Contributed by Sam Hill, head of people and culture at BizSpace. With British employees back to working from home during the second lockdown in 2020, businesses once again face the challenge of employees being split across locations. Although technology has permitted teams to stay connected over the past few months, this lockdown presents a second obstacle, as employees battle with the anxiety and worry which this lockdown brings. Teams typically speak less frequently when working remotely, so small businesses must ensure that their employees do not feel isolated and that they stay connected whilst working remotely in this period. Even for small businesses with just a few members of staff, employees need to feel valued and connected to other members of their team. How do you help your staff avoid isolation while split working? 1. Take advantage of technology
By now, many employees feel exhausted by video calls. Even so, it is imperative that businesses continue to use technology to connect their teams. Within small businesses, it’s easy to dismiss daily or weekly video calls if there is not much of an update to provide to the team. However, doing so can add to the feeling of isolation for remote working employees. Continue to host daily or weekly team meetings via video conferencing, where employees can catch up and share what they are working on. This will ensure all employees continue to build connections and celebrate their achievements. 2. Encourage team work wherever possibleIt’s easy for employees working in separate locations to feel detached and lonely. To resolve this, encourage teamwork wherever possible. Encourage the group to solve issues together and meet targets in a more efficient and effective manner. Employees working remotely often struggle to speak up when they face challenges since they cannot turn to the desk next to them for quick advice. Teamwork combats this issue, with employees connecting to their peers and opening the door to new lines of communication. 3. Reinforce your company cultureAs a leader, make sure you are proactive in nurturing and reinforcing the company culture, since healthy company cultures have a direct impact on the performance of teams. Take the time to reinforce the organizations’ vision and values to employees. This approach not only helps your team feel connected to the larger picture, but it can reenforce loyalty and calm. Keep lines of communciatoin open relating to shifts in goals. Uncertainty is detrimental to the morale of a team, so any communication should be as clear and certain as possible. 4. Introduce lunch and learnsRegardless of the size of a business, lunch and learn sessions are a great way to ensure employees are actively engaging with each other and the company. These talks are typically informal. They offer employees opportunities to deliver talks on a variety of topics, ask questions and build community. For employees working remotely, this is a perfect way to ensure they are still able to engage in training, with video and audio conferencing opening up the ability for remote workers to tune in wherever they are. 5. Don’t dismiss virtual social eventsAlthough the use of Zoom quizzes and calls quickly became tiresome for many employees during the national lockdown, the use of virtual social events should not be dismissed. For employees working remotely, these social events are a direct replacement for the usual social events and informal drinks after work which they would have otherwise attended. Social events are an easy way to create natural conversation opportunities and bring employees together on a far more personal level. They also contribute to the success of the business by boosting morale, which can increase productivity and satisfaction in teams. This, in turn, can boost the company culture as employees feel a higher sense of loyalty to the organisation, even from their remote locations. Contributed by Samantha Hill, head of people and culture at BizSpace. The post 5 ways to keep your team connected with split working appeared first on THE BLOG. via THE BLOG https://ift.tt/36BJQFd
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By Julia Langkraehr, a member of EO London and founder of Bold Clarity. Do you remember the story of the Emperor’s New Clothes, by Hans Christian Andersen? When all his courtiers are too afraid to tell him that he’s naked for fear of being labelled stupid? As a business leader, do you ever feel that sometimes your team might be trying to tell you something but can’t? This is the result of a culture where a team is afraid to be open and honest. It’s a culture that makes them fearful of telling their colleagues and leaders (like you) the truth. Even if the truth is hurting your business.A lack of openness and honesty gets to the heart of dysfunction in companies—and one of the root causes is conflict avoidance. What is healthy conflict?Healthy conflict is a good thing when orchestrated in the right way and when there is no negative consequence to sharing an opinion or a view. Entrepreneurs often want to run fast—faster than those who surround them. The risk is that, when you move so quickly, you may not get alignment from your partners, your senior leadership team and the rest of the organization. I have seen and experienced diversity of culture on my journey to implement a business operating system in over 50 businesses. I have seen companies where a culture of personality clashes or toxic politics has developed—and even flourished. That’s not “healthy conflict.” As part of the process of implementing a business operating system such as the Entrepreneurial Operating System, you’ll adopt tools and techniques to identify, discuss and resolve issues in an open and honest environment. Some companies find that they have a “terrorist” or ‘’maverick’’ character in their midst, who performs well but doesn’t match the company values, thus negatively impacting on the morale and the culture of the company. As leaders, we find ourselves trying to justify whether their performance compensates for the cultural impact. This person is typically doing more damage than good. In our operating system, it’s what we call the “wrong person in the right seat.” Leaders can’t blame their staff if there’s an unhealthy culture. In America, there is a saying that “a fish stinks from the head down.” How open and honest worksWhat businesses need to do is develop a culture where there is team trust, and people are able to be open and honest. That begins by the example we set as leaders, owners and entrepreneurs. Teams that have built trust are able to enjoy healthy discussions, where they challenge assumptions, engage in productive debates, are free to share what they think and say what needs to be said when it needs to be said. Walk the walkWhile it’s very easy to say that you want to encourage an open and honest culture, it’s not so easy to do. Open and honest is more than simply an act or behavior; it’s a tool which teams can use. “Open” is ensuring you are open to new ideas, open to new approaches and open to changes in the status quo. Examples include being open to automation or open to outsourcing. “Honest” is being prepared to say what’s in your head, sharing your perspective, your fears, your concerns, your hesitancy, and also sharing your dream. It’s both positive and negative: When people don’t know what team members are thinking, they imagine what they’re thinking instead. That can lead to miscommunications and misalignment. When implementing EOS, we work first to get the leadership team using the concept of open and honest. By doing so, leadership sets the culture, which filters down to the rest of the organization. When you foster an open and honest environment, and you get a team really listening to each other and understanding each other’s perspectives, you’ll see powerful results. Julia Langkraehr, founder of Bold Clarity, became the first Entrepreneurial Operating System® (EOS) Implementer in the UK in 2014 and has helped over 50 businesses implement the tools with great results. The post Why healthy conflict is important to your business appeared first on THE BLOG. via THE BLOG https://ift.tt/36oXiMI Contributed by J. Douglas (Doug) Holladay, the founder and CEO of PathNorth, a former White House advisor, and a professor at Georgetown University. Doug is also the author of Rethinking Success: Eight Essential Practices for Finding Meaning in Work and Life. Years ago, my close friend Steve Case, cofounder of AOL, and I flew down to Asheville, North Carolina, for a private visit with Billy Graham. Graham’s health had been failing, and Steve wanted to spend as much time with this remarkable figure and friend as possible. Graham’s influence in the world was beyond measure. He had spoken to more people When we arrive, we found Graham fragile, relying on a walker. Although he was obviously quite frail, I was impressed by his endurance and lucidity. We spoke for hours. He graciously allowed me to ask question after question, ranging from Graham’s relationship with JFK and the Mormon hotel magnate Willard Marriott to his view of Muslims and their spiritual destiny. Graham’s humility and lack of rigidity and judgment were striking. His thinking had clearly evolved. He patiently and with utter candor answered all inquiries until a certain moment abruptly altered the rhythm of our exchange. He took a bead on me with those steel-blue penetrating eyes. “Doug, you have asked me questions all day. Could I ask you one? I need your advice.” I gulped and nodded, panic gripping me. “As you can see, I am much diminished. I use a walker and am extremely weary and spent. I am in my 80s but am getting calls from news networks around the world to be interviewed about my life and the state of the world.” Then came the showstopper: “Do you think that the public should see me in my weakened state, or should they remember me as the firebrand of old?” I paused and pondered what I could possibly offer this giant figure. But then I had a thought. “If Pope John Paul II has taught us anything, it has been the power of his genuine humanity in the face of decline. Despite a serious stroke that left him partially paralyzed, the pope travels and shows that his weakness and infirmity are not a limitation, but are inevitable as we age and decline.”
“Weakness need not be feared and despised, even in a culture that prizes and elevates youth and beauty.” I urged Graham to allow the world to experience him in decline. This too would be inspirational, perhaps even more so than his earlier labors. Graham was humble, asking for guidance mainly because he so desperately desired to finish well and to please the right audience. Most of us want to present a story to others that highlights only the achievements and wins. Yet far more interesting and valuable are those failures and low points where we started paying attention to what matters. Everyone can identify with brokenness and setback; after all, it is reality, if you live long enough. Dale Jones was asked to take the helm of a global executive-search firm based in Philadelphia. Dale shared with me this piece of advice he was given at the start of his tenure: “When you are interviewing CEO candidates for new job opportunities, ask them about the ‘failed rungs’ on their ladder. If they can’t tell you some, run for the hills.”
Everyone, if they are honest, has experienced setback and limitations. Real leaders don’t run from weakness; they embrace and incorporate it into their authentic leadership style. No doubt exposing our limitations and failures is risky. We are taught from day one to project strength, to be unflappable. So much that occurs in our lives shapes our stories in unexpected ways and can easily derail us through discouragement and setback. Yet the questing for purpose is all about becoming whole, embracing all facets of who we are. Author Richard Rohr understands the difference between circumstances and our real lives: “Most people confuse their life situation with their actual life, which is an underlying flow beneath the everyday events.” It’s important to consider who you are, the real story that drives you, not the fake one you learn to project. You aren’t simply the sum of your achievements and failures. You aren’t defined by the status associated with powerful individuals you just met, the job you just lost, or the raise you just received. You are a complex being who has been influenced by people and circumstances that existed long before you did and those that will exist long after you pass. One way to develop a deeper understanding of your story is to become your own audience. Remove yourself from your story and tell it. Are you inspired by the person at the helm in that narrative? Do you feel that this person is engaging with others authentically? Is this person motivated by personal beliefs or others’ definitions of success? Is this person desperate to appear strong, even when feeling powerless? Do you admire him or her? It is both illuminating and chilling to understand this map in its entirety. Yet once you fully accept your truth— truly embrace it—you will then have choices. You can live the story of your peers and family or you can value your own story and find your own path. For in the end, to be healthy and the best version of yourself, there must be separation. You and I must differentiate ourselves from our past, letting go of the patterns that continually sabotage our lives in the present. Listen to the audience that truly matters: the audience of one. We all have an audience, perhaps multiple. And we all have a story. It is vital to reflect upon our initial questions if we are to move forward living the story true to ourselves. “Have you embraced your unique life story and identified your audience?” It is a critically important question to consider, for it is the doorway to a life of meaning. For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. The post Real leaders embrace their weakness appeared first on THE BLOG. via THE BLOG https://ift.tt/32kAOv2 Contributed by Alexis Maness, contributing editor at 365businesstips.com. Nearly 100,000 businesses have permanently closed due to COVID-19. And with no end in sight for returning to business as usual, that number can be intimidating to anyone who’s considering opening their own business or entrepreneurs hoping to survive the next year. If there’s one thing that the COVID-19 pandemic has taught us, it’s that you can’t predict the future but a little preparation can go a long way. So, what do you need to include in your business plan in order to make it pandemic proof? We’ll cover the essentials in this post, but first, here are some key elements you need to keep in mind when creating your business plan. The most important characteristics of a good business plan include:
Make a plan for transitioning to remoteOne of the biggest hurdles businesses have had to address is moving their business operations from in-office to remote. While some industries (like tech-based businesses) have been able to adapt fairly easily, others have struggled. When you assess your business or your startup idea, ask yourself how you can plan to go virtual. Consider safety measures and employee health. Your team should remain just as effective working remotely as they would working in the office—with the exception of a few industries such as restaurants and certain stores. So, how do you make certain that’s the case moving forward? First, establish the steps needed to transition remote. Next, identify official processes and protocal for remote work to ensure work-from-home success. For example, are you set up with the right collaboration tools and file-sharing platforms? Will you require employees use video conferencing applications? With the right remote work plan in place, you can even offer work-from-home opportunities as rewards for hard work or as a company-wide benefit. After all, the option to work remotely is one of the most desired work perks. Create a strong budgetAnother one of the challenges that businesses have faced is financial instability throughout the pandemic. So much so that many businesses—both small and large—have shuttered their doors forever. In fact, according to Yelp data, approximately 60 percent of businesses that closed in response to the pandemic, have permanently shuttered. What can you learn from these businesses? You want to do whatever you can to prevent the same financial crisis from happening to your company in the case of future pandemic, natural disaster or other emergency economic situation. The first thing to do is to get your budget in order and determine what you need in your emergency fund. During the pandemic, business leaders who understood that cash is king survived. According to Jody Grunden, Summit CPA Group, businesses should save 10 percent to 30 percent of annualized revenue, or about three to six month’s worth of expenses. Having a cushion of cash to fall back on can be the difference between being able to cover your operational costs and ending up like another statistic. While financial planning is a key component of any business plan, it’s even more critical as we come out of the pandemic and prepare for the future to make sure we can withstand something similar in the future. Have a future-focused mindsetAs always, when you’re creating a business plan, you want to consider the future, not just the year you’re planning for. So, as you work on your plan for 2021, don’t fall into tunnel vision. Keep in mind the effect your moves could have on your business for the next five or even 10 years. When setting your vision, initiatives and strategy for 2021, keeping your business open and finding creative ways to bring in revenue will be essential. That said, you also want to make sure you’re not making moves that are going to completely derail your long-term business goals and stability. As you make decisions based on your company’s current position and the pandemic-affected economy, take steps that will help your business get back on track—whether that’s providing incentives to get customers back through the door or restructuring certain departments. How will you recoup losses, get your staff back up to normal capacity, transition employees back to the office, and so on? Answering these questions will help you make the best decisions for your business now and in the future. Additionally, make sure you pay attention to trends in both your regional economy and the global economy. Major changes in the world economy and consumer behavior can be good indicators of what to expect. Creating a well-thought-out business plan for 2021 is the first step to making your company pandemic-proof in the coming years. Keep in mind, however, that a plan is never set in stone. Be ready to pivot as needed and make adjustment as the year unfolds. Contributed by Alexis Maness, contributing editor at 365businesstips.com. The post How to build a pandemic-proof business plan for 2021 appeared first on THE BLOG. via THE BLOG https://ift.tt/3jQpfln A total of 233 EO-member companies were named to the 2020 Inc. 5000 list of America’s fastest growing, privately held companies. We asked these elite leaders how being a member of EO has impacted their success. We spotted a common theme in many answers: learning—whether it’s incidental learning among peers or formal education at events. Learning to improve your leadership, your business practices, your focus, your relationships is a hallmark of EO’s benefits and a significant driver in the success of any business. Here’s what our members say about learning through EO. “EO has been a great resource for me—getting input or best practices from other members right when I need it is wonderful. I’ve also learned a great deal from the courses that are provided.” – Lynda Stafford, EO Southeast Virginia, founder and CEO, RMGS, Inc., No. 4,694 on 2020 Inc. 5000 “EO has been a life-changing experience for me for a lot of reasons. Having a local network of growth-minded business owners, pushes me to be better, provides different models of success, and gives me people I can bounce ideas off of. Five hours a month in our Forum meetings and three days per year on our retreat allow me to step back, reset my mindset, and look at the totality of my business. It also gives me a sense of being part of group, and not being alone in my issues. Going to the international events opens my eyes to the unlimited opportunities that exist around the world, and how many of these entrepreneurs are doing business around the world. I’m not sure I can put into words the difference it has made in my life, but I can say that I am not only a better business person, but a better husband, father and person.” – David Singer, EO St. Louis, founder and CEO, Warehouse of Fixtures, No. 3,091 on 2020 Inc. 5000 “The learning events have been very impactful in stretching my thinking. My Forum mates have been a very helpful sounding board for me—personally and professionally.” – Gregg Smith, EO St. Louis, founder and CEO, Pearl Solutions Group, No. 3,467 on 2020 Inc. 5000 “I am so fortunate to get to know and learn from the hundreds of EO members who I have met over the years, from all over the world. One common thread among the EO members who I really admire is understanding the importance of taking a step back from the day to day of running a business and running a life in order to reflect on what is important. I don’t see myself as a “success” in terms of reaching a quantitative goal. I think success is the ability to look in the mirror and to ask myself “Was I a good person today? Did I do my best to leave the world better than I found it today?” If I can answer “yes” to both of those questions, then that day was a success. But I have to do it again tomorrow. If I keep answering yes to those 2 questions, then in the long run, success will follow.” – Jeff Becker, EO San Diego, founder and CEO, Pegasus Cleanroom Services, No. 3,901 on 2020 Inc. 5000 “Being an EO member has made my leadership learning curve a lot smaller. By nature of the people that I surround myself with in EO, I’m always picking up leadership hacks, tips, and experience shares. This has allowed me to step out and lead the orchestra instead of playing in the orchestra.” – Anthony Ramirez, EO Chicago, founder and CEO, Lincoln Security Services, No. 2,463 on 2020 Inc. 5000 “Leading in EO taught me so much about leading virtual teams. Those lessons are paying huge dividends now as I lead our team remotely. I feel the experience of leading in EO and building teams remotely across the globe, gave me a huge leg up as we entered COVID lockdown.” – Brandon Dempsey, EO St. Louis, founder and CEO, goBRANDgo!, No. 4,827 on 2020 Inc. 5000 The post Inc. 5000 company founders share how being a member of EO has fueled their success appeared first on THE BLOG. via THE BLOG https://ift.tt/3kD8YkN Contributed by Jan Bednar , CEO and founder of ShipMonk. Many business leaders pride themselves on perpetuating the “workaholic” lifestyle. They assume that an always-on, always-available mentality is a prerequisite for success, so they slog through 80-hour workweeks and glue their eyes to their desks, laptops and cellphones. I take a different leadership approach. Instead of constantly immersing myself in work, I try to take several breaks every day, limit my availability for meetings and make time to travel. This allows me to get in much-needed rest and relaxation. More importantly, it helps me become a better leader and more innovative entrepreneur. When I unplug from the minutiae of daily business, I develop fresh ideas and perspectives.The line between a business leader’s personal and professional life is growing blurrier and blurrier with each passing day. A 2019 survey revealed that 26 percent of work is done outside of regular working hours. You can be sure that the COVID-19 pandemic and telecommuting have only made matters worse. If you aren’t vigilant about unplugging from work, you could spend your entire day putting out small fires instead of focusing on the big picture. These three tips will help you avoid falling into this trap: 1. Build a trustworthy team.To truly unplug, you need to know that work will continue to get done in your absence. Strive to hire self-motivated individuals who enjoy working autonomously and do not require constant supervision. Search for people who have led initiatives in the past. During job interviews, ask them to showcase their creative problem-solving skills. Research suggests companies that conduct problem-solving sessions with teams that are at least somewhat fluent in creative tools and resources brainstorm at least 350 percent more ideas than their counterparts—and those concepts are 415 percent more unique. Leaders must set a good example so that the trust flows both ways. For me, this means empowering my employees to take vacations, refraining from calling and emailing them when they are out of the office and discouraging them from working after hours. I also encourage everyone to turn off their phone notifications from 7 pm to 7 am. If you want your employees to allow you to unplug, you need to return the favor. 2. Structure your day.Routine and structure can provide the peace of mind needed to maneuver daily tasks with ease. Research finds that structure and routine can lower stress levels, boost productivity and increase focus—all of which can contribute to improved leadership. I do my best work when my days are structured into time clusters. On a typical day, I will devote two significant chunks of time to my most pressing tasks. I block these clusters out on my calendar so that my team knows I am unavailable, and then I tune out all distractions. I silence my cellphone, close Slack and ignore my email inbox until everything is done. Outside of these clusters, I make myself available for emails, phone calls and meetings. I also use this time to take breaks, unwind and have a little fun. Sometimes I will shut off for a few hours to watch a movie, spend time with my family or play video games. Regular clusters help me plan my engagement and focus levels accordingly, ensuring I’m at my best when my team needs me. 3. Step away from time to time.According to scientific studies, traveling broadens your mind and enhances your creativity. I love to travel—both for work and for fun. I believe that experiencing fresh environments and learning about different cultures helps me refocus my mind and develop new ideas. When I return to work after a trip, I always feel more productive and present. I try to unplug as much as possible when I travel. On my last trip, for example, I was in the Rocky Mountains without any cellphone reception, so I had a pretty good excuse to not look at my phone. I was traveling with a client, and we talked a lot about work. But because we were both outside of our typical office environment, these conversations felt different and more productive. It was refreshing to be in the mountains, sitting face to face with an entrepreneur who is absolutely crushing it in his field. We formed a friendship, and we learned so much about each other’s businesses. I must have come up with a half dozen new features for my product in the short time we were together. Don’t get me wrong: It is important for business leaders to be intimately involved in the day-to-day details of their companies, and sometimes this does mean working crazy hours. But if you make this the norm, you will miss the forest for the trees. Build a team that allows you to step away to recharge your batteries, and you’ll open yourself to new ideas and perspectives that can help your company thrive. Jan Bednar is the CEO and founder of ShipMonk, a technology company reimagining third-party shipping logistics. Bednar—a native of the Czech Republic—moved to America to attend Florida Atlantic University, where his entrepreneurial interests piqued enough to start BedaBox, a shipping startup that became the ShipMonk’s predecessor. Bednar lives in Deerfield Beach, Florida. The post How getting away from your desk can make you a better leader appeared first on THE BLOG. via THE BLOG https://ift.tt/3kpOMD0 Contributed by Darren Hockley, managing director of the UK-based e-Learning provider DeltaNet International. According to the UK’s Office for Naitonal Statistics, (ONS) almost one in five adults in Great Britain are experiencing some sort of depression during the coronavirus pandemic. As business leaders, we would be amiss to ignore the impact this will undoubtedly have on our workforce, bearing in mind a staggering 70 million working days are lost each year in the UK due to mental health problems—and all signs point to this figure rising. More than this, as employers, we shouldn’t forget the duty of care we owe to our employees. Indeed, it’s one of the reasons health and safety training exists: All reasonable steps must be taken to ensure the health, safety, and wellbeing of those in our employment—and this includes mental wellbeing. Mental healthMuch has been said about COVID-19’s impact upon our physical health, and without diminishing the devastating physical impact the infection can have, it’s important we also note the widespread feelings of helplessness and anxiety brought about by the pandemic. As news outlets report further lockdowns, rising infection rates, and more job losses, it very well could be the case that COVID’s second wave includes the advancement of mental illness, not just infection. For many, the world is no longer safe and predictable. Our employees may be worried about their loved ones, their finances or returning to work amidst a second wave of coronavirus. They may be struggling to stay motivated at work or facing feelings of isolation whilst working remotely. As business leaders and entrepreneurs, there are steps we can take during these unprecedented times to support our employee’s mental wellbeing and pull our business through the pandemic. Below are tips to help business leaders encourage positive mental health, maintain productivity and comply with UK laws. Equality and diversityUnfortunately, COVID-19 has shone a harsh light on workplace discrimination. Working mothers are 47 percent more likely to have permanently lost their job or quit during the pandemic, and the Equality and Human Rights Commission (EHRC) issued a warning to employers about unfair treatment of disabled employees during lockdown. Remember, UK’s Equality Act 2010 is still in force and directs that employers’ decisions in response to COVID-19 must not directly or indirectly discriminate against employees with protected characteristics—and this includes many people with mental health conditions classed as a disability under the law. Now is a good time for managers to update risk assessments to consider the impact of coronavirus on specific groups of employees, and to mitigate these risks by taking into account the needs of individuals. For instance, scheduling virtual drop-in sessions for remote workers battling isolation and loneliness, or easing anxiety by expanding flextime options to allow vulnerable colleagues to travel when it’s safest for them. Promote learningResearch proves that learning is good for wellbeing: It increases our self-esteem and feelings of hope and purpose along with it. In a workplace environment, setting targets and hitting them creates positive feelings of achievement, satisfaction and optimism for employees. This is how learning is linked to business growth—it boosts productivity. In the current situation, then, learning and development (L&D) can offer a means to help keep members of staff engaged with current trends and industry developments. Whether they’re learning new skills, refreshing compliance knowledge or simply keeping up to date with activities affecting the daily operations of the company, L&D is good for busines as well as advancing your mental health strategy. Remember, your company can only succeed if you have a motivated workforce. Involve your employeesDon’t be afraid to involve your employees in the conversation at the moment. Everyone at your organisation benefits from de-stigmatising mental health, and managers ought to set the tone from the top by demonstrating healthy behavior and keeping lines of communication about the pandemic (or any other worries) open. Consider hosting small, virtual opinion groups or wellbeing committees to help break silence surrounding feelings of stress, depression or anxiety. Some businesses have even trained key members of staff in mental health first aid so employees know who to turn to in times of crisis. Similar to physical first aiders, mental first aiders act as a first port of call for staff experiencing mental health issues or emotional distress. Trained to listen and communicate non-judgementally, mental health first aiders can spot the warning signs and symptoms for a range of mental health conditions and encourage staff members to seek appropriate professional support if necessary. Look after yourselfDemands on business leaders have been high since March 2020. The coronavirus pandemic is the greatest economic challenge we’ve faced since World War II, and those at the business helm have had to respond with speed and flexibility in an ever-changing and uncertain landscape. Pair this with the pressures of industrial slowdown, and it’s all too easy to see how company leaders might have put the needs of the business above their personal needs and wellbeing in the current situation. However, doing so for prolonged amounts of time won’t help matters much. It’s important that those focused on building their empire don’t ignore the signs of stress, but instead equip themselves with the tools to recognise and manage it effectively. Doing so will not only model positive behaviour for your staff, but, as head of the ship, it will help keep your vision sharp and your reflexes intact. Darren Hockley is the managing director of eLearning provider DeltaNet International. The company develops engaging compliance and health and safety eLearning courses, as well as tailored training solutions, designed to mitigate risks and improve employee performance. The post Coronavirus is causing a mental health pandemic appeared first on THE BLOG. via THE BLOG https://ift.tt/35hTcFL Renee Rouleau, an Entrepreneurs’ Organization (EO) member in Austin, Texas, is the founder and CEO of Renee Rouleau Skincare. She’s a thought leader and esthetician whose products and personalized skincare are respected by celebrities, bloggers and beauty enthusiasts. We asked Renee about her entrepreneurial journey and her strategy for continuing to love her work. Here’s what she shared. Renee Rouleau’s eponymous skincare company is growing steadily—at a controlled pace. And that’s just how she likes it. She doesn’t believe bigger is better. “I’ve always wanted to build a great company, not a big company,” Rouleau shares. “People say yes to opportunities because they’re flattered. Or it would seem foolish for them to say no to an opportunity. They think, ‘More money, more growth!’ And after all, who doesn’t love opportunity? It’s the entrepreneurial spirit,” she explains. “But I’ve seen too many people say yes to things that sounded great in theory. Once the honeymoon phase wears off, it ends up not being great.” 1. Trust your instinctsAs an example, Rouleau tells the tale of a high-profile celebrity who wanted to do a skincare line with her: “I had an opportunity to do a skin care line with a high-profile celebrity. She wanted me to do it with her. Her team didn’t think she needed me. They thought her star power and her name alone would do it. Later, they came back and wanted to involve me.” It was a great opportunity and would’ve meant more money and a great brand opportunity for brand exposure. But Rouleau said no to the opportunity. Why? “This celebrity was not only my client, she was my friend. I said, ‘No, you don’t do business with friends.’ Business gets ugly sometimes, and I didn’t want to jeopardize that relationship for the sake of business. I wasn’t going to do it just to make her happy. It would’ve been fun, but it wasn’t worth the risk of losing a friend.” Ultimately, the celebrity launched the skincare line on her own, and it failed. “I’m glad I said no; we’re still friends and she’s still a client and that’s the most important thing to me. I know the landscape of the skincare industry. And a big part of saying ‘No’ was my experience and a gut feeling that it just didn’t feel right.” 2. Never be scared to askThat brings up an interesting question that Rouleau often gets: “A lot of people want to know how I connected with my celebrity clients in the first place. That’s fairly simple. If you don’t ask, you don’t get.” “When I was first starting out, I would dig around to locate their contact information and get in touch with them and just ask if they’d like a facial. There’s nothing magic about it. It wasn’t who I knew or anything like that. I went on their IMDB page and found out who their manager or publicist was. And then I just asked,” Rouleau shares. “The worst thing that could happen is that they just don’t respond. But it’s like fishing—every once in a while, you get a bite. I just reached out and asked if they wanted a facial, and that method worked a surprising amount of the time.” 3. Know the flowSo, what’s it like having celebrity clients? “When you’re a celebrity aesthetician, you have celebrity clients. And the life cycle of a celebrity career can be challenging. When you have a celebrity client, you can use their name as long as they allow you to do so. And when they’re hot—on the red carpets and going to premiers—they’re shouting your name from the rooftops, and you get publicity and attention. But, between movies or events when they’re not doing anything in their career, they’re not getting as much press. Media wanes.” “Some celebrities will hit it big, others won’t. If they hit it big, I’m carried along for that ride, and hopefully they’ll be talking about me and my products. If they’re in a slump, or they never hit it big, they’re not talking to media as much. When they’re hot they’re hot, when they’re not they’re not.” 4. Be choosey“I’m very careful about which clients I choose to take on. I have a list of questions that I go through when making that decision. I have to really like them, enjoy being around them, and I have a strict ‘no diva’ rule. Also, I take into consideration where this person is in their career. Many times, when I bet on the up-and-comers, they love that I believed in them and that’s a really strong basis for our relationship.” 5. Prioritize trust“Whether you’re working with an up-and-coming celebrity or an established one, the most important lesson to realize is that it’s all about having their trust. You can’t sell out and talk about them with the gossip magazines or you’ll jeopardize the relationship and your reputation.” “And the gossip magazines definitely reach out, offering to pay me to talk. They promise, ‘We won’t use your name!’ But my answer is always no. My clients trust me, I’ve given them my word. It would never be worth it to break that trust. You have to stand strong if you want to have—and keep—celebrity clients!” For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. The post How I landed celebrity clients—and why they stay appeared first on THE BLOG. via THE BLOG https://ift.tt/3lOqWAY Contributed by Dr. Gleb Tsipursky, disaster avoidance expert, speaker and author. The COVID-19 coronavirus pandemic has changed life as we know it, as well as how we manage our households. While being shut mostly in our homes or observing infection prevention guidelines when leaving our house, it can be pretty hard to grapple with the reality of the world in which we now live. And yet, this is what we must all do to survive and thrive in this new abnormal. Same home, different house rules?Susan is an entrepreneur, EO member and current coaching client of mine. She reached out to me for help because her household was having a difficult time adjusting to the long-term impact of our new pandemic reality. As the founder of a 20-person startup in the medical devices industry, she was used to a routine and thrived by keeping her work life separate from her personal life. However, as the months of staying at home went by, her relationship with her husband, who was the main caretaker of their 9-year-old child pre-pandemic, started to erode. She found it difficult to concentrate on her startup due to frequent interruptions from her husband and child, and she found herself becoming more and more curt with them. It was hard enough when school was cancelled in the early months of the pandemic, as well as summer camp. When Susan learned that in the fall her son’s school would be online only, she knew she needed help. She called me after reading my article written for EO’s Inc. channel about the challenges of entrepreneurs failing to treat the pandemic as a marathon and instead approaching it like a sprint. When I met with Susan over Zoom, I told her that there were some essential steps that she needed to take in order to adjust to the new COVID-19 reality. Know and face this new abnormalFirst and foremost, we won’t get anywhere if we don’t face the facts. We need to acknowledge that COVID-19 fundamentally disrupted our world, turning it upside down in a few short weeks in February and March 2020. We have to move past the discomfort of the normalcy bias and our intuitive feeling that the novel coronavirus will disappear and we can just get back to normal. Regrettably, it will not disappear; believing that it will helped get us mired so deep in this mess, making the US outbreak the worst in the world in terms of the number of deaths. The normalcy bias is one of over a hundred dangerous judgment errors that scholars in cognitive neuroscience, psychology and behavioral economics like myself call cognitive biases. They result from a combination of our evolutionary background and specific structural features in how our brains are wired. These mental blindspots impact all areas of our life, from health to politics and even shopping, as a survey by a comparison purchasing website reveals. How your household can survive and thrive in the pandemicSo how can your household effectively adapt to the uncertainty and dislocation that accompanies this new abnormal? While you’re in a new abnormal, your underlying needs and wants remain the same. You must figure out different ways toward satisfying them. You might have heard of Abraham Maslow’s theory of human motivation and the pyramid of needs based on his work. More recent research, summarized in Scott Barry Kaufman’s excellent book Transcend: The New Science of Self-Actualization, revises this model to show that our fundamental needs consist of safety, connection and self-esteem, and we will feel deprived without them. We also have needs that help us achieve our full potential through personal growth, what Maslow called “self- actualization” and what Kaufman more clearly defined as exploration, love and purpose. A good approach to adapting to the new abnormal is evaluating your life through the lens of these needs and ensuring that you can still satisfy them. Connect to othersThe most challenging element for Susan stemmed from the fundamental need of connection to others. It’s a topic I describe in much more depth in my book, The Blindspots Between Us: How to Overcome Unconscious Cognitive Bias and Build Better Relationships. First, consider your immediate connections with members of the household. If you have a romantic partner in your household, you’ll have to figure out how to interact in a healthy manner given that you’re likely together 24/7. You’ll get into each other’s spaces and on each other’s nerves. It’s much wiser to anticipate and work out these problems in advance than have them blow up down the road. The same principle applies to other members of your family. If you have older children who moved home after university closed, or younger children who aren’t going to school after it closed, you’ll need to figure out how to deal with them being cooped up inside. This includes staying in touch with their schools to get updates on online school work. You’ll have to put more thought into dealing with older adults over 60 or anyone with underlying health conditions in your household (including yourself if you fit either category). Given their much greater vulnerability to COVID-19, you and other members of your household need to take serious measures to prevent them from getting ill. That means being more careful yourself than you would otherwise be, since over half of all those with COVID-19 have no or light symptoms. Second, what about your connection to those who you care about who aren’t part of your household? Your romantic partner might not be part of your household. Depending on how vulnerable to COVID-19 you and other members of your household might be, you might choose to take the risk of physical intimacy with your romantic partner, but you have to make this decision consciously rather than casually. Or you might choose to have a social-distance relationship, meeting at a distance of 10 feet or by videoconference. During one of our coaching sessions, Susan said she hadn’t realized how strained her relationship with her husband was until I had pointed out the need for healthy interaction while being together 24/7. After our talk, she sat down with her husband to have a serious conversation about the situation. Together, they decided to stick to their own separate routines, have their own spaces apart (with Susan spending time at her home office and her husband and child spending the days accomplishing school work in the living area), and come together as a family after the workday is done—as they would have before the pandemic. Soon after, they also sat down and talked with their young child regarding COVID-19, remaining calm and simply discussing what they, as a family, needed to do to stay healthy. Due to their reassuring manner, their child expressed more willingness to open up to them about any worries he might have regarding the pandemic. ProgressTowards the end of our coaching sessions, Susan informed me that she had finally established a balanced work-life routine that suits her and protects her relationships with her loved ones. While the new abnormal ushered in by COVID-19 has brought unprecedented changes to our lives, there’s no reason you can’t survive and thrive in the new abnormal while we wait for a vaccine. You just need to identify, anticipate, and take care of your fundamental needs. As CEO of Disaster Avoidance Experts, Dr. Gleb Tsipursky is on a mission to protect entrepreneurs from dangerous judgment errors known as cognitive biases by developing the most effective decision-making strategies. His newest book is Adapt and Plan for the New Abnormal of the COVID-19 Coronavirus Pandemic (2020). The post How entrepreneurs can balance work and family to survive and thrive during this pandemic appeared first on THE BLOG. via THE BLOG https://ift.tt/350LcZq Contributed by Shawn Johal, business growth coach, leadership speaker and co-founder of DALS Lighting, Inc. He is also an active member of the Entrepreneurs’ Organization (EO) Montreal chapter. “The secret of getting ahead is getting started.” –Mark Twain Many entrepreneurs I meet have incredible stories about the way they started their businesses. Some had a wild idea and found a way to sell it; others accidentally bumped into an opportunity they were able to seize and monetize. Rare are those who spent months planning with a highly detailed strategic plan filled with metrics and key performance indicators. My own journey started in the toughest of circumstances. My wife’s family had started a business. They were able to take it public and experienced exponential growth within eight years through mergers and acquisitions. The business was a true local success story. Then the recession hit. The company was ill-prepared to handle the pressure of reduced revenue with growing expenses. Within 18 months, all was lost. It truly felt as if life were ending for us. My brother-in-law and I did the only thing we could think of: Buy some of the remaining assets and start our own thing from scratch. I wish I could say we had exceptional vision and knew we were building “the next big thing.” In reality, we were naive and just doing our best to survive. No bank would even consider us for financing, so we had to find a way to make it all work. A tough situation to say the least. After years of working tirelessly and getting (pushing) our business onto the right track, we achieved stability and have been able to sustain growth several years in a row—but many mistakes were made along the way. Still, today I may be slightly underplaying it: There were numerous major challenges, each of which on its own could have spelled the end of our business entirely. We made it through, but with a ton of battle scars. And like most entrepreneurs, we wear those scars as a badge of honor. I look back and wish I had known certain things which would have made my entrepreneurial journey a little clearer, smoother and better poised for success. Here are four lessons I wish I’d known as an early-stage entrepreneur. 1. Understand the NumbersThe numbers: One of the most important aspects of any business. So many young entrepreneurs only look at certain financial metrics which they deem relevant. In reality, cash flow means everything; margin will only take you as far as your bottom line expenses will. For the longest time, we struggled with cash flow. We didn’t understand the “Cash Conversion Cycle” of our business—the amount of time it takes for inventory to turn into actual cash in the bank account. We assumed all was under control until we calculated our cycle took eight months! That is an excessive amount of time. We were paying deposits to suppliers and getting paid in 90 days from key customers. Our structure was unacceptable and it stretched us thin, causing a massive cash crunch. We put all of our efforts in improving this crucial metric. We consolidated and then renegotiated with all of our suppliers month after month. We found ways for our customers to pay quicker. In the end, we achieved a six-month improvement in our cycle, which solidified our cash position. 2. Implement Processes—EarlyMany businesses wait years before implementing clear processes. Or worse, they wait for a catalytic event to cause massive issues and play defense as a result. Our business was no different. We waited and waited, not giving process any attention at all. Then we suffered huge consequences. We work with many key suppliers. When we pay for our goods, they are released by our suppliers and delivered to us. It was straightforward: We were sending money and getting the merchandise. Eventually, we went to visit our partners. We quickly discovered there had been massive fraud and the money we were sending was going to a criminal. The supplier kept releasing the merchandise based on the blatant lies of this criminal. The discovery left all of us in shock. We came to realise we had approved a bank account change from our supplier without any proof. The criminal had done his dirty work and we didn’t question anything. We lost a six-figure amount, setting our business back months. We had to make a desperate deal with our supplier to save us from massive issues. Since then, we have implemented a foolproof process that requires several checks before changing bank accounts. We are incredibly careful and well-organized. Processes abound in our business. Living through that tough experience taught us a lot, and I would prefer to help others learn from my mistakes and avoid the same frustrations. Implement processes. Build safeguards. 3. Hire Slow + Fire Fast = Company Culture is EVERYTHINGWhen we launch a company, we often hire friends, family or any person willing to take a chance on us. It’s normal, part of the game. I did the same. Today, I spend a lot of time teaching young entrepreneurs the importance of hiring “A” players from day one. The quality of your people will determine the strength of your culture, which will determine the success of your business. It is crucial to find individuals who are an excellent “values” fit for your company (yes, that means you need to define core values from the outset). What happens when you hire according to your values? The following will happen: Eventually, the company will either outgrow your existing employees because they weren’t the right people from the start, or your culture will erode and you will feel stuck. In both cases, big decisions will be forced. In our business, in year three, we realized our team did not fit our plans in the least. We had kept all employees from a previous failed venture, never questioning compatibility. We simply took on (more or less) whoever knew the job and needed to work. In the ensuing five years, we changed 85 percent of our team. Yes, 85 percent! Sounds hard to believe, but it was done slowly, step by step, integrating true team-players who understood what we were trying to accomplish. We now have what I consider to be one of the absolute strongest teams in our industry and a rock-solid company culture. 4. Take time and BREATHEWhen launching a new business, things will move at lightspeed. Decisions will be made hastily to ensure survival. This is completely understandable. But there is an opportunity to do things differently. I strongly recommend taking a step back. Think strategically. Implement a proven hiring system to hire only the best people from day one. Build processes and stick by them. Create a vision of the business of your dreams and take the right steps early on to lay the foundation for that vision. Hire a coach if you can afford it. All of these decisions will ensure the viability and success of your new venture. You will have to make these moves eventually—and delaying them will only delay your business’ growth and your personal growth. Why not start now? Shawn Johal is a Scaling Up Certified Coach currently working with several entrepreneurs and their businesses to help accelerate their growth, while finding personal balance and happiness. The post 4 things I wish I knew as a young entrepreneur appeared first on THE BLOG. via THE BLOG https://ift.tt/3dePlg4 |
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