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Do Constraints Cripple Your Team… Or Ignite Their Creativity?

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

In business, as in all areas of life, it’s so easy to think, I don’t have enough! Whether we’re trying to launch a new product, move into a new market, or just meet the next quarter’s revenue goal, it’s so easy to feel helplessly crippled by a shortage of resources — time, talent, expertise, customers, and, of course, money. When we come from a place of scarcity, there’s always a reason we can’t do it. Not only does this mindset hold us back from what could be a huge victory, it creates a company full of victim thinkers.

Instead of being motivated by challenges, employees get in the habit of giving up way too soon. They get fixated on what they lack, not what they have, and it paralyzes them. They start blaming circumstances for their failures. This attitude compounds over time, and the whole culture gets bogged down in negativity and defeatism. That’s when the spark of innovation flickers and dies.

It doesn’t have to be this way. In fact, constraints can energize you and unlock your creativity when approached with the right mindset. Ironically (or perhaps not), one of my greatest business victories happened early in my career when my team was faced with what seemed an impossible task: build a next-generation Windows product in a shockingly short amount of time.

We had a tiny team of six people and very few resources. Really, we needed at least 30 people to do this job. Other teams of more than 100 people were working toward the same objective. But the fact that we faced such ‘ridiculous’ constraints forced us to get super-creative. We focused on finding existing components and assembled a system out of pre-built pieces. Ultimately, we launched our new product two years ahead of almost all our competitors.

The lesson? When we respond to constraints by getting super-engaged and focused, it unleashes incredible innovative power and allows us to beat almost insurmountable odds. How can you get your team into this mindset?

Here are a few tips for creating a culture of overcoming constraints:

Get out of the victim mentality yourself by changing your language.

Our first instinct is often to see ourselves as victims of circumstance. Do you ever find yourself saying: “We don’t have _________. Of course we can’t do that!” OR “Look at what they have! No wonder they were so successful!”? That’s your victim mentality keeping you from finding creative ways to make it work. Here’s the problem: Your mindset bleeds down into the rest of the team.

You can’t always change your circumstances, but you can always change your mindset. Stop making victim statements. Instead of saying, ‘We can’t,’ start asking, ‘What can we do with what we have?’ Also, when team members make these kinds of statements, remind them that there is always a solution.

Build momentum by focusing on what you CAN do first.

There will always be a million things you can’t do. Instead of hand-wringing over the constraints, find three or four things that you CAN do right now and execute on them. These quick wins will generate some early momentum. This is critical to getting employees engaged and excited about the goal and helping them see that success is possible.

When you hit a roadblock, regroup and rethink.

The “obvious” solution might not be possible for you. If we had all the time and money in the world, we’d all just do the first thing we thought of. Constraints force us to really get creative and problem solve. Realize that just because there is no immediately clear solution doesn’t mean that there’s NO solution at all. Call a brainstorming session and get people focused on creative problem-solving.

We had a client who served the construction market who decided to face a recession in a very different way. Rather than cut staff and expenses, they analyzed their business and realized a large percent of their profits came from a few of their products. They narrowed their product offering and allocated more cash and resources to high-value activity. As a result, over the next three years, they increased sales by 50 percent. By facing the constraints of a recession, they figured out a better way to do business that may not have occurred to them otherwise.

Break down the problem and look at it from all angles.

Banish all assumptions and start with a “beginner’s” mindset. Are there new (cheaper, faster, more effective) ways to do it? Are there alternative programs, materials, vendors, processes, etc. that you’ve never considered? Have things changed and you’ve gotten too complacent to move with the times? What unspoken rules are you following? Are you letting personal biases rule out possible solutions? Is there something you’re doing now that you could stop doing to free up time, capital, or resources? Is there someone in your company whose gifts are not being leveraged — someone who might have the insight and expertise to break the problem wide open?

This can be a real exercise in humility. It’s not easy to assume you don’t know, and it’s certainly not easy to step out of your comfort zone. But when you get rid of all assumptions and start fresh, you can have amazing breakthroughs.

Build resiliency into your team.

There’s often a “one step forward, two steps back” rhythm to innovation, which means your team is going to need some staying power. Here’s the thing: Resiliency doesn’t “just happen”; it is cultivated. Make sure people feel safe enough to speak up without fear. Keep them connected to the larger mission. And instill a sense of optimism by celebrating small wins and reminding them, “We’ve overcome constraints before, and we can do it again.” Most of all, show them you love and care for them.

Strange as it may sound, great leaders truly love their employees. Great teammates love each other. I always say love is the bonding force that holds teams together. It’s also what allows teams to get knocked down and get back up again.”

Bottom line: There will always be constraints. If there weren’t, we’d never know what we’re capable of doing.

We’ve all heard the adage that necessity is the mother of invention. It’s true. If we always had an easy solution at hand, we’d never push boundaries and take leaps of faith and leave comfort zones behind. Constraints are the gifts that force us to grow.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

Pros And Cons Of Call Center Outsourcing

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Like many business decisions, there comes a list of advantages and disadvantages with call center outsourcing.

Below are a few pros and cons you can expect from outsourcing your call center operations.

Pros Of Call Center Outsourcing

  • Cost Savings – One of the main advantages of call center outsourcing is cost savings. By hiring a third-party company to handle customer service calls, businesses can save money on training, salary, and benefits for in-house employees. Additionally, call center outsourcing allows businesses to scale their operations up or down as needed, without the added overhead of hiring and training additional staff.
  • Access To Global Talent Pool – Another advantage of call center outsourcing is access to a global talent pool. Many call center outsourcing companies have a large pool of trained and experienced customer service representatives located in different countries. This allows businesses to choose the best candidate for the job, regardless of location. It can also be beneficial for companies to outsource to countries where labor is less expensive, as it can result in even greater cost savings.
  • Improved Efficiency – Call center outsourcing can also improve efficiency. Third-party call center companies often have the latest technology and systems in place to handle customer inquiries efficiently. They may also have processes in place to handle high volume call times, such as during sales promotions or holiday seasons.

Cons Call Center Outsourcing

  • Potential For Lower-Quality Customer Service – One concern with call center outsourcing is the potential for lower-quality customer service. When customer service is handled by an outsourced company, there may be a lack of personal connection and understanding of the company’s products and services. This can lead to less satisfactory customer experiences and potentially harm a company’s reputation.
  • Language Barriers & Cultural Differences – There is also the issue of language barriers and cultural differences. If a call center is outsourced to a country where English is not the primary language, it can be difficult for customers to communicate with the representatives. Cultural differences can also lead to misunderstandings and frustration for both the customer and the representative. A great solution to this problem is hiring a nearshore outsourcing company whose workforce is fairly familiar with your company location’s culture.
  • Loss Of Control – Another potential drawback of call center outsourcing is the loss of control. When a third-party company is handling customer service, the business may not have as much control over the processes and systems in place. This can lead to issues with compliance and data security.

How To Get The Most From Call Center Outsourcing

Here are a few steps a company can take to minimize the risks above and ensure a successful outsourcing experience:

  • Choose A Reputable Outsourcing Company – Research and carefully select a reputable outsourcing company with a track record of delivering high-quality customer service. Look for companies that have experience in your industry and have a proven record of success.
  • Clearly Define Expectations & Goals – Before outsourcing, clearly define your expectations and goals for the call center operations. This includes setting performance benchmarks and establishing protocols for handling customer inquiries and complaints. Clearly communicating these expectations to the outsourcing company can help ensure that they align with your business goals and values.
  • Train & Manage The Outsourced Team – Proper training is essential for ensuring the success of an outsourced call center team. Provide the team with in-depth training on your products, services, and policies to ensure that they are able to effectively assist customers. Regularly check in with the team to provide ongoing support and address any issues that may arise.
  • Implement Quality Assurance Measures – Establish quality assurance measures to ensure that customer service standards are being met. This can include regular monitoring and recording calls, gathering customer feedback, and conducting surveys.

By following these steps, companies can minimize the risks associated with call center outsourcing and ensure a successful outsourcing experience. It’s important to carefully consider the pros and cons of outsourcing and determine if it is the right decision for your business.

 

What Should Be Included On An Invoice For Freelancers?

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Working as a freelancer can be a great way to earn a good income. Whether you do it on the side as you have time with your day job or you have turned it into a full-time career, the work can be gratifying. To ensure you get paid for your work, you must invoice your clients what they owe you.

Sending out a professional freelance invoice will help get you noticed and cements you as an expert in your field. It also helps make the invoice official, giving you options if the client chooses to delay or not send the payment. But how do you create a professional invoice as a freelancer?

You should include a few particular items every time you prepare an invoice for freelancers. These items include:

Your Name and Logo

Begin your invoice with information about your company. Put this right at the top so it is easier for the client to see who has sent them the invoice at a glance. It can also be helpful for recordkeeping purposes. Make sure that all of your invoices include your name and any logo if you have one. If you do not have a logo, your company name is fine.

Contact Details

Right under your business name and logo, you should include any contact details your client may need. This keeps the lines of communication open and allows the client to contact you if they have a problem with the invoice or even questions before they pay.

Some contact information you should add to your freelance invoices include:

  • Company email
  • Company phone number
  • Company address

You will also want to get the exact details from your client before sending out the invoice. Ensure you send the invoice to the right person, primarily if the client works for a large company. It is easy for an invoice to get lost, so addressing the document to the person directly responsible for the payment can lower your risk of that happening.

Date and Invoice Number

Next, check whether the invoice includes the date and the invoice number. Your invoice number is essential because it can help you and the client organize all paperwork. Ensure that the number is unique to that individual or company and matches the numbering system you already have in place.

An excellent way to organize these is by year. You could start with the current year and then review it based on how many invoices you send out during this time. If it is your seventh invoice of the year 2023, you will write something like 202307 for the invoice. 

Description

Ensure your invoice contains information about what you are billing the client for — describe the work you did and the amount that is due for those services or products. Use many descriptions here to ensure you and the client are on the same page.

Your client will generally appreciate a vague invoice. If some time has passed since the service rendered and the invoice, they may wish to receive clarification about what service you performed on their behalf. To that end, tell the company exactly what they received and the amount they owe.

Note whether the freelancer completed the service under hourly wages or based on the amount of work done. Once you have listed all the jobs done for the client, include the total amount the client owes.

Deadline

Always include information about the deadline for the payment and all fee deadlines. This helps to put a rush on the funds and makes it less likely the client will put off paying you. If you accept a few payment options, list them on the invoice to make it easier.

As a freelancer, you should discuss the payment options with your client beforehand. Accepting more than one type of payment method can help your business grow and make it easier for the client to pick the most convenient option.

List what will happen if the client does miss a deadline, such as additional fees if they do not pay the invoice by a specific time. List out the terms of payment too. Writing this information out in black and white will ensure you get your income and the interest if the payment is overdue.

Tips for Writing a Great Invoice as a Freelancer

If you have never written an invoice as a freelancer, you may feel nervous about how to get it done right. Some simple tips to make this more accessible include the following suggestions:

  1. Don’t fear invoicing – You deserve to receive the money you earned for your work. Never feel ashamed to send an invoice for the work you do for someone else as a freelancer.
  2. Send the invoice immediately – You and your client likely agreed that the final payment would be due when you complete the project. Don’t take your time sending the invoice — do it right away.
  3. Keep the final delivery until the client pays – This may only work in some fields, but when possible, wait to give the final product to the customer until they pay. This gives you some leverage and makes the client more likely to pay you.
  4. Make the payment method easy – The easier you can make it for the client to pay you, the faster they will get the payment over. Offering a simple method or several ways to pay can help with this.
  5. Remember the taxes – Unless you plan to pay for the taxes on your own, always remember to add the taxes to the invoice.

The Bottom Line

As a freelance business, you must invoice your clients to ensure you receive payment for your hard work. A professional invoice can help legitimize your business and makes it easier to stand out from the crowd as a professional too.

Make sure to include a header and contact information, details about what services you rendered, and payment terms to ensure the client knows how to pay and can get the money to you. Sending out invoices promptly, with enough details will help your freelance business succeed.

 

3 Reasons A Technological Push Could Benefit Your Business

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Technology in business is more important than it’s ever been. While businesses of a larger size are going to be able to utilize their financial means to acquire as much technology as they need, smaller businesses won’t be able to be so broad with their selection. If you want to improve your technological game, you have to be keenly aware of the technologies that are prominent within your industry, as well as gain an understanding of how you’re going to apply them for the best effect.

This might sound like a lot of work, and that’s without knowing how much it’ll cost you. However, there are several reasons why it might be in your best interest.

Read on to find out more.

To Keep Pace With Your Competitors

Of course, one of the main reasons as to why you could feel as though this is especially important is simply because it’s what your competitors are doing. If you fall behind them technologically, it stands to reason that pretty soon they’re going to be capable of achieving all manner of success that you won’t be. There’s an argument for developing your own niche and tending to that effectively instead of trying to constantly match the speed of all of your competitors, but that might not mean much if the service that you can provide isn’t matching the standard of what’s expected of your industry.

This is where that selective approach comes into play. You might not have the means to go all out, but if you can identify a key piece of technology that would make all the difference, it might be worth further consideration.

To Increase Your Efficiency and Capability

The reasons you have for wanting to make this push might be more naturally intrinsic, however. It could be that you simply see an opportunity to take your business to a whole new level. The kind of leap that is afforded by examples such as IFS cloud technology might fall within your gaze, and can help you to improve multiple aspects of your business at once, therefore overhauling your operations completely. This can also have an outward, brand-based incentive, too, as you will appear more capable in the eyes of your customers.

While the initial cost of new technology might put you off, it’s worth researching whether the increased efficiency could lead to could end up saving you more money down the line.

To Maintain Professionalism

Looking beyond what an increased focus on technology can do for your operations themselves, what can they do for your brand? To your audiences, who are trying to choose among the various businesses in your industry, a firm grasp on the relevant technologies of the industry might represent a level of professional competence that signals trustworthiness.

This is an important trait in a business, and it might even be the factor that convinces them to contact you. If your customers feel confident in your ability to provide them with exactly what they need, to the standard that they would want it done, then they will have little reason to look elsewhere (outside of the financial).

 

Small Businesses, Here’s How You Can Improve Your Digital Marketing In A Blink Of An AI

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by Dave Charest, Director of Small Business Success at Constant Contact

Technology is advancing at an extremely fast pace – just look at how quickly ChatGPT has become a household name. It has dominated news cycles and in only 4-5 months, it’s also heightened our awareness and understanding of where, and how, artificial intelligence (AI) is impacting our lives. From digital assistants like Siri, to predicting customer behavior and preferences, AI is everywhere now.

Whether you know it or not, AI has also been a core technology in marketing for years. Most product recommendation engines run on some form of AI, and we have used AI for years at Constant Contact to power things like subject line recommendations in our email marketing platform. The difference between where AI has been used in the past and its applications today is that it is much more capable – particularly when it comes to creating content.

AI is sophisticated enough now, and has a big enough dataset, that it can decipher text, react to engagement patterns, anticipate responses and recognize images. As you can imagine, this lends itself perfectly to digital marketing, where the objective is to deliver the perfect marketing message to every customer every time.

With such an in-depth understanding of how a consumer behaves, AI can help businesses make purchase recommendations, analyze product fit, and create better content with more precise targeting. If you’re a small business marketer, there’s no reason to not use this technology to your advantage.

Here are some easy ways small businesses can start using AI in their marketing strategy.

Personalize messages and offers for your customers

Leverage AI’s deep learning capabilities to amp up the experience your customers have when they interact with your business. One of the best ways to do that is by tailoring your marketing to share content that meets their needs.

AI can recognize if a person abandoned their online cart, and what types of products they have purchased in the past. It can also determine whether they prefer to be texted, or if email is their go-to channel for reading messages from their favorite brands. That type of analysis is invaluable as a marketer because instead of guessing what your customers will engage with, you can make decisions based on real-world data. Leverage that information to send more applicable messages and deals to your customers, and in doing so, they will be more likely to convert to a sale.

Banish writer’s block once and for all

Writing is difficult, and as a small business marketer, it can feel daunting to think about having to sit down and write an entire email or text campaign to your customers. And, it has to be good! Luckily, AI is here to help.

Instead of spending hours fighting writer’s block for your next campaign, let AI do the heavy lifting for you. There are several AI-powered writing tools available that can help businesses get a jump start on content creation and save valuable time in the process. Our AI Content Generator at Constant Contact is purpose-built for small businesses. It allows our customers to automate the writing process for their marketing campaigns, which saves time and resources while still creating high-quality content.

Write social media posts

Sometimes, you just don’t have the energy to create an engaging and informative social media post – let alone multiple posts for all the different platforms you are managing. That’s ok, you’re human! So, why not ask AI to do it for you?

Using AI to write social media posts can help small businesses maintain a consistent presence on social media, engage with their audience and even attract new followers. The best AI content generators will even give you multiple options to choose from. However, it’s still important to ensure the content feels authentic to your voice and doesn’t sound like it was written by a chatbot. Double-check before posting, and then move on to other areas of running your business.

One last note on AI content generation

AI-generated content can be informational, informative, and even fun. However, it’s important to note that AI is often just a baseline to get you started. The real value still comes from sharing your story and connecting with your audience.

It’s up to you to ensure that any content you generate using artificial intelligence is not only original and helpful, but that it’s also accurate, honest, and aligns with your brand values. Most importantly, you want to make sure that the content sounds like you and speaks to your customers in a way that makes them feel valued.

 

Dave Charest is the Director of Small Business Success at Constant Contact. In his role, Dave acts as an educator and an advocate for small business leaders, marketing professionals, and nonprofits by providing them with practical marketing advice that can help them achieve their goals.

 

Unlocking The Secrets To Effective Investment Management Strategies

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As the global economy continues to evolve, sound investment practices have become increasingly significant for wealth accumulation. A disciplined approach to managing one’s finances and investments can lead to better financial outcomes and a more secure future. By adopting effective investment management strategies, individuals can make the most of their financial resources and achieve their financial goals.

This blog will detail some of the best approaches to effective investment management.

The Benefits of Combining Diverse Investment Approaches

Asset Allocation and Diversification.

A well-rounded investment strategy involves allocating assets across various investment classes, such as stocks, bonds, and real estate. This diversification allows investors to spread their risk and potentially achieve higher returns over time. Asset allocation plays an essential role in effective investment management, as it helps balance risk and reward according to an individual’s financial goals and risk tolerance.

Enhancing Portfolio Performance Through a Mix of Active and Passive Strategies.

Combining both active and passive investment strategies can contribute to a more effective investment approach. Active strategies involve selecting individual investments based on analysis and research, while passive strategies track market indices through index funds or exchange-traded funds (ETFs). By blending these two approaches, investors can capitalize on the strengths of each strategy while mitigating their weaknesses, leading to improved portfolio performance.

The Role of Alternative Investments in a Comprehensive Investment Strategy.

Incorporating alternative investments, such as private equity, hedge funds, and real estate, into a comprehensive investment strategy can offer additional diversification and the potential for higher returns. These investments typically have a low correlation with traditional assets, which helps to further reduce portfolio risk and enhance overall performance. However, alternative investments may also involve higher risks and fees, so it’s essential to carefully consider their suitability for your financial objectives.

The Importance of Disciplined Financial Management

Developing a Long-term Investment Plan.

A disciplined approach to investment management starts with creating a long-term investment plan. This plan should outline your financial goals, time horizon, and risk tolerance, as well as your strategies for asset allocation and diversification. A clear, well-defined investment plan will help you stay on track and make better decisions, even during periods of market volatility.

Regular Portfolio Review and Rebalancing.

Consistently reviewing your investment portfolio and rebalancing it as needed is an essential aspect of disciplined financial management. It is a process that involves adjusting your asset allocation to ensure it remains aligned with your financial objectives and risk tolerance. Regular rebalancing helps to maintain an optimal risk-reward balance while also taking advantage of market opportunities.

Adhering to a Strict Investment Discipline.

Successful investors maintain a strict investment discipline, avoiding emotional decision-making and sticking to their long-term plans. This discipline involves resisting the urge to chase market trends or make impulsive decisions based on short-term market fluctuations. By adhering to your investment strategy and staying focused on your financial goals, you’ll be better equipped to navigate the ups and downs of the market.

Utilizing Investment Analytics Tools for Improved Strategies

Understanding Investment Analytics.

Investment analytics refers to the process of gathering, analyzing, and interpreting data to support informed decision-making in investment management. Employing an investment analytics platform will help investors gain valuable insights into market trends, investment opportunities, and potential risks, which can ultimately contribute to more effective investment strategies.

How Analytics Tools Can Improve Decision-making and Risk Management.

By providing timely, accurate, and actionable information, investment analytics tools can help improve decision-making and risk management. These tools can assist investors in identifying market trends, evaluating investment opportunities, and monitoring portfolio performance. Incorporating an investment analytics platform into their investment management process will help investors make more informed decisions, better manage risk, and optimize their portfolios for long-term success.

The Potential Impact of Investment Analytics on Personal Wealth and Financial Security.

The use of investment analytics can have a profound impact on personal wealth and financial security by empowering investors to make better-informed decisions. Leveraging data-driven insights can optimize investment strategies to maximize returns and minimize risk. This increased level of financial control and understanding can lead to greater financial stability and long-term success.

The Benefits of Incorporating Effective Investment Management Strategies

Optimizing Returns for Long-term Financial Stability.

Incorporating effective investment management strategies can lead to optimized returns, contributing to long-term financial stability. By carefully selecting investments, allocating assets, and monitoring portfolio performance, investors can increase their potential for financial growth and secure their future.

Mitigating Risks Through Prudent Investment Practices.

Effective investment management strategies can also help mitigate risks by employing prudent investment practices, such as diversification and asset allocation. Managing risks appropriately can reduce the potential for significant losses and increase the likelihood of achieving their financial goals.

Ensuring Financial Security Through Comprehensive Investment Management.

Comprehensive investment management, which combines disciplined financial management with diverse investment approaches, can contribute to overall financial security. A well-rounded investment strategy that considers various asset classes, investment styles, and risk management techniques can provide investors with a solid foundation for achieving their financial objectives and securing their financial future.

Tips for Developing and Implementing Tailored Investment Strategies

Assessing Your Unique Financial Goals and Risk Tolerance.

To develop an effective investment management strategy, it is essential first to assess your unique financial goals and risk tolerance. Understanding your objectives and the level of risk you’re comfortable with will help guide your investment decisions and shape your overall approach.

Building a Solid Foundation Through Education and Research.

Educating yourself on various investment options and conducting thorough research is crucial for developing a tailored investment strategy. Familiarize yourself with different asset classes, investment styles, and risk management techniques to make informed decisions and build a solid foundation for your investment journey.

Consult With a Professional Financial Advisor for Personalized Guidance.

If you are unsure how to create an effective investment management strategy, consider consulting with a professional financial advisor. They can provide personalized guidance, taking into account your specific financial goals and risk tolerance, and help you develop a plan that aligns with your unique needs and objectives.

Effective investment management is an ongoing journey that requires discipline, education, and adaptability. By combining diverse investment approaches with disciplined financial management and leveraging investment analytics tools, investors can optimize returns, mitigate risks, and ensure long-term financial stability. As the financial landscape evolves, it is essential to continually improve and adapt your strategies. Staying informed, learning from investment insights, and utilizing an investment management platform can refine your approach and better position yourself for financial success in the long run.

 

Leveraging Second-Hand Equipment For Capital Efficiency, Savings, And Sustainability

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by Aaron Kline, Co-Founder of Boom & Bucket  

In today’s economy, any entrepreneur looking to kickstart, build and scale is obsessed with two words: capital efficiency. And for a good reason. The way a company spends money can make or break it.

Leading decision-makers who master capital efficiency drive rapid business goal outcomes with cost-effective resources and strategies. The bottom line? It’s not just about saving money or time on unnecessary expenses but knowing how to evaluate savings and risks versus costs, return on investment (ROI), and real results. This is why sustainable practices like reusing resources are increasingly popular. The more sustainable a business is, the more it can grow without compromising quality or customer satisfaction.

One of businesses’ largest costs is equipment — the machinery, vehicles, tools, or devices they need to do the job. Despite knowing that equipment can negatively impact cash flow and profitability, many companies overlook the potential of the second-hand equipment market as a source of savings and sustainability. Let’s take a look at how pre-owned machinery can boost your ROI.

The Digital Transformation of The Second-Hand Market

The second-hand market is not what it used to be five years or ten years ago. The used market used to very informal, offered cash-only and no warranties, and lacked transparency. This changed with the emergence of modern second-hand online markets, and they are driving significant growth.

A report by Transparency Market Research valued the second-hand global market at $405.5 billion in 2022. The market is expected to grow to $3.1 trillion by 2031. Used heavy machinery makes up a big portion of the second-hand products market: According to Global Market Insights. The rapid increase in pre-owned heavy machinery investments is augmenting the industry.

Thanks to the digital transformation of the second-hand market and the expansion of e-commerce, buyers have better, and more informed, access to cost-efficient machinery and goods.

Additionally, consumers are becoming increasingly concerned about their consumption effects on the environment, whether it may be waste, plastic, energy, or CO2 emissions.

However, second-hand equipment is also associated with risks. Was the equipment used properly? What does the maintenance history reveal? Is the equipment modern and up to the task? Does it have any hidden defects or damages not visible to the naked eye?

These questions were hard to answer in the past, but today, powered by digital transformation, new technologies and platforms help buyers make data-driven second-hand purchases. Modern online markets give potential buyers a wide range of information on second-hand equipment so they can feel confident they have chosen an item that meets their needs.

Cost, Usage History, and Condition

The first aspect to consider in any purchase is cost. How do you know if you are getting a fair deal on a second-hand machine? How do you compare prices across different sellers and markets?

Just like the Kelley Blue Book has helped millions of people calculate the market value of a vehicle — based on its make, model, year, mileage, and condition — to determine fair prices, other tools can enable informed purchases of heavy machinery. For example, Equipment Watch provides price benchmarks and trends for over 15 categories of equipment across North America.

Usage history is the second factor that needs to be evaluated. Customers should use platforms that provide equipment’s previous maintenance information and data and see whether items have any issues or problems that could affect their performance or safety.

Equipment marketplaces use data from various sources to provide a detailed report on the asset’s past, including repairs, recalls, inspections, and all ownership changes.

Similarly, data-driven e-commerce sites can help a user find the usage history of second-hand equipment based on data from telematics and OBD2 devices — systems that collect and transmit information from a machine’s sensors and GPS location, and can connect to a machine’s onboard computer and read diagnostic of machines.

Finally, the condition of the equipment needs to be carefully evaluated. How do you know if the equipment is in good shape and ready to use? How do you inspect it for any signs of wear and tear or damage?

This is where comprehensive inspection tools can help. They check hundreds of points on a vehicle to ensure its quality and functionality, saving companies the time and cost of doing inspections.

Final Thoughts

The second-hand equipment market is a powerful resource for companies that want to remain competitive. Thanks to the digital transformation of marketplaces, data-driven technologies, and new transparency trends, companies can make informed decisions about buying second-hand equipment for their business and keep costs low.

Calculating the risk, increasing savings and enhancing sustainability has never been so straightforward. With all the CO2 emissions, usage, and condition information online, the modern second-hand market can increase capital efficiency, help companies achieve profitability faster, and grow their business more efficiently.

 

Aaron Kline

Aaron Kline, Co-Founder, and COO of Boom & Bucket. This innovative company is revolutionizing the market for used heavy equipment, providing contractors with a reliable online platform for buying and selling their machinery. With a solid sales and business development background, Aaron has served as Vice President of Global Sales at Skylo.

 

 

How Technology Can Help In Modern Corporate Performance Management

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business meeting charts

business meeting charts

Corporate performance management is a crucial aspect of any organization. It refers to the process of setting goals, tracking performance, analyzing results, and making informed decisions to improve the overall performance of the company. With the rapid advancements in technology, businesses are increasingly turning towards technology-driven solutions to enhance their corporate performance management.

In this post, we will explore how technology can help modern corporate performance management and the various benefits and challenges associated with it.

Technology-driven Corporate Performance Management

In today’s digital age, technology has revolutionized the way organizations operate. The integration of technology into corporate performance management can play a significant role and bring so many benefits. We look at key areas in which technology can play a part in corporate performance management. 

1. Financial Planning and Analysis.

Financial planning and analysis involve budgeting, forecasting, and financial modeling. Technology can help organizations automate these processes and provide real-time data to decision-makers.

2. Budgeting and Forecasting.

Budgeting and forecasting are essential aspects of corporate performance management. Technology can help create accurate forecasts, streamline budgeting processes, and improve data accuracy such as transaction matching.

3. Strategic Planning.

Technology can also assist companies in creating and executing strategic plans. It can help teams collaborate and make informed decisions based on real-time data.

4. Performance Reporting and Analytics.

Data is king when it comes to analyzing the performance of a company. With technology, organizations can generate customized reports and analyze data to gain valuable insights into their performance.

Benefits of Technology-Driven Corporate Performance Management

One of the most significant benefits of technology-driven corporate performance management is the ability to automate routine tasks. This will allow businesses to free up time and resources to focus on more strategic initiatives. This can lead to increased productivity and efficiency.

Another benefit of technology-driven corporate performance management is the ability to gain valuable insights into the organization’s operations. By analyzing data in real time, decision-makers can make informed decisions and adjust strategies as needed. This can lead to better performance and increased profitability.

Technology-driven corporate performance management can also help organizations reduce costs. For businesses, this can save them time and money. Additionally, by gaining insights into operations, organizations can identify areas where they can reduce costs and optimize resources.

Best Practices for Implementing Technology for Corporate Performance Management

To ensure the successful implementation of technology for corporate performance management, organizations should follow some best practices. These include:

Define clear goals and objectives.

Organizations should define clear goals and objectives for the implementation of technology in corporate performance management. This will ensure that the technology is aligned with the organization’s overall business strategy.

Select the right technology.

Organizations should carefully evaluate different technology options and select the solution that best fits their needs. For an organization, this may involve selecting a solution that can integrate with existing systems and provides the necessary functionality.

Involve end-users in the process.

Organizations should involve end-users in the implementation process. This is an important point as it can help build buy-in and ensure that the technology is effectively used.

Provide adequate training and support.

Organizations should provide adequate training and support for end-users. This is vital because employees need to be comfortable with using the technology effectively.

Continuously evaluate and optimize usage.

Organizations should continuously evaluate and optimize their usage of technology for corporate performance management. This can help ensure that the technology is effectively meeting the organization’s needs.

Conclusion

In conclusion, the use of technology in modern corporate performance management is becoming increasingly vital for businesses to thrive and remain competitive. By automating processes, providing real-time data analysis, and offering predictive analytics, technology is transforming the way organizations measure and manage their performance. This not only improves efficiency but also allows businesses to make data-driven decisions and improve their overall performance. 

 

Stop Building Large Departments: The Advantages Of Smaller Teams

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by Dominic Monkhouse, CEO and Founder of Monkhouse and Company and author of “Mind Your F**king Business“

A smaller team has a common purpose and level of intimacy that often leads them to come in early or stay late to get the job done. There’s a deeper level of accountability, which means the manager or coach has less managing or coaching to do. When that small team helps with hiring, the results are always better. They don’t want to hire anyone who will disturb the camaraderie and trust of the group. A small team will give you vital input because they want to protect their ‘family’. And if I ask this team to write their processes, they will always be better than diktats from corporate because the procedures will be specific to a particular group and not some generic idea that may not apply to other departments or teams. They’re not trying to boil the ocean, so the result will be better than some document handed down from on high.

When companies listen to my advice, they’ll often decentralise departments. They’ll have central marketing focus on branding, but they move lead generation to smaller teams in regions and take it out of the hands of central marketing.

More importantly, small teams are better for the customer. When customers ring up, most of the time they’ll speak with the same person. The customers then have a more personal relationship with the company, and the employees know what our customers need and how best to interact with them because they have built a rapport with them.

Even though the company may be large, when customers call in, they feel like they’ve just gone down to the village shop and the owner is there ready with their usual order. The employee can say, ‘How are you doing, Bob? Last time we spoke, your daughter was going into surgery. How is she doing? I also wanted to ask you how things were going with your new printer since we installed it two weeks ago.’ The employee knows the customer so well that they know what to say and what not to say. There’s also another benefit: as you measure how various teams are succeeding, you can dive in and pull out best practices that may help struggling teams.

The power of culture

Never underestimate the power of culture. It tells people what we value, what’s expected, and what behaviours won’t be tolerated. When we create culture in a company, people are formed in their thinking and actions. And the culture that is created can be more effective than the best leader in the world.

For instance, Professor Moira Clark, from Henley Business School, carried out a project with a high-street bank in Sheffield. She took the manager from the best branch and put them in the worst branch. This manager was unable to make any substantial changes.

Professor Clark found that a tipping point was only reached when 30% of people from the best branch were transplanted into the worst branch to make any positive changes.1

My view is that the power of bad is about four times more powerful than the power of good. One bad apple can spoil the bunch. One good apple doesn’t fix the bad ones. That said, when the bad apples in the business see a strong leader plus experience a culture that’s developed by good workers, they eventually either get on board or leave.

How to identify the health of your teams

As the CEO of your company or a leader of a team, how do you really know what is and isn’t working? I recommend simply surveying each of your departments (e.g. marketing, sales, finance, R&D, customer support). Consider asking certain employees the following questions:

  • How good do you think your department is at delivering to your customers (or to other departments in the company)?
  • How good do you think you are at delivering service to your team?
  • How good are your colleagues at delivering service to you?
  • How good do you think other departments in your company are at delivering to their customers (or to you and other departments)?

If there’s a perception gap in your business, the above questions will uncover it. The perception gap can sometimes be summarised as an ‘it’s not me, it’s them’ mentality. In other words, people incorrectly think that they’re doing a great job and everyone else is doing a poor job.

Then ask the same employees the following questions:

  • In the past, when you worked on an efficient and effective team, what did it look like?
  • Tell me about the best team you were on. It could be a sports team, a team at work, a team that did charitable work or activism, or some other team.
  • What were some of its characteristics?

Answers to the previous questions will reveal how inefficient and ineffective large departments are (with no teams) and will remind people what efficient and effective small teams are like.

Typically, answers will include gems such as the following:

  • ‘We were connected.’
  • ‘There was a clear sense of mission and purpose.’
  • ‘We worked so well together.’
  • ‘There were consequences for non-compliance.’
  • ‘Nobody was slacking off, there was a high level of commitment, and people kept their promises.’
  • ‘We were aligned around a core purpose.’

From well-managed to self-managed

In many cases, well-managed teams become self-managing, and end up needing very little over- sight. This is how Spotify organises things, for example. Their small teams self-manage.

The Spotify organisational model was first introduced in 2012 when Henrik Kniberg and Anders Ivarsson published the white paper ‘Scaling Agile @ Spotify’. This introduced the world to the radically simple way Spotify approached organisational agility at scale. Unsurprisingly, Spotify doesn’t leverage the original implementation of the Spotify Agile model anymore; they evolved and adapted an updated model to fit their changing organisation.

In essence, we’re taking lessons we’ve learned from software development and the agile revolution and bringing it to general business. In my years as a consultant, I have seen incredible results when companies stop building large departments and start building small teams.

*extracted from Mind Your F**king Business by Dominic Monkhouse

 

Dominic Monkhouse

Dominic Monkhouse is CEO and Founder of Monkhouse and Company and author of “Mind Your F**king Business“. he is committed to helping entrepreneurs take their businesses from good to great, focusing on fast growth, people-first approaches and strong purpose.

 

“Women, We Are Our Own Best Resource”: Deb Boelkes

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by Deb Boelkes, author of “Strong Suit: Leadership Success Secrets From Women on Top“

Women are just as likely as men to aspire to senior roles in their organizations, but they face a myriad of obstacles and prejudices that their male counterparts simply… don’t. Their career trajectories continue to be disproportionately affected by unequal pay, fewer promotions, microaggressions, gender bias, the so-called “motherhood penalty,” and more. As female graduates enter (or re-enter) the workforce, how can they best navigate these barriers while climbing the ladder and advocating for themselves?

Many organizations are proactively addressing these issues. But here is a message all rising women needs to hear: We are our own best resource in closing the equity gap so that all women have a truly fair opportunity to succeed and lead.

Why should the newest generation of emerging leaders enter their careers with little to no tribal knowledge of what it means to work toward the upper levels of leadership as a woman? Instead of climbing from the ground up, rising women should be standing on the shoulders of the women who came before them.

Having worked with and mentored hundreds of female leaders, many of whom were C-level, most are eager to offer a hand to their sisters still climbing the ladder.

I began my career at a time when the business world was much more male-dominated than it is today, and I surmounted a lot of obstacles on my own. I want to pass the lessons I learned on to rising female leaders so they can spend their time and energy learning new lessons and breaking new barriers. After all, that’s what equity in ‘diversity, equity, and inclusion’ (DEI) is all about: helping others access opportunities so that equality can eventually be achieved.

Here are eight insights from my book “Strong Suit: Leadership Success Secrets From Women on Top“ that will help young women take their first steps into the workforce with confidence:

Your past helps mold who you are — but it doesn’t have to define what you can accomplish.

We all learn lessons and pick up traits — both positive and negative — from our parents and other formative figures. Their expectations and opinions of us help shape our trajectories. Most of us were probably told, “You can do anything you set your mind to,” but we may have also absorbed negative lessons (either explicit or implied) about women’s roles and our own capabilities.

Ultimately, your background does not determine whether you can make it to the top. This is something a lot of us know in theory, but have trouble internalizing. We carry limiting — and inaccurate — assumptions about what we have to offer and what our place in the world should be. Try to identify these beliefs and use them as a springboard for positive action. 

Even in this day and age (like it or not!) appearance matters.

I acknowledge that this advice goes against some schools of popular thought, but it’s a truth that today’s rising leaders still need to live by. Every day is a dress rehearsal for the C-suite (or whatever goal you are working toward), and your appearance impacts how others perceive you.

The women I interviewed (in my book) were pleased that expectations regarding appearance are not as stringent, and perhaps unfair, as they used to be. But they all agreed that presence does matter, even in fields where individuality, creativity, and informality are the norm. Here’s my advice: Don’t think of it as dressing to ‘please’ others. You aren’t. All of us — men and women — should use our appearance as a tool to positively influence how others respond to us. 

Stop being sorry for asking questions and sharing your opinion.

Many women tend to minimize themselves, usually unconsciously. They’ll say things like, “Sorry, but I have a question,” or, “I could be wrong, but…” Sometimes they’d rather not say anything than share an opinion that hasn’t been thoroughly thought-out and researched. (This happens less often with men!) I urge all women to remember: You got to where you are because you are smart, qualified, and capable. Teachers, mentors, and past leaders have already seen those things in you, so continue to showcase them moving forward. 

Linda Rutherford, executive vice president and chief communications officer of Southwest Airlines, recalls that after being promoted to VP, she initially struggled to speak up in the boardroom. “If I had a thought before, sometimes I would whisper it to the person next to me. But then the room did not benefit from that thought or that perspective. I have learned that my value is to share that thought or that perspective with everyone in the room.” 

“Executive” and “emotionless” aren’t synonyms.

As the leader of a peer mentoring program for C-level women, I have met many women who think that in order to reach “the top,” they need to be calm, collected, stoic, unemotional, and mentally tough at all times. These female leaders hide or shut down any expression of empathy, anxiety, indecision, or even joy. They hold other people at arm’s length to avoid dealing with emotional upheaval.

No wonder we think it’s lonely at the top! For many years, female leaders did have to tamp down so-called expressions of femininity as they fought to ascend the male-dominated ranks. That’s why, as we continue to work toward equity, it’s so important to have friendships with other women at your level. Build an inner circle where you can be candid and can count on support and authentic advice. As you continue to advance, maintain warm and supportive relationships with industry peers, direct reports, and high-potentials downline.

Leadership is not about your skills. It’s about your people.

Some leaders, especially new ones, are stuck in the mindset that their success hinges on the technical skills they were judged on prior to their promotion. But leadership isn’t about how well you can do something; it’s about how well you can develop, engage, and motivate your team so that they can do that task. Your first priority as a leader is assembling and empowering a great team, followed by removing any obstacles that stand in the way of their success. When you enable everyone to perform at their individual best, you’ll all cross the finish line together.

Retired U.S. Army Lieutenant General Kathleen M. Gainey agrees. “What I quickly learned is, people are your most important resource. If you invest in people, they will take care of you. When you make a mistake, they will correct it… If you have created an environment where they can share information with you and not…be yelled at, or screamed at, they will share things with you that you need to know.”

Assessments exist for a reason. Use them.

It can be surprisingly challenging to answer the question, “What are your strong suits?” A true strong suit isn’t just something you’re good at; it should also bring you joy and tie into your purpose. To help you zero in on these sometimes-elusive strengths, how they manifest in your life, and how to best leverage them, I recommend assessments like CliftonStrengths and the Myers-Briggs Type Indicator.

Knowing what makes you stand out can give you a big leg up and help you become the best version of yourself. Focusing on what you are really great at and love doing will elevate your performance and enhance your authenticity. You’ll be comfortable with yourself as well as your evolving roles and responsibilities, rather than feeling like an imposter or a square peg in a round hole as you climb the ladder.

If you choose to improve in one area, make it soft skills.

Communication and relationship-management skills are what build a great culture (I am adamant that a great culture is what leads to great metrics, not the other way around). Yet — despite the fact that this generation of workers has made it clear how much they value good relationships with their leaders — there is a noted “soft-skill gap” in many business education programs. That’s why I recommend identifying role models and adopting their behaviors, attitudes, and methods.

There is a big gap between understanding organizational theory and becoming an inspirational leader. The only way to fill it is through observing and, more importantly, doing. Start by treating people the way you would want to be treated and consciously inspiring them to be their best. You’ll instinctively feel which tactics work and can build from there. The good news is, so-called soft skills like communication, empathy, emotional intelligence, and flexibility tend to be innate for many women — so lean into your feminine strengths! 

You may be able to “have it all” — if you have help.

The concept of “having it all” — and whether that’s even possible — has sparked fierce debate. Based on my own experience and the feedback I’ve received from fellow executive mothers, women can enjoy a fulfilling career and a strong family life — but success in this endeavor has to be a team effort.

Just like building a successful executive career, raising children demands large amounts of time, energy, and emotional investment. Sharing the load with others who are also invested in your child’s future should not be seen as a weakness or failure, but as a prudent decision to enhance everyone’s well-being. You’ll need a supportive partner, a trusted network of family and friends, or reliable outside childcare — often all three!

Especially when you are just starting your career, or perhaps transitioning to a new role or industry, the path toward leadership can be murky and the stakes can feel overwhelming. But truly, you are not alone. I have seen firsthand how powerful it is when successful women advise, develop, and support their sisters. Whether it’s in person, online, or through resources like videos, podcasts, and books, I urge you to seek out female role models… and eventually, become a mentor yourself.

 

Deb Boelkes is the author of “Strong Suit: Leadership Success Secrets From Women on Top“. Deb has 25+ years in Fortune 150 high-tech firms, leading superstar business development and professional services teams. As an entrepreneur, she has accelerated advancement for women eager to achieve success.

 

4 Ways All Leaders Can Multiply Their Impact

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Build on your leadership team and see them grow.

by Brendan P. Keegan, author of “The FUD Factor: Overcoming Fear, Uncertainty & Doubt to Achieve the Impossible“

Leaders are all around us, in corporations, sports teams, civic clubs and other organizations.

In many cases, the work they do and its impact doesn’t extend much beyond their immediate sphere of influence.

But leaders also can guide, teach and inspire people in such a way that the impact will be felt far and wide – and maybe even linger long after the leader is gone.

Leaders should ask themselves, ‘What do I want my legacy to be? What lasting impact do I want to leave on the world? How can I be an inspirational legend to others?’

Some ways to make that legacy come about and to leave a greater imprint on the world include:

Lead others through a clear vision and the resources to achieve that vision — together.

Ever notice with sports teams how successful head coaches leave a legacy of other head coaches who worked for or played for them? The same can happen with leaders in other sectors. When you make the decision to lead, you build an exponential legacy of leadership. If you lead 10 people who then lead another 10 people who then lead another 10 people to achieve a common goal, you will have impacted over 1,000 lives. That’s a lot of impact, and your efforts also have the added positive effect of removing fear, uncertainty, and doubt from people about their abilities, while instilling confidence.

Be a mentor.

I suggest looking around your circle of friends, family members, and colleagues and picking a person to take under your wing and send down the path of leadership. Mentors are volunteers, even at companies with formally structured mentoring programs. Mentors also are focused on helping their mentee achieve their career goals, not the mentor’s goals, and doing so with no personal or professional benefit expected in return.

Coach others to be the best versions of themselves.

Take time every week to invest a little extra time to show someone how to improve a specific skill or attribute. Thirty minutes of coaching may change the trajectory of someone’s life. Coaching has similarities to mentoring, but there are differences. Mentoring plays a much broader role of cultivating an individual’s career and overall personal and professional development. Coaching drives at a specific goal through learning. For example, coaching someone to make a sales call, to perform a job function better, or to complete a 20-yard pass. With coaching you do immediately see the impact you have on others. If leading and mentoring is the long game, then coaching is the short game.

Cultivate.

Leaders have opportunities each day in every interaction to inspire leadership not only at work but also in the communities in which they live. Really anyone we meet is an opportunity to begin to light the fuse of leadership for another person. That can be our neighbors, our kids, our social circles. It can happen in our places of faiths, or gyms or our coffee houses. So many people in life have never been told they, too, can be a leader, let alone have another person invest in them.

Finally, find other ways to give without any expectation of receiving. Giving can mean sharing your time, encouragement and wisdom, and it can also mean philanthropy.

We all have the opportunity to give in more ways every day and to do it with no expectation of getting anything in return. It can be running a 5K race for a cause, buying Girl Scout cookies, serving meals at a local shelter, coaching a youth sports team or donating blood. The opportunities are endless.

 

Brendan P. Keegan

Brendan P. Keegan is chairman, CEO and president of the board for Merchants Fleet, the fastest-growing fleet technology company in North America. He also is the author of three books, including his newest, “The FUD Factor: Overcoming Fear, Uncertainty & Doubt to Achieve the Impossible“. 

 

Four Companies That Cast Off Their Constraints And Innovated Like Crazy

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

The constraints we face in business — tight deadlines, limited resources, a worrisome talent shortage — don’t have to limit our success. In fact, they can unleash our creativity and lead to big innovations.

Here are four companies that famously vaulted over limitations to create something completely new.

Netflix: Outrunning Obsolescence. 

Remember, Netflix started as a DVD rental service, but as technology advanced, it faced the roadblock of declining DVD sales. Instead of clinging to the past, Netflix pivoted and invested in streaming technology. This bold move allowed the company to disrupt the entertainment industry and become a dominant player in the streaming market.

Delta Airlines: Solving the Pilot Shortage.

In a time when airlines are struggling to find enough pilots, Delta got creative. It recently announced its new flight academy program in partnership with Skyborne Airline Academy. The idea is to ensure a steady supply of talent by training the next generation of pilots. Other airlines, such as United Airlines, American Airlines, and Southwest Airlines, have also launched similar programs. This trend presents an opportunity for businesses in other industries to learn from these examples and develop their own strategies for attracting and nurturing talent through educational initiatives and engagement programs.

Apple: Staging a Great Comeback.

Apple, one of the world’s most valuable companies, has experienced setbacks and constraints throughout its history. In the late 1990s, the company was on the verge of bankruptcy. However, under Steve Jobs’s leadership, Apple demonstrated resilience by refocusing on a few core products, such as the iMac, and later, the iPod, iPhone, and iPad. Apple’s resilience helped it become a dominant player in the technology industry.

Airbnb: Flipping Housing Constraints into a Sharing Economy Platform.

Airbnb was born out of a roadblock faced by its founders, who struggled to afford rent in San Francisco. Rather than thinking of themselves as victims, they turned this challenge into an opportunity by creating a platform that allowed people to rent out their spare rooms or homes to travelers. This innovative idea led to the birth of the sharing economy and transformed the way people travel and find accommodations.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

Be Prepared: Crisis Management Tips You Need To Know

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Successful crisis managers move their company through the challenges of a crisis and leave the company to success. What you don’t see is the planning that went on behind the scenes to develop that crisis strategy.

As with any company, make sure you have a plan in place before you need to work through a crisis.

Assemble the Team

One of the first steps in crisis management is identifying the available resources. This includes people, facilities, and tools. Make a list of all of the individuals in the company. Determine who can be used as part of your strategy implementation. For example, your management team must be prepared to present the situation clearly to team members.

Buildings and software applications are part of your team. You can use buildings to back up data or serve as gathering areas or meeting sites. Understand how technology, such as investor relations tools, helps disseminate information.

Understand Risks

Write down all potential risks for your business. Most of your risks fall under the following categories:

  • Internal: Situations that happen within your facility, like a chemical leak, fire, or information leak.
  • External: Events that occur in the environment that impact the company’s ability to perform, such as a local tragedy, international unrest, or competitive interference.
  • Governmental: Regulations or situations implemented by government officials, like clinical trial regulations, tax hikes, or zoning laws.
  • Weather: The impact caused by weather events near facilities, such as tornadoes, flooding, or hurricanes.

Make Preparations

Once you have identified the potential issues your company may experience, develop crisis management plans for each item. These should be detailed instructions that cover all tasks, roles, and responsibilities for each situation. Be sure to identify the primary individuals involved in the resolution.

Management and team members need to know that you have full control of the situation. It may be more cost-effective to contract with a crisis management organization. Teams from these companies are experienced in crisis management and can save time. They also know the types of scenarios your organization may experience.

Assign Jobs

Develop a crisis management organizational chart. Write down the people involved in resolving the potential crisis. Be sure they understand their roles and responsibilities. It is important to note that in an emergency, individuals are often asked to take on roles outside of their job description. Know your team member’s talents. Make sure they understand how to respond to a crisis.

Practice Situations

Practice makes crisis management perfect. Establish training exercises to teach everyone how to handle an emergency. Start by walking through each step of the resolution process in a meeting room. It is not necessary to operate real-time mock drills in the beginning. Take the time to make sure it looks logical on paper. Then, find a way to run simulations. These real-time practice scenarios help everyone know what to expect. It can also help you identify potential issues that were not considered in the board room.

Review Annually

Your crisis management plan is a living document. Review policies and procedures annually to make sure that the plans are still feasible. Be prepared to modify your plan if there is a change to the competitive environment.

Communicate Consistently

In a crisis, people experience the flight-or-fight response. Everyone reacts to the situation based on their personality and experience. Frequent and reliable communication puts individuals at ease.

Make sure messages are short and direct. This is not the time to release lengthy descriptions of the situation. In a crisis, people remember a small percentage of the information. Stick to the basic facts and the actions your organization is taking. You will perform a final analysis after the crisis has been mitigated.

Be Responsible

Consumers want to know that the companies they support are good stewards. They want the organizations to take responsibility where it is possible. While insurance and legal claims may limit what company representatives can say, be prepared to take responsibility for the situation.

Action is better than procrastination. Make sure your team is moving forward if they see signs of a situation developing. Avoid having the media or team members accuse you of not being prepared.

Crisis management is critical to the success of every organization. Make the time to develop a plan. Investing your time and energy into these strategies will help your business survive a crisis.

 

Data Discovery: Unlocking Opportunities For Growth

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In today’s competitive landscape, businesses must rely on accurate and timely information to make well-informed decisions. At the core of this process is enterprise data discovery, which enables organizations to identify valuable insights hidden within their vast data repositories.

In this blog post, we’ll explore the concept of data discovery for businesses, discuss the key components of data discovery platforms, and highlight the ways in which leveraging these tools can drive growth and success.

Understanding Enterprise Data Discovery

Enterprise data discovery is the process of searching, analyzing, and visualizing large datasets to uncover patterns, trends, and relationships. This approach to data analysis is facilitated by data discovery software, which often includes features such as:

  • Data Visualization – Representing data in charts, graphs, and other visual formats to make patterns and relationships more apparent.
  • Automated Pattern Recognition – Leveraging machine learning algorithms to automatically identify and highlight trends or anomalies in the data.
  • Self-Service Analytics – Allowing business users to access and analyze data without the need for technical expertise or support from IT staff.

Types Of Data Sources

To fully leverage the potential of enterprise data discovery, organizations must incorporate various types of data sources into their analysis:

  • Structured Data – Data that is organized in a predefined format, such as information stored in relational databases, spreadsheets, or data tables.
  • Unstructured Data – Data that lacks a consistent format or structure, including text documents, social media posts, images, and multimedia files.

The Evolution Of Data Discovery Tools

Over time, data discovery platforms have undergone significant evolution, transitioning from traditional business intelligence (BI) tools to more advanced and user-friendly solutions. Early BI tools necessitated extensive IT involvement and specialized skills, which often constrained the pace and adaptability of data analysis. In contrast, modern data discovery platforms have become more agile and user-friendly, empowering users with self-service analytics and enabling swift data exploration.

Key Components of Data Discovery Platforms

Data Ingestion and Preparation

The first step in the data discovery process involves connecting to data sources and preparing the data for analysis:

  • Data Connectors – Data discovery software should provide built-in connectors to a wide variety of data sources, simplifying the process of data ingestion.
  • Data Transformation – Tools should offer features for cleaning, transforming, and enriching data to ensure its quality and consistency.

Data Profiling And Cataloging

After data has been ingested and prepared, it is essential to organize and catalog it for ease of access and analysis. One key aspect of this process is metadata management, which involves data discovery platforms providing users with the ability to create and manage metadata. This feature simplifies the task of searching for and understanding specific datasets.

Another important aspect is data lineage, which tracks the origin and transformations of data, thereby ensuring its accuracy and credibility. By incorporating both metadata management and data lineage in the data organization process, data discovery platforms can facilitate a more efficient and reliable analysis experience for users.

Data Analysis And Visualization

Data discovery platforms play a crucial role in facilitating the analysis and visualization of data, empowering users to delve into their datasets and uncover valuable insights. These tools offer a variety of features, such as customizable dashboards and reports that can be easily shared with stakeholders, promoting transparency and collaboration.

Moreover, data discovery platforms designed for businesses enable users to perform ad-hoc analysis, providing them with the flexibility to rapidly address specific questions and identify emerging trends. By incorporating these capabilities, organizations can effectively harness their data’s potential and drive informed decision-making.

Collaboration And Sharing

Collaboration plays a crucial role in making sure that organizations can effectively utilize the insights generated through data discovery platforms. To facilitate this collaboration, it’s essential for these platforms to offer role-based access controls. By implementing user roles and permissions, users can securely share and collaborate on data and insights.

Furthermore, data discovery tools should make it easy for users to share insights and visualizations with their colleagues. This not only promotes a data-driven culture but also leads to improved decision-making processes within the organization.

The Benefits of Data Discovery for Business Growth

There are several key benefits that businesses can gain by implementing a data discovery platform.

Improved Decision-Making

Data discovery tools enable organizations to access and analyze data in real time, ensuring that decisions are based on the most up-to-date information. Automated pattern recognition and advanced analytics capabilities reduce the likelihood of human error and increase the speed at which insights are generated.

Increased Agility And Adaptability

Leveraging data discovery platforms can help businesses become more agile and adaptable. Data-driven insights can reveal new market opportunities or areas for operational improvement that might have otherwise been overlooked. By continuously monitoring and analyzing data, organizations can quickly identify and respond to shifting market conditions, staying ahead of the competition.

Streamlined Collaboration And Communication

Implementing data discovery software can enhance collaboration and communication across teams and departments. These tools allow users from different departments to access and analyze data, fostering cross-functional collaboration and breaking down information silos. Sharing insights and visualizations encourages open communication and collaboration, resulting in a more cohesive, informed, and productive team.

Enhanced Regulatory Compliance

It can support data governance efforts by providing features such as metadata management and data lineage, ensuring that data is accurate, consistent, and trustworthy. Data discovery platforms often include features for tracking user activity and data changes, providing an audit trail that can help demonstrate compliance with regulations.

Selecting the Right Data Discovery Platform for Your Business

Choosing the appropriate data discovery platform involves assessing your organization’s specific needs and objectives, including the types of data you will be working with, the skills of your users, and your desired outcomes.

Platform Features To Consider

When evaluating data discovery platforms, consider the following key features:

  • Scalability – The platform should be able to handle your organization’s current data volume and complexity while also accommodating future growth.
  • Integration Capabilities – Look for a tool that can seamlessly integrate with your existing data sources and IT infrastructure.
  • Security – Ensure that the platform provides robust security features to protect your sensitive data.

In addition to evaluating platform features, compare the reputation and expertise of different vendors, as well as their pricing structures and potential return on investment (ROI).

Enterprise data discovery offers a powerful approach to unlocking business growth through data-driven decision-making. By selecting the right data discovery software and effectively implementing it within your organization, you can uncover valuable insights, improve collaboration, and enhance agility, all of which contribute to increased business success. As you explore the potential of data discovery for your organization, keep in mind the key concepts and best practices outlined in this guide, and make it a priority to foster a data-driven culture that will support ongoing growth and innovation.

 

4 Hallmarks Of A Successful Agent-Client Relationship

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by JoAnne Gritter, COO, ddm marketing+communications

In their classic book “The Trusted Advisor”, authors David Maister, Robert Galford and Charles Green outline the necessary ingredients for a successful advisor-client relationship. Their thesis could be boiled down to this maxim about the world’s wealthiest man: “The way to be as rich as Bill Gates is to care more about writing code than about being rich. And the way to be a great advisor is to care about your client.”

Gates’ fortune has been eclipsed in the last 22 years, but the lesson still applies ― not just to business advisors, but to marketing agencies as well. To earn your client’s trust, blend credibility, reliability, relatability and divide by self-orientation. Sounds easy, right?

The difference between mastering and practicing some of these basics most days, and all of the basics every day, can mean the difference between losing or retaining an account. Here is a closer look at each of the components of a successful client-agent relationship:

1. Credibility.

Credibility can be built quickly during the discovery process, simply by demonstrating a clear grasp of your client’s goals and KPIs. Even doing something as simple as signing and honoring a non-disclosure agreement ― an early step in a typical agency-client relationship ― can go a long way toward establishing credibility in the long run.

A long-term relationship also presents more opportunities for your credibility to erode. Have you fallen into a habit of overpromising and under-delivering? Are you always capable of doing what you say you’re going to do? If not, this loss of credibility will inevitably weaken the client-agency relationship over time.

2. Reliability.

Reliability and credibility go hand-in-hand. Promising a successful campaign and executing the strategy once can establish your credibility. After you’ve demonstrated your agency’s ability to deliver, the client will expect you to be reliable: delivering every assignment on time and on budget.

Clear communication is essential to establishing reliability. If your team is pressed against a deadline and in danger of delivering late, tell the client in advance. If you are able to deliver early, say that too. These kinds of “progress reports” demonstrate care for the client’s time and money ― a hallmark of a reliable agency.

3. Relatability.

Mastering the transactional aspects of an agency-client relationship are essential to building trust, but so are the soft skills ― being relatable, humorous when appropriate, and naturally inquisitive. A client is more likely to trust an agency that strives to better understand its brand, product and industry, and the people behind it. Embody the idea that “we want to be a partner, not a vendor.”

The work-from-home era presents a unique challenge. When grabbing a cup of coffee with your client isn’t an option, how do you foster that intimacy over a video call? Before jumping into the agenda, think about something your client mentioned on your last call. Do the same things over video that you would over coffee: ask where you’re calling from, how their weekend went, make eye contact, stay quiet when the other person is talking, and ask good questions.

4. Self-orientation.

A client will be able to tell quickly where your motivation lies. Some agencies are motivated to win awards or collect portfolio pieces. Others are more interested in serving the client’s needs. If a client says they want pay-per-click ads, for example, a self-oriented agency might say, “OK, we can do that for you.” Consider a more client-focused response: “What do you hope to achieve with PPC ads?”

The client-oriented posture requires an agency to know their client’s objectives inside and out. Not only will this posture result in a longer, more mutually beneficial relationship, it will yield better results too.

 

JoAnne Gritter

JoAnne Gritter is Chief Operations Officer with ddm marketing + communications, a leading marketing agency for highly complex and highly regulated industries. JoAnne is responsible for overseeing and facilitating collaboration between all major functional areas at ddm, including Finance, Human Resources, IT, Operations, Sales and Marketing.

 

Why An All-in-One IR Platform Is Perfect For Small-Cap Companies

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Just as few startups become unicorns, only a lucky few IPOs become publicly listed companies with trillion-dollar market capitalizations. The likelihood of growing to such prominence is rare.

The reality for most startups with dreams of going public is something much more practical: the world of nano caps.

Nano caps have relatively small market capitalizations compared to the biggest names on the Street. As a nano in the shadow of these giants, it’s easy to convince your team that you aren’t big enough to warrant a custom-built IR platform. But customized IR tools can improve your engagement analytics and refine your outreach according to your current needs.

What is a Nano-Cap Stock?

A nano-cap stock is a publicly traded company with a market capitalization of $50M or less.

This is just one kind of public company. The capital market ecosystem is lush with companies of all shapes and sizes, with nano-cap stocks taking a small corner. This variety means the industry needs several qualifiers to keep things straight.

Generally speaking, you can fit publicly traded companies into the following five categories of market capitalization:

  • Mega-Cap: $200B or more
  • Large-Cap: $10B to $200B
  • Mid-Cap: $2B to $10B
  • Small-Cap: $250M to $2B
  • Micro-Cap: $50M to $250M
  • Nano-Cap:$50M or less

Apple, Amazon, and the Alphabet company make up some of the most well-known mega-cap companies. These examples all start with the letter “A” by coincidence only do. As you can see by this list, mega-cap companies span the entire alphabet.

Regardless of their names, they represent the biggest corporations, and they’re often what the average person thinks about when imagining the buy-and-sell of the stock markets.

Mega-cap companies have the size and weight on the Street to justify the need for dedicated investor relations tools. But what about the small-, micro-, and nano-cap companies with a fraction of this capitalization?

Small-Cap and Below Need Purpose-Built IR Tools

It’s true, the same one-size-fits-all approach to your IR strategy wouldn’t serve a small-, micro-, or nano-cap company. However, IR tools are necessary for any market capitalization. Regardless of your size, you need to know who’s interacting with your brand and what content is resonating with investors.

Companies of all sizes and ages collect this critical IR intelligence across various digital channels, and analyzing this information is just as important to a nano- or mega-cap company. Having a custom-built program designed for your needs as a smaller company is essential to analyzing this data with any success.

The latest engagement analytics software consolidates your IR intelligence from your unique footprint, even if it’s only from an emergent IR website or your inaugural capital markets virtual event. The best tools can eventually scale to your needs as your company and IR intelligence grow.

Your data, once collected, gets cleaned, consolidated, and analyzed before it shows on your dash. In automating these processes, engagement analytics software streamlines your workflow.

But more importantly, you’re in possession of unparalleled IR intelligence that can help your team complete a variety of tasks:

  • Benchmarking your performance against other nano companies.
  • Nurturing deeper relationships with shareholders.
  • Reporting on the impact of your content.
  • Targeting the right investors.

Bottom Line

Even nano caps need a strong investor relations presence to retain shareholders and target new investors. An all-in-one platform can help you aggregate digital investor interactions so that you can focus on targeting and outreach. Having the right IR intelligence at your fingertips can help your nano grow.

 

The Benefits Of Writing And Publishing Your Own Thought Leadership Book

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 by Adrienne Greenwood, founder of Authority Accelerator Media & Publishing Inc

As an entrepreneur, one is constantly seeking new ways to stand apart from the competition and establish oneself as an authority within their field. Writing and publishing a thought leadership book can be an incredibly powerful tool in achieving this goal. Not only will it help you gain credibility within your industry, but it can also serve as a means of generating income and expanding your business. By publishing a book that showcases your unique insights and expertise, you are providing potential clients and customers with tangible proof of your capabilities. Additionally, a book can serve as an excellent marketing tool, helping you to attract new business and establish yourself as a thought leader within your industry.

With the right approach, writing and publishing a thought leadership book can be a highly effective means of achieving your goals and taking your business to the next level. Here are some of the benefits of being a self published author, and some tips on getting started.

1. Establish yourself as a thought leader.

Writing a thought leadership book is a powerful way to establish yourself as a thought leader in your industry. By sharing your unique insights and expertise with the world, you can demonstrate your authority and build a loyal following of readers who view you as an expert. This, in turn, can lead to increased opportunities for speaking engagements, media appearances, and consulting work.

2. Increase your visibility and credibility.

Publishing a book can also help increase your visibility and credibility in your industry. A well-written and well-researched book can attract media attention, which can lead to increased visibility for you and your business. Additionally, being a published author can enhance your credibility and make you stand out from others in your field.

3. Generate new leads and sales.

Writing and publishing a thought leadership book can also help you generate new leads and sales for your business. By including information about your products or services in your book, you can attract readers who are interested in what you have to offer. Additionally, you can use your book as a marketing tool to attract new clients and customers.

4. Building your personal brand.

A well-written and well-promoted book can help build your personal brand and increase your visibility online and offline. By showcasing your knowledge and expertise in a book, you can create a strong personal brand that sets you apart from your competitors and helps attract new business opportunities.

5. Creating passive income streams.

Publishing a thought leadership book can also help you diversify your income streams. Depending on your book’s success, you can earn significant royalties from sales, which can provide a new source of income for your business. Additionally, being a published author can open up new opportunities for speaking engagements, consulting work, and other forms of revenue generation.

Once you’ve written and published a book, it can continue to generate income for you long after it’s been written. Whether through book sales, speaking engagements, or other opportunities that arise as a result of your book, publishing a thought leadership book can create a passive income stream that can provide ongoing financial benefits for your business.

Potential authors should be aware that Amazon publishes around 2 million books every year. Without a marketing plan your book may struggle to attract potential readers and, in turn, you can have a hard time making money out of it.

So how much can self published authors make?

Estimates vary, but self-published writers on Kindle make around $150 per month on the lower end and up to $10,000 per month on the high end. It’s important to note your KDP earnings are a function of different factors, including your selected category niche, audience size, and the type of book you are selling an ebook, paperback, or audiobook.

How To Get Started

Choose a topic that is relevant to your industry and that you have unique insights on.

Research your topic thoroughly and use data and case studies to support your arguments.

How To Price Your Book

Generally price your book between $2.99 and $9.99, this basically guarantees you the highest possible royalties on Amazon. Books that are priced below $2.99 receive only 35% royalties meaning authors have to sell a lot more copies to earn a decent profit.

We suggest keeping the price on average about $6, then you will qualify for the 70% royalty program as well as give you a chance at making a decent income.

Hire a professional editor (or ghostwriter) to help you refine your writing and ensure your book is well-structured and engaging. Work with a reputable publisher or self-publish your book using a platform like Amazon’s Kindle Direct Publishing (KDP) or Draft2Digital, or Smashwords.

Which Format Is Best?

The ebook format varies so the format you choose to publish in will also affect your reach. MOBI and AZW are popular ebook formats, but they are limited to the Amazon Kindle. Publishing your book in EPUB format allows you to sell in most ebook marketplaces including Apple Books, Google Play, and many others..

In conclusion, writing and publishing a thought leadership book can be a powerful tool for establishing yourself as an expert in your industry, increasing your visibility and credibility, generating new leads and sales, and diversifying your income streams. By following the tips outlined above, you can make the most of this opportunity and take your business to new heights.

 

Adrienne Greenwood often writes about PR and business trends, mostly recently for Medium and Women On Business. She has enjoyed a diverse and varied sales and marketing career starting with cosmetic brands like Estée Lauder and Bobby Brown to luxury resort real estate before founding her own public relations & digital marketing agency.

 

GetCardbox: The Fastest Growing Trello Power-Up For Streamlining Your Workflow with Gmail Integration

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trello

Cardbox, a Trello power-up designed for Trello for Gmail integration and Gmail Kanban, has become one of the fastest growing power-ups for Trello, with over 100,000 installs. Cardbox offers an email integration feature that streamlines the email management process, enabling users to manage their emails and project-related tasks all in one place, whether they are working individually or as part of a team.

Cardbox allows users to attach emails to Trello boards, view and reply to emails directly from Trello, and create shared inboxes for team collaboration. With Cardbox, users can link multiple Gmail accounts to their Trello boards, enabling both personal and team inboxes. This feature is useful for teams who want to keep their communication channels separate while still being able to access everything in one place.

Key Features of the Cardbox Trello Gmail Integration

Multiple Inboxes Per Board.

Cardbox allows you to link multiple Gmail accounts to your Trello boards, enabling both personal (private) and team (shared) inboxes. This feature is particularly useful for teams that need to collaborate on emails and project-related tasks.

Real-Time Email Updates.

Cardbox updates your emails in real-time, so you’ll instantly see new replies and updates on your Trello board. This feature eliminates the need to switch between Trello and Gmail to keep track of email conversations.

Email-to-Card Conversion.

Automatically create Trello cards for emails that match a specific search filter, making it easy to organize and track email-related tasks. This feature saves time by eliminating the need to create Trello cards manually.

Reply to Emails from Trello.

Cardbox eliminates the need to switch between apps by allowing you to reply to emails directly from your Trello board. This feature ensures that all your communication is centralized and makes it easier to keep track of project-related conversations.

Email Attachment Support.

View files attached to emails directly on Trello, ensuring that all relevant information is easily accessible. This feature makes it easy to share files with team members and keep everyone on the same page.

Collaboration and Privacy.

Collaborate on email drafts in real-time with team members, while keeping emails private by default until shared. This feature ensures that team members can work together efficiently while maintaining privacy and confidentiality.

Cardbox offers real-time email updates, email-to-card conversion, reply to emails from Trello, email attachment support, and collaboration and privacy features. These features enhance productivity and simplify the workflow, allowing users to achieve their goals more efficiently.

Cardbox offers a free plan for personal use, allowing individuals to use the power-up on three boards with up to two inboxes. For teams, Cardbox is priced at $5 per member per month. Teams can also take advantage of a 30-day free trial to explore the features and benefits of the integration.

To integrate Trello Gmail using Cardbox, users can simply launch the Trello app, search for the Gmail by Cardbox power-up, and click “Add” to enable the power-up. Users can then connect their Gmail accounts with Cardbox to start integrating their emails with Trello.

Cardbox has become a go-to solution for those who want to streamline their project management process and integrate Trello and Gmail, including the popular “email to Trello” feature. With its robust features and affordable pricing, Cardbox has become a popular choice among Trello users, enabling them to manage their emails and projects all in one place.

 

A Full Guide To Eco-Friendly Solutions From Your Solar Installer Company

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solar panels roof

Imagine a world where the air is fresh and clean, the streets are full of energy-efficient cars, and the land is green and beautiful all the way to the horizon. This utopia is not only possible, but also within your reach. All you have to do is ask your solar company for eco-friendly solutions.

Solar energy can bring sunshine into your life.

You’ve probably heard this before, but the sun’s power is truly incredible. It shines warm, golden rays on Earth every day, which can be used to make clean, renewable energy. Local solar companies are the key to getting access to this amazing resource and changing how you power your home.

As you start your solar journey, let us show you the best ways your Los Angeles solar company can help the environment. This is your chance to make a difference, and if we all work together, we can make the future greener and brighter.

Solar panels can get you off the grid when it comes to energy.

Solar panels are the most important part of solar energy. These sleek, modern installations work hard to get energy from the sun and turn it into power for your home. The more solar panels you have, the more energy you’ll make. This means you’ll use less fossil fuels and leave behind less carbon.

Don’t forget the word “recognizes” It’s time to realize how useful solar panels can be in your life. Not only are they good for the environment, but they can also save you money on your energy bills and give you a sense of independence. Your solar company can help you make a system that fits your needs perfectly.

The key to reliability is solar battery storage.

The development of batteries is one of the most exciting parts of the progress of solar technology. With a solar battery, you can store the extra energy that your solar panels produce and use it when the sun isn’t out, such as at night or on cloudy days.

Think back to the first time you heard the German word “boden” (which means “soil” or “ground”). Like good soil helps a garden grow, a solar battery is the foundation of your solar power system that makes sure it works. Your solar company can tell you which battery options will give you the most energy independence and give you a reliable source of clean energy 24 hours a day, 7 days a week.

Solar water heaters are a more eco-friendly way to keep warm.

Did you know that heating water is one of the things in your home that uses the most energy? Because of this, solar water heaters are such an important part of a green way of life. These clever devices use the energy from the sun to heat your water, so you don’t have to use as much gas or electricity.

Imagine taking a warm, relaxing shower while knowing you’re helping to save the planet. Your solar company can help you choose the best solar water heater for your needs, so you can have hot water whenever you want without feeling guilty.

Make a splash with clean energy: heat your pool with solar energy.

If you’re lucky enough to have a swimming pool, you know how hard it can be to keep it warm, especially when you think about how traditional heating methods hurt the environment. This is where heating a pool with the sun comes in. These systems use the energy from the sun to keep the water in your pool at a comfortable temperature, so you can use it all year long without hurting the environment.

It’s time to learn about solar pool heating and enjoy the benefits of swimming in an eco-friendly way. Talk to a solar company to find out what your best options are for a pool of your size and location.

Today is the start of a better future.

As we try to protect our precious planet, it’s up to each of us to make a difference. By asking your Los Angeles solar company for eco-friendly solutions, you’re taking a big step toward a greener, more sustainable future. But it’s not just about helping the environment. These solutions could also make your life better, save you money, and give you a sense of independence that is both empowering and satisfying.

Remember when someone you knew did something “illegally”? How it made you feel bad, and how you wished they had taken a different route? Now is your chance to do the right thing and help the world by going with solar energy.

It’s time to act and take advantage of the amazing eco-friendly options you have. Talk to a solar company in your area to find out what you can do. With their knowledge and help, you’ll soon be on your way to a better, cleaner, and more sustainable life.

Together, we can make a world where clean energy is the norm and the beauty of our planet is kept for future generations. So, why don’t you just do it? Start your solar journey today and find out how amazing it can be to use the sun’s power to make the world a better place.

One solar panel at a time, let’s be the change we want to see in the world.

[Image by Leopictures from Pixabay]

 

Understanding Loan Options For Home Buyers

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Embarking on the journey of how to buy a house can be both exciting and daunting, especially for first-time homebuyers. Navigating the homebuying process involves understanding the different loan options available and determining which best suits your financial situation and needs.

This guide will provide a comprehensive overview of various home loan options to help you make an informed decision.

Conventional Loans

These are the most common mortgage option in the homebuying process. Conventional loans are offered by private lenders such as banks, credit unions, and mortgage companies, and come in two main types: fixed-rate mortgages and adjustable-rate mortgages.

  • Fixed-rate mortgages – The interest rate remains constant throughout the loan term, offering stability in monthly payments.
  • Adjustable-rate mortgages (ARMs) – The interest rate may fluctuate over time, tied to a financial index. ARMs usually have a lower initial interest rate but can be riskier due to potential rate increases.

The primary advantage of conventional loans is the flexibility they offer in terms of loan amounts, terms, and down payment options. Borrowers with good credit scores can obtain lower interest rates, translating to more affordable monthly payments. However, conventional loans may have stricter eligibility requirements compared to government-backed loans, which can make them more challenging for first-time homebuying.

To qualify for a conventional loan, you generally need a good credit score (typically 620 or higher), a stable income, and a debt-to-income (DTI) ratio below 43%. Lenders may also require a down payment ranging from 3% to 20%, depending on the loan type and borrower’s credit history.

How to Determine if a Conventional Loan is Right for You

When considering a conventional loan, assess the following factors:

  • Credit score – A higher credit score increases your chances of securing a better interest rate and loan terms.
  • Down payment – If you can afford a larger down payment, you may qualify for better terms and avoid paying private mortgage insurance (PMI).
  • Debt-to-income ratio – A lower DTI ratio indicates a stronger financial position and may result in more favorable loan terms.

FHA Loans

Federal Housing Administration (FHA) loans are government-backed mortgages designed to help lower-income and first-time homebuyers secure a home loan. They often require lower down payments and have more lenient credit requirements compared to conventional loans.

FHA loans offer several advantages, including lower down payment requirements (as low as 3.5%), more relaxed credit score criteria, and potentially lower interest rates. Borrowers must also pay an upfront mortgage insurance premiums (MIP) and an annual MIP throughout the loan term, which can increase the overall cost of the loan. To be eligible for an FHA loan, borrowers typically need a credit score of at least 580 and a down payment of 3.5% or more.

How to Determine if an FHA Loan is Right for You

Consider the following factors when evaluating FHA loans:

  • Credit score – If your credit score is below 620, an FHA loan may be a more viable option.
  • Down payment – FHA loans are ideal if you have limited funds for a down payment.
  • Mortgage insurance – Be prepared to pay MIP, which protects the lender in case of default.

VA Loans

These are government-backed mortgages provided by the Department of Veterans Affairs (VA) and are designed to help eligible veterans, active-duty service members, and their families purchase homes. The main advantages of VA loans include no down payment requirement, no PMI, and competitive interest rates. However, VA loans are only available to eligible borrowers, and there may be a funding fee depending on the borrower’s military service and down payment amount.

To be considered for a VA loan, borrowers must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) based on their military service. There is no minimum credit score requirement, but lenders typically look for scores of 620 or higher.

How to Determine if a VA Loan is Right for You

Evaluate these factors when considering a VA loan:

  • Military service – You must meet the eligibility requirements based on your military service history.
  • No down payment – VA loans can be an excellent option if you don’t have funds for a down payment.
  • No private mortgage insurance – Unlike conventional and FHA loans, VA loans do not require PMI.

USDA Loans

Offered by the United States Department of Agriculture (USDA), these loans aim to help low-to-moderate-income borrowers purchase homes in eligible rural areas. USDA loans offer several benefits, such as no down payment requirement, lower interest rates, and flexible credit guidelines. However, they come with income limitations and are only available for properties located in eligible rural areas. To qualify for a USDA loan, borrowers must have a credit score of at least 640, a stable income, and meet the income limitations based on their household size and location.

How to Determine if a USDA Loan is Right for You

When assessing USDA loans, consider these factors:

  • Income limitations – Ensure your income meets the USDA’s eligibility guidelines.
  • Property location – Your desired property must be located in an eligible rural area.
  • No down payment – USDA loans are a suitable choice if you lack funds for a down payment.

Jumbo Loans

These are mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are designed to finance luxury homes or properties in high-cost areas. They allow borrowers to finance more expensive properties without multiple loans, but typically come with higher interest rates, larger down payment requirements, and more stringent underwriting guidelines. To be eligible for a jumbo loan, borrowers typically need a credit score of 700 or higher, a down payment of at least 20%, and a low DTI ratio.

How to Determine if a Jumbo Loan is Right for You

Consider these factors when evaluating jumbo loans:

  • High credit score – A strong credit score is essential to qualify for a jumbo loan.
  • Larger down payment – Be prepared to make a substantial down payment.
  • Higher income – Jumbo loans require a higher income to support the larger monthly payments.

Bridge Loans

The last option on the list are bridge loans known as short-term loans designed to help homebuyers finance a new home purchase while waiting for their current home to sell. Bridge loans offer the convenience of buying and selling simultaneously, but they come with higher interest rates and fees compared to traditional mortgages. To be considered for a bridge loan, borrowers must have a strong credit history, low DTI ratio, and sufficient home equity in their current property.

How to Determine if a Bridge Loan is Right for You

Consider these factors when evaluating bridge loans:

  • Buying and selling simultaneously – Bridge loans are ideal if you need to purchase a new home before selling your current one.
  • Short-term financing – Understand that bridge loans are temporary solutions and must be repaid once your existing home is sold.

Comparing Loan Options

When evaluating different home loan options, it is essential to consider several critical factors to make an informed decision. The interest rate plays a significant role in determining the overall cost of the loan. A lower interest rate can result in substantial savings over the loan tenure. Meanwhile, the loan terms offered by various loans are different, which can impact your monthly payments and the total cost of the loan. Hence, it is crucial to compare the loan terms of different options.

It is also recommended to calculate the potential monthly payments for each loan option to ensure that they are within your budget. This will help you make an informed decision and choose a loan that meets your financial needs and budget constraints. Create a budget to determine how much you can afford in monthly mortgage payments. Get pre-approved for a loan to understand the maximum amount a lender is willing to offer you.

Understanding the different home loan options is a critical step in the homebuying process. By evaluating your financial situation and considering factors such as credit score, down payment, and property location, you can determine the best loan option for your needs. Collaborating with a mortgage broker can also further simplify the process and increase your chances of securing a loan that meets your requirements. With careful planning and research, first-time homebuyers can successfully navigate the homebuying journey and find the perfect loan option to finance their dream home.

 

How To Finance A Pharmaceutical Project

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Pharmaceutical projects are essential for the development of new drugs and therapies that can improve the quality of life for millions of people around the world. However, these projects can be incredibly expensive and time-consuming, often requiring significant financial resources to bring a new drug from the initial research stage to market.

In this article, we will explore the various options available for financing a pharmaceutical project, including government grants, venture capital, partnerships, and more. We will also discuss the importance of having a solid business plan and understanding the regulatory environment in which your project will operate.

1. Government Grants and Funding.

One of the most common sources of funding for pharmaceutical projects is government grants. These grants are typically awarded to projects that have the potential to address significant public health issues or unmet medical needs. In the United States, the National Institutes of Health (NIH) is the primary source of federal funding for biomedical research, providing billions of dollars in grants each year.

To apply for a government grant, you will need to submit a detailed proposal outlining your project’s objectives, methodology, and expected outcomes. This process can be highly competitive, so it’s essential to have a well-prepared proposal that clearly demonstrates the potential impact of your project. Additionally, you should be prepared to comply with any reporting and auditing requirements associated with the grant.

2. Venture Capital.

Venture capital (VC) firms are another potential source of funding for pharmaceutical projects. These firms invest in early-stage companies with high growth potential, often in exchange for equity in the company. VC firms can provide significant financial resources, as well as valuable guidance and connections to help your project succeed.

When seeking venture capital funding, it’s essential to have a solid business plan that outlines your project’s potential market, revenue streams, and growth strategy. You should also be prepared to pitch your project to potential investors, highlighting the unique aspects of your project that make it an attractive investment opportunity.

3. Partnerships and Collaborations.

Forming partnerships and collaborations with other organizations can be an effective way to finance your pharmaceutical project. This can include partnering with other pharmaceutical companies such as Scorpius BioManufacturing to leverage services, research institutions, or non-profit organizations that share a common interest in your project’s goals.

These partnerships can provide access to additional financial resources, as well as valuable expertise and resources that can help advance your project. In some cases, partnering with a larger pharmaceutical company can also provide access to their established distribution and marketing channels, helping to bring your product to market more quickly and efficiently.

4. Licensing and Technology Transfer.

Another option for financing your pharmaceutical project is through licensing and technology transfer agreements. This involves granting another company the rights to develop, manufacture, and market your product in exchange for upfront payments, royalties, or other forms of compensation.

Licensing agreements can provide a valuable source of funding for your project, as well as the potential for ongoing revenue streams as your product is commercialized. However, it’s essential to carefully negotiate the terms of these agreements to ensure that you retain control over your intellectual property and receive fair compensation for your work.

5. Crowdfunding.

While less common in the pharmaceutical industry, crowdfunding can be a viable option for financing smaller-scale projects or specific aspects of your research. Crowdfunding platforms like Kickstarter and Indiegogo allow you to raise funds from a large number of individual contributors, often in exchange for rewards or early access to your product.

Crowdfunding can be a useful way to generate public interest in your project and build a community of supporters. However, it’s essential to carefully plan your campaign and set realistic funding goals, as failing to meet your target can result in the loss of all funds raised.

6. Debt Financing.

Debt financing, such as loans or lines of credit, can be another option for funding your pharmaceutical project. This can be particularly useful for established companies with a strong credit history and the ability to repay the borrowed funds.

Debt financing can provide a more immediate source of funding compared to other options like grants or venture capital. However, it’s essential to carefully consider the terms of any loans or credit agreements, as high-interest rates or unfavorable repayment terms can create significant financial burdens for your project.

7. Understanding the Regulatory Environment.

Regardless of the funding source you choose, it’s essential to have a thorough understanding of the regulatory environment in which your pharmaceutical project will operate. This includes understanding the requirements for clinical trials, manufacturing, and marketing of your product, as well as any potential risks or challenges that may arise during the development process.

Having a clear understanding of the regulatory landscape can help you make more informed decisions about your project’s funding needs and ensure that you are prepared to navigate any potential obstacles that may arise.

 

Letting People Go: The Secret To A Peaceful Exit Lies In A Transparent Entrance

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

No one likes to lay people off. It’s upsetting, painful, and even traumatic — and not just for the person losing their job. In fact, studies have found that managers are almost twice as likely to suffer a heart attack in the week after they fire someone. Unfortunately, letting people go is part of being a leader — and, as many companies ramp up layoffs, it’s a task you might have to face sooner rather than later.

There’s no such thing as a completely painless firing or layoff, but there are things you can do to make the exit more peaceful for both parties. And, surprisingly, leaders should start laying the groundwork up front.

The secret to a peaceful exit has almost nothing to do with the actual firing itself. It’s all the things you do in the beginning and along the way that make a difference.

The key is being open, honest, and clear about expectations from the minute the employee is offered the job. When we fudge the truth, or let people assume things, or slide on holding them accountable, we get into trouble. And that trouble can end in a painful layoff.

Here are a few tips:

Don’t put off the hard conversation. Broach it before you hire someone.

Here’s what I suggest. When you’re ready to hire someone, you sit them down and say: “I’d like to hire you, and you’d like to work here. Neither of us knows if this is going to work out. In two years, you may begin to think we are not a good fit for you. On the other hand, we may begin to think the same thing. Let’s be open with each other and see if there are ways to make things work. No surprises. And if either of us decide it is not going to work, let’s agree to partner together on a good exit. If you are leaving us, give us as much advance notice as you can so we can find someone else. We will do the same for you — give you plenty of time to find the next job and even help you with contacts if we can. Let’s agree up front that we are going to support each other.”

This is a two-way conversation. After all, the new hire also doesn’t know if they’re going to be satisfied with the job. Ask them to agree with you that, if it gets to that point, you’ll tell each other the truth. Openness and honesty create a better situation for both people. It lays the groundwork for mutual trust going forward. 

Clearly define your expectations. Be sure the new employee has the resources to meet them.

Make sure they know what you expect them to do and when they’re expected to do it. Ask them to repeat back what they heard so you’re on the same page. This sets them up for success from the beginning. Lack of clarity is a huge driver of failure.

This is also a good opportunity to create buy-in. Ask them if they think these expectations are doable, and make sure they agree with the plan. You might also point out trainings or other resources that can help.

Have regular face-to-face check-ins early on.

Sometimes we have a tendency to hire someone and kind of let them sink or swim. Don’t. Check in on a regular basis. Leaders have to view caring about people, not as a means to an end, but as worthwhile in itself.  Build the kind of relationship where you know if there are any issues outside of work weighing on their mind and see if there is anything you can do to help. Also, hold them accountable if they drop the ball on something.

These check-ins keep people on track, but they also build the bedrock of a solid relationship. They help you communicate that you actually do care about the person. They also create psychological safety and build trust, because you’re showing them again and again that you want to hear the truth. Even if things don’t work out, you’ll be glad you built this trust as it will make the exit easier on both of you.

Don’t let problems slide.

Good leaders are compassionate, which can make it difficult to let people go. When we care about people, we naturally want to give them another chance. Sometimes, though, “another chance” crosses the line into enabling. While kindness serves us well most of the time, there are some instances where we must prioritize the success of the team and remember that there are other people counting on us to keep things running smoothly.

Communicate early and often when things aren’t going well. Ask the other party to do the same. You both want ample notice if you need to make a shift. The last thing you want to do is surprise the person with bad news. Make sure they can see this coming, and when it’s time to part ways, they’ll remember the warnings you gave along the way.

Make sure honest feedback and accountability are a two-way street.

You’re telling the employee the truth, but, just as important, be clear that you want the truth from them. By encouraging feedback, you may discover there’s a deeper organizational problem driving their poor performance, or something you could do better to support their success. Likewise, don’t just hold them accountable. Hold yourself accountable, too, and admit it when you mess up.

Don’t let them shift blame onto your shoulders and escape accountability for their own actions, but also make sure you aren’t doing that either.

Finally, you might want to offer some tough love on the way out the door. One of the kindest things you can do in this circumstance is to be truthful about why things didn’t work out. Be clear that this conversation does not change your decision to let them go, but is about your helping them to be more successful in their next role.

You might be surprised by how well people take this kind of ‘exit feedback’. People get defensive defending their job, but are sometimes more willing to honestly listen once the decision has been made. Just make it clear that you have their best interests at heart. People will be grateful that you cared enough to speak up. Never burn bridges in relationships. Treat people with integrity regardless of how they treat you.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

[Interview] Harmony Vallejo: Going From Communications To CEO

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Daniel Goh
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harmony vallejo

harmony vallejo

Harmony Vallejo has always been passionate about creating a better future for tomorrow. With years of experience in communications and marketing, she founded Universal Events Inc. to help support nonprofits and ethical businesses in providing their services to communities. Harmony leads a team of social media, communications, copywriting, accounting, and administrative professionals in a collaborative environment focused on their main goal: providing support to nonprofits.

Harmony earned her bachelor’s degree in communications from Youngstown State University, where she worked for her school’s newspaper and played varsity volleyball. Today, we’re asking Harmony about her experience going from communications to owning her own business and managing a team.

Q: What inspired you to found Universal Events Inc.?

Harmony Vallejo: My passion for helping others inspired me to found Universal Events Inc. I realized that many nonprofits and businesses needed help with branding and back-end administrative functions and that many simply didn’t have the in-house resources or experience to handle it all. I wanted to help these organizations get the recognition they deserve and provide them with the support they need. You could say it’s all a part of my own personal mission of making the world a better, happier place.

Q: How did your prior experience benefit you once you transitioned to being a CEO?

Harmony Vallejo: My background in communications and marketing gave me keen insight into what an organization needs to be successful. It allowed me to not only identify what an organization would need in terms of support but also find the right people to fill vital functions in the company. No company can truly succeed with the efforts of only one person – you need people in your corner that are simply better than you at what they do. Those are the people you want on your team.

Q: What do you look for in a person when building a solid team of professionals?

Harmony Vallejo: Passion is the most important quality that a person can have for a position. When you love and care about what you do, you bring a kind of grit that you can’t find anywhere else. I look for people who not only have the experience, but the desire to make a difference in the world. You won’t find success with people who only see their job as an obligation, you need people who share the same vision as you, and who believe in the process.

Q: What advice would you give to anyone looking to turn their passion into a career?

Harmony Vallejo: Keep at it and don’t let anyone’s opinions sway you away from what you truly want to do. Take your passion and find a way to make it into something bigger. Don’t be afraid to make a few mistakes along the way; it’s rare that any venture, in life or in business, goes off without a hitch. Take it as a learning experience and be better for it. You can handle it, trust me.

 

Maximizing Your Reach: How To Promote Your Webinar Effectively

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Webinars are an effective way to engage your audience, provide valuable information, and generate leads. However, even with the best webinar tool, webinar software, or webinar platform, your efforts will be futile if you fail to promote your webinar. To maximize your webinar’s reach, you need to develop a comprehensive promotion plan that targets the right audience, promotes your webinar through the right channels, and effectively measures and evaluates its performance.

In this post, we’ll provide you with a detailed guide on how to promote your webinar and maximize its reach.

Preparing for Promotion

Before diving into promotional strategies, it’s essential to set clear goals, define your target audience, and establish a timeline.

  • Define Your Goals – What is the purpose of your webinar? Are you trying to educate your audience, generate leads, promote your brand, or sell your products? Defining your goals will help you create a compelling webinar that caters to your target audience’s needs and interests.
  • Target Audience – Who is your target audience? Knowing your audience’s preferences, interests, and needs will help you tailor your promotion efforts to meet their expectations. Creating a buyer persona can help you visualize your ideal audience and craft a message that resonates with them.
  • Establish Timeline – Establishing a timeline is essential to ensure that you have enough time to promote your webinar effectively. Determine the date, time, and duration of your webinar, and then create a schedule that outlines your promotion efforts leading up to the event.

Promotion Strategies

Once you’ve established clear goals, defined your target audience, and established a timeline, you can begin developing a comprehensive promotion plan.

Leverage Email Marketing.

Email marketing is a powerful tool for promoting your webinar. Create email lists of targeted audience members and craft a compelling email that engages them and entices them to sign up. Send follow-up emails to encourage signups and create a sense of urgency.

Social Media Marketing.

Social media is an effective way to reach a broader audience and generate engagement. Choose the right social media channels that align with your target audience’s interests and optimize your social media profile. Share teasers, sneak peeks, and promotional materials that promote your webinar effectively.

Paid Advertising.

Paid advertising is an excellent way to boost visibility and reach a broader audience. Set up campaigns on Google Ads, Facebook Ads, or LinkedIn Ads and target your audience based on their demographics, interests, and behaviors. Utilize retargeting campaigns to encourage conversions and bring back visitors who abandoned the registration process.

Utilize Influencers.

Collaborating with relevant influencers in your industry can help you tap into their followers’ audience and generate more signups. Identify influencers that align with your target audience’s interests and collaborate with them to promote your webinar. Developing long-term partnerships can lead to more promotions in the future.

Content Marketing.

Creating engaging content that promotes your webinar can help you generate leads and build brand awareness. Publish blog posts, social media posts, infographics, and videos that link back to your webinar registration page. This content should provide valuable insights, teasers, and actionable takeaways that entice your audience to sign up for your webinar.

Post-Webinar Strategies

After your webinar has ended, it’s essential to continue engaging your audience to maximize your reach.

  • Follow-Up Emails – Send thank-you notes to attendees, provide a recap of the webinar, and include the next steps or actionable takeaways that further engage your audience. This approach can help you generate goodwill and build long-term relationships with your audience.
  • Social Media Engagement – Share highlights or key takeaways on social media, engage with participants and followers, and encourage them to share their experiences with others. This approach can help you extend the lifespan of your webinar and attract new participants for future events.
  • Repurpose Content – Repurpose your webinar content into blog posts, infographics, and videos that can be shared on various platforms. This approach allows you to reach a broader audience and provides valuable content for those who missed the live event.
  • Evaluate Performance – Measuring your webinar’s performance is essential to identify areas for improvement and optimize your future promotions. Collect data on registration rates, attendance rates, engagement rates, and conversion rates. Analyze the data to understand what worked and what didn’t and adjust your strategy accordingly.

Promoting your webinar effectively can help you maximize its reach, generate leads, and build brand awareness. Using the right webinar software and leveraging multiple channels to reach people will help you achieve your goals. By defining clear goals, understanding your target audience, and utilizing the right promotion strategies, you can achieve these objectives. After the webinar, continue engaging your audience, repurpose your content, and evaluate your performance to optimize future promotions. With the right approach, you can create a successful webinar that engages your audience and generates leads for your business.

 

How To Find The Best Car And Freight Shipping Company?

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Are you looking for the best car and freight shipping company? Shipping your car or freight can be a daunting task, especially if you’re doing it for the first time. Choosing the right shipping company is crucial to ensure the safety of your vehicle or goods. One of the biggest advantages of choosing a shipment company is convenience. You don’t have to drive your car across the country or take time off work to transport your vehicle. Instead, you can leave the transportation to the experts and focus on other important aspects of your move or trip. This can save you time and reduce the stress of moving. Many people assume that shipping their car is expensive. However, the cost of shipping can be equivalent to or even less expensive when you consider the price of petrol, housing, and meals while on a long journey.

Additionally, some car shipping companies such as Dreamline Logistics Car Shipping‍ Service offer discounts for military personnel, students, and seniors.

Here are some considerations to make while picking a shipping business

You must ascertain your shipment requirements before shopping for a shipping business. This includes the type of vehicle or freight you’re shipping, the destination, the timeframe, and your budget. Once you have determined your shipping needs, start researching potential shipping companies. Look for companies that specialize in car and freight shipping and have experience shipping to your destination. You can also ask for recommendations from friends, family, or colleagues who have used shipping services before.

It’s important to check the credentials of the shipping company you’re considering. Look for companies that are licensed, bonded, and insured. This will ensure that your vehicle or freight is protected during the shipping process. Accidents can happen during the shipping process, so it’s important to look for companies that offer insurance options. This will protect your vehicle or freight in case of damage or loss during shipping.

Ask the shipping company for references from previous customers. You may judge their level of dependability and service from this. Obtaining numerous quotations from various shipping providers is always a smart idea. You may then compare costs and pick the business that provides the most value for your money. Verify the shipping prices to see if there are any additional, hidden expenditures. This covers the costs of handling, fuel, and insurance.

Good customer service is essential when choosing a shipping company. Look for companies that are responsive and helpful, and that provide clear communication throughout the shipping process. Online reviews can be a great resource when researching shipping companies. Look for reviews on websites like Google, Yelp, and Facebook to get an idea of the company’s reputation.

Ask the shipping company about their tracking options. You can do this to keep track of your shipment’s progress and make sure it gets there on schedule. Open-air transport, enclosed transport, and container transportation are just a few of the shipping options accessible. Pick a strategy based on your needs and financial constraints. Before selecting a shipping firm, make sure you are familiar with the shipping process. This includes the pickup and delivery process, the estimated transit time, and any special instructions.

 

Breaking The Mold: How To Build A Corporate Culture That Encourages Creativity

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If you’ve ever been involved in manufacturing, you probably know the term “breaking the mold.”

This expression is rooted in destroying a mold so an object can never be duplicated. It’s also a term of admiration for someone who does something outstanding.

Encourage open communication

Creating an environment where people feel comfortable sharing their ideas and giving feedback is essential to cultivating a corporate culture that encourages creativity. Inviting team members to share their thoughts in one-on-one and group sessions is a great way to do this.

Employees can more confidently share their ideas when leaders are open to feedback and genuinely encourage dissenting opinions. According to organizational behavioral scientist Amy Edmondson, this can be a crucial driver of innovation and creativity.

Developing an abundance mentality instead of a scarcity mindset is another way to foster creativity. An abundance mentality encourages individuals to let go of weak ideas and welcome strong ones.

Create a judgment-free environment

A corporate culture that encourages creativity starts with a judgment-free environment, like the expert’s opinion of Shohreh Abedi. This may look like a brainstorming session focusing on the best possible idea or simply providing employees the time and space to work independently.

A judgment-free environment might not seem like a big deal, but it can positively impact your company’s productivity and overall well-being. The best way to create a judgment-free environment is to remove all social barriers that deter people from sharing their ideas. You can provide the following:

  • A suggestion box around the office.
  • Making anonymous idea submissions easier.
  • Simply allowing your employees to voice their opinions.

Give people the freedom to make mistakes

One of the best ways to cultivate creativity is by removing employees’ fear of failure. This creates a free-flowing environment for brainstorming and experimenting with new ideas.

When employees are afraid to make mistakes, they stay in their comfort zones and never work outside of them. This prevents them from developing fresh ideas to improve and help the company grow.

Allowing people to make mistakes will enable them to explore their ideas and test them out on a small scale before committing to large-scale projects. This will enable them to see if their ideas are feasible and how they could be improved. It also helps them better understand how the business works and how they can contribute.

Encourage risk-taking

Many employees are hesitant to take risks because they fear negative consequences. However, a corporate culture encouraging risk-taking can help employees think outside the box and create innovative solutions for their company.

In addition, a culture that supports risk-taking can attract top talent. This can benefit a business, as it can help it stand out in the market and improve profitability.

Leaders should encourage risk-taking by sharing successes and mistakes with their team members. This can dispel the fear of failure and help employees learn from past experiences. It can also encourage other employees to try new things as well.

Create a culture of collaboration

To foster creative thinking in your workforce, you must create a culture allowing people to collaborate and share their ideas freely. Fear of judgment or rejection is one of the biggest obstacles that prevent employees from putting forward their best ideas.

Great workplaces understand the importance of collaboration and know that removing roadblocks to communication can make it more efficient and effective for everyone involved.

Leaders also have an essential role in fostering a collaborative environment. They need to become collaborative role models, and they need to encourage their team members to adopt the same behaviors that they promote.

In addition to encouraging open communication, leaders must offer constructive criticism when necessary. This is a critical component of creating a culture that supports collaboration, and it’s something that should be communicated clearly and regularly to everyone in the organization.

 

Focus On People Over Tasks To Give Your New Role A Flying Start

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by Liesbeth van der Linden, owner of GLTD Ltd and author of “Connect, Inspire, Grow: The Executive’s Framework for the First 100 Days“

Whether you’re promoted to a new role or just hired at a new company, you want to make the best possible start to your new job. What you do in the first 100 days in your new role will lay the foundation for your success in meeting your goals and KPIs.

Any business we do is rooted in relationships. Our work on a project, in teams, as freelancers always boils down to the people involved, what they bring to the table, and how well we collaborate with them. Building trusting relationships is the most important thing we need to work on if we want to excel in our roles and succeed in our assignments.

It’s essential that you initially focus on people over tasks. As you prepare for your first meetings, start by identifying who you need to connect with during the first few weeks of your assignment. You can move around the company meeting and getting to know people, but you want to take an efficient approach. It’s, therefore, crucial to zero in on the specific people you need to build relationships with in order to accomplish your mission.

Suppose you’re working in a larger company. In that case, you’ll likely be offered an onboarding program typically designed to meet with people in the organization and become familiar with the company’s policies and protocols. The HR department or your manager will schedule meetings for you with managers, senior leaders, peers, and team members to have conversations that can give you a fuller perspective. The biggest mistake I see people make during their onboarding is that they go too passively from meeting to meeting and don’t get the most out of these conversations.

Denise, a friend, relayed to me how important it is to meet with the right people at the beginning of a new assignment. When she first arrived in her new position at an international bank, she made the mistake of trying to connect with as many people as possible rather than the specific people she needed to work with. She wasn’t entirely clear on what she needed to accomplish her goals and ended up wasting a lot of time talking with people who weren’t relevant to her project. This slowed her down in ways she later regretted, but she learned an important lesson about consciously preparing those initial conversations in the future.

Who do you need to connect with when starting your new role?

To quickly build the right connections, I recommend that you focus on creating your new network based on the capabilities and knowledge of people who will help you achieve the goals of your assignment. Seek out the people who have what you need. Figure out exactly how they can help you. The people you form your network with should fill in the answers to these ‘who’ questions.

  • Who has the know-how I need?
  • Who will be impacted by the work I’ll be doing?
  • Who are the main influencers of my project?
  • Who are the other experts that I need to involve?
  • Who else can help move my project forward?
  • Who has the power to pull my project back?
  • Who can I go to for support?

You know your expertise, but also be honest and clear about where the gaps are. Who can supplement that knowledge? By getting those answers early on, you’ll spend your time more efficiently and be able to focus on building relationships with the people who have the knowledge, skills, and capabilities you need to achieve your goals faster.

By being more intentional and proactive in building relationships with the people who can help you in your role, you are laying the foundation of trust in these first vital weeks. But trust is never built immediately. You’ll have to meet with people regularly to create more solid bonds. Over the course of future meetings, conversations, and encounters, trust will grow as you continue to show genuine curiosity and focus on getting to know the other person better and listening to how you can help them in their role. When trust is there, they will be open and willing to return the favor and help you achieve your goals.

 

Liesbeth van der Linden

Liesbeth van der Linden is the owner of leadership coaching company GLTD Ltd. An expert in helping high-level leaders achieve thriving careers, Liesbeth has coached leaders in over 25 countries and is credited for creating insights that changed their minds for good and expanded them as leaders so they could make a real impact. She is author of “Connect, Inspire, Grow: The Executive’s Framework for the First 100 Days“.

 

Is Hiring A Salesperson Worth It For Law Firms?

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by Raquel Gomes, CEO of Stafi

Law firms have always had a sales function in terms of bringing in new clients, but that has hardly been efficient. Hiring a client intake specialist would completely change the model of many law firms by putting a more qualified, effective person in that role.

The job of an intake specialist encompasses a wide range of duties, including greeting clients, answering and making phone calls, and handling administrative and billing tasks. The role is rooted in business development, which is pivotal in the growth and management of law firms.

The essential element for success in an intake specialist role is having the right personality. A successful intake specialist must love dealing with and helping people, because all the other skills they need to succeed in the role can easily be taught through training.

Qualities of an effective intake specialist

It is important to remember that part of working at a law firm is dealing with sensitive situations. To be successful in a law firm environment, an intake specialist must have great listening skills and empathy. Clients must feel cared for, and these qualities are necessary for success in this regard, but not everyone can handle this pressure every day, all day.

As such, when finding an intake specialist, it is important to emphasize their behavior and psychology. Intake specialists benefit from ongoing psychological support, as this can help prevent the emotionally taxing nature of the job from taking too much toll on the employee’s performance or mental well-being. It is important for law firms to conduct psychological and behavioral assessments of candidates for intake specialist positions, and that they remain stringent about who they hire for these roles.

Many law firms make a huge mistake by just allowing anyone to interface with clients or partners over the phone. Although a good intake specialist doesn’t necessarily need a background in law, they do need a background in client care and dealing with people. It’s important to remember that no one can do every job, and not everyone can do a good job at all things.

The benefits of hiring an intake specialist

Hiring a qualified intake specialist to answer the phones can be a substantial boost to a law firm’s reputation. People tend not to put the right amount of importance on the person answering the phones, but this person is the most important client-facing role. The person who answers the phone has the only chance to cause a good impression, and since it’s difficult to undo a bad impression, it’s essential to put the right person on the phone.

One of the most significant benefits for lawyers hiring an intake specialist is saving time. Time is the most precious resource of a lawyer — after all, lawyers bill for their time, so time is money. Lawyers must be selective about who they use their time for, focusing on clients that can be billed. Wasting time (particularly on free consultations) with clients who are not qualified or are not a good fit for the firm costs money in the long run.

Having a dedicated intake specialist trained to identify ideal clients will ensure less time is wasted, increasing your deal-close ratio and revenue. Properly trained intake specialists will only book calls and consultations worth the lawyer’s time, and although these may not always pan out, their likelihood of success will be much higher.

Intake specialists also help save lawyers time by substantially shortening the consultation process. If an intake specialist asks the right questions beforehand and inserts the answers into the law firm’s management system, that record can have all the information necessary to make the consultation short, sweet, and to the point. Law firms who effectively implement intake specialists into their business model could shorten their consultations from 1 hour to as little as 30 minutes.

Having a dedicated intake specialist also ensures that other people in the organization — such as paralegals, legal assistants, and associates — can do their jobs effectively. Additionally, since answering the phones is hardly in the job description of these individuals, they’re unlikely to be happy to answer the phones. On the other hand, intake specialists have the people skills they need to not only succeed at the role, but enjoy it.

Although hiring an intake specialist might seem like a luxury to some law firms, it is an investment that will pay off, both in the short term and in the long run. Law firms should have someone who is thoroughly trained and dedicated to providing great client service on their phones, as this will ensure that the first point of contact gets off on the right — and most profitable — foot.

 

Raquel Gomes

Raquel Gomes is passionate about helping business owners, and especially women entrepreneurs, understand that they can, in fact, have it all. That’s why she founded Stafi – a virtual assistant company that finds and places highly qualified, highly-educated offshore staff that can complete all the tasks that keep business owners from their most valuable work: serving their clients and growing their companies.

 

Why Your Strategic Plan Isn’t Enough: How To Adapt And Thrive In A Fast-Changing World

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by Martin Rust, Principal at Martin Rust Strategic Advisory Services Inc.

I have seen firsthand how businesses can struggle to keep up with the fast-changing business environment. The static nature of traditional strategic plans can hinder a company’s ability to adapt and pivot quickly in response to changes in the market, emerging technologies, and unexpected events. To address this issue, I have developed an approach that emphasizes the importance of being responsive to the current moment – the ‘Optimize the Moment’ management approach.

The ‘Optimize the Moment’ approach is all about identifying opportunities and challenges that are unique to the present situation. By using this approach, companies can create a strategic plan that is not only relevant to the current market environment but also agile and responsive to changes as they occur. Rather than rigidly adhering to a long-term strategic plan, companies should be flexible and nimble, able to pivot quickly to respond to changes in the market.

‘Optimize the Moment’ (OTM) is a pragmatic business approach that permits leaders to make better decisions and lead more effectively in the moment. By understanding how to gather and apply market analysis, intelligence, and data points, the OTM approach serves as a necessary real-world enhancement to strategic plans. The OTM approach accounts for unforeseeable shifts in factors that can heavily impact your organization.

Collaboration is also essential to success in a fast-changing world. Building strong relationships with partners, suppliers, and customers is vital to share knowledge and insights and co-create solutions to problems. Companies that foster collaboration are more likely to succeed and adapt to changes in the market.

To ensure that the new strategic plan is dynamic and responsive to changes in the market, I help companies identify key performance indicators (KPIs) that will measure the success of the plan and develop a feedback loop that allows for continuous monitoring and adjustment. This ensures that the plan is resilient and able to withstand unforeseen circumstances. Crisis management and risk mitigation can help companies identify potential risks and prepare contingency plans in case of unexpected events. This ensures that the new strategic plan is not only relevant, agile, and resilient but also able to withstand unforeseen circumstances.

Having a static strategic plan may no longer be enough to ensure success in today’s fast-changing world. To thrive and succeed, businesses must develop a growth mindset, be agile and adaptable, prioritize customer satisfaction, foster collaboration, and prioritize sustainability. By adopting this approach, companies can create a new strategic plan that is responsive to the current market environment, agile, and resilient, enabling them to succeed and thrive in uncertain times. These principles become even more critical to achieving success in a highly competitive and rapidly changing industry.

Tips for Startups

Founders and employees need to be constantly looking for opportunities to innovate and improve their product or service. They should be open to feedback and willing to iterate and pivot as necessary to stay ahead of the competition. Businesses need to foster a culture of innovation and continuous learning. Employees should be encouraged to experiment and take calculated risks, and new technologies and trends should be embraced.

In addition, agility and adaptability are key factors for startups as they must be able to pivot quickly in response to changes in the market, emerging technologies, and unexpected events. Being nimble allows startups to test new ideas and approaches without being overly constrained by a fixed plan.

Prioritizing customer satisfaction is also crucial for tech startups. The industry is highly customer-driven, and companies must understand the needs and preferences of their customers to build a product that resonates with them. It’s essential to collect and analyze customer feedback to continually improve the product and ensure that it meets their needs.

Collaboration is also a critical factor for tech startups. Building strong relationships with partners, suppliers, and customers is essential to share knowledge and insights and co-create solutions to problems. Startups that foster collaboration are more likely to succeed and adapt to changes in the market.

Finally, startups must prioritize sustainability in their business practices: adopting sustainable practices not only reduces the environmental impact of the business, but it also creates long-term value for stakeholders. Investors and customers are increasingly looking for companies that prioritize sustainability, so it can be a key factor in attracting and retaining both.

Overall, these principles are crucial for tech startups to thrive and succeed in a highly competitive and ever-changing industry. By adopting an approach that emphasizes growth, agility, customer satisfaction, collaboration, and sustainability, startups can create a new strategic plan that is responsive to the current market environment, agile, and resilient, enabling them to succeed and thrive in uncertain times.

 

Martin Rust

Martin Rust is a strategic consultant with a proven approach to inform decision making. He works with organizations, both in Canada and around the world, often at the intersection of geopolitics and corporate goals. For more information, please visit: martinrust.ca.

 

Enhancing Your Trading Skills: The Top Prop Trading Firms

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In the fast-paced world of trading, finding the right environment and resources to hone your skills is crucial. For many traders, prop trading firms are the perfect solution, providing a supportive atmosphere and the tools needed to succeed in the industry.

As you embark on your trading journey, it’s essential to understand what prop trading firms are, how they can help you grow, and which ones are the best in the business.

In this blog post, we’ll explore the top prop trading firms that can help you elevate your trading abilities to new heights.

Whether you’re a novice trader looking to learn the ropes or an experienced professional seeking a more challenging environment, these firms can offer the support, resources, and opportunities you need to excel.

What Are Prop Trading Firms?

Before diving into the top prop trading firms, let’s discuss what they are and how they operate. Prop trading firms employ professional traders to trade the firm’s capital. These firms provide traders with resources, such as capital, technology, mentorship, and a collaborative environment, to help them succeed in the competitive trading space.

Benefits of Joining a Prop Trading Firm

If you’re considering a career in trading, joining a prop trading firm can be an excellent choice. Not only do these firms offer unique opportunities for growth and success, but they also provide a wealth of resources and support.

Here are the benefits of joining a prop trading firm and how they can help you excel in your trading career:

1. Access to Capital.

One of the several benefits of joining a prop trading firm is access to capital. Prop firms provide traders with the funds to trade, which enables them to take larger positions and increase their profit potential.

2. Mentorship and Learning Opportunities.

Prop trading firms often provide mentoring and training programs to help traders develop their skills. This guidance can be invaluable, especially for those new to the industry or looking to improve their trading strategies.

3. Collaboration and Networking.

Working at a prop trading firm allows you to collaborate with other professional traders, learn from their experiences, and share insights. This collaborative environment can help you develop new strategies and improve your existing ones.

4. Advanced Trading Technology.

Prop trading firms invest in cutting-edge technology to stay competitive in the market. As a trader, you will have access to these advanced tools, giving you a significant advantage over retail traders.

Top Prop Trading Firms to Consider

SMB Capital.

SMB Capital is a well-known prop trading firm based in New York City, focusing on equities and options trading. They offer extensive training programs, a supportive trading environment, and access to advanced trading technology.

Earn2Trade.

Earn2Trade is an education company that partners with prop trading firms to help traders develop their skills and gain funding.

They provide an extensive range of educational resources, trading tools, and a comprehensive evaluation program called The Gauntlet. Check out our Earn2Trade review for more information.

T3 Trading Group.

T3 Trading Group is a US-based prop trading firm that offers a variety of asset classes, including equities, options, and futures. They provide traders with cutting-edge technology, mentorship, and a collaborative environment to help them succeed.

Maverick Trading.

Maverick Trading is a prop trading firm specializing in options and equities trading. They offer a comprehensive training program, risk management tools, and capital access for experienced and novice traders.

Axia Futures.

Axia Futures is a London-based prop trading firm that focuses on futures trading. They offer various services, including training, mentorship, and access to advanced trading technology, to help traders excel in the market.

How to Choose the Right Prop Trading Firm for You

To find the best prop trading firm for you, consider the following factors:

1. Trading Style and Asset Classes.

Choose a prop trading firm that aligns with your trading style and preferred asset classes. Some firms specialize in specific markets, such as equities, options, or futures, while others offer a broader range of opportunities. Ensure the firm you select caters to your interests and provides the necessary support to help you succeed in your chosen market.

2. Training and Mentorship.

Look for a prop trading firm that offers comprehensive training and mentorship programs. This support can be crucial in helping you develop your trading skills, refine your strategies, and gain confidence in your decision-making abilities.

3. Technology and Infrastructure.

Choose a firm that invests in cutting-edge trading technology and infrastructure. Access to advanced tools and resources can give you a significant edge over your competitors and help you make more informed trading decisions.

4. Company Culture and Environment.

Consider the company culture and environment when selecting a prop trading firm. You’ll want to join a firm that fosters a collaborative, supportive, and competitive atmosphere, as this can be critical to your growth and success as a trader.

5. Payout Structure and Compensation.

Examine the payout structure and compensation offered by the prop trading firm. Each firm may have a different compensation model, so it’s essential to understand how you’ll be rewarded for your trading performance. Look for a firm that offers a fair and transparent payout structure with the potential for growth based on your success.

Is a Prop Trading Firm Right For You?

Joining a prop trading firm can be an excellent way to enhance your trading skills, gain access to capital, and leverage the support and resources of an established organization.

Considering the above factors and researching the best prop trading firms, you can find the right firm to help you succeed in the competitive trading world.

Remember to do your due diligence, read reviews, and explore your options before committing to any prop trading firm.

Armed with this knowledge, you’ll be well on your way to advancing your trading career and maximizing your profit potential.

 

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