7 Tips to Successfully Grow Your Business

By Michael A. Olguin 

Like many business owners, I wasn't born to be an entrepreneur, I never planned on running a business, and I most assuredly had no experience in successfully growing one.  However, over the course of my nearly 21 years of business ownership, I have learned a few things that have helped keep the bumps and bruises to a minimum while maintaining double-digit growth year over year. Regardless of the industry you are in, you can be highly successful if you live by these very simple ideologies:

1. Know what you do and what you don't do.

Some of the best advice I learned early on was  don't try to be all things to all people, because it typically means you are not very good at any one thing. As such, I believe that it is a mistake to take on far-reaching service offerings, develop products outside your comfort zone or expand outside of your target markets just to make a few extra bucks. When you do that, you jeopardize your true strength to focus on what you may not be successful at and create undo pressures for your team, your budgets, and your company as a whole.

2. Stay focused on the prize.

We have always tried to be very strategic in our approach to growth. We set three year business plans, track against those plans, and modify them when necessary. I believe that if you don't set goals you have no way of measuring yourself, your team and your company against some pre-determined objectives. When everyone understands in a very crystal clear way what the overall goals of the organization are, it allows everyone to rally together and take pride in successfully accomplishing them.

3. Remember that people work for people, not companies.

It is rare when a business can successfully operate and grow without talented people. In fact, we often talk about our people being the only asset we have to sell and we are always looking for ways to improve our culture, our benefits, and the reasons why employees would want to keep working for us. I believe that many companies forget that true loyalty comes when employees believe that the organization and its leadership team care about them personally and professionally. This ultimately results in long-tenured employees, which has a very real and direct effect on company growth.

4. Running a business well is different than being good at a trade or profession.

I have often said that just because someone is good in PR, it doesn't mean they will be good at running a PR agency. The same is true for any profession. Growing a successful business is all about having a good business mind, combined with a strong skillset in your particular area of expertise. The behind-the-scenes side of business--such as process, people management, billing and operations--are critical to business success. I have seen a number of very smart people get into business only to ultimately fail because they didn't look at their business through the lens of operational success, and instead focused solely on being good at their profession.

5. Passion is contagious.

When you love what you do it shows to the people surrounding you every day in the office, facility or production plant. Showing excitement and enthusiasm cannot be underscored enough in terms of how it relates to your team working harder, being more focused, and ultimately more successful at their job. This translates to a better end-product. The opposite can be said for someone who is an unhappy person, leads through negative motivation, creates a challenging work environment or frankly doesn't love what they do.

6. Challenge yourself to always keep improving.

Technology is changing the world we live in every day. In order to stay relevant, it is important to innovate, regardless of your industry, as well as want to get better. This could mean new programs, new thinking or new processes. I believe that you are either moving forward or you are becoming obsolete. At Formula, we are constantly looking at our way of doing things and looking for ways to improve our end product, improve our client relations skills, and become more efficient at what we do, which ultimately drives greater profitability.

7. Forget the "Build it and they will come" mentality.

During a challenging economy, many brands look at marketing as an expense and therefore try to cut it from the budget. However, the marketplace is littered with good ideas that lacked the marketing support to gain traction or they were launched with the ideology of "our product is so great, that consumers will flock to it." Consumers are incredibly discerning about their money; as a result, they generally buy products that they have either sampled or have been referred to them. Therefore, make sure that marketing is completely aligned with product innovation and roll-out to ensure that when the product is ready for retail consumption strong consideration has been given to how the product will be marketed.

Unfortunately, there is no guarantee for business success. It takes a combination of right brain strategic logic and left brain creative thinking to ensure that a brand or business is successful. However, the aforementioned recommendations will help alleviate some of the common pitfalls that many businesses face as they look to gain traction and acceptance.

Ethics for the Modern Day Leader

By Robert A. Olszak

Motivational Educator / Public Speaker / Leadership Expert / Business Consultant / Writer

When I think of ethics, the first thing that comes to mind is doing what is right without compromise, without hesitation, without second guessing, without seeking approval or guidance from someone else – it is the instinct to always do the right thing; especially when no one is looking. As I thought about this article and the words that would eventually cover this page, I recalled a very special scene from the movieCourageous.

You may recall a faithful father who had lost his job and through the divine mercy of God has found another job in a factory where he was later offered a job in management. Here is the link to that scene if you want to watch it for yourself:https://www.youtube.com/watch?v=cW8LBJxLPG0.

Javier Martinez was asked to report 16 crates instead of 17 as listed on the inventory sheet. The boss raises the stakes by asking Javier, “You are on my team right?” He continues to let his request wrestle inside of Javier by telling him, “You think about tonight and give me your answer in the morning.”

It was clear that Javier was in a desperate position with the need to provide for his family. He was being presented an opportunity that was rare and that without a doubt could change his life and the life of his loved ones. If there was a character with every reason to agree to the little white lie to gain something bigger, Javier was that person. The question remained, what would he have to give up in order to gain what he desired?

The next morning Javier returns to the factory owner’s office and is immediately confronted with the harsh reality of making his decision and the exchange goes as follows:

Mr. Tyson: “Are you on my team?”

Javier: “Mr. Tyson, I am very grateful to have a job here but I cannot do as you have asked.”

Mr. Tyson: “Why is that?”

Javier: “Because it wrong Sir and it would be dishonoring to my God and my family to lie on that report.”

Mr. Tyson: “Do you understand what this could do to your job here?”

Javier: “Yes Sir, I do.”

Mr. Tyson: “Javier can I shake your hand? Son you just gave me the right answer.”

What this scene demonstrates is the real life moment of truth that so many in business, politics, or in life in general face – making the tough decision to do what is right. Unfortunately, not everyone is rooted in God, possesses the values and more importantly the courage to do the “right thing.” Far too often, morals and ethics are a sliding scale that is defined by the situation.

Questions that tend to rationalize the compromising of ethics may look like this: “Who am I hurting?” or “What is the risk?” or “Who will know?” The paradigm applied to guide one’s ethics resembles the philosophy of “What’s in it for me?” Dianna Booher in her Huffington Post article wrote, “Likewise, for leaders at work. When people decide to disregard their moral compass as the official business handbook, they begin to make up the rules as they go. Anything can happen, and the situation frequently proves to be a source of conflict.”

Abigail Landsbrook writes, “True morals are a priceless thing that possesses the highest value and can never be bought or sold at any cost.” I fear that in a world focused on increasing the bottom line, focused on survival in a volatile marketplace and with increased corporate pressure to produce; leaders are sacrificing their moral and ethical compass at an unparalleled rate. If our leaders are becoming of weak character than the future of our economy and the world is general is put at great risk.

Throughout my career I have always preached the importance of integrity and have shared with every employee who has ever reported to me this very simple fact, “Integrity and character is the only thing you can give away; it can never be taken from you.”

We are in a state of crisis, we are entering an age where more and more organizations are being run by men and women of weak moral character. Integrity and ethics are negotiated every day to achieve the results desired. To those who carry influence, call themselves leaders and find themselves compromising their own values I ask, “How can you sleep at night and do you grasp the consequences of your actions?”

The responsibility of leaders are to influence and grow future leaders. I fear that our future remains at risk if our future leaders are being shaped by individuals in positions of influence with a weak ethical compass. At the end of the day is success really achieved if it comes at the hand of the self-serving leadership who willfully unravels the thread of human values, moral fiber and organizational ethics?

So as we enter a new calendar year, I challenge all leaders and companies to reinvest into teaching business ethics by being disciplined to not repeat history. Learn from the lessons embedded in the whispers and media circus surrounding the fallout of those ethical causalities that have littered the business landscape.

Here are some quotes that will serve as a reminder and inspiration to preserve ethics in the workplace:

“Corporate executives and business owners need to realize that there can be no compromise when it comes to ethics, and there are no easy shortcuts to success. Ethics need to be carefully sown into the fabric of their companies.” -- Vivek Wadhwa

“In law a man is guilty when he violates the rights of others. In ethics he is guilty if he only thinks of doing so.” -- Immanuel Kant

“Ethics is knowing the difference between what you have a right to do and what is right to do.” -- Potter Stewart

“Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful.” – Samuel Johnson

Photo by Clemson.edu

Copyright 2014 all rights reserved by Olszak Impact LLC. Robert Olszak is now a contributing writer to Balcony 7 and will continue to offer diverse content related to issues of ethics in business and leadership. To follow me visithttp://blog.balcony7.com/ or http://robertolszak.com/

How to Stop Wasting Time

By Lauren Simonds

It’s time to get real about how you waste time. These tips and tools can help you add more hours to your day.

Time is an entrepreneur’s most valuable asset. So how can you get more time in your day? You can’t buy, sell or trade it; you have to reclaim it.

In order to do that you need to identify how and when you’re wasting time. Let’s be real about this: everyone wastes some time during the day—we’re only human after all. The trick is to honestly evaluate your work habits. Only then can you use your time more efficiently.

In his article on Small Business Computing, Lawson Ursrey, CEO and founder of apparel company Indie Peace and product marketing manager for Sage One accounting software, identifies the top time-killers and offers tips to help you reclaim your time and increase productivity.

The first step is to conduct a time audit to see exactly where and when you’re distracted and the root cause. Keep track of your computer use with RescueTime. It tracks your activity and reports on your time spent per site, per activity and per program.

Next, consider these classic, time-honored time-sucks. Do they apply to you? If so, these remedies may set you on the path to productivity.

Multitasking

A seductive myth, multitasking might make you feel more productive, but only 2 percent of the population can multitask successfully. If you fall within the 98 percent, focus on just one task for a set period of time. And remember, changing habits takes practice. If all you can handle at first is 15 minutes of total focus, that’s OK. Focus on one task for 15 full minutes, and then switch to something else. But stick to it for the full 15 minutes.

Mobile Alerts

Smartphones are great tools to help keep us connected, but let’s face it: every ping, ding, whistle and beep distracts from the work at hand. Again, be honest: how many of your emails, Facebook comments, texts, app updates or FourSquare check-ins rate as urgent and require your attention in real-time? Turn off your phone alerts and train yourself to respond to email and texts at certain times of the day.

Email

The email inbox is the digital equivalent of the Bermuda Triangle. It’s where time goes to get lost. According to asurvey in 2007, Microsoft workers spent almost 10 minutes responding to an email after receiving an alert. It then took another 15 minutes to get back to work.

Try this one-two approach: First, find a tool that filters your email inbox. Unroll.me wraps all of your newsletters into one easy-to-read digest. SaneBox automatically filters non-essential emails into folders. Next, train yourself to check email only at specific times per day, say 8 a.m., 10 a.m. and 2 p.m.

The Internet

Willpower alone won’t help you if you’re wasting time on Facebook, ESPN or other time-wasting websites. You need site-blocking tools that still let you visit, but only for a certain length of time.  Examples include StayFocused(Chrome browser app), SelfControl (for Mac) and SelfRestraint (for Windows).

Why you cannot be a good Manager if you want to be liked

By Robert McHenry

'They must love working for you'

Robert McHenry discusses why being respected is preferable to being loved when it comes to being a good boss.

The owners of small businesses hear this all the time from friends and even strangers. What does it mean? If a small business is to be successful, is it an advantage for the managing director or owner to be loved by their staff? I don’t think it is and one of the hardest things I had to learn when starting my company is that you can’t be a good manager if you want to be liked.

Matey managers are unable to deal with underperformance. They postpone uncomfortable conversations or blunt the message when it is finally delivered. They let problems fester and then get tagged as two-faced when things get to the point where drastic action has to be taken. Talking candidly to someone whose performance is unacceptable is a lot more difficult if deep down you want them to like you.

Wishing to be liked can also make you feel that it is better to integrate with your team rather than to lead it. If a team member then treats the others badly or the team banter gets out of hand, you make it more difficult for yourself to act to nip things in the bud. However, unless you do so, the unremarked behaviour will become the norm and could eventually lead to legal action being taken by someone in the team. Toxic team behaviour usually starts when someone abdicates their responsibility for dealing immediately with what is unacceptable.

SEE ALSO: What makes a good leader?

So, wanting people to like you risks drawing you too close to direct reports, and thus blurring the boundaries that are necessary to manage effectively. Keeping your distance does not mean that you can’t celebrate birthdays or enjoy a little socialising beyond work (particularly if that is a big part of the culture you want to establish). Just don’t overdo it. Strange as it may seem, everyone in an organisation, no matter how small, benefits from a bit of distance from their boss.

Another way to look at the issue of the popular boss is to ask yourself what people most want from a job besides fair payment. Surveys that try to answer this question never report that people want to work somewhere that is fun or where their boss is lovable. Instead, those surveys consistently suggest that employees want their boss to do six things:

• listen to them
• treat them fairly
• praise them regularly (at least once a week)
• create a stable and financially secure organisation for them to work in
• make them feel that their job is important to the organisation
• employ co-workers who are committed to doing a quality job.

As their boss, your first duty is to create an environment where all these boxes are ticked. Your second duty is to try to be an effective leader. Leadership research suggests that employees prefer to work for someone they respect and admire. This calls for particular discipline if you own the business. I am amazed by the number of people who remark to me when I get a new possession or take my family on holiday, 'I expect you are putting that through the business'. I learned a long time ago never to be tempted to do this. If you want to retain talented staff who have integrity and respect for your company, never cheat.

You can’t set standards of behaviour if you are not prepared to lead by example. When employees see that you treat your company respectfully as if it were detached from you, they will do the same.

So, if you have to choose between being loved and being respected, choose the latter. If you do, you will attract and retain talented people and your business will surely thrive.

5 Random Acts of Kindness That Are Great for Business

 

By Chester Elton

Last Valentine’s Day, when Jimmy Fallon noticed that not a single member of his staff had received flowers, he ran out, emptied out a florist shop, and personally delivered a bouquet to each of the people who worked for him.

Fallon didn’t have to go to the effort, but he did. Why? Because that’s the kind of culture he wants to create on his team: one of kindness, gratitude, respect, and a little fun.

After almost two decades of researching what makes a workplace great, we’ve found that the quality and quantity of random acts of kindness says a lot about a leader, the values of their team, and how their people feel about coming in to work.

Harvard Business School has tracked the financial impact of such positivity in a study by John Kotter & James Heskett. Over an 11-year period, they found positive workplaces that were affirming to employees saw revenue growth almost six times greater than non-affirming cultures, and stock appreciation ten times greater. Building a great culture isn’t just a nice thing to do, it can be a great business practice.

Here are just a few ideas I’ve seen that can help build a more positive environment where you work.

1. Find the time. At rental-car giant Avis, leaders have a wonderful practice of sending out a great customer service message at the start of every day about how their people “Try Harder.” Not only is that a great corporate practice but one manager at Avis takes it further by taking the time to send encouraging texts at the start of every day to his people. These little notes let his team know he is cheering for them and thinking about them. A simple random act of kindness that means a lot to his people.
2. Watch for assists. A leader I met at a fast-driving investment firm decided to add “assisting team members” as a goal in employee performance reviews. He told me, “Universally, everyone expressed surprise at the notion that helping each other was worthy of inclusion on an appraisal. They actually fought it, and that told me a lot about the culture I had created. Our culture was about looking out for yourself and not your teammates. That had to change.” Assisting others can create a culture of teamwork.
3. Random recognition. Invite everyone to come to your next weekly meeting thinking of someone they appreciate—someone preferably working behind the scenes who normally doesn’t get a lot of thanks. Then randomly at ask an employee whom they appreciate, and then present the appreciated person with an award. It can be a simple as a certificate or a gift card to a local restaurant. Give your people the chance to highlight some else on the team. You will find that all week people will be looking for the chance to make someone else’s day.
4. Use your own products. When employees truly love the products or services they provide, it shows. At the Atlantis Resort at Paradise Island in the Bahamas, I found employees regularly receive hotel stays and perks like getting to swim with the dolphins. Besides making them feel valued, it allows employees to experience resort benefits from the customer’s perspective, helping them to better serve their clients. What employee perks could you offer that would allow your people to use your products?
5. Serve your community. A bank we visited in Utah has a paint-a-thon, where employees clean, repair, and paint the exterior of low-income homes in disrepair. The manager’s investment is minimal (paint, brushes, and food for the volunteers) but the impact on employee energy-levels, bank image, and the community is significant. When we serve together we create better relationships at work. A more service oriented culture.

These are just a few samples of random acts of kindness I’ve seen. I hope they work for you; or at least help you come up with some great ideas of your own. When done right, random acts of kindness not only make people feel appreciated, they will make them feel great about where they work and who they work for.

No one ever regrets being kind. By the way, works at home too.

7 Surprising Benefits of Writing Down 10 Ideas Everyday

By Mike Fishbein

It sounded a little hokey to me at first. Writing down 10 ideas every morning. I mean, what’s so valuable about ideas.

It was something James Altucher had recommended doing as part of his daily practice. I’ve benefited from reading about his other experiences so I decided to give it a try.

I started writing down 10 ideas every day as part of my morning routine. Right when I get to the office. Before I open my computer.

The ideas are about any one topic…usually marketing ideas for my business, new business ideas, ways to improve my life or business, connections I can make between people in my network, blog post ideas, lists to include within blog posts, ways I could help people, etc.. I write using pen and paper, as shown in the picture above.

My initial skepticism has turned to advocacy as the benefits have been unforeseen and profound. Below are 7 ways I’ve benefited from writing down 10 ideas every day like James Altucher.

1. It Strengthens My Idea Muscle

When I get to around the 7th idea, I can feel my brain start to sweat. Similar to how your body starts sweating when you’re doing the last repetition of a set of bench press. It used to be around the 4th or 5th idea that my brain would start sweating. But since I’ve strengthened my idea muscle, now it’s the 7th or 8th.

Like lifting weights at the gym, pushing yourself to come up with ideas makes you stronger. The benefit of writing down 10 ideas every day is not just the ideas themselves. In fact, at least a couple of my ideas are usually terrible ideas that I will never think about again. One of the biggest benefits is that it has strengthened my idea muscle. And as a result...

2. I Have More Ideas Throughout the Day

The ideas haven’t stopped flowing when I write down my 10th idea, put away my notepad, and open up my laptop. They keep flowing throughout the day.

I find myself thinking of business ideas, marketing ideas, and more, throughout the day. It seems by taking time to go through the process of coming ideas in the morning, it keeps happening throughout the rest of the day.

3. Some of the Ideas Are Really Valuable

(Most) ideas are a dime a dozen...but the best way to come up with ideas that are worth more than a dime is to come up with more ideas.

10 ideas per day x 365 days per year = 3,650 ideas. If just one or two of those are great idea, you can be very successful. If 10-20 of them are "pretty good," that can move the needle significantly.

By coming up with more ideas, I increase my chances of having good ideas. I don’t execute on all of the ideas, but some of them I do. For example…

4. I Wrote My Own Job Description

I had an idea for a friend that I thought could improve his business. So I gave him the idea. He liked the idea. Now I’m working with him to execute on that idea.

He’s become “beta tester” for a business I could provide to many other people.

The next evolution of my 10 ideas practice will be to come up with more ideas for other people, and then send them the ideas. It seems like an amazing way tonetwork. Providing value to people up front instead of asking for their time like everyone else is.

5. Gives Me Clarity in The Morning

I get thousands of emails per day. Everyone is always busy. It’s easy to get wrapped up in everything and never have time to think about the big picture.

I’ve found it extremely beneficial just to pause and listen to myself think. Time to be proactive instead of reactive, and to think long-term.

Often when I sit down to think about ideas about one topic, I end up having of ideas about another topic. My idea list might be marketing ideas or ways to improve my business, but while I’m writing down those 10 ideas, I’ll start having ideas about other things…like new business ideas, people I should introduce to each other, and ways other people could improve their business.

6. Builds Momentum to Start the Day

Pushing through the sweat and writing down the 10 ideas starts my day off with a win. The small win gives me momentum to start tackling bigger challenges through the rest of the day. I experience the pride of overcoming a small challenge and it re-affirms that I can accomplish larger objectives.

7. It Reminds Me that I’m an Idea Machine

Despite the sweat, I’m able to come up with 10 ideas every single day. 10 ideas per day x 365 days per year = 3,650 ideas pear year. And if I keep coming up with 10 ideas every day for the next 10 years I will have 36,500 ideas.

Coming up with 10 ideas every single days gives me affirmation that I’m an idea machine. That I will never stop being able to come up with ideas. That I will always be able to come up with more ideas. It reminds me that I have endless opportunities to create value.

10 Tips for Making Your Startup A Success

By Shawn Hessinger

The entrepreneur community has been buzzing with the story of Yahoo acquiringTumblr.

The Internet giant purchased the site founder David Karp launched from his mother’s Manhattan apartment for $1.1 billion. At only 26-years-old, Karp is expected to receive up to $220 million from the deal.  Though he eventually took venture funding, Karp launched his hugely successful social blogging platform from a simple idea.

His story is an inspiration to others seeking to start the next big thing. Here are 10 tips from the business blogging community for creating the next big startupsuccess story, from a simple idea:

Start with a great product. - Erica.Biz

Twitter and similar Silicon Valley startups gained momentum with support from the so-called “digerati.” However, you don’t need the support of top tech bloggersor trend setters to launch a great startup. All you need is a really great product or service and a customer base that loves it. Blogger Erica Douglass gives us a look at the “Macklemore Effect” and how it can rocket your startup to success.

Pick the right startup name. - Entrepreneur

Picking the right name for your startup is also important. Gary Backaus and JustinDobbs of Memphis-based ad agency Archer>Malmo gave a presentation earlier this year at the South By Southwest Interactive Conference. The presentation looked at how to pick the best name for your startup. Here are their five best suggestions for picking a business name that will take you from startup to success.

Pay attention to your business plan. - SBA.gov

Entrepreneurs may differ on the importance of a business plan or on what form it should take. But a good business plan is key to startup success. Here are five fundamental principals of good business planning from business planning expert and startup founder Tim Berry. Look at Berry’s suggestions as a best practices list to aspire to when creating the business plan for your startup.

Make sure the price is right. - Startup Professionals Musings

Investor and blogger Martin Zwilling gives us an overview of the kinds of pricing decisions startups must make. These are not simply decisions about how to price a product or service competitively. They are also decisions about the kind of pricing model, for example, free product or service monetized by ads, freemium service et cetera.

Change your approach to recruiting. - The Verge

Startups have been evolving their approach to recruiting for quite some time. Plain old want-ads were replaced by  online job boards and replaced by recruitment via LinkedIn. Now there’s yet another way to hire workers. TaskRabbit, a site dedicated to contractors, is moving toward offering more long-term work.

Make your startup an attractive acquisition target. - Business Insider

Tumblr wasn’t the only Yahoo acquisition last week. The company also bought online gaming company PlayerScale for a price not yet disclosed. Sometimes the key to success is to build a company, product or service other businesses can use. Create something other companies could build into their model then sell it to the highest bidder.

Generate some buzz. - Small Biz Viewpoints

This is basically the art of getting people talking about your brand, and it’s not confined to the Internet. Consultant Harry Vaishnav offers 15 creative suggestions including everything from placing ads on billboards to giving away some of your products. Don’t stop with these suggestions. Come up with some creative ideas yourself.

Learn two simple tips for viral marketing. - Small Business Trends

Viral marketing has become the holy grail for those seeking to get their message out and have it spread. But once you create an infographic or other piece of content that goes viral, what’s your next step? Tech and social media blogger Drew Hendricks teaches us how to capitalize on that initial success. Create infographics and videos that pick up where your initial viral marketing message left off.

Understand social media marketing — for real. - Social Steve’s Blog

Social media and social media marketing are not the same things, says social marketing director Steve Goldner. Just because you have a Facebook or Twitter account you update regularly, does not make you a social media marketer. Goldneroutlines a list of considerations that go into real social media marketing. Have you developed a serious social media marketing campaign for your startup?

Think about your mobile customers - About Us

No matter what kind of startup you are launching, getting your message to mobile customers is more important than ever. In this post, Simon Phillips discusses some of the questions you should ask when thinking about your mobile presence. A website is no longer enough unless it can be viewed easily on mobile devices, for example. How might the mobile revolution affect your startup?