Category: Entrepreneurship

Many people relish the experience of joining industry conferences. Well, you couldn’t blame them because there are so many things to love about such conferences. You get to travel to a new city, step outside the office and get exposed to brand new ideas. There are also more fun perks such as free swag, cocktail hours, and even celebrity speakers.

On the other hand, if you happen to be a manager, you are probably worried with the expenses associated with all the things mentioned above. You might be curious to know if it would be worth it to send your employees to these industry conferences if you can just simply require them to attend free webinars with no need to leave the office.

In case you don’t know it, there are a lot of good reasons why attending industry conferences is nothing compared to participating in those free online webinars. Why don’t you read on to discover the true values and benefits of attending industry conferences both for organizational growth and employee development.

Exposure to Innovators and Experts

Industry conferences will differ when it comes to how much one on one contact they offer to the innovators and experts. However, every conference offers exposure to different industry leaders through keynotes and sessions.

Out of Office Thinking

Have you ever heard how sleeping on a problem could point you towards the right path to a good solution? There are times when you need to take a quick break from doing the job so that you can make breakthroughs and gain perspective. Attending industry conferences can disrupt routines and expose you to brand new and fresh ideas. You can go back to your work feeling recharged with fresher inspiration and motivation.

Professional Networking

Industry conferences don’t just put you face to face with the experts for you can also become surrounded by some of your field or industry’s most engaged, driven, and accomplished people. Industry conferences provide numerous opportunities for you to meet and mingle with your fellow attendees. You can make the most out of this time to form new connections or reconnect with some prior acquaintances.

Knowledge Share

Every time an employee attends industry conferences, the insights and knowledge they learn don’t just end with them. They can also bring back this learning to the company wherein they can share with their colleagues the things they learned, pitch some new ideas to make the business more effective and efficient, and take their work caliber to a higher level. Investing in just a single employee is already investing in the entire team and the company as a whole.

Discover New Tools and Trends

Industry conferences are the perfect place to discover the greatest and latest in your industry, from groundbreaking tools, to new techniques, or growing trends. If you wish to stay right at the forefront of your field with all the latest relevant set of skills and knowledge, it is a must to be a regular attendee of industry conferences.

 

Was there ever a time when you purchased something from a brand, company, or store that you don’t even trust? If you are a wise consumer, chances are you never made such a risk in the past. This is because trust is the one thing that makes people buy or use something in the first place.

For business owners, the only way for them to sell their products and services to customers is to build trust in business and give them the assurance that these will have a positive effect on their lives. It is impossible to sell anything if customers don’t trust a certain product. This is the reason why you have to make sure that you can convince customers that your offer is the best possible option available in the market right now.

Below are a few surefire tips on how to build trust in business.

Show Your Trust for Others

One of the best ways to do this is through being forgiving and generous if another person disappoints you or makes a mistake. A person who makes the wrong conclusion about someone else’s motivation or competence will only create wariness and not trust.

Everyone isn’t set out to be stupid or mean so always give them the benefit of a doubt until contrary information proves it wrong. You will feel much better about the other person and in return, he or she will trust you for the generosity you showed.

Establish Mutually Beneficial Relationships

Employees, coworkers, and customers all wish to believe that they made the right decision when they chose to work with you. It takes more than platitudes and clichés. Customers must understand the value of services and products to them. In addition to that, employees must feel good about taking ownership that introduces more accountability and shows the trust level you have in them. In short, trust is all about showing individuals that you really care about them. With this, they’ll trust you and care about you.

Tell Only Nothing But Truth

Tell the truth. Don’t assume that particular people cannot handle the truth. You should be as honest with your customers and employees as you expect all of them to be with you. Once you get caught in a lie, nobody will trust you. More often than not, you won’t get any second chance because first impressions last.

Deliver the Unexpected

A good way to deliver trust is delighting and surprising customers and clients. Provide them what they asked, yet deliver more time, more service, more sensitivity, and more convenience. Delivering more than what your customers expect may go a long way as well as adds trust and real value. An extra bonus is that customers will tell other people about how you delivered and it will net your business more.

Be Patient and Flexible

Never be an inflexible judge and be tolerant of the mistakes. Meet other people in the middle. You should also be considerate of the negative experiences and events that might have affected a person’s ability to trust. You should make some exceptions to the rules once common sense dictates. Consider the unusual alternatives for issues that cannot be resolved by the usual methods. Take note that you cannot earn trust easily.

To achieve success in business these days, you have to be flexible and must have organization skills and good planning. A lot of people who are starting a business think that they’ll just have to turn on their computer and open the doors, only to know that making money in business can be tougher than they expected. You may avoid this in your business ventures through planning out necessary steps and taking your time to grow a successful business.

• Accept That You Cannot Do Everything

Part of starting a business is embarking on the adventure of being your own boss. As an owner of small business, you need to be comfortable wearing lots of hats like being a marketing manager, accountant or salesperson. However, it does not mean that you may do everything on your own. Sure, you can manage it on your own, yet it cannot last if you like to grow your business.

It is important to know when to look for talented individuals who have the same vision like you. There are many things you can do by yourself, if you want to grow, you will need help in the long run. You do not have to relinquish your freedom and control it to make that happen, yet you have to realize that you are only one person.

• Stay Organized

For you to have a successful business, you should be organized. The organization will help you complete the tasks and would stay on top of the things that must be done. The best way to do it is to make a to-do list every day. Once you complete every item, you should check it off on your list. It will make sure that you are not forgetting anything and you are completing every task that is important your business survival.

• Never Dip into the Bank Account of Your Business

Once you are up and running, it can be tempting to see your business as kind of your checking account’s extension, but you should resist the temptation to borrow the funds from your business. You must also splash out on the lavish expenses.

You have to take note that growth costs money, even for successful ventures. Each time you dip into the funds of your business, you are hurting your chances to grow. See to it that you are compensated for your job, yet make reinvesting in your business your main priority and keep your salary modest.

• Always Be Creative

Always search for ways to boost your business and make it set apart from your competitors. Recognize that you do not know everything and you must always open to new approaches and new ideas to your business.

• Be Consistent

A crucial component when it comes to making money with your business is consistency. You need to keep doing what’s necessary to be successful. It will make long-term positive habits, which will help you make more money in the end.

Regardless of the kind of business you like to start, those five essential tips will help you grow a successful business in the long run.

 

If you hired a family member and things aren’t great the way you want it to be, it might be time to learn how to fire a family member. There is nothing wrong about and you do not have to feel bad. After all, you’re the boss and you have to make some wise decisions. Below are some of the steps that will help you make this uncomfortable process easier. While it’s not easy to fire a family member, such methods may help you.

• Write Everything Down

Have a list of the pros and cons of firing your family member. If you already have a clear list, run it by somebody you respect and trust in your business. It can be your fellow executive or your business partner. Have them question things you have on your list to ensure that they agree and to ensure that your personal ties are not clouding your own professional judgment.

• Establish Communication

Majority of people like to succeed. However, when family members at your company begin to feel entitled and they act like they’re doing you a favor, you should establish some communication. You need to sit down with your employees in a collected and calm way and describe your problems you’re facing. If you cannot stay calm because there’s too much emotion, you might have somebody to moderate the session. Write down what your family member said and take notes to know how he or she feels. You should listen to your family member. Never get defensive. Odds are that you haven’t communicated properly with that person in the past.

• Find a Mentor, Coach or Other Professional Help

Once you understand the case and you can see the point of view of your employee, meet with somebody outside the situation to review what your family member said. You can’t make good judgments call yourself, you’re very close to the situation. Look for a mentor, coach or another help or entrepreneur to see what you can’t see. You might come up with other solutions to your issues that are creative and can be a win for every party. The key is to find some ways that you can either end the relationship or fix the minimal damage to your family.

• Review Your Creative Solutions with Your Family Member

Show your family member that you care and you’re trying to find some solutions to help. If it isn’t an option for that person to continue working with you, you could help him find new work. You might lend him money to open up his business. You should determine what would make him happy. The most important thing is communication. It isn’t always what you say, it is actually how you say it. Practice and role-play goes a long way. Once you understand the point of view of your employee, you should do role-playing. The last thing you like to do is assuming you know what he likes.

• Get Ready to Take Action

The last step is to take action. If you wait for a long time to take action, the situation might get worse. You like to move forward and be brave. If that means taking away all your responsibilities to reduce the risk, you should do it right away. If you show your family member that you’re serious, he or she will be able to understand everything.

 

Even the best fall down sometimes, and this applies even to entrepreneurship. After years of watching your business grow, there will be a point when you have to say goodbye to it.

What are the telltale signs that it is time to sell your business?

Risks are Getting Bigger

You are lucky if your business is successful because statistics reveal that 80% of small businesses fall during the first one and a half year of operation. But, your luck may run out without you knowing. Maybe there are changes in consumer trends, or you are overwhelmed by the tax burden, or the shift in your industry isn’t in your favor. Running a business is already a risk itself and many things can end up working against you.

When the horizon is filled with storm clouds, getting to safety should be your priority. Listen to what your gut tells you. the tightrope you are treading on might not be able to withstand the market pressure for as long as you think.

You Feel Exhausted

Not all people have been built to be an entrepreneur for the rest of their lives. Maybe you wish to pursue another career. Maybe your heart tells you to follow your dreams of becoming a photographer. No matter what the reason is, if you feel burnt out or exhausted, it is probably high time to sell your business.

Contrary to what most people think, running a business is not all glitz and glamour. You probably assume that being a business owner means cashing checks and rubbing elbows with high caliber CEOs. However, the daily reality of entrepreneurship can be very stressful and grueling. After some time, it is just natural to experience attrition.

You have to know when to throw in the towel. If the timing is perfect, there is nothing wrong with quitting. If you are dealing with burnout, you will gain more if you sell your business instead of toughing it out. Even if you reached this point because of your strength and hard work, after awhile, you don’t yourself or your business any favor if you stick it out because of the wrong reasons.

Higher Business Value

An impending disaster might be a good reason to sell your business but what if the exact opposite happens?

If you were prudent in building your business and your operations were frugal, chances are your business has higher value now compared to your initial investment. If this is your situation, it is possible that other entrepreneurs wish to acquire or purchase your business.

For instance, if you were running a small business that fills the gap in a certain niche, you can earn a good profit if you sell it to a bigger company that covets your brand equity, product, and customers. A big time acquisition often requires you to be involved for a particular timeframe before you leave. However, this opportunity is the best way for successful entrepreneurs to make cash out of their hard work.

A web presence is a must for all businesses today. There are a lot of ways to make and leave a significant mark in the online world. Proper management of your online reputation can go a long way in making sure that the mark you make is a positive one.

Here are a few tips to help you with your online reputation management.

Perform a Regular Checking of Your Online Reputation

The simplest way to check whether you have a negative or positive online reputation is to search for your practice name on Google. Scan through the first and second search results pages. What do you see? Are the reviews mostly positive? Are there negative ones? If your business has a bad review or article on the fifth page, there is no need for you to worry a lot because it is actually the first to three pages that get the highest number of traffic. When it comes to online reputation management, you should make it your goal to have only positive reviews, comments, and articles about your business on the first couple of pages of search results in Google.

Claim Your Business on the Local Listing Websites

Gone are the days when people open a phone book just to find a business. Most consumers search in different places online to get some business information. See to it that your business has been listed. You also have to claim it on top business listing sites such as Yelp, Angie’s List, Yellow Pages, and others. Claiming your business sets you as the owner and you will be the only one who can edit the listing’s information.

Conduct Weekly Monitoring of Online Reviews

It is recommended to check your online reviews at least once a week. Most businesses listings also let users leave reviews about a business. Frequent monitoring of your reviews allows you to see negative reviews right aware. Never wait until you are faced with a serious PR crisis.

Don’t Ignore and Respond to Negative Reviews Promptly

Responding to negative reviews is a good way of showing other people such as your potential clients reading the reviews that you prioritize client satisfaction. It is a way of showing that you listen to feedback and comments are deemed important for you. While every response must be personalized according to the situation, the general rule of thumb for better online reputation is to empathize with clients, maintain a neutral and calm tone, and be proactive in addressing the problem, if applicable. The best practice here is to acknowledge what your customers are feeling and try moving the conversation offline instead.

Reply to Positive Reviews Right Away

Once you receive a positive review online, thank your client for the review by responding to it right away. This response not only shows that you care because this positive review may also convince potential clients to choose your business. Responding to client who leave reviews on social media such as your Facebook page also encourages others to leave their own reviews.

Whether you have plans for transition, or you want to send a business loan application, bring on investors or partners, or sell your business in the near future, understanding your business value or equity is a must. Knowing what your business is worth can go a long way in ensuring its continuous growth.

Here are a few simple ways to boost your business value or equity.

Faster is Always Better

The first and most important way to increase business value is increasing the speed you provide the type of value people willingly pay for. Successful companies know all too well that everyone is impatient. People perceive a direct relationship between the value and speed of your offering. A company that can do something fast is deemed as a better and more competent company that offers a higher level of company compared to a company that does things slowly or only when they get around to it.

Provide Better Quality

Another secret to improve your business value is to offer better quality at the same price you’re your competitors. Take note that quality is what your customers say it is. Quality management is defined as knowing the wants of your customers and giving it to them faster than others. Quality doesn’t equate to excellent design or greater durability. First of all, quality pertains to utility or the use your customers need your service or product for. It is the specific need of customers or the benefit they seek that defines quality in their mind.

Improve Convenience

One more way to add value to your company is to increase the convenience of buying and using your service or product.

The best example of how much more customers are willing to pay for are fast food stores. Things are made more convenient for them instead of having to drive across town to a major grocery store or shopping center.

Enhance Customer Service

An improved customer service can go a long way in adding value to your business. People are mostly emotional. They are mainly affected by the helpfulness, cheerfulness, friendliness and warmth of customer service representations. Most companies use customer service as their main source of competitive edge amidst this fast changing marketplace.

Add Value to Everything You Do

The last, but definitely not the least way to add value to your company is to practice adding value to all the things you do. Keep in mind that when everyone else offers the same thing, these factors of a service or product are deemed as the expected norm of basic minimum in the market.

If you like your company to stand out, you need to play everything that you do for your customers to perceive you, your company, and your offering as more superior compared to that of your competitors.

To add value to your service or product, you can improve the design or packaging. You can also increase value through simplifying the method of use.

These are just some of the ways to improve business value or equity. Get started in growing your business today!