Can changing your morning routine make you a better entrepreneur? Here are some real-life experience shares.

Morning routines can set the stage at how the day will unfold. Over the years our EO Melbourne chapter had the opportunity to learn in first person about the routines that successful business icons such as Warren Rustand use to start their day. Many of them claimed to be critical for their success.

Some say that you start your day right by taking care of your mind and body and doing something that will increase your productivity and boost your energy. Experts claim that having a rhythm as soon as you wake up in the morning may be beneficial to your physical and mental health.

Even for busy people like CEOs and business owners, an effective morning routine help them get through the rigours of work and other responsibilities. Highly successful people often attribute their good performance to their positive morning habits that enable them to start their day strong. With this in mind, let’s take a look at some morning routine changes our EO entrepreneurs made to get them going through the day, given their demanding schedules and tremendous workloads.

(Left to right) Salt & Fuessel Director Gabriel Esseesse, Torii Consulting Director Joe Woodham, Work Healthy Australia Managing Director and Founder James Murray, and Banjo Executive Director & Co-founder Andrew Colliver share the morning routines that work effectively for them, helping them face their day and tackle the things ahead of them with energy and focus.

Salt & Fuessel Director Gabriel Esseesse narrates the shift he did in his morning habit. Looking back at his old morning routine, it was rolling out of the bed after hitting the snooze button at least thrice, checking his emails, getting already annoyed by them, grabbing whatever breakfast he could find from the pantry, getting the kids ready for school or childcare and dropping them off.

“As you can imagine, my mood was already set for the day. A few years ago, I had to change that. Then my evenings finished quite earlier than the usual and I stopped eating sugar. Now, I can get up from bed without being torture. I also wake up earlier, and straight after brushing my teeth, I do weight exercise at home for 30 to 40 minutes. After completing that, I would have my oats or smoothie or toast and get ready to kick off the day,” Gabriel narrates. Starting his mornings like this, he regards it as already a win in his day.

Another thing he altered in his morning routine is cancelling out any news or radio. Rather, he would get to work listening to an audiobook or calling someone. Gabriel acknowledges that he may not be able to control everything that happens throughout the day, but he can at least control certain things like his morning routine, which allows him to have more energy to tackle all the things in front of him.

In the case of Joe Woodham, Director of Torii Consulting, he had many iterations to his morning procedure over the years. “I didn't just wake up one day and decide this is what I will do; I spent time adding to my routine and working out what worked for me until I had something I could stick to,” he revealed.

Joe admits that finding extra time in the day has always been a challenge for him. With a growing family and business, it seems that things only get tougher as they go by. “Over the last few years, I have found the only way for me to focus on myself with uninterrupted time truly is to swap later nights for earlier mornings,” he declares.

In the process of pinning down the right routine that worked for him, Joe read countless books and articles and attended events of successful entrepreneurs who had found ways to get the right balance between self, business and family. “In a lot of cases, it came back to having a successful morning routine,” Joe realised.

His current routine is waking up at 5:45 am, then going to the gym for 45 minutes, followed by a 20-minute meditation and 10-minute journaling. According to Joe, “Even under the current COVID restrictions, I have tried to keep my routine unchanged as I notice the difference when I don't. However, when I find that working out in my lounge room isn't so much fun I will swap out some days for studying, such as learning Japanese.”

Similarly, the morning custom of James Murray, Managing Director and Founder of Work Healthy Australia, has changed a lot for the last two years. “For me, the morning is the time that I have that’s just for me because with work and family, anything after 8 o'clock, I don't have control over that time. So, I get up a lot earlier than I used to. Now, I wake up before 6:00 am and then do the things that get myself ready for the day,” he explained.

The first thing James does is to meditate for 20 minutes. “By meditating in the morning, it allows me to learn a lot more about myself emotionally and know what my emotional triggers are. It’s very, very helpful just to keep me calm,” James stated.

After that, he does his exercise, which includes cardiovascular activities like doing 10 kilometres on the rowing machine, along with 10 minutes of yoga and some weightlifting. He pointed out, “When you exercise in the morning, you have to consider your strength, flexibility, mobility, balance and coordination.” He also uses a lung training device, called airofit, which he finds a good addition to his morning routine. Before, he would just do one thing, such as go for a walk, for example, or only lift weights. “What would happen was I would find myself into a rut. By building a stronger routine, I'm able to be more holistic in the way that I approach my mornings,” he explained.

Other things that James follow during the morning is avoiding his phone while working out. He also feeds the dogs, which he loves doing. “I also do my lemon juice in hot water and I drink a litre of water in the morning because sometimes during the day, I'm not so great at drinking a lot of water. I've had to add all these things in over the years,” he quipped. With his present morning routine, James finds it effective as it allows him to focus on work, increasing his concentration and energy levels.

For quite some time, Banjo Executive Director & Co-founder Andrew Colliver has been following Dutch athlete Wim Hof, a.k.a. “The Iceman”, who has 21 Guinness World Records, including climbing Mt. Everest in short pants and swimming under the ice for 66 metres. Inspired by Wim’s method of exercising and prompted by the lack of energy in the mornings, Andrew decided to change his morning routine at the beginning of 2020 by incorporating cold therapy and breathing.

“Every morning at 7:45 am, a small group of friends enter my pool for 10 minutes of cold water immersion. The temperature is 11 degrees, and we follow the immersion with an outdoor cold shower. In 2020, I have had three warm showers, and we have not missed a morning,” shared Andrew.

The results are magnificent as the benefits have been extremely noticeable for him, giving him clarity of mind and energy throughout the day. For Andrew, “It is a mood booster, and I sleep so well. It has helped my business by facilitating heightened energy and positiveness as well as building a higher resilience level. Every morning, my mind tells me the research is flawed and it is crazy to jump in a cold pool on 2-degree mornings. I love the challenge of overcoming the thought patterns and executing them. I also love the challenge of overcoming the pain and stress of the cold water immersion though ‘acceptance’. It soon becomes a very pleasant and rewarding experience, which is counter-intuitive.”

It pays to try various things and come up with a morning routine that works best for your mind and body. The important thing is that the first thing you do during the day will help you build strength and vitality, as well as develop discipline and focus, which can lead to a productive day at work. With such effective routines, you will find more energy to power you up towards your goals and closer to achieving success in life and business.

Have a morning routine story to share? Please do so by sending us your story at communications@eomelbourne.org or via the comments section below.

President's Update - July

From the President

Dear EO Melbourne,

Apocalypse!

If you tuned into our End-of-Year Gala celebration a month ago, you would have heard me start my welcome speech with this bizarre word. In all honesty, I knew I had a tough job on my hands to grab your attention as the celebration was held virtually for the first time in EO Melbourne history. I hoped it worked.

The point I wanted to get across was that, yes, 2020 has been a challenging year for many of us. Every month that goes by feels as though we’ve graduated to the next level of Jumanji. 

The usual problems that get thrown our way have morphed into something we never imagined we would ever have to deal with. 

This is where the magic of EO presents itself. As a global community, we have the power at our fingertips to connect with another member and resources to figure out how to overcome them. We can also take some solace in knowing that we are not alone in this.

It’s been one hell of a rollercoaster, and as we are now in our second lockdown, what the future holds continues to be clear as mud. But in times of adversity, we all know that this is the time that we, as entrepreneurs, need to demonstrate resilience and rise to lead our teams forward. 

We need to remind ourselves that our businesses were founded on hope. We all started with a seedling of an idea, and it was through our optimism, hard work, creativity and hope that it was able to grow into something bigger than ourselves.

On that note, I leave you with our theme for the year, Lead with Hope.

It is with great honour and privilege that I serve as President for EO Melbourne 2020/21. Standing alongside my fellow Board Members, I’m excited about the ideas that we’re working on to make the EO year ahead into a memorable one - for the right reasons! Our chapter is strong, the engagement (the only giant WhatsApp group I have unmuted) and solidarity are out of this world.

Reach out to any of us on the Board at any time, we’re here for you.

Warmest regards, 

Sheryl Thai 
President 2020/2021

Ways of streamlining your business

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

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

Focus on your core products and services

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

Outsource certain tasks

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

Take out unnecessary steps in processes

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

Remove redundancies

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

Shift to electronic copies

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

Automate your systems

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

Reduce delays

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

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

How to do a proper handover and transition at work

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

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

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

Have a turnover meeting

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

Create a turnover document

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

Check physical and digital files being left behind

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

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

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

Set a period to shadow the outgoing employee

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

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

Tech brands that made it big

Most companies and businesses nowadays do not have a physical product to sell. With information and transactions mostly done online, many brands that we have come across offer various services through websites or phone applications. From photo sharing, social networking, email marketing to buy-and-sell, there are plenty of industries that now rely on the internet to push their businesses forward.

Some of these businesses started as side projects, yet they became so popular that they evolved into core products of their companies. Others offer simple yet valuable solutions to certain challenges or difficulties we encounter in our day-to-day lives. Let’s take a look at a few examples and get insights on how they have built their brands from nothing into something big.

Mailchimp

While founders Ben Chestnut and Dan Kurzius created a web design agency for large corporate clients, they also made an email marketing project on the side to cater to small businesses. But this email service has become a valuable tool among individuals and small to medium-sized enterprises, garnering a user base of tens of thousands that continues to grow exponentially. It led the founders to focus exclusively on their product, called the Mailchimp. At present, users can integrate Mailchimp in their websites and social media platforms, making it easy for them to communicate and reach out to their customers and those in their mailing list.

Craigslist

One of the early players in the field is Craigslist, named after its founder, Craig Newmark. It began as an avenue for Craig to inform his friends of the latest happenings in the San Francisco Bay Area. Eventually, other people started posting jobs, items for sale, apartment for rent and other announcements on the list. The site, which is very simple in appearance and easy to navigate, has become the go-to place for people offering and looking for various items and services. Now, Craigslist service several cities and countries around the globe.

Skyscanner

The tourism industry is among those that have benefitted greatly from the advancement in online technology. Several websites and apps provide information and easy access for travellers to plan and book their trips by providing information on accommodations, flights and car rentals and compare costs. One of these sites is Skyscanner, which traces its roots in Edinburgh, Scotland, and later acquired by Trip.com.

Twitter

In the social media realm, Twitter is one of the main players where people can connect and share thoughts, moments and information. The microblogging site was initially called twttr, a project of its mother company, Odeo, and it was first used internally among the employees. Later on, celebrities, brands and even government officials turn to Twitter to post on various topics and users turn to the “trends” to jump in the conversation. Now, Twitter is a company in itself and is widely used worldwide.

Shopify

Before it became an e-commerce platform, Shopify was just another online store, called Snowdevil, that was selling snowboards. Not satisfied with the existing e-commerce tools at that time, one of the founders, Tobias Lütke, decided to build their own, which is now Shopify. This online marketplace grew from just five people meeting and working in coffee shops to having thousands of employees across the globe, servicing over a million businesses and buyers.

Unsplash

It all began as a Tumblr blog filled with photos from photoshoot outtakes of founder Mikael Cho’s company. He welcomed others to use the photos until it grew and became what is today’s Unsplash. Now, it is one of the sources of stock photos although changes have been in place and there are certain restrictions. But who ould have thought that from a humble beginning, it is now widely used by various individuals and companies?

Grammarly

At first, Grammarly was created by Alex Shevchenko, Dmytro Lider and Max Lytvyn to support students in their spelling and grammar. But the product held so much promise that it was also being used by professionals in business and everyday writing. Grammarly can also be used as an add-in to various platforms and browser extensions.

GoFundMe

If you’re looking for a job, a property, an item, a picture, a flight schedule or an event, you name it and the internet will surely lead you to something. But it’s not just products or services that are found in e-commerce and tech sites. There are also crowdfunding that aims to help those in need. GoFundMe is one site that provides a platform for those looking for resources and those looking for a cause to support. Its forerunner was Paygr which was originally established to provide its members with an avenue where they can sell their services.

Houzz

The advent of the internet also paved the way for many do-it-yourself projects, allowing those who cannot afford to pay professionals to do things by themselves or seek advice from people with similar interests or concerns. Houzz was born because founders Adi Tatarko and Alon Cohen were remodelling their home. Frustrated with piles of magazines where they cut out pictures of houses and still couldn’t put together their dream design, they built Houzz and became an online community on interior design, architecture, landscaping and home improvement.

Groupon

Groupon is a platform that banks on the concept of collective bargaining power. Its founder Andrew Mason first helped establish The Point, which was based on the principle of the “tipping point”, gathering people for a common goal. Eventually, people started using it to band together to save money through group discounts. It evolved into Groupon, an e-commerce site focused on group buying.

There are many more technology-based startups that have grown in a span of a few years. It goes to show that people turn more and more to the internet for all their needs and wants. The challenge, however, is in sustaining these brands by staying relevant amidst the changing times.

How entrepreneurs can spend their weekends in the new normal

Restrictions have eased up after the quarantine, but movements are no longer the same as to how it was before COVID-19 hit the world. People are still advised to observe distancing as much as possible. Some companies have opted for flexible work arrangements with their people where certain staff members work from home. Many events and activities are still held online. As long as no vaccine is available, precautions are still advised to be taken to avoid a similar occurrence in the future.

For everyone else, it’s a new normal. Even entrepreneurs are not spared with the lifestyle change happening in our society. The boundary of home and office becomes blurred as many opt to work from the confines of their houses. Although you may have an allotted space where you do business, making it more accessible often leads you to attend to your business more than you used to. How can business owners spend their weekends and spare time in the current unusual scenarios? When you can’t go to the beach or hike to the mountains, there are other ways to take a break, especially when the stress and pressures of work are too much to handle.

Look after your body

With the health crisis that the world is facing today, it is important to look after your physical well-being. You can do some exercise or be creative in your exercise routine and indulge yourself to other physical activities that will not require you to leave your vicinity. You can also get into gardening or cooking healthy food that can help boost your immune system.

Take care of your mental health

Worrying about the future, your family, your business and your people can take a toll on your mental health. The uncertainty that the situation brings can be a major concern for an entrepreneur. Do some meditation exercises, talk to people close to you or indulge yourself into something that can help you relax and ease you of your worries. Get into music or learn a new hobby, something that can bring you little joys.

Deepen relationships

During these challenging times, it’s okay to check in with your friends or call someone whom you have not spoken for a long time. Reconnect old ties and strengthen new ones. You can even stay in touch with your clients and business associates. Attend online gatherings when you can. Most of all, spend more time with your partner and family members. Being cooped in your home may be an opportunity for you to enjoy each other’s company even more.

Clean up and organise

When you’re off your computer or not out for some business matters, you can spend time at home cleaning up, fixing things or organising your stuff. Maybe they are just waiting for you to find time to arrange them. Not only will it keep your surroundings clean but it can also be therapeutic for you.

Develop yourself

Continue developing yourself amid the crisis. There are plenty of webinars that are available online that can help you gain more insights not only on how to survive the present challenges but also on how to make yourself better in various ways. Read books and listen to podcasts on things you want to learn more.

Do philanthropic work

A lot of people are suffering. Some of them may be within your community. Take time to know the immediate needs that require quick action. As volunteering physically may not be possible yet, you can help out within your means, whether you donate to a cause or lend your expertise to a group.

We’ll never know what the future holds, but we have experienced something that has changed our lives. It has taught us to take care of ourselves and be mindful of those around us. Life goes on, and work still never stops for the entrepreneur, yet a weekly break is a welcome respite from all the stress we receive from within and around us.

President's Update - June

From the President

"We've aged a generation in the past [120 days]. What matters has sharply come into focus. Family matters. Love matters. Kindness matters. Health matters. Generosity matters. People matter. Community matters. The rest is just noise.

Aside from physical distancing, the biggest thing you can do right now is to choose to see the best in each other. Be kind. Be patient. Be tolerant.

Be quick to help out in any way that you can. Be forgiving when you would otherwise be upset. See things through the eyes of others and try to understand where they are coming from.

Seek out opportunities for generosity. Reconnect with your community. Reconnect with yourself. Reconnect with your priorities. Live them." - Anonymous

Dear EO Melbourne,

Your Board and I have the awesome responsibility to leave the Chapter better and stronger than how we found it. The phrase “better and stronger” is our north star, and this north star forms every single decision that we make.

Earlier this week as I reflected on the achievements of our Chapter and our Board, I quickly realised that far greater than the progress we have made as a Chapter, there is something more important that I need to write to and I do a disservice to this Chapter and its Members by not focusing on what truly matters. In spite of the crisis that we find ourselves living through, we have become more human. We have become kinder, more gracious, and more patient.

Who can forget March when our world and our lives turned upside down?

Collectively, we have lost much, but I’d like to challenge this narrative and suggest that we have also gained much, too.

We have gained time to slow down, the opportunity to strip out the nonessential and examine — really examine — what’s most important in our lives: (1) time to spend with those we love and whom in turn love us; and (2) the chance to rediscover our own humanity so that we grow into becoming kinder, more gracious, more compassionate, more patient, and more human.

We have no certainty on when this global pandemic will end, but the one thing that we can do is to lean into relationships that we have with one another, to lean further into our values (the same values that unite so many of us), to come together as a community and a family, and to celebrate each and every victory no matter how small or inconsequential they may seem.

For all of us, the last 120 days have been difficult, unsettling, destabilising and, at times, heartbreaking. Sometimes, all at once. However, I know that it is during times of crisis that great leaders and acts of great leadership emerge and that during this crisis, we as a Chapter chose the path that brings us closer together and not the path that forces us apart.

I have witnessed Members reaching out their hand in genuine care and support. Simple acts such as picking up the phone, making a call—even if just to check in—can mean the world. It can be that small boost that provides the courage for others to just hold on a little bit longer. And the Board, it has the core belief put into action that “no Member will be left behind”, which symbolises that we have decided we are better together.

It is in times like these that our humanity shines through. It shows that we are not alone; and that we are better and stronger together.

To you all, to our Board…this is what I am most proud of.

And so it is with immense pride and satisfaction, as I write my final letter that signals the end of my tenure as President, that the Board and I leave this Chapter better, stronger and, above all, more connected.

It has been an incredible honour to serve as your President, and I hope that I have earned the privilege of your trust.

I wish you and your families the very best of health and success in the months to come.

Thank you.

With warmth and gratitude,

Kym Huynh

President 2019/2020

8 Crisis management books to help your business

Whether it is in the form of a natural disaster, an armed conflict, a stock market crash or a pandemic, a crisis is bound to happen, and often when we less expect it. Rather than be caught off guard, such as how other businesses were during the recent events, it is better to familiarise yourself with various scenarios and know the strategies on how to cope and survive them.

There are many resources on crisis management and leadership that can guide you on how to navigate through the crunch. You can get some insights from crisis management books, which are aplenty. Here are eight of them to start you off.

Crisis Management Leadership: Training to Survive the Critical Moment by Kenneth A Lipshy, MD FACS

Kenneth Lipshy, a surgical leader, put together in his book snippets of crisis leadership styles and advice from leadership professionals belonging in the fields of medicine, aviation, military, wilderness rescue, police and fire. He also shares about his experiences in his medical practice and learnings on human cognitive errors, their causes and how to prevent and mitigate them.

Cultural Competency for Emergency and Crisis Management: Concepts, Theories and Case Studies by Claire Connolly Knox and Brittany "Brie" Haupt

While disasters and tragedies happen in various parts of the world, responding to them should also consider culturally competent practices. The book highlights the need for an in-depth understanding of cultural competence for emergency preparedness. It also provides a guide, case studies and some exercises for individual and group discussion and assignments for crisis management.

Crisis Management: The Art of Success & Failure: 30 Case Studies in Business & Politics by Yunus D. Saleh

With 30 case studies compiled, Yunus Saleh’s book provides a tool to evaluate various scenarios and for readers to understand and learn how to tackle crises when they happen. The examples present fruitful and futile approaches in managing a crisis, where one can draw lessons from such events.

Crisis Managemen: How to develop a powerful program by Regina Phelps 

Crises are inevitable. They can happen in various ways and different degrees. But even before they come knocking at your doorsteps, the crucial question is “what should I do?” The answers may be in the pages of this book as Regina Phelps step-by-step tips on how to develop a powerful crisis management program.

Crisis Management: Responding from the Heart by Kristin S. Harper, Brent G. Paterson, Eugene L. Zdziarski II 

This manuscript provides a different angle on how to approach crisis management. Apart from drafting procedures in preparation for a crisis, responders can also learn to do the right thing. It infuses feelings into the whole process of crisis response by responding from the heart.

Crisis Management: Planning for the Inevitable by Steven Fink

Compiling some case studies and the things that happen behind them, the book provides scenarios, practical tips and advice on how to respond to a crisis, avoiding its drawbacks while traversing out of it. This has become a significant resource among small and medium businesses, governments, large companies, and educational institutions.

Leadership: In Turbulent Times by Doris Kearns Goodwin

By studying four US presidents namely, Abraham Lincoln, Theodore Roosevelt, Franklin D. Roosevelt, and Lyndon B. Johnson, Doris Kearns Goodwin presents their respective journeys in their public life. It shows how they dealt with their leadership positions despite the challenges and hardships they experienced. The book also gives insights on how these leaders battled their internal and external predicaments. It also provides a road map on leadership based on the stories of the four leaders.

Crisis Management: Resilience and Change by Sarah Kovoor-Misra

Mismanaging a crisis may cost companies and communities resources and lives. Sarah Kovoor-Misra uses her transformative crisis management framework as well as presents factors to successful crisis management like leadership, systems, communication and stakeholder perspective. It also incorporates the ethical, emotional, change and global facets of crisis communication. These allow companies or organisations undergoing a crisis to be resilient, proactive, adaptable and ethical.

Supporting your team during a crisis

A crisis, big or small, can cause a lot of stress and anxiety to a lot of people. As you look after your business and your well-being, make sure that the welfare of your people, which forms the backbone of a company, are also given much attention.

When problems arise that may affect the future of a company, it cannot be avoided that people will feel unsure. How do you support your team during challenging times and lead them through it? Before it can get worse and cause bigger problems, it is better to meet it head-on and help them steer through the problems as a team. They will look to you for guidance and inspiration, so you have to take care of your mental state first to be able to have the strength and competence to direct them amidst the chaos and confusion.

Open lines of communication

Be transparent. Listen to their concerns. Inform them of pertinent details so they will understand the whole picture. If there is any decrease in sales or drop in revenues, let them know about it. Reach out to your staff as they may be hesitant to approach you. Open your lines of communication to avoid misinterpretation and false information to spread within your organisation.

Adjust some work policies and benefits

You might want to loosen some things in your company while undergoing a crisis. Others lessen work hours, ease the workload, allow their staff to work from home or provide some form of flexibility with how work is done. Check your resources if you can extend some in-kind or monetary support to your team, especially when a disaster, tragedy or pandemic is happening.

Organise your team in a new set-up

If changes are happening within your organisational structure or operation procedures or systems make sure to provide distinct directions or instructions for better guidance. People tend to look up to or rely on a leader to clear a path amidst the chaos. Managing change during a crisis is essential to ease people’s anxiety and prevent confusion.

Provide support for their mental health

With all the external pressures that a crisis may bring to your people, your organisation can help by not putting so much burden to them but by helping them navigate through it. An HR team or consultant may have to look after the welfare of your people. Often, they need to have someone available whom they can talk to, especially an expert who can help them deal with things. Come up with avenues for your staff to be able to process what they are going through. You may also have to put together resources that can help them survive.

The important thing is that as you and your team go through hardships, they should feel that you are in this together and that you understand their predicament.

Leadership in the Time of Crisis

EO Melbourne Navigating Now and Preparing for Post-COVID-19

"We've aged a generation in the past three weeks. What matters has sharply come into focus. Family matters. Love matters. Kindness matters. Health matters. Generosity matters. People matter. Community matters. The rest is just noise.

Aside from physical distancing, the biggest thing you can do right now is to choose to see the best in each other. Be kind. Be patient. Be tolerant.

Be quick to help out in any way that you can. Be forgiving when you would otherwise be upset. See things through the eyes of others and try to understand where they are coming from.

Seek out opportunities for generosity. Reconnect with your community. Reconnect with yourself. Reconnect with your priorities. Live them."

- Anonymous

The onset of the COVID-19 pandemic has brought governments, businesses, and communities to a standstill, affecting lives all over the world and across all levels of society. Entrepreneurs are not spared from the adverse effects of this pandemic. EO Melbourne’s President Kym Huynh shares how the crisis has impacted the lives of entrepreneurs in Melbourne and how he, and his Board, tackled the situation head-on to both help those affected navigate through the challenges and prepare for a world post-crisis.

“What differentiates COVID-19 from other world crisis such as the Global Financial Crisis of 2007-2008 and September 11 of 2001 is that no one knows what the end date of this pandemic is. Consequently, we cannot accurately plan for the future when we do not know when the endpoint for the current crisis is,” Kym states.

“During uncertainty, people seek answers, people seek leadership, and people seek direction. And when you throw a global pandemic on top, you have an environment where emotional states are heightened, and people become prone to acting emotionally rather than rationally. When I consider this in the context of leadership, it is important to augment how we typically lead with such speed in decision-making and an increase in our communications cadence,” he continues.

When faced with a challenge or difficulty, Kym’s normal process is to:

1.       Step back

2.       Choose not to immediately react

3.       Assess the environment and situation

4.       Gather multiple credible data points

5.       Stategize

6.       React from a place of stillness

Leading the team

Entrepreneurs, by definition, are leaders. The people employed, the family members and the communities that entrepreneurs touch all look to them for cues on how to react and respond. “If you’re going to be in a position where you are seen by others as that of being a leader, you might as well be a good one,” Kym reflects. “One thing I have learned from leadership during COVID-19 is that I don't always need to have the answers,” Kym quips, “but rather that I need to be present, constant and visible so that I create that environment and space of safety and stability”. In that, he makes sure he is a constant so that he can provide stability to his Board, EO, his family and his community.

He enumerated the immediate things he did to mitigate the complexities of the situation:

1.       Make sure everyone is calm and collected

“The topmost priority for me was to manage the emotional state of the collective, and dive deeper 1-on-1 with individuals where needed,” Kym states. He believes that making sure everyone, particularly the Board and the team, is in a still, calm and collected state-of-mind is very important. For the Board and the team to lead, they need to be able to make good decisions. To make good decisions, they need to be in a good emotional state. Therefore, he made it a priority to make sure that every single person around him was good with themselves so that they could effectively look after the Chapter.

2.       Create an atmosphere of safety and stability

He made sure he was highly visible, and accessible by opening his normal lines of communication more so that people can come to him for that feeling of safety and stability. “In my experience, sometimes the little things you do can mean the world to others, and COVID-19 amplifies this experience. Whether it be a phone message, an email, a phone call or a video call, I have found that these simple actions reassure people that I—and my Board--are present and that we are thinking about the situation. These simple actions are important because people are looking for stability in a time where there's so much instability,” says Kym.

3.       Create concise, focused and impactful messages

Once everyone is calm and feels safe, he and his Board were quick to communicate to the Chapter that they’re there for the members, doing everything they can to support the members with messaging that can be comprehended easily, leaving no room for ambiguity. “It is important that any messaging is easy-to-understand, and leaves no gaps because if we communicate with gaps, others will fill in the gaps for us, and they will fill it in incorrectly. Even more during a crisis, it is imperative that the messaging is concise, focused and impactful,” Kym states. “It was important for myself and my Board that we communicate a message of unity, solidarity, and that together we are stronger,” he adds.

Plan of action

Words of assurance and encouragement must be accompanied with a specific, timely and measurable plan of action. Kym convened his Board to exchange experiences and insights and review the collective feedback and sentiment from the community. These are the action points they came up with during their fruitful Board meeting and in the succeeding discussions:

1.       Appointment of a Resident Psychologist

Knowing that people are hurting and many businesses have been severely impacted, the Board made it a priority to support those who were in need. To show that they’re there for the members, the Board decided on the appointment of a resident psychologist that is entirely funded and supported by the Chapter. That is, any Member of the Chapter, if they need to, can call and directly reach the resident psychologist for a confidential conversation.

2.       Member-to-Member support

Members of the Chapter are paired up with one another, wherein they can reach out and stay connected. It provides members with an avenue to pick up the phone, call another member, check on that person and let the conversation flow. “It is crucial that we lean into, and invest in, our relationships with one another during times of crises,” Kym shares.

3.       Board-to-Member reach-out

The Board recognises that there are a handful of members who have contracted and remained quiet while fighting their fires. These members were identified and assigned to Board Members. Kym speaks from experience, “When I'm in a crisis, I tend to feel like I don't want to burden and bother others with my issues. It is a difficult compulsion to fight, despite cognitively knowing how much better off I will be if I share openly with others and being vulnerable. The lesson here is to not wait for people to ask for help, but to be proactive, pick up the phone, and reach out. Our small acts of kindness and compassion can mean the world to another.”

4.       Supporting members through the current crisis, and preparing members for the world post-crisis via condensed learning events

The Chapter launched a 12-week webinar series consisting of members sharing stories, learnings, experiences and expertise with other members. According to Kym, “These learning events create solidarity, reinforce the community, and create safety. Knowing this, we moved fast to create these events, source our speakers and add resources to promote them to our members.”

From the board meeting, webinar topics were discussed, wherein the first half of the series is focused on navigating the current crisis while the other half is to help prepare members for what happens post-crisis. Topics were determined based on the issues that the Board Members were experiencing themselves and those that they heard from other entrepreneurs and business owners.

5.       “No member will be left behind”

EO Melbourne adopted the motto, “No member will be left behind.” The message was communicated quickly and repetitively. It was short, concise, focused, and left no room for misinterpretation. The Board also ensured that the substance of the message could be supported by ensuring that the Global Support Package and Local Support Package combined to create a substantial assistance package.

“We are mindful that there are members whose entire businesses and livelihoods have been severely impacted, and that they're in a very stressful and overwhelming situation. We accounted for this type of scenario. So, we wanted to make sure that if any member wishes to continue to engage with EO next year, we will find a way to make it happen,” asserts Kym.

Moving forward

Although the future seems uncertain, Kym accentuates that the EO Melbourne Chapter must move forward stronger, better and wiser, highlighting that we are stronger together. He illustrates this by sharing the idea of a stick, wherein if it remains alone, can easily break. But if bundled together with other sticks, it becomes significantly more difficult to break.

For Kym, “We must move forward stronger. We must be more connected with one another, and with that connection will come solidarity. We will move forward better, wherein we will be kinder to ourselves, each other, our families, our friends, our teams, and our communities. We will move forward wiser when we can carry the lessons we've learned during this crisis into the future. After all, like it or not, the crisis has happened, so it is incumbent on ourselves that we do what we can, to make the best out of the crisis.”

“Times of crisis creates opportunities for great leaders to emerge. It is leadership not only in our businesses but also in leadership with ourselves, our families and our communities. I hope that every single person reading this finds it within themselves to stand tall and proud, and to step up to becoming a great leader, one that serves others, leads with compassion and lifts those around them. We started the year with the theme, ‘our best year yet,’ and with our leadership, not only can this be the best year yet for ourselves, our businesses, families and communities, but also the EO Melbourne Chapter,” Kym imparts.

The pros and cons of serial entrepreneurship

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

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

Pros of serial entrepreneurship

More opportunities to widen one’s creativity

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

Gives you more flexibility and freedom

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

Personal and professional development

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

Can bring in more money

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

Cons of serial entrepreneurship

Several risks to take

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

Need for trustworthy people

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

A lot of accountability

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

Lack of focus

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

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

When to partner with a competitor

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

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

During times of crisis

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

For innovation in the industry

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

When expanding the market

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

To complement each other’s business

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

In facing a bigger competitor

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

For a common charitable cause

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

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

Tips on doing niche marketing

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

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

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

Get the demographics of your market and segmentize them

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

Research on the behaviours and psyche of your target market

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

Maintain a database of your customers from that niche

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

Choose the right communication platform or channel

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

Craft your messages and design for the target segment

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

Follow-up, follow-up, follow-up

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

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

Dealing with high emotions at work

Organisations and businesses are composed of people. Emotions are part of our human nature, and they may intensify when we interact with others. When you are working as a team, and there is so much energy, pressure, egos and excitement in the environment, it is unavoidable that emotions may run high, which can lead to conflicts or friction among colleagues.

Let’s focus more on volatile emotions that, if remained unchecked, may cause harm to one’s well-being or professional relationship. Anger, disappointment, frustration, distress, resentment, fear, sadness, displeasure and anxiety are just some of the sentiments one may feel towards a situation or person. However, even if one’s negative sensation is not necessarily directed to all the people within an organisation, it can stir the office atmosphere and create a ripple effect of undesirable energy that may not be helpful to everyone around.

While work may cause a lot of stress on people, it is undeniable that some negative feelings may be caused by external forces, such as personal concerns and other factors that may not be work-related. You must acknowledge such emotions, whether yours or from others, and not repress them. Better yet, talk it out in a composed and calm fashion to eliminate any misunderstanding, acknowledge any mistake and move towards an amicable solution.

Manage your own emotions first

Whether you are the one who is at the height of emotions or dealing with someone who is, you must keep your reaction under control. It is innate for human beings to have feelings but it is also the nature of feelings to change over time, depending on the circumstances and how people deal with them. To avoid causing distress or wreaking havoc on your team or clients because of what you feel, you may find these tips helpful.

Take a deep breath and have a minute to compose yourself

Before you face anyone, allot a minute or two for yourself to take a deep breath and clear your head. Sometimes, you need a moment to identify your emotions and process things internally or prepare yourself for what’s to come.

Talk it out with someone you trust

If you feel sad, angry, anxious or anything else that is weighing you down, try to talk about it to someone you trust. Maybe a lending ear or a reassuring remark can help ease the burden off your shoulders.

Do an activity to relieve you of such emotions

Go for a walk outside, squeeze some stress balls, listen to soft music or have a cup of tea. Try to do an activity that can help you calm down or relax, even for a short while, before you continue with the tasks at hand.

Outline the things you can do to mitigate the issue

You may not fully control the thoughts and feelings of other people but you can do something about yours. When you have cleared your mind and identified the root cause of your emotions, list the things you can do on your part to resolve or mitigate the issue. Do you need to talk to someone? Do you need to verify something? Is there a need to correct a person, a process or a situation?

Manage your people’s emotions

Before you are going to deal with the emotions of others, make sure that you are in the right frame of mind to face the person who is having an emotional breakdown. Whether those sensations are work-related or personal issues, not attending to the emotional needs of your team members may affect everyone else in the organisation. Although you may have an HR who can focus on these matters, there are instances when your team people will look to you for support, comfort or resolution. How do you become a beacon of light for them when they are in distress?

Make the person calm down and listen

Let the person calm down. Offer a glass of water and allow emotions to subside. Lead the person to a private space for a chat. This way, the person will not feel embarrassed while not disrupting the rest of the team with an outburst. Ask the one involved how he feels, listen to his concerns and affirm his emotions.

Check facts, verify details and know the reasons for such feelings

Get to the bottom of the matter. Know the reason why your people feel that way. See the big picture so you can better understand the person. If there’s a conflict between colleagues, listen to both sides of the story and look at the situation from various angles and lens.

Steer them towards a solution

If it is due to personal issues, you can ask questions that will help lead the person to a solution. However, if such feelings were brought about by work, you can probably come up with steps that can help alleviate negative emotions in the workplace.

No matter how much you keep things professional at work, it is inevitable for people to feel slighted, offended or dejected in the office. Personal feelings can also come into play and small issues may blow up along the way. These are things that must not be ignored. For your business not to suffer, along with relationships within your organisation, it is better to nip it from the bud by attending to such concerns early on.

How to sell your business

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

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

Know your company’s worth

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

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

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

Organise your financial books and important documents

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

Talk to the people around you

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

Polish your business model, systems and workflow

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

Get the word out

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

Review prospective buyers and prepare for due diligence

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

Negotiate, close the deal and hand over the business

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

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

President's Update - May

From the President

Dear EO Melbourne,

Reflecting on what I most want to share with everyone this month, an idea my mind turns back to is that of service. From the contribution I have witnessed Member-to-Member as we collectively lean on each other (“we are stronger together”), to being witness to our Board ideate, plan and execute our 90-day Member Support Plan and thinking beyond, to watching our Chapter management team learn how to navigate the technologies of webinars and think outside-the-box, to Past Presidents and tenured Members appearing out of the woodwork to support, guide and lead, one word that encapsulates the entirety of the above is “service”.

It is heartening to see that our Resident Psychologist (Chapter-supported and funded) has been timely and valuable to Members, which we have rallied around the idea that if a Member wishes to engage with EO next year EO will find a way to make that happen, that we come to the end of our 12-week webinar series on navigating COVID-19 and preparing for the world post-COVID-19, and that we dedicate time and energy to the preparation of our incoming Board to continue and elevate the good work of our current Board.

And so it is with immense pride and joy, as I consider the coming end of my tenure as President, that the Board and I will leave this Chapter stronger and more connected than how we found it. I firmly believe that as a leader, no higher compliment can be given than the knowledge that you are no longer needed and that your contribution has been both vital and mattered. As such, in the words of Walter Gropius, “If your contribution has been vital there will always be somebody to pick up where you left off, and that will be your claim to immortality.”

With that, I look forward to seeing everyone online on 19 June for our Virtual End-of-Year Gala and Board Handover as we celebrate our individual and collective efforts in making us stronger and more connected with each other. Similarly, let us show our support to the incoming Board as they usher to a new era for our chapter.

As we close this month’s update, I invite you to join me in reflecting on how we can make this year ”Our Best Year Yet!” As we enter into a world post-COVID-19 and find our feet again, I encourage everyone to 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. So that when the end of June comes, we can look forward to carrying forward our greatest learnings so that this year, in spite of its challenges and heartache, will be one that was “Our Best Year Yet!”

With warmth and gratitude,

Kym Huynh

President 2019/2020

The need for concept testing

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

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

To avoid wasting time and resources

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

To know the pulse of your market

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

To estimate the potential of the idea

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

To improve it further

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

To bring you closer to your goal

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

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

Mentoring your team effectively

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

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

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

Do a skills review

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

Set clear objectives and accountabilities

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

Build a good mentor-mentee relationship

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

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

Delegate and assign tasks

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

Monitor and evaluate

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

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

Benefits of business collaborations

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

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

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

Shared learnings

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

Enhanced human capital

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

Improved products and services

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

Increased promotions and brand value

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

Financial gains

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

Competitive edge

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

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

Dealing with angry customers in your business

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

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

Understand the problem and the customer

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

Respond politely and explain thoroughly

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

Acknowledge any mistake and apologise humbly

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

Offer solutions and compensate, if needed

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

Follow-up and update the customer

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

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