the recent Coronavirus/COVID-19 outbreak, perchance what we really seek is a feeling of safety. Whilst achieving it may be tenuous or temporary at best, we still have the innate desire to rebuild and strengthen each time a tragedy or disaster strikes.

Similarly, this month has a theme of strengthening our EO Melbourne. A strong Chapter is comprised of strong Forums, and strong Forums create strong Members. That’s why we invested in EO Forum Next Level training for our Chapter Members with Past President Carlo Santoro, an EO Melbourne original who is keeping it in the family. My Forum Moderator recently circulated our upcoming Forum agenda. Tabled in the agenda is time to discuss key learnings from EO Forum Next Level. If your Forum hasn’t included this in the agenda, I encourage you to flag this during housekeeping to make sure that you and your Forum benefit from best practices and keep alive your commitment to learning and growing.

As part of strengthening our Chapter, our Strategic Alliance Partnerships Chair Carolyn Wong has reworked our partnership agreements so that they provide significantly improved financial and in-kind support for our Members. It means enhanced resourcing to (1) increase our ability to provide more value back to Members; and (2) provide breathing space to the Board to make sure we identify and invite the best and brightest entrepreneurial minds into our Chapter. Carolyn Wong has also led the charge in revamping our entire partnership approach with our strategic alliance partners by creating a buddy system – pairing EO Members with each strategic alliance partner as a main point of contact so that there are greater understanding and opportunities for building deeper and more meaningful relationships inside the entire EO family. Finally, with our latest strategic alliance partner EOS coming on board imminently, we look forward to collaborating with them to deliver EOS workshops 4x per year.

A great deal of recognition is also due to our Key Executive Chair Shan Manickham. Ever passionate about the education of our 2iCs, Shan has driven this program’s growth. Under his leadership, our Key Executive Program welcomed 13 new Key Executives. If you’re tired of your team using your books as doorstops and would much rather prefer having a 2iC that can bounce your ideas back and forth with, reach out to Shan or Kirsten for more information about our Key Executive Program at administrator@eomelbourne.org.

By now, our first Melbourne Quantum Leap Forum would have started their first steps towards organising their first Forum meetup. Under the guidance of our accept-no-prisoners MyEO Chair James Murray, qualifying Members from Melbourne were connected and invited to craft their own Forum experience. One of the challenges of a growing Chapter with 140+ Members, where Membership diversity and needs also expand, is to provide better values for the Members. Hosting Melbourne Quantum Leap Forums will ensure the survival of legacy in the Chapter.

For a more lighthearted touch, fellow Chapter Member Jeremy Chen is championing a MyEO cycling group in the Chapter. If you’re a keen cyclist and want to cycle with likeminded individuals, reach out to Jeremy Chen or our Chapter Manager Kirsten Yokoyama for further details at administrator@eomelbourne.org.

Finally, as always, I invite you to join me in reflecting on how we can make this year ”Our Best Year Yet!” With four months remaining, think of that one thing that if you achieve it, will make you want to jump up on the table, pop open a bottle of champagne, and start dancing. And when the end of June comes, we can all toast and give ourselves a pat on the back with loud cheers because we have made this year “Our Best Year Yet!”

With Warmth,

Kym Huynh

President 2019/2020

The entrepreneurs’ new clothes

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

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

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

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

Choose comfort

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

Show your personal and corporate image

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

Exude and attract the right attitude

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

Dress for the occasion

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

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

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

Checking out your competition

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

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

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

Identify and categorise your competitors

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

Check out available materials

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

Try your competitors’ products and services

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

Get feedback from customers and suppliers

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

Conduct a survey

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

Do a SWOT Analysis

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

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

The importance of insurance to your business

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

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

Yourself and business partners

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

Assets

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

Products, goods and services

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

Finances

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

People in your team

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

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

Messaging apps for entrepreneurs on the go

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

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

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

Slack

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

Microsoft Teams

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

Twist

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

Zoho Cliq

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

Flock

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

Google Hangouts Chat

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

Facebook Messenger/Workplace

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

WhatsApp

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

WeChat

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

Kik

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

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

Making good decisions as an entrepreneur

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

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

The reason for the decision

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

Effect of the decision

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

The time needed to make a decision

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

Value of feedback from others

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

Information and resources available

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

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

Taking care of your skin, taking care of your business

Our skin is our body’s first line of defence against harmful elements around us. It’s the first thing that people see, which is why many people want to maintain youthful skin for their looks.  We need to care for our skin, not only for beauty but more so for our health and wellbeing.

If you liken it to your business, your brand – your name, logo, colours, font, tagline, values – is one of the first things that consumers will consider when making a purchasing decision. How do you keep your business and brand on a top shape so that your customers will trust and patronise you?

There are skin care tips that you can interpret and apply when it comes to caring for your business.

Know the type of your skin

Before you take action and opt for a good regimen for your skin, it is important to first know the type of skin you have and how it reacts to various conditions. One of the reasons for skin damage is applying products that are not compatible with one’s skin type.

Know your business well, including the industry where you belong, your competitors and your clientele. You can come up with a successful marketing plan if you know your brand by heart. Always do your research and analyse the data available that can help in drafting your marketing plan. Moreover, don’t ignore your gut feeling. When something seems to be not right, look for the cause and make sure to address it immediately.

Consult a dermatologist or a skin expert

Don’t self-medicate. It’s best to consult a dermatologist or skin expert to determine your skin’s needs and how it reacts to particular products or situations. When problems arise, have yourself checked up to ensure proper medication and medical guidance.

Having a mentor who can guide you on your entrepreneurial journey is a huge help in your growth and that of your business. Learn from the experiences and lessons of those who have gone ahead of you on the journey. Listen to their stories and take them with you when you go back to your team.

Protect your skin from harsh elements

Too much exposure to the sun, cold, wind, pollution and other harsh components in our environment can harm our body’s outer layer. Apart from avoiding such conditions, always put sunscreen on your face rain or shine. Cover your skin depending on the weather.

Always have several back-up plans. Consider the right insurance and safety nets for your business in case unforeseen circumstances occur. It helps if you have emergency plans or exit strategies that you can turn to when the need arises. Install security measures in your physical and online space, as well as in your workflow and operations. Do a background check on your suppliers and applications and have proper documents in place for every transaction. In addition, prepare a PR plan for possible crisis scenarios.

Cleanse regularly

Wash up in the morning and before going to bed. Makeup, dust, smoke, oil and other pollutants may irritate your skin, so be sure to cleanse your face and neck every day. They can cause acne, wrinkles, spots and rashes that may lead to skin cancer and other diseases.

Do regular clean-ups in your business, not just in your office space, but also in the way you do things. Audit your finances, assets, people, clients, products and various aspects of your enterprise. Get rid of unnecessary things and be quick to let go of those that may affect your brand or hinder the progress of your business.

Choose the right products for your skin

It is not advisable to put too many products on your skin. When you put products on your face, start from the thinnest to the thickest, from toner to moisturiser. Do a trial first and see if there are no negative reactions on your skin. Read the label and follow instructions well.

There are many tools, applications and software that you can use in running your business. There are also various media that you can utilise in marketing and promoting your brand, products and services. Study their different features and choose the ones that will fit the needs of your venture.

Drink water often, eat right and sleep well

How we take good care of our entire body, particularly our inner organs radiates to our skin. Eat food that is rich in vitamins. Drink water regularly and get enough sleep. When your body is nourished, so will be your skin. Maintain a healthy lifestyle to achieve that youthful glow.

Teambuilding sessions, planning activities and celebrating victories, big or small, can motivate your people. Develop a corporate culture where everyone thrives and come up with healthy corporate practices that promote your company’s values.

Don’t stress yourself

Stress is one of the factors that can cause wrinkles and illnesses. It can make you look old. Don’t hold onto stress, Instead, release it by sweating it out or enjoying your favourite hobby or form of relaxation.

Step away from your business from time to time. Owning a business can be overwhelming, especially with the responsibilities that come with it. Take time for a vacation. Even your business can use its slow time or off-peak season for auditing and planning. Schedule your events an marketing campaigns sparingly. To be effective in your communications strategy, limit the messages you convey to your audience so that they don’t appear as noise.

The rise of social media stories

And how you can use it for marketing your business

At the turn of the century, technology has developed at an accelerated rate. Now, people can do so many things with the use of their smartphone, connecting users from different parts of the globe through various platforms and providing solutions to many needs we encounter each day. There are several applications for a variety of purposes. In social media alone, new features are added continuously to provide more ways for people to interact.

Now, the story format is making waves in social networks. These are ephemeral posts that last for only 24 hours. Despite its short period of exposure, many are hooked with making stories because users don’t have to scroll down. These vertical posts that occupy the entire screen shifts automatically. Plus, creative filters attract people to this new way of multimedia storytelling.

It all began with Snapchat, and it is now available on Instagram, Facebook, WhatsApp and other platforms. Social media influencers have been utilising this format to share content and visuals. Even brands are jumping into the bandwagon and using such format to their advantage. How do you bridge your business and your market through social media stories? Here are some ways to reach out to your customers and prospects with the use of stories.

Be authentic, yet relatable

Don’t treat your social media story as a TV commercial. If you want to promote a product, service or event, make it into storytelling form. Add a human factor to your post. Talk to them. Make it spontaneous. When you do it in a hard-sell way or put too polished or too edited videos, it can turn off your followers. They often love it raw and personal, but let your brand personality shine through. If you know your market too well, you will know the best approach to capture their interest and keep them hooked to your brand.

Inject creativity in your story

How do you draw people to your post within 24 hours you put it out? Even if you can archive your story, such as in the case of Instagram Stories, that 24-hour window is crucial to bring people to your account and let them take action like going to your site or purchasing the product you are promoting. Businesses have to make such posts creative enough for consumers to always stay tuned to it and view it. You can create a teaser, make people guess a surprise or do a live story during an event. Brainstorm with your team and get the feedback of your customers on what kind of posts excite them.

Focus the spotlight on your users

Some people love to see their faces, names or usernames on a known account. Through a story, you can share posts by your consumers. Use hashtags and mention them. You can also utilise the swipe action where viewers can be directed to a site or link. Be more appreciative of your followers through your stories. When you do a live story, be mindful of commenters and do shoutouts to greet your audience.

Make it interactive

Although the audience cannot comment on your story, you can conduct a poll or do a Q&A with them. Take advantage of the various features of social media stories to engage your viewers and interact with your followers. Storytelling in this platform should not just be a one-way communication line. Rather, it is an opportunity to talk and listen to your market.

So, start exploring this new format and see how it can benefit your business. Explore its various functions and features before you apply it to your brand. If you’re unsure of its effect on your products and services, test it first and evaluate how it will fit in your overall marketing plan. Besides, there are experts or other business owners you can consult when you’re in doubt. Most of all, have fun and let your followers enjoy interacting with you.

Attracting venture capitalists to your business

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

Venture capital defined

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

How to attract venture capitalists to your business

Research, research, research

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

Draft a detailed business plan

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

Present thoroughly

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

Observe transparency

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

Draw a clear agreement

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

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

8 free blog platforms for your business

We have tackled the benefits of blogging to your business, but the real challenge is how to start your blog, especially the technical part. Topics and story ideas may already be floating in your mind, but putting it into a blog format may be a bit of a challenge for beginners. You can seek out an expert or someone with the know-how to help you through the process. However, when the budget is a concern or if you want to do it internally, you can begin by learning the best blogging platform for you.

Nowadays, there are plenty of sites that can help you build your blog. If you already have a website, you can have it in there or you can provide a tab or a link to direct visitors to your blog site. If you are tight on finances and doesn’t have the resources to have your own website, you can choose from the many free blog and website builders available online. The downside with some free blogging platforms is that there are many limitations and restrictions when it comes to customising your site. They can host it for free but it will be a subdomain of their site unless you get a paid plan where you can use the domain name you want. But there are free blog platforms that can offer this service; all you have to do is to explore each product thoroughly before you decide on the best one for you.

Wordpress

Wordpress is a widely used blogging platform. There are two kinds – Wordpress.org and Wordpress.com. With the second one, you can have the hosting for free, but the domain still has the wordpress.com in it. Plugins, customisation and monetisation are quite limited as the brands and ads all come from Wordpress. On the other hand, Wordpress.org gives more options and freedom to create a site you want, which is why many hobbyists, professionals and small businesses use this. You can have your own domain name, but you have to get it and host the site by yourself. The good thing is that there are also plenty of products that provide hosting services. Both have tons of plugins and support to help you out, and the newest version is more user-friendly, especially for beginners.

Wix

You can build a site and start a blog using Wix. They have free templates and drag & drop tools that make it easy for anyone without blogging or website building experience. It has mobile optimisation which makes it uncomplicated to view the pages and navigate around the site. You can enhance your site using website apps, although many are run by third-party providers.

Weebly

If you want to build an online retail site, Weebly is a good option because it is part of Square, Inc. It provides ready web designs that you can customise and fit according to your needs. There are tools that are simple to use especially for those who have no or little knowledge about coding. However, if you know some coding language and wants to make changes, you can also modify your site based on your expertise. It offers free and premium plans you can choose from, providing you with various choices according to your needs and resources.

Drupal

Having an open-source content management system (CMS), Drupal is best for developers, marketers and agencies. On the other hand, it may be a steep learning curve for beginners because of its sophisticated features. Also, you have to get a web hosting service for your site. Still, it can be used by those who have no programming skills. For those who have a bit of technical understanding of website development, they will find Drupal more flexible.

Joomla

Another free open-source CMS is Joomla. Although there are tutorials available to take you through how to use Joomla, one has to learn it a bit, unlike the other blog platforms. It values data privacy and has several features for developers, designers and integrators. It is multi-lingual with more than 70 translation packs available, which is good for sites that target a wide, international audience.

Blogger

One of the early players in the blogging platform arena is Blogger. It is mostly used for personal blogs because of its simple interface, which is why it can cater to beginners in blogging. Also, it is a Google product so one can easily use a Google account to get into Blogger. However, there are a few tools, designs and applications to allow you to play around your site.

Medium

If you love writing and you want your brand to be out there, then Medium is another option. While it has a built-in audience, you cannot tweak your design or customise your site. You cannot have your own domain. Rather, you are simply putting a blog entry into Medium. Still, the reach is magnificent, so you can utilise Medium to embed your content from your other social media accounts or promote your website through this platform.   

Tumblr

Another free-blogging site where you can easily publish content is Tumblr. Again, features are limited in this platform and you cannot have your own domain name. It is more of a social media community where you can share your multimedia content. If you are concerned about reach, Tumblr posts can be reblogged or reposted within this platform. However, if branding and content ownership is your priority, then Tumblr may not be the best option for your business.

There are other free blogging platforms that are on the rise. However, you have to take into consideration your priorities and purpose for creating a blog. If it is to build a website, then go for the platforms where you can have more control over your content and design, including the domain name. On the other hand, if your intention is to bring your brand to a wider audience, you can choose a platform with available online community and SEO capabilities, and then embed your website and other social media content in it. Some of the platforms above offer both, but you have to learn to navigate around their site a bit to be able to do this.

Keeping a 20/20 vision throughout the entrepreneurial journey

Eyes focused on the prize and the determination to reach the goal are the necessary fuel to keep you going along the entrepreneurial adventure. It’s a tumultuous journey filled with challenges, which may distract or discourage you to continue the path of entrepreneurship. Continually reminding yourself of the vision as to why you started the business in the first place will help you stay on the track and help you recover from the blurriness that may be caused by problems or difficulties.

Whether you have already crafted a vision for your business or still in the process of making one, it is important to note that it is something you need to constantly revisit. Don’t be afraid to dream big but make sure that it is achievable. The biggest challenge is making it happen. In order to do that, you need to have a vivid vision of what you want to attain in the end. How do you make sure that you don’t lose sight of the goal? How do you maintain a 20/20 vision of what you want to achieve for your business?

Make a clear, concrete vision

It helps when you put your vision into a simple, comprehensible statement that you can hang on your wall to remind you of it. Better yet, have it drawn into a picture or create a vision board that you can look at every day. The more concrete you make your vision statement, the easier it is for you to stay focused. You can also update your vision every now and then as your needs, wants and capabilities may also change.

Align your personal and business goals with your vision

Divide your vision into short, medium and long-term goals and ensure that they are all in sync with each other. In addition, if you want to take good care of your business you also have to take care of your well-being and personal concerns. Look into your personal and professional development that can contribute to the growth of your venture. Refer to the data available and acknowledge your instincts when it comes to setting your goals.

Conduct regular planning

Review your vision regularly and analyse if your plans are made according to your vision, mission and values. The best time is at the beginning of each year or when you do your annual planning. It also gives you the opportunity for your team to take part in plotting your vision and goals into actionable items and remind them of the purpose of your business. Conduct SWOT analysis and evaluate your works, projects, clients and commitments. Eliminate those that are not helpful to achieving your vision and improve those that add value to your business.

Communicate your vision

Let your family, team members, partners, clients and stakeholders know about your vision. Communicate it to them so that they can also contribute to your entrepreneurial journey. The more you articulate the vision to others, the more you become determined to make it happen, enabling people around you to cooperate with you to achieve it.

As the year 2020 begins, what actions have you done to keep you focused on your vision? There may be hurdles along the way, but don’t let your eyes and feet wander. Stay on the track until you reach your destination.