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Foundations of Success

Don’t Let Fear Hold Back Your Entrepreneurial Instincts

By Comments & Opinion, Success & Inspiration, Entrepreneurial, Business Insights, Business Health, Foundations of Success 2 Comments

Don’t-Let-Fear-Hold-Back-Your-Entrepreneurial-InstinctsIf you decide to leave your job and open your own business, there are a few things you assume you’ll leave behind as well. Job security, consistency and a personal life are what some people think they’ll leave behind – and sometimes this is true. The problem here is that when people really start to think about these things, they get worried, and that worrying more often than not leads to fear.

This fear can be used as motivation for some, but more often than not this fear will inevitably stop you from taking the plunge and stop you from creating your dream company. We’re all familiar with Franklin D. Roosevelt’s quote on fear: “The only thing we have to fear is fear itself.” While the quote may be used quite often, that’s simply because it rings true, and if you can overcome your fear you will head towards greatness. Here are a few things that you need to keep in mind to keep your fears in check.

Take That First Step – No matter what your instincts may be telling you, the hardest part is taking the first step. However, if you find that the results from this first step aren’t encouraging, don’t abandon hope so quickly. Much like with losing weight, the first step is difficult and most get discouraged when they don’t see any immediate results. Just have patience, and know that the road is long but well worth it. Creating a business plan, getting your financials in order or reaching out to other entrepreneurs are just a few things that you can do to get you started.

Keep The Big Picture In Mind, But Take It One Step At A Time – Tying in above, once you take that first step, make a list of other goals you want to attain. You should keep the big picture in mind, like wanting to become a multi-million dollar company for example, but also make sure to have smaller attainable goals first. Acquiring a certain number of new clients, finding an office space and other similar things are small goals you can start off with. Meeting these smaller goals will keep you motivated as well, since reaching them will let you know that you’re well on your way to the end game.

Drop The Negativity – One of the biggest side effects from fear is the non-stop negativity that comes with it. Your fear makes you believe that you’re incapable of meeting your goals, or worse, that you don’t deserve to reach your goals. There’s no one way to get over this, but it’s important to know that this will take time. Write down what is making you afraid and then list off realistically if your fear is based on facts, or simply something you’ve made up in your head.

Do you feel that you’re now over your fears, or are there still things that you feel are holding you back? I’d love to discuss this topic with you in more detail.

Optimize Your Productivity for Future Success

By Success & Inspiration, Achieving Wealth, Self Education, Foundations of Success, Planning for the future, Leadership, Personal Accountability No Comments

To-do lists are a mixed bag for me. On one hand, they’re great for getting organized and prioritizing your daily tasks. On the other hand, if you’re not using them properly (like I’ve seen many entrepreneurs do) you run the risk of derailing your entire day.

Luckily, I’m not the only person who thinks this. I read a great article on Forbes that discusses “Organizing Tomorrow Today”. In his article, Jason Selk discusses the many benefits of planning for the future, something I’ve discussed in my previous posts. I encourage you to read the full article, but here are the two most important points I was able to take from it:

Your To-Do List Is Wrong: Like I mentioned, most people tend to make a massive to-do list full of both important and unimportant items. Simply listing off what’s on your plate is a waste of time. Instead, organize your list in terms that makes sense to you. Selk encourages that you list off your top three tasks of the day, followed by lesser tasks. What I do personally is organize my most important tasks of the day, and then group my lesser tasks into a separate category called “end of the week”. Whatever method you use, the main thing to remember is that you have to start off your day with your most important task, instead of tackling the less important items first. Otherwise, you’ll fall into the trap of constantly completing your simple tasks first, and never getting around to actually finishing what matters.

Take The Time To Plan Ahead: Arguably the most important thing that Selk says in his article is that no matter what, take the time to plan ahead. Don’t leave all of your future planning to the morning of said day. Take ten to fifteen minutes the day before to figure out what needs to be done first, what can wait until throughout the week, and what you can delegate. Selk summarizes this point nicely: “Highly successful people do not get everything done each day, not even close. They have learned to get the most important tasks completed, and then to do their best to get the rest done.

All in all, the most successful entrepreneurs know the importance of prioritizing their tasks, and they also know the best method to complete them. Let me know how you tackle your important tasks and we can discuss it in detail in the comments below.

Using Videos to Augment Your Brand

By Comments & Opinion, Entrepreneurial, Business Insights, Business Growth, Foundations of Success 2 Comments

I was in a meeting this past week when I suddenly remembered an amusing old video from Ogilvy called “The Search For The World’s Greatest Salesperson.” The video series was part of a contest, and it really got the Ogilvy name out there. You can see my personal favorite below:

[youtube https://www.youtube.com/watch?v=uzAYGtZosGI&w=640&h=360] The campaign was funny, original, and succeeded in delivering Ogilvy’s message in a few short and succinct videos. It got me thinking of some of the video work we have planned for the Wish Group, so I thought I’d share how we decided that video was imperative for brand awareness, and why it needs to be part of your marketing plans this year.

No One Reads Anymore: While some people still prefer to read articles, a staggering amount of time online is spent watching videos. According to Domo, 72 hours of video is uploaded to YouTube every minute, and on top of that, 4 billion videos are watched online every day. These stats alone should be enough to motivate your company to produce some share worthy videos.

Viral Appeal: This is a bit of a double-edged sword, but great videos tend to be shared online at incredible speeds. There’s no doubt you’ve encountered Gangnam Style, the hit music video that has the most views online (more than one billion and counting). Brands have had success with viral videos as well, such as the “First Kiss” video for Wren Studio. I say at viral appeal is a double-edged sword because it creates the idea that every video you make needs to go viral, or it won’t be considered a success. This isn’t an further from the truth, and leads directly into my next point…

The Chance to Have Some Fun: At the end of the day, you need to remember to have fun while you’re making these videos. Maybe you’ll hit a home run and have a multimillion-view video, maybe you won’t. As long as you produce something original and creative on a regular basis, and are having fun while you’re making them, you’re guaranteed to at least get some people’s attention in the process.

I’m excited to share the great videos that will come out of the Wish Group later this year, but in the meantime here are the rest of the videos from the Ogilvy campaign. What are your plans for video this year?

 

[youtube https://www.youtube.com/watch?v=wZSVLL2hxzY&w=640&h=360]

 

[youtube https://www.youtube.com/watch?v=EFXz8gi4Xyw&w=640&h=360]

Why you Need to be a Thought Leader

By Comments & Opinion, Entrepreneurial, Business Insights, Foundations of Success, Leadership, Personal Accountability No Comments

As I mentioned in my blog post last week, using social media is a great way to gain exposure and build your personal brand. One point that I briefly touched on was about sharing your unique industry experiences through social media channels, and how this will make you a thought leader. But what exactly is thought leadership, and why is it important?

The term itself is pretty self explanatory. It’s someone who has established authority in their work field and has become the “go to” person when you need to know about a specific topic. I’m not going to explain how to become a thought leader, as there are plenty of articles that do a great job of detailing how to create thought leading content. However, I do have three main reasons as to why you need to be a thought leader – and one cautionary piece of advice:

Kills Competition – The best thing about being a thought leader is that you’ll instantly kill your competition. Think about it, if you were a potential customer and had to choose between two different companies, which would you rather choose: the company that has a president who regularly produces content as an expert in their field, or just a regular company?

Lead Generation – Speaking to the point above, generating knockout content that provides your audience with great value isn’t just useful for building a following. There’s bound to be people who’ll take a look at your content and decide that your product or service is worth the price of admission, based only on the fact that you’re an expert at what you do.

Increased Exposure – Another benefit to thought leadership content is the amount of exposure it will get you and your company. This will bring many visitors to your website or blog, and with the proper linking techniques,it can be great for your SEO, PR and content marketing efforts.

However, be Prepared to be in the Spotlight – The piece of cautionary advice that I mentioned links directly to the point above, and most entrepreneurs don’t consider it. Love it or hate it, once you’ve become an established thought leader every piece of information that you publish will be under scrutiny, which can lead to some nasty dialogue between you and your newly expanded audience.

It takes a long time to position yourself as a thought leader, but the sooner you figure out why you should become one, the sooner you’ll begin the process of becoming one. Of course, I myself am still on this journey, but I’m glad I started sooner rather than later. Are you trying to become a thought leader? What pieces of advice would you offer anyone starting out?

Personal Brand Building with Social Media

By Comments & Opinion, Success & Inspiration, Entrepreneurial, Business Insights, Foundations of Success No Comments

One of the biggest challenges I’ve recently faced is jumping deeply into social media. That doesn’t mean that I didn’t understand the value of social media, I honestly just couldn’t dedicate an adequate amount of time to try and build a proper following. Fast forward to the present and I’m happy to say that I’ve not only been able to post consistently on my blog here, but also on my personal Twitter account.

But why even bother with a social media presence? Most entrepreneurs have been told time and time again that social media is important, but it’s rarely explained why it’s so important. Every user will define the importance in their own way, but for me, social media is a powerful tool to build your own personal brand. As an entrepreneur, you’ve probably started a business in the field of your choice, which means that you’ll be able to provide incredible value to your audience by sharing your unique insight, be it with short and succinct tweets or in-depth blog posts. Sharing these kinds of insights on your social media channels will eventually make you a thought leader in your field, but of course, this will take time.

When it comes to social media, another point that will take time and effort is growing your number of followers. For what seemed like the longest time, my Twitter account had only a handful of followers and refused to grow. After discussing strategies with a digital marketer, the two most valuable lessons I was able to learn was that (a) follow growth takes time and (b) I simply wasn’t being social enough.

These two items are very important to know for any of your social media efforts, be it for personal use or for your brand. The first point about follower growth is especially critical, as business owners become very disappointed with their lack of growth in a set period of time and abandon all of their social media channels. Using my own Twitter account as an example, after two months of consistent use, I now have 190 followers. This is following three months where I couldn’t break 40 followers. So what happened that made my follower number jump? It leads directly to the second point of being social.

It’s called social media for a reason: if you don’t join in on the conversation, then you can’t expect to see any kind of growth or engagement. Admittedly, one of the things I want to improve on is the engagement of my audience. While I do interact with my followers, I want to specifically try and reach out to more of them and get a regular dialogue going. You need to interact with your followers regularly, otherwise no matter what kind of information you share on your accounts, it’ll quickly become irrelevant.

What has your experience with social media been like? I’d love to discuss this topic more in depth in the comments below.

How do you become a Successful Sales Manager? (Infographic)

By Comments & Opinion, Business Insights, Sales Advice, Foundations of Success No Comments

successful-sales-teamIt’s unfortunate, but there are sales managers who think that if their sales team is meeting all of their quotas, then there’s no possible way they can get any better. This, of course, couldn’t be any further from the truth. There are always steps that a sales manager can take to become more successful.

I found a great infographic (which you can find at the bottom of this post) from Level Eleven that looks at the secrets of a successful sales manager. The infographic offers valuable insights, and I was able to take three key lessons from it:

Train Your Sales Team to Manage Their Time Wisely – A large majority of sales people can dramatically increase their results with just a bit of direction on their time management skills.  Making sure that your sales team is focusing on important tasks and contacting prospects at the best times are just a few methods that you can instill within your team.

Take the Time to Mentor your Sales Team – Numerous stats on the internet show that it can take a sales person 9 to 12 months to become fully effective at their job. This means that you can’t give up on a member of your team just because they’re not as efficient as you expected they would be. If you take the time to nurture your sales team and ensure that they’re growing in the right direction, the long term pay off will be worth it.

Implement Incentive Programs – As Level Eleven shows, only 20% of sales people are organically motivated and engaged, meaning the other 80% need some kind of incentive to get them to reach their sales quota. Running an incentive program can bring out your team’s inner competitive spirit while boosting your company’s sales in the process. Keep in mind that the prizes of these programs don’t have to be anything completely over the top. Just like the infographic mentions, cash isn’t always the best option either. Tickets to an event, a special delivery of a fresh breakfast or even something as silly as an outdoor working station during nice weather are just a few ideas you could use.

Take a look at the infographic and let me know what you key lessons you took from it in the comments below.

What did you Learn from the NCAA Sweet Sixteen Match-Ups?

By Comments & Opinion, Entrepreneurial, Business Insights, Foundations of Success No Comments

march-madness-for-businessThe Final Four have been chosen and next Monday the Championship Game will wrap up March Madness. Brackets have been broken, heartbreaks have been plentiful, and overall the dedication has been impressive. Throughout all of my years of running a business, I’m always surprised by the lessons you can learn from watching athletes who have dedicated their lives to becoming the best at their sport. Even if you’re not a fan of basketball, you can still learn numerous lessons from March Madness that you can bring back to your business:

Don’t Dismiss the Underdog – The staggering amount of upsets this year just goes to show that the underdog always has a chance. Just because your business is smaller than some of the better known brands in your industry, that doesn’t mean you don’t stand a chance. Innovative marketing strategies, outstanding public relations and stellar customer service are just some of the ways that your business can compete against larger brands.

Understand your Teammate’s Strengths – When you see a great team play in unison, it looks like they instinctively know where their other teammates will be ahead of time. This isn’t an accident; the players just make it look natural. After months and months of practice, every team member knows each other’s strengths and weaknesses, and they analyze their situation and make their decisions accordingly. This, of course, translates well to a business setting, but your team may be hesitant to admit that they have weaknesses. It’s imperative that you discuss this with your team, because if someone doesn’t understand their weaknesses, they’ll never be able to improve them.

Trust your Mentors – The advice offered by a mentor (or coach) can sometimes sound incredibly risky. They’re not the ones playing the game or running the business, so why should you listen to them? Well, a good mentor has years and years of expertise under their belt, and has experienced both the good and bad in their respected fields. Their triumphs and failures have given them a unique point of view. Don’t ever brush off advice that a mentor is willing to give you, but don’t blindly accept advice either.

You Can’t Predict The Future – This point has less to do with the athletes, but I still feel that entrepreneurs can learn from it. Warren Buffet had offered a $1 Billion to anyone who delivered a perfect bracket. Roughly 8.7 million entered the contest, even though Yahoo Sports said that there was a 1 in 128 billion chance of making a perfect bracket. And while all of the brackets had been called “un-perfect” by the Sweet Sixteen stage, it shows that no matter how astronomically impossible the odds may be, you have to at least try.

What lessons have you picked up while watching the tournament this year? More importantly, is your team still in the tourney? I look forward to chatting with you in the comments.

Don’t Neglect Your Existing Customers

By Business Insights, Sales Advice, Business Growth, Business Health, Foundations of Success One Comment

There’s no doubt that your sales team is always calling, sending
e-mails, following up and doing whatever they can to capture new customers, but during this process there is one critical point that gets lost in the shuffle – your existing clients. There’s a danger of your sales team putting so much focus on attracting new customers that your existing customers will start to feel neglected.

Initially you may think that new customers should be your primary focus as you’re trying to grow your business, but there are numerous statistics that show why keeping your current customers happy is important. Bain and Co.’s research shows that a 5% increase in customer retention can increase a company’s profitability by 75%, and Gartner Group statistics reveal that 80% of your company’s future revenue will come from just 20% of your existing customers.

The numbers sound nice, but what exactly does this mean for business owners? At the end of the day, you need to take a look at how you’re currently servicing your customers and see if there are ways you can improve the existing relationship. Here are a few tricks that I’ve learned over the years that will help make your current customers happy.

Go Above and Beyond – This first point goes without saying, but over time it’s easy to let your customer service levels drop. A lot of the time this drop is so gradual that you don’t notice it until it’s too late – which is when your customer decides to move on. Make sure that you reinforce the importance of top notch customer service to your team by sharing success stories or great examples that you’ve heard or experienced firsthand.

Appreciate Them When They Don’t Expect it – If I was to take a guess, I’d say that a majority of you send some form of appreciation to your customers during Christmas time. While that’s fine, what people don’t realize is that everyone expects something during the holidays, so in reality your gift that was supposed to make an emotional impact probably won’t be remembered for too long. Instead, why not take the gifts that you were supposed to send during the Christmas season and send them on March 24th, meaning no specific holiday or reason behind them. The gesture is sure to turn some heads, and will definitely leave a longer lasting impression.

Implement a Loyalty Program – A loyalty program is one of the best ways that you can keep your existing customers. An interesting article from Help Scout shows that if you want to get a customer heavily involved with a customer loyalty program, you should automatically get them started. Pick a relevant date (birthday, anniversary of contract, etc) and simply send them an e-mail telling them how much you appreciate their business and that you’ve enrolled them in your “VIP” program. There’s no doubt that they’ll appreciate the gesture and stay loyal to your brand.

The takeaway you should communicate to your team is that at the end of the day, keeping your current customers happy is equally as important as finding new customers, so make sure not to lack in either category. How are you currently making your current customers happy? I’d love to discuss some techniques in the comments.

Don’t Sell – Tell a Story

By Comments & Opinion, Entrepreneurial, Sales Advice, Foundations of Success 2 Comments

dont-sell-tell-a-story“I have an amazing product and I want to sell it to you!” If you ever want someone to hang-up on you immediately, just say that phrase and you’ll soon become best friends with the dial tone. Your sales team needs to understand that no one likes being sold to. In fact, it’s estimated that people are exposed to roughly 5,000 different advertisements per day, and thanks to this over-exposure of ads people will regularly tune out anything that begins to sound like a “sell” to them.

Your sales team has probably gotten comfortable telling their prospects that the product they’re selling is amazing, but probably haven’t considered using a story to back up their claims. A story will not only create a better emotional connection with your prospects, it will also leave a lasting impression with them and remind them not only of you, but of your product or service as well. Here are 3 advantages about story telling that I’ve learned over the years.

Stories Simplify Complicated Ideas – During a TED talk about storytelling, Andrew Stanton from Pixar delivered a great quote that really stuck with me: “Don’t give them 4, give them 2 + 2”.  People don’t want to hear the science of how your product will make their business run more efficiently, they simply want to know the results. Don’t get bogged down by the details of your strategy, just tell them a story that delivered concrete results, and explain that you’ll do the same for them.

Stories Leave An Impression –Most business owners and decision makers receive a large number of calls from salespeople every day, so having a memorable story in your arsenal can make a large difference between a meeting and a rejection. A decision maker will always remember an emotional story that meant something to them instead of a well-formulated sales pitch.

Stories Are Sharable – The best thing about a memorable story is that if you deliver it effectively, the listener will share that story with their peers. There’s nothing better than having an advocate of your product or service tell other people about it. Even if they don’t see any value in what you’re selling, they won’t mind sharing a story that stuck out in their mind.

Once your sales team is able to share stories with their prospects, they’ll have a creative way to be in their front of mind. If your team uses the age old “but I don’t have any stories” excuse, sit down with them and talk through some positive experiences they’ve had with past clients, and see if there are stories that they can adapt from that.

Does your team regularly use stories? What has their success been like? I would love to hear your successes and discuss more about this topic in the comments section.

Motivate Yourself and You’ll Motivate Your Team

By Comments & Opinion, Entrepreneurial, Foundations of Success, Leadership, Personal Accountability No Comments

motivation-for-entrepreneursThere was a recent meeting I attended with my leadership team that got me thinking about motivation. We were discussing sales numbers, and I encountered a typical problem – the numbers were good, but they could have been much better. This can be difficult to communicate to staff, because some think that “good” is enough, and simply don’t have the motivation to improve their methods.

There are countless articles online that discuss how to motivate your employees. In fact, I encountered one great article from Inc.com that details three questions that you should ask your employees every few months to gauge their motivation. After reading this fantastic article, something occurred to me. At the end of the day, you need to make sure that you, yourself, are motivated to become a better worker, a better entrepreneur, and essentially a better person. Once you can keep yourself motivated to do better, you’ll understand how to motivate your team to do better. Here are three pieces of advice I can offer fellow entrepreneurs to help you motivate yourself:

Prioritize your Tasks: It’s easy to get bogged down by little tasks that may seem incredibly important to you at the time, but aren’t truly essential for day-to-day operations. If you keep getting distracted by little tasks, it will eventually drain you and leave you with little “juice” left to focus on the important items on your list. Take a step back and prioritize what tasks are truly essential to business operations, which will keep you focused and inspired to perform to the best of your abilities.

Realize That People Are Depending On You: They may not blatantly tell you to your face, but your team is depending on you in many different ways. They depend on you for guidance, mentorship and general leadership. Of course, it’s not just your team that is depending on you either – your family is depending on you too. When you realize that you have so many people counting on you, you’ll recognize that you have to become better in more ways than one.

Think about the Flip Side: As an entrepreneur, you ultimately decided to take the risk of running your own business for one central reason: you despise the idea of working for someone else. This one point alone is usually enough to motivate most entrepreneurs, but hectic days can make you lose sight of this. Remind yourself that you opened the doors of your business because you not only wanted to be your own boss – but you knew that you could do it better than anyone else.

What methods do you use to keep yourself motivated? Do you find that motivating yourself helps your team stay focused? I’d love to chat with you about this in the comments below.