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Corporate values and personal values are not the same.
Your business value proposition, or value prop, is a concise statement of the benefits that a company is delivering to customers who buy its products or services. It serves as a declaration of intent, both inside the company and in the marketplace. Almost all companies have value props and aligning your business with your values is a strategic necessity. The importance of values in business Incorporating values into business practices is crucial in today’s economy. A business having a strong value prop and observing its values can create a strong brand identity, ensure customer loyalty, and attract and retain motivated employees. Identifying your core values Identifying and understanding our values, passion, and purpose takes self-discovery. It requires us to examine our beliefs and motivations to gain clarity on what truly matters to us. And that’s only the first step. The journey to aligning your business with your values begins with a clear understanding of those values. Typical values include integrity, innovation, sustainability, and community service. It’s vital to ensure that these values are more than words; they must represent genuine beliefs and commitments. What can cause us, in a corporate environment, to align our beliefs and ethics with corporate ethics? How do we ensure that the corporate version of values is dominant? Integrating values into business strategy Integrating values into the business strategy requires a deliberate approach where every business decision should follow these ethics. This integration can be evident in different forms, such as commitment to fair labor practices and implementing environmentally friendly operations. Building a values-based culture Creating a company culture that symbolizes your values is essential. This involves developing a work environment where employees feel connected to the values and are motivated to act in ways that uphold them. Communicating your values Communication plays a critical role in aligning your business with your values. This involves stating your values in your printed and advertised value prop and then demonstrating them through your actions. The challenges of upholding your values when leading Lading a business with this approach is not without its challenges. There may be times when adhering to your values could impact things such as short-term profitability or employee negative feedback. Leaders must be prepared to make difficult decisions that uphold their values
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You’ve put in the hard work building your business from the ground up. And it’s finally starting to pay off. The only problem: now you have more work than you can handle. Growth is always a good problem to have. But it does come with its own share of challenges. If you’ve made it to this point, you have two options. The first is to let new business opportunities pass you by, ensuring you don’t take on more than you can handle. The second option is to lighten your load by hiring someone to help.
Should I hire an employee or independent contractor? If you need help building your business, there are two ways to hire an extra set of hands - adding an employee or signing an independent contractor. While there are pros and cons to both, it’s important to understand the difference. Employee: An employee is hired to work for your company on a full- or part-time basis. This means you, as the employer, have control over how, when and where they do their job. However, this control comes with added responsibility. When you hire an employee, you’ll need to withhold payroll taxes and report their income, in addition to abiding by other federal, state, and local employment laws. Then, there are additional benefit considerations – like offering vacation, sick time, and health insurance. These are just some of the basic responsibilities that are tied to having employees. Independent contractor: A contractor is a self-employed worker who is hired for specific services. According to the IRS, that means the payer only has the right to direct the result of the work - not how, when, or where it’s accomplished. Contractors can also perform work for multiple clients at the same time. When hiring a contractor, you still need to report their income using the appropriate tax form. But they are responsible for their own taxes and benefits. Contractors can be a great option if you need additional work that doesn’t have to be done at your location in the time you require. They can bring their specific skillset to the table, without the long-term commitment of hiring an employee. When is the right time to hire an employee? Every business is unique. So, there’s no right answer to when the best time is to hire an employee. Instead, you’ll need to find the right balance for your situation. Too early: The biggest challenge to hiring your first employee is typically a financial one. Hire someone too soon and you’ll run the risk of encountering cash-flow problems. Or if you don’t have enough work to support a team member, you could be paying someone who doesn’t have enough to keep them busy. Too late: However, if you start hiring too late, you may miss out on opportunities to grow your business. Or you could get in over your head and risk disappointing your current customer base. Either scenario is less than ideal. That’s why it’s important to plan ahead. Decide in advance when it’s a good time to bring on an employee – like when you hit a certain sales goal, or at a time when an employee can perform work that will significantly increase your revenue. Remember, it never hurts to interview employee options and also speak with a contractor before deciding which one works best. You can also speak with a contractor and use that option in the short term before hiring someone. What changes do I need to make to my business before hiring an employee? One big obstacle to hiring your first employee can be the logistics. The truth is, that hiring an employee means you’ll have a lot more rules to follow. If you have specific questions about your business, talk to an experienced lawyer for legal advice. I always suggest using your CPA not only to answer all the financial questions but as a sounding board as they usually have worked in these situations with other clients. Generally speaking, before you make your first job offer, you need to:
How do I find the right candidate for the job?  The success of your business is highly dependent on the success of the product or service you’re offering.
And even more important is being able to clearly articulate your product vision to others. When it comes to your product or service, clarity is essential. It’s necessary to define your products or services in clear descriptions that are easy for you to communicate to others. After developing product or service descriptions, you must identify to whom you want to sell. Determining your ideal customers can provide a more focused approach to your launch. With products and customers defined, you’re ready to start building your online store. This should be super exciting for you, and it’s totally normal if you’re a little nervous or scared. Try to give yourself some slack and don’t be afraid to fail, just try the steps below, learn, and improve. Step 1: Define critical business components There are two fundamental business components you need to consider before you start building your online store. Outline your sales tactics: As an online business, customer acquisition is dependent on driving people to your site. You’ll want to focus on implementing digital marketing best practices. Conduct break-even analysis: Since building a profitable business is the goal, you’ll want to monitor your financial information such as inventory and break-even numbers. This will help you forecast profitability. Step 2: Adopt business software and platforms You should do plenty of planning before starting your online business. But at some point, you’re going to have to actually launch it. After getting your fundamentals squared away, the next biggest hurdle is adopting and integrating your e-commerce platform and other business software. There are software options for all types of businesses, and they can solve nearly every problem you could ever face. Your challenge here is to select systems that are affordable and provide capabilities for now as well as down the road. Ensure ease of use: These software systems are the vehicle through which you drive your online business. There is a myriad of features you can demand, but at the end of the day, you need to be able to easily use these systems to complete your work. Plan for future integrations: Inventory and CRM are critical capabilities, but there are other systems you may need to add once your business takes off. You can save a ton of hassle down the road by initially selecting a system that will handle your future plans. As with many business duties, you may want to think about bringing in someone to analyze your marketing and help with some of these software decisions. Step 3: Build your online store With systems in place, you’re ready to design and publish your business’ site. Your branding really gets to shine during this step as the aesthetics of your digital storefront are what welcomes visitors to your business. Your branding doesn’t have to be extravagant, but it should be intentional. And unless you know how to code, you’ll want to ensure your e-commerce platform includes or supports site templates easy for you to navigate. As with any business need, this is something you can definitely outsource if you feel uncomfortable designing your own. Designing your online storefront should be fun. It’s your first chance to highlight your branding, and it means you’re close to a full business launch. If you have been working with someone who designed your brand, you may want to bring them in on this process too. Simplify the purchase process: However you decide to lay out your site, the most important component is how easy it is for your shoppers to make a purchase. You want to do everything you can to eliminate steps between product selection and online sales. Let your products/services shine: Don’t be tempted by stock images or long corporate manifestos that describe your brand. Let your products speak for themselves across your website. At the end of the day, that’s why it exists and that’s why shoppers visit. Consider your entire site: While products should shine, it’s also important to consider if you’ll have any kind of content strategy. If so, where will that be on the site? Be sure to think through what pages you’d like your site to feature. And always be sure that you are writing your content to be SEO-friendly and not repetitive. Step 4: Launch sales and marketing strategies You’ve worked through the business fundamentals. You’ve chosen your platforms and built your online store. Now it’s time to launch your online business. This means kicking off your sales and marketing strategies to introduce your business and drive shoppers to your site. Since you have taken the time to understand your customers, you already know the most effective channels for reaching them. Add to that your product expertise, and you’re all the way to a sales and marketing strategy for your new online business. Don’t make your sales and marketing strategy complicated at the onset. Trust in your targeted customer base, work up a few messaging variations to test, and set it all loose. As you’re starting out with your marketing plan, don’t be afraid to double down on what’s working. Find the messaging, channels, etc. that are driving visitors to your online store and spend resources there. You’re better off concentrating on what resonates initially and then looking to expand your base down the road. Step 5: Optimize and refine constantly Your online business is launched, and your work has truly just begun. Get ready because everything is about to accelerate. It is totally normal to feel like you’re just working to keep your head above water at this point. You just have to keep moving forward. The great thing about launching your business is that you get streams of performance data coming in. You can set up and monitor metrics to spot positive and negative trends on your marketing, site, products, margins, etc. The possibilities are endless, but what’s important is that you’re constantly looking for ways to improve.  Starting a new business can be extremely challenging, but if you push
through the first few years with passion and dedication, you will succeed. It’s a well-known fact in the entrepreneurial world that 50% of small businesses fail within the first five years. It’s true that this number is intimidating, but there are ways to avoid this fate. You just have to listen to the collective wisdom of those who have succeeded AND your gut. There are important lessons that can be found there. The first step is the most difficult New beginnings are never easy which is why it’s essential to start the right way and set a solid foundation for your business. Once you have your perfect idea, you need to know how to shape it and make it a reality. There are so many things to think about in the process, and they could make or break your business. From assembling a trusting team to finding funding, you need to make sure every part of the puzzle fits perfectly. For starters, you need a solid business plan. When speaking with investors or lenders they will have different expectations from it, and you need to adjust accordingly. There are many details to consider when you’re just starting out so make sure to focus all your efforts on doing everything right the first time. Less expensive ways The first thing you’ll notice when your business starts operating is that your income doesn’t equal your profit. You could easily get carried away by an influx of cash that may seem like a small fortune. However, once you calculate your costs, you’ll see that it will probably take some time for you to reach your break-even point, let alone start making real profit. That’s why you need to be frugal when starting out; you cannot go buying everything at once or making expensive investments. Try to find ways to do everything affordably. The bulk of your finances should go toward your central products and services, and everything else can take some cuts. For example, you don’t need to spend a fortune on decorating your office or getting tons of supplies no one actually uses. Don’t let your business consume your life Trying to maintain a new business is like trying to keep a baby alive and well. It takes a lot of hard work, sacrifice, and dedication. That’s why many entrepreneurs get carried away and sucked in by the everyday obligations of their new business. You need to be extra careful and not let this happen to you. It’s essential to carve some time out for yourself and your family. Your business is important, but that doesn’t mean you should neglect other aspects of your life. A study conducted by the Harvard Business Review has found that those entrepreneurs who are taken by “obsessive passion,” as opposed to the milder “harmonious passion” for their job, were much more likely to experience burnout. It’s essential to find a work-life balance to succeed yet remain sane. Plan for sustainable growth The keyword here is “sustainable.” It’s great if your business starts with a bang but beware of making rash decisions. One of the most common mistakes new business owners make is not giving their future much thought and getting carried away by early success. It’s okay to get excited, but that shouldn’t deter you from making long-term, sustainable plans. Slow and steady progress is much better than explosive growth because the latter is unpredictable and can lead to a fatal crash. On the other hand, if you take time to develop a solid plan, it will take you through many years successfully and help you navigate your way out of rough patches. Perseverance is key Just like it’s extremely easy to get carried away by success, it can be quite discouraging if your business does not immediately flourish. You need to remember that failure is part of success, and if you stay open-minded and learn something, it isn’t a failure at all. Instead of giving up, focus on any negatives and what you can do to eliminate them or turn them around. Your business is your child, and you can get quite emotional about it, but it’s vital to keep a cool head and examine the problems from a rational point of view. When you look at some of the most successful large companies, such as Amazon and Uber, you probably think that their path to success was smooth, but that is far from the truth. Many of these companies were once on the brink of failure. They persevered and now they are staples in their respective industries. Managers are often reluctant to delegate as many believe in the adage that “if you want something done right, you must do it yourself.” Although this may be true in some cases, a core component of leadership is getting work done through others.
Why do managers under-delegate? Although the number one reason why most managers under-delegate tasks is the fear of failure due to putting important tasks in someone else’s hands, there are other reasons too. Some feel that proper delegation takes longer than simply doing the task themselves, and others even question their own ability to choose the right person for the task. However, by realizing the benefits of delegation, it is possible to overcome these objections. Four benefits of delegation: 1. It keeps You from multi-tasking/taking on too many projects at once. Today’s managers are driven to succeed, and often take on more projects than they can handle alone. The fear of failure drives them to avoid delegation for fear that someone else will not get the job done correctly. When managers are juggling priorities at the same time, they are more likely to make mistakes. 2. It builds trust, open communication, and engagement among team members Another benefit of delegation has to do with building trust, a feeling of openness, and engagement among team members. Leaders who fail to delegate adequately often have employees who are afraid to take initiative or who feel apprehensive about bringing new ideas to the table. Managers who delegate tasks adequately help to build trust and that trust is driven even further when those managers remain open for communication and listening. 3. It stimulates creativity and develops skills in your team Those who give their team members the freedom to tackle delegated tasks in their own way are empowering their team and giving them a creative license. These employees become driven to succeed, not only for themselves and their own futures but also for the future of their employer. What’s more, this personal initiative can lead to creative breakthroughs, which can benefit everyone involved, and it helps team members build some very specific skills along the way. 4. It creates a positive business culture Perhaps the best reason to delegate tasks to others has to do with the type of business culture a leader hopes to create. Delegation helps to boost team morale, improve efficiency and productivity, and promotes enthusiasm, innovation, and cooperation. Although delegation is vital to the success of any company, it is important for managers to remember that it is not a way to push off unsavory tasks to others. What’s more, leaders should never micro-manage delegated tasks. They should delegate effectively and offer communication and support but allow for autonomy and creativity at the same time. The concept of being a one-stop shop is one that has long been considered by companies of all sizes. There are always pros and cons to any change, however, there are different ways one can set about being all-inclusive. A lot of this depends upon your business.
Keep in mind that you do not want to stray too far from your relevant industry. Example: I would never consider adding a service such as auto detailing to my marketing services – it makes no sense! Although I am sure many of us have seen examples of that in our world. But you do not want to be known as the “jack of all trades, master of none.” There are times when it makes sense. As I mentioned in a recent article, “Are You an Owner or Entrepreneur?” there are two ways you can grow your small business:
Benefits of these “one-stop” opportunities An introduction of new revenue streams to make more money from the same customers. More comprehensive offerings to differentiate you from the competitors that may not be able to offer the same extensive range of products and services. The convenience factor which allows customers or clients to have everything done in-house rather than having to deal with numerous suppliers. Consumers appreciate ease. One-stop shops breed greater customer loyalty. When clients and customers subscribe to a broader range of products and services, it’s harder for them to move their business elsewhere. Expanding business activities to incorporate a more comprehensive range of goods and services does require efficient coordination, and it does take care to ensure company resources aren’t spread too thinly. For a smaller, more flexible business, however, becoming a one-stop shop that provides customized “packages” for its customers and clients can really help differentiate it from the competition. That’s exactly right, what better way to use your acting and talent than to market your business! I do it all the time. And I am going to share some of the top tips I use to be entertaining and grow my business at the same time.
1. Tell Stories – We all use stories, both personal and professional, to illustrate a point. Remember, facts can be boring but using stories can make you interesting. Your clients and prospects want to learn more about you – What better way to earn their trust and loyalty. 2. Something to Talk About – You want people to talk about you, all positive of course. The best way to get that happening is to differentiate yourself from your competitors. Start talking about how different and unique you are and soon everyone else will be talking too. The best possible position to be in is to have your clients bragging about being your client. Be a celebrity. Everyone will want to be part of your celebrity world. 3. Engage your Clients – If they’re engaged, they are enjoying themselves. When your clients feel like part of your business, it makes it very difficult for a competitor to steal them away. 4. Host Events and Parties – Have contests, surveys, private sales, loyalty rewards, customer outings, networking events, family fun events … any event that involves your clients and prospects. People want to have fun and it will be fun for you, too. Make sure you share the news and take pictures for social media too. 5. Calendar Marketing – Here’s where you become as big a part of your clients’ lives as they are of yours. Share events on a calendar. Make their events as much a part of your life as yours are. Why not? Showing up at events will introduce you to a whole new set of prospects AND it will instill loyalty in your clients. Plus, you can share their events on your social media and even publish an online calendar. Another fun way to use calendar marketing is to promote some obscure holidays or annual celebration days and find those that are relevant to your clients. 6. New Client Experiences – After you have closed the sale, do not sit back and relax. Now is the time to “wow” them…again! Make them realize that they made the correct decision in choosing you. You can: • Send a handwritten “Thank You” card • Blog about them or post it on Social Media (with their approval) • Send them an unexpected present (and not a pen or anything with your name on it) • Make them another offer they can’t refuse • Make a customized “Thank You” video • Donate to a charity in their name Put some thought into creative ideas and watch the repeat business and referrals just float your way. 7. Be unpredictable – Pique their curiosity. If you keep them wondering what’s next, I guarantee they’ll keep coming back to see what else you are up to.  When agriculture was the secret to survive, farmers understood the value of sunlight. You could only work while the sun was shining so a typical day was from sun up to sun down. When the sun went down, you stopped working. Whether you wanted to keep working or not, you had to stop. You were forced to stop.
Sunlight was the key to success. And you only had so much of it. Thousands of years later, the science of agriculture hasn’t changed all that much. You still have a limited amount of sunlight in which to work. Despite modern inventions and automated technology, we have not figured out a way to improve the practicality of getting things done while there is still time to get them done. That truth is relevant in any industry at any time. You might be tired. You might be sore from working hard every previous day for as long as you can remember. You might be depressed, angry, or too financially strapped to focus on the task ahead of you. But as long as you have sunlight, you have an opportunity to change things. You have the possibility to do enough, fast enough to reap a harvest you could only otherwise dream about. Sunlight is all the inspiration you need to change the course of history. That’s your opportunity today. Right now. This very moment. From dusk till dawn, each moment you live is an opportunity for you to improve your harvest. But you have to work while the sun is shining. Some days the sun won’t come out. The skies will be darkened with the clouds. Storms will fill the sky, threatening your very existence. What you have done to this point will have to be enough to carry you through until the sun shines bright again. Which is why what you have to do has to be done today. While the sun is still shining. Why you still have a chance to sow seeds that can make a difference in the days to come. |
Boost Your BusinessMaria NovakI have over 35 years' experience in Marketing Small Businesses. Categories
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