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Sidestep The Unpaid Consulting Trap: How To Stop Giving Away The Farm (And Still Get The Client)

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by Julie Bee, author of “Burned: How Business Owners Can Overcome Burnout and Fuel Success“

If you’re an entrepreneur, you’ve probably done your share of pro bono work: helping a family member or friend, or volunteering to do some work for your child’s school or a favorite charity. You’re happy to help; after all, these projects crop up only occasionally and don’t take up large swathes of time.

But what about the pro bono work you do on a regular — even daily — basis? Many entrepreneurs spend countless hours doing work with no reward.

The culprit?

Unpaid consulting.

In order to secure new business, entrepreneurs have to do a lot of up-front thinking, strategizing, and advising. While you do need to show potential clients that your business can deliver a quality product or service, it’s easy to let this stage drag on way too long—to your own detriment.

During the initial call or meeting with a prospective client, you go all out to demonstrate your value. In a week or two, you schedule a follow-up…then another, and another. You continue to share advice, strategies, and ideas in hopes that you’ll close the business — and maybe even get a bigger commitment because of your hard work. But instead, it becomes an endless loop of calls where the prospect picks your brain, and you get nothing in return.

Too often, you’re ghosted or told that the prospect decided to go with another option. You’re left feeling resentful, tired, and broke. Even when the client does sign a contract, it’s frustrating to look back on all the unbillable hours you’ve spent to get this far.

Worse, when unpaid work becomes habitual, it can lead to burnout. Constantly exerting effort but getting nowhere can make you feel demoralized and “stuck” with no end in sight.

So, how do you stop giving away so much of your time and expertise — both on the front end and throughout the project?

Here are a few suggestions:

First, practice your new mantra: “My time is valuable.”

Before you set boundaries with clients, you have to change your own mindset. It’s easy to assume that if a conversation isn’t costing you materials or product, it’s not a huge deal.

Not so. How much could you have charged a paying client for that hour? How much closer could you have gotten to finishing a project or implementing a new idea? For that matter, could the prospective client take what you’ve shared with them and leverage it to make more money on their own? Never forget that your time is a valuable asset.

Set a time limit on unpaid work or initial consulting.

I know a business owner who has a one-hour initial call with prospective clients. If they want to continue the conversation after that first hour, the clients have to purchase a package of this entrepreneur’s time, which she sells in five-hour increments.

If you want to follow this business owner’s example, set expectations up front and be consistent with every prospective client. Explain that you want them to get a taste of your work, and acknowledge that an initial conversation is necessary to determine if your business is a good fit. Then let the prospect know how much you’ll charge for your consulting time going forward.

Get your post-consultation budget out front…

When you share your consultation fees, it’s also a good idea to give prospective clients an idea of how much the actual project is likely to cost. Being up front about the expected budget will help you weed out “tire-kickers” who may not be serious or who just don’t have the funds.

Say something like, ‘We normally work on a six-month retainer. Our range is $X to $Y, with the average contract being $Z. Is that within your budget?’

… And don’t assume that the budget has dried up mid-project.

Sometimes entrepreneurs end up doing unpaid work because they think a client doesn’t have the budget to cover everything. This often happens mid-project, when you’re already locked into a contract. You believe that the consequences of not doing the work would be worse than spending some unbillable hours. Maybe it’s true that the client’s dollars just aren’t there, but always ask and verify!

If you believe budget will be an issue, you can ask the client, ‘What is your budget at this point?’ or say, ‘This is what I usually charge for a project like this’ then see where the conversation takes you. Perhaps the money is available after all. If not, maybe the client’s expectations can be modified.

One more option- If there isn’t enough money to cover you, see if you can negotiate another form of payment. Maybe the client can help you out with admission to an industry conference, give you access to attendee lists, trade one of their own services, etc.

If you do it for free, do it without expectations.

Maybe you’ve decided that charging for your time after an initial consultation isn’t right for your business, or you believe you’re justified in making an exception. (Or perhaps you’re doing an actual premeditated pro bono project!) Whatever the circumstances, do this unpaid work without any if/then expectations.

In other words, don’t justify the work by saying, ‘If I do ABC, then the client will respond by doing XYZ’. This type of thinking is what fuels seemingly infinite consulting cycles. You’re working toward a hoped-for outcome that the client has not agreed to (and may never agree to). Either be okay with not being compensated, or put a payment plan in place.

Proceed on a case-by-case basis.

Some prospective clients need more time than others to commit. Maybe they are cautious by nature or constrained by a tight budget. Perhaps the desired project is particularly complicated and legitimately needs multiple conversations to talk through.

You don’t always have to shut people down if they don’t immediately commit, but you do need to recognize when discussions are likely to drag on so you can shorten the cycle. Also, in my experience, clients who require a lot of your time and energy on the front end will continue to do so throughout the project. This isn’t necessarily a reason to end the relationship — but it is helpful to be aware of as you plan your workflow.

Remember that you’re your best advocate.

If you find yourself feeling resentful about the unpaid consulting you’ve already given to a prospective client and have another meeting coming up with them, you can still advocate for yourself.

Send an email to the prospective client as far in advance of the scheduled meeting as possible to let them know you’ll need to charge for the upcoming, and any future, consulting sessions. But also give them an out to cancel the meeting with no hard feelings.

If you feel like you owe the prospect one more meeting, that’s also okay. Just make sure that budget and billing for future consulting sessions and strategic research is at the top of the agenda for that final freebie.

Do your best work, no matter what.

“Free” does not equal “lower quality.” Always give 100 percent, whether you’re being paid or not. If you cut corners or deliver a half-baked pro bono service, it can hurt — or even ruin — your brand.

Dissatisfied prospects can do plenty of damage to your business with a few keystrokes. On the other hand, folks who are impressed by your work can be some of your best ambassadors — even if they don’t sign a contract! For instance, ‘It turned out that I needed some services Julie’s company didn’t offer, but I was so impressed by her ideas and communication. You should give her a call!’

Watch out for “brain-pickers” in social settings.

When you’re in a social setting where people know what you do for a living, it’s inevitable that some of them will want to “pick your brain” or “get your professional opinion.” Bolder individuals might even ask you for “a quick favor.”

If you genuinely don’t mind sharing your expertise at a family cookout or on the sidelines of your nephew’s soccer game, go for it! But if you’d rather not spend your off-hours talking shop (or giving away free advice), have a few responses prepared. For instance, ‘It’s been a long week and my brain is fried! Let’s circle back,’ or, ‘Let’s talk about this during the workday, when you’ll get my full attention. I’ll send you my calendar link to set up a time.’ Then move the conversation on to a different topic.

Walk away if you need to.

Not all business is good business. When you’re in the unpaid consulting stage, use your instincts. Ask yourself, Is this relationship one I really want to be in? Is this person impossible to satisfy? Are they legit but slower to move…or are they consciously trying to take advantage?

Eventually the takers, time-wasters, and chronic complainers will wear on you and drain your time, energy, and mental health. Scout them out early and don’t be afraid to ‘pass’ on their business if you believe it will take up too much of your professional or personal bandwidth.

For most entrepreneurs, a judicious amount of unpaid consulting is one of the best ways to build your brand and attract new business. But too much of a good thing can leave you frustrated, struggling to make ends meet, or even burned out. Most clients don’t abuse the system intentionally, but if you want to end the unpaid consulting cycle, it’s up to you to set the boundaries. Very few people are going to say no to a continued stream of free ideas!

 

julie bee

Julie Bee is the author of “Burned: How Business Owners Can Overcome Burnout and Fuel Success“. A business owner burnout strategist, Bee has been dubbed the “small business fixer” by her clients and peers. With over fifteen years in the entrepreneurial field, she has solidified her reputation as a dynamic consultant, a riveting speaker, and a leader who sheds light on the darker side of business ownership.

 

How A Marketing MBA Can Help You Pivot To A New Industry

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An MBA in marketing allows graduates to work in various industries. Whether you’re interested in working in management, research, or creative roles, an MBA in marketing can help you pivot to your ideal field.

The flexibility of online learning formats makes an MBA in marketing a great choice for working professionals.

Identify Your Skills

An MBA in marketing will give you the knowledge and abilities to advance in virtually any industry, regardless of your level of expertise or where your career is taking off. This is because a marketing-focused degree will teach students essential subjects like marketing management, customer experience, and customer equity management.

Marketing professionals can often uniquely interpret and translate data into actionable insights. They know how to make sense of complex trends and convert them into a clear plan for the future. Business leaders in any industry value this kind of strategic thinking, and that’s why many marketers find themselves ready to pivot into other industries, such as finance or biopharmaceutical research.

This program may help you achieve those goals. The school’s curriculum includes courses like “Marketing Strategy,” which delves into essential marketing concepts and strategies to help you gain a competitive edge in the job market.

Identify Your Passion

A marketing MBA program focuses on the technical aspects of business strategy development and management, preparing graduates for leadership roles in all sectors. The BLS projects much faster than average growth in marketing manager jobs for those with a master’s degree in this field, making it an excellent choice for professionals looking to change their industry.

In addition to more specialist courses like digital marketing and search engine optimization (SEO), a marketing-focused degree would often cover more extensive management studies themes. Most programs also offer students the opportunity to participate in practical learning experiences such as study trips or internships.

These placements are a great way to build up your experience in the industry you’re interested in and demonstrate to potential employers that you have the relevant skills and expertise to succeed in the role. 

Make the Transition

Whether you want to establish your own business, work for a charity organization, or the government, an MBA can help you. 

Your management skills can make the transition to these industries easier, and your expertise in analytics can support data-driven decision-making.

Furthermore, a Marketing MBA can give you a competitive advantage over other business professionals with a bachelor’s degree by teaching you key topics that cover practically every area of the professional company today.

 These include consumer behavior and buying habits, branding, social media marketing, data analysis, and product marketing strategy.

If you’re ready to explore a new industry, this degree can help you gain the skills and credentials to do so while allowing you to stay close to your passion for marketing. An MBA in Marketing can open doors you never imagined possible.

 

4 Ways Advancing Your Education Can Boost Your Career

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If you work in an industry that has a competitive and continually evolving job market, then taking the next step in your education is more than just an opportunity for personal growth; it’s an essential move for enhancing your career prospects.

Whether you choose to complete formal degrees, extra certifications, or sign up for professional development courses, advancing your education will open up new doors and propel your career forwards.

So, if you’ve been thinking of returning to education, here are four key ways that it can help to boost your career.

1. Enhancing Skills and Knowledge.

By taking the next step in your education you’ll be equipped with advanced skills and knowledge that are crucial in today’s dynamic professional landscape.

When you pursue higher education or professional certifications, you have the opportunity to develop deeper insights and a greater understanding of different specialities within your field.

Not only will this make you more able to succeed within your current role but it can also help to prepare you for a higher-level of responsibility.

2. Increasing Earning Potential.

Improving your earning potential is one of the more tangible benefits of education advancement, and studies indicate that there is a connection between higher education and increased income.

By completing an advanced degree in a specialism within your field, you could have the potential to seek out higher-paying positions that would previously have been inaccessible to you.

And, if you find that you’ve climbed as high as you can in your current company, consider searching platforms such as Indeed to see what other opportunities are out there. Your higher education could be just what another employer is looking for.

3. Expanding Professional Network.

Advancing your education is more than just acquiring knowledge; it can also give you the chance to build valuable professional relationships.

The programmes and courses that you’ll complete during your education journey can offer you an excellent opportunity to connect with peers, industry leaders, and mentors.

These connections can be a great tool for career growth, providing advice, and discovering potential job leads, so use platforms such as LinkedIn to grow these relationships and connect with others in your field.

4. Enhance Your Credibility and Confidence.

Completing a degree or professional certificate can not only boost your professional credibility, but your overall confidence as well.

It demonstrates your expertise, dedication, and commitment to your industry, and this can be a valuable tool for increasing your professional standing, making you more employable and promotable, and even gaining new clients.

By achieving greater educational milestones, you’ll be able to reinforce your self-belief and help you to feel empowered to take on new opportunities, challenges, and even step into leadership roles.

Of course, returning to the traditional campus setting isn’t possible for everyone. If you already have a career, or even family commitments, then taking time out to return to a campus can be out of the question. Luckily with online education providers, such as Signum Magnum College, you can complete your education on a study schedule that suits your needs. And, with an online degree, you’ll be able to start applying your new knowledge to your career from day one.

Have you returned to education? Share how your continued learning helped to take your career to the next level in the comments below!

 

What Is Permissioned Blockchain Vs Un-Permissioned Blockchain?

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permissioned blockchain

permissioned blockchain

Blockchain technology is versatile, with applications in fields like banking, finance, and computer science. This adaptability has led to the creation of different types of blockchains, some with participation restrictions and others without.

This article explores the differences in application and users for permissioned versus un-permissioned blockchains, detailing their differences and importance in various sectors.

Permissioned Blockchain

A permission ledger is indispensable in the realm of blockchain ledger security operations, restricted exclusively to authorized individuals. This distributed ledger can solely be accessed by a select few authorized by the administrator, endowed with distinct privileges enabling specific actions. Unauthorized access is rigorously controlled, ensuring stringent oversight over public entry.

Key Features

  • Transparency: Tailored to organizational objectives, clearly attributing changes to authorized users.
  • Enhanced Security: Provides heightened data security and control for private entities, managing access and modification permissions.
  • Accountability: Non-anonymity ensures meticulous logging of all user-initiated changes.
  • Decentralized Decision-Making: Enables private groups to authorize decisions despite lacking a central authority.

Prominently adopted by leading global enterprises, permissioned blockchains are ideal for business operations prioritizing data integrity. They find applications across sectors, including supply chain management, contract execution, and payment verification, ensuring robust security and privacy measures.

Un-Permissioned Blockchain

In stark contrast to a permissioned blockchain, an un-permissioned blockchain, also known as a public blockchain, operates on a completely decentralized model. Here, there are no restrictions on participation, and no administrator controls access or grants permissions to make changes. Anyone can join the consensus process and validate data, fostering a network of unknown participants.

Features

  • Transparency: Transactions are completely transparent to all users due to the open network.
  • Open Source: The platform is open-source, allowing users to access and modify it as needed.
  • Anonymity: While not providing complete anonymity, participants have a degree of privacy when making changes.
  • Decentralized: Lacks central authority, enabling unrestricted participation.
  • Token Incentives: Utilizes tokens and digital assets as incentives, promoting efficiency and effectiveness in operations.

Un-permissioned blockchains are pivotal in fostering open, transparent ecosystems where decentralized consensus and participation are paramount. They facilitate many applications, including cryptocurrency transactions, decentralized finance (DeFi), and decentralized applications (dApps), leveraging token incentives to drive network activity and engagement.

Advantages and Limitations of Permissioned Blockchain

Advantages

  • Incremental Decentralization allows multiple businesses to participate in a controlled manner, reducing the risks associated with highly centralized models.
  • Enhanced Privacy: Access permissions ensure that only authorized parties can view transaction details, enhancing confidentiality.
  • Customizability: Enables tailored configurations and integrations to suit specific business needs, fostering flexibility and innovation.
  • Improved Performance and Scalability: Fewer consensus and transaction verification nodes result in faster processing times and enhanced scalability.

Limitations

  • Increased Risk of Corruption: With fewer participants, there is a higher risk of collusion or malicious behavior among those controlling the network.
  • Consensus Vulnerability: Owners and operators can change consensus rules, potentially compromising immutability and integrity.
  • Limited Transparency: The closed nature of permissioned blockchains restricts visibility to outside parties, potentially reducing trust and oversight.

Advantages and Limitations of Un-Permissioned Blockchain

Advantages:

  • Broader Decentralization: Un-permissioned blockchains allow more participants to join and contribute to the network without permission.
  • High Transparency: Transactions are visible to all participants, promoting trust and accountability across the decentralized network.
  • Resistance to Censorship: The decentralized nature and broad participation make it difficult for any single entity to censor transactions or control the network.
  • Strong Security: Distributed consensus mechanisms and the inability to manipulate most nodes ensure robust security against attacks.

Limitations:

  • Poor Energy Efficiency: The extensive computational resources required for network-wide transaction verification contribute to high energy consumption.
  • Lower Performance and Scalability: Processing transactions across a vast network can strain computing resources, leading to slower transaction speeds and limited scalability.
  • Less Privacy: While transactions are pseudonymous, they are transparent and accessible to all participants, which may compromise user privacy.

Where Can Permissioned and Un-Permissioned Blockchain Be Used?

Both permissioned and un-permissioned blockchains exhibit distinct architectural characteristics suited to different types of applications. Here’s how they can be effectively utilized:

Permissioned Blockchain

Permissioned blockchain restricts access to data, making it suitable for applications requiring privacy and restricted access. It is beneficial in:

  • Supply Chain Tracking: Ensuring transparency and accountability in logistics and distribution.
  • Claim Settlements: Facilitating efficient and secure processing of insurance claims.
  • Identity Verification: Providing a secure platform for verifying identities and credentials.

These applications rely on restricted access to maintain data integrity and privacy.

Un-Permissioned Blockchain

Un-permissioned blockchain is ideal for building robust financial platforms based on decentralized principles. It finds application in:

  • Digital Trading: Facilitating secure transactions without centralized oversight.
  • Donation and Crowdfunding: Enabling transparent and accountable fundraising efforts.
  • File Storage: This is a decentralized and secure medium for public data storage.

Since Un-Permissioned blockchain imposes no restrictions on access, it offers broad accessibility to users.

Conclusion

The choice between permissioned and un-permissioned blockchain hinges on specific business needs. Permissioned blockchain offers robust privacy and controlled access, suited for applications like supply chain tracking and identity verification. In contrast, un-permissioned blockchain excels in decentralized financial platforms and transparent data storage. Scalability, privacy requirements, and token utilization are pivotal in determining the optimal blockchain solution for enhancing operational efficiency and meeting organizational goals.

 

In Celebration of July 5’s Workaholics Day, Let Enterprise Search Take Over Some Heavy Lifting

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by Elizabeth Thede, director of sales at dtSearch

As any current, recovering or aspiring workaholic knows, the hardest part of an assignment can be finding the data you need to get started. That’s where enterprise search comes in. It can automatically index all your enterprise data, letting you—and everyone else in your organization—simultaneously and instantly find anything in the full-text or metadata across terabytes of files, emails, etc.

Even workaholics can hear the word “indexing” and shudder at the thought that this might represent more work for them. But indexing is only an effort for enterprise search. Just point to the folders to index and enterprise search will take it from there. All software is different, but using dtSearch® as an example, here is a list of things that even the most diehard of workaholics can relax about.

Don’t worry if your organization has a mix of local and cloud-based files like Office 365, SharePoint attachments, Dropbox items, etc. So long as files, local or cloud-based, appear as part of the Windows folder system, the enterprise search indexer can work with them automatically.

Rest easy: you won’t need to identify individual file types.

The indexer can on its own determine the correct file type of each item through the binary format. Even files with mismatched file extensions like a PDF with a PowerPoint extension and an Access database with an Excel extension will not trip up the indexer.

Nested file formats are also not a matter of concern.

Emails can have ZIP or RAR attachments that themselves contain multiple formats, like a Word file with an Excel spreadsheet embedded recursively inside, and the indexer will cover all that.

Don’t fret that your organization has too much data for enterprise search indexing.

A single index can hold up to a terabyte of text, and there are no limits on the number of indexes that the software can create and end-users can instantly and simultaneously search.

Data updates are no problem.

Enterprise search can automatically update its indexes as often as you want to account for new, deleted and modified files. Such updates will not affect ongoing concurrent searching.

Don’t sweat that searching will slow down at peak times.

The indexes themselves can support multiple concurrent search threads across a network or in an online environment, where each search thread can operate independently with no impact on other search threads.

Be confident that you’ll have the right search options for each project.

Over 25 different search features cover everything from “I don’t want to think too hard about this search request” natural language searching to highly structured full-text and metadata phrase, Boolean (and/or/not), proximity, concept, date / date range, number / numeric range and other search refinements. The software offers multiple possibilities for relevancy-ranking. After a search, view full copies of retrieved items with highlighted hits for convenient browsing.

As a workaholic, you would never mistype anything.

But don’t lose sleep about other’s TYPOGRAPHICKGAL and OCR errors either. Fuzzy searching adjusts from 1 to 10 to sift through these.

Lastly, multilingual text is not an issue.

Unicode support automatically covers hundreds of languages, including European languages, right-to-left languages like Arabic and Hebrew, and double-byte character text like Chinese, Japanese and Korean. A single item can switch back and forth among multiple different languages, and Unicode and enterprise search will follow all of that.

Why Workaholics Day comes the day immediately after the fireworks and cookouts of July 4 U.S. Independence Day is anyone’s guess. But even if you wouldn’t be caught dead slacking off the morning after you stayed up too late with such festivities, consider lightening the load with enterprise search. You’ve earned it!

 

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

 

How To Improve Your Time Management Skills With 5 Effective Tips

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by Suman Agarwal, co-founder of Image Consulting Business Institute

Time management is the process of organizing and planning how to divide your time between specific activities effectively. It involves setting goals, prioritizing tasks, allocating time for each task, and using techniques to work more efficiently. It’s necessary to develop time management skills for enhanced productivity, reduced stress, and a balanced work-life.

5 Best Time Management Techniques

Being one of the most essential soft skills to learn, time management is something everyone should master without fail. Here are six of the best time management techniques to help you get better:

1. Time Blocking.

An age-old technique for developing time management skills is time blocking. Here, you can assign a fixed time period to all the tasks. This helps you avoid distractions while performing the activities or tasks and fully enables you to focus on one task at a time, which in turn is great for completing tasks on time.

Further, this effective time management technique sets boundaries by doing one task at a time, promoting efficiency, and eliminating procrastination.

2. Prioritising.

Prioritization is not just a classic time management technique; it’s a powerful tool that can significantly boost your productivity and reduce procrastination. Focusing on the most important tasks first ensures that you’re making the most of your time and achieving your goals more effectively.

Complete the most important tasks from your to-do list first. It’s ideal to pick the tasks that stand tall on the priority list for meeting deadlines. Prioritising will reduce the burden of doing important tasks at the last minute and help you improve your performance.

3. Soft Skills Activities.

Many soft-skill activities involve prioritizing tasks or activities based on their importance and urgency. While some soft-skill activities involve planning and scheduling to achieve specific goals or objectives, improving your time management skills. Here are some ways in which these activities can contribute to the development of time management skills:

  • Team-building exercises: Engaging in team-building activities fosters collaboration and strengthens relationships among team members, leading to smoother workflow and efficient task delegation.
  • Communication workshops: Effective communication is essential for clear task delegation, minimizing misunderstandings, and maximizing productivity. Workshops focused on communication skills can improve time management by streamlining information exchange.
  • Conflict resolution training: Conflict is inevitable in any workplace, but learning how to handle it constructively through training programs can prevent time wastage on unnecessary disputes and promote a positive work environment.
  • Mindfulness practices: Mindfulness activities, such as meditation and breathing exercises, cultivate focus and reduce stress, enabling individuals to manage their time more effectively by staying present and attentive to tasks.

4. Pomodoro Technique.

The Pomodoro Technique is about breaking down huge tasks into shorter and more manageable ones to complete them easily. Ideally, the task is broken down into 25-minute intervals with five minutes of break between them. After four such five-minute breaks, the interval of the break time is increased.

With this time management technique, your brain is trained to stay focused on the given task without causing it to burn out.

5. Eisenhower Matrix.

The Eisenhower Matrix, also known as the Eisenhower Box or Eisenhower Decision Matrix, is a time management tool that helps prioritise tasks based on their urgency and importance. It’s named after Dwight D. Eisenhower, the 34th President of the United States.

In this time management technique, there are four categories:

  • Urgent and Important: These tasks are urgent and essential, requiring immediate attention. They are usually deadlines or important tasks that you cannot postpone.
  • Important But Not Urgent: These are tasks that are important for your long-term goals, personal development, or the success of your projects, but they are not urgent.
  • Urgent But Not Important: Tasks in this quadrant are urgent but contribute little to your long-term goals or priorities. They are often distractions, interruptions, or tasks that can be delegated or eliminated.
  • Not Urgent and Not Important: These tasks are time-wasters, trivial activities, or distractions that provide little or no value. Hence, they should be eliminated.

Plan Daily.

Time management skills are essential to develop not only to reduce your workload but also to bring a sense of peace to mind, helping you be stress-free. These skills are necessary to help you outshine in your career as well as your personal life.

Apart from the above effective tips, it is also important to spare a few minutes of your morning to plan your entire day’s activities and tasks. This gives you a clear agenda and helps lower stress.

 

suman agarwal

Suman Agarwal is an award-winning image management professional. She has helped students, home-makers, women on sabbatical as well as people seeking second career alternatives to explore Image Management and Soft Skill Training as a vibrant professional choice. She frequently writes blog posts about the urgent need of image consulting professionals and soft skill trainers in the 21st century and loves guiding people in exploring lucrative career options. Write to her at sumanagarwal@imageconsultinginstitute.com to seek advanced career guidance.

 

Exploring Careers With A Degree In Business Management

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With an average of 1.1 million openings projected every year from 2022-2032, business management occupations are said to increase significantly in the coming years. So, getting a degree in business management will open a gateway of opportunities in different industries. Be it finance, marketing, entrepreneurship, or human resources, this degree holds all the foundational knowledge and skills to pursue a professional managerial career. Being a versatile degree, you can choose any professional domain easily. This guide will provide you with a detailed understanding of the diverse career paths after completing a business management degree.

Let us get started with the basics of a business management degree.

Overview of Business Management Degree

A business management degree covers different subjects to provide comprehensive knowledge and skills to manage and lead businesses effectively.

Curriculum

1. Management principles and strategy management: Introduction to the fundamental concepts and practices of management and planning and implementation of business strategies.

2. Marketing: Basics of marketing principles, strategies, and consumer behavior.

3. Financial Accounting: Understanding different financial statements, balance sheets, income statements, and cash flow analysis.

4. Business Law and Ethics: Understanding business legal issues with contracts, employment law, and intellectual property. Learning about ethical considerations and corporate social responsibility (CSR).

5. Economics: Microeconomics and macroeconomics principles that affect business operations.

6. Human Resource Management: Managing personnel effectively, including recruitment, training, and performance evaluation.

7. Operations Management: Techniques for managing production processes, supply chain management, and quality control.

8. Entrepreneurship: Creating and managing new ventures, innovation, and business planning.

Skills

A business management degree helps in developing critical business skills, such as:

Leadership: development of interpersonal skills including conflict resolution, and effective communication.

Strategic Thinking: The ability to analyze complex business situations and create strategic plans.

Analytical Skills: Subjects like economics, statistics, and data analysis develop strong analytical skills, to make data-driven decisions.

Financial management: Learn skills in budgeting, financial analysis and investment decision-making.

Communication: Effective communication skills in business writing, presentation skills, and negotiation techniques.

Teamwork: Working in teams fosters skills in cooperation, coordination, and project management.

Traditional Corporate Careers

Completing a degree in business management opens several traditional corporate careers. Let us have a look at some of them.

Management Roles:

Example 1: Business Analyst

You can become a business analyst after completing your management degree. Business analysts play a vital role in any organization where they identify the custom business needs and determine solutions to the issues. They analyze the collected data to get deep insights and evaluate the impact of all the new solutions. You need to have solid communication with proper problem-solving skills to excel in this role.

Example 2: Project Manager

The role of the project manager is another potential corporate career option after completing the management degree. The project managers oversee all the projects from beginning to completion. They make sure that everything is aligned with the pre-defined scope and that the project is delivered within the timeline and budget. You will need excellent organizational, leadership, and multitasking abilities to handle the complexities of various projects across different industries.

Example 3: Marketing Manager

Marketing management is another potential corporate career option. The marketing managers have to develop and execute new marketing strategies to grow the brand further. They have to conduct proper market searches to create new plans and manage the existing campaigns for the organizations. Moreover, they have to analyze the performance of all the marketing initiatives and work on the weak aspects to improve them.

So, you have to be creative and possess solid communication skills to fill the shoes for this role. Moreover, you should have strategic thinking and an analytical mind to grow the brand’s profits.

Specialized Career Paths

You can even follow some specialized paths in specific industries after completing a degree in business management.

Finance Sector:

Financial Analyst

The financial sector is another booming sector that has several roles for individuals who have completed a business management degree. A financial analyst is a promising role where one has to help with the financial performance of the organization. They have to guide the organization to make data-driven decisions while progressing forward. You have to analyze the data to prepare reports and predict future financial trends.

So, it is necessary to have a strong understanding of all the financial principles with analytical thinking to deduce complex financial data for deep insights. Moreover, you have to use these insights to create financial strategies and make proper investment decisions.

Human Resources:

HR Manager

Human resources is another lucrative industry where you can grab the role of HR manager. HR managers have to oversee all the aspects of the existing human resources practices and deploy new ones for better overall productivity. They have to manage the employee relations, recruitment process, training and development of all the employees, performance management, and compliance with all the laws.

You must have a proper understanding of HR policies and procedures with the temperament of managing the company’s workforce efficiently.

Operations:

Operations Manager

You can dive into the operations sector of the organization and become an operations manager. The operations managers have to make sure that all the operations in the organization are running effectively with proper efficiency. They have to oversee the overall production and manage all the supply chains. Moreover, they have to deploy strategies to optimize the processes for higher productivity and lower costs.

So, you must possess a proper understanding of all the business processes with solid leadership skills to create a career in this role.

Entrepreneurial Ventures

A degree in business management opens several entrepreneurial ventures that you can pursue and create a successful career.

Starting a Business:

Small Business Owner

You can start your own small business and become its owner. You have to establish and manage the entire business. You have to be responsible for all aspects of the business that will include planning, financing, marketing, and operations. So, you have to be versatile, proactive and resilient. You must have a strong vision to establish and grow your business. Moreover, you should have an adaptable nature to adapt to the dynamic market conditions of the corporate market.

Startup Ecosystem:

Startup Consultant

If you don’t wish to start a business you can explore the consultancy sector and strive for the role of startup consultant. The startup consultants offer expert advice and support to rising entrepreneurs who are new in the industry and are looking forward to growing their businesses. They help startups secure proper funding to grow, develop solid business plans for the future, and counter the challenges of the specific industry.

So, you must have a proper understanding of the startup market with problem-solving skills to help the startup deal with potential issues and grow to the next level.

The Final Verdict

By now, you must have understood the potential of a business management degree. It is truly a well-rounded education that prepares graduates to grab any role in the business world. The best part is its unique blend of both theoretical and practical skills that help in grabbing different management and leadership roles. It is time to enroll in a business management degree today!

 

How AI Is Shaping The Future Of eCommerce: 5 Predictions For 2024

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Welcome to 2024, where Artificial Intelligence (AI) is not just a tech jargon but a crucial element driving the evolution of ecommerce. If you’re an ecommerce business owner, manager, or just a tech enthu, it’s time to get excited. AI is transforming how we operate, market, and serve our customers.

Here are five exciting ways AI is reshaping the ecommerce landscape this year and what it means for your business.

1. Hyper-Personalised Customer Experiences.

In 2024 and beyond, personalisation is no longer going to be a luxury—it’s a necessity. How AI improves CX in ecommerce, you ask? Well, AI’s advanced data analytics capabilities allow businesses to create highly personalised shopping experiences for each customer.

By analysing browsing history, past purchases, and even social media behaviour, AI helps businesses predict what customers want before they even know it themselves.

Why it matters for your business:

To start with, the majority of consumers, about 70%, anticipate personalization and may become frustrated if it’s absent. Personalised experiences drive customer loyalty and boost conversion rates. When customers feel understood and valued, they’re more likely to return and recommend your store to others. Implementing AI-driven personalisation can significantly increase your sales and customer retention.

2. Optimised Inventory Management.

Managing inventory effectively is one of the most challenging aspects of running an ecommerce business. AI has taken the guesswork out of inventory management. Having constant access to your inventory levels empowers you to make more informed purchasing choices. Approximately one out of every four companies utilises AI to achieve this real-time inventory management.

Advanced algorithms analyse a wide range of data — seasonal trends, historical sales, and even social media activity — to predict demand with remarkable accuracy.

Why it matters for your business:

Optimising inventory means you can reduce holding costs, avoid stockouts, and minimise waste. This leads to higher efficiency, lower operational costs, and better cash flow management. AI-driven inventory management ensures that you always have the right products available at the right time.

3. Embracing Voice Commerce.

Voice commerce is set to become a major player in ecommerce this year. With the rise of smart speakers and voice assistants, customers are increasingly using voice commands to search for and purchase products. AI’s advancements in natural language processing make it possible to optimise your online store for voice search.

Why it matters for your business:

Adapting to voice commerce means capturing a growing segment of tech-savvy consumers who value convenience. By ensuring your products are easily found through voice queries, you can tap into a new revenue stream and stay ahead of the competition.

4. Enhancing Customer Service with AI Chatbots.

Customer service is critical in ecommerce, and AI chatbots are revolutionising the way businesses handle customer interactions. In 2024, AI chatbots are smarter, more intuitive, and capable of understanding complex queries. They provide instant, accurate responses and can handle multiple customer interactions simultaneously.

Why it matters for your business:

AI chatbots can significantly reduce the burden on your customer service team, offering 24/7 support without the need for a large staff. This leads to faster response times, higher customer satisfaction, and fewer abandoned carts. Efficient customer service means happier customers and more sales.

5. Leveraging Visual Search Technology.

Visual search is becoming a game-changer in ecommerce. AI-powered visual search tools allow customers to upload images and find similar products in your catalogue instantly. Whether it’s a fashion item they saw on Instagram or a gadget from a friend’s house, visual search makes it easier for customers to find exactly what they want.

Why it matters for your business:

Implementing visual search can enhance the shopping experience, leading to higher engagement and conversion rates. It caters to customers who prefer visual discovery over traditional text-based searches, helping you capture more sales and stand out in a crowded market.

Conclusion

As we navigate through 2024, AI is set to revolutionize e-commerce in unprecedented ways. From hyper-personalized shopping experiences and optimized inventory management to voice commerce, advanced chatbots, and visual search, AI is enhancing every aspect of the business.

By embracing these AI-driven innovations, your ecommerce business can improve efficiency, increase sales, and provide a superior customer experience. The future is here, and it’s powered by AI. Let’s seize these opportunities and lead the charge into this exciting new era, ensuring your business stays ahead of the curve and continues to thrive in the competitive ecommerce landscape!

 

The Rise Of CNG Cars In India

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CNG carIn recent years, India has witnessed a significant shift towards cleaner and more sustainable transportation solutions, with compressed natural gas (CNG) emerging as a popular alternative to traditional petrol and diesel vehicles. More drivers are shifting towards CNG cars for their eco-friendly credentials and cost-saving benefits.

Let us explore the rise of CNG cars in India, highlighting their advantages, growing popularity and the importance of road safety education and reliable car insurance coverage in promoting a safer and greener driving experience.

The environmental imperative

India’s rapidly growing population and urbanisation have led to alarming levels of air pollution in many cities across the country. Vehicular emissions, particularly from petrol and diesel cars, are a significant contributor to air pollution, increasing health issues and environmental degradation. Recognising the urgent need to curb emissions and combat climate change, policymakers and consumers alike are turning to cleaner alternatives such as CNG.

Advantages of CNG cars

CNG cars offer several compelling advantages over traditional petrol and diesel cars, making them an attractive choice for environmentally conscious drivers:

  • Lower emissions: CNG vehicles produce significantly fewer emissions compared to petrol and diesel vehicles, helping to reduce air pollution and reduce the impact of vehicular emissions on public health and the environment.
  • Cost savings: CNG is a more cost-effective fuel option compared to petrol and diesel, offering substantial savings on fuel expenses over the long term.
  • Fuel availability: With the expansion of CNG infrastructure across India, including refuelling stations in major cities and along key highways, accessing CNG fuel has become increasingly convenient for drivers.
  • Engine performance: CNG engines are known for their smooth and quiet operation, offering comparable performance to petrol and diesel cars while minimising noise pollution.

Importance of car insurance

Securing third-party car insurance coverage is essential for all drivers in India, regardless of the type of car they drive. Kotak General Insurance offers a range of car insurance plans to fulfill to the diverse needs of Indian drivers, including CNG car owners.

Key benefits of car insurance coverage include:

  • Protects against financial losses arising from accidents, theft and third-party liabilities.
  • Provides peace of mind and reassurance knowing that you are adequately protected against unforeseen risks and uncertainties on the road.
  • Fulfilling legal requirements by ensuring that your car is adequately insured as mandated by the Motor Vehicles Act.

Conclusion

The rise of CNG cars represents a significant step towards reducing air pollution and promoting environmental sustainability. Drivers can enjoy the benefits of CNG vehicles while ensuring a safer and greener driving experience for themselves and future generations. With Kotak General Insurance’s comprehensive car insurance plans, CNG car owners can drive with confidence, knowing that they are prepared for whatever lies ahead on India’s roads.

 

IndusInd Bank: Growth Trajectory In Last 5 Years

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indusind bank l

IndusInd Bank is one of the front runners in the Indian banking sector. The bank offers a myriad of services ranging from issuing loans and offering forex services to wealth management, online services to ensure maximum customer convenience and more. Additionally, the bank has also gained popularity among NRIs as it allows money transfer and has investment products like international deposits and mutual funds and enables online share trading.

Owing to all these services, IndusInd Bank has shown upward growth in all spheres. Read on to learn more about its growing profits and more.

IndusInd Financial Analysis

The market cap of Rs 1,17,152.72 crores makes IndusInd Bank one of the biggest banks in the country.

For the quarter ending in March 2024, the Net Interest Income (NII) grew by 15% annually. It increased from Rs 4,669 crores to Rs 5,376 crores showing improved profitability and an efficient management of interest rate spreads.

The table below mentions the financial details that show the growth of the company that has happened from 2019 to 2024.

Category (Yearly) March 2024 (In Crores) March 2019 (In Crores)
Total Income 55.136.06 27,907.87
Net Profit 8,949.78 3301.10
Basic Earnings Per Share 115.19 54.90

IndusInd Share Price

The following IndusInd Bank share price chart will further explain the growth trajectory of the bank over the past 5 years.

indusind bank financials on dhan

Although there has been a 3.59% decrease in IndusInd Bank share price in the past 5 years, the bank witnessed a 60.99% increase in its share price over the last 3 years.

Currently, the shares are trading at Rs 1,5050+. The 52-week high of IndusInd Bank is around Rs 1690 whereas the 52-week low is Rs 1,065.

Is It Smart to Invest in IndusInd Bank in The Current Scenario?

When it comes to who holds equity in this private sector bank, here is the answer. 40.25% of the shareholding is with Foreign Institutional Investors  (FII), 16.4% is with promoters, 14.78% is with public shareholders and 28.58% is with Domestic Institutional Investors (DII).

This investment trend suggests that there is a positive market sentiment among people for the bank. Based on the financial metrics including the increase in NII and the past stock performance, the bank is demonstrating a bullish trend. This makes it a favorable option for long-term investors as well as short-term investors.

However, doing your own research before investing is a must to make sure that investments align with your financial goals.

Conclusion

Over the past 5 years, the bank has demonstrated robust growth and a consistent upward performance. Investments done by foreign and domestic stakeholders add to the credibility of the bank as well and serve as a positive indicator for prospective customers. IndusInd Bank has recorded an increase in its assets, profitability, and customer acquisition, and the steep increase in share price also adds to the reputation of the bank.

To invest in stocks, download the Dhan app.

 

Save Time, Save Money, Save Sanity: Your Guide To A Cost-Effective Long-Distance Move

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Moving long distances can be overwhelming, but using the appropriate tactics may make the process go more smoothly and be less stressful. Careful planning is vital whether you’re relocating for a job, family, or a fresh start.

This guide includes helpful advice for a hassle-free long-distance move, ensuring you have all the information you need to make the transition seamless.

Plan for a Successful Move

The success of your move largely depends on how well you plan. Start by creating a moving checklist outlining every step you need. From organizing your belongings to finalizing your new home’s address, a detailed plan will help you stay on track. Make sure to give yourself enough time to complete each task thoroughly. Planning also includes notifying utility companies of your move, setting up forwarding with the post office, and organizing any necessary travel arrangements. The more comprehensive your plan, the less likely you’ll encounter unexpected challenges. For those looking for professional help, engaging out of state movers can be a game-changer in making your move efficient and safe.

Declutter Before You Pack

Before you start packing, take time to declutter your home. It means reviewing your belongings and deciding what to keep, donate, or sell. This will not only help to organize packing better, but it will also reduce the amount of stuff you have to move. Decluttering can be a therapeutic and great way to refresh your living space. Consider sorting your items into categories: what to keep, donate, and discard. Give in excellent-shape stuff to nearby organizations, and hold a garage sale to remove things you no longer need. This not only makes your move easier but can also make it more economical, as you may need fewer packing materials and a smaller moving truck.

Consider Eco-Friendly Packing Solutions

Although moving might produce a lot of garbage, You can reduce the damage you do to the ecosystem. Use eco-friendly packing materials like biodegradable bubble wrap and recyclable boxes, and repurpose old newspapers for wrapping fragile items. Avoid using single-use plastics and opt for reusable containers. Many moving companies also offer rentable plastic bins, an excellent alternative to cardboard boxes. Additionally, consider packing your belongings in items you already own, such as suitcases, laundry baskets, and storage bins, to reduce waste further.

Insurance and Safety Measures

When moving long distances, the safety of your belongings should be a top priority. Consider getting moving insurance to protect your items during transit. Additionally, ensure that valuable and fragile items are securely packed and clearly labeled. This little action might help you avoid much trouble and potential losses. Many moving companies offer different insurance or valuation coverage levels, so be sure to discuss these options when getting a quote. Consider taking high-value items with you rather than loading them on the moving truck. Before the move, inventorying your possessions and recording their condition is a good idea. This will come in handy if you ever need to make a claim.

Stay Organized on Moving Day

On moving day, staying organized is critical. Keep essential items like medications, important documents, and chargers in a separate, easily accessible bag. Have a layout plan for your new home so movers know where to place your belongings. This will save time and effort when you start unpacking. Prepare a moving day kit with snacks, bottled water, and toiletries to keep you comfortable throughout the day. Label each box with its contents and the room it belongs to so you don’t have to open every box to find what you need.

Being organized on moving day will help everything run smoothly and reduce stress for everyone involved.

 

4 Tips For Choosing The Right Laboratory Supplies

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laboratory equipment

Having access to the best equipment is crucial in a laboratory setting. Medicine practices depend on the accuracy and reliability of speedy lab results. As such, it’s critical to know what you’re looking for in your laboratory supplies purchase.

Buying lab supplies can be as important as buying, say, a new car. You need to make sure you’re getting everything you need and more.

Here are a few tips for finding the perfect lab equipment.

1. Identify What You Need.

First, make a list of everything you require for your practice. Keep in mind that there are specific means of operation for each type of equipment you need. Make sure you have room and know what your essential desires are. They may not all come from the same place, so you should begin looking for vendors in your area.

2. Mind Your Budget.

Your budget will help you make an informed decision on your purchase. If you have a strict budget, you can consider buying refurbished equipment. You may be able to find tools that are easy to maintain as well. Regardless, you want to get the most out of your investment. Doing your research for suppliers can help you find the best prices for your needs.

3. Brand and Quality Research.

Reviews and referrals can help you make your decision based on equipment quality. Reviews from different brands will show you if there’s a pattern of users having difficulty with their tools. This same type of research shows you if companies were driven to help users with their issues.

4. Check Warranties and Services.

Many lab equipment manufacturers offer limited warranties on their tools in case you end up with a malfunctioning instrument. Even when these warranties expire, you’ll want to see if they offer training, technical support, or other reliable post-sale assistance.

Are You Ready to Buy New or Used Lab Supplies?

When you’ve thought about these top four circumstances, you may be ready to decide on the perfect lab equipment. Always remember to take your time and research lab equipment suppliers and brands to get the most out of your money.

 

Finding Consensus Without Sacrificing Innovation

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

Just as it takes an open mind to effectively develop new ideas, so it takes an open mind to effectively evaluate new ideas. The process of evaluating the potential for taking a useful solution around which you can develop a practical business can be relatively simple or relatively complex.

For example, determining which of three franchises to open requires nothing more complicated than talking to existing franchisees and doing some background market research. A more challenging task is to evaluate, say, a new form of healthcare.

It’s more difficult to make these decisions when you lack a single, simple yardstick or scale to measure the relative worth of the choices. Franchises have proven track records that can be compared relatively easily, whereas a new healthcare business will have to address numerous legal, technical, and economic factors.

Usually the more innovative the business idea, the more thought that will be needed in determining how to evaluate its potential. You have to use more than a single criterion in choosing. Selecting the appropriate “yardsticks” or criteria themselves is an important and often tough job.

Think about buying the right car from among a few models. You wouldn’t base your decision on only one criterion. While price may or may not be important to you, so might gas mileage, roominess, style, and array of features available. Your final choice will be based on several of these yardsticks. Similarly, you can’t often evaluate possible solutions to a customer problem by using only one criterion.

When you belong to a team making the evaluation, it can be difficult to agree on which criteria to use. What’s important to one person might be less important to another. Your first step in evaluation is to create a list of potential criteria for measuring your selected ideas. As you do so, suspend judgment and logic. You’ll find some of the best criteria will come to you further down your list. Only after creating this list should you exercise judgment to select the most important few criteria — perhaps through discussions with other people, such as potential customers, subject matter experts, the founding team, and other company stakeholders. In any case, taking the time to develop and select useful, comprehensive criteria is a must.

An entrepreneur must give great thought to what will really determine the future success of the new product or service, and then make business decisions based on those criteria. No matter the number of criteria you use, the idea is to carefully and open-mindedly examine each of your selected customer solutions.

Consensus is vital when it comes to evaluation in a team. Without it, implementation is in jeopardy because there will be a drop-in commitment. Some members will begin to feel like outsiders.

To arrive at the most thoughtful innovative solutions, keep these consensus-finding tips in mind:

1. View differences in perception as constructive.

Differences in perception are a good thing — not a bad thing. If five different people have expressed five different facts about the same issue (some even apparently conflicting), this is not an obstacle to slow us down, but an opportunity to get smarter. Let’s clarify what we know and what we don’t know and move on. Don’t worry about small differences, just build on the big things on which you agree.

2. Listen carefully to what others say about an option.

Listening carefully to other people not only builds clarity and understanding but also builds trust. Remember, we are here to solve a problem — not to debate.

3. Give unusual options a good hearing.

It’s important to not shy away from unusual options. Try to avoid playing it safe. Someone needs to step up and say, “Why aren’t we considering this option over here? Let’s talk about it to see if we might take the riskiness out.”

4. Focus on making good selections — not protecting turf.

Good consensus skills in a team means its members are able get beyond protecting their own personal interests and work for the overall organization’s benefit.

5. Work toward full group participation.

Teams must work at getting everyone involved and saying what’s on their mind. Unfortunately, some people will shrink into the woodwork when it’s time to start choosing.

6. Say what you think.

What if there are seven people in the room and you have something to say, but the other people are going in a very different direction? What you must avoid thinking is, “Well, there’s something obviously wrong with me, I’ll go along with them and not say anything.” You might as well not be on the team because you may be the only one with an insight that is a game changer. Do not contribute to what is known as “groupthink.”

7. Don’t let higher status or more vocal people sway the group.

The team must also work hard at not letting higher status people sway the group. If you happen to be the boss, your special skill is not to act like one. You must be extra skilled at just being one of the team members.

Sometimes the evaluation process doesn’t lead directly to the implementation phase. Instead, it can actually point teams in new directions. This spontaneous surge of idea building can lead to a much different and better business opportunity. You can encourage these results by deferring judgment as you evaluate — just remember to keep an open mind.

 

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

 

Revolutionizing Alzheimer’s Care: How Young Blood Institute’s Early Detection Model Is Changing The Game

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by Mark Urdahl, Chairman & CEO of Young Blood Institute

Alzheimer’s disease is a devastating diagnosis for anyone to hear, especially because most people are aware that there is no cure for it. Watching someone we love forget who we are, become increasingly confused, and eventually lose all ability to care for themselves can be terrifying and heartbreaking.

For decades, researchers have searched for solutions and treatments that would slow the progression of Alzheimer’s or even stop it in its tracks. Recently, these experts have turned their attention to the role of amyloid beta levels in the development and onset of Alzheimer’s. Amyloid βeta (Aβ) is a protein fragment that has been identified as a key player in the formation of plaques, which are abnormalities often found in the brains of people with Alzheimer’s.

Groundbreaking research in Alzheimer’s research

In the past few years, the Young Blood Institute (YBI) discovered through research that a large percentage of cognitively normal people have excessive Aβ levels. YBI also found that therapeutic plasma exchange was successful in clearing excess Aβ peptides, consistent with prior research findings by Grifols.

After her work with the YBI and Grifols, I met the plasmapheresis manager Gloria Simpson and brought her onto AmβARI Healthcare as Chief of Nursing Ops. I was immediately impressed by her brilliance and the results that she had achieved.

“We saw people’s reductions in Amyloid Beta levels in cognitively normal subjects, opening up the possibility for [Alzheimer’s] prevention,” Simpson told me. “I saw this at AMBAR, then I saw at YBI that we could clear Amyloid Beta [levels] for cognitively normal subjects, and now it’s time to commercialize this and make it available.”

We have people who saw people recover their memories, which a scant few in the entire Alzheimer’s research industry can say they’ve ever seen. Fortunately, therapeutic plasma exchange has been an FDA-approved therapy for many decades. 

Commercializing a treatment for Alzheimer’s

However, despite Simpson’s success with Grifols and the YBI, this solution is still not well-known. There’s so much noise in the system and so much other information floating around, including proposals. Even though Grifols spent $150 million over 14 years and had a 61% success rate with Alzheimer’s, it’s a measly drop in the bucket compared to the $3 billion worth of research the industry spends each year.

After working with Simpson, I had the opportunity to meet with the acclaimed neurologist Mercé Boada at the ACE Alzheimer’s Center in Spain. Boada confirmed Simpson’s findings and went on to commercialize this treatment in Spain, but this only begs the question: if they’re doing it in Spain, why can they not do it here, in the United States, too?

We have reached a significant moment in time where decades of research into AB testing, as well as decades of research into the use of plasma exchange for Alzheimer’s treatment and AB prevention, have culminated. Now, we have the opportunity to work together and commercialize an available treatment for Alzheimer’s.

I’ve been in the business of commercializing technology for all my life. Too often, ideas get stuck in the research phase forever and never make their way to market, keeping them from helping the people whose lives they could change. Here, we have a documented case of something that works and is widely available — it’s just a matter of expanding this commercialization to the rest of the world.

Early detection and treatment for Alzheimer’s disease is not just another mere medical innovation. It offers a ray of hope for a disease that often brings nothing but sorrow, allowing people to hope for a better tomorrow and an eventual future free of the disease. Let’s make this treatment available to people commercially so that we can slow or even stop this terrifying disease.

 

mark urdahlMark Urdahl, Chairman & CEO of Young Blood Institute first started the institute as a non-profit Clinical Research Organization to study new potential indications for Therapeutic Plasma Exchange. In 2022, he established AmβARI Healthcare to develop a platform to commercialize Grifols research and commercial translation, utilizing the YBI study model and its findings, for private care clinics across the country.

 

Video Marketing In The Era Of Short Attention Spans: Crafting Compelling Stories In 60 Seconds Or Less

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by Torrey Tayenaka, co-founder and CEO at Sparkhouse

With the massive amount of data and tools at our disposal, it’s hard to believe that marketers used to be able to craft compelling ad copy by just knowing the customer. But there were fewer ads, consumers had limited options, and everyone knew when they had a winning strategy.

Now, virtually every business has to gain an edge on dozens – if not hundreds – of competitors to reel in the customer. They’re not only competing with other businesses for attention, but with entertainment, creator content, and a ton of other internet noise.

To make things harder, the average human attention span has declined over the past decade to a mere 8.25 seconds. That’s lower than a goldfish, the poster child for low attentiveness. It’s not enough to have excellent copy and captivating visuals anymore.

Enter video marketing. Videos in general are having a moment on the internet and social media, cutting through the clutter of search results pages and crowded social media news feeds, and holding the viewer’s attention.

When it’s done right, social media video and commercial video can transform your marketing strategy and capture the attention of your audience – no matter where you’re trying to reach them. And if you can not only capture their attention but deliver your entire message in under 60 seconds, you can create maximum impact without viewers clicking away.

Marketing used to be based on intuition and creativity. Marketers relied on their instincts and trial and error to capture the attention of prospective customers and make the sale. Now, with competition growing and customer expectations becoming increasingly challenging, holding the audience’s interest requires more than guesswork.

Benefits of Video Marketing

With the explosion of platforms like TikTok during the pandemic, video has had a steady rise to popularity for all types of digital content, including marketing and advertising. Video has a unique edge over other formats in that you can create an emotional, creative, and impactful message – no matter how complex your topic – that reaches the viewer in a matter of seconds.

Here’s what gives video its unique power:

Visual Appeal.

Most of us prefer to digest information in engaging visual forms. That’s why many people will watch a movie adaptation of a novel instead of reading the novel itself. We’re naturally drawn to visual stimuli, and better yet, we process that information 60,000 times faster than text.

Creating a video with dynamic and immersive visuals allows you to capture the attention of your viewers more than you ever could with a text caption, long-form article, or static image. This is especially true if your topics are complex or dry.

Social media users scroll through their newsfeeds, which often contain text-only posts from their friends and family members. Among all that black and white, they see a few images that may stop their scrolling – but a video is even more engaging. Even if they aren’t sure what it’s about, they’re more likely to stop and watch the first few seconds than read the first few lines of a long post. That’s when you can show your stuff and get them to stick around for the whole video.

Breaking Down Complex Information.

Some products or brands are more difficult to explain simply, especially in the B2B space. For example, promoting the benefits of a technology tool is often more challenging than promoting fashion or homewares.

Videos help you establish your products unique value propositions and real-world benefits in a quick, simple, and appealing way. You can discuss complex processes, complicated data, and highly technical features with images, diagrams, and narration, rather than relying only on explaining through text or a sole image.

Creating Emotional Appeal.

Video content is one of the best ways to elicit an emotional response from your viewers. Unlike a story or a still image, video can use a mix of verbal and non-verbal cues to humanize customer stories or benefits in a way that resonates with the viewer.

For example, small touches like a change of tone, subtle facial expressions, and emotional background music can turn a static story into a conversation that tugs at the heartstrings, inspires empathy, or makes the viewer laugh or cry – all leading to a message that sticks in the viewer’s mind for a while.

It works outside of marketing as well. Many people recall moments in movies, television shows, or commercials that made them feel something, but it’s not nearly as often as with an article or book. The same is true of video marketing.

Better Brand Retention.

We’re visual creatures. People remember 95% of what they see in a video compared to a mere 10% of what they read. This shows how important it is to deliver your message in a video format instead of text-based content.

Make no mistake – an excellent copy will stick with a customer if it’s read. The difference with video, however, is that they retain it better. The video captures their attention, and they recall it more easily, so your brand stays top of mind when they’re looking to solve a problem related to your products or services.

Improved SEO.

It’s not just brands realizing the power of video. Google knows it, too. Video content is preferred by search engines because of its popularity. As more users consume video content, Google will prioritize it over article content.

In addition, embedding a video on your website’s landing page can mean you’re 53% more likely to get on the first page of the search engine results. Having videos embedded on your pages can also increase your conversion rate by about 80%.

Based on the insights in the Video Marketing Guide, having videos on your social media account can increase your chances of a share by 1200%.

The Catch? You Have to Capture Attention within Seconds.

Video marketing has numerous benefits, but you have to get the viewer’s attention in the first few seconds. Otherwise, they may simply scroll on.

Your first few seconds have to make a connection instantly and tell the viewer what they have to gain by continuing to watch. What problem will you solve? What offer will they be rewarded with?

It’s important to walk the line between teasing attention and click-baiting your viewers, however. You have to show them what they have to gain if they give you a minute or less of their time, and you have to deliver. Make your introduction captivating and build that connection to get them to stick around.

How to Make Videos That Resonate

Your video introduction is your hook, then you have 60 seconds or less to keep that momentum. Here’s how to do it:

Plan Your Message.

Plan your video in advance. You have to have a clear, targeted message or concept. If you make your topic too broad, your viewers won’t know what’s in it for them or what they have to gain. If you have different audience segments, make sure to craft a message that’s specific to each of them, which brings us to the next point.

Understand your Audience.

No matter what type of content you’re creating, the audience is key. You have to understand their pain points, their interests, the challenges or stress they experience every day that they’re looking to solve. Understanding what your audience wants allows you to speak directly to them through your video and promote your brand’s value.

Create Compelling Visuals.

Part of the video’s appeal is visual appeal. Don’t skim on this part! You not only have to share your message, but you have to do so in a way that’s interesting, exciting, and engaging. Use animations, cutaways, stitches, smooth transitional editing, sound effects and high-quality photos or graphics that maximize your 60 seconds.

Avoid the Clutter.

60 seconds isn’t a lot of time, so you may be tempted to cram as much information as possible into your video. While video is an easier medium to digest, it’s still possible to go overboard with the clutter and weaken your message. Keep it simple and focused on the key message.

Refine Your Hook.

The hook is what you’ll use to capture the attention of your viewers within the firsts few seconds. This is what gets them to stop scrolling and start watching. You can do this any number of ways, depending on your audience, including making a bold statement, asking an intriguing question, or stating an impactful statistic, as long as it aligns with your message.

End on a Strong Note.

The intro matters, but so does the call to action (CTA) that prompts your viewers to take the action you want, whether that’s signing up for a service, completing a purchase, or subscribing to a list. Like the intro, your CTA should be short, snappy, and persuasive to maximize results.

Incorporate Video into Your Marketing Strategy

Video content is the hottest trend in marketing – because it works. Using video correctly can improve your SEO, boost brand recognition, drive conversions, and build emotional connections with your audience. With these tips, you can get started with compelling video content that draws in short attention spans and holds them from start to finish. 

 

Torrey Tayenaka

Torrey Tayenaka is the co-founder and CEO at Sparkhouse, an Orange County based commercial video production company. Sparkhouse is known for transforming video marketing and advertising into real conversations. Torrey has also founded the companies Eva Smart Shower, Litehouse & Forge54.

 

 

Steve Streit On The Future Of Crypto, DeFi & The Blockchain

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Seasoned entrepreneur and investor Steve Streit has been enthusiastic about the potential of decentralized finance (DeFi) for years. His firm, SWS, is a high-conviction investor in several protocols and companies in the space, and he’s pleased to see that the wider world of finance is increasingly bullish on it as well.

Streit and other crypto-industry backers know that the sector’s growth won’t happen on a smooth curve, and that future “crypto winters” will test the conviction of some in the space. However, he believes the long-term prospects are strong, and that DeFi and the blockchain technology it’s built on have the power to transform the value chain for the better.

Here’s what Streit and his peers see as the most important trends driving the next phase of DeFi’s evolution.

“TradFi” Is Getting “DeFi”-Curious

DeFi companies have a better sense of what traditional finance companies want from the blockchain these days, and they’re getting more sophisticated about the solutions they deploy to attract them.

For example, Solana recently debuted 13 new token extensions in an effort to draw more transitional finance institutions “onchain,” DLNews reports.

“A growing number of enterprises are interested in the benefits of blockchain, but want to ensure that they can adopt the technology in a responsible way that adheres to their internal compliance processes,” Amira Valliani, policy head at the Solana Foundation, explained.

Streit and his peers believe traditional finance companies may continue to become more comfortable with DeFi, adopting decentralized protocols (or developing their own) over time.

Retail Investors Are Less Skeptical of Crypto Today

The “TradFi” trend intersects with another important development that’s advancing the crypto, blockchain and broader DeFi industry: retail investor enthusiasm.

A certain retail subgroup has always been bullish on crypto, but until recently it was made up mainly of early adopters whose belief in DeFi was more philosophical in nature. The newer, larger group of interested retail investors believes in DeFi for even simpler reasons: namely, that it’s profitable.

The release of the first Bitcoin ETFs could be the start of a transformational wave of activity in mainstream markets. In the not-too-distant future, the lines between “crypto investing” and “equities investing” may be much blurrier.

Falling Interest Rates Could Bode Well for the Industry in the Coming Years

Although the correlation is not perfect, DeFi tends to benefit from low interest rates. This is not only due to the fact that DeFi startups have an easier time raising money when rates are low, but because low interest rates can spark inflation and raise concerns about the stability of government-led central banks (the bedrock of the “TradFi” system). 

It’s possible, although not assured, that interest rates will fall in the next one to two years. Depending on the trajectory of inflation and overall economic performance in developed economies like the U.S. and Europe, they could remain low for even longer. This could prove to be a lasting tailwind for DeFi.

Regulation May Be a Good Thing in the Long Run

Much has been made of the apparent crackdown on risky, unregulated crypto activity. Truth be told, there’s less to this than meets the eye, as many of the highest-profile legal moves have been aimed at instances of outright fraud or theft.

In fact, many DeFi proponents believe that sensible government regulation is a good thing for the industry in the long term. A stable regulatory environment offers predictability for companies currently operating in the space and those planning to enter it. It may also give mainstream consumers the confidence needed to explore opportunities here.

AI and Crypto Are Complementary, Not Competitive

Until about two years ago, crypto was the darling of the tech industry. Today, that crown rests with AI. 

Is that a bad thing for DeFi? Perhaps not. Many DeFi advocates believe that crypto and AI are complementary rather than competitive, and that AI can help unlock new uses for decentralized tokens and blockchain protocols. AI could also help solve the industry’s energy problem by making crypto mining operations more efficient. 

What’s Next for DeFi?

Experienced investors like Steve Streit believe the decentralized finance industry may look very different in a few years than it does today.

They believe it will be bigger, more profitable, more impactful, and capable of solving a much wider range of problems.

Some might go so far as to say that they believe DeFi is the future of traditional finance.

Based on recent history, betting against this vision of a more democratic financial future seems risky. But only time will tell what’s next.

 

Unearthing The Truth: The Ravaging Impact Of Deforestation On Our Planet

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mining vehicles

mining vehicles

by Ralph Bianculli, CEO and Founder of Emerald Ecovations

An intricate web sustains diverse life and ecosystems on our planet, and at its heart lies the world’s forests. These lungs of the Earth are vital players in the global climate system and bastions of biodiversity. Despite their clear importance, these critical sanctuaries are under threat. Deforestation unravels the very fabric of life, with consequences rippling across climates, species, and communities.

As an executive in the paper and pulp industry, deforestation began to nag at my conscience. Sometime in the late ‘80s, I began investigating the material and chemical makeup of all the household items we produced, from tissues to toilet paper. What I found was disheartening. We used virgin tree fibers and drove deforestation in our manufacturing when we didn’t need to.

Timber, trade, and tragedy at the root of deforestation

Deforestation is a global crisis. According to recent estimates, the world loses an area of forest equivalent to the size of a football field every six seconds. This relentless assault has profound implications, not only for the ecosystems directly involved but for the entire planet.

The persistence of deforestation is primarily driven by a complex interplay of economic, social, and political factors that outweigh conservation efforts in many regions around the globe. Economically, deforestation is driven by the global demand for timber and agricultural land. Forests are often cleared for cash crops such as palm oil, soy, and cattle ranching. The financial incentives for landowners and governments to convert forests into agricultural or developed land are significant and offer immediate economic benefits that, in the short term, supersede the long-term ecological costs. This economic rationale is particularly compelling in developing countries, where agriculture remains a cornerstone of the economy and a critical source of livelihood for a large portion of the population.

Social and political factors also play a crucial role in continuing deforestation. In many cases, governance issues, such as lack of enforcement of environmental regulations, corruption, and land disputes, undermine efforts to combat deforestation. Additionally, the global nature of supply chains means that the consumption patterns of developed nations drive deforestation in distant countries, disconnecting consumers from the environmental impact. Despite increasing awareness and concern, the political will to address these root causes of deforestation often lags behind, hampered by competing economic interests and the globalized nature of the problem.

Felling our future despite the clear-cut connection between forests and climate change

Forests act as carbon sinks. That means they absorb more carbon dioxide than they emit, which is critical in mitigating climate change.

Up to 1.8 gigatonnes of carbon dioxide emissions were linked to primary forest loss in 2019. That is comparable to 400 million cars’ annual emissions.

About 30 percent of the carbon emissions we generate as we burn fossil fuels are absorbed by forests. When a tree is cut down, two disastrous things occur. The tree’s sequestered carbon dioxide is released, and the tree can no longer absorb carbon dioxide in the future. It’s a one-two punch to the planet that is not sustainable.

Biodiversity leaves with the trees

Forests are diverse habitats. In fact, tropical forests harbor 62% of the planet’s land-dwelling vertebrates, twice the amount that calls any other terrestrial biome home.

Forests don’t grow overnight; they take centuries to mature. It is in these mature forests that wildlife thrives.

Deforestation significantly impacts the planet’s biodiversity, with one of the most unfortunate consequences being the loss of habitat for millions of species. When forests are cleared, it disrupts the ecological balance, affecting vital parts of an ecosystem such as pollination pathways, freshwater supplies, seed dispersal, and climate regulation. This habitat destruction dramatically reduces species diversity and abundance, pushing many species towards endangerment or extinction. According to a report by the Science Panel for the Amazon, more than 10,000 species of plants and animals are at high risk of extinction due to the destruction of the Amazon rainforest.

The social impact of deforestation: How tree loss affects people and communities

The ravages of deforestation directly impact human societies, particularly those living in and around these wooded areas. Many indigenous communities rely on forests for their livelihood, culture, and survival. The depletion of these environments threatens their way of life, leading to conflict, displacement, and the loss of cultural heritage.

Furthermore, deforestation has direct implications for global food security. Forests play a crucial role in regulating water cycles; their destruction affects rainfall patterns and water availability for agricultural purposes.

Additionally, Forests are home to a vast array of plants and animals, many of which are vital for pollination, pest control, and maintaining soil fertility. Deforestation disrupts these ecological services, affecting crop yields and food diversity. Furthermore, clearing forests for agricultural expansion often involves cultivating a narrow range of crops, which can lead to soil degradation and a decrease in land productivity over time. This shift affects not only the quantity and quality of food available but also the nutritional diversity of diets, particularly in rural areas where people rely heavily on forest resources for their dietary needs.

Turning over a new leaf to reverse deforestation trends worldwide

Deforestation is a worldwide problem requiring global solutions. The most viable strategies involve deforestation regulation, changing consumer buying habits, and new technologies that allow Tree-Free products to be produced at scale.

From a regulation perspective, the UN is part of the Collaborative Partnership on Forests to stop deforestation globally. Significant changes like this also often start with government regulation and intervention to enhance these changes.

To change consumer buying habits, we need to educate. Most consumers don’t realize that it takes 32 million trees annually to make our coffee cups or that 27,000 trees are felled daily for our toilet paper consumption in the US alone. What is even more important to know is that we don’t need trees to make paper. We can use grasses like bamboo and miscanthus, as well as agricultural byproducts like bagasse from sugar cane. Once consumers realize the impact their choices of everyday essentials have on the environment, legacy players will be forced to choose alternative solutions.

The scourge of deforestation is an urgent environmental crisis with far-reaching impacts on climate, biodiversity, and human societies. Its continuation spells disaster for the global ecosystem and the delicate balance that sustains life on Earth. However, through concerted efforts encompassing policy changes, conservation initiatives, and shifts in consumer behavior, there is hope. By unearthing the truth about deforestation, we can sow the seeds for a greener, more sustainable future for our planet.

 

ralph bianculli

Ralph Bianculli is the CEO and Founder of Emerald Ecovations. Established with a vision to reduce waste and promote environmental consciousness, Emerald Ecovations has been at the forefront of the green movement for over a decade.
With a passion for creating a positive impact on the environment, Ralph has dedicated his career to promoting sustainable practices within the business world.

Managing Inventory: Maximise Cash Flow With These 7 Best Practices

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by Peter Kingma, author of “CASH IS KING“ 

No matter what business you’re in, market demand for your company’s products will never be constant. That’s why managing inventory effectively is essential. Getting caught with too much or too little inventory can be disastrous. Too little inventory means that you can’t fill customers’ orders. On the other hand, if you have too much inventory, you may be creating a dangerous cash drain.

In my work advising clients, I often see leaders who understand the importance of cash for their businesses, but fail to pay attention to how inventory impacts cash flow. I recognize that inventory management can be complicated and can trip up even the best companies. But there are ways to simplify the process. In this article, I provide best practices for implementing a successful inventory management system. These concepts should be embraced by everyone in your organization.

Managing inventory wisely

Obviously, if you run a company that makes products, you need inventory. You need  raw materials. You need spare parts to fix equipment, and you need finished goods to sell. However, inventory is very expensive and can tie up a lot of precious cash. It’s important to acknowledge that every dollar invested in inventory has equal value with unequal returns, meaning, investing in inventory that sells quickly and at a high margin produces more favorable returns on the investment than inventory that sits around unused.

Let’s start with some basic descriptions of inventory. There are essentially four categories:

  • Raw inventory. This consists of the materials that enter your plant, such as rolls of aluminum, plastic fasteners, circuit boards, and so on. These are components that will be used in the production process. Raw materials may arrive from suppliers all over the world. The receiving process varies greatly depending on the materials and your contractual arrangements.
  • Work in progress (WIP). This is the inventory within your plant as it flows through the production process. The amount of WIP varies greatly from company to company, depending on the process of production. Some products like batteries require a curing process after lead and acid are combined. Sometimes WIP can grow if there are shortages in raw materials. In the past few years, there was a global microchip shortage. Almost-finished automobiles piled up in lots outside factories, awaiting the installation of the critical chips. This is often referred to as trapped inventory. It can become a very costly problem, tying up precious cash at the same time as sales plunge because a company can’t sell half-finished goods.
  • Finished goods. These have completed the production process but remain in your plant and on the company books awaiting final distribution. Processes such as packaging and documentation requirements can cause this inventory to build up. But there might be intentional reasons to pile up finished goods inventory. Perhaps there is a known seasonal pickup in sales so you must prebuild in anticipation.
  • Maintenance, repair, and operations (MRO) MRO inventory is a classification for products such as spare parts for machinery in the factory. It also includes anything required for day-to-day maintenance and operations.

Material requirement planning (MRP) software can help calculate optimal inventory levels, taking into consideration all sorts of drivers such lead times, batch sizes, and so on. These applications are powerful tools, but they do require continuous updates and trust.

Inventory Stocking Categories

There are five key inventory stocking categories to monitor:

  • Cycle stock. This is the amount of inventory needed to meet current demand. For example, your forecast calls for you to produce 25 electric motors each day. You need 5 units of a certain type of fastener for each motor. So, every day the cycle stock for that fastener is 125 units. But do things hold constant? Are there no fluctuations in demand? No disruptions in supply and delivery? Hardly! So, you need to account for those scenarios by holding safety stock.
  • Safety stock. This is your hedge against fluctuations. Safety stock is calculated based on historic variations in factors such as demand and lead times. On most days you needed 125 units, but sometimes demand surged and you needed 150 units. Or your lead time fluctuated a day or two, so you didn’t always have the 125 units you needed on hand. Looking at those historic fluctuations you can then calculate how much you need, based on your desired service level.
  • Pipeline stock. This is the inventory that is in transit from the supplier to the plant. Delivery times, minimum order quantities, batch sizes, and so on can affect how much you need to have in transit to meet your cycle and safety stock requirements. Sourcing from low cost, yet distant countries might not always be the best option if it means you end up with more inventory (that you own) on boats trying to get to your plant. Understanding the economic trade-offs is very important.
  • Prebuild stock. You might elect to prebuild ahead of seasonal demand surges or in anticipation of plant shutdowns. Anticipating these periods, you would schedule some prebuilds to offset for the decreased production capacity.
  • Merchandising stock. This is the stock of finished goods required to meet sales demand. This can increase if service level commitments have been made with customers.

Seven Best Practices

With these categories in mind, here are seven best practices to follow:

  1. Pay close attention to safety stock calculations. If you have invested in MRP tools, make sure your team is using the full capability. Avoid one-off calculations and deviations from established planning processes.
  2. Examine pipeline stock and look for opportunities to shorten transportation windows while also decreasing minimum order requirements. A steady flow of material at a constant pace is easier to work with versus erratic schedules and large quantity requirements. Implement economic trade-off processes. Be sure to account for total costs including the cost of investing in extra inventory when considering sourcing.
  3. Review prebuild assumptions. When possible, build up to the point of greatest flexibility. For example, if you know the Volt Minnie as a product family will increase in demand, but you are not yet sure of the demand for customized features, build to the base-level requirements and then add or modify later as needed.
  4. For made-to-order inventory, there should be little to no merchandise stock on hand. If there is, challenge those assumptions and decisions that drives the need to hold that inventory.
  5. Implement and follow standard planning processes such as monthly Sales & Operations Planning and weekly Sales & Operations Execution processes. Document the decisions made so that you can review add adjust as needed.
  6. Pay close attention to maintenance schedules and be thoughtful about scheduling them, recognizing that each time a line goes down there will likely be a prebuild of inventory.
  7. Treat inventory dollars invested as equal to dollars invested in capital equipment or research. This brings great clarity and forces good decisions. Tying up cash in slow-moving or excess inventory is wasteful and makes for poor investments.

Impact

Inventory can have a tremendous impact on a business. Make sure that everyone in your organization understands this and is willing to follow established processes that allow precious capital to be deployed to its best use. Sticking to these best practices will help ensure the success and longevity of your company.

 

peter kingma

Peter Kingma, author of “CASH IS KING“, is the Americas Working Capital Leader for EY Parthenon. Working across a variety of sectors including automotive, aerospace, defense, healthcare, retail, and consumer products, he advises business leaders on how to optimize the management of cash.  His work has led to well over 25 billion dollars of value creation for his clients. You can learn more at peterkingma.com.

 

Moments Of Truth: How To Navigate Unexpected Events In Business And Life

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by Stan Rose, PhD, author of “Can’t Tame a Mongoose: Memoir of a Genomics Entrepreneur“

I’m a longtime serial entrepreneur in biotech, specializing in DNA and genome analysis. I’m also a two-time kidney transplant recipient. These two sides of my life have gone hand in hand for the past two decades. In 2000, the first company I cofounded was acquired in a deal that returned over 10x to shareholders. Two years later, with no warning, I was diagnosed with a kidney-destroying genetic disease. I received a transplant thanks to a very generous friend and colleague who donated a kidney. After recovering I went on to lead multiple other companies to successful outcomes. Then, during the COVID19 pandemic, my donated kidney unexpectedly started to fail.

Facing an uncertain future yet again, I thought about what I wanted to leave behind, and that was wisdom. I could help rising entrepreneurs by sharing my knowledge. Many had asked me how I was able to succeed multiple times when 90% of new technology-based businesses fail in their first 5 years.

After much consideration I had an epiphany: one thing that really made a difference was how I dealt with unexpected events. While the nature of events that cause businesses to fail is well-catalogued, what’s underappreciated is how unanticipated events have an impact. They may not be expected, but they occur with enough frequency to be considered inevitable. In business and in life, they may be challenges and they may be opportunities, but they’re always a clear moment of truth.

There are certain values, skills, and approaches that, if practiced regularly, can increase the likelihood of navigating through these events to successful outcomes. Reflecting on my own experience, I realized that whether in business or in life, they work the same way. Just as a business is suddenly thrown into a crisis, so was I; in a short period of time, I had to decide which doctors to work with, find out where to have the transplant performed, and most importantly, find a donor.

Here’s what counted in that moment of truth:

1. Focus on Relationships.

Always keep building, tending to, and leveraging relationships. You never know whose talent, skill, possession, or network you may suddenly need. Stay proactive, resourceful, open to new ideas, and leave no stone unturned. To find a living kidney donor I cast a very wide net, from family to complete strangers. I tapped into my professional connections in healthcare, asking physicians to connect me with colleagues at hospital transplant programs. Even though my second kidney donor was a relative, it was many months before I knew that would be the case. While searching, I built relationships with multiple living donor advocacy groups.

2. Keep Considering Options.

Given the frequency with which businesses fail, it’s helpful to keep thinking of alternative paths forward, especially if an unexpected challenge arises, or a new opportunity emerges. Sometimes there is no way to know in advance which path will lead to a successful outcome. In the case of a kidney transplant, typically the source for a donated kidney is a complete unknown. Living donors must be compatible (at the blood type level), as well as suitable (meaning that the risk to themselves of donating one of their two kidneys is minimal). Kidneys may also be obtained from deceased donors, although the need far exceeds the supply. To increase the likelihood of receiving a deceased donor kidney, some patients are able to get into multiple transplant programs in different regions of the US. If none of these paths work out, dialysis can provide a bridge to buy more time.

3. Stay Persistent.

It’s easy to get down when an unexpected challenge emerges. Not only must you fight this resistance, you must also conduct your affairs with a sense of urgency and persistence (focused and determined, but not reckless). Things don’t always go as planned, so it’s key to learn from every setback and build up resilience. In the case of my transplant, I had developed a strong support network of family, friends, and physicians. As in business, I benefited from building strong teams of people with diverse perspectives and complementary skills. At some point actions needed to be taken to make my need more broadly known, so I engaged a professional marketing team with experience creating campaigns to raise awareness for those in need of kidney transplants.

3. Confidence is Key.

Handling these unexpected situations requires self-confidence, as well as confidence in your team, whether your business colleagues or, in the case of my transplant, the physicians, nurses, coordinators, and members of my personal support team. At one point, I got uncharacteristically down and reached out to a lifelong hero of mine for some words of inspiration. NBA legend Walt “Clyde” Frazier responded to my request for a pep talk. He and his partner Patricia have continued to support me.

No matter your intelligence, planning or vetting, unexpected events will happen. It’s inevitable – in business and life. How you respond in these moments of truth will often determine success or failure. Preparation is critical, as is practicing these skills. They can turn a moment of truth into a milestone in your personal or professional growth.

Stan Rose

Stan Rose, PhD is an MIT biologist turned life sciences executive and entrepreneur who has created and led multiple businesses in the emerging fields of DNA analysis and genomics. His firm, Rose Ventures, Inc., works with early-stage companies developing innovative, high-impact life science products and services. His new book is “Can’t Tame a Mongoose: Memoir of a Genomics Entrepreneur“. Learn more at roseventures.net.

 

Budgeting Techniques For Small Businesses Looking To Cut Costs

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Effective budgeting is crucial for the sustainability and growth of any small business. For businesses looking to cut costs, careful planning and strategic allocation of resources are essential.

This article outlines several budgeting techniques that small businesses can adopt to reduce expenses without compromising on quality or service.

Understand Your Financial Situation

The first step in budgeting is to gain a clear understanding of your financial situation. This involves a thorough analysis of your income, expenses, assets, and liabilities. By reviewing your financial statements, you can identify patterns and areas where costs can be reduced. Regularly updating your financial records ensures that you have accurate data to make informed decisions.

Prioritise Essential Expenses

It is important to differentiate between essential and non-essential expenses. Essential expenses are those that are necessary for the day-to-day operation of your business, such as salaries, rent, utilities, and inventory. Non-essential expenses, on the other hand, include items that can be reduced or eliminated without significantly impacting your business operations, such as subscriptions, travel expenses, and office perks.

Implement Cost-Saving Measures

One of the most effective ways to cut costs is to implement cost-saving measures. This can include negotiating better deals with suppliers, switching to more affordable service providers, and reducing energy consumption. For instance, switching to energy-efficient lighting and equipment can result in significant savings on utility bills. Additionally, adopting digital tools and automation can streamline operations and reduce labour costs.

Monitor and Control Cash Flow

Maintaining a healthy cash flow is vital for any small business. To achieve this, it is important to regularly monitor your cash flow and ensure that your expenses do not exceed your income. Implementing strict credit control measures can help prevent overdue payments from customers, thereby improving your cash flow. Additionally, consider offering incentives for early payments to encourage customers to pay promptly.

Leverage Technology

Technology can be a powerful ally in reducing costs. There are numerous software solutions available that can help you manage your finances more effectively. Accounting software, for instance, can automate many of the tasks involved in bookkeeping, reducing the need for manual input and minimising errors. Cloud-based services can also provide cost-effective alternatives to traditional IT infrastructure, reducing the need for expensive hardware and maintenance.

Fuel Cards

For businesses that rely on transportation, fuel costs can be a significant expense. One effective way to manage and reduce these costs is by using a fuel card. Fuel cards offer several advantages over traditional payment methods. They provide detailed reports on fuel usage, enabling you to track and control fuel expenses more effectively. Additionally, fuel cards often come with discounts at participating fuel stations, which can result in substantial savings over time. By setting spending limits and restricting the types of purchases that can be made with the card, you can further control costs and prevent misuse.

Evaluate Staffing Needs

Labour costs are typically one of the largest expenses for small businesses. Evaluating your staffing needs and optimising your workforce can lead to significant savings. Consider whether all positions are essential and if some tasks can be automated or outsourced. Flexible working arrangements, such as part-time or freelance contracts, can also reduce costs. Moreover, investing in staff training and development can improve productivity and efficiency, leading to cost savings in the long run.

Reduce Waste

Minimising waste is another effective way to cut costs. This can involve anything from reducing paper usage to implementing a recycling programme. In a manufacturing setting, it may involve streamlining production processes to reduce material waste. Conducting a waste audit can help identify areas where resources are being wasted and implement measures to address these issues.

Review and Adjust Regularly

Budgeting is not a one-time task but an ongoing process. It is important to regularly review and adjust your budget to reflect changes in your business environment. This can include changes in market conditions, customer behaviour, or new regulations. By staying flexible and adapting your budget as needed, you can ensure that your business remains financially healthy.

Seek Professional Advice

If you are struggling to manage your budget, consider seeking professional advice. Accountants and financial advisors can provide valuable insights and help you develop a comprehensive budgeting strategy. They can also assist with tax planning and identify opportunities for cost savings that you may have overlooked.

Conclusion

Effective budgeting is essential for small businesses looking to cut costs and improve their financial health. By understanding your financial situation, prioritising essential expenses, implementing cost-saving measures, and leveraging technology, you can develop a budget that supports your business goals. Additionally, leverage on tools such as fuel cards to help manage specific expenses more effectively. Regularly reviewing and adjusting your budget, along with seeking professional advice when needed, will ensure that your business remains on a solid financial footing.

By adopting these budgeting techniques, small businesses can navigate financial challenges and achieve long-term success.

 

What Does It Mean To Be An Accredited Investor?

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Investment assets like venture capital, hedge funds, and startups are seemingly unavailable to your average investor. This is mostly due to companies having exemptions from regulations and policies that protect investors from unwanted or unnecessary risks. An accredited investor invests in these types of unregulated securities. They have a reputation for possessing capital and the knowledge to handle the risks in unregulated investment assets.

In this article, we’ll cover exactly what an accredited investor is, requirements, the assets they can buy, and their relationships with startups, venture capitalists, and hedge fund companies.

Defining an Accredited Investor

It refers to a person or an entity investing in private securities that are unregistered or unregulated by the SEC (Securities and Exchange Commission). The SEC defines an accredited investor based on the following requirements:

Income

An accreditor investor has a minimum income of $200,000 or $300,000 (joint income with a spouse). Investors should maintain their income level every year.

Net Worth

An accredited investor must have a net worth of $1 million or more, independently or jointly with a spouse. The net worth should exceed the total value of the primary residence.

Skills

The accredited investor should be a knowledgeable employee holding a series of 82, 65, or 7 licenses.

Such strict parameters protect the investors who might fail to accumulate cash reserves to handle the significant losses. SEC believes that investors with less experience might fail because such offerings demand a minimum investment. It doesn’t mean that hedge fund companies and early-stage companies lose money because of the strict criteria. Unregulated investments are risky because they disclose information to their investors,

Assets that Accredited Investors Buy

An accredited investor invests in:

  • Angel investments
  • Venture capital
  • Hedge funds
  • Real estate investment funds
  • Private equity funds
  • cryptocurrency

Such entities selling investors’ securities offerings are Regulation D offerings or private placements. The private placements exempt some securities from SEC guidelines and policies. The company registering with Regulation D offerings should submit basic details like location, staff, and offerings. Any extra info investors receive depends on the company or organization issuing the private placement offerings.

How Companies Verify Accredited Investors?

The parameters for becoming an accredited investor are strict but need a well-defined federal verification process. It depends on the organizations to verify the status of potential investors before allowing them to invest capital. Companies seek skills, net worth, and income verifications, like investment and bank statements, proof of employment, licensing, employment, and tax returns. A potentially accredited investor shouldn’t include primary residence value towards his net worth requirement.

Investing in Startups

Accredited investors have multiple options for investing in startups. They accomplish this through a VC (Venture Capital) firm or by leveraging the opportunities of an online marketplace and sourcing private placement offerings. With VC firms, accredited investors become the investors in the fund, and the VC firm invests capital in startups. Startups should understand that there is a liquidity limit in the VC fund and be mindful of the risks. The online marketplaces connect investors with investment scopes across multiple platforms, and due diligence is pivotal.

Investing in Hedge Funds

The primary motive of hedge funds is to give positive ROIs, irrespective of the market conditions. Investing in a hedge fund is challenging and cannot be done through a brokerage (online) or by calling a hedge fund company. There must be someone at the company, and the vetting process isn’t easy. Similar to VC investments, there is low liquidity, and the investment minimum amount is high.

Other Fund Investments

Accredited investors invest in funds that mimic the variegation of mutual funds, known as funds of funds. The fund invests in several other hedge or mutual funds. The fees for such funds are similar to those of hedge funds. Their performance can be benchmarked and monitored using the online Funds of Funds Index.

Conclusion

Along with net worth and income, an accredited investor should be cautious about investment opportunities. Every investment comes with risks, but accredited investors should be more careful as securities offerings demand higher upfront financial commitments. If investors want to explore the available options, reaching out to financial advisors is wise.

 

An Insider Look At E-Commerce In Singapore

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by Ted Chong, co-founder of Ice Cube Marketing

Historically, we advised local businesses to avoid engaging in e-commerce directly. Instead, we recommended listing their products on major platforms like Lazada, Shopee, or Qoo10. These platforms offer an extensive range of products, making it challenging for individual businesses to compete. Many items on these sites are sold at a loss, with the platforms subsidizing prices to attract consumers. They recoup these losses over time as customers return to purchase other items.

These large platforms have significant funding, allowing them to sustain losses on certain products for extended periods. However, we’ve recently observed a shift, with many of our clients beginning to find success in e-commerce. While they may not be seeing returns of 10x or 20x, they are achieving a positive return on investment (ROI). This positive ROI justifies continued investment, as they are able to cover advertising costs and acquire new users at no net cost.

Traits of Successful E-commerce Businesses in Singapore

Among the local businesses that thrive in e-commerce, several common characteristics stand out:

1. Promote Your Own Brand.

Instead of selling well-known products from brands like HP or Philips, focus on selling your own branded products. Popular brand items are easy for consumers to price-compare, leading them to purchase from the cheapest retailer. However, with your own brand, the competition shifts from price to perceived value. If you can effectively communicate the value of your product, customers are more likely to purchase from you, even if your prices aren’t the lowest.

2. Target Impulse Buyers with Affordable Prices.

Aim to price your products within a range that encourages impulse purchases, typically under $100. This pricing strategy is particularly effective on platforms like Facebook, where users are often browsing casually and open to spontaneous buying decisions. High-ticket items require more consideration and can lead to delayed purchases or lost interest. On social media, where users are more likely to be engaging in recreational browsing, a well-priced, attractive product can lead to quick sales without extensive price comparisons.

3. E-commerce isn’t confined to physical products.

Service-oriented businesses in Singapore can also carve out their niche in the e-commerce sector. That’s correct; you can offer services and accept payments online. This is known as O2O, or online to offline. For example, you can sell a trial session for $50 online or offer your full package with an upfront deposit payment. There are numerous advantages to this approach, the most significant being that it increases the likelihood of clients showing up for their appointments since they have already made a payment. This provides higher chance of success as compared to traditional forms of lead generation whereby no payment is collected. Additionally, this method reduces administrative work by automating payment processes. Furthermore, the revenue generated online can help offset some of your advertising expenses, making your marketing efforts more cost-effective.

E-commerce is rapidly gaining traction, especially with the increase in remote work. Consumers are becoming increasingly comfortable with conducting transactions online. Regardless of whether your business is service-oriented, product-focused, or event-driven, there are opportunities to engage in e-commerce. Ensure that you capitalize on this growing trend and don’t get left behind!

 

ted chong

Ted Chong is the co-founder of Ice Cube Marketing, a Google Premier Partner digital marketing agency in Singapore that has been operating since 2015 and has helped more than 500 SMEs grow their business through Facebook and Google ads.

 

 

Comparing Leaflet Distribution Pricing To Digital Ads

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Digital advertising costs have been steadily increasing over the past few years. As more businesses compete for online visibility, the cost per click and cost per impression on platforms like Google Ads and social media continue to rise. In contrast, leaflet distribution remains a cost-effective and powerful method for reaching local audiences. In this blog post, we will compare the costs and benefits of leaflet distribution versus digital advertising to help businesses choose the right strategy for their marketing needs.

Leaflet distribution directly delivers printed marketing materials, such as flyers or brochures, to potential customers. This method can include door-to-door distribution, business-to-business drops, hand-to-hand distribution, and direct mail campaigns. It’s a traditional marketing technique that has stood the test of time, proving its effectiveness in various industries.

Cost Structure:

  • Design Costs: Professional leaflet design services typically start around £30 per design, depending on the complexity and customisation. This cost can be a one-time investment, especially if the design can be reused or modified for future campaigns.
  • Printing Costs: Printing costs vary based on quantity, paper quality, and colour options. Opting for bulk printing can reduce the per-unit cost, making it even more economical.
  • Distribution Costs: Distribution costs depend on the method chosen and the coverage area. Specialised services like GPS tracking can add to the cost but ensure higher reliability and accuracy in distribution.

Benefits:

  • Tangibility: Leaflets are physical items that recipients can touch and hold, making them more memorable than digital ads. The tactile nature of a leaflet can create a lasting impression, especially when designed with high-quality materials.
  • Local Targeting: Leaflet distribution allows businesses to effectively target specific neighborhoods and local areas. This can be particularly beneficial for businesses that operate within a specific geographical radius.
  • High Engagement Rates: Well-designed leaflets can capture the attention of potential customers and encourage immediate action. They can include offers, discounts, and calls to action that drive recipients to engage with the business.

Overview of Digital Advertising

Definition: Digital advertising encompasses various online marketing tactics, including social media ads, Google Ads, display advertising, and more. These ads appear on digital platforms and can be targeted based on user behaviour, interests, and demographics.

Cost Structure:

  • Ad Creation Costs: Creating digital ads can involve design fees, video production costs, and copywriting expenses. These costs can vary widely based on the complexity of the ad and the level of expertise required.
  • Pay-Per-Click Costs: Advertisers pay each time someone clicks on their ad. Costs vary widely, depending on the industry and competition, from a few pence to several pounds per click. High-demand keywords can drive up costs significantly.
  • Management Fees: If you hire an agency to manage your digital ads, expect to pay a management fee, which can be a percentage of your ad spend or a flat rate. These fees cover the ongoing optimisation and management of your campaigns.

Benefits:

  • Broad Reach: Digital ads can reach a global audience, making them ideal for businesses targeting a wide geographic area. This expansive reach is particularly beneficial for online retailers and service providers.
  • Targeting Capabilities: Digital platforms offer advanced targeting options based on demographics, interests, behaviours, and more. This precision targeting allows businesses to reach highly specific audiences.
  • Real-Time Analytics: Digital advertising provides immediate feedback and detailed analytics, allowing for quick adjustments and optimisation. Businesses can track impressions, clicks, conversions, and more in real-time.

Cost Comparison

Upfront Costs:

  • Leaflet Distribution: Initial costs include design, printing, and distribution. These costs are typically lower than the setup costs for a comprehensive digital advertising campaign.
  • Digital Advertising: Initial costs include ad creation and setup. For a small campaign, you might spend £200-£500 on ad creation, plus ongoing pay-per-click expenses. The upfront investment can be significant, especially for businesses new to digital advertising.

Ongoing Costs:

  • Leaflet Distribution: Once printed and distributed, there are no recurring costs unless you run another campaign. This makes it a cost-effective option for businesses looking to manage their marketing budget effectively.
  • Digital Advertising: Ongoing costs include pay-per-click and potential management fees, which can add up quickly, especially in competitive industries. Continuous investment is required to maintain visibility and engagement.

Cost Per Impression:

  • Leaflet Distribution: Reaching 1,000 households with leaflets can result in a cost per impression of around 5p, making the leaflet distribution price a highly economical option for local marketing.
  • Digital Advertising: Cost per impression varies but can be higher in competitive markets. It’s common to see costs ranging from £1 to £5 per click, depending on the platform and targeting criteria. High competition for keywords and ad placements can drive costs up.

Effectiveness and ROI

Engagement Rates:

  • Leaflet Distribution: Physical leaflets often have high engagement rates. People are likely to read them, especially if they are well-designed and relevant. The physical presence of a leaflet makes it harder to ignore than digital ads that can be easily scrolled past.
  • Digital Advertising: Engagement rates can vary widely. While some ads perform well, ad blockers may ignore or block others. The saturation of digital ads can also lead to ad fatigue among consumers.

Conversion Rates:

  • Leaflet Distribution: Clear calls to action on leaflets can drive immediate responses. For example, a special offer or discount code can entice recipients to visit your store or website. The direct and personal nature of leaflets can result in higher conversion rates.
  • Digital Advertising: Digital ads can also drive conversions but often require continuous optimisation and monitoring to achieve the best results. The effectiveness can vary based on the ad copy, targeting, and user experience.

Customer Trust and Credibility:

  • Leaflet Distribution: Physical leaflets can build trust and credibility. They are perceived as more reliable compared to digital ads, which may sometimes be viewed as intrusive. A well-crafted leaflet can enhance the perceived professionalism and legitimacy of a business.
  • Digital Advertising: While effective, digital ads can sometimes struggle with trust issues, especially if they appear too frequently or seem invasive. Consumers may be wary of clicking on ads due to concerns about online privacy and security.

Targeting Capabilities

Local Targeting:

  • Leaflet Distribution: Perfect for targeting specific streets and areas. Businesses can focus their efforts on local customers who are more likely to visit their stores or use their services. This localised approach can lead to better customer relationships and community engagement.
  • Digital Advertising: Offers advanced targeting options but may not always effectively reach local audiences. It’s ideal for broader, less geographically focused campaigns. While digital platforms offer geographical targeting, it may not be as precise or impactful as physical distribution.

Digital Targeting:

  • Leaflet Distribution: Limited to geographic and demographic targeting based on the distribution area. This method is ideal for businesses that rely heavily on local foot traffic and community presence.
  • Digital Advertising: Allows precise targeting based on various criteria, including age, interests, behaviours, and more. However, this can come at a higher cost. Advanced algorithms and data analytics enable businesses to reach niche audiences with specific interests.

Measurable Results

Tracking and Analytics:

  • Leaflet Distribution: Tracking success involves methods like unique discount codes or QR codes. While not as immediate as digital analytics, these methods provide tangible results. Businesses can measure the effectiveness of this strategy by tracking redemptions and responses.
  • Digital Advertising offers real-time analytics, providing immediate feedback on ad performance. This allows for quick adjustments and optimization. Detailed metrics such as click-through rates, conversion rates, and user engagement help refine strategies.

Adjustments and Flexibility:

  • Leaflet Distribution: Campaigns can be adjusted based on feedback, but changes are slower than digital methods. However, this method allows for in-depth analysis of each campaign cycle, leading to more informed decisions for future distributions.
  • Digital Advertising: Extremely flexible with making real-time adjustments based on performance data. This flexibility is ideal for dynamic markets where consumer preferences change rapidly. Immediate tweaks can enhance campaign effectiveness.

Leaflet distribution offers numerous advantages for small businesses, especially regarding cost-effectiveness and local targeting. While digital advertising has benefits, such as broad reach and real-time analytics, the tangible nature and high engagement rates of leaflets make them an essential tool for local marketing. By incorporating leaflet distribution into your marketing strategy, you can effectively reach your local audience, build trust, and drive business growth.

[Photo by cottonbro studio]

 

Elevate Your Team: Transforming Sales With New Home Sales Training Courses

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online learning

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Key Takeaways:

  • Identifying essential strategies to revolutionize the sales process in new home sales.
  • Understanding the importance of comprehensive training to stay competitive in the ever-evolving real estate market.
  • Acknowledging the impact of continuous learning to foster team growth and boost sales results.

Table of Contents:

  • Introduction
  • Real Estate Sales in Today’s Market
  • Maximizing Potential with the Right Training
  • Critical Skills Offered by Home Sales Training Courses
  • The Art of Relationship Building and Networking
  • Embracing Technology to Enhance Sales
  • Strategic Marketing for New Home Sales
  • Fostering Ethical Sales Practices for Trust Building
  • The Role of Adaptive Learning in Sales Success
  • Assessing and Measuring Training Efficacy
  • Conclusion

Introduction

In the fiercely competitive realm of new home sales, the pressure to not just meet but exceed sales targets is immense. Success in such a market demands more than traditional sales techniques and interpersonal skills. Today’s environment demands sophistication and comprehensive knowledge that can only be attained through targeted, professional sales training programs. A focused approach to developing and delivering training can significantly transform a sales team’s effectiveness, resulting in an increased bottom line and sustained growth.

Real Estate Sales in Today’s Market

The landscape of real estate sales is continually transforming, shaped by factors like market volatility, changing consumer behaviors, and technological advancements. To lead a successful sales team, it is crucial to understand the current market dynamics and equip your team with the necessary skills and knowledge. For instance, incorporating New Home sales training courses into your team’s education can make a critical difference, laying the groundwork for sophisticated sales strategies and cutting-edge practices that set your team apart.

Maximizing Potential with the Right Training

The cornerstone of a high-performing sales team is a solid foundation in training that covers the gamut of skills required in today’s market. Comprehensive sales training courses catalyze professional development, allowing sales teams to hone their craft and maximize their full potential. This means going beyond the basics of selling and delving into the strategic elements of sales, from understanding the buyer’s journey to mastering negotiation tactics.

Critical Skills Offered by Home Sales Training Courses

Home sales training provides an array of essential skills fundamental to the success of any sales professional. Core topics typically include understanding the psychology of buying, developing compelling sales pitches, crafting effective closing techniques, and managing the follow-up process efficiently. Additionally, sales professionals learn to identify and adapt to different buyer profiles, tailor their approach accordingly, and deal with objections constructively.

The Art of Relationship Building and Networking

A critical aspect of sales training often overlooked is the art of relationship building and the power of an extensive network. High-quality sales training courses emphasize creating and nurturing relationships with potential clients and other industry professionals. Techniques for effective networking, maintaining client relationships post-sale, and leveraging contacts for referrals are indispensable skills that significantly contribute to a sales team’s success.

Embracing Technology to Enhance Sales

Embracing modern technology is no longer optional in the fast-paced world of real estate sales. Today’s sales training must include education on the latest digital tools—from customer relationship management (CRM) systems to virtual tours. Understanding how to integrate these tools seamlessly into the sales process can provide a competitive edge, improve operational efficiency, and offer a better customer experience.

Strategic Marketing for New Home Sales

Selling new homes also involves an understanding of strategic marketing principles. Sales professionals must be adept at positioning properties in the market, identifying unique selling propositions, and executing impactful marketing campaigns. Effective sales training programs impart these strategic marketing skills, equipping sales teams with the knowledge to attract and engage the right audience for each property.

Fostering Ethical Sales Practices for Trust Building

Ethical sales practices play a significant role in an industry where trust is paramount. Proper sales training embeds a robust ethical framework within which sales professionals operate, ensuring transparency and integrity in every transaction. Long-term business relationships are built on trust, and sales teams trained to uphold the highest ethical standards are poised to earn and maintain a reputation of reliability and honesty.

The Role of Adaptive Learning in Sales Success

The concept of adaptive learning is integral to the ongoing success of any sales professional. Real estate markets and consumer trends are fluid, so sales training should not be a stagnant, one-time event. Instead, ongoing training that adapts to market changes ensures that sales teams remain knowledgeable and responsive to new developments, enabling them to continue performing at peak levels.

Assessing and Measuring Training Efficacy

To ensure that the investment in sales training yields the desired results, it is essential to consistently assess and measure its efficacy. This involves setting clear objectives, establishing metrics for success, and regularly reviewing performance data. The insights gained from this analysis can drive ongoing improvements in training programs, further enhancing the sales team’s capabilities and results.

Conclusion

Transforming sales performance within new home sales requires a multifaceted approach and a commitment to excellence that begins with comprehensive training. By investing in sales training courses, managers and team leaders can cultivate a sales force that’s resilient, versatile, and equipped for today’s challenges. As the real estate market continues to evolve, those who prioritize the development of their teams through continual learning and rigorous practice will find themselves leading from the front, setting the standard for success in the exciting and ever-changing world of new home sales.

 

How To Maintain Effective Business Operations

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Maintaining effective operations in business is akin to steering a ship through stormy waters. Whether you’re a startup or an established enterprise, the ability to keep operations running smoothly is vital for success.

From streamlining processes to fostering a productive work culture, here’s a comprehensive guide on how to maintain effective business operations.

Streamline Processes

Efficient operations start with well-defined processes. Evaluate each workflow within your organization and identify areas where bottlenecks occur, or redundancies exist. Streamlining processes often involves:

  • Automation: Leverage technology to automate repetitive tasks. This not only saves time but also reduces the margin for error.
  • Standardization: Establish standard operating procedures (SOPs) to ensure consistency and quality across different functions.
  • Continuous Improvement: Try your best to promote a culture of continuous improvement where employees are empowered to suggest enhancements to existing processes.

Utilize Technology Wisely

Technology is a powerful tool for optimizing operations. Invest in software solutions that fit your business needs, whether project management, customer relationship management (CRM), intranet systems from Claromentis, or enterprise resource planning (ERP) systems. However, it’s essential to:

  • Stay Updated: Regularly update software to access new features, security patches, and performance improvements.
  • Train Employees: Give your employees good training to ensure they can effectively use the tools at their disposal.
  • Data Security: Implement robust cybersecurity measures to keep sensitive data safe from cyber threats.

Good Communication

Clear communication is what makes any business tick. Poor communication can lead to misunderstandings, holdups, and decreased productivity. Foster effective communication by:

  • Establishing Channels: Utilize various communication channels such as email, instant messaging, and project management tools to facilitate smooth information flow.
  • Encouraging Feedback: Create an environment where employees feel comfortable providing feedback and voicing concerns.
  • Regular Updates: Keep employees informed about company goals, changes in processes, and other relevant updates through regular meetings and newsletters.

Focus on Employee Engagement

Employees who you keep engaged are more productive, innovative, and loyal to the organization. To foster employee engagement:

  • Work-Life Balance: Encourage a healthy work-life balance to prevent burnout and promote overall well-being.
  • Recognition and Rewards: Notice and reward employees for their contributions and achievements.
  • Professional Development: Provide opportunities for career advancement and skill development.

Monitor Key Performance Indicators (KPIs)

Monitoring KPIs allows you to assess the health of your business operations and make data-driven decisions. Some common KPIs to track include:

  • Revenue and Profitability: Monitor revenue streams and profitability to ensure financial sustainability.
  • Customer Satisfaction: Measure customer satisfaction through surveys, feedback, and Net Promoter Score (NPS).
  • Operational Efficiency: Track metrics such as cycle time, lead time, and resource utilization to gauge operational efficiency.

Flexibility and Adaptability

In the modern business environment, the ability to adapt is crucial for survival. Maintain flexibility by:

  • Agility: Be prepared to pivot quickly in response to market changes or unforeseen circumstances.
  • Scalability: Ensure that your operations are scalable to accommodate growth without sacrificing efficiency.
  • Risk Management: Identify the potential risks and develop contingency plans to alleviate their impact on operations.

Maintaining effective business operations requires a combination of strategic planning, efficient processes, effective communication, and a focus on employee engagement. By continuously evaluating and refining your operations, you can steer your business to success even in the face of challenges.

 

Moments Of Truth: How To Navigate Unexpected Events In Business And Life

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by Stan Rose, PhD, author of “Can’t Tame a Mongoose: Memoir of a Genomics Entrepreneur“ 

I’m a longtime serial entrepreneur in biotech, specializing in DNA and genome analysis. I’m also a two-time kidney transplant recipient. These two sides of my life have gone hand in hand for the past two decades. In 2000, the first company I cofounded was acquired in a deal that returned over 10x to shareholders. Two years later, with no warning, I was diagnosed with a kidney-destroying genetic disease. I received a transplant thanks to a very generous friend and colleague who donated a kidney. After recovering I went on to lead multiple other companies to successful outcomes. Then, during the COVID19 pandemic, my donated kidney unexpectedly started to fail.

Facing an uncertain future yet again, I thought about what I wanted to leave behind, and that was wisdom. I could help rising entrepreneurs by sharing my knowledge. Many had asked me how I was able to succeed multiple times when 90% of new technology-based businesses fail in their first 5 years.

After much consideration I had an epiphany: one thing that really made a difference was how I dealt with unexpected events. While the nature of events that cause businesses to fail is well-catalogued, what’s underappreciated is how unanticipated events have an impact. They may not be expected, but they occur with enough frequency to be considered inevitable. In business and in life, they may be challenges and they may be opportunities, but they’re always a clear moment of truth.

There are certain values, skills, and approaches that, if practiced regularly, can increase the likelihood of navigating through these events to successful outcomes. Reflecting on my own experience, I realized that whether in business or in life, they work the same way. Just as a business is suddenly thrown into a crisis, so was I; in a short period of time, I had to decide which doctors to work with, find out where to have the transplant performed, and most importantly, find a donor.

Here’s what counted in that moment of truth:

1. Focus on Relationships.

Always keep building, tending to, and leveraging relationships. You never know whose talent, skill, possession, or network you may suddenly need. Stay proactive, resourceful, open to new ideas, and leave no stone unturned. To find a living kidney donor I cast a very wide net, from family to complete strangers. I tapped into my professional connections in healthcare, asking physicians to connect me with colleagues at hospital transplant programs. Even though my second kidney donor was a relative, it was many months before I knew that would be the case. While searching, I built relationships with multiple living donor advocacy groups.

2. Keep Considering Options.

Given the frequency with which businesses fail, it’s helpful to keep thinking of alternative paths forward, especially if an unexpected challenge arises, or a new opportunity emerges. Sometimes there is no way to know in advance which path will lead to a successful outcome. In the case of a kidney transplant, typically the source for a donated kidney is a complete unknown. Living donors must be compatible (at the blood type level), as well as suitable (meaning that the risk to themselves of donating one of their two kidneys is minimal). Kidneys may also be obtained from deceased donors, although the need far exceeds the supply. To increase the likelihood of receiving a deceased donor kidney, some patients are able to get into multiple transplant programs in different regions of the US. If none of these paths work out, dialysis can provide a bridge to buy more time.

3. Stay Persistent.

It’s easy to get down when an unexpected challenge emerges. Not only must you fight this resistance, you must also conduct your affairs with a sense of urgency and persistence (focused and determined, but not reckless). Things don’t always go as planned, so it’s key to learn from every setback and build up resilience. In the case of my transplant, I had developed a strong support network of family, friends, and physicians. As in business, I benefited from building strong teams of people with diverse perspectives and complementary skills. At some point actions needed to be taken to make my need more broadly known, so I engaged a professional marketing team with experience creating campaigns to raise awareness for those in need of kidney transplants.

4. Confidence is Key.

Handling these unexpected situations requires self-confidence, as well as confidence in your team, whether your business colleagues or, in the case of my transplant, the physicians, nurses, coordinators, and members of my personal support team. At one point, I got uncharacteristically down and reached out to a lifelong hero of mine for some words of inspiration. NBA legend Walt “Clyde” Frazier responded to my request for a pep talk. He and his partner Patricia have continued to support me.

No matter your intelligence, planning or vetting, unexpected events will happen. It’s inevitable – in business and life. How you respond in these moments of truth will often determine success or failure. Preparation is critical, as is practicing these skills. They can turn a moment of truth into a milestone in your personal or professional growth.

 

Stan Rose, PhD is an MIT biologist turned life sciences executive and entrepreneur who has created and led multiple businesses in the emerging fields of DNA analysis and genomics. His firm, Rose Ventures, Inc., works with early-stage companies developing innovative, high-impact life science products and services. His new book is “Can’t Tame a Mongoose: Memoir of a Genomics Entrepreneur“. Learn more at roseventures.net.

 

[Interview] Lorenzo Bonfiglio, Head Of Expansion And Strategy At xNomad

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Lorenzo Bonfiglio

Lorenzo Bonfiglio

Lorenzo Bonfiglio is a seasoned global executive with a robust background in high-growth and technology-driven sectors.

Currently based in Los Angeles, he holds the position of Head of Expansion and Strategy at xNomad, a marketplace platform headquartered in Sweden that focuses on facilitating temporary retail pop-ups.

In this role, Lorenzo has been instrumental in driving the company’s growth into key markets such as the United States and the United Kingdom. His responsibilities span a variety of business areas including operations, finance, and strategic planning, where he has successfully implemented pivotal strategies contributing to xNomad’s success.

Prior to his tenure at xNomad, Lorenzo served as a strategy lead at CloudKitchens, a real estate technology firm valued at $15 billion, which provides comprehensive ghost kitchen services to the food delivery industry. His expertise at CloudKitchens was multifaceted, encompassing global real estate acquisitions, partnership development, and management of the company’s internship programs.

Lorenzo’s entrepreneurial spirit was evident early in his career. As a student, he co-founded Pronto System, an innovative startup that developed a delivery application capable of providing essential goods to customers within a mere five minutes. His involvement with Pronto System was comprehensive, covering strategy, operations, marketing, recruitment, product development, and business development.

Beyond his professional endeavors, Lorenzo is deeply committed to community service and philanthropy. He offers his expertise as an advisor to artists and gallery owners, and actively engages in volunteer work with various nonprofit organizations. He supports California YIMBY, an advocacy group based in Sacramento that promotes housing legislation to address California’s housing shortage. Additionally, he contributes to Abundant Housing LA’s efforts to improve housing affordability in Los Angeles. Lorenzo also dedicates his time as a coordinator for the Walkabout Foundation, which is focused on providing wheelchairs and rehabilitation services worldwide, as well as funding research for spinal cord injuries.

Lorenzo is trilingual, fluent in English, Italian, and Spanish, which complements his extensive international travel experience and provides him with a broad global business perspective. He is an alumnus of Georgetown University in Washington, D.C., where he earned his degree in economics.

We recently had the opportunity to sit down with Lorenzo to ask him about his experience in tech-driven sectors and see what he advises for those who want to follow in his footsteps.

Welcome, Lorenzo. It’s great to have you with us today. To kick things off, could you share what initially drew you to the world of high-growth and tech-driven environments?

Thank you for having me. My fascination with high-growth and tech-driven environments began early in my career — while I was still a student, in fact. I was always intrigued by the pace at which technology could scale solutions and impact various industries. My co-founding experience with Pronto System, a startup focused on rapid delivery, solidified my interest. The ability to directly address consumer needs through technology was incredibly rewarding.

You’ve played a significant role in xNomad’s expansion into the US and the UK. What were some of the challenges you faced during this process, and how did you overcome them?

Expanding into new markets always comes with its set of challenges, from understanding local consumer behavior to navigating regulatory landscapes. For xNomad, aligning our marketplace platform with the specific needs of the US and UK markets required a deep dive into local retail trends and regulations. We overcame these challenges by building a strong local team and leveraging key strategic partnerships that helped us adapt and scale our operations effectively.

Your career has spanned various roles, from strategy lead at CloudKitchens to advising artists and gallery owners. How do you adapt your strategy and leadership style across such diverse fields?

The core of my approach lies in understanding the unique dynamics and needs of each field. Whether it’s the fast-paced world of food delivery or the nuanced art market, I focus on the fundamentals: clear communication, fostering a culture of innovation, and always being open to learning. Adapting my strategy involves listening closely to stakeholders and being flexible enough to pivot when necessary.

Generative AI is a trend you’re particularly excited about. How do you see it impacting the future of retail and marketplaces like xNomad?

Generative AI has the potential to revolutionize retail by personalizing the shopping experience and optimizing operations. For marketplaces like xNomad, it could enhance how we match pop-up spaces with brands by analyzing vast amounts of data to predict trends and recommend optimal placements. It’s about creating more value for both space owners and brands, making the marketplace more dynamic and efficient.

You’ve mentioned the importance of being well-rounded and open to learning from a variety of experiences. Can you share a personal habit or practice that helps you maintain this mindset?

One practice I’ve found invaluable is dedicating time each day to read from a wide range of sources. Whether it’s industry news, literature, or even exploring new hobbies, this habit keeps my perspective fresh and broadens my understanding of the world. It’s about staying curious and not being afraid to step outside my comfort zone.

Finally, what advice would you give to young professionals aspiring to lead and innovate in their fields?

My advice would be to embrace the power of networking and mentorship. Building relationships with individuals across different industries can provide diverse insights and opportunities. Also, don’t underestimate the value of resilience. Innovation involves taking risks and facing setbacks, but it’s through these challenges that we grow and learn the most.

Lorenzo, thank you for sharing your insights and experiences with us today. Your journey is truly inspiring.

It was my pleasure. Thank you for having me.

 

7 Signs That An Employee Is Suffering From Stress

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In a small business environment, pressure can mount up. This can have a detrimental effect on you as the business owner, but also on your team members. It’s important to consider your employees’ wellbeing for the good of them in general, and somewhat cynically, for the good of your business.

In this article, Rapid Formations, the UK’s simplest company formation service, looks at the 7 signs indicating an employee suffers from stress. Catch these early and then take the necessary steps to help your employee.

1. Periods of absence.

Whether it’s a day here and there or a prolonged period of absence, a surefire way to tell that an employee is experiencing stress is that they start missing work. This can be through legitimate or false illness.

When it comes to the former, it’s important to consider that stress can cause physical sickness, so even if an employee has obvious symptoms that align with a bug or virus (perhaps they’ve even been able to present a fit note), you shouldn’t immediately rule out stress as the cause, especially if the employee seems to be continuously ill.

If you suspect that they are feigning illness, whilst this is troubling from a disciplinary perspective, you must consider why the employee is trying to avoid work. Yes, of course, there will be instances where they’ve just not fancied coming in to work that day, but it could also be a sign that they’re trying to avoid their role.

2. Quality of work is suffering.

There are several reasons why an employee’s standard of work could be poor. There may be an issue with comprehending the task, it could be that the task provides no job satisfaction, or maybe the employee is simply not adept at doing it.

All of these can be causes of stress in themselves (and you must work to address these as soon as possible). However, bad work could also be a result of stress brought on by another work-related matter or something outside of the business. For example, new role responsibilities could be adding pressure on them or an issue in their private life could be the problem.

This is easier to spot for you if the employee has previously demonstrated that they can do the job to a sufficient standard.

3. Change in personal appearance.

When an individual is suffering from stress, the time and effort they put into looking after themselves can diminish (consciously or unconsciously), which can lead to a change in how they present themselves at work. This isn’t about a new hairstyle or updated fashion sense, but more of a general disregard for personal appearance.

Perhaps a previously clean-shaven employee is now showing some stubble, or once immaculate hair is now unkempt. Maybe an individual’s clothes have stains on them, or they’ve been wearing the same outfit for several days in a row. Someone might even be giving off a body odour.

If you do believe that an employee is suffering from stress, any discussion that you have with them about the situation has the potential to be awkward, but this particular reasoning for your suspicions will be problematic. We therefore suggest that you do not discuss this specific issue with them, and instead make a note of it and look for other signs of stress that you can bring up more comfortably.

4. Working extra time.

Do you have an employee who regularly comes in early, works through their break and stays on late after closing time? You might even notice that they’re often online at the weekend or during scheduled time off.

On the face of it, this is the type of dedication that a business owner might love. However, such conduct could indicate that an employee has too much work on their hands, they’re struggling to get it done in regular hours, and feel they need to work overtime to complete it. Simply put, they’re feeling the pressure.

Furthermore, this type of behaviour will lead to further stress as an employee is starved of necessary rest time away from work. Their work-life balance is entirely off-kilter which will make any stressful situation worse.

There will be times when working out of regular hours is necessary but if you notice that an employee is consistently operating out of hours, it’s likely that they have too much on their plate and are feeling stressed.

5. Isolated from colleagues.

Company culture is now at the forefront of most business owners’ minds. As entrepreneurs seek to get a competitive edge and recruit the best people, they strive to foster an environment where employees feel inspired and, dare we say it, have fun. Great for employees, great for the business, great for LinkedIn.

Of course, for some employees, the thought of team-building events, summer parties and Friday night drinks is fear-inducing, and they would rather do anything else than ‘get involved’. This is fine, such events aren’t for everyone. A key component of company culture is, after all, diversity.

But it’s also possible that an individual’s withdrawal and isolation from colleagues and company culture as a whole is a sign of stress. The workload on them might be too much, meaning any ‘extra-curricular’ activity simply isn’t feasible, or the role is generally too stressful and any unnecessary involvement with it is deemed unbearable.

Stress that shows itself in this form will be tricker to notice in employees who have always been perceived as slightly aloof, but it will be easier to see if they were once someone who thrived within the company culture.

6. Confrontational or emotional behaviour.

Perhaps the most extreme sign of stress in an employee is the emergence of aggressive behaviour towards you and other members of your team. On the other scale, an employee may consistently become visibly emotional and upset.

Seemingly innocuous feedback may result in shouting and a fierce email. A small error could lead to crying and a request to go home. Collaborative work might end with an argument and a demand to be removed from the project. All of this could be a sign that your employee is going through a period of stress.

This scenario is unfortunate for all parties involved. If you do find yourself in this situation, work with the employee to help them, but in instances of aggressive behaviour, also consider the other team members who have been affected.

7. A general disinterest.

If an employee suddenly becomes disengaged from their work and the business, your immediate conclusion may be that they have grown weary of the role and will eventually be seeking employment elsewhere. In most cases, you’re likely to be correct, but don’t discount stress as the reason for this disinterest.

People who are stressed will often struggle to focus, find it difficult to make decisions and, most significantly to our point, experience sleep problems. These are all factors that could make an employee appear tired, uninterested, and detached when in fact, they could be experiencing a great deal of emotional turmoil.

As demonstrated by all of our points so far, the signs of stress can frequently be misinterpreted as an overall lack of passion for the job. When you do encounter an employee whose commitment is in question, consider all possibilities regarding their situation and don’t immediately assume they are a poor member of staff.

Thanks for reading

So, there you have it, that was 7 signs that an employee is suffering from stress. Noticing these indicators is one thing, dealing with them is altogether different.

If you do think that an employee is stressed, the first thing you should do is initiate a private conversation with them to get a sense of what they are feeling. Listen to what they have to say, and if stress does appear to be the problem, seek professional guidance.

We hope you have found this post useful!

Rapid Formations can help you register your own private limited company in as little as 3 – 6 working hours and from only £12.99. If you have a great idea for a business and are ready to take the plunge, they’re the perfect jumping-off point. Take a look at their different company formation packages now.

 

Beyond Integrity: How To Hire Ethical Leaders

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by Richard B. Swegan and Claas Florian Engelke, authors of “The Practice of Ethical Leadership – Insights from Psychology and Business in Building an Ethical Bottom Line“

“If you could hire ethical leaders, would you?” It’s an intriguing question. The answer appears obvious — of course you’d hire ethical leaders. But would you hire an ethical leader over a great salesperson, a world-class scientist, and a tried-and-true businessperson with an extensive history of success?

We understand that the answer isn’t always an either-or choice. Most hiring managers would say they want both, ethics and business acumen. While that assertion seems clear, the reality is that most organizations either assume their potential hires are ethical or they rely on a single competency to assess ethical behavior — integrity. Of course we’re all for integrity, assuming it involves honesty combined with assertiveness. Yet as a construct it’s notoriously difficult to evaluate. Psychologists will be quick to tell you that they can test for integrity but they’re often suspicious of the answers as people will recognize what the socially acceptable answer is. More importantly, passing an integrity test isn’t predictive of how an individual will behave on the job.

Integrity as the sole measure of ethical leadership potential is a limited notion. Difficult to measure, hard to interpret, and consequently ignored in hiring systems, the idea of hiring leaders who will be ethical or moral isn’t addressed or else is ignored in the process of identifying future leaders.

We think ignoring ethics when hiring is a major mistake with potentially catastrophic consequences for organizations. They may inadvertently select leaders who are unethical.

The problem lies not with integrity or the intent of hiring managers, but with an incomplete understanding of ethical leadership. We all want leaders with strong personal values, honesty, and other traits that often get described as “character.” To hire ethical leaders with strong personal character, we believe the understanding of ethical leadership needs to be expanded into competencies that can be measured accurately. Our research suggests the following:

First, an ethical leader needs first and foremost to be an effective leader. Being moral, having high integrity, and possessing a burning sense of right and wrong, while terrific qualities, are meaningless if you can’t lead people. So, the first step in hiring ethical leaders is ensuring that they’ll be good leaders. Fortunately, there are many tools that can help with that endeavor.

Second, organizations need to pay careful attention to what traits ethical leaders exhibit or practice. Our research and thinking suggests that while there may be differences between organizational cultures, there are fundamental behaviors that ethical leaders engage in.

These include:

An awareness of right and wrong.

That seems simplistic, but it’s often ignored in the interest of the bottom line. Ethical leaders think about issues of right and wrong when making decisions — something not everyone considers in their decision-making capacity.

Critical thinking ability.

Leaders often have to make decisions in ambiguous situations. Being able to sort through assumptions, consider options, and make good decisions is crucial.

Taking a stand in the face of opposition.

Ethical leaders need to be able to challenge the status quo and make decisions about right and wrong in the face of disagreement.

Openness to disagreement.

Effective ethical leaders need to be able to listen to dissenting voices. Openness and transparency are critical to gaining buy in and support, while building trust and credibility.

Considering the impact of decisions.

Ethical leaders need to have both strategic vision and empathy as they consider the consequences of their decisions on others within and beyond their organization.

Evaluate these fundamental behaviors for yourself. Think of someone you consider to be an ethical leader. It could be someone you know or a historical figure (such as Dr. Martin Luther King, Jr. or Gandhi). Do they exhibit the above? While there may be some variance, we think you’ll find the answer is yes.

The good news is that it’s possible for organizations to create selection systems that systematically measure these characteristics. Using a combination of behavioral interviewing, psychometric and personality tests, and simulations or case studies, organizations can map a variety of measures against the characteristics of an ethical leader. In this way, organizations can identify individuals who will embody the powerful combination of effective and ethical leadership.

 

Richard B. Swegan is an author and the founder and principal consultant of ARCH Performance. With a background in human resources and safety, Rick provides consulting to a variety of organizations on the developmental needs of potential leaders. Claas Florian Engelke provides consulting services in the fields of leadership advisory, assessment, and development through Korn Ferry. He invites clients to question themselves in order to foster incessant learning and aspire to be the best versions of themselves. Their new book, “The Practice of Ethical Leadership – Insights from Psychology and Business in Building an Ethical Bottom Line” (Routledge, March 28, 2024), offers effective suggestions for developing ethical leaders. Learn more at ethicalbottomline.com.

 

Negotiating Your Commercial Lease: 7 Tips For Getting The Best Deal

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Navigating the complexity of commercial leases can be challenging, especially for first-time lessees. This negotiation process is a critical step and can significantly influence your business’s profitability.

So, how can you ensure the best terms in your commercial lease? Here are seven game-changing tips to get the best deal possible.

1. Understand Your Business Needs.

Before plunging into the details of a commercial lease, it’s crucial to thoroughly understand your business needs. Identify what property size, location, and structure will be best suitable for your operations.

Consider factors such as proximity to key suppliers, competitors, and target customers. A location with fierce competition might be detrimental to your business. Conversely, a property located in an underserved market presents an attractive opportunity for growth.

The type of your business also impacts the ideal structure of the commercial property. For instance, a retail store will require a different structure than an IT company. Determining these critical factors reduces chances of ending up with an unsuitable property and helps negotiate a lease that aligns with your operational needs.

2. Get Professional Assistance.

While it’s tempting to handle lease negotiations independently, enlisting professionals like a real estate broker or attorney can prove invaluable. These experts have extensive knowledge of market conditions and legal stipulations related to commercial leases.

A seasoned broker can match your needs with suitable properties, saving you considerable time and effort. They offer invaluable advice on the property’s value against similar rentals in the area. This knowledge gives you a bargaining edge – you can question any exorbitant rates citing average market prices.

The legal jargon in commercial leases can be confusing and, in some cases, misleading. An experienced lease attorney can interpret these complex terms, preventing you from getting entrapped in unfavorable lease conditions. They can also suggest modifications to standard contracts, ensuring that the terms align with your business needs.

Remember, commercial leases are typically long-term commitments. Investing in professional assistance could save you from future regret or financial strain.

3. Conduct Thorough Property Inspection.

Before entering into an agreement, conduct an exhaustive inspection of the potential property alongside a professional inspector. This step safeguards against expensive repairs and maintenance issues that may surface later on. It also provides a negotiating edge as problematic aspects of the property can be used to lower the lease price or put the responsibility of repair on the landlord.

Inspection should focus on both internal and external structures. Always check the condition of plumbing, HVAC systems, electrical installations, roofing, and insulation. Look out for potential safety hazards such as faulty wiring, leaks, and structural damage. The results can be cited as prerequisites for committing to the lease.

4. Factor in Hidden Costs.

Commercial leases often come bundled with hidden costs that may not be apparent at first glance. This principally includes costs related to property maintenance, insurance, and property tax.

Most commercial leases have common area maintenance (CAM) fees that tenants are required to pay. These expenses encompass the cost of maintaining common areas like lobbies, parking lots, and elevators, among others. Always ask for a comprehensive breakdown of these costs, as some landlords include unnecessary charges.

Review the lease thoroughly to see if you are responsible for property insurance and taxes. If so, get an estimate of these costs as they can significantly inflate your expenditure. By identifying these hidden expenses, you can negotiate a more equitable lease and prevent unexpected costs from disrupting your budget.

5. Ensure Flexibility in Lease Terms.

An often marginalized aspect of commercial leasing is negotiating flexibility in lease terms. Given the uncertainty that characterizes modern business environments, adaptability is paramount when negotiating a commercial lease. This includes provisions such as sub-leasing, co-tenancy, exclusivity clauses, and escape clauses.

A subletting clause allows you to rent out a portion of your leased space, offering a safety net during hard times. Co-tenancy and exclusivity clause safeguard your business from potential market saturation in your business location. An escape clause provides the chance for an early exit should your business operate unfavorably.

By negotiating these terms, you ensure that your commercial lease compliments your business strategy and is robust against unexpected market events.

6. Carefully Review Rent Escalation Clauses.

An important consideration when evaluating commercial leases is the rent escalation clause. Landlords often include these provisions to increase rental rates periodically as a way to adjust for inflation and increased property value. Overlooking these details can lead to an unexpected hike in cost over the lease term.

Escalation clauses are often presented as percentages, calculated on an annual or cumulative basis. Landlords may also utilize a “pass-through” clause, making tenants responsible for increases in property operational costs. Make sure you understand these calculations and their long-term financial implications.

Negotiations can encompass mitigation strategies. One such approach is capping the annual increase percentage, thus limiting the financial impact. Another tactic is the introduction of a rent review clause. This provision allows for a mutual review of rental rates at specified intervals, ensuring fairness to both parties.

7. Push for Rent Free Periods or Reduced Rents.

A valuable tool in your commercial lease negotiation arsenal is pushing for rent-free periods or reduced rents at the beginning of the lease period. This concession allows for a financial respite to set up your business without the burden of immediate rent. It also extends a financial buffer during those initial months when your business is yet to become profitable.

Rent reduction strategies can be employed in a number of ways. One popular approach is a graduated lease, where rent payments start low then progressively increase over the lease term.

By implementing these seven tips, you can confidently negotiate your commercial lease. The process is indeed complex but approaching it systematically can tilt the scales in your favor, resulting in a mutually beneficial agreement.

Remember, every aspect of a commercial lease is negotiable, and knowledge is indeed power. Don’t rush, and don’t compromise on aspects crucial to your business. Your lease is the foundation upon which you’ll build your business’ future; make sure it’s a strong one.

 

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