Thursday, May 31, 2018
8 Things to Remember When Selling a Business
It takes a lot of time, money, and patience to build a successful business. And for some entrepreneurs, once they reach a certain threshold of success, they will start thinking about selling their business. In many cases, it may seem like the next natural step in the business cycle.
So what do you need to know before you take the plunge? To find out, we asked members of Young Entrepreneur Council the following question:
Q. What is the most important thing to keep in mind when deciding to sell your business?
1. The market
2. Weaknesses
3. Debt
4. Document preparation
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
5. Post-sale requirements
6. Brand linkage
7. Churn
If you’re selling a SaaS business, you’ll want to pay extra attention to churn. Are you customers leaving your service at a faster rate than you are gaining new ones? If so, figure out why, and try to fix the issue before you sell. —Syed Balkhi, OptinMonster
8. Next steps
RELATED: Selling Your Startup to a Large Corporation: Dilemma or Opportunity?
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Wednesday, May 30, 2018
What to Buy (and Skip) in June
You’ll probably be buying gifts for the dads, grads and newlyweds in your life this month. After all that shopping, get a deal on something for yourself, because June will be packed with savings. From scooping up swimwear to saving money on movie tickets, here’s what you should buy — and a few things you...
The article What to Buy (and Skip) in June originally appeared on NerdWallet.
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Tuesday, May 29, 2018
Monday, May 28, 2018
10 Soul-Healing Quotes for the Weary Entrepreneur
By Martin Grunburg
It’s every entrepreneur’s story: Everything—family, success, reputation—seems to rest on the success of your business. The daily onslaught of endless problems that go hand in hand with starting and running your own company can quickly overwhelm and stress out even the best of us.
As a life-long entrepreneur, it’s easy to resort to one of my 17-year-old daughter’s favorite sayings: “I’m so over it.” If you’re facing today loaded down with seemingly soul-crushing business challenges, I suggest having a chat with the great masters. Their wise words can provide the “mind-and-soul tonic” needed to inspire our waning entrepreneurial confidence and enthusiasm.
Here are a few of my all-time favorite quotes and what they’ve meant to me as an entrepreneur and serial goal-setter.
1. “When the student is ready, the master appears.”~Lao Tzu*
(*Attributed to multiple sources.)
Sometimes I’ll hear or see the same quote over and over, maybe hundreds of times, before–for whatever reason–the message finally strikes me like a lightning bolt and truly helps me understand an issue I’ve been struggling with. I started with this quote for a reason: Keep these words in mind as you review the rest of the quotes. It’s kind of the granddaddy of inspiration, helping us learn to look for real meaning hidden within the obvious.
2. “If one advances confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will meet with a success unexpected in common hours.”~Henry David Thoreau
I tripped upon this quote almost a quarter century ago as I embarked on my very first entrepreneurship adventure. Feeling wholly inadequate amid investor stress and partner expectations, the pressure was immense. However, in Thoreau’s solemn guidance I found great comfort; his complete assurance that so long as I moved confidently–even when things didn’t feel so certain–I would be assured a “success.” Notice he doesn’t say we “might meet with a success.” He says we “will meet with a success.”
3. “Whether you think you can or you can’t, you’re right.”~Henry Ford
Henry Ford’s brilliant insight helped to affirm my long-held belief that we tend to project our expectations (often without conscious thought) upon the world, and then those expectations come echoing right back to us in the form of our efforts, abilities, and ultimately our results.
4. “Wisdom is equal measure experience plus reflection.”~Aristotle
We all spend a lot of time chasing knowledge as if it were The Holy Grail. Remember, knowledge doesn’t equal success or even power for that matter. Knowledge can change from one day to the next–just ask Pluto (our former ninth planet).
Wisdom, on the other hand, is timeless. What is wise today will be wise 300 years from now. In order to gain wisdom, though, we must reflect as much as we act, according to Aristotle. Wisdom demands both action and reflection in equal measure.
5. “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.”~Calvin Coolidge
Persistence. Persistence. Persistence. What if the path of least resistance is persistence? Coolidge nailed it! It’s a stunning observation, as I’ve been witness to many a great talent wasted, and genius that has been starved without action. Persistence and determination are omnipotent!
6. “If people knew how hard I worked to get my mastery, it wouldn’t seem so wonderful after all.”~Michelangelo
It must be human nature: We all want to find a shortcut or “secret” that will lead us to a life of success and happiness. But the greatest achievers throughout history share a consistent theme: industriousness and hard work. While it’s an absolute fact that we must work smarter, working hard is a basic pillar of real business success.
7. “All men’s natures are alike—it’s their habits that carry them far apart.”~Confucius
Speaking of “secrets,” here you go: Habit. This, my friends, is the closest thing you will ever find to a success “secret.” (The subject of habit is near and dear to my heart.)
A massive paradigm shift for me began with the understanding that all of our thought habits and behavior habits are what constitute our character. That is, WHO we are and who we will become. By design our habits get set to “autopilot.” Set up the wrong habits and you’re destined for some serious challenges; set up the right habits and life is likely to work out very well for you.
The beauty is, when it comes to habits, you can intentionally create any habit you’d like. This is the real key to goal achievement: Consciously crafting positive, supportive habits that are aligned with your goals.
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
8. “The unexamined life is not worth living.”~Socrates
Why wouldn’t Socrates and Aristotle, regarded as perhaps the greatest philosophers of all time, have a couple of quotes on my top 10 list? Interestingly, both involve awareness and self-reflection.
Entrepreneurs and leaders–and everyone else, frankly–are judged by their results. Self-examination, including assessing your results in your personal and professional life, is the necessary first step to transform any weakness into strength.
9. “Life is like riding a bicycle. To keep your balance, you must keep moving.”~Albert Einstein
Ah, the ever-elusive life-balance question. How can I keep my spouse, kids, boss/employees happy, and have fun, and stay fit? Read Einstein’s quote once again and the answer should appear.
Balance is most often NOT found as a moment in time—a static destination. Rather, balance is more often the RESULT of constant oscillation and adjustments. Consistent reassessment and self-correction. Consider a tight rope walker: Take a picture of her at any moment in time, and she will appear off balance. Yet, through constant oscillation/adjustments, she makes it to the other end of the line. The result: an overall balanced performance.
10. “Set peace of mind as your highest goal, and organize your life around it.”~Brian Tracy
If we do not possess peace of mind, any success is likely to be short-lived if experienced at all. Organizing your life around where you like to live, what you like to do, and with whom you’d like to do it is important at first, and ultimately essential. It’s a concept that brings us nearly right back to our good man Thoreau’s advice, “Move confidently in the direction of our dreams and endeavor to live the life you have imagined.”
RELATED: The 6 Books Every Entrepreneur Must Read
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4 Steps to Finding Your Perfect Cross-Promotional Marketing Partner
By Aladin El Hedri
If you’re an SMB, you might not have the massive budget and manpower needed to scale your business quickly. But what you do have is entrepreneurial spirit and the ability to pair up with cross-promotional partners who can instantly connect you with a new audience of potential customers.
Partnering with the right companies can help boost sales, increase awareness about your business, and provide you with more prospects—at an accelerated pace that you probably would not be able to do on your own. And all you have to do in return is offer something of value to your partner.
Of course, finding the right cross-marketing partner does take some effort. You want to associate yourself with a business that shares similar philosophies, values, and most important, the right target audience. Then, to really make the partnership thrive, you’ll want to come up with a game plan so that you both will benefit from the relationship.
Follow these four steps to find and cultivate the perfect cross-promotional partners:
1. Identify your goals
While your ultimate goal when choosing a partner is to find one that can help boost your bottom line, there’s more to it than that. Think about what your business really needs to grow right now, and focus your efforts on filling in that gap. Some possibilities include:
Brand awareness—Would you like more people to discover your company, to increase your mailing list, and to bulk up your social media followers? Finding a partner with a like-minded audience that offers complementary services to what you provide is a smart way to help people get to know your brand.
Sales—What SMB couldn’t use more sales, right? The right partner might be able to bundle your product with theirs, or share advertising or event space to help trim costs.
Lead generation—If you’re just looking for more prospects, online affiliate partners within your industry can leverage their networks to collect contact information for you so that you can reach out directly with your pitch.
2. Know your target audience
Are you trying to reach out to more people in your main target demographic, or are you looking to expand to other groups? The first thing you need to figure out is who you want to do business with, whether it’s other small businesses, young professionals, homeowners, etc. Depending on your core product/service, it can get even more granular. You might want to connect with mid-level human resources professionals, IT department heads, education providers, or retail store owners.
The key is to really think through the type of customers you want to attract so you can move on to the next step—finding potential partners who can help.
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
3. Check if a possible partner shares your goals and target audience
While the first two steps were about assessing your own big picture goals and audience wish list, this step takes you outside your comfort zone. You don’t want to rush through researching and vetting potential partners since you don’t want to choose foolishly.
Start by having conversations with your customers to see which other vendors they work with. You can also join local small business associations to connect with others in your area to see if there are mutually beneficial ways you might work together. For online-based partnerships, you can try using social media platforms and tech tools that can help you identify cross-marketing partners based on the criteria and attributes of your choosing.
Once you have a short list, you can begin reaching out to see which businesses are most receptive to your offer to partner up. Don’t forget that you’ll need to bring something of value to the table as well to give them the incentive to move forward.
4. Build a partnership strategy
Now that you’ve found partners who are willing to work with you, you should start discussing a more formal partnership, especially if money will be exchanged. Depending on the intricacies, you might want to draw up a formal contract, or at least a document that maps out who is responsible for what.
Some partnership agreements include things like CPL (cost per lead) or CPC (cost per click) agreements, whereby you may pay one another a set amount for each lead or click that is generated via a partner’s content. Perhaps you might collaborate on a newsletter, combining your mailing lists and dividing the content creation responsibilities. Or, more simply, you might agree to provide each other a bit of retail space in your respective locations.
No matter what the partnership involves, it’s always a good idea to strategize together and make sure everyone is on the same page.
Cross-promotional partnerships can be very powerful for driving new business and the ROI potential is huge if it’s done right. Follow these steps and you’ll be on your way to finding the best partners for your business needs.
RELATED: 12 Ways to Evaluate If a Potential Business Partnership Will Be Lucrative
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9 Great Places to Hold Your Next Team Meeting
Whether it’s for collaborating on a new project or hashing out scenarios for a troublesome task, meeting with coworkers and colleagues is a simple way to brainstorm and resolve problems. When you can get input from multiple stakeholders, business situations become each easier to solve.
Finding the right place to talk, though, can be tricky — people need to feel comfortable so that they’re open to talking. To help, we asked members of the Young Entrepreneur Council the following question:
Q. What is the best environment to meet with peers to share ideas and stress points?
1. Communal workspace
Whether you have an office or a group of mostly remote employees, you need a space where people can feel comfortable engaging in discussions and sharing ideas. If you are in a building, create social spaces with couches and other seating so people can sit comfortably and chat. If you are in a remote environment, set up a hub or chat where employees can easily interact. Wherever you are, these spaces should be seen as places where you can meet to talk business and to socialize. —Blair Thomas, eMerchantBroker
2. Working lunch
Going out for a business lunch with your peers is a great way to build your relationships and talk about business. Aside from the fact that it is a really fun “getting to know you” thing, it’s a great time for communicating and a good habit to build into the workday. —Nicole Munoz, Start Ranking Now
3. Cocktail hour
Having a cocktail or two in an informal setting often allows people to bring their whole selves to a discussion. The prerequisite to a fruitful conversation, in any environment, is that people feel safe and understand that their ideas are welcome. Alcohol isn’t a must-have as long as people can be themselves without organizational constraints or politics. The environment has to be authentic. —Robert J. Choi, RJC & Company Transformation Engineers
4. Virtual meeting
My team is 100% remote. Every Friday during the last hour of the day, we all grab our favorite beverages and begin to share ideas and highlights of the week. Virtual meetings are great because they give each member of the team a level of comfort and security to say what they want to say. Sharing ideas is often much easier and less intimidating in a virtual setting than in-person. —Mike A. Podesto, Find My Profession
5. An office
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
6. Early morning meals
Lately, I have found that a solid “power breakfast” with fellow founders is the best way to dig into the subjects that you might be too tired or too stressed to get into later in the day. Also, by scheduling time before setting foot inside the office, there are no outside distractions or lingering worries to get in the way of focusing on the conversation. Bonus if you can resist looking at your email until after your breakfast concludes! —Kim Kaupe, ZinePak
7. Traveling
I have always enjoyed meeting peers during business and leisure travels. I meet a few friends and associates multiple times a year where I can get away, and share ideas without any work distractions and without worrying that I have to go back to work the next day. This has proven to be very productive for me and my business. —Michael Hsu, DeepSky
8. Conferences
Industry conferences provide time and convenience to meet up. You most likely will be already attending these events, plus there is additional time during conferences for meetings and idea exchanges. —Peter Daisyme, Calendar
9. Anywhere
There is no place that a founder or entrepreneur travels where it is inappropriate to share ideas and stress points. The trick is making your audience feel comfortable with you wherever you are. It could be an airport lounge or a crowded subway, but there is never a bad place to start a discussion since you can never tell when the opportunity will happen again. —Ryan Bradley, Koester & Bradley, LLP
RELATED: 5 Ways to Shake Up Your Next Meeting
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Saturday, May 26, 2018
Why Are More Small Business Owners Feeling Optimistic This Year?
Despite obstacles they may face, and with fewer resources at their disposal than large corporations, small businesses have never been short of optimism. In fact, Capital One’s latest Small Business Growth Index found that more than half of small business owners expect the coming year to be profitable.
While those entrepreneurs and business leaders did express their concerns about challenges like taxes, technology, and diversity, they were largely confident about the profitability of their companies. Those positive feelings have been growing, with 62% reporting that their current business conditions were “good” or “excellent” compared to only 50% last year.
Let’s take a closer look at what keeps business owners continually viewing the glass as half full.
Planning ahead for tax reform
Johannes Endhardt, vice president of Strategy, Marketing and Analytics for Capital One’s National Small Business Bank, notes that the conversation around tax reform has ultimately helped drive optimism for entrepreneurs. “While our survey showed that small business owners are unsure how tax reform will impact them, those who think they will save money are making plans for how to use it,” he says.
The survey goes on to state that of the 36% of small business owners who believe they will pay less in taxes, many plan to reinvest the money they save to grow their businesses. The top three areas where funds are anticipated to be reinvested include purchasing new equipment (49%), contributing to business savings (47%), and raising employee wages (47%).
While the Tax Cuts and Jobs Act, which was signed into law in 2017, continues to make small business owners uncertain about the benefits of tax reform, 46% surveyed say they support the tax plan, with 43% believing the new tax law will make it easier to file taxes, and 46% enjoying being able to write off additional purchases. In addition, an overwhelming 85% expect changes will lead to economic growth.
Investing in technology
Last year’s 2017 Small Business Growth Index survey revealed small business owners were concerned about keeping up with technology; 32% of entrepreneurs considered it to be one of their top challenges. This was compounded due to the development of new technologies like mobile payments, cybersecurity threats, and even the lack of basic technology connected to small businesses like websites (which 36% of small business owners didn’t have).
In 2018, 39% of small business owners harbor a concern that tech will eventually grow to a point where it replaces certain jobs or prevent businesses from hiring. However, these entrepreneurs are increasingly investing in tech in order to better grow their businesses; 65% of small business owners believe that advancements in technology are making it easier to streamline business operations. Millennial small business owners have especially adapted to new technology, with 81% stating that it has made it easier for them to manage their businesses.
Even more interesting is the connection between adapting to new technology and the likelihood of hiring new employees. Thirty-three percent of those surveyed have plans to hire in the next six months, thanks to technological advancements, versus 17% of small business owners who have not invested in technology.
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
The power of a diverse workforce
When it comes to diversity in hiring, the survey found that 47% of small business owners with at least one employee believe a diverse workforce is important for their company’s profitability and growth. And 65% of those business owners who value a diverse workforce also believe their financial position will improve within six months, as opposed to 49% of small business owners who do not think diversity will aid their growth.
The Small Business Growth Index also reveals that 79% of small business owners are already paving the way by employing a diverse workforce. A benefit of diversification is when many individuals from varying backgrounds, genders, and experiences join a team and share their insights, the company’s end product may become applicable to a much wider audience. Small business owners also benefit from expansive hiring when they are able to learn new ideas and strategies from workers who can offer fresh perspectives.
As we head into the second half of 2018, and are seeing support for the new tax reform plan, an increased investment in technology, and the hiring of a more diverse work force, it’s refreshing to see the positive impact of these areas on small business optimism. In addition, 51% of small business owners also feel their financial position will improve within the next six months, ultimately helping to shape 2018 into a strong year for entrepreneurs and businesses everywhere.
RELATED: Are Your Decisions Putting Your Small Business at Risk?
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Friday, May 25, 2018
Radio Advertising: Should Your Business Try It?
Here’s a mind-blowing stat: According to the latest ratings data from Nielsen, AM/FM radio reaches more people each week than any other medium in the U.S., including TV, smartphone videos, streaming radio, and podcasts.
Overall, some 228.5 million consumers tune in to AM/FM radio at least once a week—more than the 203.8 million who use the web and/or apps on a smartphone. Radio’s reach also surpasses the 216.5 million people who watch TV, 127.6 million who watch video on a smartphone, 68.5 million who stream audio and 35.7 million using satellite radio, reports Nielsen’s new survey Audio Today 2018: How America Listens.
What’s more, all generations, demographics, and ethnicities are tuning in to AM/FM radio. The medium’s monthly reach encompasses 95% of those aged 18 to 34, 97% of Generation X, and 98% of baby boomers, Nielsen reports. Perhaps that’s why Nielsen describes AM/FM radio as the “blue blazer” of marketing—while its image may be somewhat dated, it’s still appropriate for a wide variety of situations.
Radio advertising builds brands
The radio is an ideal medium for brand building. Repetition is key to increasing brand awareness, and because radio is so affordable, you can air your ads multiple times without breaking your budget.
According to the report Radio: The Brand Multiplier, radio advertising increases share of mind, creates stronger brand associations in prospects’ minds than TV advertising, and builds brand awareness among a wider audience. The study also says TV-only advertising boosts brand awareness by 23%, but adding radio advertising to the mix increases brand awareness by 29%.
Radio advertising is relatively low-cost compared to other broadcast media—one reason so many radio commercials are promoting local businesses. With the average radio ad costing about one-third the price of equivalent television advertising time, using radio can make your advertising and marketing campaigns more cost-effective.
Unlike other forms of advertising, such as print magazine or newspaper ads or digital ads where your message can get lost in the clutter, on the radio your ad stands alone, connecting directly with the prospect in a uniquely personal way.
Radio ads are comparatively easy to put together in a short timeframe. That means you can take advantage of opportunities quickly or create additional ads to bolster a successful campaign.
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
How to maximize results from radio advertising
If you decide to give radio advertising a try, follow these tips:
1. Choose the right radio format for your target market. Yes, radio does reach everyone, from urban Hispanic teens to rural Caucasian grandmothers, but the two audiences probably listen to very different radio formats. Identify the stations your target market listens to, whether that’s country music (the number-one format overall among radio listeners aged 18 to 54) or news radio. Contact the stations for data about their listeners. The better a station is at reaching your target customers, the more effective your ads will be.
2. Be memorable. You’ll want to create a couple of different variations on your radio advertising, but use consistent catch phrases, themes, and voices to make your ads memorable after they’re off the air. Easy-to-remember vanity phone numbers and online landing page URLs (“Visit mybusiness.com/WPRC”) will help prospective customers remember and reach your business.
3. Be authentic. Make the most of your direct connection with listeners to emphasize your authenticity as a small business owner. Voicing your own ads can be a great way to build recognition and promote your small business roots.
RELATED: How to Hire an Advertising Agency That Cares About Your Business
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10 Soul-Healing Quotes for the Weary Entrepreneur
By Martin Grunburg
It’s every entrepreneur’s story: Everything—family, success, reputation—seems to rest on the success of your business. The daily onslaught of endless problems that go hand in hand with starting and running your own company can quickly overwhelm and stress out even the best of us.
As a life-long entrepreneur, it’s easy to resort to one of my 17-year-old daughter’s favorite sayings: “I’m so over it.” If you’re facing today loaded down with seemingly soul-crushing business challenges, I suggest having a chat with the great masters. Their wise words can provide the “mind-and-soul tonic” needed to inspire our waning entrepreneurial confidence and enthusiasm.
Here are a few of my all-time favorite quotes and what they’ve meant to me as an entrepreneur and serial goal-setter.
1. “When the student is ready, the master appears.”~Lao Tzu*
(*Attributed to multiple sources.)
Sometimes I’ll hear or see the same quote over and over, maybe hundreds of times, before–for whatever reason–the message finally strikes me like a lightning bolt and truly helps me understand an issue I’ve been struggling with. I started with this quote for a reason: Keep these words in mind as you review the rest of the quotes. It’s kind of the granddaddy of inspiration, helping us learn to look for real meaning hidden within the obvious.
2. “If one advances confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will meet with a success unexpected in common hours.”~Henry David Thoreau
I tripped upon this quote almost a quarter century ago as I embarked on my very first entrepreneurship adventure. Feeling wholly inadequate amid investor stress and partner expectations, the pressure was immense. However, in Thoreau’s solemn guidance I found great comfort; his complete assurance that so long as I moved confidently–even when things didn’t feel so certain–I would be assured a “success.” Notice he doesn’t say we “might meet with a success.” He says we “will meet with a success.”
3. “Whether you think you can or you can’t, you’re right.”~Henry Ford
Henry Ford’s brilliant insight helped to affirm my long-held belief that we tend to project our expectations (often without conscious thought) upon the world, and then those expectations come echoing right back to us in the form of our efforts, abilities, and ultimately our results.
4. “Wisdom is equal measure experience plus reflection.”~Aristotle
We all spend a lot of time chasing knowledge as if it were The Holy Grail. Remember, knowledge doesn’t equal success or even power for that matter. Knowledge can change from one day to the next–just ask Pluto (our former ninth planet).
Wisdom, on the other hand, is timeless. What is wise today will be wise 300 years from now. In order to gain wisdom, though, we must reflect as much as we act, according to Aristotle. Wisdom demands both action and reflection in equal measure.
5. “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.”~Calvin Coolidge
Persistence. Persistence. Persistence. What if the path of least resistance is persistence? Coolidge nailed it! It’s a stunning observation, as I’ve been witness to many a great talent wasted, and genius that has been starved without action. Persistence and determination are omnipotent!
6. “If people knew how hard I worked to get my mastery, it wouldn’t seem so wonderful after all.”~Michelangelo
It must be human nature: We all want to find a shortcut or “secret” that will lead us to a life of success and happiness. But the greatest achievers throughout history share a consistent theme: industriousness and hard work. While it’s an absolute fact that we must work smarter, working hard is a basic pillar of real business success.
7. “All men’s natures are alike—it’s their habits that carry them far apart.”~Confucius
Speaking of “secrets,” here you go: Habit. This, my friends, is the closest thing you will ever find to a success “secret.” (The subject of habit is near and dear to my heart.)
A massive paradigm shift for me began with the understanding that all of our thought habits and behavior habits are what constitute our character. That is, WHO we are and who we will become. By design our habits get set to “autopilot.” Set up the wrong habits and you’re destined for some serious challenges; set up the right habits and life is likely to work out very well for you.
The beauty is, when it comes to habits, you can intentionally create any habit you’d like. This is the real key to goal achievement: Consciously crafting positive, supportive habits that are aligned with your goals.
Other Articles From AllBusiness.com:
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- How to Create A Great Investor Pitch Deck for Startups Seeking Financing
- 17 Key Lessons for Entrepreneurs Starting A Business
8. “The unexamined life is not worth living.”~Socrates
Why wouldn’t Socrates and Aristotle, regarded as perhaps the greatest philosophers of all time, have a couple of quotes on my top 10 list? Interestingly, both involve awareness and self-reflection.
Entrepreneurs and leaders–and everyone else, frankly–are judged by their results. Self-examination, including assessing your results in your personal and professional life, is the necessary first step to transform any weakness into strength.
9. “Life is like riding a bicycle. To keep your balance, you must keep moving.”~Albert Einstein
Ah, the ever-elusive life-balance question. How can I keep my spouse, kids, boss/employees happy, and have fun, and stay fit? Read Einstein’s quote once again and the answer should appear.
Balance is most often NOT found as a moment in time—a static destination. Rather, balance is more often the RESULT of constant oscillation and adjustments. Consistent reassessment and self-correction. Consider a tight rope walker: Take a picture of her at any moment in time, and she will appear off balance. Yet, through constant oscillation/adjustments, she makes it to the other end of the line. The result: an overall balanced performance.
10. “Set peace of mind as your highest goal, and organize your life around it.”~Brian Tracy
If we do not possess peace of mind, any success is likely to be short-lived if experienced at all. Organizing your life around where you like to live, what you like to do, and with whom you’d like to do it is important at first, and ultimately essential. It’s a concept that brings us nearly right back to our good man Thoreau’s advice, “Move confidently in the direction of our dreams and endeavor to live the life you have imagined.”
RELATED: The 6 Books Every Entrepreneur Must Read
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9 Great Places to Hold Your Next Team Meeting
Whether it’s for collaborating on a new project or hashing out scenarios for a troublesome task, meeting with coworkers and colleagues is a simple way to brainstorm and resolve problems. When you can get input from multiple stakeholders, business situations become each easier to solve.
Finding the right place to talk, though, can be tricky — people need to feel comfortable so that they’re open to talking. To help, we asked members of the Young Entrepreneur Council the following question:
Q. What is the best environment to meet with peers to share ideas and stress points?
1. Communal workspace
Whether you have an office or a group of mostly remote employees, you need a space where people can feel comfortable engaging in discussions and sharing ideas. If you are in a building, create social spaces with couches and other seating so people can sit comfortably and chat. If you are in a remote environment, set up a hub or chat where employees can easily interact. Wherever you are, these spaces should be seen as places where you can meet to talk business and to socialize. —Blair Thomas, eMerchantBroker
2. Working lunch
Going out for a business lunch with your peers is a great way to build your relationships and talk about business. Aside from the fact that it is a really fun “getting to know you” thing, it’s a great time for communicating and a good habit to build into the workday. —Nicole Munoz, Start Ranking Now
3. Cocktail hour
Having a cocktail or two in an informal setting often allows people to bring their whole selves to a discussion. The prerequisite to a fruitful conversation, in any environment, is that people feel safe and understand that their ideas are welcome. Alcohol isn’t a must-have as long as people can be themselves without organizational constraints or politics. The environment has to be authentic. —Robert J. Choi, RJC & Company Transformation Engineers
4. Virtual meeting
My team is 100% remote. Every Friday during the last hour of the day, we all grab our favorite beverages and begin to share ideas and highlights of the week. Virtual meetings are great because they give each member of the team a level of comfort and security to say what they want to say. Sharing ideas is often much easier and less intimidating in a virtual setting than in-person. —Mike A. Podesto, Find My Profession
5. An office
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6. Early morning meals
Lately, I have found that a solid “power breakfast” with fellow founders is the best way to dig into the subjects that you might be too tired or too stressed to get into later in the day. Also, by scheduling time before setting foot inside the office, there are no outside distractions or lingering worries to get in the way of focusing on the conversation. Bonus if you can resist looking at your email until after your breakfast concludes! —Kim Kaupe, ZinePak
7. Traveling
I have always enjoyed meeting peers during business and leisure travels. I meet a few friends and associates multiple times a year where I can get away, and share ideas without any work distractions and without worrying that I have to go back to work the next day. This has proven to be very productive for me and my business. —Michael Hsu, DeepSky
8. Conferences
Industry conferences provide time and convenience to meet up. You most likely will be already attending these events, plus there is additional time during conferences for meetings and idea exchanges. —Peter Daisyme, Calendar
9. Anywhere
There is no place that a founder or entrepreneur travels where it is inappropriate to share ideas and stress points. The trick is making your audience feel comfortable with you wherever you are. It could be an airport lounge or a crowded subway, but there is never a bad place to start a discussion since you can never tell when the opportunity will happen again. —Ryan Bradley, Koester & Bradley, LLP
RELATED: 5 Ways to Shake Up Your Next Meeting
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4 Steps to Finding Your Perfect Cross-Promotional Marketing Partner
By Aladin El Hedri
If you’re an SMB, you might not have the massive budget and manpower needed to scale your business quickly. But what you do have is entrepreneurial spirit and the ability to pair up with cross-promotional partners who can instantly connect you with a new audience of potential customers.
Partnering with the right companies can help boost sales, increase awareness about your business, and provide you with more prospects—at an accelerated pace that you probably would not be able to do on your own. And all you have to do in return is offer something of value to your partner.
Of course, finding the right cross-marketing partner does take some effort. You want to associate yourself with a business that shares similar philosophies, values, and most important, the right target audience. Then, to really make the partnership thrive, you’ll want to come up with a game plan so that you both will benefit from the relationship.
Follow these four steps to find and cultivate the perfect cross-promotional partners:
1. Identify your goals
While your ultimate goal when choosing a partner is to find one that can help boost your bottom line, there’s more to it than that. Think about what your business really needs to grow right now, and focus your efforts on filling in that gap. Some possibilities include:
Brand awareness—Would you like more people to discover your company, to increase your mailing list, and to bulk up your social media followers? Finding a partner with a like-minded audience that offers complementary services to what you provide is a smart way to help people get to know your brand.
Sales—What SMB couldn’t use more sales, right? The right partner might be able to bundle your product with theirs, or share advertising or event space to help trim costs.
Lead generation—If you’re just looking for more prospects, online affiliate partners within your industry can leverage their networks to collect contact information for you so that you can reach out directly with your pitch.
2. Know your target audience
Are you trying to reach out to more people in your main target demographic, or are you looking to expand to other groups? The first thing you need to figure out is who you want to do business with, whether it’s other small businesses, young professionals, homeowners, etc. Depending on your core product/service, it can get even more granular. You might want to connect with mid-level human resources professionals, IT department heads, education providers, or retail store owners.
The key is to really think through the type of customers you want to attract so you can move on to the next step—finding potential partners who can help.
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3. Check if a possible partner shares your goals and target audience
While the first two steps were about assessing your own big picture goals and audience wish list, this step takes you outside your comfort zone. You don’t want to rush through researching and vetting potential partners since you don’t want to choose foolishly.
Start by having conversations with your customers to see which other vendors they work with. You can also join local small business associations to connect with others in your area to see if there are mutually beneficial ways you might work together. For online-based partnerships, you can try using social media platforms and tech tools that can help you identify cross-marketing partners based on the criteria and attributes of your choosing.
Once you have a short list, you can begin reaching out to see which businesses are most receptive to your offer to partner up. Don’t forget that you’ll need to bring something of value to the table as well to give them the incentive to move forward.
4. Build a partnership strategy
Now that you’ve found partners who are willing to work with you, you should start discussing a more formal partnership, especially if money will be exchanged. Depending on the intricacies, you might want to draw up a formal contract, or at least a document that maps out who is responsible for what.
Some partnership agreements include things like CPL (cost per lead) or CPC (cost per click) agreements, whereby you may pay one another a set amount for each lead or click that is generated via a partner’s content. Perhaps you might collaborate on a newsletter, combining your mailing lists and dividing the content creation responsibilities. Or, more simply, you might agree to provide each other a bit of retail space in your respective locations.
No matter what the partnership involves, it’s always a good idea to strategize together and make sure everyone is on the same page.
Cross-promotional partnerships can be very powerful for driving new business and the ROI potential is huge if it’s done right. Follow these steps and you’ll be on your way to finding the best partners for your business needs.
RELATED: 12 Ways to Evaluate If a Potential Business Partnership Will Be Lucrative
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Why Are More Small Business Owners Feeling Optimistic This Year?
Despite obstacles they may face, and with fewer resources at their disposal than large corporations, small businesses have never been short of optimism. In fact, Capital One’s latest Small Business Growth Index found that more than half of small business owners expect the coming year to be profitable.
While those entrepreneurs and business leaders did express their concerns about challenges like taxes, technology, and diversity, they were largely confident about the profitability of their companies. Those positive feelings have been growing, with 62% reporting that their current business conditions were “good” or “excellent” compared to only 50% last year.
Let’s take a closer look at what keeps business owners continually viewing the glass as half full.
Planning ahead for tax reform
Johannes Endhardt, vice president of Strategy, Marketing and Analytics for Capital One’s National Small Business Bank, notes that the conversation around tax reform has ultimately helped drive optimism for entrepreneurs. “While our survey showed that small business owners are unsure how tax reform will impact them, those who think they will save money are making plans for how to use it,” he says.
The survey goes on to state that of the 36% of small business owners who believe they will pay less in taxes, many plan to reinvest the money they save to grow their businesses. The top three areas where funds are anticipated to be reinvested include purchasing new equipment (49%), contributing to business savings (47%), and raising employee wages (47%).
While the Tax Cuts and Jobs Act, which was signed into law in 2017, continues to make small business owners uncertain about the benefits of tax reform, 46% surveyed say they support the tax plan, with 43% believing the new tax law will make it easier to file taxes, and 46% enjoying being able to write off additional purchases. In addition, an overwhelming 85% expect changes will lead to economic growth.
Investing in technology
Last year’s 2017 Small Business Growth Index survey revealed small business owners were concerned about keeping up with technology; 32% of entrepreneurs considered it to be one of their top challenges. This was compounded due to the development of new technologies like mobile payments, cybersecurity threats, and even the lack of basic technology connected to small businesses like websites (which 36% of small business owners didn’t have).
In 2018, 39% of small business owners harbor a concern that tech will eventually grow to a point where it replaces certain jobs or prevent businesses from hiring. However, these entrepreneurs are increasingly investing in tech in order to better grow their businesses; 65% of small business owners believe that advancements in technology are making it easier to streamline business operations. Millennial small business owners have especially adapted to new technology, with 81% stating that it has made it easier for them to manage their businesses.
Even more interesting is the connection between adapting to new technology and the likelihood of hiring new employees. Thirty-three percent of those surveyed have plans to hire in the next six months, thanks to technological advancements, versus 17% of small business owners who have not invested in technology.
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The power of a diverse workforce
When it comes to diversity in hiring, the survey found that 47% of small business owners with at least one employee believe a diverse workforce is important for their company’s profitability and growth. And 65% of those business owners who value a diverse workforce also believe their financial position will improve within six months, as opposed to 49% of small business owners who do not think diversity will aid their growth.
The Small Business Growth Index also reveals that 79% of small business owners are already paving the way by employing a diverse workforce. A benefit of diversification is when many individuals from varying backgrounds, genders, and experiences join a team and share their insights, the company’s end product may become applicable to a much wider audience. Small business owners also benefit from expansive hiring when they are able to learn new ideas and strategies from workers who can offer fresh perspectives.
As we head into the second half of 2018, and are seeing support for the new tax reform plan, an increased investment in technology, and the hiring of a more diverse work force, it’s refreshing to see the positive impact of these areas on small business optimism. In addition, 51% of small business owners also feel their financial position will improve within the next six months, ultimately helping to shape 2018 into a strong year for entrepreneurs and businesses everywhere.
RELATED: Are Your Decisions Putting Your Small Business at Risk?
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Radio Advertising: Should Your Business Try It?
Here’s a mind-blowing stat: According to the latest ratings data from Nielsen, AM/FM radio reaches more people each week than any other medium in the U.S., including TV, smartphone videos, streaming radio, and podcasts.
Overall, some 228.5 million consumers tune in to AM/FM radio at least once a week—more than the 203.8 million who use the web and/or apps on a smartphone. Radio’s reach also surpasses the 216.5 million people who watch TV, 127.6 million who watch video on a smartphone, 68.5 million who stream audio and 35.7 million using satellite radio, reports Nielsen’s new survey Audio Today 2018: How America Listens.
What’s more, all generations, demographics, and ethnicities are tuning in to AM/FM radio. The medium’s monthly reach encompasses 95% of those aged 18 to 34, 97% of Generation X, and 98% of baby boomers, Nielsen reports. Perhaps that’s why Nielsen describes AM/FM radio as the “blue blazer” of marketing—while its image may be somewhat dated, it’s still appropriate for a wide variety of situations.
Radio advertising builds brands
The radio is an ideal medium for brand building. Repetition is key to increasing brand awareness, and because radio is so affordable, you can air your ads multiple times without breaking your budget.
According to the report Radio: The Brand Multiplier, radio advertising increases share of mind, creates stronger brand associations in prospects’ minds than TV advertising, and builds brand awareness among a wider audience. The study also says TV-only advertising boosts brand awareness by 23%, but adding radio advertising to the mix increases brand awareness by 29%.
Radio advertising is relatively low-cost compared to other broadcast media—one reason so many radio commercials are promoting local businesses. With the average radio ad costing about one-third the price of equivalent television advertising time, using radio can make your advertising and marketing campaigns more cost-effective.
Unlike other forms of advertising, such as print magazine or newspaper ads or digital ads where your message can get lost in the clutter, on the radio your ad stands alone, connecting directly with the prospect in a uniquely personal way.
Radio ads are comparatively easy to put together in a short timeframe. That means you can take advantage of opportunities quickly or create additional ads to bolster a successful campaign.
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How to maximize results from radio advertising
If you decide to give radio advertising a try, follow these tips:
1. Choose the right radio format for your target market. Yes, radio does reach everyone, from urban Hispanic teens to rural Caucasian grandmothers, but the two audiences probably listen to very different radio formats. Identify the stations your target market listens to, whether that’s country music (the number-one format overall among radio listeners aged 18 to 54) or news radio. Contact the stations for data about their listeners. The better a station is at reaching your target customers, the more effective your ads will be.
2. Be memorable. You’ll want to create a couple of different variations on your radio advertising, but use consistent catch phrases, themes, and voices to make your ads memorable after they’re off the air. Easy-to-remember vanity phone numbers and online landing page URLs (“Visit mybusiness.com/WPRC”) will help prospective customers remember and reach your business.
3. Be authentic. Make the most of your direct connection with listeners to emphasize your authenticity as a small business owner. Voicing your own ads can be a great way to build recognition and promote your small business roots.
RELATED: How to Hire an Advertising Agency That Cares About Your Business
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