Written for EO by Joshua Carlsen, who heads business-to-consumer lead generation and client retention at Propelo Media, an EO company owned by San Francisco member Andre Chandra. On a recent vacation in Italy, I enjoyed amazing sights and experiences, ranging from Michelangelo’s The David and the once-buried-now-excavated city of Pompeii to The Pantheon. I also indulged in culinary delights, including my first taste of fresh, perfect mozzarella, Chianti wine as it’s meant to be enjoyed and—though I don’t have a sweet tooth—cannoli. I could go on about my cultural endeavors for hours—did I mention how breathtaking Capri is?—but the one thing I can’t stop thinking about is the jaw-dropping experience of driving in Italy. It’s quite unlike any other travel experience I’ve had. Let me set the scene: I was driving an oversized, nine-passenger van (strike one against me). The passengers included three couples, all equally terrified about the driving situation and unable not to vocalize their paralyzing fear (strike two). And, perhaps the most important factor: The Italian streets are incredibly narrow and the rules of the road, along with lane markers and general courtesy, are considered mere suggestions (strike three). While there was visible police presence across the country, only once in 10 days did I see any police involvement in the traffic realm—when an officer was physically directing traffic around a fender-bender incident. So, after each day of driving, while sitting in our villa with Chianti in hand, I’d start trying to make sense of the madness on Italian roads. It surprised me to realize that, despite all the chaos, the aforementioned accident was the only road incident that I’d seen in my 10 days in Italy. Back home in the US, I see at least one accident per day while driving the roads. I validated my observation by looking up accident reports and found that my suspicions were correct: Italy has only half of the motor vehicle accidents that we have in the US. After a few days considering this conundrum, I developed two primary takeaways for driving successfully on Italy’s roads: These two factors aren’t just necessary when driving in Italy; they’re also great reminders about how we should all approach growing our businesses. Be aggressiveI’m a fairly cautious driver: the type that keeps at least one car length of space ahead for every 10 mph I’m going. This is nearly impossible to accomplish in Italy. If you leave a few car lengths open in front of you, another car trying to get ahead will dart in and fill that space. In terms of driving, this technique allows one to get to their destination faster. When it comes to business growth, getting there first is important, but it’s even more critical for staying in the top position so you can control market share. If you’re not consistently and continuously aggressive, you’ll start to create voids within the competitive marketplace. These voids instantly become open doors for competitors who then begin chipping away at your market share. It’s important to note that there is a significant difference between being aggressive and being busy. Everyone is busy, but successful leaders understand this distinction and ensure that their efforts are aligned toward aggressiveness that produces real progress and growth. Trust your instinctsThe ebb and flow of traffic in Italy change at an alarming rate, and there is little time to evaluate the pros and cons of a merge or a turn, which is where trusting your instincts becomes invaluable. You see an opening, and you inherently know that you’re going to make it and act—because, if you wait, that opening will be gone. Trusting your instinct when growing your business is just as valuable. Your ability to make decisions and react quickly is paramount in business. Mark Zuckerberg famously coined the phrase, “Move fast and break things.” This ideology only works by hiring the right people and allowing them to use their experience and instincts to react quickly. Failures will happen, but even these we can learn from, and they often reveal insights that lead to a better approach. If you ever find yourself driving in Italy on vacation, you’ll be more prepared. In the meantime, try applying these behaviors to your company to more easily achieve your business goals. Joshua Carlsen works at Propelo Media, an omni-channel direct marketing agency based in San Francisco, CA, that was founded by EO member Andre Chandra. Andre has more than 10 years of experience as a management consultant and project manager. He oversaw multi-million dollar business operations, marketing and management strategies for various private companies and profit-generating government agencies before launching Propelo. The post What Driving in Italy Taught Me About Business Growth appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2WvOlhR
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Written for EO by Jessica Thiefels, social media coach and organic marketing consultant. A brand refresh is critical for all companies, from worldwide organizations to small local businesses. “As businesses grow and change, it’s important for their brands to reflect the current marketplace. Simply put, if you stayed the same while all the companies in your industry changed, adopted fresher logos, and newer ways of communicating with their audience, then you’d end up losing your competitive edge,” explains branding experts at Fabrik. A brand refresh gives you a chance to evaluate both your customers and the evolving industry. Much could have changed since you last re-branded or first started your company. Updating messaging, brand colors and imagery ensures that you’re appealing to the right audience while remaining competitive in your space. Use these ideas to give you brand a refresh this spring and step out with a new look that says, “We’re here to stay!” Update Your LogoIf your logo is as old as your business, this may be the time to give it an update. This is common for brands both big and small, as Carrie Cousins, designer and content marketer shows with the progression of the Starbucks logo: As you consider what your updated logo should be, Cousins explains, “Modern logo styles are streamlined and simple. Most contain a visual element of some sort with the brand name, which may or may not always be part of the logo … Most logos aren’t packed with color—one or two colors are common. And there’s not a lot of graphic adornments, such as shadows or embossing.” For inspiration, take a look at other people’s business cards, or browse sites like Dribble or Wix. Look for out-of-the box ideas that could apply to your brand too. Re-Think Your Brand ColorsWhen refreshing your brand colors, it can be helpful to start at the beginning. While you don’t need to make a drastic change, following best practices for choosing colors that will have an impact, while staying true to your brand, is the best way to ensure your refresh is effective. Adobe recommends starting with a neutral color. This acts as your base: “One-to-two neutral covers will act as the canvas on which you’ll paint.” Neutrals include, black, white, silver, ivory, gray, brown, tan, gold and beige. Next, choose two colors that will pop against your neutral. This may be a brighter or more stand-out shade of one of your current brand colors. Adobe explains, “This is the color that grabs the attention of your audience and becomes the star of your visual identity.” If you’re looking for inspiration, check out this example: Finally, tie it all together with a call to action (CTA) color. This includes the colors for buttons, along with the text. These colors should stand out and be complementary to your main brand colors, advises Adobe. Re-Design Your Print MaterialsPrint materials are still critical for businesses of all sizes, especially if you attend trade shows and conferences, or simply promote your business around at local coffee shops and stores. Your print materials—from brochures and flyers to banners and business cards—represent your brand, making them critical for your business. A fading flyer with low-quality images will make a bad impression. If you’re not a design aficionado, use these three tips to update your print materials: 1. Re-think your font: Choosing a font that’s both unique and legible can be challenging, which is why many big brands actually create their own. While there are no hard and fast rules about choosing a font, make sure your font is easy to read and fits with your brand. Choose just one to three complimentary fonts to ensure you have a variety of options that still tie together. 2. Choose the right images: When choosing images, consider both quality (no pixelation, bright colors, easy-to-see), and the Rule of Thirds. Design experts at MyCreativeShop explain in their guide for choosing the best images for your flyer design: “When considering what photos to use in your flyer, a Rule of Thirds image can naturally create places for you to include important text alongside an amazing image. Images that disobey this rule can leave you struggling to find places to include important text.” See what they mean in their guide below: 3. Make them interactive: The line between the online and offline world is blurring as businesses realize they can bring the interactive world of online to their offline marketing. For example, check out how 19 Crimes makes their labels interactive. Refreshing print materials with this digital element is as simple as adding a QR code or shortened link that encourages viewers to further their experience online. Refresh Your Brand This SpringGive your brand the refresh it needs as the seasons change. Consider how you can make your brand colors pop, your print materials more engaging, and your logo more modern and streamlined. Use these ideas to get started with your brand makeover. The post Simple Ways to Refresh Your Brand appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2VYDCZ3 When we asked EO members what lessons they wish they had known at the start of their careers, EO Arizona member and CEO of The James Agency Veronique James shared the following four insights. 1. A Smooth Sea Never Made a Skillful Mariner.A fortune cookie once contained this saying, and I found it to be a prophetically profound dessert. My mantra has always been “fall forward.” Mistakes are part of human nature, but they are particularly painful when it relates to your work. Mistakes stretch your capabilities, challenge your intestinal fortitude and turn your skill level up a notch. 2. When One Door Closes …Difficult decisions are a daily occurrence when you are growing as a professional. They may be stressful, but they are required every day. I started my career anticipating I would need to make a few difficult decisions, but I didn’t appreciate the quantity and quality of decisions until I really dove into my role. Some are scarier than others, some are more impactful than others, but those daily decisions contribute to the overall success of your future. REMEMBER: Educate yourself, talk with other professionals or mentors, discuss with appropriate peers and, above all, listen to your instincts. While you may not be able to pinpoint exactly why you want to go in one direction, there’s a reason. Don’t be afraid to pull the trigger.
3. Environment + Energy = Success.Math equations may not be your forte, but commit this one to memory. When seeking the right office environment as you look for your first job, remember that the right people and the right clients are key to a successful business practice. The office environment is more than just the type of chairs and the color of the pain on the walls—although those play a role. The environment also includes the tone, feel and intangibles that the office exudes. The personalities within must mesh with that vibe and with yours. Pay close attention during your interview process: Are the staff and clients in harmony? REMEMBER: Aim for a balanced equation when looking for your first gig. If the company is lacking in office culture and vibe, it’s difficult to attract and retain the right people and clients. Without the right people, the client mix will suffer. You get the gist: If one of the areas is missing, the tripod is lop-sided. 4. Networking + Resilience = Success.You aren’t going to be at the top right out of the gate. In a world of digital instant gratification, our patience for doing the work and climbing the ladder wears thin. We are used to getting information right away, knowing how well we are liked in an instant and gaining feedback and popularity overnight. Be patient. Learning the good, old-fashioned way builds character and people who have taken the long journey of professional development can share with you that it won’t happen overnight. But with enough tenacity, consistency and—most importantly—a great attitude, you will grow into the role you desire before you know it. REMEMBER: It won’t be easy, but you have to start somewhere. Don’t give up, and know that the best is yet to come! Veronique James is a member and former president of the EO Arizona chapter and CEO of The James Agency, an integrated agency specializing in consumer advertising, public relations and digital marketing.
The post 4 Essential Insights for the Next Generation of Entrepreneurs appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2X3hxcZ It’s graduation season for many, which makes this a perfect time to experience-share with the next generation of adults entering the workforce and maybe joining your company. Have you ever written a graduation address in your head—perhaps even delivered part of it to your own kids or employees? We asked EO members what lessons they wished they had known when they graduated and joined the working world. Here’s what they shared. What would you add? “Unless you have the next greatest billion-dollar idea, plan your career out for four or five years. Aim to spend a minimum of two years at a small business and also at a Fortune 500 company. You’ll learn what is great and what is the worst about being in a company of that size, whether it’s the flexibility to make immediate changes and see impact or learn operational skills and project management. These two experiences will illuminate the type of work environment and opportunities best suited for your desired life and lifestyle.” “You don’t need to know what you want to be the minute you graduate. There’s so much pressure to know what we want to be when we ‘grow up,’ but we are constantly growing up and becoming better versions of ourselves. I didn’t find myself in my career until my 30s, but every step of my journey led to what I am today. Don’t be afraid to fail. Each mistake is a life lesson and will make you better and stronger.” “Here’s what I share with my children, prospective employees and graduates: “Let people underestimate you. Why? Because it provides the opportunity to prove them wrong. In my first US job, I made minimum wage, didn’t speak English very well and my manager severely underestimated me. She once asked if I knew how to use a calculator. It was insulting, and I could have reacted negatively. Instead, I proceeded to go above and beyond to prove my value as an employee. To this day, people still underestimate me, especially as a woman and a minority. But I work that to my advantage by surprising and impressing people with what I’m capable of.” “I wish I had known that actions and initiatives that would catapult me to a more senior role or raise weren’t always the best contribution I could give or the best choice for the client. You have to learn to listen to your gut: Am I doing this to get a promotion or because it’s best for the team and client? Creating real value and making an impact is what will realize your career potential.” “Networking is a cornerstone of building a business or advancing your career. But as an investor and recruiter, nothing scares me off more than the words ‘networking opportunity.’ I picture a feeding frenzy of people hiding their real motives under all that small talk. So, how do you build a network? Here are a few principles I’ve learned—through trial and lots of error—along the way: “Find a job or intern for a company that you are passionate about and would love to be a part of. Work as hard as you can and meet as many people as you can. Work overtime, wow them and be memorable!” “Winter is coming.” The post What We Wish We Knew Then: 7 EO Members Share Advice for Graduates appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2QmrFLc Craig Hall, the writer of Boom: Bridging the Opportunity Gap to Reignite Startups, shares his view on the current state of entrepreneurship in the U.S. What prompted you to write Boom?In 2011, I heard a speech by Mark Zandi [chief economist of Moody’s Analytics] revealing that entrepreneurship in the U.S. was in trouble. I couldn’t believe it at first, but after beginning my own research, I became very concerned. We start half as many new businesses in this country today as we did 30 years ago. I began comparing my personal experience as an entrepreneur starting my business 50 years ago to the entrepreneurial ecosystem today.
Unfortunately, we have created a widening opportunity gap for most Americans to become entrepreneurs. I hope that Boom can shed light on this problem and a direction for possible solutions. Who is the audience for this book?My hope is that this book will appeal to a broad audience that includes entrepreneurs, policymakers, the business community and all citizens who are passionate about preserving the American dream of starting your own business for future generations. How has the American dream changed over time?When I started my business in the late 1960s, there was a fairly anti-capitalist and anti-business attitude throughout the U.S. My generation was protesting the war in Vietnam and criticizing mismanaged government programs and institutions, yet at the same it never occurred to me that, at 18, I couldn’t start a business of my own. That was one of my rights as an American citizen. Indeed, when I started, I had few regulatory and other external obstacles to overcome. Today’s entrepreneurial climate is just the opposite. Despite the fact that entrepreneurship is more popular and praised than ever, entrepreneurs pursuing their version of the American Dream are burdened with overbearing regulations, lack of access to capital, burdensome student loans, and public policies that favor big businesses over new startups. We can and should address these obstacles to resurrect the American dream for all citizens. What are the new trends we are seeing in entrepreneurship today that didn’t happen 10 years ago?Today, there are more nonprofits and incubator programs supporting potential entrepreneurs than ever before. These business and mentorship networks have made great strides helping entrepreneurs in local communities across the U.S. A number of local governments have also implemented programs to help startups. Despite all of these positive efforts and the economic recovery following the Great Recession, entrepreneurship is still stagnant.
What is undermining entrepreneurship, and why has there been a decline in the last three decades?The factors affecting entrepreneurship today are complex. The consolidation of big banks and decline of community banks has made it much more difficult for entrepreneurs to receive financing (less than 1 percent receive venture capital and only 16 percent receive bank loans or other private loans). Additionally, the consolidation of big businesses in many industries has left little room for competition, as these companies largely influence public policy and are able to out-spend and out-last any startups that threaten their market share. Because of the influence these large corporations have in Washington, public policy has largely benefited big business versus smaller, emerging startups. To make matters worse, the current regulatory climate in the U.S. is extremely difficult to navigate, leading the U.S. to be ranked 53rd in ease of starting a new business, according to the World Bank. Many startups can’t afford the legal fees alone to get through these regulations. Add to this that the number of people under 30 who are starting a business has fallen 65 percent since the 1980s, largely due to unprecedented student debt, lack of equity and risk aversion from the Great Recession. We have consolidated entrepreneurial ecosystems (and capital) to just a few cities and we have made it increasingly difficult for women and minorities to start businesses. All of these factors combined and more have contributed to our current entrepreneurial decline. What does it mean for the future of work and our economy, and how can we solve this crisis?Since new businesses account for the majority of net new jobs in our economy, this is a critical issue in terms of job growth and potential unemployment in our country if not addressed quickly. Combine the issues facing entrepreneurs with new technologies coming to market and eliminating many of the skilled workers currently in the workforce, and you have a big problem if we don’t have an economy that is poised for and open to new business formation. We need to encourage competition in our economy instead of catering to the mega-corporations that are taking shape. The most impactful solution, among many, will be enacting public policies at the federal level that encourage diversity in the startup landscape and minimize regulations while incentivizing investment in startups. What happens when the entrepreneurial spirit and sense of innovation diminish?Perhaps I am an optimist, but I do not see the entrepreneurial spirit or sense of innovation dying out in our country. Even in our challenging ecosystem, a 2014 study from Babson College found that optimism about becoming an entrepreneur in America had reached its highest level in 15 years, with more than 50 percent of the adult population believing that good opportunities exist for starting a business. If we could turn this into a reality, the number of new entrepreneurs in America could skyrocket (or should I say, boom), along with the economy overall and especially the middle class. Craig Hall is an entrepreneur, civic leader, New York Times bestselling author and philanthropist. He formed HALL Group in 1968 in Ann Arbor, Michigan, and today the company controls billions of dollars in assets and is made up of several subsidiary brands, with interests ranging from real estate development, ownership and management to financial lending and HALL Wines and other winery operations. Hall actively supports entrepreneurs and start-ups. Together with his wife Ambassador Kathryn Hall, he funded the Fulbright Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Eastern Europe.
The post Is American Entrepreneurship In Crisis? appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/30wh8SB Written for EO by Danielle Canstello, a member of the content marketing team at Pyramid Analytics. Social media is an ideal way to engage with customers and potential customers, and drive people to your business site. But that doesn’t make it simple. There are plenty of potential potholes in social media marketing. Maybe your Facebook page is popular, but your Instagram account isn’t. Perhaps you’ve noticed that your competitors have been amassing followers at a higher rate than you. Don’t despair! Follow these guidelines to improve your social media marketing efforts. DO Set a StrategyJust as in every other aspect of your business, you should begin by developing a strategy. With social media, a sample strategy would include your goals, your target audience, your key messages and the amount of time and budget you or your team will spend on social media. It can even get right down to creating a schedule of posts, including the best time of day to post. DON’T Spread Yourself ThinWith a strategy in place, you should be able to determine the best social media platforms for your business. It’s OK to start small. It’s not OK to set up a profile on every available social media platform, and then fail to post to those platforms consistently. For instance, let’s say you sell cupcakes. This means your business marketing will be heavy with photographs and images of your beautiful, tasty cupcakes. In that case, it’s best to choose a media platform that showcases imagery—for example, Facebook, Instagram or Pinterest. DON’T Forget About Follower NumbersPart of your strategy must be boosting your follower base. That means actively working to increase the number of followers by promoting your social media presence and interesting content. Also, ask customers to follow you on social and encourage your current followers to share or like your posts. DON’T Focus Solely on PromotionObviously, part of the reason for being on social media is to advertise your products or services. But promotion should be only a small part of your content strategy. It’s called social media for a reason. People don’t go to their chosen platform to look at advertising. Therefore, you need to be communicating with customers and potential customers. Engage with them. Post content that addresses their interests and needs, and doesn’t just shamelessly promote your business. For example, thank a customer who posts on your page, post articles or infographics that interest your audience, or share humorous quotes that relate to your industry. DO Post RegularlyHow often you post can be a double-edged sword. Post too little and your followers will give up on you. Post too often and content becomes repetitive or low-value. Followers will become tired of hearing from you. Instead, post high-value content consistently and regularly—and at the times that are best for engaging your audience. DO Measure ResultsLike any business strategy, you need to measure success toward your goals. There are a variety of ways to do this with social media, including analyzing posts to see which ones led to engagement. Most importantly, use a systematic tracking system that provides hard numbers on your performance. You can then make adjustments and improvements to what isn’t working, and replicate what is working. Google Analytics, for instance, can tell you which social media site drove what traffic to your site. It can tell you whether that traffic converted to goal completion—a sale, for instance. Define KPIs and examine the demographics of your audience. Define and RefineSocial media can be an important component of the marketing efforts of your business, but it has to be done well to be effective. Start by avoiding common social media mistakes, and then follow up with assessing and improving upon your efforts. Danielle Canstello is a member of the content marketing team at Pyramid Analytics, which provides analytics and business intelligence software. The post The Do’s and Don’ts of Social Media Marketing appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/30z3zBZ The concept of “practicing mindfulness” has grown in popularity in the last decade. Mindfulness for kids, mindfulness to quit smoking, mindful eating, mindfulness at the office—it’s become a catch-all buzzword. With claims that mindfulness can cure everything from addiction to anxiety, it’s no surprise that people from all walks of life are becoming students of mindfulness. To unpack the truth about mindfulness, Octane revisited a conversation with Dandani (pictured below), a former monk, a Hindu priest, an entrepreneur and one of EO’s top-rated speakers. Mindfulness is a state of being.“We should start by defining the word ‘mindfulness,’” says Dandani. “I define it as a state of being fully aware of what one is engaged in at any particular moment. The biggest misconception is that you can practice mindfulness. It is not something you practice, but rather something you are as a result of practicing concentration.” But first, concentration.And while many of us have been told by parents, teachers and even partners to “concentrate!” Dandapani observes that few of us have been taught how to concentrate. “To be good at concentration we must first learn it and then practice it. One simple way to integrate the practice of concentration into your daily life is to practice doing one thing at a time.” Simply put, “Give what and with whom you are engaged your undivided attention.” How to treat a wandering mindIf you’re like many business owners and entrepreneurs, you’re likely wondering how you could possibly give your undivided attention to anything or anyone. You’re incredibly busy; your mind is always multi-tasking. You regularly find yourself replying to an email on your phone as you sit in a staff meeting while your mind wanders to a conversation you had with your spouse about vacation plans. Dandapani recognizes this tendency, observing, “If you are a person whose awareness races through the mind all day, then your energy is also flowing all over the place. Most entrepreneurs allow this to happen and perpetuate this habit by practicing it all day.” To remedy the constant distractions, he shares a story from his days as a monk. “When I lived as a monk, my guru taught me a phrase he coined: ‘Where awareness goes, energy flows.’ It’s probably one of the most important things I’ve learned. First, we have to learn that awareness and the mind are two separate things. Second, our mind does not wander; our awareness moves within the mind.” If you realize that life is a manifestation of where you direct your energy—your awareness, your concentration—then that one thing starts to manifest in your life. “Life is a manifestation of where you direct your energy. When you can concentrate your awareness toward one thing, you begin to direct your energy toward it, and that one thing starts to manifest in your life.” Invest in yourselfWhen you accept that your valuable energy flows to where you concentrate, you’re empowered to enhance all aspects of your life—whether it’s your personal relationships or your leadership skills. Dandapani explains, “When I speak to people, I ask them to look at their mind and personal life as a piece of software; the better you understand it, the more you can do with it. However, it is staggering how people hardly invest time into understanding and developing this. You are at the center of everything you do in life. So, if you worked on being a better version of you, everything you are involved in will naturally be uplifted.” Monks have understood this for a long time. “They’ve realized that the greatest way to have an impact in the world is to start by working on yourself. That’s an important step toward mindfulness, both in business and life.” In practiceAfter taking part in a Dandapani event sponsored by her EO chapter, Lallenia Birge says her top takeaway “was that our awareness is different than our brain or mind. We are in control of our energy and who or what we give that energy to.” EO member Stephen Lichter learned a similar lesson from the talk. “Whatever we practice is what we become experts at. By learning to bring our awareness back to those things which are most important in our life, we will be more productive and we will be giving our energy to those things that matter the most.” Dandapani’s talk also taught Birge a valuable parenting lesson. “He taught me how to share the gift of awareness and the gift of learning to my children. It’s amazing how we are told to concentrate and to learn but no one ever teaches us how to. How do we expect our children to learn and concentrate if they don’t know how the brain works?” She goes on to say, “Dandapani had a way of engaging us that really made me personally reevaluate my goals and my purpose in life in a way I’ve never done or learned before from anywhere else.” From mindful to masteringDandapani firmly believes you can attain the life you desire, using a free and readily available tool: your mind. Understanding how your mind works and guiding it to focus on what matters most can lead you to make sustainable changes in your life. The post The Truth About Mindfulness appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2JoYF4X Written by Alex Tolbert. Alex is the founder and CEO of BerniePortal, the founder of Bernard Health and an EO Nashville member. The following article appeared on the BerniePortal blog. This column was originally published in HR Technologist. If you have hourly employees, you know how important it is to keep an accurate and compliant record of employee hours. On paper, this is challenging, and it has traditionally created a significant administrative burden for the human resources (HR), payroll, or project management departments. As a result, more and more employers are taking their HR administration online, including time and attendance tracking. But how do you know if you have the right solution for your organization and whether your time-tracking processes are optimized for compliance and efficiency? In general, there are five criteria that will help the HR department evaluate the best time and attendance system for their needs. 1. Ability to clock in and outIf you aren’t familiar with time and attendance systems, it may surprise you that many of them do not actually allow the employee to clock in and out within the system. Some are manual entry systems, which require employees to keep their own record of how many hours they worked. This raises some compliance concerns. Some organizations with this type of system find it incentivizes a culture of rounding up or “just clocking eight hours,” regardless of how long employees actually work. If there is ever a compliance audit, this puts the employer in a disadvantaged position. If your organization intends to invest time and money in a system to track time compliantly, it’s worth asking if this is the best type of platform to accomplish that goal. Alternatively, a system that tracks the precise minute employees clock in and clock out keeps a better and more accurate record of hours, giving employers more compliance confidence. 2. Editing functionalityAnyone who has worked in HR knows that tracking employee hours usually results in a lot of edits. Employees may forget to clock in, forget to clock out or forget to take a lunch break, requiring an edit to their timesheet. A nice feature to have in a time and attendance system is a prompt asking employees if they need to request an edit at the moment they clock in or out. Many time and attendance systems don’t have this ability, and employees have to send an email to their manager—or even leave a note on his or her desk—to request an edit. The result is an electronic system that requires managers to make lots of manual edits, which isn’t the most optimized solution. An additional benefit of a system that manages edits natively is that the HR department can track edit patterns. In the event that there are consistent issues regarding an employee’s time tracking, management can address them. 3. Location-based clock-in / clock-outAnother beneficial feature is a platform that restricts the ability to clock-in exclusively to devices getting WiFi from a certain IP address. In other words, employees can only clock in or out on their device while present at the office. This prevents the potential issue of early clock-in, also improving compliance. 4. At-a-glance in-and-out time boardA visual representation of who is clocked in at any moment is important for managers, especially for larger organizations. This makes it easy to see who is present at a glance. 5. Payroll reportingReporting time tracking to payroll is a process with a lot of complexity. The easier it is to get hours worked out of the time and attendance system and into payroll, the better. One area of complexity is differentiating the types of hours worked. The time and attendance system need to be able to communicate how many total hours were worked, how many of those hours were overtime, how many were at a normal pay rate, and how many were paid time off hours, if any. This can be tricky to understand. To explain, let’s look at an example. Let’s say over a two-week pay period, Jane worked 78 hours at Acme Company. Overtime hours are any hours worked over 40 hours per week, per federal regulations. Is Jane eligible for overtime pay? Some might say no—she was under 80 hours worked for the two-week period. But this thinking isn’t accurate. You can’t tell if Jane is eligible for overtime without a breakdown of the total hours worked. If Jane worked 45 hours during week one, and then 33 hours during week two, she would need to be compensated for five overtime hours. This is why you want a system that can differentiate between the total 78 hours worked, the 73 normal pay hours, and the five overtime hours. Traditionally, figuring all of this out is a huge burden on the HR department. Without a robust time and attendance system, tracking this requires calculating all of these hours across multiple reports and platforms that don’t talk to one another. This complexity is a big part of the reason many small and medium-sized employers choose to have only salaried employees, even in circumstances where that approach isn’t the right fit for the organization—or even compliant with federal labor laws. By contrast, using a robust time and attendance system streamlines this process and allows employers to better optimize the structure of their workforce. Especially for organizations that are in growth mode, there is a tipping point where tracking hours becomes necessary and painful. Using the above criteria to evaluate systems can ensure your organization finds a system that best meets your needs. Alex Tolbert is a member of EO Nashville, one of EO’s largest US chapters. A recognized expert in technology, HR and benefits, Alex is the founder of Bernard Health. The post Are You Using the Best Time Tracking System for Your Organization? appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2Ec2pTn Written for EO by Michael Kiel, a serial entrepreneur. Startups often focus most of their attention on securing funding from potential investors. That’s not a bad strategy—particularly considering how much money it takes to get a business off the ground. However, there might be another strategic partnership that can benefit small businesses seeking exposure: partnering with bigger brands. Yes, bigger brands might be your competition. They could even target the same customers as your company, but they can still be potential allies. In fact, bigger brands may need your company as much as you need theirs. Smaller businesses are often more nimble than the giants of the business world, for instance, which allows them to react quickly to changes in market trends. They also tend to have a pulse on the needs of their customers—especially in more niche markets. When HubSpot first launched its partner program, I was intrigued. It felt like a risky move, but my previous company decided to pursue a partnership with the marketing powerhouse. Considering we were also a marketing agency, the risk involved our choice to pivot our services to complement HubSpot’s platform. Combined with our pivot, this partnership increased our inbound leads and helped our revenue jump by more than 100% in a year. We were also able to generate predictable recurring revenue by referring current and prospective clients to HubSpot’s platform. In other words, partnering with a big brand can help your startup grow in ways that aren’t possible on your own. This doesn’t mean you should enter into any partnership lightly, though. Partnerships must make sense for both organizations involved, and there are several ways to evaluate these potential relationships: Conduct a values appraisal.Entering into a partnership can appear to be an endorsement of the other party’s values. Ensure you and any potential partners align in this regard before you make anything final. Your venture will forever be associated with your partner, and it will affect business going forward—either positively or negatively. The female social network findSisterhood understood this when partnering with Reebok. Within weeks of Reebok’s #BeMoreHuman campaign, findSisterhood launched its new app. Because both brands are passionate about empowering women and showcasing female strengths, the partnership worked out well for both parties. Weigh risk versus the reward.Most partnerships involve significant time or monetary commitments. For example, you may need to develop new products or services that complement your partner’s offerings. View this aspect of your partnership as an opportunity to create new revenue streams for your business. Ayesha Curry, an actress-turned-celebrity cook, in 2017 started developing meal kits by partnering with Blue Apron. Curry may have tapped into the meal-kit provider’s existing delivery service, but the partnership required her to commit a significant amount of time. That investment is significant, but both parties are likely to expand their reach and potentially increase revenue with time—which is a win-win. Consider development opportunities.Startups have limited time and resources to properly train employees. Some partnerships have the added bonus of professional development, which can be beneficial during times of growth. Every aspect of your operation needs to scale in tandem with your business—otherwise, you may fail to meet demand. As with any business strategy, building a relationship with a big brand shouldn’t leave customers confused. The partnership must work on a number of levels: from values and goals to messaging and target audience. Anything else will just dilute your startup brand. Michael Kiel is a serial entrepreneur with a passion for boating and online marketing. He is the founder of the startup Boat Planet, an online marketplace for connecting boat owners with trusted marine professionals.
The post Startup Owners: Have You Considered This Often-Overlooked Growth Strategy? appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2VXZfwj Sleepless nights, assessing (and reassessing), pivoting, negotiating, anticipating, spending … Are these keywords describing entrepreneurship or parenting? For all the parents who are entrepreneurs out there, you probably know these endeavors run in parallel. If parenting is akin to entrepreneurship, what entrepreneurial lessons have you learned from your kids? Here’s what a few EO members shared with Octane. 1. Consider the value in alternative approaches“I’ve learned to ask my 13-year-old son why he wants to do something a certain way, especially when it’s different from my approach. After all, just because someone has less experience doesn’t mean they don’t have a better approach. “For example, for a friend’s birthday recently, my son wanted to give cash instead of our usual gift-card approach. My immediate thought was, ‘No, that’s not classy.’ But instead, I asked why–and his answer was insightful. He explained that a gift card to a specific store meant his friend could only use it there, but if he doesn’t want anything from that store, our gift would be inconsiderate. And as for a credit card-backed gift card, we’d have to pay a fee to purchase, which is a waste of money. His ‘why’ made sense, so his friend got cash. “Having a child in the house is a constant reminder that great ideas come from all around, and it helps keep me extra aware to ask ‘why’ into the office—where great minds also surround me!” ― Denise Blasevick, EO New Jersey, Owner, The S3 Agency 2. It’s important to delegate“My oldest son, who was very resourceful at an early age, taught us multiple lessons. One question we heard him ask often was, ‘Can you do this for me?’ He learned to ask others for help, and they actually did help much of the time. Some parents might discourage that, but we saw it as a valuable skill he could develop—as long as it didn’t hurt his relationships and he was kind and thoughtful. “He’s grown into a strong collaborator who’s been orchestrating the efforts of others since childhood. We all have this instinct, but entrepreneurs have to learn to lead and harness the efforts of a team and outside vendors. You can’t do everything yourself. I’ve learned from my son to look for talented people who can do things that free me up to do other things.” ― Brannon Poe, EO Charleston, Founder, Poe Group Advisors
3. Don’t limit yourself through self-talk“There is a certain age where kids develop self-awareness and become self-conscious of their actions and presence. I felt sad watching my oldest child become self-conscious and create self-limitations. Helping her regain her confidence has been a journey from a natural self-freedom to society-induced limitations, all self-created by life experiences. “As her mom and biggest cheerleader, I’ve noticed that I, too, allow my self-talk to limit my dreams and business ambitions. I talk with my daughter about the struggles I face being a female entrepreneur, which can be daunting. I tell her how I overcome the instinct that I am not worthy. We all need to believe that we can do it–and then anything is possible.” ― Liza Roeser Atwood, EO Idaho, Founder and CEO, Fifty Flowers 4. There’s value in acknowledging emotions“I am a mom to two charming girls, and I run a content strategy firm. Child development training helped me learn to manage employee emotions. A therapist once told me, ‘Your children don’t need a solution. Even when they act out, they want to feel that their emotions are heard and acknowledged.’ When I saw what a dramatic difference this made with kids, I was eager to try it on adults. “Whether talking to employees or clients, I ‘mirror’ or reflect back to the speaker that I hear what they are saying: ‘Bob, I understand you feel frustrated when Janine doesn’t get the reports finished on time,’ or ‘Jessica, I hear you felt unappreciated when Jackie didn’t acknowledge how much work you did on that account.’ “Once the person feels heard, you can move into problem-solving territory. But if you start with problem-solving, you’re missing an opportunity to forge a connection—not to mention the emotional baggage still on the table can create all sorts of tripwires.” ― Anna Redmond, EO Los Angeles, Co-founder and CEO, Hippo Thinks 5. Stay curious, ask questions and be persistent“My children remind me of the importance of curiosity and asking questions. They inspire me to ask more questions before offering solutions and asking more follow-up questions in every type of conversation or interview. “My kids’ behavior reminds me of the importance of persistence, and as annoyed as I get at times when they ask me again for something I just said ‘no’ to earlier, I have to appreciate their persistence. At times they catch me in a different frame of mind or give me better reasons, and I say ‘yes.’ This translates into the sales realm, and the importance of strong follow-up. Clients aren’t won with the first outreach or meet-and-greet, but with the follow-up.” ― Rachid Zahidi, EO Tampa Bay, CEO, Sentinel Background Checks
The post When Parenting and Entrepreneuring Meet: 5 Critical Lessons appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization http://bit.ly/2VsoveZ |
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