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The Art Of Presentation: Mastering The Packaging Game

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In the fiercely competitive market of today, a product’s packaging often holds the key to its success. From attracting the consumer’s attention to creating brand recognition, product packaging is the first real interaction a consumer has with the product and as such, organizations recognize its instrumental role in selling a product. To fulfill numerous functions, packaging design requires considerable thinking, planning, and execution.

But how does one master the packaging game? Keep reading to find out.

The Power of First Impressions

They say never to judge a book by its cover, but in the world of marketing, the cover is king. The initial appearance of your packaging is often the deciding factor for consumers, especially when choosing between similar products. An attractive, eye-catching package design can draw in customers and make your product stand out amongst competitors on crowded shelves—an essential asset in today’s saturated market.

While the design is important, it’s equally essential that the packaging reflects the brand’s identity. A coherent brand image across all platforms, including packaging, helps build a memorable impression on consumers. It’s through this impression that customers begin to associate qualities they value, like reliability or innovation, with your brand.

A perfect example of making a strong first impression is Apple’s minimalist, sleek, and elegant packaging, which instantly gives customers a sense of high quality and luxury. This imprint pays dividends as customers are willing to pay a premium price for the brand’s devices, underlining the psychological impact effective packaging can have.

Tech Advances in Packaging: Automatization and Customization

Technological advances have seeped into packaging design in impressive ways. Computers and online tools allow for increased design accuracy while reducing errors and costs. Automated systems, like a shrink label machine, can boost efficiency and decrease damage by applying shrink labels at high speed and with precision.

Moreover, robot-assisted machinery and 3D printing have opened the doors to personalized and custom packaging. Brands can create packages that match the customer’s lifestyle and even chart their own course by introducing innovative packaging solutions that make them stand out.

Technology in packaging isn’t just limited to design and production. Innovations such as QR codes and augmented reality integrate digital experiences into physical packaging, creating interactive brand experiences and engaging customers in ways previously unimagined.

Functionality and Design

Beauty, as they say, is in the eye of the beholder. This couldn’t be more accurate when speaking of packaging designs. A design might look nice, aesthetically pleasing, but if it’s not functional and practical, it can prove to be disastrous. Good packaging design is not all about appearances, but it’s also about practicality, offering a user-friendly experience.

The purpose of packaging is to protect the product while making it accessible. It needs to endure the rigors of transportation and storage while still maintaining its appeal when it’s in a customer’s hand. Consumers do not appreciate having to wrestle with packaging to get to the product they’ve purchased or having to deal with unnecessary waste.

Take for example Amazon’s frustration-free packaging initiative. By reducing packaging size and making packages easier to open, Amazon has successfully improved its customer’s unboxing experience while also being environmentally friendly. Their efforts in pairing practicality with appealing design have become an industry standard.

Material Matters

When it comes to packaging, the material you choose is a crucial factor that should not be overlooked. Not only does it play a role in protecting your product, but it also has a significant impact on the overall aesthetic appeal and perceived value of your brand. The right packaging material can make your product stand out on the shelves and leave a lasting impression on shoppers.

One important consideration when selecting packaging material is the level of protection it provides. Different products have different packaging requirements. As we’ve mentioned, it’s essential to choose a material that can adequately safeguard your product during transportation, storage, and handling. For example, fragile items may require cushioning materials such as bubble wrap or foam inserts to prevent breakage, while perishable goods may need packaging that provides insulation or moisture control.

In addition to protection, the choice of packaging material also contributes to the overall branding and image of your product. The material selected should align with your brand values and target audience. For instance, eco-friendly and sustainable packaging materials such as biodegradable plastics or recycled paper may appeal to environmentally conscious customers, showcasing your commitment to sustainability. On the other hand, luxurious and high-end brands may opt for premium materials like high-quality cardstock or custom-made boxes to communicate their brand value and exclusivity.

The material you choose for your packaging plays a significant role in protecting your product and reflecting your brand image. By carefully selecting the right packaging material that aligns with your product, target audience, and brand values, you can enhance the overall appeal of your product, attract customers, and create a memorable experience for customers.

Legalities and Regulations: Navigating The Rules

While designing the perfect packaging, it’s equally important to consider packaging regulations. These rules vary from country to country and product to product. They include everything from listing ingredients and stating nutritional facts concerning food products, to displaying government warning messages for harmful products such as cigarettes.

An easily overlooked factor in the packaging design process, failure to adhere to these regulations can lead to product recall, fines, and potentially devastating reputational damage. While it’s necessary to push boundaries in packaging design, it must be done within the legal framework and ethical guidelines.

Another legal aspect lies in obtaining trademarks or copyrights for unique packaging designs. Trademarks protect the distinctive features of your packaging, such as logos, brand names, or symbols, which differentiate your product from competitors in the marketplace. By registering a trademark, you gain exclusive rights to use those elements, preventing others from infringing on your brand’s identity.

Similarly, copyrights can protect creative and original aspects of your packaging design, such as artwork, illustrations, or graphical elements. Registering a copyright grants you legal ownership of these visual components, ensuring others cannot replicate or use them without your permission. This is particularly important in industries where packaging plays a significant role in brand recognition and consumer appeal.

However, obtaining trademarks and copyrights for packaging designs involves a complex process. It requires thoroughly researching whether similar trademarks or copyrights already exist, as well as ensuring your design is truly unique and meets the legal requirements for protection. Consulting with an intellectual property attorney can be extremely helpful during this process, as they can guide you through the legal intricacies and advise you on the best course of action to safeguard your packaging design.

Conclusion: The Successful Packaging Recipe

As we’ve seen, successful packaging is a combination of several factors: appealing visual design, practicality, and environmentally-friendly materials must all work harmoniously. Brands must also keep in mind the legal regulations and be open to technological innovations. A well-designed package communicates the brand’s personality, creates a strong connection with the target audience, and provides an unforgettable unboxing experience.

Overall, packaging is a core element of a product’s identity and plays a critical role in marketing. While mastering the art of packaging is no easy task, the effort can be rewarded with increased brand recognition, improved customer loyalty, and ultimately higher sales revenue. The packaging game, when played right, can truly make or break a product’s success.

 

Crisis Is a Given. The Key Is How You Handle It.

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by Robert L. Dilenschneider, author of “The Ultimate Guide to Power & Influence: Everything You Need to Know“

Every leader hopes they never have to face a public relations crisis. That’s unrealistic. Any company that puts itself out there — no matter how cautious and how diligent its people are — can and likely will experience a mishap. Sometimes those mishaps are minor; other times they have deadly consequences.  And thanks to the always-on nature of today’s media, how you handle your (inevitable) crisis will determine whether your reputation is destroyed or preserved… and in some cases strengthened.

The key to good crisis management is three-fold: preparedness, responsiveness, and transparency.

Crisis management is not just about handling the situation once it has happened. It’s about foresight, anticipating potential crises before they occur, and having a robust plan in place to address them effectively when they do.

The preparedness piece, of course, comes first. My colleague Jonathan Dedmon — who wrote a crisis communications chapter in the 2022 book The Public Relations Handbook, which I edited — recommends putting together a small and agile core team, taking inventory of past crises (to determine if they might recur), imagining future possible crises, and putting together a written plan for each.

In a crisis, every second counts. Quick decision-making, clear communication, and a unified message can make the difference between a company that survives and thrives and one that takes a serious hit to its reputation.

With that in mind, here are a few things TO DO and a few things NOT TO DO:

DO: Tell it all and tell it fast.

Some crises take hours, and some draw out for months. In the early stages, “the best strategy is to tell it all and tell it fast”. Be disciplined and know that nothing happens automatically. Making sure the core team is on the same concise page is very important, as mixed messages hinder the company’s ability to navigate the crisis.

EXAMPLE: Johnson & Johnson Extra-Strength Tylenol Crisis

Johnson & Johnson’s handling of the Tylenol crisis remains the gold standard on what to do and is a case study still taught four decades later. Seven people had died in the Chicago area in 1982 after taking Extra-Strength Tylenol capsules that had been poisoned with cyanide. What set the company apart was how they responded: They recalled 31 million bottles of those capsules and replaced them all with a safer product free of charge.

The outcome was Johnson & Johnson barely lost market share and customers. After releasing their tamper-proof packaging — which changed the industry — they rebounded well, even if it did cost them almost $100 million.

The point is this crisis could have been lethal, yet they were able to turn it into an opportunity to rebuild public trust instead of lose trust by getting out in front of the story, and putting their customers and public safety first instead of trying to spin the story.

Besides moving quickly and transparently, make sure your message contains a heavy dose of empathy. As Dedmon writes: “It is a generally accepted rule that the best messaging has a strong emotional component versus simply a logical and rational argument.”

A few more tips:

  • Talk from the viewpoint of your audience and to their self-interest.
  • Avoid jargon and euphemisms. An explosion is not an incident.
  • Tell the truth, even if it hurts. Don’t be defensive.
  • If the media gets something wrong, correct it immediately.
  • Never say, “No comment.” If the information is private — say, about personnel — explain the reason. Then find something else to say.

DON’T: Try to escape accountability at the expense of your customers’ well-being.

EXAMPLE: General Mills Shrimp Tail Incident

In March of 2021, podcast host and comedian Jensen Karp tweeted a photo of what he said he found in a box of Cinnamon Toast Crunch cereal: two shrimp tails. After offering to send Karp a replacement box of cereal, the social-media team tweeted that those weren’t shrimp tails; they were cinnamon-sugar clumps.

Keep in mind that Karp’s tweet had included a photo, so thousands could see for themselves that the “accumulation” looked exactly like shrimp tails. As can — and does — happen in the Twitterverse, a flood of ridicule and memes followed. Soon, the shrimp tails leapt from Twitter to news stories in publications such as the New York Times, Washington Post, and Business Insider and broadcasts such as Fox News and CNN.

The social media team for Cinnamon Toast Crunch should have responded with the alacrity and seriousness appropriate for a matter of consumer health, even if it couldn’t verify the contamination or quickly trace how it might have happened. In fact, one manager responded that it couldn’t have happened in his facility, which sounded like passing the blame, not reassuring customers.

Bottom line: Instead of the ridiculous explanation of accumulated cinnamon sugar, General Mills could have responded by recalling all the boxes sold at Costco, where Karp had purchased his cereal. Stories like this live on via the internet, and if you Google “Cinnamon Toast Crunch,” you’ll see lots more sordid details.

DON’T: Try to spin the story or be dishonest.

EXAMPLE: Volkswagen Crisis

While Johnson & Johnson’s handling of the Tylenol scare is a model for the right way to address a scandal, Volkswagen provides the wrong way. They were accused by the EPA in 2015 of deliberately violating the Clean Air Act through software that permitted their cars to pass emissions tests that without the software would not. No one likes to be misled, and that includes the EPA.

The company executives bungled the response. They first lied about it, then later admitted they knew. Then they moved to lay off 300,000 workers. Although probably unrelated, the perception of it was that employees were being fired to make up for the loss in profit. In response, consumers took to social media to charge the company with deliberately deceiving them.

It takes a long time, if ever, to repair this type of damage to a company’s reputation and to rebuild trust. In contrast to the Tylenol scare, Volkswagen’s executives’ response made things entirely worse.

DON’T: Tweet “thoughts and prayers” or give another canned response…

EXAMPLE: Amazon Tornado

In December of 2021, a tornado ripped through an Edwardsville, Illinois, Amazon warehouse, destroying it. Six people died. But instead of an immediate and appropriate response, Jeff Bezos’ first acknowledgment of the tragedy came as a tweeted statement twenty-four hours later and came across as insincere. The lesson learned here is that any statement’s wording is crucial. Part of Bezos’ tweet was “our thoughts and prayers are with their families and loved ones,” but apparently unbeknownst to Bezos, the phrase “thoughts and prayers” has become an overused line by politicians and others responding to mass shootings and other mass casualty incidents.

… And CERTAINLY DON’T: Leave the door open for more trouble!

EXAMPLE: Amazon Tornado (Part 2)

After the Edwardsville crisis,  Bezos started his own tornado that would rip through Amazon and the country at large: Word came out that Amazon workers were allegedly forced to continue working through tornado warnings. OSHA investigated and found that Amazon had met the minimum standards, but it ultimately has remained a stain on the company’s reputation to this day. (It seems clear that when deadly natural disasters threaten, “minimum” isn’t good enough!)

DON’T: Panic and overreact.

EXAMPLE: Chilean Grapes Versus the FDA

In 1989, the FDA came down on grapes imported from Chile — after being fed an anonymous tip. The FDA inspector in Philadelphia made a special examination of a miniscule portion of the hundreds of thousands of tons of fruit brought in daily. Two grapes in 600,000 crates were found to be injected with cyanide.

The FDA commissioner was about to ban the sale of Chilean grapes when a lawyer called me to help the Chilean government deal with the impending crisis.

We went to work quickly and made sure the Chilean government was able to present a single, consistent position to the Department of Commerce, the Federal Trade Commission, and the FDA. We reinforced with the FDA the risk of inappropriately submitting to terrorist demands. The real villains were unknown, but the victims would be the American consuming public and the fruit growers of Chile.

Fortunately, the danger to the public was not real. If it had been, we would have handled the situation differently. We were able to convince the FDA to lift the ban, and then broadened the field of information to include the trade, the industry, consumers, and the media, and demonstrated the absurdity of being bamboozled by two grapes in 600,000 crates. We were careful, however, to never try to dismiss the public’s fear directly.

Finally, never dodge the media. If the crisis is a tragedy, then reporters will have to write or broadcast stories no matter what. You can’t completely control the narrative, but you can make sure the company’s message is heard.

Build relationships with the media long before a crisis occurs. Know the journalists who cover your industry. Feed a reporter something interesting (not self-serving) going on in your company or industry. Tip them off when a big announcement is about to be made, such as a change in leadership or relocation of headquarters. Answer calls and emails. Building trust in the good times will prove a valuable foundation in a time of crisis.

 

Robert Dilenschneider 2

Robert L. Dilenschneider, founder and CEO of The Dilenschneider Group, is one of the world’s foremost communication experts and leadership coaches. Dilenschneider has authored 18 seminal business and career development books. He has counseled major corporations and professional groups around the globe and is frequently called upon by the media to provide commentary and strategic public relations insights on major news stories.

 

Green IT: Why The Next Era Of Enterprise Technology Is Sustainable

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by Robyn Rawlings, Director of Integrated Campaigns and Content Marketing at Webex by Cisco

Just a few decades ago, sustainability was not a business priority. Today, most companies understand  the importance of sustainability, both from a business and social responsibility perspective.

So, what’s changed?

Today, companies are relying on technology to power their workforce’s efficiency and productivity more than ever. Carbon footprints have greatly increased in the process. According to researchers, information and communications technology alone will comprise almost 14% of the world’s total carbon emissions by 2040 — up from just 1.5% in 2007.

Realizing that our devices improve productivity at the cost of the environment is a uniquely challenging double-edged sword. Businesses are eager to reduce that impact while leveraging the benefits of technology.

The question is, how? That’s where the concept of green IT comes into play.

What is Green IT?

Green IT — otherwise known as green computing — is the practice of designing, manufacturing, or using technology in a way that limits its harmful effects on the climate. This includes everything from choosing environmentally friendly materials to reducing energy consumption and electronic waste.

Green IT is an enterprise-level commitment to lessen the environmental impact of technology as much as possible.

And, more businesses are taking on this commitment. According to a Gartner study, CEOs ranked sustainability in their top 10 strategic business priorities for the first time in 2022. Many respondents even place sustainability on the same level as brand trust in terms of its importance as a competitive differentiator.

Indeed, numerous forces are compelling enterprises to adopt greener business practices. A recent survey found that 98% of consumers believe brands have a responsibility to make the world better, and 40% say they prefer to buy sustainable products over others.

The survey also suggests three areas of opportunity where CIOs can take the lead when going green:

  1. Implementing a holistic insights program to measure and drive sustainability
  2. Leveraging an environmentally friendly tech strategy
  3. Driving transparency and accountability across the value chain

These areas fall neatly within the domain of green IT. By auditing your company’s technology stack and strategizing ways to implement eco-friendly initiatives, you can effectively support sustainability in both your own operations and those of your business partners.

Benefits of Green IT

Organizations with sustainability programs in place report a number of resulting advantages, including:

  • Cost savings: Reducing energy consumption and e-waste can translate into money saved. In fact, Gartner reports that 4 in 5 business leaders say sustainability helps them reduce operational costs.
  • Improved reputation: Consumers are looking for mindfully sourced products from organizations that value the environment. At least 60% are even willing to pay more for products with sustainable packaging. Implementing green IT strategies can underscore your commitment to sustainability and help drive positive business outcomes.
  • Compliance: Regulators are increasingly cracking down on ecologically damaging business practices. For instance, the European Union recently implemented restrictions on single-use plastics, prohibiting their sale across all member states. Adopting green practices can help you remain in compliance with changing regulations and avoid fines and legal repercussions.
  • Reduced carbon footprint: Perhaps the most impactful benefit of green IT is its ripple effect on the environment. By using technology more efficiently and reducing waste, organizations can drastically reduce carbon emissions overall.

Examples of Green IT strategies

Green IT has the potential to benefit both your business and the environment. But what does it look like in practice?

Let’s explore seven examples of green IT strategies you can implement to better support your sustainability goals.

1. Telecommuting and hybrid work.

With fewer employees working on-site than ever before, travel to and from the office has reduced.

Implementing a hybrid or remote-first work policy can potentially reduce your employees’ vehicular carbon emissions. Of course, this also raises the question: How do you keep distributed workforces connected and collaborating?

To overcome the distance, many enterprises are leaning on cloud-based solutions, such as video conferencing and cloud calling platforms. These tools allow team members to communicate as if they were together in person without skipping a beat.

2. Cloud sustainability.

Gartner defines cloud sustainability as the use of cloud computing to achieve environmental, social, and governance (ESG) goals. By utilizing cloud services, companies can eliminate residual impacts associated with on-premises systems, such as cooling and compute power.

Take data centers, for example. It’s estimated that traditional data centers consume over 205 terawatt hours of electricity every year, which is more than the annual energy usage of Taiwan, Ireland, Denmark, or South Africa. Most enterprises replace them every few years, growing their carbon footprints in the process.

Cloud data centers are a more sustainable option. Many are run on renewable energy and serve multiple clients at a time, consolidating compute power and maximizing utilization rates. This reduces idle capacity, resulting in greater energy efficiency across the shared infrastructure.

3. Hot desking.

Offices aren’t as busy as they used to be now that employees are working from home at least part time. Consequently, workspaces — and the resources used to power them — are going to waste.

Hot desking is an office setup where desks are not assigned permanently but booked as needed by employees. This approach to shared workspaces can help reduce the energy required to heat, cool, and light office spaces.

4. Sustainable hardware procurement.

According to the World Economic Forum, 80% of a product’s environmental impacts are linked to decisions made during design. For this reason, many business leaders are looking for sustainably sourced hardware with energy-efficiency built in.

Sustainable procurement involves purchasing devices that are environmentally friendly and buying from vendors with sustainable practices. From low-power servers and notebooks to smart lights and video conferencing equipment built with a circular design approach, manufacturers are offering more eco-friendly products.

5. Centralized IT management.

One of the best ways to further your ESG goal is to truly understand your technology stack top to bottom. The only problem? Many enterprises don’t have visibility into energy consumption, emissions, and other key performance metrics.

Business leaders should prioritize vendors that offer these insights inside a single pane of glass. With full visibility across the entire organization, you can monitor estimated energy consumption, track emissions over time, and report progress to customers and stakeholders alike.

Better yet, with data at your fingertips, you can jump into action and identify areas of improvement.

A greener, cleaner future

Sustainability is more than a buzzword. It’s a mission. As sustainable practices rise up the corporate agenda, it’s clear that the next era of enterprise technology will be greener.

By implementing environmentally friendly technologies and sustainable practices, businesses can not only reduce their own carbon footprint, but also be on the forefront of positive change.

 

Robyn RawlingsRobyn Rawlings is a successful marketing leader with over 20 years of experience in enterprise software and software-as-a-service (SaaS). She is currently Director of Integrated Campaigns and Content Marketing at Webex by Cisco, a leader in cloud calling, collaboration, and customer experience solutions.

 

Harnessing The Power Of Performance Reviews

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Welcome to “Harnessing the Power of Performance Reviews,” a definitive guide designed to empower individuals and organizations with effective strategies for navigating the performance review process. Whether you’re an employee seeking guidance on approaching your review or a manager aiming to conduct impactful performance evaluations, this comprehensive article offers valuable insights to help you extract maximum benefits from this critical practice. By implementing the recommended tips and techniques outlined in this guide, you can unlock the potential of performance reviews to drive personal and professional growth, foster development, and enhance overall productivity.

Prepare to embark on a transformative journey that will empower you to make the most of every performance review opportunity.

Prepare for Success: Research, Gather Materials, and Practice

Preparing for a performance review is essential to ensure a successful and productive discussion. Here are key steps to help you prepare effectively:

  • Review Previous Feedback and Goals: Review any previous feedback or goals discussed in prior reviews. Reflect on your progress, accomplishments, and areas for improvement. This will help you assess your performance and identify key performance indicators and examples of performance goals to discuss during the review.
  • Gather Relevant Materials: Compile any supporting documents, such as project reports, performance metrics, or client feedback, that demonstrate your achievements and contributions. Having tangible evidence can strengthen your case and provide a foundation for meaningful discussions during the review.
  • Reflect on Challenges and Solutions: Consider any challenges you have encountered throughout the review period and the steps you have taken to overcome them. Reflecting on your implemented solutions showcases your problem-solving skills and demonstrates your commitment to growth.
  • Practice Self-Evaluation: Engage in self-reflection and identify your strengths and areas for development through a self-evaluation. This will enable you to discuss your achievements confidently while acknowledging areas where you can improve. Being self-aware is key to taking ownership of your professional growth.

Present Yourself Professionally: Dress Appropriately, Arrive on Time, and Maintain a Positive Attitude

Approaching your performance review professionally sets the tone for a constructive and respectful dialogue. Consider the following points:

  • Dress Appropriately: Dress that aligns with your workplace culture and conveys professionalism. This shows that you value the review process and take it seriously.
  • Be Punctual: Arrive on time for your performance review to demonstrate your commitment and respect for the scheduled meeting. Being punctual sets a positive tone and shows that you value the time and effort of yourself and the reviewer.
  • Maintain a Positive Attitude: Approach the performance review with a positive mindset. Be open to feedback and maintain a constructive attitude throughout the discussion. Remember, the purpose of the review is to help you grow and succeed in your role.

Offer Specific Feedback: Provide Concrete Examples and Actionable Suggestions

One of the keys to a successful performance review is providing specific and actionable feedback. Use the following strategies to enhance the impact of your review:

  • Offer Specific Examples: When discussing achievements or areas for improvement, provide concrete examples to support your points. This adds credibility to your feedback and helps the reviewer understand the context and impact of your actions.
  • Focus on Behaviors and Results: Instead of general statements, focus on specific behaviors and outcomes. For example, rather than saying, “You’re a great team player,” you could say, “Your ability to collaborate and share ideas during the XYZ project contributed significantly to its success.”
  • Balance Positive and Constructive Feedback: While it’s important to highlight strengths and achievements, it also addresses areas that need improvement. Provide suggestions for development and growth, ensuring your feedback is balanced and actionable.
  • Be Open to Feedback: Embrace Constructive Criticism and Demonstrate a Willingness to Learn and Grow

When setting performance goals, it’s essential to consider key performance indicators. These indicators provide a measurable way to assess your progress and success. For instance, if one of your goals is to improve customer satisfaction, a key performance indicator could be achieving a minimum % satisfaction rating of 90% on customer surveys.

During your self-evaluation, take the time to reflect on your accomplishments and areas for improvement. Identify specific examples of performance goals that align with your aspirations and growth areas. These goals should be specific, measurable, achievable, relevant, and time-bound (SMART) to ensure clarity and effective progress tracking.

Sustain Growth and Progress: Maintain Ongoing Communication and Act on Feedback

The performance review process doesn’t end with the meeting. Follow these steps to ensure continued growth and progress:

  • Reflect on the Feedback: Reflect on the feedback provided during your performance review, including insights from your self-evaluation. Consider how it aligns with your goals and aspirations. Use it as a catalyst for personal and professional growth.
  • Develop an Action Plan: Create a plan to address the feedback and capitalize on your strengths. Set specific, measurable, attainable, relevant, and time-bound (SMART) goals, using examples of performance goals to clarify your objectives and align them with key performance indicators.
  • Seek Support and Guidance: If you require support or guidance to achieve your goals, don’t hesitate to contact your manager, mentors, or colleagues. Collaborate with them to create a supportive environment that fosters growth and continuous improvement.
  • Maintain Ongoing Communication: Regularly communicate with your manager to provide updates on your progress, seek feedback, and discuss any challenges or roadblocks. Establishing open lines of communication demonstrates your commitment to growth and development.

Conclusion

In conclusion, performance reviews present invaluable opportunities for individuals to foster personal and professional growth. By implementing the strategies outlined in this guide, including identifying key performance indicators, conducting a self-evaluation, and setting examples of performance goals, you can confidently navigate the performance review process, ensuring effective preparation and engaging in constructive dialogue. Remember to approach the reviews professionally, provide specific feedback, and be open to constructive criticism. Embracing performance reviews as stepping stones toward improvement and success is crucial. Now armed with these valuable insights, it’s time to harness the power of performance reviews and utilize them as a platform to drive growth, development, and enhanced productivity. Embrace this transformative process and unlock your full potential for success.

 

Smart Tips For Charitable Donations

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In an era when societal challenges are mounting, the act of charitable giving has taken on new significance. Not only does it support vital causes and fosters a sense of community, but it also brings personal fulfillment by aligning our actions with our moral compass. Contributing to non-profits offers a chance for each of us to make a positive impact on the world.

Modern technology has transformed the landscape of charitable donations, making it easier than ever to contribute to non-profits. The advent of software for nonprofits has simplified the donation process, opening doors to a wider pool of potential benefactors. As we discuss the importance and best practices of charitable giving, let’s consider these digital innovations that are reshaping the philanthropic landscape.

Grasping the Core of Charitable Giving

To be an effective donor, a thorough understanding of the cause and the impact of your contribution is crucial. In this segment, we’ll examine how to align with the non-profit’s mission and evaluate the change your donations bring about.

Aligning with the Non-Profit’s Mission.

Before deciding how to donate, it’s crucial to understand the mission of the non-profit you’re considering. Charitable donations should align with your personal values and causes you’re passionate about.

Researching the non-profit’s mission, goals, and initiatives can provide clarity about the impact of your contribution. This alignment not only fosters a deeper connection with the cause, but also ensures that your resources are put to use in a way that resonates with your beliefs.

Impact Evaluation.

Donations can transform lives and reshape communities, but the impact of your contribution depends on the effectiveness of the non-profit organization. Rigorous evaluation of a non-profit’s track record and its ability to deliver on its promises is a vital step in the contribution process.

In examining the organization’s reports, impact assessments, and financial statements, you can gain insights into how your contribution will be used and the change it will bring about. In doing so, you’ll be contributing not just generously, but wisely too.

Essential Factors in Charitable Giving

As you embark on your charitable journey, several considerations can guide your actions. This part discusses the tax implications of donations, choosing the right method to donate, and the role of donation platforms for nonprofits in facilitating contributions.

Donations and Tax Implications.

While the primary motivation for giving is to contribute to a better world, it’s also important to understand the potential tax implications of charitable donations. Most jurisdictions offer tax deductions for contributions made to non-profits, effectively reducing the cost of giving. The specifics, however, can vary depending on your location and financial situation.

Consult with a tax professional to gain a clear understanding of how your charitable donations can benefit you at tax time. While this may seem daunting, it is a valuable step in making the most of your giving.

Selecting the Donation Method.

A key decision in the process of giving is choosing the right method for your donation. From traditional cash donations to more complex instruments like stocks or bonds, the options are manifold.

Factors to consider include your financial situation, the nature of the asset, and the non-profit’s capabilities to handle various forms of donations. Understanding these dynamics can help you make a choice that maximizes the value of your contribution and aligns with your personal convenience.

All-in-One Donor Portals.

The introduction of all-in-one donor portals has revolutionized charitable giving. These platforms simplify the process of donating by consolidating all the necessary steps into a single interface. Donors can now research organizations, make a contribution, track its impact, and manage their giving portfolio all from a single platform. These portals have made charitable donations more transparent, accessible, and efficient.

Using Donor Portals Effectively.

All-in-one donor portals have not only simplified the donation process but also provided tools to enhance the impact of your giving. These platforms offer a wealth of information and resources, such as impact reports, financial transparency, and customized giving suggestions.

Learning to navigate and use these features effectively can optimize your philanthropic journey. This empowers you to make informed decisions and helps you visualize the impact of your charitable donations to non-profits.

Regular Giving and Non-Profit Efficiency

Charitable giving is a commitment that can be planned strategically for maximum impact. In this section, we’ll look at the benefits of a consistent contribution schedule and the importance of understanding a non-profit’s efficiency.

Implementing a Giving Schedule.

When it comes to giving, consistency can often outweigh quantity. Establishing a regular giving schedule can help non-profits plan their initiatives better, ensuring that resources are always available for their cause. Many donor portals offer automated, recurring donation options.

Utilizing these features, you can create a lasting impact with minimal effort, demonstrating that regular giving is not only beneficial for the non-profit but also convenient for you.

Understanding the Efficiency of Non-Profits.

While all non-profits aim to make a difference, their efficiency in utilizing resources can vary. To ensure your contributions make the most significant possible impact, it’s essential to understand how efficiently a non-profit operates.

Evaluating factors such as the ratio of funds spent on programs versus administration, the organization’s financial health, and its accountability practices can provide valuable insights. This scrutiny ensures that your donation is utilized effectively, further amplifying your contribution.

Charitable giving, whether a simple act of generosity or a carefully planned strategy, can make a profound difference in our world. Understanding the mission and impact of non-profits, considering the tax implications, choosing the right contribution method, and effectively using all-in-one donor portals are essential components of this process.

As we harness the power of digital technology to streamline and enhance our giving, let us remember the fundamental goal of our contributions: to uplift, to support, and to foster a better world for all. Armed with the right knowledge and tools, each of us can become a catalyst for positive change, shaping a brighter future through our donations.

 

The Virtual Reality Industry And Its Future

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by Vasily Petrenko, CEO of Another World

Virtual Reality Videogaming is something once talked about only in science fiction books and then only spoken of with a mystical, far-off tone. Far from science fiction, Virtual Reality is a rapidly expanding entertainment industry with increasingly sophisticated equipment and gaming arriving on the scene nearly daily.

We are seeing the development of a new era of entertainment and gaming right before our eyes, where the player is more immersed than ever before. It is an exciting time to be involved with this industry for sure; one just has to have an understanding of the field and an enthusiastic approach for the future.

How Has VR Developed?

VR has been a topic that’s attracted a great deal of attention since the first VR headsets, like the original Oculus Rift, first dropped onto the market over a decade ago. There was tremendous excitement then, and VR already had a solid fanbase, although it was in its infancy.

That being said, there has always been an eye for what’s next in VR, and companies have consistently developed more sophisticated experiences and games as computer processing power has increased and technologies have improved. Now there are games being developed that are genuinely interactive versus just a headset being used to simulate a virtual world.

From a business perspective, this is an exciting time to be involved in the field as this technology expansion and utilization of VR technology continues to surge. A dedicated developer can create entirely new consumer experiences that will be unparalleled by anything else on the scene.

How The Industry Is Changing

There are several hurdles that need to be overcome in order to reach the true potential that VR technology has to offer. Most important is creating an interactive game versus simply creating another cookie-cutter experience like we have seen developed alongside many of the significant headset releases.

This is where the idea of combining virtual reality with large-scale spaces is becoming more and more attractive. Instead of having a small space in someone’s home, a virtual reality course is assembled in a suitable building, much like an Escape Room in size. Then players equip their VR gear and work their way through a pre-arranged course that has been designed specifically to match the environment of the game they’re playing.

Not only is this a fun and unique experience, but it also harkens back to the days of the arcade, where everyone would gather, and the sounds of gaming and excited laughter would echo throughout the entire building.

Far from a lofty goal, these types of environments have already been developed and enthusiastically embraced by excited players looking to experience a new horizon of entertainment.

The Next Steps

The crucial part of developing this field is further understanding how to achieve the ultimate goal of creating unique games for consumers without sacrificing quality or player experience in the name of producing something faster.

More than a few AAA game developers have pushed to release games faster than they should have, much to the ire of the player base. For a developer, taking the appropriate time to develop a game showcases a passion for the craft. Additionally, it demonstrates to the players that the company is committed to releasing high-quality content for them to enjoy.

Many traditional gaming companies still need to remember that the player experience is the most essential part of their products. People don’t want to do the same experience over and over; instead, they are looking for a new and memorable experience, something that VR offers in ample supply.

How Will This Change The Entertainment and Gaming Industries?

VR is going to be a game-changer when it comes to interactive entertainment. This technology is the worst it will ever be today and will be leaps and bounds better tomorrow. People will be able to jump, run, slide, and explore through virtual worlds, with dozens of other people joining them on their journeys.

These games, developed with care and attention to detail, indicate a shift in the industry from big-name series being the mainstay of gaming. Now, the future lies in creating these virtual experiences that people can explore and enjoy that will remind them of the first time they picked up a controller.

That feeling of magic, of wonder, will be what captures the future of gaming and its associated audiences. Virtual Reality is the final frontier for video games and entertainment, and the future is looking bright for those who want to make their mark on such a fantastic industry.

 

Vasily Petrenko, CEO of Another World, is an entrepreneur and business development professional with over nine years in the entertainment business. In 2014, Vasily opened the first Escape Room in his city. Shortly after, he began the company based on creating and delivering Escape Rooms worldwide, with dozens of operational locations currently operating.

 

Glossary For Getting Started With Shares

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Venturing into the complex world of share investing can be daunting, especially when you inevitably come across a flurry of industry jargon. As you navigate the intricacies of the trade, encountering words like ‘derivative,’ ‘limit order,’ and ‘price-to-earnings ratio’ may leave you with more questions than answers. 

Understanding the basic terminologies is your first step as you learn to invest in shares. This glossary explains these terms in simple, everyday language, helping you to navigate the financial markets confidently.

Bear market: This term refers to a market condition where share prices are falling, typically defined as a decline of 20% or more from a recent high. Investors usually become more risk-averse when a bear market occurs and sell their stocks. This can lead to further declining prices, as there are more sellers than buyers. 

Broker: A broker is a person or company that acts as an intermediary between an investor and the stock market. They carry out buying and selling orders from the investor, and in return, they receive a charge, typically in the form of a fee or commission. Brokers are typically knowledgeable about market trends and investment strategies and have access to the stock market, which individual investors usually don’t. 

Bull market: A bull market happens when share prices are rising, and optimism encourages further upward trends. 

Capital gains: This is the profit you get when you sell a share for a higher price than you bought it. For instance, if you buy a share for USD$10 and later sell for USD$15, your capital gain is USD$5. 

Derivative: This is a financial contract taking its value from the performance of an underlying asset, index, or interest rate. You can think of a derivative as a bet on the future price movement of the underlying asset. For example, if you have a derivative on the price of a company’s shares, you can profit or incur a loss depending on the movements of those shares’ prices without actually owning the assets. 

Dividends: Typically, when a company makes profits, it has two main options: put the money back into the business (known as retained earnings) or distribute it to its shareholders as dividends.

Index: Indexes are used to measure the performance of a particular market or sector. For example, the S&P 500 is a stock market index that tracks the performance of the 500 largest companies listed on the New York Stock Exchange. Additionally, indexes serve as benchmarks for investment funds, which can help investors compare the performance of different funds. 

IPO (initial public offering): An initial public offering (IPO) is the first time a company’s shares are publicly sold. When a company goes public, it is essentially selling a piece of itself to investors. A primary reason companies go public is to raise capital. When a company goes public, it can sell its shares to investors, using the fund to finance its growth or pay off debt. 

Limit order: On the other hand, a limit order is a request to buy or sell a share at a specific price or better. For example, if you place a limit order to buy a share at USD$50, the broker will only execute the order at USD$50 or less. Similarly, a limit order to sell at USD$50 means the broker will only sell the shares at USD$50 or more. While this type of order gives you more control over the price at which your trade is executed, it doesn’t guarantee that the order will be filled. 

Market order: One of the most common types of orders, a market order is a request to buy or sell a share immediately at the best available current price. While market orders guarantee execution, they don’t guarantee the execution price, as they may be filled at a price much higher (for buyers) or lower (for sellers) than currently displayed. 

Order: An order is a request (usually via a broker or trading platform) to buy or sell a share in a specific company. When you place an order, you initiate a transaction and set the conditions for its execution. 

Portfolio: In the investing world, a portfolio is the collection of all the different investments you own, including shares, bonds, cash, real estate, and others. A diversified portfolio helps spread risk, allowing other investments to compensate when others perform poorly. 

Price-to-earnings ratio (P/E ratio): This popular valuation ratio helps determine whether a company’s stock is priced reasonably compared to its earnings. For example, if a company’s stock is priced at $50 per share and its earnings per share is $5, the P/E ratio would be 10. This means you’re paying $10 for every $1 of the company’s earnings. 

Shares: Also referred to as stock or equity, shares represent a portion of ownership in a company. When buying shares, you are essentially obtaining a stake in the ownership of the company, which grants you a portion of its profits. 

Yield: This reflects the return a company generates on its stock. It’s calculated by dividing the annual dividends paid per share by the share’s current market price. For example, if a company pays annual dividends of USD$1 per share, and the current share price is USD$20, the dividend yield would be 5% (1/20). 

Final words

The stock market, like any other industry, has its own language. As you continue to learn and grow as an investor, these terms will become second nature. Remember, understanding investment parlance is not only helpful in understanding financial news and market trends; it’s also crucial in making informed decisions about where, when, and how to invest your money.

 

Revolutionizing The World Of Branding And Investing: The Advent Of AI

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by Andréa Albright, author of “Branding Investing”

The advent of artificial intelligence (AI) in recent years has catalyzed a profound paradigm shift across a myriad of industries, significantly impacting two sectors in particular – branding and investing. This powerful technology has transcended the confines of merely being a technological advancement; it has morphed into an invaluable tool, dynamically reshaping the landscape of these domains.

Branding, once considered an art form rooted in creativity and intuition, has been revolutionized by AI’s ability to understand consumer behavior, predict trends, and deliver personalized content. AI’s capacity to aggregate and analyze vast data troves has fundamentally transformed the way brands understand and engage with their audience.

Take, for instance, the fashion industry. Brands previously relied on fashion designers’ intuition and experience to anticipate trends, often several seasons ahead. AI, however, with its deep learning algorithms, can accurately predict fashion trends by analyzing an astonishing breadth of data – from social media posts to retail sales. It reduces the risk of error, providing brands with more accurate insights and a competitive edge.

Similarly, in the realm of marketing and advertising, AI has enabled brands to deliver ultra-personalized content. It meticulously sifts through a user’s digital footprint, understanding their interests and behavior patterns. Consequently, the marketing campaigns crafted are no longer a shot in the dark but a precise dart that hits the bull’s eye. Brands are now capable of creating content that resonates with consumers on an individual level, thereby strengthening their relationships and loyalty.

However, AI’s transformative power extends beyond branding; it is also reshaping the investing landscape. With its high computational power and algorithmic trading, AI is providing a competitive edge to investors and financial institutions alike. Automated trading systems, based on AI, make millions of transactions in a fraction of a second. These machines can spot patterns, learn from data, and execute trades far quicker than any human, reducing transaction times and costs while increasing profitability.

Moreover, AI’s predictive analytics capabilities are a game-changer. It can forecast market trends, identify investment opportunities, and manage risk more effectively than traditional financial analysis. Robo-advisors, AI-powered tools providing financial advice and portfolio management, have democratized investing by making it accessible to the masses. These platforms use complex algorithms to analyze an individual’s financial situation, risk tolerance, and investment goals, then propose a customized investment strategy, all at a fraction of the cost of human advisors.

Furthermore, AI is disrupting the venture capital landscape, traditionally a human-driven sector relying heavily on personal networks and intuition. AI-powered platforms now evaluate thousands of startups based on data points such as market size, team experience, and financial performance. This level of thorough, data-driven analysis reduces human bias and helps investors make more informed decisions, bringing a new level of sophistication to the industry.

In a nutshell, AI is the driving force behind a seismic shift in the branding and investing landscapes. Its potential to mine and analyze vast datasets, coupled with predictive capabilities, enables a more accurate understanding of consumers and markets. AI is not only transforming these sectors but is also setting a precedent for future technological advancements. This is not a temporary technological trend but a fundamental shift, an evolution of sorts, that is permeating all sectors and setting the stage for a future where AI’s influence will only amplify.

While there are legitimate concerns about AI – from job displacement to ethical considerations – it is clear that its impact on branding and investing is not just transformative but also irreversible. To stay competitive, brands and investors must learn to harness this technology’s potential and adapt to an AI-driven world. As we stand on the cusp of this AI revolution, it is certain that these two sectors, among others, will never be the same again.

 

Andréa Albright is a seasoned entrepreneur who is disrupting the publishing industry. Her latest venture, Beverly Hills Publishing™, leverages her expertise in brand development to help thought leaders and innovators turn their message into a million-dollar brand. In her latest book “Branding Investing” Andréa has introduced trifecta pioneering, which uses AI and data analytics to innovate the publishing process. 

 

How To Use VSLs To Optimize Affiliate Marketing

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by Peter Kell, VSL Director at Mindvalley

Stories are one of the most powerful forms of communication, as they resonate with people on an intellectual and an emotional level. Marketers have always known this, which is why they have often used written sales letters to share their company’s story with potential customers.

Unlike traditional sales letters, which were sent via mail and took a long time to read, video sales letters (VSLs) harness the power of video to heighten the emotional impact of the stories they tell. VSLs are highly effective at grabbing your audience’s attention, discussing the benefits of a product or service, showcasing a product or service as a solution to a specific problem, and inspiring immediate action (like clicking an affiliate link, subscribing to a service, purchasing a product, etc).

Typically, marketers place VSLs on a company website’s landing page to gain the attention of site visitors and increase sales conversions. They can also be shared through social media and email mailing lists, and paid advertising further increases their visibility in these channels. VSLs are both more accessible and more flexible than written sales letters.

For many potential customers, seeing is believing. VSLs allow your audience to see the service or product you’re promoting in action and to imagine themselves using it. They are uniquely effective at boosting brand awareness, establishing familiarity with a brand, and achieving a higher level of credibility.

All great VSLs share a few core components. As a VSL marketer, one of the best things you can do is to research successful campaigns from the past and model your own scripts off of them. As with any other artist, imitating the greats is one of the best ways to develop your own style and reach a broad audience. Once you’ve mastered the basic elements of writing and effective VSL, you can massively increase ROI and turn a brand, product or service into a household name.

Below are five simple strategies used by some of the world’s best affiliate marketers:

1. Have a well-defined goal.

The first step to making a great VSL is establishing a clear purpose. As an affiliate marketer, you might use a VSL to increase conversions/sales, or to establish trust and strengthen the relationship between the audience and brand, for example. Once you’ve figured out the goal of your VSL, use it as a guide to write your script and format your video. A clear purpose will help you determine who your target audience is and what tone or messaging is going to appeal to them, as well as ensuring that your script is tight and focused instead of rambling and unclear.

2. Tell a compelling story.

The second component of a successful VSL is a script that tells an impactful story. Starting your video with a dramatic hook that captures your audience’s interest and gets them asking questions helps you grab and keep their attention, which is a precious commodity among internet users. By directly appealing to viewers’ emotions, you make it easy for them to relate to you and see how the product or service you are presenting will benefit their lives. Once you’ve given them a story to connect with, it’s easier to convert them from a stranger into a buyer.

3. Present a genuine problem.

To get viewers personally invested in your VSL, start your story with a relatable problem. Immediately and clearly stating the problem (in no more than five seconds) helps your audience identify similar pain points in their own lives. This allows the VSL to speak to them on a personal level, getting them curious about the solutions you are offering and compelling them to continue watching. The framing of the pain point is highly important, as it helps the audience realize that they not only need a solution, but they need one now.

4. Provide a creative solution.

After establishing a problem, explain or demonstrate how the product or service you’re promoting will help customers solve it. It’s good to mention the key features of the product or service (details like ingredients, materials, size, etc.), but these should not be your focus. Simply listing features of the product or service does not amount to storytelling, and will quickly bore customers. Instead, emphasize the benefits they will deliver, highlighting the positive experiences and emotions they inspire.

5. End with a call to action.

Convenience maximizes conversions. Finishing your VSL with a call to action and including easily accessible links to the company’s product or subscription pages helps close the critical gap between the viewer deciding to buy the product and actually going through with it. Adding extra incentives like discounts or limited time offers are a great way to increase the sense of urgency generated by your VSL, giving your audience the incentive to act right away.

Conclusion

It’s no secret that video is perhaps the defining mode of communication today. The booming popularity of TikTok, YouTube, and Instagram amply demonstrates people’s obsession with video content, as well as its extraordinary effectiveness as marketing tools. VSLs allow affiliate marketers to lean into what they do best while giving audiences what they want the most: real, compelling stories that provide tangible solutions to the pain points in their lives. If you can master this form of communication, you can create truly explosive growth for your brand.

 

Peter Kell

Peter Kell is a serial entrepreneur and current VSL Director at Mindvalley. Peter has perfected the art of VSL creation, with an unmatched track record of creating multiple 8-figure video sales letter campaigns. A passionate advocate for Media Buying, Entrepreneurship, and Personal Development, Peter’s mission is to help e-commerce marketers achieve great success.

 

Why Do Founders Think That Only They Work Hard?

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by Roza Szafranek, author of “Culturivy: The Power of Changing a Workplace“

When founders start building a team, scale is usually the main goal. They know that they are not able to do everything themselves, and at the same time, they want the standards that define their organization to be maintained or even elevated. This results in a number of problems, including taking the influence of people away, decreasing empowerment, and creating a dependence on the founder for even the smallest decision. The ability to let go of micromanagement where necessary is an absolute key skill in the development stage of the company.

Of course, not everything will be done the way the founder would have imagined it. It is no different with relationships with people. It is also no different from establishing relationships with strategic people in the organization, keeping the rhythm of the company, and nurturing the culture of internal and external communication.

How difficult is it for a founder to recognize that not everyone has to be like them?

There are many beliefs about how difficult it is for a founder to get the first people in the company onboarded, aligned, and dedicated, including new employees who are experts in the tasks the founder has been doing alone. The main problem is knowing the context and accessing information. The second most important problem is the ability to see from a distance. Many founders often face the problem: “What are they working on? I come to a meeting and ask three questions, and my super experienced team does not know the answer for two of them!” This is because the founder has the context of the entire organization, including the product, technology, marketing, sales, HR, and other industry-specific heads and managers of the teams. This should not arouse anger, confusion, or objection in the founder. It should strengthen the division of tasks and responsibilities appropriate for roles: the area manager deals with the performance of a given task, requiring specialized competencies and focus on a specific area, and the founder adds the necessary context to the rest of the organization.

Founders often think that only they work a lot, work hard, and respond adequately to the situation. At the initial stage of the organization’s development, they are certainly involved in most of the company’s development. However, over time, they should be able to delegate as much as possible to their employees. When suggested, often the answer of the founder is: “I don’t have the right people to do this.” Of course, if the founder expects all employees to behave like them, with the same approach, commitment, and dedication to the development of the company, it is understandable that the employees will fail. The essence of the problem, however, lies in good management – that is, managing the talent, work, and time of your employees in such a way that they are adequately involved but not in a high number of work hours. Expecting others to be in the founders’ shoes should absolutely be changed as soon as possible.

Another mistake that founders often make is checking and controlling their employees’ working time. In the era of shortening the working week, managing completed tasks and not the time spent at the desk, it does not make sense to settle accounts for the longest stay in the office or at home in front of the computer. It is exactly like accounting for how long public transport takes and not whether it will take us to the right destination. It’s not about time; it’s about results.

Why employees shouldn’t work as much as the founder does

Founders often confuse the time devoted to work with a commitment to work, thinking that the more someone is able to spend for the company, the more they care. But what if, while working with weak concentration and fatigue, the employee is not able to properly perform their duties? What if the employee prioritizes incorrectly? What if the employee is unable to make the right decisions because they do not have the ability to zoom out to see from a distance and understand the wider context?

 

*Excerpted with permission from “Culturivy: The Power of Changing a Workplace” by Roza Szafranek

 

Roza Szafranek, author of “Culturivy: The Power of Changing a Workplace“, is Founder & CEO of HR Hints and Owner & CEO of Culturivy. Roza is an HR expert with psychological and managerial experience, that has led tech companies from early startup through exit. She is a mentor at 1871 Chicago, P33, TechRise, mHUB Chicago, Founder Institute and InCredibles, Sebastian Kulczyk’s mentoring program.

 

7 Tips For Using Social Proof To Grow Your Business

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In the digital age, establishing trust and credibility with your audience is more important than ever. One powerful tool that can help you achieve this is social proof. In short, social proof is the impact the actions and opinions of others has on our own opinions and behavior. When your potential customers see that others have had a positive experience with your business, it can significantly boost their confidence in choosing your products or services.

In this post, we’ll explore some of the best tips on effectively leveraging social proof to grow your business.

1. Encourage and Showcase Customer Reviews.

Customer reviews are one of the most potent forms of social proof. Positive reviews from satisfied customers can build trust and credibility for your brand. Encourage your customers to leave feedback and reviews on platforms such as your website, Google My Business, or social media. Highlight these reviews prominently on your website or create a dedicated section for testimonials. Consider using real customer names and photos to add authenticity and enhance the impact of the testimonials. A simple way to do this is to add an image to your website linking to a third-party review site, noting how many reviews and average stars you have. Check out Golf Cart Tire Supply as a good example.

2. Display Social Media Followers and Engagement.

Social media is a powerful platform for social proof. People tend to follow the crowd, so having a significant number of followers can help establish your credibility. Display your social media follower count prominently on your website, and include social sharing buttons on your product pages or blog posts to encourage users to share your content. Plus, showcase any high engagement metrics such as likes, comments, and shares to demonstrate the popularity of your content.

3. Collaborate with Influencers.

Influencer marketing has become more and more popular, and for a good reason. Working together with relevant influencers can help you get in front of their existing audience and gain credibility through association. Look for influencers whose values and target audience are aligned with your business, and consider partnerships for product reviews, sponsored content, or social media takeovers. The influencer’s endorsement can go a long way in influencing potential customers.

4. Feature Testimonials from Industry Experts.

Beyond customer testimonials, featuring endorsements from industry experts or well-known personalities can have a significant impact on your brand’s credibility. Reach out to influencers, industry leaders, or experts in your field and ask for their opinion or testimonial. Their stamp of approval can give your business a significant boost and attract attention from potential customers who trust their expertise.

5. Leverage Case Studies and Success Stories.

Case studies and success stories provide concrete evidence of your business’s ability to deliver results. Share stories of how your products or services have had a positive impact on your customers lives or businesses. Highlight key metrics, such as increased sales, improved efficiency, or cost savings, to make your case studies more compelling. Make these success stories easy to access on your website or through targeted email campaigns to nurture leads and convert potential customers.

6. Use Social Proof Notifications.

Real-time social proof notifications can create a sense of urgency and encourage visitors to act. Display notifications on your website or landing pages that show recent customer activity, such as recent sign-ups or purchases. Seeing that others are engaging with your business can create a fear of missing out (FOMO) and push potential customers to make a decision.

7. Incorporate User-Generated Content.

User-generated content (UGC) is an excellent way to showcase social proof while actively engaging your audience. Encourage customers to share their experiences with your products or services on social media using a branded hashtag. Feature the UGC on your website or social media channels to demonstrate the satisfaction and loyalty of your customers.

Social proof is an effective tool that can have a significant impact on the growth of your business. By following the above, you can build trust, credibility, and ultimately attract more customers to your business.

 

You Can’t Save Your Way To Financial Security In Retirement

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by Chad Willardson, Founder and President of Pacific Capital

According to a 2019 study from the Schwartz Center for Economic Policy Analysis, approximately 40% of older workers and their spouses will be downwardly mobile in retirement, which means they will not have enough income to maintain their preretirement standard of living. Moreover, a study conducted by GoBankingRates in 2019 showed that 64% of Americans are expected to retire with less than $10,000 in their retirement savings accounts. Sadly, that’s not enough to even cover a few months of expenses in retirement. 

Planning for retirement demands a strategic approach that goes beyond traditional savings. In this article, I’ll debunk the myth that saving money is enough and present a roadmap to a financially secure retirement. We’ll delve into the impact of inflation on your retirement income, the significance of reaching your dream income rather than a specific “retirement age,” and the power of creating passive income streams through investing for a sustained cash flow even after retiring from your day job.

Inflation’s Threat to Your Retirement Income

When preparing for retirement, you’ve got to consider the long-term effects of inflation. Over time, the cost of goods and services tends to rise, eroding the purchasing power of your savings. Therefore, relying solely on a fixed amount of money coming in each month won’t be sustainable or comfortable throughout your retirement. To combat the effects of inflation, it’s crucial to focus on investing for long-term growth.

Dream Income, Not Arbitrary “Retirement Age”

Traditionally, retirement has been associated with reaching a specific age, such as 65. However, this mindset overlooks the importance of having a reliable income stream to support your desired lifestyle during retirement. Instead of fixating on an arbitrary age, you should aim to retire once you’ve achieved the level of (non-working) income that supports your lifestyle. This approach allows for greater financial flexibility, enabling you to retire when you feel financially secure and have accumulated enough resources to sustain your desired standard of living throughout retirement. That goal could be reached at 35 or 75 or anywhere in between. That part’s up to you.

The Art of Generating Passive Income Streams

Relying solely on savings or a pension may not provide the level of financial security needed for a fulfilling retirement. Instead, focus on creating passive income streams that generate cash flow even after retiring from your day job. Investing in income-producing assets, such as dividend-paying stocks, real estate properties, bonds, and annuities can help create a consistent stream of income. These investments can deliver regular cash flow, reduce reliance on traditional savings in your bank account, and provide a cushion against the impacts of inflation. 

Diversify Your Investment Portfolio

To maximize the potential for passive income generation, diversifying your investment portfolio is key. By spreading your investments across different asset classes, industries, and geographies, you can reduce the risk associated with any single investment. Never rely on one single source of income. The recent pandemic reiterated how important that is. A diversified portfolio can provide a stable and consistent income stream, even during times of market volatility. Consider seeking guidance from a financial professional who can help you construct a well-balanced portfolio tailored to your risk tolerance and financial goals. 

Your Journey to Exponential Growth through the Power of Compounding

When it comes to creating passive income streams, starting early is crucial. The power of compounding allows your investments to grow exponentially over time. By reinvesting dividends, interest, or rental income, you can accelerate the growth of your investment portfolio. The longer your money remains invested, the greater the potential for compounding returns. Starting early and consistently contributing to your investment accounts can significantly impact the income you generate during retirement. 

While saving money is an important habit, you can’t save your way to financial freedom. You’ve got to invest for that. Saving money to sit idle in your bank account won’t be enough to secure the retirement of your dreams. Remember, it’s never too early to start planning for your retirement and exploring investment opportunities that can provide the future income you need to relax and enjoy life once you’re done working.

 

chad willardsonChad Willardson is the Founder and President of Pacific Capital, a fiduciary wealth advisory firm serving high-net-worth entrepreneurs and families. Alongside being one of the top wealth management experts in the country, Willardson is also the Co-Founder of GravyStack, a banking app for kids and teens, the Best-Selling Author of “Smart, Not Spoiled,” and Co-Host of “The Smart Money Parenting Show” #2 Podcast on Apple worldwide for Parenting, Kids & Family.

 

23-Year-Old CEO Jesus Salamo Baretta Shares 3 Things Every Young Entrepreneur Should Do When Starting A Business

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by Victoria Kennedy, CEO of Victorious PR

It’s hard to start a business, but it’s even harder if you’re young. Those who say that age is just a number haven’t been a 20-year-old entrepreneur. Not only is it a challenge to get the older generation to take you seriously, but it’s also a challenge to get your business funded if those with money think you aren’t old enough to turn your idea into a profitable venture. No matter how great your idea is or what kind of work ethic you have, someone is going to question your abilities for the simple fact that you are young.

Nobody knows the challenges of a young entrepreneur quite like Jesus Salamo Baretta, CEO of JY Global Group. His experiences and successes are so unique because not only is he a young business owner, but he is also a young international business owner, and international business comes with its own set of challenges. I sat down with Jesus Salamo Baretta, and he shared with me the top three things that every young entrepreneur should do when they start their own business.

Here is what he had to say.

1. Have Confidence.

As studies have shown, people are more drawn to those who carry themselves with confidence. When it comes to business, this is especially true, and confidence truly is key.

“If you don’t have it, build it. Learn everything you can about your industry and the market,” said Jesus Salamo Baretta. “I started with my father in 2019, and by 2020 I was selling and accomplishing a lot in the plastic sector because I was learning everything I could about that sector. Because of my age, some of the people that have been in the plastic business for years are surprised by how I sell to a specific client.”

Jesus Salamo Baretta entered the industry with confidence in himself and his abilities, and this confidence was one of the key factors that led him to the success he has gained.

“What really got me to where I am is the confidence in myself, to trust that I can do it, that I am able to do it. I will do whatever it takes, and I’m not going to make excuses,” he said.

2. Get a Mentor.

Mentorship is one of the most important things in business, especially when it comes to becoming successful.  Having a mentor will provide you with someone who supports you and your business, someone who can help you achieve the level of confidence in yourself that you need, and it can provide you with resources and guidance you wouldn’t have access to otherwise.

“Ask yourself who your idol is. Who inspired you to start a business? What have you learnt from them?” Jesus Salamo Baretta said. “I learned from my father. I learned values from him and most of my motivation is because of him. I got my spirit to work hard and always look ahead from him. My father is the one who inspired me, and it was only natural that he mentored me as well.”

One of the best parts about mentorship is that your mentor teaches you everything they know. They share with you what led them to success and what lessons they had to learn the hard way. This allows a young entrepreneur to avoid certain pitfalls and can even lead them to achieving greater success than those who came before them.

“My best friends sometimes say, “Okay, his father is a successful businessman, so it’s easy for him,” but something that I always point out is that my father was somebody in Venezuela, nobody knew who my father was in Europe. Our last name, our company name is something I built up. I put in the work to make us known internationally. I couldn’t have done it without the mentorship I received, but I am proud to admit that this feat is one I accomplished,” he added.

3. Be Your Own Competition.

Some business owners view other business owners as the enemy and treat them as such, but this mentality has no place in being a successful entrepreneur according to Jesus Salamo Baretta.

“There is room for everyone under the sun. Don’t compete with people who’ve been in the industry longer than you, or shorter than you. Compete with yourself. Be a step ahead of yourself from yesterday,” he said.

There is a lot to learn if you’re a young entrepreneur, but if you keep these three things in mind, you will be better prepared to achieve the success that you’re seeking.

***

About Jesus Salamo Baretta

Jesus Salamo Baretta, CEO of JY Global Group, is a seasoned international trade expert and a budding entrepreneur. With a passion for expanding his company’s reach beyond borders, he has gained extensive experience in navigating the intricacies of global business. Click here to learn more about Jesus and JY Global Group : http://jyglobalgroup.com/.

***

 

 

Victoria Kennedy

Victoria Kennedy is a Wall Street Journal best-selling author, TEDx speaker, Monaco Voice 40 Under 40, and well-respected authority in public relations who has spoken at events for ambassadors, lords, and dignitaries in such prestigious locations as the House of Commons and Guildhall in London and the Vatican. She is the CEO of Victorious PR, an award-winning, multi-million dollar PR agency that has helped dozens of entrepreneurs become the #1 Authority in their niche by getting them featured in top podcasts and press. To gain more credibility and authority in your market, please visit victoriouspr.com.

 

The Right Way To Make Mistakes

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by Robert L. Dilenschneider, author of “The Ultimate Guide to Power & Influence: Everything You Need to Know“

“Anyone who has never made a mistake has never tried anything new.” – Albert Einstein

No one wants to make mistakes. Mistakes are embarrassing. They can be costly. The consequences can be great. Worst, mistakes prove we’re not perfect, right? Well, no one is perfect, no matter your level of responsibilities, the empire you have built, or your financial worth.

Mistakes will happen if you are taking risks.

Now, keep in mind I’m talking about career risks. Not “mistakes” that are obviously poor judgment, such as driving after a few drinks. No excuses there.

But in business-driven decisions that turn out to be mistakes, there’s a right way to handle the ensuing situations.

In management (and life), you’ve got to own up to your mistakes. Never try to blame someone else, even if it’s not entirely your fault.

One of the most talented architects I’ve ever met exemplifies the virtue.

I was in the room at the Ritz Paris when I. M. Pei was pitching his idea for a novel treatment of a beloved public institution in the City of Light. At the time, I represented his company, I. M. Pei & Partners. Hearing the pitch was France’s president, François Mitterrand, and the mayor of Paris, Jacques Chirac.

“Absolutely no way,” Mitterrand dug in. “There is no way the French people will stand for it!”

Chirac disagreed. “The French people are always avant-garde,” he insisted. “They will embrace it.”

Would Pei’s unusual design fly? Outwardly, he seemed serene, but this was his professional challenge of a lifetime.

Pei’s reputation for innovation was well known — he had designed the L’Enfant Plaza in Washington, DC, the JFK Library in Boston, and the Rock and Roll Hall of Fame in Cleveland, among many, many projects — but go back a few years to see why it was uncertain his idea would be endorsed.

Along with the multiple high-profile projects and numerous awards, his career had experienced a major setback: the John Hancock Tower. It was a sixty-story structure that was to house offices for John Hancock Insurance at Copley Square in Boston’s Back Bay. The entire city loved it, but problems developed, such as sinkholes. But that was not the worst of it.

I’ll never forget this scene. We were conducting a news tour of the new building, with the stunning glass facade designed to reflect the city skyline, when on the top floor, all of a sudden, two windows popped out. The wind was intense; some people hid under desks. It was frightening. And embarrassing for the architects.

This was extremely dangerous — the windows weighed five hundred pounds each, and you can imagine the impact below from dozens of stories up high. The building swayed in the high winds off the bay, and more windows fell out.

After much analysis, the problem was found to be in the insulating glass. I won’t get into the science of it, but the result was a $75 million project (in the early 1970s) that ballooned to $175 million and took an extra five years for completion as every pane of glass — 10,348 of them — was replaced.

Pei himself had not designed the tower nor specified the glass. The designer was Henry Cobb. But Pei’s name was on the firm, and the firm’s name was on the plans. So he took responsibility.

With humility and perseverance, we move forward and improve.

The presentation in Paris I witnessed was for — maybe you’ve guessed it — a new entrance to the Musée de Louvre. Chirac won that day at the Ritz, and the modernist pyramid of glass — yes, glass! — opened to great acclaim in 1989; the French people did indeed embrace it, as did visitors from all over. It became a must-see in Paris. The Louvre is one of the most frequented museums in the world, with nearly ten million people visiting in 2019 before the pandemic. The glass pyramid, a doorway to the famous artwork inside the museum, is itself a work of art.

The year after his glass-pyramid entrance opened, Pei, who came to the United States from China at the age of eighteen, retired. Two years later, he was awarded the US Presidential Medal of Freedom.

Pei had integrity, the kind that engenders respect.

People make mistakes; however, the biggest mistake is failing to learn from them.

 

*Excerpted from “The Ultimate Guide to Power & Influence: Everything You Need to Know“, copyright © 2023 by Robert L. Dilenschneider. Reprinted with permission from Matt Holt Books, an imprint of BenBella Books, Inc. All rights

 

Robert Dilenschneider 2

Robert L. Dilenschneider, founder and CEO of The Dilenschneider Group, is one of the world’s foremost communication experts and leadership coaches. Dilenschneider is widely published, having authored 18 seminal business and career development books. He has counseled major corporations and professional groups around the globe and is frequently called upon by the media to provide commentary and strategic public relations insights on major news stories.

 

Leading Through Change: Learning To Make Proactive Decisions From A Place Of Uncertainty

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by Marsha Acker, CEO of TeamCatapult and author of “Build Your Model for Leading Change: A Guided Workbook to Catalyze Clarity and Confidence in Leading Yourself and Others“

How do you lead with confidence when you’re surrounded by uncertainty?

The world is only getting more complex. It can feel like things are shifting at an uncontrollable pace. In this environment of uncertainty and future unknowns, it can be daunting to make confident decisions.

When things are constantly changing, how do you move forward effectively?

I work with many leaders navigating these questions. Often, they’ll simply hold back on making any more decisions. After all, they think, if more changes are coming, why not wait until there’s more certainty and clarity in a couple of weeks?

Unfortunately, what they usually discover is that there is not more certainty ahead. The world of business and innovation is moving too rapidly. New priorities are constantly emerging. Deferring to later is only likely to compound the feeling of decision paralysis.

So, what if we, as leaders, learned to embrace uncertainty instead? What if we learned to treat it as a constant companion rather than a condition or event we need to survive?

What would change for you as a leader if you embraced this way of thinking?

We know that things will always and often be changing. The one thing we can control is how we want to relate to change.

The following key principles are frequently used by leaders who have learned to make effective decisions in the midst of change. Explore them one by one and consider how they might expand your own ability to embrace uncertainty and lead with confidence.

Be here now.

When there is shifting sand under your feet, find a way to bring yourself into the present moment. When we try to look forward too far into the future, things only get more unpredictable. It’s when we try to read the future that we can get “wobbly” about making decisions.

So, find your way of becoming present and grounded in this moment. Take a deep breath and focus on the here and now. Not a week later, not a month later, not six months later. Right now. This is a space of certainty.

Find certainty in the uncertainty.

Our brains crave certainty. So, if it feels like you are operating with less certainty, identify what you do know. Ask yourself, “What do I know to be true right now? What’s the data that I have at this moment?”

Imagine, for example, a re-org that is re-assigning everyone into new roles. This kind of change introduces lots of uncertainty! So, what are the things that you are certain about? This could include the fact that the changes will all take place within the next 2 weeks. That everyone’s role is changing, and no one has been left out. That no one will receive a change in pay as a result.  In this example, the leader is identifying the facts about what they do know so that there are boundaries around the uncertainty. 

What’s the next most important decision?

From a place of being “grounded in the moment,” always asking yourself, “What’s the next most important decision I need to make right now?” And then just make it with the data that you have right now.

We can’t know or predict the future, so if decisions can wait — let them wait! But if a decision needs to be made now, then make it. If and when you get it “wrong,” adjust and make a new decision. Let people know that you got it wrong and you’re adjusting. Identifying and making the decision that needs to be made now keeps us from getting stranded on the shoals of “Why bother if everything’s just going to change again anyways.” That thinking is not helpful to you or those you lead.

Communicate often, openly, and honestly.

Communicate as often as you can. Be a clear and present voice for people. Help them find certainty in the predictability of knowing they will hear from you often and frequently. Do not lose your voice or get silent in the face of lots of change.

There was recently a cruise ship that made headlines for its decision to head directly into a tropical storm. During the event, the captain went silent for 12 hours without any communication with the passengers. Nobody knew what was happening. In the absence of communication and data, we will make up our own stories — and they will most certainly be worse than what is actually happening. As a leader, people want to hear from you. They want to know what you know — and it’s useful to say what you don’t know, too.

Communicating effectively in uncertain times also includes acknowledging others’ feelings and being authentic about your own. You don’t need to overshare, but connecting on a human level creates a shared investment in moving forward together.

 

Marsha Acker, CPF, CPCC, PCC, is author of  “Build Your Model for Leading Change: A Guided Workbook to Catalyze Clarity and Confidence in Leading Yourself and Others“. She is also the author of “The Art & Science of Facilitation: How to Lead Effective Collaboration with Agile Teams” and the host of the Defining Moments of Leadership podcast. She is the founder and CEO of TeamCatapult, a leadership development firm that equips leaders at all levels to facilitate and lead sustainable behavioral change.

 

Inflation Hitting Hard? Think Solar.

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solar panels roof

by Glenn Jakins, founder and CEO of Humless

The past couple of years have seen historic price increases on everything from groceries to concert tickets, and everyone is feeling the pinch.

For homeowners, inflation translates into higher interest rates, lost equity, increased property taxes, more expensive home repairs, and skyrocketing energy costs. Between 2021 and 2022, energy prices went up more than 30%, and prices have continued to rise in 2023. 

All of these expenses add up, but there is one safe haven homeowners can turn to for respite – and it starts on the roof. 

More than ever, solar energy is giving consumers an opportunity to lower their energy bill over the long term and set themselves up for success in an increasingly unpredictable economic climate. The advantages of solar are obvious in some ways, but there are some hidden benefits that everyone may not be aware of. 

Whether residents are building a new home or looking to improve their existing one, they should seriously consider solar as an option. Zeroing in on inflation, this article will explore four of the ways solar energy is a smart bet, even in a shrinking economy.

Savings From the Inflation Reduction Act.

Passed by the US Congress just last year, the Inflation Reduction Act contains a substantial incentive for homeowners to install solar panels. The Residential Clean Energy Credit allows consumers to subtract 30% of the cost of most solar products, including the panels or roofing materials themselves and accompanying energy storage solutions from their federal taxes. The average household will save $9,000 over the life of the solar installation. Savings extend throughout 2032, making solar energy accessible to more families than ever before. 

Selling Excess Power.

Most people know that solar energy is cheaper than electricity generated by fossil fuels. Consumer Affairs reports that the average price of fossil fuel energy ranges from 5 to 17 cents per kilowatt hour, while solar energy averages only 3 to 6 cents. What not all homeowners may know is that if their solar roofing generates more energy than they actually use, that energy can be sold back to the power grid and generate even further energy savings. 

As solar technology has improved, some solar installations now come with a DC (vs. AC)-coupled setup. This allows the home to draw energy directly from the solar panels, powering lights, appliances etc. before sending excess to the grid, instead of looping power through the grid from the get go.

Grid Independence.

The unfortunate truth is that the electrical grid in the United States has not been properly planned and maintained as the population has increased, and our way of life has become more dependent on electronics. As a result, millions of people across the country have suffered from both planned and unexpected blackouts. Aside from the inconvenience, electricity loss can cost homeowners real money in terms of lost business productivity, spoiled food and medical supplies or issues with water pumps, heating and cooling. 

Solar customers with battery storage can avoid this by creating a microgrid environment. Solar panels can send excess energy straight to the batteries to be kept in reserve for nighttime use or in case of inclement weather or a power failure. 

Planning for the Future.

Consumers that add battery storage to their solar roofing, either as the system is installed or as an add-on at a later date, can protect themselves from future economic and systemic turmoil. 

Over the lifetime of a roof collecting solar power, a residential customer can save up to $97,000, depending where they live. If energy costs continue to climb, as they most certainly will, solar power is a great way to help inflation-proof a home. Higher costs mean more savings for the homeowner in the long run. 

Additionally, changing regulations make solar a smart investment now. In California, for example, solar roofing is already a requirement for new construction. Maryland, New York, and Vermont are considering similar legislation. As the US government’s stated goal is for 100% clean energy by 2035, other states will likely follow. It’s impossible to predict what other regulations and standards will materialize in the future, but there’s every reason to suspect that more clean energy requirements will materialize. Installing solar now gives homeowners a head start and will save them the trouble and expense of making changes down the line. 

Conclusion

At a time where so many aspects of owning a home seem out of control, many are looking for smart ways to save money and find some control. Adding solar energy to rooftops is one way that consumers can stretch their dollars, hedge against uncertainty and invest in the future. 

 

Founder and CEO of Humless Glenn Jakins is a serial entrepreneur with a multi-decade track record of taking creative ideas and turning them into successful products that change lives. With a strong background in logistics and operations, he has helped launch multiple 8-figure companies and been instrumental in the increase of tens of millions of dollars in sales for many more.

 

Data Science For Finance: Unveiling The Power Of Data In The Financial Sector

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In today’s fast-paced digital era, the financial sector is undergoing a profound transformation. As financial institutions grapple with an ever-increasing volume of data, they are turning to data science to gain valuable insights, make informed decisions, and stay ahead in a highly competitive landscape. Data science, a multidisciplinary field that combines statistics, mathematics, programming, and domain knowledge, has emerged as a game-changer for the finance industry.

In this article, we will explore the applications and benefits of data science in finance, shedding light on how it empowers businesses to unlock hidden opportunities and drive innovation.

Introduction

Data science for finance, an interdisciplinary field that combines statistical analysis, machine learning, and domain expertise, is revolutionizing the finance industry. By harnessing the power of data, financial institutions can gain valuable insights, optimize operations, and drive strategic decision-making.

The Role of Data Science in Finance

In the modern financial landscape, data science plays a pivotal role in several areas, including predictive analytics, risk management, customer experience enhancement, algorithmic trading, regulatory compliance, and reporting. Let’s delve into each of these aspects in detail.

Predictive Analytics for Financial Forecasting.

Financial forecasting is a critical component for businesses to make accurate predictions about future trends and outcomes. Data science leverages historical data, statistical models, and machine learning algorithms to analyze patterns, identify correlations, and generate predictive models. These models enable financial institutions to make informed decisions regarding investments, resource allocation, and portfolio management.

Risk Management and Fraud Detection.

Risk management is of paramount importance in the finance sector. By leveraging data science techniques, such as anomaly detection, pattern recognition, and predictive modeling, financial institutions can proactively identify and mitigate risks. Additionally, data science enables the detection of fraudulent activities by analyzing large volumes of data and identifying suspicious patterns or anomalies.

Enhancing Customer Experience.

Data science enables financial institutions to gain a deep understanding of their customers and deliver personalized experiences. By analyzing customer data, including transaction history, browsing behavior, and demographics, financial institutions can offer tailored products, targeted marketing campaigns, and personalized recommendations. This enhances customer satisfaction and fosters long-term loyalty.

Algorithmic Trading and Market Analysis.

In the realm of investment banking and trading, data science plays a vital role in algorithmic trading and market analysis. By analyzing vast amounts of financial data, including market trends, historical prices, and trading volumes, data science models can identify patterns and make predictions, enabling traders to make data-driven investment decisions and execute trades with high precision and speed.

Regulatory Compliance and Reporting.

The finance industry is subject to stringent regulations and reporting requirements. Data science simplifies regulatory compliance by automating data collection, analysis, and reporting processes. By leveraging natural language processing (NLP) and machine learning algorithms, financial institutions can ensure accurate and timely compliance while reducing costs and human errors.

Challenges and Limitations

Despite the numerous benefits of data science in finance, there are several challenges and limitations to consider. These include data quality issues, data privacy and security concerns, regulatory hurdles, and the need for highly skilled data scientists. Overcoming these challenges requires a collaborative effort between data scientists, domain experts, and policymakers.

Ethical Considerations

With great power comes great responsibility. As data science continues to shape the finance industry, ethical considerations become crucial. Financial institutions must handle data ethically, ensuring transparency, fairness, and accountability. They must prioritize data privacy, establish robust security measures, and comply with regulations to build trust with customers and stakeholders.

Future Trends and Opportunities

The future of data science in finance holds immense potential. As technology advances and data volumes explode, the finance industry will witness further innovations in areas such as real-time analytics, machine learning automation, explainable AI, and blockchain applications. These advancements will continue to drive efficiency, improve decision-making, and foster sustainable growth in the financial sector.

Conclusion

Data science has emerged as a transformative force in the finance industry, empowering businesses to unlock hidden insights, streamline operations, and make data-driven decisions. From predictive analytics to risk management and customer experience enhancement, data science plays a pivotal role in shaping the future of finance. Embracing data science and investing in the right talent, technologies, and infrastructure is imperative for financial institutions to stay competitive and thrive in the digital age.

 

How I Turned $6,000 Into A Multi-Million Dollar Travel Empire (The Broke Backpacker’s Business Journey)

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broke backpacker

by Will Hatton, founder of The Broke Backpacker

For more than fifteen years, I’ve been embarking on thrilling adventures to remote, off-the-grid destinations — and, for many of those years, I did it all on a budget of $10 a day.

I started documenting my travels online in the hopes of inspiring others to do the same. All of those that thought it wasn’t possible. I wanted everyone to be able to taste that very same life-changing freedom I was experiencing on the road…

My name is Will Hatton, and I’m the man behind The Broke Backpacker. My journey started at the tender age of nineteen when I found myself hitchhiking through India, immersing myself in its vibrant culture for over two years. With no fancy gadgets, I scribbled down my first blog posts on a battered iPod touch while navigating the unknown territories of the world.

Fast forward to the present day, and things are looking very different. As I write this article from the mesmerising Island of the Gods, Bali, in Indonesia, where I currently reside, I can’t help but reflect on the incredible path that led me here.

Over the years, my passion for travel propelled me to experiment with various online ventures. Along the way, I’ve founded a total of nine different businesses, each teaching me invaluable lessons, especially during the challenging times of the global pandemic. Despite facing numerous setbacks, I’ve persevered and came back stronger. Every frickin’ time.

Recently, I’ve fulfilled a lifelong dream of opening up a hostel – not your average hostel, though. Tribal Bali is the island’s first custom-built co-working hostel, designed to cater to aspiring adventurers that have ditched their desks to step away from the norm and forge their own destiny. I believe we’ve really built something unique and it continues to inspire me every day!

But believe me, reaching this point has been a whirlwind adventure, filled with triumphs, setbacks, and countless lessons learned.

In this article, I’m thrilled to take you along for the ride, sharing the ups and downs of my entrepreneurial journey. I’ll shed light on the invaluable lessons I’ve gathered along the way, empowering you to transform your own passion for travel into something truly extraordinary. 

Buckle up, fellow wanderers, as we embark on this wild ride together.

Laying the Foundation: Launching the Travel Blog

The early, early days of The Broke Backpacker began with handwritten notes I shared with fellow travellers during my time in India. Back then, travel blogs focusing on extreme budget travel were scarce. I was couchsurfing, camping and sleeping in train stations, really pushing my comfort limits – and very few people were covering that style of travel online.

On January 30th, 2013, the site was born with a mission to prove that travel is possible for almost anyone, even with no money, as long as they are capable to FULLY embrace discomfort — and to come out infinitely stronger on the other end.

In my ten years of travel blogging, there were significant moments that shaped the trajectory of The Broke Backpacker. I ventured into destinations like Venezuela before they became popular, I embarked on a journey from England to India without taking any flights, I hitchhiked all across Iran and through Pakistan’s wondrous peaks… and the raw accounts of those journeys started finding their way into the likes of BBC and the Daily Mail, earning valuable backlinks that would help build my authority in Google’s eyes.

As the site gained traction, I recognized the importance of building strong content silos, providing practical information for adventure planning. Our extensive backpacking guides, like the comprehensive guide to backpacking Europe, became our cornerstone pieces of content.

Additionally, our gear guides gained recognition for helping readers choose the right equipment for their hiking expeditions, their camping trips, you name it. Over time, we expanded to include “Where to Stay” guides and hostel recommendations, establishing a strong partnership with Hostelworld along the way.

As our audience grew, The Broke Backpacker became a trusted name in the travel community. Our content aims to inspire, educate, and inform, with writers who have firsthand experiences in the real world. Our readers can relate to the authenticity we put on the table. We have contributors from all around the globe living the broke backpacker lifestyle, keeping our content fresh and genuine.

We focused on ranking for relevant backpacker keywords, tailoring recommendations based on our readers’ preferences, whether they were digital nomads, couples, or party enthusiasts. Our readers trust our word, which often leads them to book through our platform, allowing us to earn a commission and reinvest in our growth.

Money is not all, obviously, and we do also prioritise serving our audience with valuable guides on topics such as avoiding burnout, maintaining mental health, travelling responsibly, reducing plastic waste, and staying safe at festivals, for example. We cover it all.

The financial success of The Broke Backpacker stemmed from our unwavering commitment to our core mission and our expertise in SEO and unique travel experiences. By implementing effective systems and assembling a team of exceptional adventurers, I built a formidable powerhouse that paved the way for expansion into other ventures.

From Backpacker to Business Visionary

There was a very important step I missed just there. Something that changed EVERYTHING…

Amidst my ambitious overland journey, I found myself backpacking Pakistan, a place that changed me for life. Since then, I’ve visited 5 times and I’m itching to get back (it’s happening soon amigos!).

And whilst travelling there for the second time in 2016, I had a crazy idea. I turned to my audience on Snapchat, which I had been developing through the unfiltered nature of my travel tales, and asked if folks would be interested in seeing this amazing country with me as their guide.

Without much thought, I tentatively put up a Paypal link to secure deposits and… overnight it sold out.

I suddenly had $6000 (12 x $500 deposits) in the bank. The most money I had ever had up until this point, which I immediately spent on trying to grow The Broke Backpacker, reasoning that I had 6 months before I led my first tour to Pakistan and therefore time to make the money back to fund the actual tour. 

It was a pretty big risk but… I had a plan.

The funds generated from this tour alone allowed me to invest further, hire writers, and focus on mastering SEO and targeting untapped niches. Fortunately, things worked pretty alright and slowly but surely, my humble travel blog was making its way to the top.

I spent a tough two years working my ass off until finally there was an explosion like moment where I was making enough to actually upgrade my lifestyle, and continue to invest in the growth of the blog. 

Diversifying Income Streams

I had always had a bit of an entrepreneurial eye, and as a young backpacker in India, I bought scarves and leather satchels and brought them back to the UK to sell at festivals. Whenever I returned to the UK, I packed my bag with as much hippy stuff as possible because I knew I could make 1000% selling it on eBay. 

I always worked on my travels and picked up jobs along the way. I’ve worked 100 crazy jobs all around the world: herding goats in the Holy Lands, handing out flyers in Vietnam, renting inflatable tubes in Laos, and unloading trucks. 

But it was online that I knew the real money was to be made. And so, when my travel endeavours started to bring in some cash, I decided to expand my efforts into different experiments.

In 2017, I launched several new online ventures to test out different ways to make money online. I experimented with content sites in all kinds of weird and wonderful niches, most of which have failed at one point or another – but others still bring a solid income to this date. 

I started a dropshipping company, Active Roots, in which I focused on selling backpacker essentials like hammocks and quick-dry towels. This crashed and burned hard during 2020 when shipping costs rose by 400%.

I also started an SEO agency with a business partner, which also crashed and burned hard in 2020 but I made about $30k out of it before it did – that one definitely counts as a success.

I also dabbled in cryptocurrency, getting in when a Bitcoin cost a mere $650… I traded an original investment of $9000 up to 7 figures at its height but lost almost all of this in a couple of short weeks. I ain’t much good at trading it turns out, and the anxiety and dreaming in freaking charts really didn’t help my mental health. Overall, my journey with crypto could have been remarkable but was not. One can still dream — can’t sell, won’t sell…

Amidst these diverse experiments and ventures, I never lost sight of my passion for travel. And it was during this period that I realised the immense potential to scale up my investments in the travel industry itself. With a keen eye for business opportunities and a deep understanding of the travel market, I began envisioning a project that would go beyond online ventures.

Inspired by my own backpacking experiences and fueled by the success of The Broke Backpacker, I set out to create something tangible — a one-of-a-kind hostel that would cater to the needs of aspiring entrepreneurs and digital nomads. This ambitious vision marked the next phase of my entrepreneurial journey, where I would bring together my expertise in travel, my knack for spotting untapped niches, and my determination to create a thriving travel empire. The seeds were sown, and it was time to turn dreams into reality.

The Travel Empire Grows

In the year of 2019, a spark of an idea led me and my buddy Mark to finally make the move on establishing a hostel. We both share a deep-rooted belief in the transformative power of travel, and the ability to sustain one’s life on the road through our very own entrepreneurial pursuits. 

This shared passion helped bring our vision into reality, and so, Tribal Bali was born.

The idea of building the ultimate hostel for aspiring entrepreneurs and digital nomads to begin their online journeys had been a dream of mine for many, many moons…

The dream was to create a place that catered to the needs of digital nomads, aspiring entrepreneurs, and full-time travellers who were looking for a space that allowed them to 1. Hustle hard and 2. Still enjoy the best aspects of the backpacker lifestyle and community. 

Throughout my years on the road, I realised that there was a BIG gap in the market. As a digital nomad myself, I faced numerous challenges in finding accommodations that offered reliable Wi-Fi, quiet zones, and ample charging points. To that, you add great coffee, delicious food, a swimming pool, an almighty pool table… and you get a space where working travellers can really balance work AND play. 

The goal was to design a space that not only provided the essential amenities for digital nomads but also fostered a sense of community and collaboration amongst guests. We really believe we’ve created something special here and we are just getting started… 

Tribal has been specially designed to serve the entrepreneurship community, but it is a melting pot for broke backpackers, intrepid influencers, veteran digital nomads and aspiring entrepreneurs alike. We have individual co-working booths, plentiful rice-paddy views, delicious coffee, an extensive menu of healthy food and treats, lightning fast WiFi, standing desks and many different configurations of seating, tables, nooks and crannies. It’s sleek, custom-built and we have an incredible team on-site who really make the place feel homey. 

Moving forwards, we plan to expand Tribal and build some more private rooms, as they are literally fully booked weeks in advance, as well as adding in AC meeting rooms that can be hired by the hour. We are still learning how best to serve our community and we’re excited for these additions and some other secret projects I can’t quite reveal right now.

Tribal is a great place to network, to find your tribe, and to meet a friendly community of folks who have ditched their desks and stepped away from the norm with the dream of building their own online incomes or remote working their way to success. It’s honestly awesome to see so many folks from so many different backgrounds all working hard on forging their own destiny. 

Do come by and say hi if you ever find yourself around — and keep an eye out for exciting developments through Tribal’s Instagram.

Lessons Learned and Advice for Aspiring Entrepreneurs

I have gathered some wisdom over my decade of working online, so here are some of my top tips for aspiring entrepreneurs…

Discipline eats intelligence for breakfast: it is your sword and shield with which you shall cut your way through the fray and onwards to victory… Develop a strong routine that guarantees you have dedicated work time each day and keep chipping away. It takes TIME to build anything worthwhile, be consistent. 

Minimise distractions: Limit your tendency to procrastinate and practise good phone habits – if your phone constantly distracts you while working, keep it in another room.

Focus on the ONE THING that truly matters each day: identify the key task that will make the most impact on your business and prioritise getting it done before anything else.

Know when to outsource: Some tasks are best handled by you, while others are better suited for people who know it better. Deciding which is which requires some finesse. Ask yourself: Am I the best person for this task? Is it a recurring task with expensive outsourcing costs? If either answer is yes, take care of it yourself.

Be patient, work hard, dream big: Many people give up too soon or fail to commit to the hard work, getting caught up in trivial matters like endless logo redesigns or excessive social media use in the name of “work.” By cultivating a strong work ethic, practising patience on your journey, and setting ambitious goals, you’re already way, way ahead of the game.

Embrace failure: Fail cheap, fail fast, fail young. Try crazy things when you have little to lose. 

Educate yourself: Modern Wisdom is an awesome podcast for that. Consider reading Tools of Titans for valuable insights.

Use the right tools: Trello is incredibly powerful for organising thoughts and projects. A roll of statically charged whiteboards could literally change your life… these are endlessly useful for planning, habit tracking and goal setting. Use a journal to strengthen your mental health, focus on your wins, project out the steps you will take to reach your goals.

If you’re on the fence, I strongly encourage you to take the leap and pursue your entrepreneurial dreams. It is entirely possible to create the life you desire if you can motivate yourself to consistently put in the effort. Expect a journey of at least two or three years before reaping the rewards of your hard work.

Be ready to pay the price. It is hard work, but if you can remain disciplined, optimistic and proactive, anything is possible. Get out there, get it done. 

 

Will Hatton started travelling more than a decade ago as a headstrong and penniless youth, but his years on the road quickly turned him into an expert of the budget backpacking trade. He travelled, he made mistakes, and through it all, he found his calling – to explore, to share, to learn. Will is passionate about the power of budget travel as a personal development tool, and about teaching others to ditch their desks, embrace adventure and to build an online income.

 

Digital Transformation Is Changing These 3 Things About Hybrid Work

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by Joe Aherne, CEO of Leading Edge Group

If you weren’t familiar with the practices of hybrid work before 2020, there is a good chance you are now. The pandemic drove the swiftest and quickest transition to online work formats we have ever experienced.

Despite the overall success of the transition, many vital business practices got lost in translation. Additionally, the nature of work-from-home (WFH) has variable effects on productivity levels and employee communication. Not to mention company culture has been lost in the shuffle for many teams veering from in-person collaboration. Organizations now must deal with expanding teams and inadequate process improvements to maintain communication and collaboration amongst team members.

As it stands, adjusting to hybrid work is simultaneously an effect of and challenge for digital transformation.

The Current Digital Landscape

At this point, it almost feels difficult to remember the technological reluctance that many organizations had prior to the pandemic, because, for the last three years, everyone has been depending on IT leadership for solutions to WFH issues. Whether related to internal processes issues or external customer concerns, there has been accelerated dependency on IT support teams to help others troubleshoot issues and errors. Due to many organizations being rushed to carry their business processes into a hybrid working model, there has been limited time to dedicate to advising teams on best technological practices.

Many organizations have still not properly trained their team members on tech and security best practices for a hybrid model. For many teams, this has resulted in overall process deficiencies and a day-to-day work culture of simply trying to ‘keep your head above water’, so to speak.

What has changed in the workforce?

Culture.

The first thing to change in the workforce during the digital transformation is company culture. As teams switch to hybrid or fully remote environments, the values and practices that support culture can become less accessible and harder to practice in the new remote environment. Many companies struggle with higher employee churn, which is compounded by the new accessibility to larger talent pools through exclusively remote work. People switching positions more often and working without a centralized location often comes at the cost of writing off in-person collaboration altogether.

However, hybrid work environments supported by adequate technology and policy can ultimately elevate company culture. The remote environment provides more accessible policies that promote an agile culture, such as flexible start and end times and working from anywhere, which helps mitigate organizational costs and promotes a positive culture. Cultural change can be an incredibly positive thing for an organization, especially if it means that new digital processes are being implemented that save the company money and give the employees more flexibility. Use available technology to ensure your company’s culture is driven in towards positive change rather than stagnation.

Processes & Productivity.

The changing of company culture is a byproduct of changing processes and productivity. Processes can be streamlined with online project management tools and communication platforms that mimic in-person collaboration. Through the use of these tools, many teams have found that there are new ways to collaborate without the need for constant communication. In heavily collaborative environments, those who prefer independent working styles often feel that their mandatory meetings could have just been through email. In hybrid environments, digital platforms help make this switch while encouraging collaboration.

Streamlining processes to support different working styles is more accessible in the remote environment and can be capitalized on with the right technology. Using project management tools, secure instant messaging services, and even intranets and internal newsletters can increase productivity and keep the entire team more connected digitally.

Customer Experience.

While culture, processes, and productivity are all internal operations affected by increased reliance on technology, customer experience is an external element that has also been altered. Fortunately, increased digitization provides improved accessibility for communication between customers and businesses but creates heightened consumer expectations. The new and improved customer experience landscape relies on the IT team and corresponding technology to provide 24/7 access to services, no matter the organization. Mechanisms like live chat boxes are already leaning into artificial intelligence to serve customer demands better. However, with this new territory comes more concerns over privacy and security which must be addressed internally to ensure customers’ data is not compromised.

Leveraging Agile Principles in Digital Goals

Now that we have established how internal and external elements of work are changing to cement new digital transformation goals, we can explore the best practices for CIOs and IT teams to tackle this.

Since the turn of the century, business philosophies have focused on incorporating agile and lean principles into all facets of operations to better meet demands in the changing digital landscape. While both have a healthy obsession with the end result, agile encourages dividing the job into manageable, value-driven chunks completed in brief iterations while encouraging creativity along the way. Agile embraces change, while lean focuses on linearity. With change being a cornerstone of digital transformation, it calls for an agile response from IT teams.

Many different businesses are looking to be agile to optimize development processes. This requires a focus on cooperation between people working on each moving piece within the project. Digital transformation provides resources to promote creativity, a key pillar of agility training. Providing teams with the technology and training to improve and constantly innovate new ways to adapt will help to optimize your hybrid work environment.

Promoting Agile Digital Platforms In The Hybrid IT Landscape

If your organization still needs to embrace cloud technology in the hybrid space, this will be the first step in scaling your business and promoting agility for teams. Mixing the public and private to scale what information needs secure infrastructure versus what can be off-loaded to the cloud will greatly increase team flexibility. Additionally, when scaled appropriately for the organization’s size, the overhead cost should be less than that of traditional data infrastructure.

Even with integration into cloud computing services, security can remain the Achilles heel for IT teams, especially with remote and in-person work environments operating simultaneously. As discussed, one of the major benefits of the hybrid workspace, which has remained post-pandemic, is the flexibility it provides employees and employers alike. Therefore, to mitigate security challenges with employees using different hardware from anywhere worldwide, implement one digital workspace where employees’ devices can be added and discontinued as needed. This implementation will help maintain flexibility and security to improve teams’ agility.

Implementing these programs will put the IT team to work, but for great long-term rewards. Firstly, with cloud integrations, the company, through the extension of its IT team, has greater control over sensitive data. The noise from day-to-day tasks will remain on the public cloud allowing security to be scaled down and focused in one space for IT teams. Additionally, when it comes time to scale cloud services in either direction, this is much easier than traditional infrastructure. The agility provided by digital workspaces such as VMware cannot be understated either. Employees can securely access their workspaces from anywhere, at any time, and on any device, making the hybrid workspace a truly accessible place.

Conclusion

Digital, transformation, and agile are all loaded buzzword terms that have gained traction since many businesses shifted to remote work. Regardless of your opinion on these terms, the shift has dramatically affected how we think about hybrid work. On the surface, a digital transformation implies technical advancements and training, and many organizations have embraced remote and hybrid work using the technology available. At its core, however, leaders’ adoption of agile practices will help keep the humans behind the technology on track to meeting goals and ultimately transforming the workplace.

 

Joe Aherne

Joe Aherne is the CEO of Leading Edge Group, a leadership training and consulting organization focused on business transformation. As CEO he acts as relationship manager for many of the company’s continuous improvement consulting projects.

 

 

A Holistic Approach To Building A High Performing Team

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by Craig Goodliffe, Founder & CEO of Cyberbacker

As a business leader, your goal is obviously to have your employees functioning at the height of their capabilities. However, if employees feel unhappy or disillusioned in the workplace, chances are their output will suffer. It makes sense if you think about it — happy employees invest more in their company’s success, and are therefore more likely to perform better.

The importance of mental health in employee productivity

Recent trends have seen more businesses emphasizing mental health in the workplace. However, employers must do more to promote positive mental health for their employees than to allow workers to take a sick day or vacation time for a “mental health day.” Instead, there must be a radical shift in company policies to show employees that you legitimately care about their mental well-being.

Many employers work to improve workers’ mental health by offering downtime, PTO, and vacation periods. However, the most important thing for employers is to deliver on their promises in terms of employee benefits. For example, “unlimited PTO” has become more common among startups and other companies, but companies who choose this model must do so for the right reasons, and actually allow their employees to take advantage of this offer. If employees feel pressured not to take PTO, this policy could be worse on their mental health than offering a set amount of annual PTO.

Some business leaders might be surprised by how significant of an impact even minuscule adjustments to their business could have on their employee’s mental health. For example, the process of time blocking and hourly scheduling can be invaluable to an employee’s mental well-being. By breaking down the day into periods designated for specific tasks, productivity can be significantly improved. 

Many companies have also seen success by implementing stress-reducing workplace events. These events can be major — from team building exercises to catered lunches or post-work dinners — or minor — such as a break during the day for yoga or meditation. It’s important for business leaders to be sincere about these types of events, as employees can easily see through insincerity. However, so long as leaders show they care about their employees and their well-being, these events can help employees feel more valued and happy in the workplace.

Building a company culture conducive to employee performance

Indeed, even a small investment in the company’s culture can go a long way. As a business leader, your goal should be to create a culture of gratitude, with minimal negativity. Remember, energy is infectious. If you go about your day looking and feeling visibly unhappy, chances are this unhappiness could transfer to your employees. However, the reverse can also be true. Do your best to communicate feelings of happiness, and recognize your employees to make them feel more valued.

However, where many business leaders go wrong with employee recognition is thinking that the only form of recognition is pay. Sure, giving employees a raise for doing great work is important — arguably even necessary — to keep them feeling happy with their position and the company. However, there are other forms of recognition that are equally important, and each person may feel recognized in different ways.

There are many ways in which people can feel compensated: time off, self-expression, leadership, and the ability to grow vertically within the company, and — of course — pay. For most employees to feel fulfilled, they will need a combination of all of them, but there are some methods of recognition that will be more important than others. For example, one employee may feel more rewarded by being publicly recognized for their contributions — such as being thanked in a meeting or being given an award for their performance — while others may be more fulfilled by being given more responsibility through delegation or promotion. 

Another essential aspect of the workplace culture that is necessary to strong employee performance is a culture of open communication, as this is what is required for employees to trust their employer and workplace. According to the Harvard Business Review, “employees in high-trust organizations are more productive, have more energy at work, collaborate better with their colleagues, and stay with their employers longer than people working at low-trust companies.” However, it is important to remember that while it is difficult to build this trust, it is very easy to lose it, and nearly impossible to regain it once it is lost.

One of the most important steps to building trust with employees is asking questions, as this is the most natural way to create a conversation. However, it is essential that leaders not only ask questions, but also ask the right questions. Questions like “Are you happy in your position?” are unlikely to be much help because employees could find themselves intimidated answering anything but yes. Instead, take the time to gather feedback in a more valuable, honest way by asking specific questions about what you and your workplace get right — and wrong.

Prioritizing mental health in the workplace is a process that will take time and continued investment in employees’ well-being. However, it is important for business leaders to look at it as just that: an investment. By prioritizing employees’ mental health, you are likely to leave them feeling happier and more fulfilled in the workplace, and in turn, improve their productivity.

 

Craig Goodliffe new

Craig Goodliffe is the CEO of Cyberbacker. Launched in January of 2018, Cyberbacker is one of the fastest-growing remote working companies. For over a decade now, Craig Goodliffe has also been coaching people to achieve – and exceed – their goals. Craig enjoys coaching people who are truly committed to hitting their goals and helping them uncover their purpose.

 

Networking To Plug Entrepreneurs’ Skills Gaps

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by Emma Maslen, CEO and founder of inspir‘em and author of “The Personal Board of You Inc.”

People need to build (and rebuild) their networks over time, for example when you decide to set up your own business or have a portfolio career of part-time roles, or if you intend to seek out directorships once you’ve made it to senior executive level.

For entrepreneurs, building a network or ‘Personal Board’ can offer essential support. A Personal Board is a well-respected group of people built from your network, with whom you have regular contact, and whose advice you will carefully consider (even if you end up not acting on that advice). It emulates a corporate board as a group of key advisors who meet often to make strategic decisions about the recommended next steps for a person or organisation.

Extending your network

Your network is the keystone – the foundation – of your Personal Board strategy. A Personal Board should not be a static concept. It needs to evolve alongside you, adapting to your career, your promotions, new markets, new sectors, new skills, etc.

Common stumbling blocks to extending your network include:

  • ‘I just don’t know how to get those connections.’
  • ‘I don’t know how to meet the people I need for my Personal Board.’
  • ‘I’m not comfortable searching for people I don’t already know.’

Today’s generation has a significant advantage when setting up a Personal Board. The internet and the advent of social media render the world a far smaller, more intimate space, as evidenced by the original six degrees of separation theory having been reduced, by 2016, to less than four degrees.

If you have any reservations about extending your network, remember the specific purposes for and benefits of your Personal Board:

  • New role:
    • Acquire new skills for the new elements of the role.
    • Increase your ideas and knowledge of a new industry.
    • Expand your network, getting to know key people in the industry
  • Customer connections:
    • Extend your client base if you are starting a business.
    • Make customer connections if you are engaged in a customer-facing role.
  • New territory/country:
    • Improve your local market knowledge and connections.
  • Peer review:
    • Benefit from new peer-to-peer connections.

There are endless benefits to expanding your network. Pretty much any new role, business or promotion will require a shake-up and expansion of your network, and asking your existing Personal Board members to provide you with their valuable connections can be a game-changer too.

Asking contacts for contacts

It’s simple. There are people out there who can potentially help you, but you don’t know them. However, some of your network contacts do.

One of the most effective uses for your Personal Board is to brainstorm additional connections that could impact your situation or future.

When asking your contacts for new connections, the trick is to make the introduction quick and easy. You then need to ‘sell’ the meeting and arrange it with as little hassle for the other person as possible.

If these are new connections and you are looking for a deeper level of help and assistance, there will be a process you will need to go through to establish the new link, to build the relationship and rapport, before finally asking the connection to help you. This does take time and should be a consideration when you are thinking about what you are going to ask of them.

It can be easy to make initial connections, but there’s no guarantee every person will respond positively to every request they receive. However, I think you will be pleasantly surprised by nearly all the reactions you receive.

Linking people in this manner costs me virtually nothing in time, and providing I have thought carefully about a connection that will be relevant and useful, I have managed to help both parties. This way I am placing a penny in the jar for a later day when I might need a connection.

Most senior people understand the value of helping others, whether that is for building connections, enhancing their personal brand or simply for the good feeling from helping others. When I hear of an opportunity or receive a request, I immediately consider whether there is anybody in my network who might be able to help, and I’d say that around 80% of the time somebody gets something materially useful out of the situation. It’s worked for me many times over with my Personal Board, and I am confident it will continue to yield results.

 

*this is an adapted extract from “The Personal Board of You Inc.” by Emma Maslen

 

Emma Maslen

Emma Maslen is a sales leader, coach, CEO and founder of inspir‘em and author of The Personal Board of You Inc. She works with start-ups, scale-ups and large enterprises, coaching their teams to higher growth and in 2018, became an angel investor through Angel Academe.

 

The Bottom-Line Benefits of VoIP Technology

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by Reilly Nolan, Content Marketing Manager, Webex by Cisco

Voice over Internet Protocol (VoIP) technology is the evolution of outdated PBX (Private Branch Exchange) calling, allowing phone calls to take place over an internet connection. The benefits of adopting a VoIP phone system are big, and it starts with your business’s bottom line.

Here, we’ll break down the difference between VoIP and more traditional solutions while exploring how the technology can improve business outcomes altogether through:

  • Better employee and customer experiences
  • Reduced cost and complexity
  • Seamless cloud migration paths
  • Support for a flexible, extensible solution

How is VoIP an improvement over legacy systems?

VoIP phone systems offer advanced features and modern flexibility that PBX simply can’t match. And adopting VoIP can yield tangible results for your company, including:

1. Easy deployment, onboarding and maintenance.

Cloud-hosted VoIP solutions eliminates the need for on-premises PBX hardware. So, adopting cloud-hosted VoIP mitigates all of the associated maintenance and management of that hardware. This ultimately leads to less of a need for internal IT to troubleshoot and amend issues. With that saved time and budget, businesses can focus less on upkeep and more on productivity.

2. Better call quality.

Another benefit of moving to a cloud-hosted VoIP phone system are the advanced features a business can take advantage of. Advances in AI for collaboration have led to much better call quality for fully cloud-hosted VoIP phone systems. From background noise removal and audio intelligence to personalized voice optimization settings, call quality is taken to a whole new level, which means less distractions for remote and hybrid workers and less interruptions for any size call.

2. Advanced functionality and features that are always up to date.

Landlines are limited to a single function: voice. With VoIP, users can communicate in real time with voice or video calls, and keep software stay up to date thanks to the cloud—among a myriad of other functionalities.

The best VoIP phone systems include a single dashboard to manage users and onboard new team members. Plus, you eliminate the headaches of PBX installation, since you can port over existing lines or create new lines without external help.

3. Built-in security that protects sensitive data.

Thanks to additional layers of encryption like Transport Layer Security (TLS), VoIP offers built-in call and data protection that’s better at guarding sensitive information than landline phone systems.

4. Improved collaboration.

With an increasing number of professionals working in a hybrid environment, employee availability and their ability to connect to each other is essential. Leading VoIP providers can deliver elite features to make team collaboration smoother in these cases. For example, the ability to elevate a VoIP call into a full video conference with ease. Or the ability to use a personal mobile phone with the native phone dialer when on-the-go and transition to any other device without leaving the call. And of course, teams need full-featured communication capabilities—instant messaging, group chats, file and screen sharing, and breakout calls.

How a cloud VoIP phone system can improve your business’s bottom line

The improvements that VoIP makes over legacy PBX systems will help your business’s bottom line. Here’s how:

1. Reduced capital costs.

Without the need for additional hardware or service packages, VoIP is far more affordable than landline calling. It’s not unusual for traditional private branch exchange (PBX) systems to cost upwards of $1,000 per user. On average, VoIP systems come in at a much lower cost per user, usually somewhere around $20 per user, per month.

2. Scalability for evolving workplaces.

Without the need for additional hardware, and the only requirement being an internet connection, VoIP is much easier to scale as IT personnel are able to add additional lines and numbers with ease, all in one dashboard. This gives VoIP a clear business advantage over traditional PBX.

3. Supporting flexible work environments.

VoIP empowers businesses to lean fully into hybrid work. With the right tools, employees can work more easily from home and with less trouble than outdated communication tools. With that, VoIP can have a material impact on efficiency of your business by providing streamlined communication to all employees, no matter where they’re working from.

4. Easier management and administration, and reduced IT costs.

Another key benefit of VoIP technology is how much easier it is to manage for your IT department. Typical VoIP solutions feature a centralized platform for administration. This empowers IT admins to monitor call performance for the entire phone system and every user from a single dashboard. From optimizing call quality and bandwidth utilization to easily adding users, this feature makes life easier for your entire IT team.

Key takeaways

VoIP enables better experiences for employees and customers across the board while being more affordable, reliable, and flexible than legacy PBX technology. Its benefits far outweigh those offered by traditional landlines. And, it’s incredibly easy to move away from a PBX system to cloud-based VoIP. Whether taking a phased approach or moving completely to the cloud, businesses can significantly cut costs, simplify management for IT, and make work easier for every department.

 

Reilly Nolan, Content Marketing Manager, Webex by Cisco has more than 10 years of experience across the technology, healthcare, interior design, consumer goods, and fashion industries. Unpacking the human aspect of the product experience is what informs his writing most. In his spare time, Reilly has published and shortlisted fiction in a variety of national literary magazines.

 

The Benefits Of Talent Pairing For Service-Based Businesses

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by Gerlie Corachea, Director of Talent Pairing at Cyberbacker

Today’s labor market remains tight, meaning businesses must continue to prioritize worker retention. Talent pairing is an onboarding strategy that can help companies keep their valuable workers. This approach is especially important for service-based businesses, which often rely on the relationships employees build with clients to generate revenue.

As Director of Talent Pairing at Cyberbacker, I spend the vast majority of my time thinking about how to match the right people to the right roles. Below, I explain the benefits of talent pairing, as well as best practices for doing it successfully.

Why service-based businesses should employ talent pairing

Talent pairing is just like it sounds — the process of pairing talent with the appropriate roles.

Matching individuals with the roles that fit them best is an effective way to keep workers happy and engaged. When people feel capable, competent, and valued in a role that suits their own unique strengths and talents, they rate their job satisfaction higher. This makes them more committed to their organizations and boosts their performance.

Talent pairing is also an effective retention strategy. Since many service-based businesses depend on the connections that employees establish and maintain with customers, when employees leave, clients may also face the decision of whether to stay or go. This makes employees’ job satisfaction even more important for service-based businesses than other kinds.

Effective talent pairing is essential because when people are in the wrong roles, it’s only natural for them to seek alternatives. Some of those options may come from within your organization, but the majority will be found elsewhere.

The US Department of Labor estimates that employers lose at least 30 percent of an employee’s first-year salary when they make a bad hiring decision. By putting people in the right positions from the beginning, you can ensure that new hires will not only be productive, but also want to stay.

If companies don’t invest enough time and resources into talent pairing, they can miss opportunities, fritter away productivity, and lose good staff. All those problems lead to a negative impact on the bottom line.

Best practices for talent pairing

When pairing talent with open roles, it’s necessary to know as much as possible about the available position. Toward that end, I take lots of time to understand the role in concrete detail. How would an employee in that job spend their day? Is the work predominantly task-focused, or would it involve relating with other people?

It’s also necessary to spend a lot of time paying attention to the candidates. Even in a competitive labor market, organizations should take care to select the best people. There’s a big difference between talent and non-talent, but the key difference is that talent will give you solutions to problems and continuously raise the bar. Those are the kinds of people you should look for.

While reading resumes will give you a sense of candidates’ training, skills, and abilities, each is a unique human being. Spend time getting to know them. How are they wired? What are their strengths?

Conducting formal assessments of candidates’ values and personalities can be a big help for this part of the process. For instance, extroverts who love to talk to people are generally good for public-facing roles, while those who find interaction draining are probably a better fit for back-office or administrative roles.

The employees’ own sources of motivation should also be considered, perhaps even as the most important factor when it comes to talent pairing. For instance, some people love to establish order and provide structure, while others like to explore and expose themselves to new ideas. It’s important to know what motivates any given employee, so you can ensure their role meets these needs.

Matches shouldn’t just look good on paper

Many HR professionals and business leaders may feel tempted to place an individual in a role if he or she has special expertise in that area, but this can be a mistake if the given worker doesn’t have the desire to do that kind of work. They might be supremely qualified, but what would they actually enjoy doing? What do they want to do and how do they desire to grow professionally?

In my experience, it can be better to put someone in a new area they want to learn about — as long as there is a reasonable expectation they would succeed — than to insist they do something that replicates their decades of experience on paper.

In addition, I like to keep the culture of the particular team in mind when looking for the right new employee. However, there is a limit to the amount that any human resources professional can foresee. At the end of the day, some people get along and others don’t, sometimes for no apparent reason. That’s why it’s also important to arrange meetings between existing team members and new prospects — everyone needs to feel comfortable. When both sides can discuss their expectations, outcomes improve.

How to employ talent pairing

If talent pairing sounds like a lot of work, that’s because it is. I would be lying if I said that hiring managers can control every part of the process and that mistakes never happen. But the more you get to know your candidates, roles, and teams, the greater the chance you’ll pair people successfully.

In addition, the more time and effort you invest upfront, the less likely you are to be fooled if someone stretched the truth on their resume or lied on their personality inventory. By pairing talent with the right roles and avoiding bad hires, you can ensure your entire business will grow.

 

Gerlie Corachea is the Director of Talent Pairing at Cyberbacker, the leading provider of virtual assistance services worldwide. An expert in talent management, onboarding, culture, and skills training, she manages the Career Division at Cyberbacker, which is responsible for pairing candidates and clients within the organization.

 

9 Steps To Take To Prepare Yourself For The Most Important Meeting Of Your Day: Sleep

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by Dr. Dwight Chapin, author of “Take Good Care: 7 Wellness Rituals for Health, Strength & Hope“

In sleep, you unlock a powerful therapeutic force that protects the mind and body. Think of it as a daily reboot. The goal is not perfection.

Give yourself permission to rest. It will charge your performance. If sleep continues to be difficult, bring your desire to improve the quality of sleep to your next appointment with your primary healthcare practitioner. There is help available.

Getting your sleep-wake cycle regulated is essential to living up to your potential. Set your bedtime like an important business meeting. Show up to this meeting on time and prepared — lights out, TV off, and phone out of reach. If logging seven to nine hours a night is a challenge, start by going to bed twenty to thirty minutes earlier each night for a few weeks until you meet the recommendations.

Go to bed and wake-up at the same time every day. Schedule seven to nine hours of sleep every night if you are between the ages of eighteen and sixty-four, and seven to eight hours if you are aged sixty-five and over. This is the most important meeting of your day.

Take these steps to show up for this meeting prepared:

1. Avoid stimulants such as caffeine late in the day.

My rule is no caffeine after lunch. Caffeine hits the body quickly, and its impact can linger with a half-life (the time it takes your body to eliminate half of the substance) of roughly three to five hours. Consuming caffeine late in the day can cause lighter and more disturbed sleep that night. In a 2013 study, researchers found that consuming 400 mg of caffeine (a large Tim Hortons coffee has approximately 140 mg of caffeine) six hours before bed cut total sleeping time by more than one hour.

2. Avoid alcohol consumption too close to bedtime.

Alcohol may speed the onset of sleep, but it disrupts your sleep quality in later stages as the body begins to metabolize the alcohol. This process causes arousal. Alcohol will also reduce  the amount of time that you spend in deeper sleep stages, which has an adverse effect on memory, concentration, and physical coordination.

3. Exercise can promote good sleep.

Keep your vigorous exercise to the morning or late afternoon. A relaxing exercise, such as a gentle yoga class or a casual neighborhood stroll with your dog is fine and can be done before bed to help initiate a restful night’s sleep.

4. Do not consume large meals close to bedtime.

Eating can be disruptive right before sleep. Pre-bed snacks will also sabotage your efforts with Wellness Ritual #3 – Fight for Your Waistline.

5. Ensure adequate exposure to natural light.

This is particularly important for people who may not venture outside as frequently. Light exposure within the  first thirty to sixty minutes of your day will help you maintain a healthy sleep-wake cycle. If you are up before the sun, turn on artificial lights and get outdoors for a few minutes once the sun rises.

6. Establish a regular relaxing bedtime routine.

Prior to your committed bedtime, take twenty to thirty minutes to begin to unwind. This practice cues your mind and prepares you for sleep. Try to avoid emotionally charged conversations  and activities right before bed. A hot bath or shower, reading, or listening to a meditation app may be helpful. (I recommend the Calm App. As a side note, listen to LeBron James’ seven-minute podcast on “The Power of Sleep” featured on  this app for extra sleep motivation). Do your best to maintain a consistent sleep  schedule seven days a week.

7. Associate your bed with sleep.

If falling asleep is a challenge, avoid watching TV, surfing the web, or reading in bed. Keep your bedroom dark and at a comfortable temperature. If you are still tossing and turning after thirty minutes, get up. Listen to some relaxing music or read a book until you feel sleepy, then return to bed. Research has shown that this helps to train your mind to associate your bed with sleep instead of struggle.

8. Track sleep patterns.

Tracking the trend line of your efforts to practice this Wellness Ritual helps link the quality of your daytime performance with the quality of your sleep. Download a smartphone app or purchase a wearable smart  bracelet or watch. Smart technology can record sounds and movements during sleep, journal hours slept, and monitor heart rate and breathing patterns.

9. Ask for feedback.

Discuss your sleep patterns with your partner. If you snore  loudly, gasp, or seem to choke during sleep, you may have sleep apnea. There are treatments available, including weight-loss strategies and pressurized masks to facilitate better breathing, which can dramatically improve sleep quality.

 

*excerpted with permission from “Take Good Care: 7 Wellness Rituals for Health, Strength & Hope” by Dr. Dwight Chapin

 

In his private practice, Dr. Dwight Chapin has successfully demonstrated the role chiropractors can play in acute, chronic, and preventative care, corporate health, and sports performance. Dr. Chapin has made it his life’s mission to care for, educate, and inspire others in their journey toward optimal health. In his first book, “Take Good Care: 7 Wellness Rituals for Health, Strength & Hope“, he brings the science of preventative medicine to life.

 

The Role Of Risk Intelligence In Banking Stability

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The bedrock of conventional banking is subjected to an escalating array of threats. Risks as diverse as credit, market, operational, and liquidity loom, poised to destabilize even the most robust financial establishments. This intensifying cyclone of uncertainties amplifies the crucial role of risk intelligence in banking.

Unraveling the Intricacies of Risk Intelligence

To navigate this tempest, banks need more than an armored vessel; they require an advanced navigational system – a sophisticated risk intelligence platform. But what does this system entail, and how does it fortify banking structures?

Risk intelligence is a holistic strategy designed to aid institutions in the identification, evaluation, and mitigation of a broad spectrum of risks. It is far from a mere luxury; it is an essential lifeline for sailing the turbulent waters of the banking domain.

Predictive Analytics

At the core of this platform pulsates the power of predictive analytics. This cutting-edge tool equips banks with the capability to foresee potential hazards by meticulously analyzing past patterns and datasets. Thus, it enables the prediction of risk scenarios and the crafting of fitting countermeasures.

Real-Time Reporting

Real-time reporting, another cornerstone, bestows banks with the capacity to persistently scrutinize the risk environment. This constant vigilance allows for the rapid reaction to evolving threats, minimizing damage and facilitating a smoother voyage.

Scenario Modeling

Scenario modeling, the final key component, permits banks to construct ‘what if’ scenarios for various eventualities. This valuable precautionary measure prepares banks with a battle plan even before risks metamorphose into full-blown crises.

Implementing a Risk Intelligence Framework

Implementing a risk intelligence management system is a comprehensive and precise operation that necessitates the thoughtful contemplation of several determinants:

Regulatory Compliance – Primarily, the framework should be in harmony with all relevant regulatory obligations. Banks must ascertain that the platform bolsters their compliance prowess rather than hindering it.

Data Quality – Secondly, the data’s quality cannot be compromised. Pristine, high-grade data is non-negotiable for the generation of accurate analytics and reporting.

Technology Infrastructure – Subsequently, the institution’s technological infrastructure should be potent enough to accommodate the risk intelligence platform. For many entities, especially those transitioning towards fintech risk intelligence, this step may necessitate considerable technological advancements or modifications.

Organizational Culture – Lastly, the creation of a risk-conscious organizational culture is imperative. Banks need to cultivate a milieu where every member acknowledges the merit of risk intelligence and is committed to its effective deployment.

Risk Intelligence in Decision-Making and Crisis Management

Risk intelligence transcends the realm of risk identification and mitigation; it carves a niche for itself in strategic decision-making and crisis management.

Armed with insights derived from the risk intelligence platform, banks are empowered to make strategic decisions, aligning their tactics with the discerned risks and prospects. During a crisis, a bank imbued with risk intelligence can swiftly navigate the stormy seas and chart its course back towards stability.

Cultivating a Risk-Aware Culture

To anchor banking stability, a risk-aware culture must be steadfast at the command deck. The torchbearers of this transformation should be the leaders, underscoring the significance of risk intelligence and stimulating its assimilation across the organization. Training initiatives can infuse a deeper understanding, while transparent, effective channels of communication guarantee everyone is tuned to the same frequency. Only under these conditions can the best risk intelligence platform fully unfold its potential.

Collaborating with risk management consultants can provide banks with expert steering in establishing their risk intelligence frameworks. However, the selection of consultants should be conducted with due diligence, ensuring that their advice is compatible with the bank’s needs and not solely marketing a particular platform or solution.

Just like the boundless ocean, the terrain of finance is ceaselessly in flux. To stand resilient amidst these oscillations, risk intelligence strategies must be agile, responding to emerging financial trends and threats. Banks must perpetually learn, adapt and innovate, ensuring that their risk intelligence platforms remain a trusted compass guiding them through the treacherous waters of banking risks.

By adopting such a proactive and comprehensive approach, banks can convert risk from an ominous threat into an opportunity for growth and stability. They can transform the challenging uncertainty of the banking environment into a more manageable and navigable terrain, ensuring their long-term resilience and success in an increasingly complex and volatile world.

This transformation isn’t just about embracing advanced technology or regulatory compliance. It’s about a fundamental shift in culture, in mindset, in the very way banks perceive and handle risk. It’s about being prepared, not just for the risks we know about today but for the unpredictable risks of tomorrow.

So, as the winds of financial change continue to blow, banks that make risk intelligence a central part of their strategy will be better equipped to set sail into the future, no matter what storms may come. Because in the end, it’s not the strongest or the most intelligent who will survive, but those most adaptable to change.

 

3 Low-Cost, High-Impact Tips For Aspiring Business Leaders

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by Donald Thompson, co-founder/CEO of The Diversity Movement, author of “Underestimated: A CEO’s Unlikely Path to Success”

I have grown companies, sold companies, and coached global business leaders. By most standards, I’ve done well, but my success was built on years of working hard, learning from poor decisions, and understanding how to dream big (and win big), even when I was underestimated based on someone else’s vision of “success,” usually defined by pedigree or pigmentation.

My backstory is filled with twists and turns, but centered on hustling and working smartly to achieve my aspirations. I have seen firsthand how young leaders and aspiring entrepreneurs feel pressured into expensive training programs, MBAs, or bootcamps in hopes of advancing based on an outside vision of what it takes to be accomplished.

While these are fine paths for some people, I also know growing your business knowledge and gaining leadership skills is a lot easier and less costly than you think. The following high-impact, low-cost leadership practices helped me reach my leadership goals and I think they will benefit you too.

1. Network as if your life depended on it.

Your success in business depends on your network; take time to cultivate meaningful relationships. To carefully curate a winning network, be proactive and selective as you build it. Work on building your network before you need it. Connect with successful business people who can relate to your hustle and dreams. Your hunger for success reflects their younger selves and adds to their desire to help you.

Don’t be afraid to direct-message a few questions or send an invite for a coffee chat.  Many successful executives want to help, but they do not have time to waste on small talk. Prepare for meetings by writing down worthwhile questions about their decision-making process. Then, ask thoughtful questions about lessons they’ve learned, pathways to success, and their core qualities. The more you know about their personal and professional growth journeys, the more you can apply those lessons in your own career. Leaders feel valued and important when they can share their knowledge and experiences.

Also, seek out peers on a similar leadership path. From sharing knowledge gleaned from mentors to sharing business opportunities, like-minded peers provide a unique support system and valuable resources. The connections you build with other aspiring leaders and successful leaders will carry you throughout your leadership journey.

2. Always be learning and improving.

As a leader, it can be easy to fall back on the old “tried and true.” However, that can block you from embracing new ideas, trends, and strategies. Be open-minded and adaptable. Approaching problems in a different way takes deliberate effort. Lots of people remember the comedic approach to this in Seinfeld, when George did the opposite in every instance. It was funny on TV, but can actually be beneficial as a way to break out of rigid thinking.

As leaders get more experience, they realize that success is really about the collective effort of teams, not the greatness of individuals. One way to build unity is to seek input from teammates. Create an environment of mutual trust where those around you feel comfortable voicing their viewpoint or suggesting a new approach. You’ve selected this team, empower them to use their skills.

A consistent trait among highly-accomplished executives is voracious reading. This is a characteristic that you can mimic by reading books by leaders in your field. Then, add knowledge to what you’re learning by listening to podcasts and signing up for newsletters that address industry and marketplace trends.

3. Empower your team and be a good teammate.

Strong interpersonal skills are key to getting great people in your corner. Inclusive leaders lead from a “we” perspective. Ask your team, “How will ‘we’ take on this challenge together?” You win collectively in an environment where all voices are heard and valued, not just the loudest or most outspoken.

After you define objectives, give your team ownership over planning and execution. This is how you empower and engage workers to be their most productive.

As a rising leader, become efficient enough that you can handle your workload in 85% of your time. Use the other 15% of your time to help your team. Stretch yourself and take a task off your boss’ plate. Efficiency and selflessness goes a long way when it comes to promotions.

Always try to be the team member who goes above and beyond to help. Being selfless helps create connections, motivates, and increases productivity. When the need arises, your team will be willing to take on challenging tasks based on how you role modeled what you expect from them.

Let’s be realistic, not everyone can afford the costs associated with education programs and other pricey options. There is always room, however, for you to seek out alternatives, especially if you are willing to put specific practices into your daily and weekly journey. I guarantee you will see benefits. And, if you aren’t convinced, connect with me on LinkedIn and drop me a note if you’d like more information.

 

Donald Thompson

Donald Thompson founded The Diversity Movement to literally change the world. TDM’s global recognition centers on tying DEI initiatives to business objectives. He is the author of “Underestimated: A CEO’s Unlikely Path to Success“ and hosts the podcast “High Octane Leadership in an Empathetic World”. As a leadership and executive coach, Thompson has created a culture-centric ethos for winning in the marketplace by balancing empathy and economics.

 

The New Grad’s Influence-Building Skill Set: 12 Tips For Thriving In An Uncertain World

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by Robert L. Dilenschneider, author of “The Ultimate Guide to Power & Influence: Everything You Need to Know“

It’s graduation season, and young people everywhere are in a time of great transition. Whether that’s high school or college receding in the rearview mirror, you’re zooming toward the future (well…perhaps after enjoying a bit of well-earned fun). I have a two-part message for you. One, it’s time to get focused on building your influence skill set. And two, make sure you understand what influence really is.

We live in a time of great upheaval. Our lives have been upended by a pandemic, social change is accelerating, and technology is reshaping our lives in ways we don’t even comprehend yet.

When all paradigms are being disrupted, our ability to influence becomes incredibly important. It’s what allows us to find the opportunity hidden in the uncertainty. It’s what allows us to thrive in virtually any field and any job. It’s what gives us staying power.

There are lots of misconceptions about influence. It’s not about being pushy or manipulative or convincing resisters to change their mind. And the rise of social media “influencers” (with their short-term focus on getting “likes” and orchestrating superficial trends) hasn’t helped.

Growing your influence is about deciding how to direct your power. My message to grads is this: As you’re figuring this out, don’t confuse activity with progress. Don’t get caught up in things that might make you highly visible but fail to build real influence.

Whether you’re heading off to college or searching for (or stepping into) your first real-world job, here are a few tips for growing your influence skill set:

Start with a complete self-inventory.

What are your values? You must start here, because this is what drives everything else. Influence is about who you are, not just what you do. When you’re young, you may still be learning about yourself, and that’s fine. But be sure to ask yourself why you want the power to influence others.

Will you use your power for personal gain or for the greater good? “Do you want to have the power to lord it over others or the power to make things happen that will benefit many?  The way you use your power says a lot about your character and will determine your legacy.

Ask yourself: How can I help others?

Counterintuitive as it may sound, real influence comes from the ability to help the people around you and shape the world into a better place. This is what makes others want to follow you and what will ultimately drive your success.

Find a cause that matches your interests and passions. Use your skills and talents to support it. Your help may not be monetary. It may be something less obvious, like the ability to help people think creatively. Not only will you draw others to you, you’ll become a better person and experience a real sense of fulfillment.

When networking, focus on what you can do for others, not vice versa…

It’s not just shaking hands and smiling at networking events. It’s about really connecting with people based on shared values and being prepared to add value. And it’s not a one-way street.

Focus on what you have to offer. Research industries and leaders you are likely to meet. Have something to talk about with them that will convey your knowledge and interest. And most of all — listen. The people you connect with need to come away thinking about what you could do for them, rather than the other way around.

… and know that it’s an ongoing process, not a “one-and-done” activity.

You may think the purpose of your network is to grow your business, make sales, recruit, or be recruited. But the truth is that it’s about building relationships. You are not there, hat in hand, seeking a job. That may come eventually, but don’t be so desperate to make it happen. Life unfolds in its own time.

Keep your name in front of people you want to connect with.

Make a list of people you would like to know in your field, the media, politics, or other realms. Then narrow that list to a manageable number. Research their backgrounds, such as where they went to school, what boards they serve on, their charitable causes. Then, find ways to regularly connect with them.

I know a fellow who wanted to reach three key people. He put their names in his electronic Rolodex, and when something would come up in the news related to their interests, he would contact them with the information. It was an enormous help in making connections. Don’t overdo it, of course. You want to be helpful, not pesky.

When making personal connections, know that the little details matter.

Much depends on how you interact with others. Always be nice. Know birthdays and send cards with a short personal note. Use correct grammar and spelling. Give credit to others. And be respectful of people’s time: Return phone calls and emails promptly (within 24 hours is best).

Don’t underestimate the power of gratitude.

In our nonstop, sometimes frantic lives, we may easily forget the importance of gratitude, the value of that often brief but vital connection we make when we take a moment to smile and say “thank you.” People benefit from saying it as much as the one listening appreciates hearing it. Vast emotional distances may be overcome in a moment by a “thank you” that conveys “I value you and what you do.”

Protect your reputation, starting now.

The more power and influence you end up accumulating, the greater the efforts of others to take them away — or at least take them down a few notches. Assume your life is an open book. Social media has forever blurred the lines between “personal” and “professional,” so think before you post anything inflammatory, controversial, or politically sensitive. It could come back to bite you, many years from now.

Before you say it or write it, get clear on what you want to communicate.

The more focused your communication is, the deeper the impression it will make. Focus begins with clear thinking. Ask yourself what result or action you want before you send the email, pick up the phone, speak up at the meeting, or write the speech.

Make sure your tone and word choice match your goal. Be succinct. Always. No one wants or has the time to wade through verbiage.

Use the strong language of success.

For example, avoid cliches. Not only do they make your message unclear — after all, what does “Get the ball rolling” or “Think outside the box” really mean? — they make you seem lazy. Be original. Always use the active voice, never the passive. Make your sentences energetic, not flabby.

When speaking, as in writing, use active, muscular verbs. And please, avoid the temptation to ‘-ize’ a word. Don’t promise to ‘prioritize’; say that you will ‘set priorities.’ Use the strong language of success.

Seek to be a problem solver and conflict neutralizer.

Dr. Zoe Chance, an author, researcher, and professor at the Yale School of Management, claims the question that can “transform conversational dynamics” is: What would it take for us to resolve this?1

The key to having influence is to get people to focus on a problem that is clearly and succinctly stated (and usually, you’ll have to be the one to do the clarifying and the stating). Then, you find out why the issue is so emotionally important to the people involved; finally, you offer a solution that satisfies all the parties needed to make the solution work.

Own your mistakes.

Mistakes are bound to happen, particularly if you are doing new and innovative things. Never try to hide from them or shift blame to others. Instead, own the mistake. Take responsibility, learn from it, and find a constructive way to move forward. Don’t wallow in failure. Do continue to take risks.

Finally, people of power and influence aren’t afraid to change direction. When work and life cease to be exciting and energizing, it may be time to pivot.

The well-rounded individual makes little distinction between work and play, labor and leisure, the mind and body, education and recreation, love and religion. When you are doing work that provides satisfaction and personal fulfillment, it doesn’t feel like work. It is part of the natural flow of your life. It’s like moving effortlessly with the current in a river instead of fighting every inch to go upstream.

 

Robert L. Dilenschneider, author of “The Ultimate Guide to Power & Influence: Everything You Need to Know“, formed The Dilenschneider Group in October 1991. The firm provides strategic advice and counsel to Fortune 500 companies and leading families and individuals around the world, with experience in fields ranging from mergers and acquisitions and crisis communications to marketing, government affairs, and international media. He has authored 18 books. 

 

Automated Accounting: Threat Or Opportunity For Accountants?

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As we stand on the precipice of another technological revolution, accountants worldwide are faced with a pressing question: “Is automated accounting a threat or an opportunity?” This burning query, akin to the suspenseful ticking of a time bomb, resonates in boardrooms and accounting firms alike.

According to “Bookkeeping Services Sydney,” the pivot towards automation is inevitable, heralding an era where machines may perform tasks formerly reserved for skilled human accountants. However, is this shift a daunting specter of job loss, or a gateway to untapped potential and efficiency?

The Emergence of Automated Accounting

The process of modernizing traditional accounting methods with automated software isn’t a novel concept. For years, businesses have been gravitating towards digital solutions to streamline and optimize their operations. By automating tedious tasks like data entry, account reconciliation, and payroll management, businesses can increase accuracy, improve efficiency, and minimize the risk of human error. Indeed, the ‘bookkeeping‘ revolution is here, but does it mean we’re bidding adieu to human accountants?

Automated Accounting: A Threat to Accountants?

The fear that automation will displace jobs is not unfounded. McKinsey & Co. estimates that automation could replace up to 375 million jobs worldwide by 2030. Moreover, a report by the Institute for Robotic Process Automation states that an automated bot can cost up to 60% less than a human employee. These startling statistics underscore the looming threat posed by automation to traditional accounting roles.

Counterpoint: A Change, Not an End.

While these figures may incite alarm, it is essential to understand that automation does not necessarily mean the eradication of the human accountant. Instead, it represents a fundamental shift in the accountants’ roles and responsibilities. As with every technological advance, new roles emerge while older, redundant roles become obsolete. The advent of automation is no different.

Automation: Elevating the Role of Accountants.

Contrary to popular belief, automation might not be the grim reaper for accountants but rather their liberator. The routine tasks that automation can handle will free accountants to focus on tasks requiring more critical thinking and strategic input. They can concentrate on providing value-added services such as financial analysis, business strategy, and advisory roles, transforming the accountant from a number cruncher to a strategic business partner.

The Human Element in Accounting.

Even as automated systems become more sophisticated, they still lack one crucial attribute – the human touch. Machines cannot replace human intuition, emotional intelligence, and the ability to comprehend complex, subjective scenarios. Human accountants will continue to be pivotal in interpreting data, making strategic decisions, and building relationships with clients.

Upskilling: The Way Forward.

The future belongs to those who adapt, and for accountants, this means embracing the change that automation brings. Upskilling, learning new software, and understanding the interplay between artificial intelligence and accounting are the ways forward. There is a growing demand for accountants who can use data analysis to provide business insights and strategic advice, demonstrating that the field of accounting is evolving, not disappearing.

The Future of Automated Accounting

No one can predict the future with absolute certainty, but the trend towards automated accounting seems irrefutable. According to a report by Deloitte, only 34% of a Finance department’s time is spent on value-adding activities, leaving a massive scope for automated systems to pick up the slack. As technology evolves, automation will likely play an even more significant role in accounting, but it’s important to remember that this does not mark the end for human accountants. Instead, it will redefine their roles and responsibilities, opening up new opportunities for growth and development.

The Roadmap to Automated Accounting: An Opportunity Unveiled.

The key to weathering this wave of change is to understand that automated accounting is not a threat but a tool to elevate the accounting profession. By automating mundane tasks, accountants can spend their time and expertise on activities that require a human touch, such as business strategy, financial advisory, and relationship building. This perspective is illuminated by “Bookkeeping Services Sydney” that underscores the shift towards automation as a boon, unlocking the accountants’ potential to explore uncharted territories and ascend to more strategic roles.

Conclusion: Embracing the Inevitable

While fears about job displacement due to automation are justified, it’s essential to view the changes from a wider perspective. The evolution of technology has always brought about significant shifts in job roles, and automation in accounting is no different. Instead of being a threat, it represents a unique opportunity for accountants to upskill, evolve, and embrace a more strategic, analytical role that adds immense value to businesses.

The rise of automated accounting is not a sign of the end times for accountants but rather a call for adaptation and growth. As machines take over the manual, repetitive aspects of the job, they free up human accountants to do what they do best – provide insight, strategy, and a human touch. In this sense, the automated accounting revolution may indeed be a significant opportunity for those willing to evolve with the times.

With the ever-evolving landscape of automated accounting, it is incumbent upon professionals to view this shift as a golden opportunity. So, let’s embrace this change with open arms, continually learn, and adapt to the changing landscape to not just survive but thrive in this brave new world of automated accounting.

 

Good Manufacturing Practice Audits In Japan: How To Prepare

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factory manufacturing

factory manufacturing

The manufacturing landscape in Japan is characterized by its stringent standards and rigorous audit procedures. To navigate this terrain, understanding the importance of preparing for Good Manufacturing Practice Audits in Japan is paramount.

This blog post offers an in-depth exploration of the regulatory landscape, steps to successful audit preparation, and the benefits of ensuring compliance with local standards. It will also provide practical recommendations for companies looking to excel during a Japan GMP audit.

The Regulatory Landscape in Japan: An Overview

The Japanese Pharmaceutical and Medical Devices Agency (PMDA).

In Japan, the entity at the forefront of enforcing medical GMP manufacturing standards is the Japanese Pharmaceutical and Medical Devices Agency (PMDA). It upholds regulatory compliance, ensuring public safety by monitoring the manufacturing, distribution, and overall quality of medical devices and pharmaceuticals. Though specific Japanese laws will not be detailed in this article, it’s essential to know that key regulations cover aspects such as quality control, product safety, and packaging standards.

Differences in Regulations and Standards.

When considering a Japan GMP, recognizing the differences between local and global standards is crucial. Japan’s regulatory standards are some of the strictest globally, often exceeding many international requirements. This discrepancy underscores the importance of understanding these differences, as it helps companies avoid non-compliance risks and demonstrates respect for local practices and regulations.

Steps for Successful Preparation for a Good Manufacturing Practice Audit

Familiarizing with Local Standards.

A thorough understanding of Japanese regulations and standards is the cornerstone of preparing for a good Japan GMP audit. Companies can achieve this comprehension by studying the guidelines provided by the PMDA, engaging in training sessions, and participating in seminars and workshops focusing on Japanese GMP regulatory requirements.

Developing a Robust Quality Management System (QMS).

A well-established QMS is integral to successful audit preparation. An effective QMS ensures that products consistently meet regulatory requirements, focusing on continuous improvement. Key components include documentation control, process control, and an efficient system for handling complaints and recalls.

Conducting Regular Self-Inspections.

Self-inspections are a crucial tool in preparation for a good manufacturing audit in Japan. Regular internal audits identify potential non-compliance issues before the actual audit, fostering an environment of continual improvement. It’s advisable to adopt a systematic approach, where internal inspections are frequent, thorough, and address all relevant regulatory standards.

Creating and Implementing Corrective and Preventive Actions.

Implementing robust CAPAs is critical in reducing audit risks. They help in identifying, documenting, and addressing non-compliances, thereby preventing their recurrence. Developing effective CAPAs requires a thorough analysis of non-compliance causes, setting clear action plans, and monitoring their effectiveness.

Employee Training and Awareness.

Employees are crucial in upholding regulatory compliance. They must grasp the relevant regulatory requirements and procedures for their roles. Regular, comprehensive training should encompass pertinent regulatory updates. Utilizing interactive training tools and conducting regular competency assessments can enhance learning effectiveness, ensuring employees are equipped with the knowledge and skills necessary to maintain compliance with GMP regulations.

Benefits of Ensuring Compliance with Local Standards

Avoiding Complications and Reducing Risks.

Compliance with Japan’s GMP guidelines acts as a preventive measure against potential audit issues. Adhering to these guidelines, businesses can eliminate complications arising from non-compliance, minimizing business risks, and ensuring seamless operations. However, the benefits of compliance extend beyond passing audits. It fosters a culture of quality and compliance within the organization, reinforcing a commitment to excellence and reliability in every aspect of the business.

Creating a Robust Presence in the Japanese Manufacturing Industry.

Compliance with Japan’s manufacturing industry regulations is vital for establishing trust and credibility. Demonstrating a proven record of compliance not only appeals to potential business partners but also has a profound impact on overall business success and achievements. In consistently adhering to these regulations, businesses can showcase their commitment to quality, safety, and ethical practices, instilling confidence in stakeholders and paving the way for long-term partnerships and sustainable growth.

Incorporating Audit Preparation into Business Strategy

Audits should be viewed as an ongoing and strategic process rather than a one-time event. Integrating audit preparation into the overall business strategy enables companies to achieve a state of perpetual “audit readiness.” By consistently aligning operations with regulatory requirements and implementing robust internal controls, organizations can proactively address compliance issues, minimize risks, and ensure long-term success in meeting regulatory obligations. This strategic approach fosters a culture of continuous improvement and reinforces the company’s commitment to GMP compliance and operational excellence.

Seeking Professional Help When Necessary

Preparing for a Japanese GMP audit requires a multifaceted approach, and while internal efforts are crucial, seeking external help can be highly beneficial. Japanese regulatory professionals specializing in GMP possess valuable expertise and can offer critical insights and guidance throughout the GMP audit preparation process. When considering external assistance, it is essential to evaluate the Japanese regulatory consultant’s experience, particularly in relation to Japanese GMP regulations.

A Japanese regulatory consultant who is well-versed in the intricacies of Japan’s GMP regulatory landscape can provide nuanced advice tailored to your compliance needs. Additionally, examining the consultant’s track record in previous GMP audit preparation activities can provide assurance of their competence and effectiveness. Combining internal efforts with the expertise of external Japanese GMP consultants, international medical companies can optimize their audit readiness and increase the likelihood of successful outcomes during GMP audits.

Preparation is key when it comes to meeting Japanese GMP requirements. As outlined in this post, a deep understanding of local standards, a robust QMS, regular self-inspections, effective CAPAs, and employee training are vital components of successful Japanese GMP audit preparation. Strive for compliance and successful navigation through the audit process — it’s a journey towards business excellence.

 

Want To Move Forward in Business? Top Software Options That Can Help You

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In the rapidly evolving business landscape, staying ahead of the curve requires leveraging innovative software solutions, especially if you are looking to grow as a business in 2023.

From improving productivity to enhancing customer experiences, the right software can propel businesses forward and even help yours to make money as well as keep your staff happy and engaged.

So, which software options are ideal for businesses in 2023? Read on to find out!

GRC Systems

Governance, Risk, and Compliance (GRC) systems play a vital role in helping businesses grow by promoting effective management practices. GRC systems provide a comprehensive framework for organizations to identify, assess, and mitigate risks while ensuring compliance with relevant laws and regulations. By implementing GRC systems, businesses can enhance transparency, accountability, and decision-making processes, leading to improved operational efficiency and reduced legal and reputational risks. GRC systems also enable companies to establish robust internal controls, monitor performance, and align strategies with organizational objectives. If this sounds like something that your business needs, head to surecloud.com.

AI-Powered Customer Relationship Management (CRM) Software

2023 is the year of AI, and AI-powered CRM software is revolutionizing the way businesses manage customer relationships. These advanced platforms leverage artificial intelligence and machine learning algorithms to analyze customer data, provide personalized insights, and automate sales and marketing processes. By harnessing AI, businesses can gain a deeper understanding of customer preferences, enhance customer engagement, and optimize sales strategies. Leading CRM software options, such as Salesforce, Microsoft Dynamics 365, and HubSpot CRM, offer robust features like intelligent lead scoring, predictive analytics, and chatbot integration, empowering businesses to deliver exceptional customer experiences and drive revenue growth.

Cloud-Based Project Management Software

As remote work becomes increasingly prevalent, cloud-based project management software has become a game-changer for businesses. These platforms, such as Asana, Trello, and Monday.com, provide centralized collaboration hubs, enabling teams to streamline project workflows, track tasks, and facilitate effective communication. With features like real-time progress updates, task assignments, and file sharing, businesses can enhance team productivity, improve project visibility, and meet project milestones efficiently. Cloud-based accessibility ensures teams can collaborate seamlessly from anywhere, enabling companies to adapt to flexible work environments and manage projects with agility.

Advanced Analytics and Business Intelligence (BI) Software

In the era of big data, advanced analytics and Business Intelligence (BI) software are critical for businesses seeking to extract actionable insights from vast amounts of information. Solutions like Tableau, Power BI, and Qlik offer powerful data visualization and analytics capabilities, enabling businesses to explore trends, identify patterns, and make data-driven decisions. With intuitive dashboards, interactive reports, and predictive analytics tools, these platforms empower businesses to uncover hidden opportunities, optimize operations, and enhance strategic planning. Real-time data analysis facilitates agile decision-making, helping companies to stay ahead of the competition in a rapidly changing marketplace.

Cybersecurity and Threat Intelligence Software

As cyber threats continue to evolve, robust cybersecurity and threat intelligence software are imperative for businesses. Solutions like Palo Alto Networks, Cisco Umbrella, and McAfee provide comprehensive security measures, including firewall protection, intrusion detection, and advanced threat analytics. These software options offer real-time monitoring, proactive threat detection, and incident response capabilities, allowing businesses to safeguard their digital assets and protect sensitive customer data. Additionally, they provide threat intelligence insights to anticipate emerging threats and strengthen security posture. With the rising frequency and sophistication of cyberattacks, investing in cutting-edge cybersecurity software is crucial for businesses to fortify their defenses and maintain trust in the digital realm.

 

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