Scaling Strategies For Venture Growth

December 6, 2023

Although growth and scale sound similar, they have different meanings in business. When a business sees higher revenue as it adds resources, it’s called growth. For instance, bringing in new technology or investing more capital can boost your revenue. On the other hand, scaling implies that your revenue is growing much faster than the rate at which you add resources and cover expenses.

Here are the four strategies to achieve sustainable growth for your venture.

1. Foundational Pillars for Sustainable Growth.

Knowing the next steps makes scaling efficient and easier, regardless of your business size. The key elements for sustainable growth include the right strategy, team, and processes. It’s unwise to expect overnight success when aiming for sustainable growth because successful scaling requires a long-term strategy that takes time to build and implement.

2. Building a Robust Infrastructure for Expansion.

Initially, build a talented and dedicated team to support your scaling infrastructure. Hire skilled individuals and offer them training and development opportunities, like a business book and skills training. Nurture innovation, collaboration, and a sense of ownership in your company culture, encouraging open communication and feedback. This ensures that everyone on your team is working toward the same goal. Determine individual goals alongside company goals to better track everyone’s contributions.

Additionally, focus on strengthening your operations and systems. As you scale, you can automate and optimize processes and systems to improve your workflow. Opt for the latest technology and tools to standardize and automate marketing, sales, customer service, accounting, and reporting tasks. Moreover, optimize processes and systems to reduce errors and improve efficiency and quality.

As you grow, and if the team isn’t ready to match the pace, build strategic partnerships to divide your workload and maintain quality. Moreover, monitor your financial stability by monitoring revenue, gross profit margin, cash flow, and other financial metrics.

3. Navigating Growth with Strategic Initiatives.

Scaling a business requires expanding market reach and developing new customers. Create a solid customer acquisition strategy consisting of various tactics to test what works best. Conduct market research to find consumer data and optimize your marketing and sales strategies.

Infuse innovation into your products and invest in product development to ensure your products meet the needs and expectations of your target market. Additionally, use data-driven insights for decision-making, like surveys, interviews, and feedback. And remember, marketing conditions are constantly changing, so you need to stay updated to adapt to the changing market trends. Always try and test new strategies to cope with market conditions.

4. Managing Challenges and Opportunities of Scaling.

Scaling your business comes with challenges. You lose the game if you scale too fast or prioritize short-term goals over long-term ones. Since achieving sustainable growth takes time, you must stay focused on your goal with a growth mindset. When you scale too fast, your products and operations fail to match the pace. You might generate lower profit compared to operation costs when scaling too fast.

Before accelerating the scaling:

Check whether your team and processes are ready for growth.
Train or improve your team and automate the processes before transitioning to the enterprise level.
Ensure you and your team embrace a continuous learning attitude and a growth mindset, which helps a company grow maturely.

Scaling your business requires the right environment, resources, and processes to sustain growth. Hence, ensure all fundamentals are implemented before scaling. However, a lack of agility, focus, and dedication can also hinder your growth, so keep them in check. These scaling strategies will ensure a smooth transition to the next level and help you reach sustainable growth.

Diana Kander is a New York Times bestselling author of a business book and innovation coach. She draws on her experience as a founder, investor, and academic to serve as a consultant and professional speaker for clients and audiences across the country. Diana is also a Senior Fellow at the Ewing Marion Kauffman Foundation, the largest non-profit in the world dedicated to entrepreneurship and education.

[Interview] Charlie Gilkey, Author-Expert On Productivity And Teamwork

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December 6, 2023

Chances are you spend 80 percent of your workdays with the same four to eight people. And regardless of what your company’s org chart says, those people are your true team.

So if you want to better your work life, begin by bettering your team — and how you work together. Or what author-expert Charlie Gilkey calls your “team habits.”

Before becoming a start-up entrepreneur, Gilkey served as a joint force logistics officer in the U.S. Army while also working on his Ph.D. in philosophy. Today, in addition to writing books and delivering keynotes, he heads his national coaching and training company — Productive Flourishing — which specializes in the areas of leadership, productivity, and teamwork.

Gilkey recently sat down with Young Upstarts to discuss his latest book and the power of team habits in the new workplace.

Your latest book is “Team Habits: How Small Changes Lead to Extraordinary Results“. Who did you write the book for — and why now?

I wrote “Team Habits” for people who want their work team to be more agile, cohesive, and productive. That includes everyone from corporate leaders, managers, and individual contributors to entrepreneurs and small-business owners. My goal was to provide a counterpoint to the feelings of disengagement and disempowerment that people express about their ability to work better together. Too many, however, think it’s not their job to improve their situation when, in reality, the joy of teaming is what individuals can do when they come together and create something that none of them could do alone.

And why now? That’s easy. The chaos and challenges of the last few years, precipitated by the pandemic, have exposed the myriad cracks in how the world approaches work and collaboration. So the question is, since we already need to build a new normal, why not build it back better? That is especially true as teams navigate new dynamics around remote or hybrid work, artificial intelligence, generational shifts, and more.

What do you mean by “team habits”?

Team habits are the recurring behaviors and routines that dictate how a team operates on a day-to-day basis. Think of them as the building blocks of a team’s culture, including how the team communicates, makes decisions, conducts meetings, and creates a sense of belonging. Also, just like personal habits, team habits typically occur on autopilot. Yet they also have at least three unique aspects:

First, team habits are unspoken agreements between members. And when those agreements are on autopilot, each habit is reinforced, over and over again, every time it’s practiced.

Second, team habits are contagious. What one team member does, others often will follow suit, simply because someone else was doing it.

Third, team habits are a social activity. That means changing any habit, whatever it may be, has social — and emotional — aspects. No one, not even the team leader, can create change without affecting everyone else on the team.

Those three aspects explain how (and why) teams, as well as organizations as a whole, get stuck in bad team habits. Team habits are at once slippery and sticky.

Your book spells out eight categories of team habits, with many different small and simple habits in each category. Share one of those categories and one of its team habits.

A pivotal category in “Team Habits” is decision-making. And within that category is the specific habit of understanding and applying the three levels of decision-making in order to discern who in a team can make which decisions and when. Level 1 represents decisions that team members can make independently. Level 2 represents decisions that require informing people, such as someone in management or someone else in the team, when a decision has been made. Level 3 represents decisions that need prior approval by management.

Ideally, about 80 percent of decisions would fall inside Level 1, which not only empowers team members to act within their scope, but also escapes endless (and counterproductive) decision loops. It’s also a great way for an organization to build or bolster its leadership pipeline.

In terms of teamwork, why do small improvements win the day, especially in a “go big or go home” business world?

The preference in the business world for bold, grand changes is understandable; they are big and exciting, and seem to seduce people with the idea of significant transformation. But research tells a different story about the effectiveness of such changes. For example, McKinsey & Company reports that roughly 70 percent of corporate change programs fail to achieve their goals.

Generally, such disappointments are due to the complexities of implementing large-scale change programs, the inherent resistance they collide with, or the dearth of high-level leaders available (and perhaps able) to champion top-down initiatives.

In contrast, my focus on making small, incremental, and achievable changes is driven by its proven manageability and an increasingly high rate of success. Moreover, making small improvements is less intimidating to people, easier to integrate into their daily routines, and allows for continuous adjustments and improvement. It’s also more sustainable because it evolves with a team’s changing needs and role.

You say that most teams want to address their “people” problems when in reality they have “habit” problems. That seems paradoxical since teams are made up of people.

The perceived paradox there is resolved when people realize that teams aren’t merely collections of people; teams are made up of people plus their team habits plus the larger culture or work environment in which they actually perform their roles.

Consider how many times individuals enter and exit a team while the team’s performance and behaviors virtually stay the same. Changing people is, and always will be, a tall order — an unreasonable and difficult demand. Changing team habits, on the other hand, is exceedingly easier and simpler. What’s more, focusing on team habits depersonalizes the challenge. People don’t want to be changed; they are, however, open to changing how they do things.

You started your business 15 years ago and lead a thriving team today. What team-habit category — even now — can still trip you up?

Admittedly, the category of goal-setting and prioritization can still throw me for a loop. Part of that comes from assuming that my teammates will be as effective as I am when they don’t have the decades of context and experience that I have. It also comes from not properly accounting for how much time I realistically have — or don’t have.

Visualising Success: Crafting Engaging Standard Operating Procedures

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December 5, 2023

by Penny Hopkinson, founder of Manual Writers International® and author of “Manual Magic: Create the Operations Manual Your Franchisees Need to Succeed“

Standard Operating Procedures (SOPs) capture organisational knowledge for all repeatable core processes. Well-written SOPs capture the unique strengths and values of your company’s culture. They empower your employees to operate at peak performance and become active contributors.

So, your objective is to ensure that your employees get a reliable result the first time, every time. To quote Aristotle: ‘We are what we repeatedly do. Excellence, then, is not an act but a habit.’ SOPs are meant to be followed precisely as written every time the task is performed to maintain consistency, efficiency, and quality.

By making procedures easy to access and refine, your SOPs will continuously evolve with the input of your talented team.

Crafting SOPs Your Team Will Use

As an entrepreneur, you may resist documenting your processes. Formal SOPs sound stifling. Traditional top-down manuals are notorious for being dense and disengaging – more overlooked rulebooks than practical resources.

Yet effective SOPs are crucial as you scale. Clear, consistent operational procedures allow you to maintain quality, ensure compliance, and train new employees. So, bring your systems to life with relevant, collaborative SOPs that turn policies into living documents your business can thrive on.

Identify ‘process wizards’ with invaluable knowledge and proven techniques for complex tasks. Have them document their methods to categorise institutional wisdom. You get authentic guidance in team members’ words, not top-down prescriptions. This is particularly relevant to young millennials and Gen Z, who prefer to learn from their peers and value collaboration.

When producing SOPs you must:

Understand the process: Begin by thoroughly understanding the process for which the operational procedure is being written. This will involve talking to subject matter experts, observing the method in action, or reviewing existing documentation.

Define the objective: Clearly state the procedure’s objective, specifying the desired outcome and any key goals or targets. This will help guide the overall structure and content of the operation.

Identify the target audience: Determine who must follow the operational procedure, such as a manager, designated team member or external contractor. This will influence the level of detail and complexity.

Visualise the process: Learn how to use the power of visualisation. It’s a powerful way to write good content for knowledge sharing.

To do this, first, write for the reader, not for yourself. Then visualise everything with your mind’s eye and try to put yourself in the expert’s place. This means learning to create vivid mental pictures and involving all five senses – touch, sight, hearing, smell, and taste – when developing your imagination.

Break down the process: Break the process down into a series of sequential steps, ensuring each step is clear, concise, and easy to understand. Imagine a storyboard for creating a How-To video.

Use clear formatting: Format the operational procedure using numbered or bulleted lists, headings, and subheadings to make it easy for readers to follow.

Include visual aids: Use a series of ‘how-to’ videos, diagrams, flowcharts or images to illustrate complex concepts or steps, making the procedure more accessible and engaging for the target audience.

Detail roles and responsibilities: Specify the roles and responsibilities of individuals involved in each process step, including any compulsory approvals, collaboration, or communication.

Instructional voice and language: Write clear, step-by-step instructions to guide the reader through a process or task. Use simple, direct speech and, when possible, use an active voice, bullet points and numbered lists. Use simple language and avoid jargon or technical terms wherever possible.

Correct language use is essential in all mandatory procedures – i.e., ‘You must comply with [a specific law] and all regulatory requirements.’

Address potential challenges: Identify any everyday challenges or obstacles that may arise during the process and give guidance on overcoming or mitigating them.

Reference related documents: Include references to any related documents, forms, or resources that users may need to complete the procedure, such as templates, checklists, or policy documents.

Establish a review process: Implement a process for regularly reviewing and updating the operational procedure to ensure it remains accurate, relevant, and effective.

Test and refine: Before finalising the operational procedure, invite individuals from the target audience to test the document to ensure it’s clear, accurate and easy to follow. Gather feedback and make any necessary revisions to improve clarity and effectiveness.

Proofread and edit: Carefully proofread and edit the operational procedure to ensure it’s free of errors, inconsistencies, or ambiguities. This will help ensure the document is professional and easy to understand.

Align SOPs to Business Goals

Ensure procedures actively advance – not hinder – strategic objectives. For example, if rapid repetition is critical, avoid bureaucratic sign-offs.

Explain how following each procedure contributes to success metrics like efficiency, quality, cost containment, or sales targets. This fosters buy-in by demonstrating SOP relevance.

Optimise Format for Utility

Avoid dense paragraphs spanning multiple pages. Use scannable headings, bullet points, images, charts, and videos to engage readers. Hyperlink keywords to definitions for quick reference.

Arrange content logically.
Group related topics and order steps chronologically.
Include a searchable table of contents and index.

Make SOPs Interactive

Transform static SOPs into living documents via cloud collaboration tools like Google Workspace (formerly G Suite) or Office 365.

Store procedures on password-protected shared drives.
Invite team members to suggest process tweaks, contribute new best practices and clarify processes through discussion.

Promote Continuous Improvement

Enable staff to flag outdated sections for review if regulations change. Require teams to append lessons learned from projects, such as tips for avoiding pitfalls.

Designate SOP stewards accountable for keeping content current.
Schedule bi-annual working sessions to update procedures based on recent operational innovations.

Simplify Access

Store SOPs on easily searchable online portals accessible across devices such as desktops, tablets, and smartphones. Explore options to the traditional Operations Manual, like a knowledge-sharing centre accessed via a portal or a dedicated knowledge-sharing platform.

Introduce new staff to the portal during onboarding.
Send regular refresher emails linking to relevant SOPs for current initiatives.

Reinforce with Training and Recognition

Complement SOP resources with training like classes, workshops, job shadowing, and microlearning videos. This drives correct application, not just reading.

Publicly recognise those who create procedures or share expertise.
Find creative ways to reward SOP usage through points or badges on online portals.

Takeaway

The reality is SOPs can be something other than stuffy documents that employees avoid. With thoughtful design, interactive formats, and grassroots involvement from staff, you can cultivate lively SOPs that provide invaluable institutional wisdom right when your teams need it. Rather than gathering dust on shelves, they will become fundamental tools referenced daily across your business.

Penny Hopkinson is founder of Manual Writers International®, which she launched in 1986 to bring a fresh perspective to producing operations manuals. She joined the British Franchise Association in 1989 as an affiliate professional advisor, and in 2011 was appointed to a Companion position. She is the author of “Manual Magic: Create the Operations Manual Your Franchisees Need to Succeed“.

Embracing Change: The New Paradigm of Corporate Responsibility In Turbulent Times

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December 4, 2023

by Martin Rust, owner of Martin Rust Strategic Advisory Services

We live in an era that is both characterized by rapid societal shifts and one in which we’re caught in the perpetual current of global conflicts. The corporate world finds itself at a never-ending crossroads, forced to navigate these sometimes uncharted territories.

This is my speciality. I have spent my career analyzing these shifts and conflicts, for the purposes of advising people on how to manage day-to-day operations in their businesses during chaotic times, and on how to proactively and constructively deal with the crises that will invariably arise.

I’m a corporate consultant to Fortune 100 companies. Since the Twin Towers were brought down in 2001, in the tumultuous times that followed I have served as a governance director and political adviser in many post-conflict zones (Jordan, Ukraine, Iraq, just to name a few). This has given me a unique perspective on geopolitics and conflicts, and on how to traverse such unprecedented events.

In my 25-year career, I’ve witnessed a remarkable transformation in the way businesses and governments perceive and enact their roles within society. This isn’t merely a superficial change in strategy; it represents a profound re-evaluation of what it means to be a successful, responsible enterprise in the 21st century.

Beyond Profit: The Expanding Scope of Corporate Accountability

Reflecting on the historical role of businesses, it is possible to trace a significant evolution. As an illustration, take the iconic Bay and Eaton’s stores in Canada, whose focus was primarily on product reliability and customer satisfaction. They epitomized an era where the primary corporate obligation was to the product and the consumer.

Today, however, the narrative has shifted dramatically in the corporate world. The modern corporation is now a participant, willingly or not, in a broader societal dialogue encompassing issues ranging from sustainability to social justice.

This new corporate landscape demands more than just quality products and services. It requires companies to align their values and operations with the evolving moral compass of society, as business leaders increasingly understand. Consumers, staff members, vendors and stakeholders want to know how organizations are proving they’re environmentally conscious, grounded in ethics and socially responsible. There is a newfound emphasis on building a brand identity that resonates not just with the companies’ goods and services, but with what they are at their core – or perhaps more correctly, what they aspire to be. We can call this their mission.

This expanded role, however, creates significant challenges, especially when political discussions become intertwined with corporate life. Such discussions, while reflective of a healthy, engaged workforce, can often lead to polarizing debates that risk overshadowing the company’s primary objectives.

My role as a corporate adviser is to steer these conversations in a way that respects individual viewpoints, while also ensuring they do not derail the overarching mission. The idea is to preserve and protect the team dynamic, which will keep everyone pulling in the same direction even if they are not necessarily on the same page with respect to every issue all the time.

In my experience, the key lies in fostering a culture where diverse opinions are heard but are always contextualized within the framework of the corporations’ values and objectives. It’s about creating an environment where employees feel valued and understood, yet still remain united in their commitment to the company’s mission. What is being described here is a balancing act, one that avoids the pitfalls that can derail a company that hasn’t learned how to harmonize its values with those of its workers.

Crisis Management and Mission Alignment: A Leader’s Guide

In times of crisis, whether brought on by global pandemics, geopolitical conflicts or societal upheaval, the true mettle of a company will be tested. Here, the clarity and strength of a company’s mission becomes paramount.

Companies must respond to such crises in ways that are measured, thoughtful, and, above all, aligned with their mission. This might mean making difficult decisions, taking bold stances on contentious issues, or re-evaluating their strategies to adapt to the changing landscape. It is in these moments that the true essence of leadership is revealed – the ability to maintain course in the face of adversity, guided by a clear vision and unwavering commitment to the company’s foundational values (which of course must be understood and articulated, if they are to have a real impact).

A successful leader will understand the nature of the challenge, and accept the responsibility to inspire everyone to rise to the occasion, not just once but each time a new iteration of the basic challenge presents itself.

Leading with Purpose in Politically Charged Times

In our current climate of heightened political awareness and activism, the role of corporate leadership becomes even more nuanced and sensitive. My counsel to my clients is to remain steadfastly focused on the company’s mission. While political discussions are a natural and necessary part of our societal fabric, they should not overshadow a company’s primary objective as a corporate entity.

This requires a delicate balance – respecting and acknowledging the diverse political views of the workforce, while ensuring that these views do not impinge on the company’s goals and operations. It calls for leadership that is empathetic yet decisive, open-minded yet focused, and, above all, driven by a purpose that transcends the immediate political fray.

The Path Forward for Purpose-Driven Enterprises

As we navigate this new corporate landscape, it is clear that the old paradigms of business are no longer sufficient. We are part of a larger societal ecosystem, and our responsibilities extend beyond shareholders and profit margins. This is a time for purpose-driven leadership – leadership that understands the delicate interplay between corporate objectives and societal expectations, and that is capable of guiding businesses through this complex maze.

In embracing this change, we are not just redefining our businesses; we are participating in a larger movement toward a more conscious, responsible and sustainable future. This is the new reality for enterprises, a reality where success is measured not just in financial terms, but in terms of our contribution to the world we inhabit. As leaders, we have the opportunity – and the responsibility – to embrace this change and lead our organizations into a new era, where corporate responsibility and societal engagement are recognized as essential and fundamental.

Martin Rust, owner of Martin Rust Strategic Advisory Services, is a consultant, working with governmental agencies in Canada and Fortune 100 companies. His practical approach to delivering outcomes leans on over two decades of experience gathering intelligence, analyzing data points, and objectively determining the best path forward. He is known for problem-solving, negotiation skills, conflict resolution, and powerful messaging development.

How To Fact-Find For Entrepreneurial Success

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December 1, 2023

by Min Basadur, Michael Goldsby and Rob Mathews, authors of “Design-Centered Entrepreneurship, Second Edition“

Customers expect more from companies today, which requires entrepreneurs to uncover people’s real problems and design elegant solutions to those problems. This approach requires integrating knowledge across many disciplines, collaborating with diverse groups of people, and managing projects to completion.

Economic security is no longer dependent on merely working hard, but in creating new value for customers, and the best way to create new value is to connect in relevant and impactful ways with customers.

After working with many students and businesses, we’ve found anyone with the right attitudes and skills for applying an effective process can create innovative products and services. An even better finding is these attitudes, skills, and processes can be learned and applied in any setting. You just have to be patient in learning how to create products and services customers will love.

Entrepreneurial activity is first and foremost about creative problem-solving. No matter how great your technology or idea, if it doesn’t solve an important problem for enough people, you have little chance for success.

Taking a deep dive into fact finding will move entrepreneurs from assumptions about the markets, customers, and competitors to informed decisions and strategic actions.

Before developing an innovation idea to bring to market, pursue these seven strategies for fact finding:

1. Search for divergently relevant facts.

A metaphor for this critical strategy is the Saturn rocket that launched Apollo missions to the moon during the 1960s. Shortly after the rocket left the ground, its first stage dropped off. The second stage took over to lift the rocket higher before falling off in turn. The third stage then propelled the landing craft on a course to its final destination. Becoming aware of a new opportunity or problem is like the first rocket stage. It’s enough to get the entrepreneur started, but it’s only the beginning. The problem as they first perceive it may not represent the problem as it’s later perceived. Searching for facts about the new opportunity or problem is the second rocket stage, which then leads to further relevant facts in the third stage. By being open to as many potentially relevant facts as possible, entrepreneurs will improve, expand, and enrich their final perception of the opportunity.

2. Investigate several viewpoints.

Each of us sees “the facts” in a situation through our own biases, filters, and acquired knowledge. Collaborative problem-solving brings together a variety of viewpoints, which uncovers additional facts and broadens the view of a problem. Additionally, considering the potential customer’s point of view by learning how they spend their time, what they value, their product preferences and more will better inform decisions.

3. Beware of unconscious assumptions.

The mindset used when gathering facts is critical. Approaching problems with an openness to new information will challenge preconceived perspective on it. Zen master Shunryu Suzuki observed, “In the beginner’s mind there are many possibilities, but in the expert’s mind there are few.” Entrepreneurs should begin the search for facts as novices. By doing so, they can uncover the language, issues, critical success factors, and constraints inherent in a problem.

4. Avoid a negative attitude toward “problems.”

If you automatically consider a problem a negative thing, then not only does your attitude lower your motivation to tackle it, but it also confines your fact finding. You start looking for only negative facts. Without a complete picture of the facts — negative and positive — your subsequent problem definition will be off the mark.

5. Share information.

Entrepreneurs often avoid asking questions or volunteering information for fear of their ideas being stolen. But guarding ideas in an overprotective way comes across like Gollum in the Lord of the Rings (“my precious!”). No one will help a person who appears greedy. Instead, ideas shared in collaborative sessions will change into entirely new ideas when new facts are gathered.

6. State what you think.

In collaborative problem-solving sessions, an important rule is that there are no bad ideas during fact finding. Offering information and ideas only to fit what you think the rest of the group wants to hear robs the session of your unique viewpoint. Many people second-guess themselves and believe that, if no one else sees the problem as they do, they must be wrong. The person who sees things differently from others is sometimes the one who sees them most clearly.

7. Look for the truth, not just ways to boost your ego.

The attitude of everyone in a fact-finding session should be that the purpose of the exercise is to uncover as many facts about a problem as possible. All ideas are welcome. Therefore, the entrepreneur must not take it personally if people offer differing perspectives that disrupt their current idea. In fact, they should welcome it. The agreed upon goal of any fact-finding session should be to uncover information that can lead to better problem definition and superior solutions later.

The agreed upon goal of the fact-finding strategies is to uncover information that will lead to better problem definition and superior solutions in the long run. The greatest discoveries occur when someone seeks answers others aren’t willing to pursue.

Min Basadur is Professor Emeritus of Innovation at McMaster University, Canada, and founder of Basadur Applied Creativity. Michael Goldsby is Stoops Distinguished Professor of Entrepreneurship and Chief Entrepreneurship Officer at Ball State University. Rob Mathews is Executive Director of the Entrepreneurial Leadership Institute at Ball University. Their new book, “Design-Centered Entrepreneurship, Second Edition” (Routledge, 2022), provides a research-driven, step-by-step approach to creative problem-solving. Learn more at https://elprofile.com/.

My Black Belt Journey: A Tale Of Resilience, Mastery And Life Lessons

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November 29, 2023

by Roy Dean, author of “The Martial Apprentice” and “Becoming The Black Belt”

I am at that stage in my life where I’m looking back quite a bit, reflecting on what I have accomplished both personally and professionally, contemplating both the highs and the lows of the journey, and still trying to learn from each. In relation to this theme, I am about to rerelease my two books, The Martial Apprentice and Becoming The Black Belt.

I wrote both books when I was younger. I recently looked through each of them again, and realized how much I’ve grown since I wrote them. Consequently I decided to expand on and re-edit both books, to more accurately reflect on where I am today with respect to the art of Jiu Jitsu, my training and role in teaching the art.

Life is about allowing yourself to evolve, which is a constant theme in Jujutsu (also spelled Jiu Jitsu and Jujitsu). Most of us who have been practicing any martial art for many years see it as far more than “just” being physically fit. It’s about dynamic problem solving, adapting to evolving circumstances, and the embodied confidence that comes from resolving conflicts constructively and intelligently–both on and off the mat.

In The Martial Apprentice, I looked back on my earlier years in martial arts, focusing on my role as a devotee of Jujutsu and the foundational experiences that shaped my understanding of martial arts training and instruction. I talk about my initial encounters with various martial arts forms, my mentors who generously gave of their time to help me advance, and the key moments that influenced my development as a martial artist. This book delves into the categories of martial artists, the importance of mentorship, the questioning innocence of youth, and the growth that can only come from immersing oneself deeply in a field of study. My goal with The Martial Apprentice was to apply my skills as a storyteller, to introduce readers to my lived experiences on the power of fully dedicated martial arts training.

In the second edition, I provide all of this but refracted through a more critical lens, one shaped and polished by experience and maturity.

Becoming the Black Belt is a memoir that delves into my modern journey in martial arts, specifically focusing on my experiences in Brazilian Jiu Jitsu (BJJ), and launching a renowned academy to teach the art. It’s an introspective look at my path to earning a BJJ black belt, a significant life goal in martial arts that to this day remains one of my greatest accomplishments.

My book covers the physical, mental and spiritual challenges I’ve faced and the hard fought lessons I’ve learned along the way. I provide insights into the yearslong dedication and discipline that borders on obsession in high-level martial arts training. My narrative is interspersed with personal anecdotes, while also including philosophical reflections and practical advice for students and teachers of the art alike. My hope is that this package will make my book a compelling read for those likely curious about martial arts and for the dedicated mat soldiers.

Achieving My Black Belt in Brazilian Jiu Jitsu

In martial arts, you enter a world where humility and pain are not mere occurrences, but necessary teachers, and for me, the entrée through this world has been a powerful anchor in the world of resilience.

When I say resilience, I’m referring to a desensitization that allows one to handle the rough and tumble, and arm oneself without arms. It’s the ability to stay on mission with whatever you have on hand while ignoring unnecessary opinions and drama. Because of this, I’m a fundamentally different person as a result of my decision to go “all in” on BJJ. The art toughens you while informing you of the right circumstances to blend instead of opposing the forces of the world. Sometimes you push, sometimes you block, sometimes you pull. It depends on the situation but Jujitsu gives you every option.

One point of focus in Becoming the Black Belt was the legendary black belt exam under my teacher Roy Harris. Mr. Harris is unique in his structured approach to ranking criteria requiring myriad skills to be demonstrated under pressure. That was a grueling test of technique, strategy, endurance and fortitude. But most of all, he wants to see your heart, and that can only be shown after you’re exhausted.

Mr. Harris, who is known as “Boa” for his highly pressured constrictor-like mastery of Brazilian Jiu Jitsu, was not just an instructor but also a mentor, someone who shepherded me through the complexities of this art, while subtly passing along direct life lessons and his objectives on community, longevity and leadership.

During the black belt exam, as he exerted his rib breaking pressure, pinning me down and trapping me on the mat, it became clear this was more than a test of physical ability. It was a crucible for demonstrating character and will when things are stacked against you and you may want to give up, but you cannot. That is simply not an option. Passing this test showed me that I had another gear and tapped into a deep well of potential. His mentorship was crucial for bringing to that gate of maturity and responsibility.

From Curious Teenager to Black Belt Professor: Linear But Not Always a Straight Line

My venture into martial arts began in Japan, as a teenage exchange student. I was encouraged to train a Japanese art after school and I chose Judo–perhaps the most popular form of Jujutsu in the world. Training in this art would alter my life trajectory in ways I couldn’t have imagined. Those early lessons in resilience and consistency have propelled me to my current position as a practitioner and a teacher of this powerful and sophisticated martial art.

Training under Julio Toribio for Japanese Jujutsu, and Roy Harris for Brazilian Jiu Jitsu, changed my life profoundly, as each man served as a technical resource, teaching model and mentor into the world of manhood. Jiu Jitsu became more than a martial art to me; it is a philosophy, a way of life that transcends the confines of physical combat and a measuring stick of awareness in life. As Miyomoto Musashi says, “If you know the way broadly, you will see it in everything.”

Of course I’ve learned how to leverage minimal strength against overwhelming force. Equally important is the mental agility that comes with training and the open mindedness to accept creative solutions when the familiar solutions are blocked. This keeps you in the realm of practicality rather than well-intentioned, but ineffective idealism.

The journey up to and beyond black belt has been more than an achievement in martial skill or a collection of ranks. It has been a transformative process, shaping my character, crafting my skills, and teaching me the value of resilience over time.

If you’ve been considering incorporating Jiu Jitsu into your life, I can assure you there’s never been a better time to begin. Life is unpredictable but the art shows you how to surf the waves of adversity into an exhilarating adventure of physicality, friendship and community. I am so grateful for my own journey and cannot imagine my life without this perennial human technology.

Roy Dean is a 4th-degree black belt in Brazilian Jiu-Jitsu. He is your guide through the maze of your own potential, a visionary who’s constructed a global tribe through his affiliate network, and a luminary featured in Yahoo Finance and LA Weekly, shedding light on the transformative influence of Jiu Jitsu in leadership and personal evolution. Follow Roy’s journey on his YouTube channel.

Uncorking The Benefits: How Corporate Wine Parties Foster Employee Well-Being And Camaraderie

Contributor

November 29, 2023

by Stephanie Franklin, founder and CEO of Fly Wines

In the ever-evolving world of corporate dynamics, nurturing strong relationships among colleagues has become an essential ingredient for success. Corporate wine parties, often considered a pleasurable deviation from the norm, are proving to be a valuable tool for enhancing employee well-being and fostering camaraderie in the workplace.

Breaking the Ice and Building Bonds

In many corporate settings, employees are accustomed to maintaining a level of professionalism that sometimes borders on formality. While this is essential for a structured work environment, it can occasionally lead to an invisible barrier between coworkers. Enter the corporate wine party: a delightful and informal setting that breaks through these barriers and offers employees the chance to connect with one another on a more personal level.

Sipping on a glass of wine or enjoying a beer in a relaxed atmosphere can serve as a powerful icebreaker. It allows colleagues to let their guard down, sharing stories, experiences, and even a laugh or two. These interactions extend beyond the confines of work-related matters, encouraging trust and promoting authentic relationships. In this comfortable environment, employees have the opportunity to see their colleagues as individuals with diverse backgrounds and interests, ultimately contributing to a richer and more inclusive workplace culture.

A Boost to Employee Well-Being

One of the most significant advantages of corporate wine parties is the enhancement of employee well-being. These events offer employees a chance to unwind and let off steam, helping to reduce stress and anxiety levels. In doing so, they contribute to happier, healthier, and more motivated employees.

An essential aspect of employee well-being is feeling a sense of belonging within the organization. Corporate wine parties create a space where employees can forge connections that go beyond their professional roles. This sense of community and camaraderie is vital for mental and emotional well-being. It allows employees to decompress and recharge, ultimately leading to increased job satisfaction and a more positive outlook on their work.

Team Building Through Wine Tasting

One of the most popular forms of corporate wine parties involves wine tasting sessions. These events take team building to the next level. While traditional team-building activities can sometimes feel forced, wine tasting offers a genuinely enjoyable way for colleagues to interact and bond.

Wine tasting provides a shared experience that employees can engage in, from novices to connoisseurs. It creates a sense of unity as participants discuss the aromas, flavors, and characteristics of various wines. These sessions offer a fun and educational way for employees to connect and discover new aspects of their colleagues’ personalities.

Workplace Happiness and Productivity

Happier employees are often more engaged and productive. Corporate wine parties contribute to increased workplace happiness by providing a break from the daily grind. Employees have the chance to relax, enjoy good company, and build relationships, all of which contribute to higher morale and job satisfaction.

As a result, a positive workplace culture is cultivated, leading to more motivated employees who are willing to collaborate and support one another in their work. The benefits of a joyful workplace ripple through the organization, influencing employee retention, performance, and overall job satisfaction.

Attracting and Retaining Top Talent

In today’s competitive job market, organizations that prioritize employee well-being and positive workplace experiences are more likely to attract and retain top talent. A strong sense of community and camaraderie within the workplace is a significant draw for job seekers. It reflects a welcoming and inclusive culture, which is highly appealing to prospective employees.

Corporate wine parties are far more than just social events. They play a vital role in promoting employee well-being and building genuine connections among colleagues. The positive effects extend to workplace happiness, productivity, and talent attraction and retention. As organizations continue to recognize the importance of nurturing relationships among their employees, corporate wine parties have emerged as a valuable tool for fostering camaraderie, improving well-being, and ultimately enhancing the work environment for all.

Stephanie Franklin, CEO of Fly Wines, enjoys connecting with other wine aficionados and sharing my knowledge and insights on the latest trends and opportunities in the wine industry. With over 15 years of experience in business development and sales, she looks to foster a culture of excellence and collaboration among her team and partners, ensuring that every bottle of Fly Wines wine reflects their commitment to quality and craftsmanship.

Pressure Off. How Can I Stop Creditor Pressure From Closing My Company?

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November 24, 2023

Creditor pressure is one of the worst aspects of dealing with company debt, amplifying an already stressful situation. So, what can you do to draw a line under the debts and alleviate the creditor pressure on your company?

Why are my creditors pressuring my company?

If your company owes money to a creditor for materials, services, part of a hire purchase agreement, etc., it should be repaid in the specified time. Failing to do so gives your creditors the right to pursue the company for repayment.

As a director, you should always be aware of your company’s solvent position, so creditor pressure should almost be expected as part of a company being insolvent.

Are my creditors harassing me?

While receiving reminders to repay your company’s debts, you might think your company’s creditors are ‘harassing’ you. However, if the company owes a creditor money, they can chase that company and remind you to repay it.

As part of that process, creditors are allowed to:

Send warnings via phone, email, or post.
Send debt collectors.
Issue a County Court Judgment (CCJ).

These should only come to your business-related address during working hours.

While the above is permitted, creditors should not:

Contact you outside working hours, at home, or via social media.  
Obtain your personal information by breaching data protection laws.
Pressure you to take out more credit. 
Use threatening language. 
Imply that they can take legal action outside their powers.

If a creditor has committed any of the actions listed above, you can complain directly to that creditor, the financial ombudsman service, or the relevant authorities.

Can my creditors bankrupt my company?

While it can be a director’s biggest fear, it’s important to understand the insolvency rules in your country before worrying about bankruptcy. Whether your creditors can make you bankrupt depends on where you live. In the United States, a company can file for bankruptcy if it cannot repay its creditors.

In the United Kingdom, bankruptcy only applies to individuals and sole traders. As such, your creditors could make you personally bankrupt if you’re a sole trader and owe more than £5,000.

County Court Judgments can negatively impact your company’s credit rating if they’re not dealt with or paid in the time specified in the terms. Once the repayment period has expired, the judgment stays on your company’s credit file for six years, making it harder to obtain credit in the future.

That said, creditors can force a company into compulsory liquidation. If the company owes more than £750, the creditors can do this by issuing a winding-up petition. The petition is advertised in the appropriate Gazette, and the company’s bank will freeze its accounts, making trading impossible.

Check the bankruptcy laws for the country where the company is based, and whether those rules apply to companies or if they just relate to sole traders and individuals.

Stopping creditor pressure

Regardless of where you live, if you realise your company is struggling with debts that it can’t repay, you should immediately take the necessary action to ensure the situation doesn’t worsen.

In the United Kingdom, you have several options to alleviate your company’s debts. Your circumstances will have a bearing on which solution is most appropriate, and you should seek advice from a licensed insolvency practitioner to discuss your situation.

Depending on your company’s circumstances, you might be able to repay an affordable portion of the debt. You can do so through a Company Voluntary Arrangement (CVA). These are formally binding repayment arrangements wherein the company repays its debt in monthly instalments at a rate tailored to its affordability. The company continues trading for the arrangement’s duration, maintaining goodwill with its customers, and the directors maintain control of the company while repaying its debts. After the arrangement concludes, the company’s remaining unsecured debt is written off.

If the company is under serious creditor pressure and repaying on its own won’t solve its issues, it might benefit from more substantial restructuring. In this case, administration may be more appropriate. During this process, a licensed insolvency practitioner investigates the company’s finances before deciding on a rescue plan. If the company can be rescued as a going concern or there’s a chance of achieving better results than if the company were to close, administration might be a suitable solution.

Sometimes, despite your best efforts, recovery might not be feasible, or you might want to close the company and draw a line under its debts. Creditors’ voluntary liquidation (CVL) can help by removing creditor pressure and stopping legal action against the existing limited company. Company employees can claim unpaid wages and redundancy from the government, and if the directors have acted in the company’s best interests before and during the insolvent period, they can start a new limited company afterwards if they wish to.

If you live elsewhere, seek advice from a licensed insolvency practitioner or the appropriate professional for the country where the company is based.

Summary

Having creditors pressuring your company to repay its debts can be stressful. While creditors are allowed to pursue the company for what it owes them, it’s important to know where the line is between creditor pressure and harassment. Bankruptcy and insolvency rules vary between countries, so check your local insolvency regulations. These will have a bearing on what creditors can do to recover what you owe, and what action you can take to alleviate the pressure and debts.

Is Your Company Headed For The Commodity Death Spiral?

Contributor

November 23, 2023

by Dan Adams, founder of The AIM Institute and author of “Business Builders: How to Become an Admired & Trusted Corporate Leader“

Once upon a time, your company’s founder was laser-focused on delivering superior, differentiated value to customers. Those customers had specific needs, and the company set out to fulfill them better than anyone else. But as the years passed and the business grew, that intense focus, well… drifted. Leaders got caught up in other priorities — say, tweaking productivity or quality, forming a powerhouse sales force, or acquiring other businesses.

If you allow this to continue, you’re left with me-too products. Customers start noticing your products are interchangeable with your competitors’. They demand lower prices, and you must comply. You have to cut your R&D budget to keep profits up. (Ah, the perils of near-term financial thinking!) Now, you’re in the “Commodity Death Spiral”…and you’re not sure how to reverse it.

If you can relate to this grim scenario, you’re not alone — I’ve seen it happen over and over when companies fail to make market-facing innovation their top priority.

If you aren’t constantly working to create new products that deliver more customer value than competitors’ products, you’re eventually forced to compete on price. That way lies mediocrity, irrelevance, or even nonexistence. If you want to grow and thrive long-term, you’ve got to direct the lion’s share of your resources to market-facing innovation.

My research bears this out. In a survey of 654 publicly and privately held companies, I found that on average, senior leaders allocate just 24 percent of their resources to market-facing innovation (product development). They spend another 16 percent of their resources on exploratory innovation (technology development), which serves to feed their market-facing innovation.

Here’s the kicker: More resources are devoted to these two types of innovation at companies growing faster than competition (43 percent) than companies growing slower (36 percent).

Companies that emphasize market-facing innovation tend to be headed up by Builders. In my parlance, a Builder is a leader who still thinks like a founder: driving profitable, sustainable growth by delivering differentiated value to customers, as they brush aside fads, short-term distractions, and financial gymnastics. Other types of leaders — most notably the type I call “Decorators” — focus on looking good to investors, quarter after quarter after quarter.

So why is market-facing innovation so vital to long-term success? Here are three reasons:

REASON 1: This is what exceptional companies do.

For their book, “The Three Rules”, authors Michael E. Raynor and Mumtaz Ahmed analyzed data on over 25,000 companies spanning 45 years. From this, they identified 344 companies with truly exceptional performance. After extensive analysis, they were able to identify a small set of rules used at these companies, but not at lower-performing ones. These exceptional companies followed three rules.

According to Raynor and Ahmed, Rule 1 is “better before cheaper.” Their research showed the exceptional companies competed more on non-price factors like product performance, while low performers competed more on price. Rule 2 is “revenue before cost” — in a nutshell, it’s better to generate more revenue through growth than to try to cut costs. Rule 3 is “there are no other rules.” This confirms my findings: “Builders focus on innovating for their customers (better before cheaper) so they can grow faster (revenue before cost).”

REASON 2: We’re now in the Innovation Wave (so plan forward, not backward).

Recent history has brought us three “waves”: the Quality Wave, started in the 1950s (associated with Dr. W. Edwards Deming and Toyota), the Productivity Wave (which grew out of Toyota’s success and featured Lean and business product design), and the Innovation Wave — which is the stage we’re in now.

The first two waves applied to current operations, so they reached a point of diminishing returns. What do you do next if you have zero defects or a fully automated factory? You immerse yourself in the Innovation Wave, which impacts future sales and has unlimited potential. Figure this out and you reach that holy grail of business: profitable, sustainable growth.

The key is to plan forward. Many generals have been guilty of planning for the previous war. Quality and productivity improvements are fine, but they were the last century’s war. Today’s battleground is the Innovation Wave, and the key to winning is superior market-facing innovation.

REASON 3: Nothing else drives profitable, sustainable growth.

It’s a simple truth: Senior leaders have many initiatives to choose from, but only market-facing innovation can lead to profitable, sustainable growth. Consider how other popular initiatives fall short of such growth:

Productivity increases can improve profitability, but they don’t impact the revenue line needed for growth. A point of diminishing returns is eventually reached.
Quality improvements may help revenue growth, but not to the extent they did a few decades ago. Today, reliable quality is usually considered table stakes.
Cost reductions, when carelessly applied, can damage a business’s growth capabilities and have a negative — not neutral — effect on sustainable growth.
Sales training can boost revenue growth and lead to better pricing for increased profitability. But it lacks sustainability; if a business doesn’t keep delivering new value, customers will eventually buy from competitors’ well-trained salespeople.
Acquisitions will boost revenue and perhaps profits. But if the business doesn’t know how to grow the companies it acquires, it’s just building an unsustainable house of cards.

I’ve heard leaders say, ‘Last year we implemented productivity improvements, and this year we’re going to focus on market insight for better innovation’. Market-facing innovation shouldn’t be an initiative you turn on and off. Understanding and meeting market needs should define your company. This is what Builders do.

So let’s say you suspect your company is in the Commodity Death Spiral. Is there anything you can do to turn things around? Yes —it won’t be easy, but you’ve got to start restoring the Builder’s spirit that brought you to the party.

It’s vital to breathe new life (and pour more funding) into your market-facing innovation efforts. This is non-negotiable if you’re to differentiate your offerings and stop competing on price. But also, you need to adopt the Builder’s mindset and start thinking long-term rather than trying to placate myopic investors.

This is a journey, not an overnight fix. But like the adage goes, every journey begins with a single step, and you shouldn’t wait another day to take yours.

Dan Adams is the founder of The AIM Institute and author of “Business Builders: How to Become an Admired & Trusted Corporate Leader“. He is a chemical engineer with a listing in the National Inventors Hall of Fame. Dan has trained tens of thousands of B2B professionals globally in the front end of innovation and works with senior executives on driving profitable, sustainable growth.

A Cornucopia Of Data To Sift Through?

Contributor

November 20, 2023

by Elizabeth Thede, director of sales at dtSearch

Let’s say you want to know whether it’s likely to rain during your afternoon outing. A simple yes/no or even a less determinate answer like a 40% probability can get you going with appropriate protection. But now let’s say instead of a straightforward weather forecast, you get terabytes of historical and present-day weather data and analysis dumped on you. Not so helpful as you are running out the door late.

Same thing with enterprise data. It’s great that your office has terabytes of records sitting on its local and remote servers, but how are you going to sift through that cornucopia to find what you need? That’s where enterprise search comes in, letting you find the needle in the haystack. (Doesn’t autumn offer a cornucopia of data analogies?)

Enterprise search provides a similar search mechanism to Internet search across your own office content. But while Internet search sends your search request to an outside company like Google, enterprise search keeps all data in-house. (Note: this article’s descriptions use dtSearch® for its discussion of functionality. If you are using a different search engine, please first verify how it works.)

Enterprise search instantly searches terabytes after first building one or more search indexes. Each index can hold up to a terabyte of data, and there are no limits on the number of indexes that enterprise search can build and simultaneously search. So is indexing a lot of work? Not for you; all you need to do is point to the folders and the like to index. Enterprise search automatically recognizes popular file types like PDF, Microsoft Word, Excel, Access, PowerPoint, OneNote, web-based formats, email formats, etc.

Indexing aims to be foolproof. The indexer can take a PDF saved with a .DOCX file extension or a Word document saved with a .PDF file extension and handle that correctly. Indexing can further work with emails plus multilayer nested attachments, like a ZIP or RAR attachment holding a Word document that itself embeds an Excel spreadsheet. Remote data like Office 365 files or SharePoint files are fine so long as these present as part of the Windows file system. And content that may be invisible in its native application, like black text against a black background, is just ordinary text to the indexer.

Multilanguage data is also not an issue. Enterprise search supports Unicode covering hundreds of international languages, including European languages, right-to-left Hebrew and Arabic, and double-byte character Chinese, Japanese and Korean. A single file or email can have multiple different Unicode encodings, and enterprise search will track that progression. Enterprise search can even find Unicode emojis

After indexing, enterprise search lets you instantly search across the indexed data cornucopia. Or be the OFFICE SUPERHERO and extend searching, operating in an Intranet or a classic network environment, to all of your co-workers, letting everyone instantly search at once. While indexing is resource-intensive, searching is resource-light, allowing search threads to operate instantly and concurrently without interfering with each other. When data updates, enterprise search can update its indexes to reflect files that have been added, deleted or modified without affecting continuing instant concurrent search.

Enterprise search offers over 25 different full-text and metadata search types so everyone can get to the right information quickly. Enter a simple unstructured natural language query: holiday party beverage order. Or leverage precision word and phrase Boolean (and/or/not), proximity, data range, etc. search elements: “holiday party” and (beverage w/7 soda) and not (coffee w/18 tea) and date(10/31/23 to 1/31/24).

Date range search can automatically pick up different date formats like 11/15/23 and Nov 15, 2023. Concept searching can find drink for beverage. If holiday party is mistyped as holimay party, a low-level fuzzy search can still flag that. Or add metadata-specific search elements to your search request. Advanced search options can even find stray credit card numbers that may have snuck their way into open office data.

After a search, view retrieved items with highlighted hits for convenient navigation. “Vector-space” relevancy ranking takes you right to the key files. Take a natural language beverage order query. If order is in 2 billion documents but beverage is in just a few dozen, beverage files would get a higher ranking, with densest mentions getting the highest rankings. You can also add your own customer variable term weighting, giving a higher positive or negative weight to full-text and/or metadata content or positionally to content at the top or bottom of a file. Or instantly re-sort by some unrelated criterion like file date or file location.

Drowning in a cornucopia of data no more. Now you can get out and enjoy the holidays.

Elizabeth Thede is director of sales at dtSearch. An attorney by training, Elizabeth has spent many years in the software industry. At home, she grows a lot of plants, and has a poorly behaved but very cute rescue dog. Elizabeth also writes technical articles and is a regular contributor to The Price of Business Nationally Syndicated by USA Business Radio, with current articles on the USA Daily Times and The Daily Blaze.

How Can You Maintain The Reputation And Image Of Your Funeral Business?

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November 20, 2023

For any funeral business, you must maintain a positive public image, which is essential to growth and stability. However, if your company has a solid reputation, public perception is an element that can be easily damaged by one negative review from a customer. Any funeral home’s public image must be managed daily to ensure continued profitability. In addition, the caregiver should always present your services as the most essential thing considered. Always remember that families need to be able to trust the care of their loved ones and be assured that they can handle everything professionally.

Below are some of the ways that some prosperity funeral businesses, such as Newrest Funerals – National Funeral Directors, use to maintain the reputation of their funeral business.

Ask For the Reviews

One of the compelling marketing tools has always been the word of mouth. However, in this era of modern technology and age, online reviews have become one of the superior methods for recommending funeral providers. For instance, any potential customer can search for funeral-related products and services and rely on online reviews to compare the rates of the different homes. To remain competitive in this industry, you, as the funeral director, need to ask for feedback and testimonials. As a business owner, do not waste any opportunity to collect constructive feedback from your customers to improve the image of your funeral home.

Celebrate Holidays and Anniversaries

The high percentage of people mourning the loss of their loved ones find it difficult to get through the anniversaries or holidays. With such, the funeral owners and managers understand the complexities of grief, and you agree to support the family members on different days. In addition, you, as the funeral home director, can also send cards or letters to previous customers on special anniversaries. Such aftercare services help the family members feel appreciated, and your continued interest in their well-being can positively change your business.

Invest In Public Relations

How can you do this as the funeral director? For instance, some large corporations can hire some departments to help them manage their brand image. It might not be the same for funeral directors, but you can still benefit from solid relationships with magazines, local newspapers, radio stations, and other media platforms. In addition, you can have some interviews with some press releases that would help you maintain a positive image in the public’s mind.

Host Community Events

Hosting the events at your funeral home is one of the great ways to engage the community and build long-lasting relationships with the local families. Community events will always help you showcase your business in a different light as more of them associate your establishment with something else and not lose their loved ones. Also, your funeral home can hold educational or fun events at their place or even partner with a hospital if possible. This can be more of giving back to society and would put your funeral business in a good light.

Have you learned that you can boost your funeral home business? Businesses such as Newrest Funerals – National Funeral Directorshave done it, and with some of the tips outlined above, they have been able to move to another level. However, as a funeral home director, don’t just be after money but the well-being of your customers.

[Photo by Suhyeon Choi on Unsplash]

Building Writing Apps: User-Friendly Features

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November 18, 2023

In the quest to build a writing app with an intuitive interface, developers must prioritize the needs of the end-user — the writer. The aim is to create an environment that feels natural and enhances creativity. A user-friendly writing app should be like a comfortable workspace: everything is where you need it, distractions are minimized, and tools are at the ready, making the process of writing as seamless as thought itself.

The art of user-friendly writing app development lies in striking the right balance between functionality and simplicity. Users demand advanced features that aid their writing process without cluttering their workspace or overwhelming them with options. The challenge for developers is to pack these features into an app that remains clean, simple, and approachable for writers of all skill levels.

Creating a Clean and Intuitive Interface

A minimalistic design is key when aiming to build a writing app with an intuitive interface. It’s not just about looks; it’s about creating a distraction-free zone where writers can focus on their words. An interface that is intuitive to navigate reduces the learning curve and allows writers to dive straight into their work with confidence and ease.

Streamlining navigation is essential for an enhanced user experience. A well-designed writing app guides the user fluidly from one task to the next, with all the necessary tools just a tap away. This ease of movement within the app encourages a smoother writing process and keeps the writer in a creative flow.

The design elements of a writing app should reduce distractions and enhance focus. A cluttered interface can interrupt a writer’s train of thought, so the layout must be organized and calm. Thoughtful placement of features and tools, along with a clean visual design, helps in maintaining concentration and promoting a more productive writing session.

While a beautiful design can attract users, practical usability ensures they stay. The aesthetics of a writing app must not overshadow its functionality. Build a writing app with customizable settings that enable users to adjust the visual elements to their liking, ensuring the app is not just pleasing to the eye but also comfortable and efficient to use over long writing periods.

Customizable Settings for Personalized Writing Experience

To accommodate individual preferences and needs, a writing app should offer a range of font choices and sizes. This flexibility allows users to tailor the text display to what feels most comfortable for their eyes, which is particularly important during long writing sessions.

In addition to fonts, providing various theme options can significantly enhance reading and writing comfort. Whether a writer prefers a bright screen or a dark mode to reduce eye strain, these choices can make a significant difference in the overall writing experience.

Each writer has a unique approach to their craft, and the ability to tailor the writing environment to individual preferences is a hallmark of a great app. Build a writing app with customizable settings that remember a user’s choices, from the organization of tools to the layout of the text, creating a personalized experience that feels intuitive and supportive of their workflow.

For a truly personalized experience, a writing app must remember user settings. This consistency means that every time a writer opens the app, they’re greeted with the same familiar setup they prefer. Auto-save features in writing software play a critical role here, ensuring that all customizations are retained without the user having to redo settings at each login.

Integrating Cloud-Based Functionality for Accessibility

In today’s connected world, the ability to build writing apps with cloud functionality is essential. Writers expect to transition smoothly from their desktop to their tablet to their phone without missing a beat. Seamless synchronization across multiple devices is not just a luxury, but a necessity for the modern writer who moves between office, home, and coffee shops, expecting their work to follow them wherever they go.

Cloud-based functionality also means ensuring data availability and accessibility from anywhere. This is a game-changer for writers who travel or those who work in teams. Having their work stored in the cloud means they can access their latest draft from any location, at any time, without the need to carry around physical storage devices or worry about device-specific storage limitations.

Cloud storage is a two-fold solution for writers: it addresses space constraints and security concerns. With documents stored securely in the cloud, there’s less worry about losing important work due to device failure or theft. It also removes the need for manual backups, as cloud services often include backup solutions for writing applications, ensuring that every word is saved and protected.

The integration of the cloud in writing apps isn’t just about storage – it also opens up the realm of possibilities for collaboration. Collaborative tools for writing apps allow multiple users to work on the same document in real time, making it easier to co-author, edit, and give feedback. This is particularly beneficial for projects that involve teamwork, such as scriptwriting, academic research, or content creation for digital platforms.

Advanced Editing Tools for Quality Writing

Quality writing is more than just storytelling; it’s about presenting ideas in clear, correct language. That’s why advanced editing tools in writing apps are indispensable. By incorporating grammar and style checkers directly into the app, writers can polish their prose without leaving the writing environment. This integration provides a seamless editing experience, enhancing the quality of writing with little additional effort.

Real-time editing assistance is another leap forward in writing technology. It allows writers to receive immediate feedback, catching potential errors as they write. This dynamic form of error prevention not only improves the writing but also educates the writer on common mistakes, enhancing their skills over time.

Beyond basic error correction, some writing apps now offer advanced vocabulary suggestions and sentence enhancements. These features encourage writers to explore new ways of expressing their thoughts, enriching their language, and varying their sentence structure. It’s like having a writing coach embedded in the software, continuously guiding the writer toward stronger, more vivid prose.

Finally, the ability to customize editing tools to suit various writing styles is a testament to the sophistication of modern writing apps. Whether you’re a creative writer looking for synonyms to spice up your narrative or a business professional aiming for concise communication, these tools adapt to your needs, offering tailored suggestions that respect the writer’s intent and the genre’s conventions.

Looking ahead, the future of writing apps seems brilliantly user-centric and efficient. Developers are not just creating software; they are shaping environments where creativity can thrive without technical hurdles. The user-friendly writing app development field is constantly innovating, introducing more intuitive interfaces, smarter editing tools, and more robust backup solutions. These advancements are converging to empower writers, allowing them to focus on their craft while the app handles the minutiae of formatting, error correction, and data management.

The ultimate goal of any writing app should be to empower writers, and this is achieved through thoughtful app design. By offering features like auto-save and backup solutions for writing applications, developers give writers peace of mind, knowing their work is safe. Meanwhile, collaborative tools for writing apps bring creators together, fostering a community of shared knowledge and feedback. Every feature, from cloud storage to real-time editing assistance, is a stepping stone towards creating a space where writers can produce their best work with ease and confidence.

Rough Times For Start-Ups: Win, Survive Or Fail?

Contributor

November 18, 2023

by David Oxley and Helmut Schuster, co-authors of “A CAREER CAROL: A Tale Of Professional Nightmares And How To Navigate Them“

We started our book project over a breakfast of croissants and berries. We found ourselves constantly debating, and lamenting, the lack of really good, contemporary, career advice for the next wave of business leaders. We saw such extraordinary potential, and at the same time, some very modern anxieties and insecurities. One day, we just decided “if no one else is going to write about this… then we must!”

The key, we told ourselves, was to make accumulated career wisdom accessible, relatable, engaging, and practical. We are two geeks at heart, yet having successfully navigated the business world, we did exactly what many start-ups do: we followed our instincts and just did it.

Over the course of our careers, we have worked with many young leaders and entrepreneurs, giving us a wealth of experience to draw on. We intensified our engagement with young inspirational people as part of the research for A Career Carol, and we feel privileged that a number of them contributed to the book.

Along with their engaging insights into how they thought about their careers was a recurring theme of securing funding for their entrepreneurial ventures. While our research was focused on identifying the big existential crises we face as human beings during a 40-year career, there was absolutely no doubting the threats of cashflow for the entrepreneurs we talked with. In some cases, the challenge led them to question whether running their own company was worth the stress.

The most touching and upsetting conversation occurred with a young entrepreneur we both deeply respect. He had built a company with great products and global reach. He flew to Asia to meet promising, potential investors only to suffer the classic bait and switch. He was presented with less of an investment partner and more a ‘shark’ looking to make a quick buck.

However, our advice to him was ‘don’t give up!’ Every career has more setbacks than wins. If it’s easy, it’s not worth pursuing. But how can you flourish rather than just survive in this brutal business climate?

We’ve found that the five considerations below always work:

1. Don’t give up!

Be prepared to refine and rethink your idea. Most start-ups go out of business because people give up too early or run out of cash. There is plenty of money out there. You just need to find the people who believe in you and your idea. Explore many options, use your network, listen to people you trust and keep going.

2. It’s all about the people!

Have you ever wondered why sometimes you feel energized after some business meetings and absolutely exhausted after others? It’s all about the attitude and energy of people. Hiring people, working with people, partnering with people is the most important thing you will ever do as an entrepreneur. Give it the time and deep thinking it deserves. Never let yourself be impressed by a CV. Take references, study the background, have them do tasks, have lunch, include the team in the process. And then ask yourself the question ‘would I be happy to work with this person until midnight to meet an important deadline?’ and ‘would this person wholeheartedly commit time to do everything to support you in meeting the deadline?’

Attitude trumps CV. You will make hiring mistakes but minimize them. If you realize it doesn’t work don’t let it drag on. Fix the issue, exit the person. But do it in a kind and respectful manner.

3. Work like crazy but don’t burn out!

We once hired a member for the HR team, a young graduate. As we normally do in any hiring process, we asked all the candidates to write a two-page paper on how they would invest $100,000 and why? The other question we always ask is, what is your superpower? Apart from writing by far the best paper, the young graduate answered the latter task: ‘I might not be the smartest, I might not be most experienced or best educated, but one thing I know, I can outwork anyone.’

And that’s exactly what happened – a good brain combined with hard work never fails, after all ‘input equals output’. This applies to the corporate world but is amplified in the world of start-ups.

4. Discipline is your trump card!

We both did lots of sports in our youth, we both competed, and we both are still competitive. Sports teaches you one thing more than anything else: the importance of discipline and the ability to be disciplined no matter what. Every successful person needs discipline. For founders it’s a must, no exception. It’s a no brainer for people aspiring to be a top football player, an actor, a dancer. Even breakout TikTok content creators work extremely hard and in a disciplined manner to increase their followership. Running a start-up requires the same discipline. And if you choose to go corporate you will need a similar attitude. If work-life balance is top of your agenda become a civil servant or do a job where you get paid hourly.

5. Pick the right co-founder!

This is probably the most important thing to consider: make sure you pick the right co-founder. You will need a sparring partner, a thought partner and a shoulder to cry on. Just think about the largest and most iconic companies, Microsoft, Alphabet, Apple, for example: they always started with just two people, a shared vision and one product.

In many ways, the key to flourishing, rather than floundering, is having a support system. The entrepreneurs we work with lean on their teams, their co-founders, their families, their friends, and very importantly, a network of professional advisors and mentors. While there may be some serendipity and certainly some good timing in all big entrepreneurial successes, one thing we know for sure… there is not one famous entrepreneur who succeeded without a very, very, good support system behind them.

Dr David Oxley started his career as a management consultant before leading major people and corporate restructuring projects for BP PLC across Europe, USA, India, and the Middle East. Dr Helmut Schuster is currently Chairman of the Board of Ivoclar Group, a world leader in aesthetic dentistry, an active entrepreneur, investor, and frequent contributor to leadership and AFS Intercultural Programs.

They are co-authors of “A CAREER CAROL: A Tale Of Professional Nightmares And How To Navigate Them“. For more information, please visit www.ACareerCarol.com.

Opportunities Abound – If You Can Ignore The Doomsayers

Contributor

November 16, 2023

by Mike S. Shapiro, author of “Read the Tape: Using Situational Awareness to Predict Business and Personal Probabilities“

People sometimes refer to checking in on social media as “doom scrolling,” and if you spend much time there you’ll see why. Commenters are quick to bring to our attention the specter of any woes – or potential woes – out there.

Viewing the 24-hour news channels isn’t much more uplifting, as pundits weigh in with mostly negative predictions about what lies in store for us.

And certainly, over the last few years, a number of things have raised legitimate concerns – the pandemic, inflation, geopolitical unrest. The world, as always, gives pessimists plenty of ammunition.

But sometimes, it seems, that the seemingly non-stop chatter about the problems is more problematic than the problems themselves.

Take inflation. This topic draws gloomy predictions on top of gloomy predictions about a potential global recession, job loss, and the decimation of our already shaky economy. If you believe many of the news commentators – and social media commenters – our lives are poised to go off the rails at any moment.

Sure, we are indeed a bit pinched at the gas pump and groceries have gotten notably more expensive. But we’re also (collectively) still spending in sectors like travel, restaurants, and retail. That good economic news seems to get overshadowed.

Bad News or Great Things on the Horizon?

Now, no one would – or at least should – say that the problems we face are irrelevant. The pandemic caused real pain and heartache, as well as economic disruption. Inflation and rising interest rates are difficult to integrate into our short-term financial realities. And the geopolitical unrest and unpredictability are indeed alarming.

But I also know this: We are an enormously resilient species and, if you pay attention, as I do, to behaviors, actions, and conversations, it does not appear as though the sky is falling. Instead, for the most part, people are going out to eat, shopping, traveling, working, and generally getting on with life.

What do I conclude from this? While there are ongoing challenges, the inescapability of the news about those challenges is sometimes more difficult to deal with than the issues themselves.

I tend to be a contrarian, and when nearly everything I read and hear tells me that the sky’s about to fall, my contrarian nature thinks, instead, that great things are on the horizon.

And I do know this about business and investing: By the time everyone else is reporting about (and reacting to) something, the thing is already done.

Following the Crowd or Thinking Like a Contrarian

Did you just see something in the news about a hot stock? So did everyone else, which means you are likely to buy that stock at too high a price. Did you hear about a hot housing market? Guess what, you’ll pay more than you should for a house in that market because everyone else is moving there now, too. The same applies to “hidden-gem” travel destinations that aren’t so hidden once CNN or the New York Times reports on them.

That’s why, for example, over the past couple of years when everyone rejoiced about the seemingly endless upside to stocks and NFTs and art and home-sale prices, I had a bad feeling about things.

It’s my contrarian nature.

Here’s why I bring this up: If everyone says that we’re on the brink of a recession, they’re thinking that in a few months or so they’ll have data to back up what they’re predicting – data that’s based on what’s happening today, at this very minute.

But news that’s based on past data isn’t news, it’s just data.

Instead of jumping on the bad-news bandwagon, ask yourself about the direction things are headed, how long things have been going in that direction, and whether we’ve been down that road before. Chances are we have, so pay attention to learn how this time may be different.

Think for a moment of the housing market: Housing crashed in 2008. Did that mean it would never come back as a solid investment? Of course not – but headlines then and in the first few years to follow might have led you to believe that. Wise real estate investors paid attention. They leveraged the obvious – that housing would always be in demand – and when everyone else sold, they bought.

So, rather than listen to the babble, learn how to use the information at hand to better predict future probabilities for your business or your investments.

How do you leverage this information?

Begin by asking: What’s the same? People still need housing, for example, and that’s not likely to ever change. Figure out a few more points where you find consistencies. Then ask: What are the key differences (including behavioral patterns and common beliefs), will they last, and what are the impacts on the asset class (in our example, housing)?

When you can answer those questions, you’ll find opportunities – and you can apply this to any asset class that you want to explore.

So, if you turn on cable news or check your social media feed, and you discover that everyone claims the sky is falling, I encourage you to look up.

You will see that the sky is just fine. While everyone else surrenders to unreasoning fear and anxiety, stay calm and look for the smart opportunities that await those who can block out the negative noise.

Mike S. Shapiro, author of “Read the Tape: Using Situational Awareness to Predict Business and Personal Probabilities“, is an entrepreneur, investor, personal development coach, mentor, speaker, and Forbes podcast host. Shapiro is also a co-founder and CEO of EQTY | Forbes Global Properties and a co-founder of Plunk, a Seattle-based proptech startup.

Embracing Diversity, Equity And Inclusion: The Key To Revolutionizing Corporate Culture

Contributor

November 14, 2023

by Lyndsay Dowd of Heartbeat For Hire, and author of “Top Down Culture: Revolutionizing Leadership to Drive Results“

The rapid pace of change in today’s business environment is compelling companies to take a hard look inward and elevate diversity, equity, and inclusion from an initiative to a core value woven into the fabric of their culture. What was once seen as a buzzword is now a cornerstone of successful organizations. A true commitment to DEI moves beyond optics and lip service – it requires comprehensive integration into company values and culture. Recent events like the “great layoff of 2023” have exposed organizations that only gave surface-level support to DEI. To thrive in the modern landscape, companies must fully embrace diversity and equip their workforce for success.

DEI encompasses diversity in all its forms – race, gender, ethnicity, abilities, sexual orientation, and identity. But it goes further by actively integrating these diverse voices into decision-making and culture. When leveraged effectively, diversity unlocks immense benefits: enhanced creativity, innovation, and adaptability. Diverse teams bring unique perspectives to the table, sparking solutions that homogeneous groups may overlook.

However, realizing these benefits requires more than visual diversity. Leaders must cultivate an environment of true inclusion, where employees feel safe to share ideas freely. They should invest in training programs that prepare both management and staff to excel in a diverse workplace. Promotions and leadership roles should be filled by those equipped for the task, not just optics. Proactive support at all levels allows employees and organizations to flourish.

Inclusive workplaces ignite passion by encouraging diverse voices and freedom to innovate without fear. The results are remarkable – goals exceeded, barriers broken, achievements ignited. The financial benefits are immense too, with diverse teams statistically 2.5x more financially successful. Openness to new approaches and calculated risks pays dividends.

Embracing DEI brings strategic advantages beyond financials. Diverse companies attract top talent from all backgrounds, gaining access to broader perspectives. They also earn greater customer loyalty from an equally diverse consumer base. Employees feel valued and bring their whole selves to work, boosting satisfaction and retention.

True DEI integration requires revolutionizing all aspects of corporate culture. In recruitment and hiring, companies can build diverse and equitable candidate pools and interview panels. They should remove biases from job posts and requirements while expanding recruiting channels to reach underrepresented groups. For training and development, cultural awareness and inclusion training should be offered at all levels, alongside resources to help marginalized groups grow their skills. Employee resource groups and mentorships also promote inclusion.

To enable advancement and retention, organizations can set diversity requirements for leadership roles and provide key assignments to give underrepresented groups visibility. Biases in performance reviews and promotions should be eliminated. On the compensation front, pay equity analyses should be conducted across demographic groups. Benefits should also support diverse needs, like gender affirmation procedures and childcare stipends.

Revolutionary companies develop value statements and codes of conduct that embrace diversity and inclusion. They ensure diverse representation in external messaging and marketing, using inclusive language in all communications. For community outreach, they partner with organizations supporting underrepresented groups and seek diverse suppliers/vendors.

Finally, accountability and metrics keep DEI efforts on track. Goals should be set and progress should be measured through anonymous employee surveys. Executive compensation can be tied to DEI objectives. External reporting of diversity metrics and achievements demonstrates commitment. By investigating shortfalls quickly and improving, revolutionary companies embed DEI into their culture.

Revolutionizing corporate culture requires a comprehensive, organization-wide commitment to DEI in values, policies, and practices. Optics are not enough – it must be woven into every business function. This transformation enables companies to access wider talent pools and perspectives. The result is a resilient, creative workforce that powers innovation and drives growth in the evolving business landscape. For companies looking to get ahead, embracing DEI is no longer just an option – it’s an imperative.

Lyndsay Dowd is a seasoned business coach with a 25-year career in sales and leadership. Her passion for reshaping leadership and fostering positive cultures earned her the 2023 Award for Innovation and Excellence, where she was named Business Coach of the Year. Her book “Top Down Culture: Revolutionizing Leadership to Drive Results” solidifies her as a thought leader in leadership development and corporate culture transformation.

Jack Welch’s Strategy Failed In The Long Run. Why Are So Many Companies Still Following His Lead?

Contributor

November 13, 2023

by Dan Adams, founder of The AIM Institute and author of “Business Builders: How to Become an Admired & Trusted Corporate Leader“

Back in the ’80s, Jack Welch was a superstar. As the CEO of General Electric, he sent its stock value soaring. How? By engaging in an intense combination of downsizing, outsourcing, offshoring, and “financial engineering.” Unfortunately, 20 years after Welch’s 2001 retirement, GE’s value was at a quarter of its peak — and the company’s previous reputation for manufacturing leadership, employee loyalty, and breakthrough innovation was greatly tarnished.

Clearly, Welch’s approach didn’t stand the test of time. Hey, hindsight’s 20/20. But what is concerning is that so many companies today are ignoring that hindsight — they’re STILL putting shareholder wealth ahead of building a stronger company.

I’m not out to villainize Welch: He was a product of his times, and later he even renounced shareholder value as the primary goal for a company. My goal is to help today’s companies break their addiction to quarter-by-quarter servanthood to Wall Street — because it’s making them weaker, not stronger.

Many leaders still fixate on this debunked approach. He’s done the research. In a survey yielding 465 responses from publicly traded corporations, I asked senior leaders to identify one of four goals as their company’s primary one: maximize shareholder value, grow by meeting customer needs, beat competitors, and satisfy all stakeholders. I compared the responses from companies whose respondents said they were growing faster than the competition to those whose respondents said they were growing more slowly.

We found that 38 percent of senior leaders see maximizing shareholder wealth as their company’s primary goal. And it was, by far, the top goal for slower-growth companies. For faster-growth companies, the top goal was to grow by meeting customer needs.

There are four types of leaders: Builders, Decorators, Remodelers, and Realtors. Builders behave like a company’s founders, with a passion for delivering differentiated value to customers. They are far more likely than other types to enjoy sustainable growth. Decorators act more like Welch: They’re obsessed with cost-cutting, curb appeal, and quarterly financial reports.

Decorators, like Remodelers and Realtors, have their place — it’s just not in the driver’s seat.

Companies never outgrow the need to have a Builder mindset. They need decision-makers who realize that maximizing short-term shareholder value is far less important than the smart customer research and innovation that actually move the needle on revenue.

Here are three reasons why maximizing shareholder value is an unworthy goal:

REASON 1: It doesn’t inspire employees.

Employees’ goals should be actionable and inspiring. Maximizing shareholder value is neither. If a leader says the goal is to raise earnings per share this quarter, most employees will be clueless on how to help — and frankly, it may lead them to think, Is this just about the bosses getting their bonuses and stock options?

Far better to set goals around growing by meeting customer needs or beating the competition.

REASON 2: It has a terrible track record.

My research found that only 32 percent of the senior leaders at faster-growth companies said their primary goal was maximizing shareholder wealth (far more of these respondents — 49 percent — listed “meeting customer needs” as their top goal). At slower-growth companies, 70 percent of senior leaders named maximizing shareholder wealth as their primary goal.

What’s more, a landmark Harvard Business Review article in which Roger Martin analyzed shareholder returns from two time periods:

1933–1976, when the prevailing view was that professional managers should pursue the interests of all stakeholders.
1977–2008, when it was widely accepted that the primary goal of business was to maximize shareholder wealth.

In the 1933–1976 period, shareholders of the S&P 500 earned compound annual real returns of 7.6 percent. From 1977 to the end of 2008, they did much worse, earning real returns of only 5.9 percent a year.

Certainly, there were other economic forces at play over these decades. But an intense three-decade focus on boosting shareholder wealth didn’t seem to work.

REASON 3: It defies investor logic.

When you understand how a publicly traded company is valued, it should discourage you from focusing on the stock price, at least in the near term.

Imagine a company has current year earnings of $1 billion and a price-to-earnings ratio of 20, leading to a market valuation of $20 billion. This means $19 billion — 95 percent of the company’s value — is driven by something other than this year’s earnings. What is it? It’s the market’s expectations of future growth. For most companies, by far the largest component of its value is determined by what investors think that company will do in the future, not today.

Sadly, many business leaders focus on this year’s earnings (the 5 percent), hit the reset button next year, focus on that current year, and repeat. This gives them little leverage to change their future, compared to leaders focused on future growth (the 95 percent).

Paradoxically, focusing on shareholder value distracts leaders from impacting shareholder value. Those fluctuating stock prices are highly distorted measures of a company’s true value, more accurately reflecting the moods and tactics of traders. We’ve moved from an era of shareholders to share handlers, with the average holding time now down to mere months.

If you try to satisfy those traders and build the long-term value of your company, you’ll find yourself aiming at two very different targets. This isn’t a winning strategy.

Are these really the people senior leaders need to please? Builders don’t owe any allegiance to those who feel no allegiance to them. Builders focus on what they are building, not the fickle crowds watching them work.

Many struggling companies could be transformed if leaders returned to what he calls their “first duty” — to leave the business stronger than you found it. This requires making sure leaders with a Builder mindset are in charge and well-supported by the organization.

All stakeholders — shareholders, employees, customers, suppliers, and communities — benefit when a company’s growth is not just strong and profitable, but also sustainable. When growth is just unsustainable window dressing, only opportunistic leaders and opportunistic investors benefit.

Leaders must realize they haven’t been handed a laurel wreath, but a trowel. What will you build with it? How will you leave your business stronger than you found it?

Fundrise Expands Into Proptech With Strategic Investments In Jetty and Inspectify

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November 13, 2023

Fundrise, known for its real estate investment platform, recently launched an Innovation Fund aimed at opening up venture tech opportunities to everyday investors. Aligning with its real estate roots, the fund made two strategic proptech investments: Jetty and Inspectify.

In September, the Innovation Fund contributed $2 million to Jetty, a rental real estate financial services platform. The funding, which also included Citi Impact Fund, will help Jetty’s growth as it modernizes services for property managers and renters.

This follows a $4 million July investment leading Inspectify’s latest round. The proptech company develops property inspection software, standardizing and streamlining processes for investors, managers, and lenders.

As CEO Ben Miller explains, the investments build on Fundrise’s expertise. “We’re a fintech company, so we have something about finance, and we know something about technology,” he told the “Onward” podcast. “The type of technologies we’re interested in, we actually use.”

While weighted toward AI and data infrastructure, the fund’s first proptech moves tap into an expanding sector. With an estimated 9% annual growth, proptech could reach $86.5 billion in the next decade.

Jetty appeals by integrating rental financial services on a single platform. Fundrise’s letter to investors highlights Jetty’s potential to eliminate unnecessary fees and hassles around security deposits and rent payment.

Meanwhile, Inspectify modernizes manual inspection workflows with data-driven software. Fundrise has already run nearly 5,000 inspections through Inspectify’s platform. As the investment letter states, “We believe Inspectify has built the future of physical property diligence.”

With its background as a real estate fintech, Fundrise seems poised for more strategic proptech investments. Jetty and Inspectify may just be the start.

An Entrepreneur’s Guide To Thriving With Multiple Ventures

Contributor

November 11, 2023

by Christena Garduno, chief executive officer of Media Culture

The thrill of starting a business can be addictive for those looking for new challenges and opportunities. It’s no wonder that many entrepreneurs find themselves drawn to the idea of simultaneously managing multiple businesses, but it’s not an easy feat.

It’s important to note that juggling multiple businesses as an entrepreneur requires careful planning and strategic team management to ensure success and avoid burnout.

Developing a Cohesive Vision

When starting a company, the best way to set it apart is by building a winning and cohesive culture. A well-crafted culture rests on a company’s mission and its core values. These values and your vision should be used as a guide, taking you through every decision made within the company starting at the beginning. Take time to listen to your employees, encourage them to share their input on values, behaviors, and new culture initiatives to ensure that your team and business goals are aligned and the team identifies with the values of the business.

When employees feel a sense of ownership, they are more likely to embrace and represent the culture themselves.

Maximizing Efficiency Across Multiple Businesses

Inefficient business processes can put a strain on a company’s profitability, prevent its ability to meet consumer demand and make it harder for employees to do their jobs. By developing processes and systems from the start, your businesses will be more efficient, and you’ll prevent issues before they arise. By finding ways to simplify internal business processes, you can also make it easier for customers to work with you through their entire buyer’s journey.

For example, you can simplify the purchasing process by making sure that prospects can easily find the information they need on your website, displaying accurate, pinpointed signage in-store and establishing clear customer service expectations for employees to follow.

Building Strong Teams and Empowering Them

When managing multiple businesses, hiring a trustworthy team is key. Successful entrepreneurs build their teams by identifying strong, talented individuals who share their values and are committed to driving growth for the business.

By delegating to a team you trust, you can free up time and reduce some of the load on your own shoulders. While it can be tempting to be hands-on with everything, you must trust your team to handle their responsibilities — avoiding micromanagement. This frees up time to focus on strategy and growth opportunities without hyper-fixating on one of your businesses over another.

Tackling Unexpected Hurdles

It’s important to understand that not all business ventures will be equally successful. Some may have their share of obstacles that are difficult to overcome. Take time to assess the performance of each business objectively and if a venture no longer aligns with your goals or is underperforming… consider pivoting or scaling down.

When managing multiple ventures, it’s vital to ensure that your time is spent on what matters the most…growing your businesses. Even though the process can be challenging at times, with the right vision and planning, the reward is worth it as you grow to be an even better multi-entrepreneur.

Christena Garduno is an inspirational female entrepreneur and leader highly recognized for her success, determination and creativity throughout all walks of life. As a leading businesswoman and chief executive officer of Media Culture, Christena strives to motivate young, female professionals by encouraging them to use their own experiences as a guide in achieving their goals.

7 Safety Tips For Using A Dumpster Rental

admin

November 10, 2023

Construction projects create a lot of waste. According to Industrial Safety & Hygiene News (ISHN), construction and demolition activities account for about 40% of the solid waste generated yearly. That’s about 100 million tons of waste in the U.S. alone.

As a result, dumpster rentals are a common need on construction sites. But before you lease one, you must understand and follow proper safety guidelines. Otherwise, it can become a serious safety hazard and lead to potential health and liability issues.

So here are seven dumpster rental safety tips to follow:

1. Comply with OSHA.

The Occupational Safety and Health Administration is the U.S. regulatory agency for workplace safety. It has specific guidelines for waste disposal, which include creating a safe walking area in front of a building or construction area for bypassers to use and keeping the work site clean and free of loose debris.

Other OSHA guidelines that may impact the use of dumpster rentals include rules regarding lifting and handling heavy materials, vehicle safety, fire safety, and more.

2. Choose a safe dumpster location.

Where you place a dumpster rental is important. It should be in a visible location near the construction activity but not so close that it becomes a hazard. For residential projects, this often means a driveway.

Place plywood underneath the dumpster to avoid cracking or scraping the concrete, and make sure to give trucks plenty of clearance space for when the bin is hauled away.

3. Wear proper safety gear.

Construction waste tends to be large, bulky, and dangerous. It could include sharp objects and precarious debris. Consequently, wearing proper safety gear is crucial. This includes standard hard hats and steel-toe boots as well as gloves and protective goggles. That way, you don’t accidentally get cut or hurt by sharp edges, toxic materials, or rust on waste.

4. Set up warning signs.

Inform your construction team about the location of the dumpster. Then place signage around it to warn passersby to stay clear. If needed, set up construction tape to keep people out. You may also want to set up a sign that says what types of materials are allowed in the dumpster.

5. Practice safe operation.

Though using a dumpster may seem fairly straightforward, it isn’t always. Ask the rental company to give you a quick walkthrough on how to use it properly. They can teach you how to operate all the levers, hinges, door latches, locks, etc.

Try to use the buddy system whenever operating the dumpster to minimize dangerous situations. Keep materials from hanging out of it by packing them tightly and emptying the dumpster regularly.

6. Avoid hazardous materials.

Be careful not to throw hazardous materials into the dumpster since these can create a fire hazard. Some flammable materials to avoid include asbestos, paints, electronics, batteries, contaminated soil, fuels, and oils.

In addition, workers should never smoke or light matches near an open bin. A single spark could be all it takes to light the waste up in flames. Have a fire extinguisher nearby for emergencies.

7. Look out for animals and children.

Lastly, take extra precautions regarding animals and children. Children may be tempted to play in the dumpster, for example. Keep them out by blocking the dumpster with barriers and construction tape if needed.

Similarly, animals may try to rummage through the dumpster for food. Common suspects include raccoons, mice, and other pests. Keep them out by spraying the container with repellants and never throw food into it.

Adding it all up

At the end of the day, operating a dumpster rental doesn’t have to be hard, but it does take some forethought. So go through the steps above to avoid an accident. You and your team won’t regret it.

[Photo by Loren Biser on Unsplash]

Building A Successful Trade Show Experience For Your Brand

Contributor

November 9, 2023

by Ray Sheehan, founder of Old City Media

Trade shows offer tremendous opportunities for companies to build brand awareness, generate leads, and promote their latest products and services. However, simply showing up with a booth is not enough to produce results. A strategic approach is required to create an experience at these events that effectively engages your target audience and conveys your brand identity.

By planning ahead and focusing your efforts, you can ensure your participation drives tangible business growth.

Pick the right show

When it comes to making your brand’s trade show experience a success, meticulous research into the right trade shows is paramount. This process involves several key considerations:

Align with your business goals: The first step is aligning the trade show with your business objectives. Are you looking to increase brand awareness, generate leads, launch a new product, or strengthen industry connections? Your goals will determine which trade shows are the best fit.
Know your target audience: Understanding your target audience is essential. Research the demographics and interests of attendees at different trade shows. Choose events where your potential customers are more likely to be present.
Examine past successes: Look at your previous trade show experiences. Which ones yielded the best results? Consider returning to events where you’ve found success in the past, but also be open to exploring new opportunities.
Investigate competitor presence: Analyze which trade shows your competitors attend. Their choices may provide insights into the events that are most relevant to your industry. Consider attending some of the same events to gain exposure among a similar audience.
Check event reputations: Research the reputation of the trade show organizers. Well-established, reputable events often draw a larger and more qualified crowd. Ensure the event is well-organized and has a track record of delivering value to exhibitors.
Consider your budget: Evaluate the costs associated with each trade show, including booth fees, travel expenses, and promotional materials. Ensure the event aligns with your budgetary constraints.
Talk to past participants: Reach out to companies that have previously exhibited at the trade shows you’re considering. They can provide valuable insights into their experiences, attendee demographics, and the overall impact on their businesses.

Choosing the right trade shows is the foundation for a successful trade show experience. By conducting comprehensive research and aligning your selection with your business goals and target audience, you can ensure that your brand’s presence at trade shows is both effective and strategic.

Plan your booth experience

Crafting an enticing booth experience begins by defining your unique selling points and brand differentiators as the foundation of your booth’s appeal. Prioritize interactive elements like live product presentations, demos, and games to foster active participation. Trade shows can be overwhelming, so offer a comfortable lounge area for relaxation and in-depth brand exploration.

Complimentary refreshments, contests, and giveaways entice visitors. Embrace cutting-edge technology such as virtual reality (VR) and augmented reality (AR) to showcase products innovatively. Pay attention to the booth’s visual design for brand alignment and visual appeal.

Your well-informed and engaging booth staff is pivotal for effective visitor interactions, and fostering networking and conversations. This engaging booth experience is your chance to attract visitors, make a memorable impression, and generate valuable leads. Demonstrate what sets your brand apart and why it’s worth remembering.

Post-show recap

Once the trade show whirlwind subsides, a thorough post-show recap is in order. Bring your team together for a debriefing session, where you can compare notes and evaluate your performance. Ensure that follow-ups with potential leads are promptly completed. Identify the strategies that worked well and areas that may need improvement. Reflect on ways to enhance efficiency for future trade shows. By assessing your achievements and areas for growth, you can fine-tune your strategy, making each trade show a stepping stone toward greater success. The insights gained from these recaps are invaluable for refining your approach and solidifying your brand’s presence in the world of trade shows.

Trade shows are invaluable opportunities to expand your brand’s reach and forge meaningful industry connections. With proper trade show planning and strategic follow-through, these events can catalyze business growth and amplify awareness of your products and services. Conduct extensive research to identify the optimal shows for your goals and audience. Craft an interactive booth experience that conveys your unique value proposition. Network extensively to build relationships and gain insights. Afterward, recap and refine your approach to maximize future success.

Attend trade shows with clear objectives, delivering an immersive representation of your brand’s identity and offerings. The impressions you leave will ripple into valuable opportunities and partnerships that propel your business forward. Approach these events as a platform to spark meaningful conversations, forge connections, and plant the seeds for long-term growth. With a thoughtful strategy and flawless execution, your brand’s trade show participation will become an integral component in cultivating enduring business achievement.

Ray Sheehan is the Founder of Old City Media, a North American event production and experiential marketing agency. He has a background in strategic planning, marketing, event management, and advertising and has helped the company expand from one city in the United States to an international agency. Ray is recognized as a leader in the special events industry and an innovative thinker in the Philadelphia community and beyond.

Treading Lightly: A Mission For A More Sustainable Tourism Industry

Contributor

November 7, 2023

by Steven Garcia, founder of Empire Tours and Productions

As someone who’s been in the thick of it, I’ve witnessed the rise of global tourism firsthand. The appeal of discovering new cultures and gorgeous landscapes has never been stronger, yet, like most things, tourism has its shadows – challenges that aren’t as visible in the captivating pictures shared with friends or family.

The world is a vast and beautiful place, but our footprints have left some permanent stains. The tourism industry’s dark side has long been looming underneath the surface, with ecological degradation as the most alarming guest that often accompanies the tourist influx into delicate ecosystems.

The cultural fabric, too, can fray under the sheer number of visitors, with traditional ways of life bowing to the demands of commercialization. Our love for exploration also strains local infrastructures, overwhelming them beyond their capabilities.

But as conscientious citizens and as industry experts, we bear the responsibility to tackle these issues head-on and find solutions that will mitigate the negative impacts of tourism. With my enterprise, Empire Tours and Productions, this is precisely what I aim to accomplish.

Now more than ever, as we witness millions of species dying out, the oceans flooded with plastic waste and global temperatures rising, it’s critical we allow the environment’s needs and its survival to take center stage.

Through Empire Tours, my team and I have embarked on many initiatives with a focus on preserving local history and natural beauty while considerably reducing our carbon footprint.

In Chicago, the way we have driven the sustainability movement forward is through our Gangsters and Ghosts and the electric boat tours.

As a history buff, I have always been especially excited about Gangsters and Ghosts as it not only allows visitors to connect with the city more intimately and retrace the steps of Chicago’s infamous figures like Al Capone, but it has also hugely contributed to our eco-conscious efforts.

More precisely, since it’s a walking tour, it reduces the strain on infrastructure, and by moving away from vehicular transport, it allows us to cut carbon emissions at an incredible level. In fact, combined with other walking tours, such as New York’s Gangsters and Ghosts, we have been able to eliminate over 5,000 hours of bus emissions a year, and the goal is to triple that amount.

The Chicago electric boat tours have played an equally critical part in minimizing our ecological footprint. These tours not only provide a serene voyage for the visitors but with zero emissions into the air and water, they decrease noise pollution and maintain the impeccable condition of cities’ lakes and rivers. As a result, we can protect the natural habitat of marine life.

But it wasn’t enough for us to only focus on the urban areas. Owing to a partnership with Airbnb, my team and I have made significant efforts to curb the negative impacts of tourism on our natural landscapes through our glamping cabins in Wisconsin and Ohio, made from 100-year-old reclaimed forest firewood we sourced in California.

These cabins truly demonstrate the power of repurposed materials, and I believe they hold the key to driving sustainable accommodation to new levels.

Looking over the things we’ve accomplished so far and the work yet to be done, one thing I can confidently say is that it’s high time to move beyond awareness to action. Both businesses and travelers have their role to play in shaping a more sustainable future for tourism.

For companies, there are several practical steps that can be taken. First, investing in renewable energy for operations is a tangible way to reduce the environmental impact. Solar panels, wind turbines, and other renewable energy sources can significantly cut down on a company’s carbon emissions.

Collaborating with local communities is another crucial step. By working closely with the people who call these tourist destinations home, companies can ensure tourism benefits everyone involved. Something we’ve done at Empire Tours in Chicago and New York, for example, is partnering up with 16 local electricity-run restaurants in order to support their sustainability strides.

For travelers, there are many ways to travel sustainably. Choosing eco-friendly accommodations and tours is a great start. These options prioritize environmental conservation and often contribute to local economies in ways that are actually meaningful. Traveling during off-peak times can also lessen the strain on popular destinations.

After all, tourism doesn’t have to be destructive. It can be a force for positive change, fostering appreciation for our planet and its diverse inhabitants.

As world citizens, if we collectively put in the effort, then I’m confident we can genuinely make a difference. Sustainability shouldn’t be a trend or a buzzword but an imperative for all in order to guarantee that the generations to come can enjoy the beauty and the glamour of the places that we have spent so much time admiring.

Steven Garcia, the founder of Empire Tours and Productions, is a prominent advocate for sustainable travel. His company offers luxury, eco-conscious travel experiences in major U.S. cities such as Chicago, New York City, New Orleans, and Charleston and is expanding globally to London, Amsterdam, and Berlin.

Why Cybersecurity Is More Than Just Installing Firewalls

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November 7, 2023

In today’s digital age, where data breaches and cyberattacks are becoming increasingly common, the importance of robust cybersecurity cannot be overstated. While many perceive firewalls as the ultimate defense against cyber threats, the reality is far more complex. Cybersecurity is a multifaceted discipline that goes beyond merely installing a firewall.

Let’s delve deeper into this intricate world and understand why a comprehensive approach to cybersecurity is essential.

Unraveling the Web of Technical Vulnerabilities

Every day, new vulnerabilities emerge, threatening the integrity of our digital systems. Some of the most common technical vulnerabilities include:

Software Flaws: Outdated software or systems that haven’t been patched can become easy targets for hackers. These flaws can be exploited to gain unauthorized access or disrupt services.

Weak Passwords: Surprisingly, “password123” is still in use. Weak or easily guessable passwords can provide an easy entry point for malicious actors.

Phishing Attacks: Cybercriminals often use deceptive emails or messages to trick individuals into revealing sensitive information or downloading malware.

Unsecured Networks: Using public Wi-Fi or networks without proper encryption can expose data to potential eavesdroppers.

The Limitations of Firewall-Centric and Device-Centric Cybersecurity

While firewalls play a crucial role in filtering out malicious traffic and preventing certain types of cyberattacks, relying solely on them is a flawed strategy.

Here’s why:

Evolving Threat Landscape: Modern cyber threats, like zero-day exploits or advanced persistent threats, can bypass traditional firewalls with ease.

Internal Threats: Not all threats come from the outside. Malicious or negligent employees, or even compromised devices within the network, can pose significant risks. Firewalls are often ineffective against these internal threats.

Overemphasis on Perimeter Defense: A device-centric approach, which focuses on protecting individual devices, can lead to fragmented security. If one device gets compromised, it can potentially jeopardize the entire network.

Diversifying Your Defense: The Need for Multiple Zones of Protection

To truly safeguard digital assets, one must think beyond firewalls and adopt a layered approach to security. Good cybersecurity providers such as RedLegg recommend approaches such as:

Endpoint Protection: Ensure that every device connected to the network, from computers to smartphones, has robust security software installed. This software should protect against malware, ransomware, and other threats.

Network Segmentation: Divide the network into segments, ensuring that if one segment is compromised, the threat doesn’t spread to other parts of the network.

Multi-Factor Authentication (MFA): Require users to provide two or more verification methods before granting access. This could be something they know (password), something they have (a smart card or token), or something they are (fingerprint or facial recognition).

Regular Security Audits: Periodically assess the network and systems for vulnerabilities. This proactive approach can identify potential weaknesses before they’re exploited.

Holistic Protection: The Path to Digital Tranquility

A comprehensive approach to cybersecurity offers more than just defense against threats; it provides peace of mind. Knowing that multiple layers of protection are in place allows businesses and individuals to operate with confidence in the digital realm. Key elements of holistic protection include:

Continuous Education: Cyber threats evolve, and so should our knowledge. Regular training sessions can keep employees updated on the latest threats and best practices.

Backup Strategies: Regularly back up data to secure locations, ensuring that even in the event of a ransomware attack or data breach, the information is safe and recoverable.

Incident Response Plan: Have a clear plan in place detailing the steps to take in the event of a cyber incident. This ensures a swift and coordinated response, minimizing potential damage.

In conclusion, while firewalls are a foundational element of cybersecurity, they are just one piece of the puzzle. In the ever-evolving landscape of cyber threats, a holistic, multi-layered approach is the key to robust protection. By understanding the complexities of cybersecurity and implementing a comprehensive strategy, businesses and individuals can navigate the digital world with confidence and security.

Let’s Explore: Can SaaS PPC Elevate Your Start-Up’s Marketing Strategies?

Contributor

November 6, 2023

by Sergey Solonenko, founder of Algocentric Digital Consultancy

Getting a software business off the ground can be tricky, especially in 2023. Many companies have transferred their operations online, so the competition has never been stiffer. That being said, if you wish to make an impact, your best bet is to invest in various digital marketing strategies.

Among all these different promotional activities, SaaS PPC stands out as the fastest way to generate leads. Unlike search engine optimization and social media marketing, paid advertising can yield results overnight. This is especially important for your software entrepreneurs who are fresh off of college and don’t have the necessary business connections.

How Does SaaS PPC Work?

As the name indicates, SaaS PPC is a process of using Google Ads, Facebook Ads, and other channels to promote your software brand. The term PPC stands for Pay-Per-Click, where an entrepreneur pays money each time someone clicks on their link.

SaaS PPC Benefits.

Faster than other digital marketing methods
Doesn’t require that much time to set up
Simpler than search engine optimization

The best thing about SaaS PPC is that it always provides some results for your business. Unlike SEO or SMM, where you invest lots of money for months and months without getting a single lead, paid ads can land you first clients within a week. In that sense, it is one of the fairest marketing processes.

SaaS PPC Drawbacks.

Still requires some website optimization
Usually, it doesn’t cause a snowballing effect
Some keywords can be extremely expensive

The issue with PPC marketing is that the best keywords are usually very expensive. Savvy experts know which phrases to target, which is why these keywords usually have high cost-per-click. So, while PPC can yield results, it can be disastrous if you pursue the wrong terms. On top of that, it doesn’t yield the same brand-building benefits as some other marketing techniques.

5 Steps for Creating a Successful PPC Campaign

Like any other promotional activity, your PPC strategy requires careful planning and execution. While the process varies from platform to platform, these are the basic things you need to do:

1. Set Goals.

First of all, you need to decide what you need from paid advertising. Not only should you select the right platform, but you also need to determine your target audience. Here are some of the main things you need to establish before spending any money:

- Find target audience
- Find the optimal PPC channel
- Set goals (increasing traffic, sales, or brand awareness)
- Introduce KPIs
- Decide on format

While goals might change during longer campaigns, you still need to track and, if necessary, tweak ads. Most importantly, you should only focus on measurable goals to avoid unnecessary spending.

2. Create landing pages.

Creating effective landing pages is every bit as important as running ads. In the end, if people don’t interact with your content once they reach the website, there’s no point in spending money in the first place.

Ideally, your landing pages should be highly relevant to the keywords you select. As this isn’t always the case, you might wish to reroute them so they eventually land on product pages. Whatever the case, consider the potential buyer’s journey beforehand and perform A/B testing.

3. Find Right Keywords.

We differentiate four categories of keywords:

Informational
Navigational
Commercial
Transactional

In an ideal world, you should only pursue transactional as they bring the highest revenues. However, you might also benefit from commercial and, sometimes, informational phrases. Keep in mind that the keyword category also determines its price, so sales-focused terms will always be more expensive than informational ones.

To have a better understanding of how your campaign would look like, you should perform a competitive analysis. Although you don’t know how much other websites earn from certain phrases, you can mimic their strategy, thus focusing on the most lucrative phrases.

4. Create an Effective Ad.

Like with any other marketing approach, your campaign will only be as efficient as your content. The copy is the basis of your ads, followed by CTA and graphic design.

When it comes to the ad copy, it needs to be informative yet enticing enough so that people click on it. Users need to understand the potential benefits and what’s required from them. Ideally, you should target readers’ pain points.

CTA should further emphasize the point in the ad copy, while visuals can increase engagement. Keep in mind that each platform has its optimal formats, which should guide you during content creation.

5. Your Ads.

Companies can and should continuously improve their paid ads. Every once in a while, you should check how your campaigns are performing and whether there are some glaring issues. Small changes can significantly improve your conversions, so don’t be too prudent with your ads.

Here’s the best way to go about things:

Create a Google Analytics account and link it to your Google Ads. Track use metrics within the tool to understand how the ads are performing
If you’re using website ads, you’ll need to contact the host for analytics data
Create reports, analyze KPIs, and compare them to your goals
Try small tweaks to improve performance, such as changing graphics, improving text, and so on
If your ads are still underperforming after several alterations, there’s a good chance that the keyword selection was wrong. In these cases, it’s best to avoid the phrase altogether

In most cases, testing will be the best way to save money for your company.

Conclusion

Investing in SaaS PPC is the fastest way to generate fresh leads for your software company. With this marketing approach, you can quickly gain returns on your investment, which isn’t always the case with other tactics. The best thing yet is that you can always utilize a plethora of metrics to streamline the process and measure results.

Sergey Solonenko is founder of Algocentric Digital Consultancy, an active digital strategist and a fractional CMO for many B2B SaaS brands embracing digital transformation.

The SEC’s Battle Against Coinbase And Binance, Explained

Contributor

November 3, 2023

by Peter Eberle, President & Chief Investment Officer of Castle Funds

In early June, the US Securities and Exchange Commission (SEC) filed separate lawsuits against cryptocurrency companies Coinbase and Binance. The central allegation of both is that the companies were running unregistered securities exchanges. In other words, the SEC believes these companies set up their own exchanges for buying and selling assets, which were in fact, securities under the law, without following the government rules and regulations that generally protect investors.

The Coinbase and Binance cases have consequences and implications that extend far beyond the fates of these two companies. Indeed, it seems the entire crypto industry could potentially be affected by the SEC’s actions.

The SEC’s allegations

The SEC’s suit against Coinbase alleges the company created securities under its program for “staking” or lending crypto assets in return for income, which were then sold to investors without lawful disclosures and registration with the SEC. In so doing, the company “has deprived investors of significant protections, including inspection by the SEC, record-keeping requirements, and safeguards against conflicts of interest, among others,” according to the agency’s complaint.

Binance faces these same charges, as well as additional ones for allegedly misusing customer funds. For instance, the SEC alleges the company and its founder Changpeng Zhao engaged in tactics like “wash trading” to inflate prices and profit off of consumers.

The agency also contends they mixed up funds from investors and transferred them to another Zhao-owned company in an attempt to thwart the authorities. As SEC Chair Gary Gensler states, “We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

Altogether, the SEC has brought 13 charges against Zhao and his company. These allegations could lead to criminal prosecution for fraud or similar offenses under US laws.

What’s going to happen?

First off, it will take a very long time for these cases to be resolved. They may even stretch on for years. In the meantime, Coinbase and Binance can be expected to continue to operate, and people can still use them to trade.

The likely outcome of the case will be that the core functions of these firms (i.e., running an orderly exchange, helping investors do trades, and clearing/settling those trades) will be split up and brought under similar regulations to those governing financial firms performing the same functions for securities such as bonds, stocks, and mutual funds. To stay in business, Coinbase and Binance will likely need to submit to inspections by the SEC or other regulators, keep books and records as required, and make truthful disclosures to investors.

However, that’s not where the case’s impact will end. The whole world of crypto is likely to change as a result.

Will crypto come under the SEC’s umbrella?

The actions that the SEC has taken against Coinbase and Binance will test whether or not crypto companies fall under the purview of US laws that regulate securities. Crypto companies have long sought to exploit ambiguities in the SEC’s rules and argue that their coins, tokens, and other assets are not securities. These apparent gaps in the rules exclude their activities from investor protections, such as filing audited financial statements and preventing manipulative trading such as “wash sales”.

Indeed, questioning the SEC’s jurisdiction is Coinbase’s most recent defense. “Coinbase just doesn’t list securities, period,” the business’s chief legal officer has claimed, seeking to get the case dismissed.

Whatever decision the court reaches, its ruling can be anticipated to clarify the obligations to investors and regulators that cryptocurrency exchanges incur.

How crypto will change

I foresee other changes as well. For instance, the barriers to getting new digital asset tokens launched will likely become higher as access to pools of US investor capital becomes more limited. Digital asset tokens will also probably need to make financial disclosures, such as ownership and control information, and keep this data up to date.

Any market participants that actively seek to avoid this regulation — as Binance is alleged to have done in the SEC complaint — will likely find that avoidance to be more difficult.

Finally, some investors today rely on personal and firm reputations instead of regulatory safety nets when selecting venues to invest in crypto assets. If these companies are found guilty of malfeasance, investors will become increasingly skeptical of unregulated exchanges and cautious in their decision-making.

Crypto still has a long future

While some may fear that government scrutiny will destroy the crypto industry, my team and I believe these concerns are overblown. From our perspective, the crypto space can be effectively regulated to provide investor protection. In the end, increased transparency and

accountability may even prove a good thing for the industry, making it more trustworthy to everyday investors.

For this reason, we believe that cryptocurrencies and related assets will continue to provide exciting opportunities for investors long into the future.

Peter Eberle, President and Chief Investment Officer of Castle Funds, has extensive experience in portfolio management, derivatives trading, and risk management. He earned his MBA from the University of Pennsylvania’s Wharton School of Business.

Diagnosing Your Business Leader: Builder, Decorator, Remodeler, Or Realtor?

Contributor

November 2, 2023

by Dan Adams, founder of The AIM Institute and author of “Business Builders: How to Become an Admired & Trusted Corporate Leader“

I’m on a quest to reinvigorate corporate America. My goal? To put more Builders at the top — or, at least, to inspire those already at the top to behave more like the leaders who brought them to the party.

Your company — and every company you can think of — was founded by a Builder. And while the prevailing belief seems to be that it’s okay for mature companies to ‘move on’ and be led by non-Builders, this is not true. When those at the top reject the Builder mindset, they start making errors that slow their company’s growth. Truly, in some cases, it would be better if such leaders sat at home and did nothing.

There are two conflicting leadership “types”: Builders and Decorators. Builders drive profitable, sustainable growth by delivering differentiated value to customers, as they brush aside business fads, short-term distractions, and financial gymnastics. Decorators focus on looking good to investors, quarter after quarter after quarter.

What about your own business leader? Does he or she think like a Builder? Here’s a brief profile of each type that will help you determine who’s in charge of your business.

Builders.

These leaders have a passion for organic growth. They focus on strategic markets and voice-of-customer research. They have a strong R&D project portfolio. They think in years, not quarters, because they know that’s what it takes for new products to deliver needle-moving revenue and for employee training to deliver serious change. For a Builder, nothing matches the satisfaction of understanding what customers want, delivering meaningful innovation, and watching the sales roll in.

Builders are proud of their work and inspire loyalty in their employees. It’s fun and exciting to work for a Builder, because they value people’s contributions and give them a chance to stretch themselves and develop their skills.

Decorators.

To these leaders, curb appeal is everything. They’re focused on how the place looks, and life is all about the quarterly financial report. But their work becomes an unending cycle. After each financial reporting period, they begin the same activities all over again, and in the end, their business does not change. (It’s like a business version of the movie Groundhog Day!)

Decorators think they’re doing meaningful work, but they aren’t really making a difference. The energy they put into this quarter’s financial report is squandered energy. Next year, no one will even remember that quarter that seemed so important at the time.

Decorators are near-time-horizon types of leaders, thinking in months or quarters. “If financial results were published every fortnight, their time horizon would be fortnights. Where a Builder would ask, ‘How can we grow this business?’ a Decorator would ask, ‘What costs can we cut?’ But while a Builder keeps building, at some point, a Decorator has nothing left to cut.

There’s nothing wrong with Decorating in itself: Why not look good to investors? The problem arises when Decorating occurs at the expense of Building. And it very often does, as many short-term actions degrade long-term profitable growth.

Remodelers.

These leaders are forever fixing up the place. They focus on improving quality, boosting productivity, eliminating wasteful costs, etc. These are commendable endeavors, but if nothing new is built, the company reaps diminishing returns.

Imagine you’ve been working on quality improvements. Good! But what will you do after you get to zero defects? Perhaps you’re driving down labor costs. You’ve finally reached full automation with a lights-out factory. Your productivity is fantastic, but what will you do next? You’ve reached diminishing returns.

Remodeling is good, but Remodeling without Building is a race to the bottom. It ends in commoditization. Your competitors eventually match your quality or productivity with similar products, and then the price wars begin. Bottom line: Keep Remodeling, but never stop Building.

Realtors.

These leaders love to buy and sell, reaping their rewards during mergers and acquisitions. Realtors are rewarded when the hard work of others’ hands is transferred into their hands. Realtors mostly redistribute wealth that others have created.

Research shows 70–90 percent of acquisitions fail. But some can be helpful, especially when acquiring a competency that helps your business change its growth trajectory. When you have a Builder at the helm, the acquired business can become a Building block in their Building program. With Realtors… not so much.

The problem with many Realtors is that they don’t know how to grow what they acquire. Their acquisitions become enormous distractions from the Builder’s work needed for organic growth. As a result, many Realtors are just building a house of cards.

Builders, Remodelers, Decorators, and Realtors all have their purpose, but where they fulfill that purpose makes all the difference.

If you have anyone other than a committed Builder leading your business, sooner or later you’re going to be in trouble. There’s room for the other roles discussed here… but they should be in supporting roles. Now is the time for the business leader to take a hard look at his or her mindset and beliefs about company growth — or for the company itself to rethink who is steering the ship.

*excerpted from Business Builders: How to Become an Admired & Trusted Corporate Leader (The AIM Institute, 2023, ISBN: 979-8-854-42618-3)

How To Create A Super Modern Office On A Budget

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November 1, 2023

In today’s dynamic business environment, having a modern, efficient, and aesthetically pleasing office space is paramount. However, creating that ideal workspace doesn’t necessarily mean you have to break the bank. With strategic planning and creativity, it’s entirely possible to build a super modern office on a budget.

Here are some innovative ideas to transform your traditional office into a contemporary and functional workspace without draining your finances.

1. Flexible and Functional Furniture.

Investing in versatile and ergonomic furniture can not only enhance the aesthetics but also improve the functionality of the office. Many online retailers now offer a range of affordable, modern, and modular furniture that can be easily customized to fit any office design and space.

2. Optimizing Natural Light.

Natural light plays a significant role in boosting productivity and well-being. Eliminate heavy drapes or obstructive window coverings to let in as much natural light as possible. If necessary, install light-filtering blinds to control glare and privacy. Incorporating glass partitions can also facilitate the flow of light throughout the office.

3. Incorporate Technology.

Adopting technology is integral in modernizing your office space. Consider utilizing wireless technology, cloud-based applications, and modern communication tools to streamline operations, improve productivity, and reduce clutter. Also, ensure your office design facilitates easy access to power sources to keep devices charged and ready to use.

4. A Touch of Green.

Introducing plants to the office environment is not only aesthetically pleasing but also contributes to air purification and stress reduction. There are a variety of low-maintenance, budget-friendly indoor plants that can instantly elevate the office ambiance. Consider easy-to-care-for options like succulents, snake plants, or pothos.

5. Artistic Elements.

Art inspires creativity and innovation. But you don’t need to purchase expensive art pieces to adorn your office walls. Consider sourcing local artwork or even encouraging your employees to showcase their artwork. Introduce a picture rail hanging system which is an affordable, flexible, and elegant way to display art, photos, or awards, allowing for easy rotation and rearrangement.

6. DIY Decor.

Embrace the DIY trend. There are countless resources online, from blogs to YouTube tutorials, that can guide you in creating customized, low-cost décor that reflects your brand and culture. Upcycle old furniture, create mural walls, or design your own office accessories. It not only saves costs but also adds a personal touch to the office space.

7. Community Engagement.

Consider creating communal spaces within the office to foster interaction and collaboration. A mix of seating arrangements, communal tables, and open spaces can facilitate flexible working and encourage a community feel. Look out for second-hand or discounted furniture to furnish these areas, or explore furniture rental options.

8. Sustainable Practices.

Sustainability is at the forefront of modern office design. Consider integrating recycled materials, energy-efficient lighting, and sustainable office supplies to not only create an eco-friendly office space but also save on long-term operational costs.

In summary, creating a super modern office on a budget requires a blend of creativity, strategic planning, and resourcefulness. Consider the functionality and aesthetics of each element, and explore cost-saving alternatives that do not compromise on quality or the well-being of your employees. Your office space should not only be a reflection of your brand but also a catalyst for productivity, innovation, and growth.

Key Takeaways.

Opt for modular and ergonomic furniture that is both aesthetic and functional.
Maximize natural light and consider sustainable practices to boost energy efficiency.
Introduce budget-friendly artistic elements like a picture rail hanging system to add character and inspiration to the office space.
Embrace technology to streamline operations and create a clutter-free environment.
Consider DIY decor and community engagement to add a personal touch and foster a collaborative atmosphere.

[Photo by Austin Distel on Unsplash]

Blending Love And Passion Into Your Business Vision

Contributor

November 1, 2023

by Amber Kelleher-Andrews, CEO of Kelleher International

Anyone who knows me or has worked with me knows I love love. For me, blending passion and love for what I do isn’t anything I have to think about — it happens organically. It has fueled my matchmaking business and allowed me to live a life surrounded by love every day, with passion and goals in consistent alignment with the mission of my business.

Successful businesses must be fueled by passion, whether it’s a drive to be the first or the best at something, a deep interest in serving a particular community, or even simply to help solve a problem. There is an old adage that states, “If you do what you love, you’ll never work a day in your life.” Although much of what entrepreneurs do is hard work, there is some truth in that wisdom.

When you go into a business with love and passion coursing through your veins, it doesn’t always feel like “work.” Finding ways to align my passions with my business goals has been a journey filled with adventure — and it never gets old.

How passion fuels professions.

Having a passion for something is often what lights the initial spark of business vision. I’m a romantic at heart who felt driven to bring true love and purposeful connection into as many lives as possible. That drive to bring love into the world and help others find love wouldn’t let me go until I acted on it. It was the proverbial itch I needed to scratch. Through this passion, I have been so proud to have built the world’s #1 elite matchmaking firm.

The truth is that passion ultimately turns people into professionals. When you love what you do, it radiates from you in every interaction with clients, customers, and employees. You can better solve problems when there is passion behind your interactions with customers and clients because you believe strongly in your business mission and your “why.” You’re often willing to go the extra mile to make people happy, and any mistake or misstep is worked on until it’s made right because it matters so deeply to you.

Love and enthusiasm.

My business — matchmaking — is all about working with people. It’s a love business. Enthusiasm for love is woven into each and every interaction we have with our clients.

When you’re just starting a business — no matter what industry you’re trying to enter — you want to drum up enthusiasm in any way that you can. This often begins by simply sharing why you are starting your business, and letting the love for what you do speak for itself. That enthusiasm and belief in what you are bringing to the table will drive engagement.

Enthusiasm can be contagious, especially in today’s online communities, where people feel compelled to share content that clearly comes from a place of authenticity. This enthusiasm-building should be the cornerstone of any marketing plan — especially at the beginning of one’s business, as this is when the passion you have for your business vision should speak the loudest.

Keeping it professional.

When you’re the leader of your organization, it’s crucial to never lose sight of the original spark of passion that drew you to begin your business in the first place.

What I do can be difficult at times, but it’s a journey that is specific to each client and filled with lessons that can be applied both professionally and personally. Love is complicated, and behind the scenes, matchmaking is a business that needs professional structure.

Seek out others who share the same passions and interests as you to share valuable insights and collaboration. Build a village around yourself as a support system and a place of refuge when tough times happen within your business — and they will happen.

If your clients and customers are drawn to that enthusiasm, it’s likely your team members will be as well. They will come to believe just as strongly in your business mission because they know it comes from a place of genuine love.

Passion and love alone cannot make a business successful, but I would argue that both are essential elements of any business that has stood the test of time. It’s essential that one stays curious and committed to learning more about their chosen field. Passion can take you far, but curiosity fuels continued learning and growth.

The culture of your company is its heartbeat. When that culture is fueled by love and passion for the company’s mission, that heart will keep beating — strong and alive.

Amber Kelleher-Andrews, CEO of Kelleher International is a world renowned relationship expert, professional matchmaker, TV Personality, film producer, and philanthropy enthusiast. Amber lives out her dream job serving as CEO of her family global matchmaking firm, Kelleher International, growing it into an international multi-million-dollar premium brand that remains the leader in what is now a booming 3.5-billion dollar industry.

When Is It The Right Time To Bring On A Virtual Assistant?

Contributor

October 31, 2023

by Kathy Soulsby, author of “How To Work With A Virtual Assistant“

Bring in an assistant too early and you don’t have enough work for them to do or the budget to do it. Too late and you’re potentially already at a volume of work yourself that is excessive, and therefore finding the time to manage recruiting and onboarding a new team member is tricky.

So how do you know when it’s the right moment to bring someone into your business as a support?

Are you ready to let go?

It might be that a VA is your first experience of someone other than you working in and on your business. You may have IT support or a web designer but a VA, particularly this kind of ongoing support, is a little closer to home.

You have to be willing and emotionally ready to delegate some tasks. If absolutely everything up to this point has been done by you, this is going to feel weird. Sometimes nice-weird (“Oh thank God, that’s off my list and getting done without me, I hated it”) and sometimes annoying, frustrating, or even unhappy-weird (“Why is she doing it that way, that’s not how I’d do it!”). But either way, it will feel weird. There are a few ways to balance out the initial weirdness.

Firstly, be cautious and put security and legal measures in place so you know your business is safe. Secondly, only delegate to someone you trust. You should only give tasks to someone who understands and respects your business and your values. It is completely fine to only ask your VA to do a few easy internal tasks as they start, to ensure that you’re happy with everything before they’re let loose on client facing work. But in the fullness of time, you’ll need to let your VA take the initiative and make some decisions without your input. Otherwise, they’ll be asking you everything at every stage and it’ll take longer than if you did it yourself. If you can’t imagine a time when you would let that happen, if you know that you tend to micromanage, then be realistic about that now.

It doesn’t necessarily mean that a VA won’t work — you may just need to manage their expectations at the start and review exactly what you give them in order for you to feel comfortable. Some tasks naturally lend themselves to delegation by those who are more nervous about handing things over. A VA writing your blogs or web content for example, is likely to expect you to review it before it goes live.

Likewise, if a VA is managing your diary, you should be able to let them do that without checking each and every appointment change. If this makes you nervous and you feel that you must be involved in every transaction and every email, then you may not be ready for a VA. And of course, it’s not going to be very cost effective for you if you routinely check every single task they do.

Do you have enough work to outsource?

You may be ready, willing and poised to get someone onboard but if you don’t have enough work that someone else can pick up, you might not get a useful bang for your buck. When we are overwhelmed, it is very easy to think that we have piles and piles of things that someone else could take off us. But is this really the case? Take a careful look at your “delegate” list. As we talked about earlier, there is an initial investment of time and energy to getting a VA on board, and if you only have a teensy bit of work for them to do, it might not be worth it.

Do you have the budget?

Can you pay for enough of a VA’s time to make the relationship worthwhile for you — and them?

If you want to build a good relationship with a VA and really have someone be a useful support to you, you need to be able to invest in at least 8-10 hours a month of their time (or get to that amount quickly).

With a decent amount of monthly hours, you can invest in training your VA. They’ll know how you like to work and what your priorities are. They’ll be armed to make decisions on your behalf. They’ll add value to your business and start to free up your time to earn more money. So, can you pay for that?

Are you trying to fix a person with a resource?

Are you bringing in a VA to fix a problem you have failed to solve with something else? If you are thinking of getting a VA to support someone on the team, is that because they are overloaded or because they are unmanageable? If you can’t manage your member of staff, please don’t expect a VA to do it for you.

Do you have the time to bring a VA up to speed?

Do you have the time to recruit and onboard someone properly at this moment in your business and life, or would another point in the year get you off to a better start? Getting a VA isn’t an instant fix to getting your time back. It will, of course, in the long run, but there is an inevitable amount of time that you will need to invest in getting this project off the ground. If you do a poor job of bringing someone in, it will impact on what you get out of them. So be honest about your commitments.

How a VA could help those with ADHD

Those with ADHD (Attention Deficit Hyperactivity Disorder) brains are amazing at their brilliance, laser focused and capable of delivering fantastic work, on time, on budget and wowing those around them. However, the things that are not their brilliance they really struggle to get excited about and to get themselves motivated to do. Fortunately, more and more folks with ADHD are discovering that working with a VA can be life changing.

Outsourcing everything but your brilliance is even more critical for those whose brains work in this unique way – because unlike those of us who will (eventually) knuckle down and grumble through the things we find tedious, those with ADHD really find that challenging, so those things get left or overlooked. And if you are running a business, things like not sorting out your VAT return really can have some nasty consequences.

This is where the right VA can be a huge asset, scooping up things that are necessary but fall outside of your scope of interest and genius. A VA can also suggest systems and ways of working that might help make some of these tasks easier in the future.

Are you too much of a mess for a VA?

This is a moment for some self-examination. To put it simply, if you are a born hot mess, even the most amazing VA in the world is not going to be able to make you organised. No VA can work miracles. Just like hiring a personal trainer can’t make you thin and hiring a cleaner can’t make you tidy, hiring a VA will not make you organised. Only you can do that. A VA relationship will involve effort on your part and a level of organisation at your end to make it work.

*this is an adapted extract from “How To Work With A Virtual Assistant” by Kathy Soulsby

Kathy Soulsby has run her Virtual Assistant business, Personally Virtual, since 2014. Personally Virtual comprises a team of over thirty VAs, supporting businesses great and small with expert diary ninja and operational support. Prior to setting up Personally Virtual, Kathy was an EA for fifteen years. She is author of “How To Work With A Virtual Assistant“.

How The Leadership Dynamic Has Changed In America

Contributor

October 30, 2023

by Sean Shahkarami, CPA, CFF and author of “Resonate – Principles of Peak Performance”

“In Search of Excellence” revolutionized business leadership by promoting the concept of management by walking around. The classic leadership book encouraged managers to get out of their offices and interact with the workforce, walking around in random and unstructured ways. It changed the dynamic of leadership by increasing the value of observing, listening, and engaging with those who are on the front lines of day-to-day business operations.

In today’s business world, management by walking around isn’t nearly as effective as it once was because leaders who walk around the office find empty desks. The COVID-19 pandemic has led to a dispersed and largely de-personalized workplace. AI-driven automation is leading to a historic reduction in force, and engagement with workers who remain often involves exchanges between avatars on a messaging app.

The leadership dynamic has changed. To remain effective, today’s leaders need to adapt to a new workplace landscape, shifting their focus to developing skills that address new challenges.

Finding a new leadership rhythm

Change is hard. Failing to acknowledge change, however, makes it even harder.

To thrive in the new dynamic, leaders must understand and embrace the rhythm of the moment. The new workplace landscape has a different rhythm than it did only a few years ago. The best leaders will be those who can move in sync with the present reality.

For example, trust building has become an essential leadership skill as the workplace dynamic has changed. Monitoring employees in person is no longer an option for many leaders. A new approach is needed that allows autonomy while also requiring results.

Leaders looking to establish trust must start with clear expectations. Employees should understand what they are expected to deliver and how their performance impacts overall company performance. Norms for response times should also be established. Employees need to know if leaders expect emails or other messages to be answered within an hour, 24 hours, or by EOD.

Managing the new dynamic also requires leaders to be master motivators, as motivating distributed teams is exponentially harder than motivating the traditional in-office workforce. Remote workers don’t benefit from face-to-face interactions with leadership. They also have a lot more distractions.

Transparency has come to be seen as a critical component of motivation in today’s workplace. Employees want to know the “why” behind the “what.” Providing context helps employees to embrace and support business decisions and initiatives.

Thriving as a young leader

The new dynamic can be especially hard on aspiring and emerging leaders. The challenges within the workplace combined with external forces like poor economic conditions and disrupted supply chains leave little time for established leaders to support those on the rise.

Consequently, young leaders may need to find their own opportunities. Staying focused on goals and confident in abilities is critical. The best young leaders will learn how to be ethically and morally ruthless in their pursuit of good and truth. Removing anything non-essential to success will destroy the distractions and allow for optimal preparation.

Young leaders who are able to connect with mentors must be careful to stay true to themselves. Seasoned leaders can tend to project their own insecurities and thought patterns on those who lack experience, coaching it in terms of “wise advice.” In those situations, eat the meat (if there is any) and spit out the bones.

Young leaders should also be ready to decide quickly and move with urgency. Today’s business dynamic requires flexibility and adaptability. A fear of making mistakes shouldn’t discourage leaders from acting decisively; rather, failure is life’s great teacher. Indecision — not failure — is what young leaders should fear.

Surviving the leadership crisis

There is a leadership crisis in America today. Buffeted by rising costs, labor shortages, and economic uncertainty, many leaders have adopted a “profit at any cost” mentality. As a result, employees are neglected and peak performance is not achieved.

To keep the crisis from becoming a disaster, leaders must change their perspective and their approach in order to find ways that make the workplace engaging and inspiring again. Success requires prioritizing practices that resonate with the new dynamics of leadership.

Sean Shahkarami is a visionary leader, entrepreneur, author, executive and corporate coach, adjunct college professor, and public speaker. For his work in education, coaching, speaking in University classrooms, and his first book, “Resonate – Principles of Peak Performance,” he was awarded the Outstanding Leadership Award at the Health 2.0 Conference in acknowledgment of the innovative performance of his start-up healthcare AI software business.

Intrapreneurship For The Modern Workforce

Contributor

October 27, 2023

by Bjoern Sjut, managing director of productivity and IT at Front Row

What do the McDonalds Happy Meal, the Apple Macintosh, and the Post-It Note have in common? They are all products developed by intrapreneurs. That’s not a spelling error — intrapreneurs function as entrepreneurs within an organization.

Read on to learn what intrapreneurship is, why it matters, and how it can benefit your business.

What is intrapreneurship?

Intrapreneurship is a system of encouraging employees to act as entrepreneurs within a company instead of independently. Intrapreneurs identify areas of opportunity and use the company’s resources to create products and services to generate revenue and develop new, optimized processes to maximize efficiency.

Why is intrapreneurship important?

Ideally, intrapreneurship is a win-win for both the employee and the company. The employee gets to shape their work in challenging and fulfilling ways, carving out a career path that suits their unique goals and talents. The company gets a source of new ideas and initiatives, leveraging existing talent and hopefully retaining that talent long-term. By creating an environment encouraging intrapreneurs, your company can develop an agile workforce to identify and solve emerging problems, drive revenue, and minimize waste.

What are some issues with intrapreneurship?

Entrepreneurs absorb most, if not all, of the risk in new ventures. However, intrapreneurs draw on company resources, so the business takes on the risk. That means that if an intrapreneur identifies a problem or opportunity and develops a process, service, or product to address it, there is a chance that it could fail and that failure will cost the company money and time.

Why might intrapreneurs fail?

Just like entrepreneur-driven ventures, intrapreneur-driven ventures can fail within companies.

There are a few possible reasons for failure:

Resistance to change. If the new venture requires change from other employees, they might not see its value and resist making the necessary changes for success.
Lack of resources. It can fail if the company does not provide sufficient resources for the new venture in terms of time, labor, and capital.
The venture is not viable. Even if enough resources exist and sufficient buy-in from all stakeholders, the venture may fail because of a lack of fit between problem and solution. The problem may not be well-defined, the solution may not work, or simply not fit the problem.

What are some benefits of intrapreneurship?

If companies assume the risk of intrapreneurship and failure is possible, why encourage it? Here are some reasons:

New ideas. Simply put, intrapreneurs are innovators. They see opportunities where others see none, which can give your business new ways to cut costs, enter new markets to open, and new ways to serve customers. Some might use new technologies like ecommerce data analytics to identify potential opportunities.
Agile problem-solving. Intrapreneurs can often solve business problems more quickly and creatively when given the latitude to think outside the box instead of sticking to SOPs that might not fit emerging situations.
Greater job satisfaction. Unsurprisingly, a work environment encouraging intrapreneurship often leads to higher employee job satisfaction and can drive greater engagement and retention.

How can you encourage intrapreneurship in your business?

Are you convinced that intrapreneurship could help your business? Here are some ideas to encourage it:

Prioritize innovation. Model it yourself and expect it in your employees. Some companies, like 3M, have famously built time in their employees’ schedules for pursuing innovative ideas. Could this work for your company?
Allow failure. In environments where failure is frowned upon or even punished, intrapreneurship cannot thrive. Work to create an environment where employees feel free to try new things, understanding that short-term failure can often lead to long-term success.
Celebrate creative problem-solving. Recognize employees who are attacking problems in new and creative ways. Let them hear it from you in person and front of their peers, formally (at awards ceremonies), or informally (through a company newsletter intranet).

Encouraging employees to think like entrepreneurs can bring fresh ideas and make work more enjoyable. While it might have some challenges, the benefits, like staying ahead in the market, make it a worthwhile approach for modern businesses.

Bjoern Sjut is the managing director of productivity and IT at Front Row, which offers custom ecommerce data analytics solutions. Previously, he was co-founder and CEO at Finc3, now part of Front Row. Bjoern is a frequent speaker at international online marketing events. Previously, Bjoern was a member of the marketing board at international dating platforms be2 and C-date. He also co-founded the wine platform Navinum.