4 Stubborn Business Myths

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Entrepreneurs know that owning a small business takes dedication, passion, and hours of concentrated work. You may run into obstacles that test your business and your perseverance, obstacles that are norms in the world of business which each entrepreneur must learn to navigate. However, there are some obstacles that you may be facing without realizing it. Those barriers are stubborn business myths that just won’t go away because people believe them, even though they aren’t true.

1. It’s not what you know but who you know.

In the course of doing business, business owners or potential business owners come up against this belief time and time again. However, while it is true that knowing the right people may help you get started or get access to some deals, in most businesses it is expertise, experience, and skill that propel you forward in business. If you can provide the solutions customers want, they will refer you to their friends and family.

2. Nice guys finish last.

This myth is a holdover from the era of Western movies and superhero comics. Nice guys (always portrayed as pushovers or wallflowers) finish last because the villains and heroes walk all over them. In film, this may be true. After all, Tony Stark isn’t a nice guy. He is an arrogant, self-centered genius. However, The Avengers aside, in real life, nice guys finish first quite often. While a person with low self-esteem who doesn’t speak up will not be successful without change, a courteous business owner is appreciated immensely by customers and vendors.

In today’s modern world, people are used to dealing with machines, poorly-paid clerks, and online shopping. Finding a business person who is willing to offer them genuine customer service, build a relationship and spend time getting to know them to better serve them is rare. Many people are happy to pay more for real customer service. Therefore, being a “nice guy” is valuable to your contacts. They will remember your excellent service and come back for more.

3. Don’t work hard. Work smart.

This myth is one of the worst business myths out there. There is no way you can run a business without working hard. Hard work is what separates the “men from the boys” as entrepreneurs. Successful entrepreneurs put in hours of labor to get their businesses off the ground. Working smart is just another way to say that there is a workaround or that you can find a way to skip the hard work. It just isn’t possible in reality. If you aren’t willing to work hard, you won’t make it in business.

4. It’s called work for a reason. It’s not supposed to be fun.

All work has elements that workers do not like to perform. It might be the paperwork that you need to fill out for each customer or the data entry on your last case. However, why can’t work be fun?

People who find work that satisfies them are much happier in life. That happiness translates to their work and their interactions with co-workers, customers, and vendors. If you love to sell, create graphic designs, or help customers find what they are looking for, then you ARE having fun at work. In fact, many companies are now providing their employees with ways to have fun at work to help reduce stress and fatigue.

So go ahead and have fun while working! It can only improve your outlook and production. Work can be fun.


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What’s in a Leaf?

leaf

If you enjoy watching the leaves float down during the fall season, you probably already know that just like snowflakes, each tree’s leaves are individual and unique. Unlike snowflakes, though, leaves can tell you from which tree they came, and fortunately, there are many resources available to you for identifying trees by their leaves.

Knowing more about your surroundings is important, and it can apply well in a work situation.

Discovery

An excellent resource for identifying trees will take you on a journey of discovery: from the color and shape of the leaf to how many points it has, all to learn more about the tree it came from. It might go on to identify the type of bark, the size of the tree, and more to help you determine which tree you are looking at.

There are many ways you can apply this strategy of discovery with your customers, especially if they are repeat customers. If you think about each customer as if they were an onion with many layers to uncover, you can view each contact with them as an opportunity to peel away one more layer.

Learning

Your customers are individuals with unique personalities, family issues, work challenges, and styles of doing business. You can work on strategies to uncover more information about your customers to help cement a relationship with them. Customers who like you and enjoy your relationship are more willing to continue to do business with you and become loyal repeat customers.

Depth

Depending on how you maintain your customer records, there are different methods of collecting and retaining information about your clients. In an article, “7 Ways to (Really) Know Your Customers,” it offers several suggestions for small businesses to get to know their customers better including gleaning social data from sites such as Facebook.
By getting to know your customers better, you can anticipate when they will be spending, what triggers a purchase, and how you can be proactive in contacting them for their triggers. As you learn more about your customer, you can apply your knowledge to help them better manage their relationship with you, potentially saving them money in the long run. For instance, if they are buying their products when needed, but you see a pattern, you can sell them a larger bulk amount on a periodic basis saving them money and securing the purchase for your account.

Knowledge

Knowing your customers will allow you to separate the A and B level of customers from the one-time business customers. As you develop your relationships with your clients, you can grow your business in depth. Then, using similar methods, seek out new business and begin the process again.


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Tips for Nurturing Existing Sales Leads

sales

While bringing new leads into your business is always important, sometimes it’s not the “be all, end all” solution to your bottom line. Remember that according to most statistics, an incredible 90% of new prospects are merely in the “browsing” stage of their relationship with your company – meaning that they’re not quite ready to buy. Out of every new lead you bring into your business, only 5% are ready to pull the trigger – if that. While you may think this means you have to work harder to bring in a higher volume of leads (this is a numbers game, after all), try a different approach. Don’t forget about the leads you already have.

If you want to get better at nurturing your existing sales leads to get them ready for that ever-important purchase, you’ll want to keep a few key things in mind.

You Are an Authority. Don’t Forget This

When people think about nurturing leads, one of the qualities required for a solid relationship is one of trust. Never forget that you’re not just selling a product or service – you’re also selling yourself. People are a lot more willing to spend money with your company if they trust that you know what you’re talking about.

Don’t JUST hit your prospects with sales materials over and over again; this isn’t lead nurturing, this is badgering. Instead, try sending helpful, well-researched content in their direction as well. You need to be focused on establishing that you know what you’re talking about. People aren’t just going to take your word for it. When you spend time positioning yourself as an authority and focusing on the other qualities of lead nurturing as well, people will begin to see you as the solution to their problem when they do feel comfortable enough to buy.

Don’t Just Make Contact When You Have Something to Sell

One of the biggest mistakes that a businessperson can make involves only remembering that a lead exists when you need to increase your sales numbers for a particular quarter. Nurturing leads requires you to keep in mind that you’re talking about more than just line items on a balance sheet – prospects are living, breathing people who don’t like to feel used.

As a result, make an effort to reach out to a few of your potentially higher quality leads even if you’re not pushing a new product or service. Thanks to the power of social media, this is easier than ever. Even a quick Facebook message on a birthday or at Christmas will go a long way towards strengthening (and increasing the ultimate value of) your relationship.
These are just a few of the many reasons why it is so important to nurture your existing sales leads. None of this is to say that you should stop focusing on bringing in new leads and turn 100% of your attention on existing ones. As always, success requires you to strike a delicate balance between the two. But if you let the majority of your existing leads lay dormant for too long, you’re burning a lot more than just potentially important relationships. You’re leaving a lot of money on the table at the same time.


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Applying Life Lessons to Small Business

life-lessons

Parents to teenagers and young adults know that there are some lessons that only living life can bring us. Life lessons learned through living life are valuable, and they are hard to teach to teenagers because teens think they have the answers to everything. However, experience can offer up gems of information about what is truly important in life and how to enjoy each moment as it comes.

What are some of the lessons that life teaches us?

1. Life isn’t fair, but it is still good.

How many times have you heard your child or teenager say to you, “but that isn’t fair!” The truth is that life isn’t fair. Life happens as it happens, and you need to learn to roll with the ups and downs and continue on your journey. If you can take each moment as it comes, then you can appreciate the good, survive the bad, and continue on your way.

2. When in doubt, just take the next small step.

Many of the big decisions in life can be broken down into small steps that are easy to accomplish. Each time you have a big project or decision in front of you, you can make it easier to understand by chopping it up into small tasks. Then, do each task one at a time until you complete the whole.

3. Don’t take yourself so seriously. No one else does.

Humor makes life more tolerable both in good and bad times. If you can learn to live life with humor, including your own foibles, you will relax more and stay healthier. Laughter is a stress-reducer and can help keep your craziest days sane.

4. Overprepare, then go with the flow.

Since nothing ever goes exactly as we plan, it is important to prepare for contingencies. If you are ready for the worst, then you will be able to move in various directions when reality hits. You can plan to the Nth degree, but once your event or project is in motion, you cannot stop it. Going with the flow and learning to be flexible will keep you on top of the situation (as much as that is possible).

Applying Life’s Lessons to Business

Running a small business is fraught with surprises, changes, and learning curves. Many of the lessons that apply to life, in general, can be applied to running a business. Small business owners are responsible for everything that occurs in the whole of their business, and it is nearly impossible to predict what each day as a small business owner will bring.

If you can enjoy each part of your business, sharing what you know with your customers and employees, and reaching out to your community to connect with people through your business, you will enjoy life’s journey. Business isn’t always fair, but if you put your heart into it, it will be good. Your customers and employees will see how you run your business, and they will respond. When in doubt, just take the first small step, and you will be able to accomplish whatever goals you set for your business. Don’t take your business so seriously. No one else does. Run your business with a good sense of humor and your customers and staff will join in laughing with you. Overprepare, and then let your business take you where it will. You will discover new dimensions to your niche that you may never have known before and you will have an exciting, fulfilling journey.


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The Art of the Pivot

art_pivot

No matter what business you’re talking about, most companies usually begin life in the same way: with an idea. You wake up one morning, have an idea for a product or service that you’re sure will be the “next big thing,” and you get to work. You fully commit yourself to building an infrastructure, developing and expanding on your idea, and eventually, you bring your product or service to market.

And then things have a habit of sometimes not going necessarily how you’d planned them.

Maybe people are using your product, but they’re not using it in the exact way that you intended. Certainly not in the way you built your strategy around. Maybe your product or service isn’t popular at all, but the underlying idea is still a solid one. In these situations, you have two options: you can pack up your ball and go home, or you could do what some of the most successful companies in the history of planet Earth have done: you pivot.

The Art of the Pivot in Action

A few years ago, an online role-playing game was founded called “Game Neverending” – you’re forgiven if you’ve never heard of it. The premise was simple – users would travel around a digital map and find other people to buy, sell, and build items with. Included inside the game was a photo-sharing tool, which quickly became one of the most popular parts of the experience. Though the developers loved their idea, users weren’t quite so kind. People were spending less and less time on the “buying, selling, and building items” part and more on the “photo-sharing” part, causing significant problems for the company’s long-term goals.

While you’ve probably never heard of “Game Neverending,” you ARE no doubt aware of a service called Flickr – one of the most popular and widely used photo-sharing tools of the digital age. The developers behind “Game Neverending” realized that they were never going to get people to love their RPG the way they did, so they did what any entrepreneurs would do: they pivoted. They threw out everything except the proven-successful photo-sharing technology and started from scratch. One acquisition by Yahoo! later, and the rest, as they say, is history.

Let the Market Be Your Guide

The key takeaway from this is that you need to be willing to listen to the market and allow it to guide you through execution, even if that execution is at odds with your original intent. Remember that the market is telling you “We like this, but it would be better if it had X, Y, and Z features” is different from pivoting. If users enjoyed the RPG experience of “Game Neverending” and the developers just kept adding game-related features, we might not have Flickr today.

Instead, the market communicated loud and clear: “We don’t like this game, but we do enjoy this one thing that the game lets us do.” These are the types of moments you have to be not only willing to listen to, but also to allow them to change your idea of what your product or service could become.

Listening to the market and being willing to pivot, even if that was the furthest thing from your mind at the time, is not a bad thing. Indeed, history has proven that great things have been born out of it time and again. Because if you release a product or service and are unwilling to change based on the ideals of your users, you’ll wind up hemorrhaging users pretty quickly.

And without those users, what are you left with? Little more than a good idea in search of a purpose, which isn’t anything at all.


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Create An Environment That High-Value Employees Want To Work In

work-environmentIf you tasked most business leaders with sitting down and making a list of their struggles, attracting high-value employees would more than likely fall close to the top. Finding those versatile, well-rounded, and driven candidates is one thing – getting them to come aboard is something else entirely. Making sure you’re not just a “stepping stone” in someone’s successful career is also a lot easier said than done. If you want to attract the type of high-value employees that will carry your organization forward, you have to start from within and create the kind of organization they want to work for in the first place.

Would You Want to Work for Your Business?

If you want to attract high-value employees in a marketplace that is growing increasingly competitive with each passing day, you need to start by putting yourself in their shoes. What are some things that 21st-century talent may be looking for that you aren’t currently offering?

Thanks to things like SaaS (software-as-a-service) and IaaS (infrastructure-as-a-service), the ability for businesses to allow employees to work remotely has become a significant priority for quality applicants. Even if you don’t feel comfortable bringing someone on and allowing them to work from the home full-time, see if having them work remotely two out of the five business days is something you can manage.

Likewise, BYOD (bring your own device) has become a significant priority for younger employees. It lets them bring their own smartphones, tablets and other devices to work that they already feel comfortable using, thus increasing the overall quality of the work they’re able to generate. It also helps save money for businesses, as you no longer have to pay to purchase and maintain a computer for an employee if they’re already bringing one from home. These small changes to your existing policies can go a long way towards creating the type of environment and culture that attracts the talent you’re after.

Get Competitive

Another one of the core ways to attract valuable employees these days involves being as competitive as possible when it comes to job perks. Apple, for example, has a now-legendary attraction strategy that includes not only traditional perks like healthcare, but also things like educational reimbursement as well. Not every company has the type of bankroll that Apple does, but it’s always important to remember that making an investment in your employees through competitive perks is ultimately an investment in the future of your company.

These are just a few of the many ways that you can create the type of environment that makes it easy to attract high-value employees and even easier to retain them for the long haul. Remember: quality employees don’t grow on trees, and the difference between someone who is “just punching a clock” versus someone who is putting their blood, sweat, and tears into the task at hand is an immense difference, indeed. By putting yourself in their shoes and creating the type of company they can’t help but want to work for, you, in turn, create the kind of company clients can’t wait to do business with.


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Mutual Respect: The Secret Ingredient When It Comes to Managing Employees

Working together

Many business leaders are still operating under the mistaken impression that the key ingredient to managing employees involves learning how to delegate responsibility. So long as you tell the right people to complete the right tasks, your business should pretty much run itself, right?

Wrong.

You can’t just demand that your employees dedicate a huge part of their waking days to helping you accomplish your own professional goals. They have to want it. You can’t buy it, either – high salaries and competitive benefits help, but they’ll only ultimately carry you so far.

So how do you make not only managing employees easier than ever, but also turn them into true, loyal team members instead of passive subordinates at the same time?

The answer is simple: mutual respect.

What is Mutual Respect?

The most important idea to understand about mutual respect is that you’re dealing with a two-way street. You can’t force someone to respect you just because you happen to be their boss or because your name is on the door. You have to earn it. You have to show them that you’re worthy of it.

However, generating mutual respect isn’t as easy as flipping a light switch. It involves a lot of small things that eventually add up to a pretty significant whole. It’s about being genuine in your interactions with employees. It’s about going out of your way to do the right thing and recognize a job well done. It’s about making sure that all employees, regardless of position, have an equal voice in all decisions that affect them. It’s about taking the time to show an employee that those eight hours they spend in the office on a Sunday didn’t go unnoticed. That they were appreciated. That you wouldn’t be where you are without them.

What Mutual Respect Means in the Long Run

If you’re able to foster an environment where mutual respect occurs organically, you’ll begin to feel a wide range of different benefits almost immediately. Mutual respect means that an employee is willing to put in a little extra effort and work harder because they know that you appreciate what they do and that you would be willing to do the same if the situation was reversed. Mutual respect means that if you do make a mistake, an employee is going to give you the benefit of the doubt because it’s the same courtesy you’ve afforded them in the past.

Mutual respect also means that all employees understand and even believe that they have an equal voice. They don’t feel like they work FOR you, they feel like they work WITH you – because you feel the exact same way. Even when a conflict does arise, it never gets heated or even contentious because people who respect each other don’t argue and fight over issues, they discuss them like civilized adults.

These are some of the many reasons why mutual respect is the secret ingredient when it comes to managing employees. Creating a workplace where mutual respect is encouraged creates a “trickle down” effect almost immediately – conflict management is easier, collaboration is more efficient, and even the types of personality or cultural differences that stood to divide employees in the past only work to bring them together.

Mutual respect allows everyone to come to the simple yet important realization that at the end of the day, you’re all part of the same team.


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4 Trends Affecting Small Businesses This Year

4_trends

Business owners tend to spend a lot of time searching the magic oracle (a.k.a. the internet) for answers to business growth questions. How do I get new customers? How do I get existing customers to come back? Why doesn’t my cat like me?

Ok, maybe business owners don’t have issues with their cats, though the other questions are probably crowding their brain space right now. Fear not, we’ve identified 4 business trends you should be paying attention to this year.

JOBS Act Crowdfunding Investment Opportunities

Not everything in business is free. It may be all well and good to max out credit cards or drain your savings to start and grow your business, but now there’s a better way. The JOBS Act: Title III was recently released and what that means for you is that your business can raise investments through crowdfunding, even from non-accredited investors. If you’re in the market to increase your market share, consider checking out sites like Crowdfunder.com or Equitynet.com.

Rapid Delivery Systems

You’ve probably heard by now of rapid delivery and logistics systems like AmazonFlex and UberRUSH. Society is moving rapidly to an on-demand world, capitalizing on an economy of shut-ins, or more likely, extremely busy people. If you are in the business of selling products, you can now easily integrate an entire network of delivery drivers to hand- deliver your goods to your customers’ doorsteps.

Cyber Security

Unless you’ve been living under a rock, you’ve undoubtedly noticed that the world is moving to the cloud. The rise of SaaS (Software as a Service) companies and the increasing value of information have turned the web into a hackers dream. They’re becoming more creative as well. Imagine coming into the office one day and finding that all of your files have been encrypted and a ransom note is in your inbox for the key. Your business could easily come to a crashing halt.

If you’ve never thought about cyber security or don’t know where to start, head over to the Federal Communications Commission and create a custom Small Business Cyber Planner.

Social Responsibility

Today’s consumer is becoming more socially aware and more socially active. They care about the world they live in and they expect the same from the businesses they patronize. Earn their respect and you will have dedicated clients for life. We’re talking more than just going green, though, although it’s always a great first start. The next step is to imagine ways in which your product or service could help reduce suffering, poverty, or climate change. Find an issue that resonates with you and your clientele and that finds a way to effect a little social change from within your company.

 

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