Contributed by Justin M. Deonarine, an industrial organizational psychologist with Psychometrics Canada, which provides psychometric assessments to help businesses hire the right individuals and develop teams and leaders. We asked Deonarine about the benefits of diversity to an organization. Here’s what he shared. The business case for diversity is undisputed. However, age, gender and ethnicity aren’t the only areas in which you can create diversity in your organization. Differences in your employees’ work styles can also bring diverse perspectives that benefit and elevate your organization. A Framework to Understand PeopleYou might be asking, “How can I identify and understand the differences between people, without having years of training?” Don’t worry, I’m asked this question a lot. I find that it’s easiest to start with a framework, such as the one below. To use it, consider two key features of yourself:
Characteristics from these two questions are plotted below on the vertical and horizontal axes, creating four distinct work styles. What Are the Characteristics of Each Work Style?Now that you’ve identified your basic approach, match it with the characteristics in the chart below. Does it describe you?
Management Techniques to Get the Best From Each Work StyleNot only will you, as a leader, have these individual style preferences, but your employees will also have them. This means that you must adapt to a variety of styles that do not match your own. You may not understand your employee’s behaviors or choices, and your employees may not understand yours. However, you will need to be able to adapt and lead accordingly. Below, I’ve outlined some behaviors to be mindful of when engaging with your employees, as well as ways to help them stay engaged with their roles.
As an industrial organizational psychologist, Justin M. Deonarine is engaged in data-driven research to develop custom solutions that help individuals and organizations optimize performance. He works with Psychometrics Canada, an EO member–owned company. The post How to Maximize the Contributions of 4 Diverse Work Styles appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/36Ipk5F
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Contributed by Kevin Xu, CEO of MEBO International and co-founder of the Human Heritage Project. Corporate social responsibility (CSR) is not a new concept. Companies have been publicly proclaiming their dedication to sustainability, philanthropy and diversity for decades. But only recently have the true benefits of CSR come into focus for the companies that embrace it. CSR is more than a PR tool, though. Under the surface, it’s considered an essential element of your business model and a critical driver of your company’s bottom line. According to recent research, companies with well-defined social missions are more likely to attract loyal consumers, recruit dedicated employees, and be recognized as innovation leaders. They also enjoy easier access to finance and face fewer capital restraints. Given these benefits, many investors take great interest in a startup’s social mission. An Edelman study found that 76% of investors expect companies to address one or more social issues and view CSR as an indicator of long-term viability. Startups that embrace and exemplify a clear social mission from the get-go will have an easier time attracting much-needed backing. Express Your MissionThe sooner you can effectively communicate your company’s social mission, the more time you will have to build trust and understanding with investors. These early conversations can be invaluable to your business, both to its short-term funding and long-term direction. For example, a potential investor could identify issues in your CSR plan that would prevent your company from achieving its goals. In order for a CSR initiative to reach its full potential, a company and its investors must be on the same page, pulling in the same direction, and striving for the same goals. Follow these three tips to foster this alignment: 1. Be specific. Don’t make broad statements like “Our company is eco-friendly.” Instead, describe the specific steps your company is taking to protect the environment. For instance, if you are proud to use sustainable ingredients in your products, provide a comprehensive list of those ingredients. Or if your company utilizes a zero-waste production process, map it out for investors. Put everything in writing to avoid confusion or misunderstanding. Also set concrete, quantifiable goals. Investors appreciate entrepreneurs with big dreams, so don’t be afraid to aim high. As an example, Levi Strauss & Co. recently released a “Climate Action Strategy” with lofty environmental goals. By 2025, the company plans to reduce its greenhouse gas emissions by 45% and use 100% renewable energy at its facilities. Achieving these goals might mean slimmer profit margins for Levi’s, but investors still flocked to the clothing company after learning about its plans. 2. Express a compelling “why.” You, as the leader of the startup, should be personally passionate about your CSR mission. Otherwise, your efforts will likely come across as an artificial PR ploy, and investors will not feel compelled to partner with you. If your company donates a percentage of its proceeds to charity, pick an organization or cause that is near and dear to your heart, and make it clear to investors why you have taken this path. Tell a unique and engaging story that draws in investors and sheds light on your personal passions. Weave this narrative into your marketing material and overall brand identity. Starbucks CEO Howard Schultz, for example, has always been outspoken about his dedication to social responsibility. CSR is part of his personal brand, and over the years, his company has thrived because of his genuine commitment to ethical sourcing, sustainability, community service, and employee wellness. 3. Find common ground. Do your research ahead of time. Before meeting with an investor, look into his or her portfolio and assess each company’s social initiatives. This will give you a good sense of the investor’s personal priorities. Then, during your meeting, be sure to explain how your company’s CSR feeds into that investor’s goals. However, before partnering with an investor, don’t hesitate to reach out to a few companies within that investor’s portfolio. Get a third party’s opinion of the investor’s personality, working style, and overall value to the organization. You should ultimately strive to partner with someone who has a proven track record of success with companies similar to yours. These individuals will possess relevant knowledge, and they will also likely have key connections with individuals and organizations that can help your company better achieve its CSR goals. Purpose and profits have never been more intertwined, and investors have taken notice. As an entrepreneur, do more than just incorporate a CSR program into your business plan. Embody it to your core and make it a central part of your pitch to investors. Amazing things happen when startups and investors align around a shared passion for social responsibility. Businesses grow stronger, and the world changes for the better. Kevin Xu is the CEO of MEBO International, a California- and Beijing-based intellectual property management company specializing in applied health systems. He also leads Skingenix, which specializes in skin organ regeneration and the research and development of botanical drug products. Kevin is co-founder of the Human Heritage Project. The post 3 Tips for Getting Investors on Board With Your CSR Mission appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/3gyDBWS Eric Ludwig is a member of the Entrepreneurs’ Organization (EO) Cleveland chapter, which he joined in 2003. He is also the founder and partner of Pulsar Eco Products. He recently shared with us how the COVID-19 pandemic has allowed him to put his EO learning to work. He is one of many EO members who have managed to do great things during these unprecendented times. Coronavirus has given many entrepreneurs an unlikely opportunity to embrace and truly live their companies’ core values. Connecting with EO members from different countries has always been one of my favorite perks of EO membership. In January 2020, when the COVID-19 crisis hit China, I was busy planning a two-week spring vacation to Europe with my 14-year-old daughter. Through the EO network, I connected with EO members Lara Zimmerman (Netherlands), David Bijiker (Amsterdam) and Krzysztof Zdanowski (Poland) to orchestrate what would have been a once-in-a-lifetime itinerary. Not only was it going to be an educational and fun trip, but it included meals with local EO families along the way with children the same ages. Then COVID-19 took hold. Conversations with people on the ground in Asia, India and Europe not only made me re-think the trip, but rethink my business. For the last 20 years, my company, Pulsar Eco Products created consumer goods for retailers like Wal-Mart, Meijer, Hobby Lobby as well as cruise lines such as Carnival, Norwegian and Royal Caribbean. Cruise lines were having issues, and it seemed unlikely that the summer 2020 Alaska cruise season—for which we were about to start production production—would happen at all. Living the LearningRetool, repurpose, redeploy was a theme I had learned at EO Global Leadership Conference—and now it was time to put those words into action. Our factory partners in China had installed machinery to make masks for their local domestic market and we quickly positioned our team to put our strengths, know-how and network into action. I’m proud to share we have already distributed over 14 million KN95 and civil masks to major partners such as the Mayo Clinic, State Relief Teams and Fortune 500 companies. Embracing Our Core Values#1 core value: WeNotME. Team Pulsar delivered and donated more than US$70,000 in PPE Masks to area nursing homes, MEDWISH, children’s hospitals, cancer centers, police stations and local government agencies. #2 core value: Creative Thinkers, All Jobs, All Roles. While PPE masks may not seem creative, we have put our creative stamp on them by adding fun prints, brands and sayings to what otherwise is a fairly common surgical mask. In the coming months we will be delivering masks to restaurants, mini marts and retail stores. It’s exciting to see us grow, but what brings me the most pleasure is the fact that we never had to lay off or furlough any staff members. A Shared GoalMyEO gave me the platform to expand my EO connections to people around the globe with common interests, networks and abilities. Friends in Australia, Hong Kong, Brazil, Holland, Philippines and Egypt gave me both the confidence and international perspective to pivot so quickly. Our next endeavor is moving some production for certain items back to the USA. Millions of people have claimed unemployment and if we can impact just a few people, that would be incredible. While serving on the Global Committee of MyEO, I became friends with EO Detroit member Vlad Gendelman (CompanyFolders.com) and, through Thank you, EO, for giving me the tools network and community or business leaders around the globe. Visit the #EOTogether platform often for the latest in news, webinars and resources related to worldwide COVID-19 coverage.
The post Retool, Repurpose, Redeploy appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2yxSY0I Contributed by Dr. Gleb Tsipursky, disaster avoidance expert, speaker and author. In light of the global COVID-19 pandemic, many companies are asking their employees to work from home. But are they considering the potential disasters that can occur as a result of this transition? An example of what might occur comes from one of my coaching clients, from a few months before the pandemic hit. Pete is a mid-level manager in the software engineering unit of an entrepreneurial startup that quickly grew to 400 office-based employees doing electronic health records (EHRs). Due to rising rents on their office building, the company wanted to shift their employees to a work-from-home set-up. Pete was assigned by senior management to lead the team transitioning all 400 employees to telework. He had previous experience in helping smaller teams to working from home in the past. However, this significantly higher number of people was proving to be a challenge—as was the short amount of time available, which was only four weeks, resulting from a failure in negotiation with the landlord of the office building. 3 Key Steps to Preventing Disasters in Implementing Decisions
When Pete approached me for advice, I recommended the “Failure-Proofing” strategy, which is a pragmatic and easy-to-use technique to defend against planning and project disasters. Step 1: Imagine that the decision, project or process failed, and brainstorm reasons for why your plan failed. Meet with your key stakeholders and discuss your plan. Make sure to provide all the details. Next, use an approach informed by the premortem technique and ask the participants to imagine a future where the plan failed. Doing so empowers everyone, even those who are confident that the plan will succeed, to tap their creativity in coming up with potential reasons for the failure. Each participant should anonymously write out three possible reasons that the plan failed. The reasons should include internal decisions within the scope of the project team, such as manpower or budget restrictions. It should also include potential external factors, such as new policies set by government agencies. Next, the facilitator gathers the participants’ statements. The group discusses the central themes raised as reasons for the plan’s failure. The facilitator should highlight reasons that would not usually be brought up if the process of writing down the reasons and discussing them was not anonymous. If you will be doing this technique by yourself, list down separate reasons for the plan’s failure from the perspective of each relevant aspect of yourself. Going back to Pete, he decided to gather six stakeholders composed of one manager each from the four departments that urgently needed to be shifted to a work-from-home setup, as well as one team leader each from the two teams which would provide auxiliary support to Pete’s team while they were facilitating the transition of the teams. He recruited Ann, a member of the firm’s Advisory Board, to be an independent facilitator. Ann discussed the current plan, which was to shift all 400 employees to a remote work setup in four weeks. Everything—even business meetings— would be done online after four weeks. Pete’s team would migrate the 400 employees to a remote work setup in four weeks, and will be doing so in batches of 100 employees per week. The records division would be included in the last batch to be migrated, to give ample time to convert all documents and processes to digital forms. After outlining the plan, everyone submitted their anonymous reasons for failure. Ann read out the participants’ anonymous statements, which highlighted one key theme: The plan failed because it wasn’t communicated in a clear and timely manner. Most of the participants raised doubts that management can communicate the plan efficiently due to past cases of miscommunication of company policy changes. Step 2: Brainstorm ways to fix problems and integrate your ideas into the plan Pick several plan failures that are the most relevant to highlight, and think of ways to solve these, including how to tackle possible mental blindspots and cognitive biases. In addition, present any evidence you might use that would serve as an indicator that the failure you are addressing is happening or about to happen. For this particular step, it is critical to have people with authority in the room. The facilitator writes down the potential solutions. If you are going through this step by yourself, ask for outside input at this point. Circling back to Pete’s discussion group, Mary, an HR manager, took on the task of addressing the communication problem proactively. Mary will discuss the communication issues tackled in the discussion group with senior management. She will then propose for senior management to send out immediately a company-wide announcement on the migration to telecommuting and the steps that will be taken. Then, each senior manager would have in-person meetings with their direct reports in middle management, to get their buy-in and ensure that the message passed effectively down the chain of command. In turn, the middle managers would meet with the frontline staff and work out details of the next steps for each team. Step 3: Imagine that the decision, project, or process succeeded spectacularly, brainstorm ways of achieving this outcome, and integrate your ideas into the plan We tackled failure, so now let’s imagine that your plan succeeded superbly! This way, your company can maximize its success. Imagine that you are in a future where your plan succeeded beyond expectations. Ask each participant to anonymously write out possible reasons for the plan’s success. After that, ask the facilitator to focus on the key themes. Next, the facilitator gathers everyone’s statements and leads the group in discussing the reasons given. Assess anonymously the potential of each reason for success, and decide which ones need to be focused on. Check for cognitive biases as well. After that, come up with ways of maximizing these reasons for success. The facilitator writes down the ideas to maximize the plan’s success. If you are going through this step by yourself, ask for outside input at this point. In Pete’s discussion group, Ann asked each participant to anonymously write out the reasons for the plan’s success. When Ann read out the statements, there was one key theme: They imagined that the plan succeeded because the management was very responsive to anxieties and concerns from employees during the transition. To address that, Pete’s team set up a number that staff could text or call, which was always staffed by some members of the team. Then, they could quickly answer questions, or route the question to the person who had the answer. Failure Proofing Work-From-HomeTo prevent work-from-home disasters in this time of transitioning to telework to manage the COVID-19 coronavirus pandemic, make sure to use the “Failure-Proofing” technique prior to implementing decisions of any significance, as well as to assess the management of substantial projects and processes. Dr. Gleb Tsipursky is on a mission to protect leaders from dangerous judgment errors known as cognitive biases by developing the most effective decision-making strategies. With over 20 years of experience as CEO of the training, coaching, and consulting firm Disaster Avoidance Experts, he also spent over 15 years in academia as a cognitive neuroscientist and behavioral economist. He’s an EO speaker, a recent EO 360° podcast guest and author of Never Go With Your Gut (2019), The Blindspots Between Us (2020) and The Truth Seeker’s Handbook (2017). The post How Entrepreneurs Can Prevent Problems In Their Work-From-Home Strategy appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2ZrVVLj Each year, Entrepreneurs’ Organization (EO) celebrates hundreds of its members whose businesses earn a spot on the Inc. 5000. The 2019 Inc. 5000 featured a whopping 287 EO member–owned organizations! The annual list curated by Inc. magazine honors the extraordinary journeys of the fastest-growing, privately held companies in America. For a chance at a place on the list, you must first apply—and the application deadline is Friday, 22 May 2020. 4 Reasons to ApplyApplying is a worthwhile effort, and your organization could gain significant benefits. Just ask Chelle Neff, owner of Urban Betty salon and an EO Austin member. “To be named as an Inc. 5000 company two years in a row was a huge goal of mine. I feel it’s like winning the ‘Oscars of the business world.’ I will always throw my hat in the ring for Inc. 5000 and strive to grow just for that honor. I would love to get it three times!” Earn one of the 5,000 coveted spots and you’ll receive: 1. Media coverage in national and local media, plus a permanent, dedicated company profile on Inc.com. If you’re struggling to weather the global pandemic, being an Inc. 5000 honoree might deliver the edge you need to land new clients and make great hires. Does Your Company Qualify?First, let’s cover the basic requirements. To qualify for the 2020 Inc. 5000, your company must: • Be privately-owned, based in the United States and independent 3 Signs You’re Ready to ApplyPrevious honorees also point to these must-have ingredients for sustained growth: 1. Longevity. “Most companies on the Inc. 5000 are not startups. In fact, 80 percent of companies were at least seven years old when they first made the list,” explains Rajeev Agarwal, an EO member in Seattle. And he should know! Agarwal is the founder and CEO of MAQ Software, a data management and analytics software developer that has made the Inc. 5000 list nine times. 2. Good people. Ask Inc. 5000 honorees what factor launched them to the list, and you will probably hear a theme emerge: It takes a great team. “Putting together an exemplary team of professionals is a key factor in our success. Our skilled, experienced team is the right combination to fully meet our customers’ needs while continuing to grow and expand—yielding extraordinary results internally and externally,” says Justin Crosslin, co-managing principal of Crosslin Technologies and a 2019 Inc. 5000 honoree. Dan Stewart—co-owner of Strike Visuals and an EO Utah member—agrees. He says the key to his company’s growth is “a trifecta of critical factors: hiring good people, cultivating the right culture and encouraging empowerment.” 3. A well-managed P&L. Successful entrepreneurs understand their profit and loss statements inside and out. They also appreciate the difference between profitability and cash flow, explains financial expert Greg Crabtree. When Drew Louis, an EO San Diego member and president of Del Toro Loan Servicing, reviewed every one of his organization’s processes and roles, he was shocked to find 4,000 hours of wasted time. When the issue was corrected, it “saved money and increased the turn-time for clients, which helped with referrals and repeat business. Also, profit margins increased from 5 to 40 percent!” Louis’s company has made it on the Inc. 5000 list three times. Chelle Neff saw remarkable growth in her salon when she worked with a business coach who helped her restructure to an la carte price menu with fewer discounts. “Revenue grew by 30% the next year and 82% within three years.” So, do you think you have what it takes to earn a place on the 2020 Inc. 5000? Get your application in today! EO members: Our partnership with Inc. provides you a discount on the application and a chance to win complimentary tickets to the Inc. 5000 conference. Be sure to use your special EO code when you apply!The post 2020 Inc. 5000: Application Deadline Is Here appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2ZmZa6L Whether your business has remained open, scaled back, temporarily closed, or even ramped up during the coronavirus pandemic, there’s one thing we all have in common: Commerce as we knew it has—perhaps forever—changed. The organizations that adapt their policies, processes and customer outreach to meet the needs of this new normal will survive and grow stronger. Those that don’t are risking extinction. Establishing thorough, systematic protocols to protect your employees and customers are crucial during this time of rebuilding and reopening. Infection BasicsThe coronavirus (SARS-CoV-2) is the virus that causes COVID-19. According to the World Health Organization (WHO), the virus spreads through droplets of saliva or nasal discharge produced when an infected person coughs, sneezes or talks. These infected droplets can enter the mouths or noses of others. People can also be infected when they touch a surface with the virus on it and then touch their eyes, nose or mouth. Everybody can protect themselves by thoroughly washing their hands frequently and not touching their faces. Lower Your Employees’ Risk of Exposure to CoronavirusMost governments and industries have distributed targeted guidance on limiting the risk of infection. For example, in the US, the Centers for Disease Control and Prevention (CDC) has developed the following recommendations, among many others: • Protecting manufacturing workers The European Centre for Disease Prevention and Control has compiled information resources on COVID-19, organized by country. There are also broader recommendations that any employer can follow in order to protect their workers. Consider these tips: 1. Assign an infectious disease task force, made up of staff members from various levels and departments—including at least one employee from your human resources department. The team can report to a group of leaders and, as appropriate, present best practices and policies to the entire organization. 2. Develop an infectious disease preparedness and response plan, advises the US Department of Labor’s Occupational Safety and Health Act (OSHA). This document should identify potential sources of coronavirus infection (both inside and outside the workplace), assess workers’ risk factors, follow government recommendations and clearly lay out steps for limiting the risk of exposure. 3. Assess every aspect of both your physical workplace and your workflow as you determine the right steps for reducing risk to your employees and customers. Consider updating your employee handbook and policies related to sick leave and family leave. OSHA explains, “the best way to control a hazard is to systematically remove it from the workplace, rather than relying on workers to reduce their exposure. During a COVID-19 outbreak, when it may not be possible to eliminate the hazard, the most effective protection measures are (listed from most effective to least effective): engineering controls, administrative controls, safe work practices (a type of administrative control), and PPE.” 4. Establish procedures for identifying and isolating sick or exposed staff members. Identify colleagues who may have been in touch with a sick worker and follow up with appropriate distancing and screening. Potential Protection MeasuresConsider these options for safeguarding your team: • Hold brief daily team meetings to remind staff about the keys to being safe—stay distant from one another, stay at home if you’re ill, wash your hands frequently and disinfect your space regularly. • Provide every worker with tissues, a trash can, disinfecting wipes, alcohol-based hand sanitizer and a mask. (Check out options for customizing reusable face masks with your company branding!) Switch to no-touch hand soap dispensers and trash cans. • Limit the number of customers and staff members in spaces. As a general rule, allow for 6 feet between individuals and workspaces. Explore flexible shift possibilities, creative scheduling and work-from-home options. A “10-4” plan that directs employees to work 10 days at home and 4 days in the office is gaining traction in some countries. • Consider long-term approaches to creating distance between staff. COVID-19 has made us more aware of how germs spread, and many people predict that the workplace will be permanently changed. Is it time to look into higher cubicle walls? Do you need additional space in order to safely distance employees? Which departments can transition to permanently working remotely? • Do not require a doctor’s note for employees who are sick with acute respiratory conditions to confirm their sickness. • Install high-efficiency air filters, increase ventilation and utilize physical barriers where appropriate. • Do you already have regularly scheduled housekeeping? Ask about increasing the frequency and check that the products being used are recommended for tackling emerging viral pathogens. • Encourage virtual meetings—and follow up with appropriate tech support and organization-wide training for video call etiquette. Get in the habit of asking yourself, “Does this meeting need to happen in person?” • Evaluate the IT team and tech resources, making certain your organization is up for the challenge of more employees working remotely. • Create an online forum for answering questions and communicating new policies. • Train workers on how to use protective gear and properly wash hands. Post visual reminders and resources around the workspace and in your COVID-19 forum. Infographics can make information more accessible. • Update marketing and customer messaging to feature your latest safety protocols. Customers will expect changes to your business and appreciate your transparency. For the latest resources and training related to supporting your business through crisis, visit the #EOTogether platform.The post The Essential Guide to Creating a Post-Pandemic Workplace appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2ZblKPL At Entrepreneurs’ Organization (EO), our mission remains engaging business owners at every stage with the tools, education and community necessary to learn and grow to new levels of leadership, in business and beyond. As businesses begin to implement new ways of working in the new landscape, we asked three EO members—from three industries and three countries—to share how they are moving forward. 1. Carlos Melendez, Wovenware, EO Puerto RicoCarlos Melendez is the CEO of Wovenware, a nearshore software services firm focused on chatbots and AI. As a member of EO Puerto, he’s also seen the company through the 2017 hurricane Maria. His organization has continued to work remotely. Like businesses everywhere, Wovenware has had to drastically change the way we live, work and interact during the COVID-19 pandemic. Yet, being based in Puerto Rico, we’ve learned a lesson or two from Hurricane Maria about how to adapt to volatile situations that are out of our control. Unlike the last crisis when we were working hard to keep our workforce in the office, the pandemic has forced us to ensure they stay home. As a nearshore engineering services and AI firm, we were able to quickly implement a remote-work model and all of our employees have been able to seamlessly continue to serve customers, collaborate and carry the Wovenware corporate culture to their home offices. Planning for a Return to the OfficeBut as we all know, video chats can never replace real live interaction and collaboration among teams. Once it’s safe to do so, many of our employees are looking forward to getting back to the office, because it means a return to some semblance of normalcy and predictability. Here at Wovenware, we’ve already begun to build a roadmap, standard operating procedures (SOPs) and protocols for when we return to the office (which as of this writing is scheduled for 1 June in Puerto Rico).
Communication and CompassionPerhaps what is most important is ensuring the well-being—both physically and emotionally—of our most valued resource, our employees. We’re committed to being flexible to accommodate family issues such as children remaining out of school, the need to care for elderly family members and other ongoing challenges resulting from COVID-19. The most important skill at a time like this is open communication between employers and employees. The return to the office will be the first step toward the new normal, and perhaps we’ll arrive at it a little wiser, stronger and more empathetic. 2. Matteo Ghedini, Brera Serviced Apartments, EO ItalyMatteo Ghedini is the CEO of Brera Serviced Apartments. He is also a member of the EO Italy chapter. While the hospitality industry was hit early and significantly, his company has seen less impact than most hotels. Cancellations and the full stop of business hit our industry in the early stages COVID-19 and the projected forecast figures are estimating that the return of business is going to be very late. However, my company specializes in the serviced apartment industry and is focused on B-to-B which lessened the negative impact compared to hotels. We were still forced to consider cutting costs starting with the highest factor—labor. Caring for EmployeesWe truly believe that open and honest communication is the key to not losing your team in this very challenging time. We made a clear commitment to not let go any team member, as we don’t want them to face this crisis alone. We all made sacrifices in order not to leave any one employee alone. The response of the team has been stunning. We have goosebumps every other day at each manifestation of loyalty and support. We were lucky enough that we were able to keep our properties open and we are already seeing a slight increase in business. Maintaining Customer FocusWe decided right from the very first stage of the virus to change to a home-office model wherever possible. Our technical set-up allowed an easy and smooth change of process. Digital processes also guarantee social distance for our guests. We implemented a full “Contactless Customer Journey.” Keyless entry was never as important as now, video introduction of our hosts and virtual support in the apartments instead of a physical reception was implemented quickly. We are diving much deeper into the possibilities right now because we believe that this will be a major advantage in the market. But it is a major challenge at the same time for our corporate culture because personalization and a strong connection to our guests is our biggest strength and the key value I grew this company up with. Of course, cleaning and disinfection measures have been ramped up dramatically. We also opened up our properties to anyone deeply affected by the crisis—including medical staff, or medical patients in quarantine. We are catering to these segments with low prices (barely covering our costs), hoping to support them in this hard time. 3. Eric Hoffer, Hoffer Pest Solutions, EO South FloridaEric Hoffer owns Hoffer Pest Solutions, a leading pest control and lawn care company in Florida. He is also a member of the EO South Florida chapter. “Our company has been around since my dad started it 45 years ago. After a few decades of owning it, I can certainly say that COVID-19 is something we’ve never seen before,” says Hoffer. Though Hoffer did not have to close because pest control was deemed an essential service, his company has had to adapt to the changing times. We first had to consider how to keep our technicians safe on the job, as well as protect our customers. We provide PPE for our technicians, including masks and gloves, to make them feel more comfortable. This protection also gives peace of mind to our customers. We understand perception is reality, and we needed to convey that our company cares about the health and well-being of all involved. Contact-free appointments have become a necessary adaptation for many service industries. Hoffer Pest Solutions offers exterior treatment options so people in the home do not need to interact our technicians. Working from home rather than in the office is certainly a unique challenge for the service industry. We have implemented call scripts for our customer service representatives so they are able to answer the phone at home and follow scripts that answer the most common questions. Updating Marketing MessagingWe have also changed the way we do digital marketing by running paid ads on Nextdoor, Facebook and Google Display to communicate that our business provides exterior-only pest control services. When we show up on Google’s search engine, our website’s title message now shares that we are open and safely providing services. We are also updating our Google My Business posts to share up-to-date COVID-19 information to current and potential customers about how we at Hoffer are updating our service techniques to ensure client and employee safety. Our goal with digital marketing changes is to express that we understand the concerns with COVID-19, but we also know people still have pest issues that need to be resolved. We’re open and we’re willing to safely help. Check out the EO Together platform for support and resources related to managing your business through the pandemic. The post What the New Normal Looks Like in Three Industries and Three Countries appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2YWo0dD Contributed by Ross Drakes, an entrepreneur and creative director based in Johannesburg, South Africa. He is the founder of Nicework, which helps companies to define their purpose and then deliver on it. He joined the Entrepreneurs’ Organization (EO) in 2013. His firm compiled insights on factors surrounding COVID-19 and made the report available for free. Called “Finding North (Again),” it explores emerging trends and how to create opportunity from this period of chaos. The last few months have been like nothing I have ever experienced. I went from having a solid strategy, a decent pipeline and a great team to execute on it to being forced to stay in my house with my wife and son, my team working remotely (with our new shiny office sitting empty), and every project we were working on being cancelled or postponed. Every plan or idea I had about this year was suddenly shattered. The efforts we had been toiling away at no longer seemed relevant. For the first time in a long time, I had no clarity. The one thing that I am clear on is that lots of things are shifting. Whether it’s the markets collapsing or the measures put in place to contain the virus, people are behaving in radically different ways. I mean, I made pizza dough from scratch, trimmed all the trees in my garden and relish the idea of stepping out to buy some cleaning supplies from our local supermarket. Previously law-abiding people are trading cigarettes and alcohol like it is a legitimate part of the economy. Thankfully, I am a member of EO. Members of my Forum are on regular calls, and the experience shares and guidance have been amazing. There are a myriad of WhatsApp groups, Slack channels, webinars, and MyEO groups that sprung up, seemingly overnight. The generosity of information and support has been huge. I missed one of the presidential updates and was served all the salient points in a neatly typed summary sent to me by a member in Cape Town I have never even met. It has been astounding. Being part of all of these groups, I started to see that some things that were very obvious to me were not apparent to people who do not build brands and communicate for a living. I started to see that the lockdowns were going to be extended. We have a teammate in Barcelona and his situation gives us a glimpse into our future (they are still in lockdown at the time of this writing). Most companies turned to hardcore-survivalist-price-cutting or burying their heads in the sand. Meanwhile, we were in the midst of helping our clients look down the road and start taking action. And some very clear patterns were beginning to emerge. As human beings, we are exposed to change on a daily basis, but nearly always in more palatable increments than this. When the chaos eventually subsides, the landscape around us will be transformed. This is an opportunity: How will we adapt and change, to do what we do in a very different world? Even though my company, Nicework, was reeling, the one piece of our strategy that survived the shutdown was the idea of strategic giving. Being generous with people, putting out more than you take in and genuinely trying to help. We decided to leverage the assets that we had at our disposal, take a break from trying to sell to people and create a document of all the things we really wanted the people around us to see. The result was the Finding North (Again) report. It is not long or complicated. It is simple and short, designed to help you think creatively about solutions to your situation—a few key thoughts to help you reformulate a strategy for the next three to nine months. We are now in the process of expanding and updating each thought as the requests have been flowing in thick and fast. In the world of unexpected consequences, the biggest challenge we are facing is the mindset of people who are just waiting it out or standing still. This document as well as the conversations we have had as a result have been a great tool to shift people—just a few ideas to ponder as you define your approach to this shift. This document was written during the first week of the 21-day lockdown in South Africa. The general feeling now is calmer, but much is still up in the air. Remember that people are adjusting to the ground shifting beneath them and that current work-from-home situations are often less than ideal. But weirdly enough, it is all starting to normalise. The dust is settling and soon people are going to need to figure out how to get to the new business-as-usual as fast as possible. Consumers will wake up again, the economy will start rolling and I want you to be ready. There are more interesting times ahead where we can get to new levels of productivity, effectiveness and growth. Humans are adaptable and we will definitely find a way through this. It’s important to remember that we don’t like change—especially when it is sudden and forced. So what will you do to prepare yourself for the aftermath of the COVID-19 pandemic? What new tools, strategies, processes and ideas will you enable reinvention and resilience for your company? My hope is that this will help guide you to make the right choices to come out of this thing ready to do great things. In the spirit of EO together. Onward and upward. In addition to leading at Nicework, Ross Drake is a speaker, part-time lecturer and host of a few podcasts—including a podcast with fellow EO South Africa member Rich Mulholland called RadEO. The post Finding North In a New World appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2SUEuz2 Written by Larry Prince, CEO of PrinceLeadershipTM. A version of this article originally appeared in New Jersey Business magazine. The COVID-19 crisis is testing our leadership mettle in ways we have never experienced. We’re pressed to confront harsh business realities—how to keep the doors open, how to pay the bills, how to address staffing issues. But most importantly, how to make tough business decisions tempered with compassion for our people. So, let’s take a look at key considerations when leading our business with our head and leading our people with our heart. Our PeopleThe journey forward begins by recognizing that our employees are our lifeline. Offer them the rationale for our decisions. Remain transparent about our plans for the company amd solicit their input and feedback, ensuring they’re clear about their expectations. These actions may mean the difference between failure and survival—and between losing our most talented people or having them stay on board. Observe how people are reacting to the crisis. Reactions may fall anywhere on a continuum from anger to frustration, to anxiety to acceptance, to hopefulness. If you have communicated your intentions and had a clear dialog with them, in the best-case scenario, they’ll react by remaining engaged and possibly even inspired by the strength of your leadership and the care you display. Like you, employees have financial obligations and families to care for, during both the best of times and the worst of times. They face the same uncertainties as you do. At the same time as you make the decisions that will affect both the short term and long term health of your company, you need to stop and consider your own emotional health, as well. Consider the effects of the crisis on your relationships with your family, friends, management and employees. Find a place outside the office and think through how you will make the necessary adjustments. Most important, don’t go it alone. Talk to a trusted advisor—a mentor, another business owner or a business consultant. Protecting the BusinessHere is a logical process that I employ with clients to help them think through their financial challenges: First, evaluate your cash position and determine how much cash you have on hand and how much you can reasonably expect to receive. Next, determine what you need, to break even. Is there a gap between projected revenue and projected expenses? If so, quantify that amount. Then, discuss with your team how to close that gap. This is where the tough decisions come in, regarding what staff to keep on board through the crisis, whom to cut and perhaps whom to furlough. In addition, examine all nonessential expenses and decide what your business can live without. Finally, engage in conversations with suppliers, vendors and landlord, as well as assess any and all financing options, government programs and loans. Applying this process, the owner of a retail store developed two-week projections for cash flow and expected revenue. This will help him manage staffing and expense decisions within short time frames; making tough choices seem workable. Now apply the same disciplined approach to evaluating your market, customer needs, sales messaging and operations. Evaluate how the crisis has affected the markets you conduct business in. What issues are your customers grappling with? How can you help them? Ask how disruptions in the supply chain affect your company. Next, what adjustments does your company need to make with your sales and marketing messages? And, let’s not forget streamlining internal workflow processes and operations, especially in light of those employees working remotely or in the absence of employees who have been cut or furloughed. By all means, evaluate the effect of your decisions on the future of your company. Consider how employee and resource cuts will affect your company’s potential growth, when the crisis passes. Remain transparent and honest with employees about the company’s financial position. Involving them in the problem solving process will help to relieve some of their anxiety and provide them with a greater sense of control, at work. The sum of these considerations and actions will instill a greater sense of hope, trust and confidence with our employees—whom we need now, more than ever. Larry Prince is the CEO of PrinceLeadership, a New Jersey-based business consultancy that works with middle market companies to create growth and sustainability. You can reach him by emailing: [email protected]. The post Confronting the Uncertainty: Leading with Your Head and Heart appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/3dtsmg6 Written for EO by Kalika Yap, an Entrepreneurs’ Organization (EO) member in Los Angeles. Yap is a thriving serial entrepreneur whose businesses include Citrus Studios, Luxe Link, and the Orange & Bergamot. She recently attended a Facebook Live stream hosted by Warren Rustand, co-founder of EO’s Leadership Academy in Washington, D.C., where he addressed the global pandemic. EO members asked questions which he addressed in the first episode and continued to address in successive episodes. Rustand provided insights on clarity of vision and certainty of intent. Kalika Yap shares highlights from the presentation. You’ve got this. That’s the message about COVID-19 from Warren Rustand. Rustand has run more than a dozen companies during this career, most recently Providence Service Corp., a publicly-traded social service and transportation firm. He’s taken at least one through bankruptcy, and he’s lived through every crisis in the past 70 years. In his office in Tucson, Arizona, he has a bronze sculpture of a cowboy in a long rain coat, head down, that Rustand looks to for inspiration. He bought it during that bankruptcy. “Regardless of the weather, we still have to put our hat down, our rain slicker on, our face into the wind, and stride into the storm,” Rustand says. Rustand says he’s had calls from more than 300 business leaders at small and medium-sized companies looking for advice. About a third of them have already closed their businesses, or will do so soon. Another third will have tough decisions in about 90 days, when cash starts to run out. The last third seems like they will make it. Rustand admits that this pandemic probably feels different from anything a young entrepreneur has had to deal with, because the whole world has been asked to shelter in place and put the economy into a coma. That’s unprecedented in Rustand’s life, too. “You’ve probably never felt anything like this,” Rustand says. But we’ve all dealt with things that felt new and terrible at the time. Some of us remember the 2000 dot-com crash. Others recall the 2008 financial crisis. In terms of pandemics, we remember avian flu (1997), SARS (2003) and MERS (2012). “Think of the challenges you’ve already faced,” Rustand says. In a recent Q&A with EO members on Facebook Live, Rustand recommends compassion, both for ourselves and for others. It makes perfect sense to be fearful at a time like this, he says. The challenge is to manage that fear so we can plan for the future because, ever the optimist, Rustand is certain that we will get through this. “It’s going to be an unbelievably challenging time, but we will rebuild,” he says. Rustand recommends an essay, As a Man Thinketh, by James Allen (it was written in 1903, hence the male-oriented title). The message, Rustand says, is: “We are what we think. If we think only about our emotions, if we think only about our trials, that’s where we’ll be.” So, by changing our thinking, we gain control. As humans, we tend to think less about the moment and more about the past or future. We think upstream and downstream, Rustand says. “If we look upstream, we see what is coming, and right now, it’s a torrent, and it looks hard, and it’s going to be like this for a while,” he says. For entrepreneurs, the job now is to look past that daunting torrent and to the opportunity beyond it. Because there is opportunity. There always is in a crisis. “It’s how we respond that makes us different,” Rustand says. Some recommendations: There are upsides to COVID-19, Rustand says. After years of political discord, the pandemic has brought out some of our better angels. “We’ve been living through a decade of controversy and contention,” Rustand says. “Now, there is a coming together, a spirit of taking care of your neighbor.” Kalika Yap, is founder and CEO of both Orange & Bergamot, a creative agency for female founders, and Citrus Studios, a branding and design agency. She’s also an author and the host of EO Wonder podcast. The post Advice from Warren Rustand: Put Your Head Down and Walk Into the Storm appeared first on Octane Blog – The official blog of the Entrepreneurs' Organization. via Octane Blog – The official blog of the Entrepreneurs' Organization https://ift.tt/2YCQZ5Q |
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November 2020
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