Be Different or be dead

August 23, 2018

How should startup entrepreneurs manage their business finances?

Cash flow rules

A highly effective CEO concentrates on creating a convincing product, employing the services of a proficient team, boosting sales, and making his clients satisfied and happy.
However, many leaders are engrossed in managing so many other issues, they do not pay attention to the most critical aspect of their startup; making sure that the organization is constantly raising funds at higher valuations.

The startup entrepreneur must:
— Know when cash is going to run out
— Understand the precise milestones and objectives to be attained in ways to receive an ever-increasing valuation
— Create the most effective plan for fulfilling those milestones in a suitable timeframe

Here are some important ways to effectively manage your business finances if you are a startup owner.

Manage cash flow carefully

Most startups actually do not succeed because of a host of reasons but the most common cause of a startup failure is running out of funds. You need to be very meticulous about all your calculations and know exactly how much money is coming in and where every dollar is being spent.
If you do not keep track of your transactions and cash flow, your business will be in jeopardy. Nobody will care about how fantastic your idea if you have no funds to feed it. It is vital to chalk out the right budget and firmly stick to it.

Constantly monitor all expenses

Once you start operating your business you will be tempted to incur more expenses than you need. It may be impractical for you to hire a full-time accounting professional right at the beginning.

So consider using a competent accounting software package to remain on top of your expenses and stay organized.
This will help “smooth” cash flows over the year in order to accommodate annual expense obligations such as taxes. However, as your operations expand, consider employing the services of a qualified and experienced accounting professional.

Be transparent & honest with lenders & investors

Nothing could be more hazardous to your business than dishonesty and sheer lack of communication.
Startups must necessarily be open and truthful while raising money or taking out loans. If you behave in a secretive and shady manner, nobody will trust you.
Similarly, if you are reluctant about revealing the important numbers such as demand forecasts, you could easily lose the opportunity and trust of capital sources.
Often at the beginning of your business venture, you rely on your friends and family for fundraising. In that case, to establish credibility you must be open to them regarding the organization’s financial condition. If you are relying on investors, you must be as precise as you can about the assumptions behind your forecasts on sales, operating and capital expenses.

Restrict your fixed expenses in the initial stages

At the start of your venture, keep your expenses to a minimum — you don’t need a plush office or catered meals. You must consider operating thin so that you can divert more funds toward the growth of your business.
Many startups fail due to spending lavishly on state-of-the-art amenities; they forget that their top priority is generating more and more revenue. Once your revenues start growing, you can consider incurring more overhead expenses. Until then, you need to be patient and wise.

Be prepared for failures but stay optimistic

When you start a new business you must be prepared to face the possible outcome that your personal finances could be jeopardized. If you have current employment, stay with it until your startup is in a position to effectively replace that income.
Create and keep reserves in some emergency savings account as a preparation for financial crisis situations.
Make the best use of micro-investing opportunities and consider allocating funds to a reliable online platform every month.

Concentrate on getting new customers

Customer acquisition must be your top priority. Remember your business would be a flop-show without customers. Once you are able to take on various acquisition channels, consider optimization the mix to lower your overall costs.
At the outset of your journey, it is obviously not possible for you to examine the pros and cons and reliability of all possible acquisition channels. Your resources are limited so focus on those channel opportunities with the greatest financial potential.

Establish financial objectives

Instead of being mesmerized about building a huge company, set realistic and specific measurable financial goals and objectives. You can set weekly, monthly and even daily revenue objectives and be sure to keep track of your results.
And be prepared to tweak your goals to achieve constant growth. It is essential to constantly keep attaining little goals to keep your morale high and enable you to move forward and achieve the major goals necessary for your success.

Remember: time is money

If you are working hard to achieve all the financial goals of your startup, these financial tips will definitely help.

And remember, time is as precious as money so don’t squander it by, for example, attending pointless meetings that have no relevance to your business.
Time is the most precious asset that startup entrepreneurs have so use it wisely by focusing only on activities that are directly linked to your new business idea.

— Marina Thomas is a marketing and communication expert. She also serves as content developer with many years of experience. She helps clients to develop their long term wealth plans. She covers an extensive range of topics in her posts, including business debt consolidation and start-ups.

• Posted 8.23.18 at 04:38 am by Roy Osing
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August 20, 2018

5 insanely easy ways to make a customer your BFF

Source: Unsplash

Why would you want a customer to be your BFF?

Your job after all is to sell them something, answer their question on why their product isn’t functioning the way it should or why their bill is higher than what they expected.

Job descriptions never say “be the customer’s BFF”. Employees are viewed as instruments of the organization; to perform the role that maximizes results for the shareholders and owners of the organization in terms of sales and cost.

Employees serve “them”

Employees are taught to serve the organization. Period. Their essential duty is to the hierarchy; to follow the rules of the people that give them a regular pay check.

And that’s the problem because superlative performance doesn’t happen when people inside the organization serve the organization exclusively. When they are excruciatingly focused on controlling costs, minimizing the time they spend answering a customer’s request and striving to deliver all internal company metrics flawlessly day in and day out.

Majestic performance that exceeds that of every competitor in the market happens when employees are outward focused to the customer; when employees exist to satisfy one and only one objective — serve the customer in a way that surprises and delights them.

Yes, they have their “internal world” to satisfy — productivity goals and the like — but their prime purpose is to create mind blowing experiences for the customer within the confines of what makes good business sense.

Having an incredible moment with a customer is the way to delight them, have them buy, tell their friends all about how amazing you are and keep them coming back for more (sounds like a plan that would satisfy any shareholder, right?)

And the tool to create memorable moments is friendship; the ability to build credibility and trust with another person in the limited time you have with them.

Try these 5 simple approaches to build a BFF relationship with a customer that will both blow them away and satisfy your organization’s hunger for growth.

1. Reset your brain

Get out of the mindset that says your job is to fulfil the mandate of the organization. Rather than focus on the ultimate end game of your actions — generating more sales for example — concentrate on the behaviours that will yield the intended result.

Long term sales growth, for instance, isn’t achieved by flogging products and services to potential clients, it’s by consistently demonstrating the relationship building acts that get you there.

2. Unplug your ears

If you’re not really listening to the customer how can you possibly befriend them? If your agenda is to push your wares or execute the policies of your organization, it’s virtually impossible to align yourself with the customer’s wants and desires.

Customer engagement is all about THEIR agenda not the organization’s, so lean into the conversation with the intent to “hear them”, not force them to comply with what you want them to do.

3. Shut your mouth

If you listen well, this will automatically happen. Airtime with the customer will be heavily weighted to what THEY have to say not what you have to say. Your role in building a BFF relationship is to clarify their narrative so that you can respond appropriately and satisfy their requirements.
You’re not giving a speech that would try to convince them to comply with the organization; you’re simply trying to get a clear understanding of what it takes to satisfy them.

4. Surprise them

The main ‘driver of delight’ with any person is the surprise element; doing something the other person DOESN’T expect.
The airline loses your luggage which contained the clothes for your 8-month old daughter. You call the airline expecting to get the run around, but the rep first of all apologizes profusely for the unfortunate incident, tells you to go out and purchase whatever you need to replace the contents of the pieces of luggage lost and to send the bill personally to her for immediate payment (and the promise is kept).

How would you feel about the rep and the company she represents? My guess is you would be WOW’D! and would tell your story to your friends and family — and blog readers also.

5. Stay with them

Organizations have a complicated structure; for example, responsibilities are separated among marketing, sales, customer service, billing and repair departments with a strategy to concentrate expertise and (hopefully) maximize productivity.

“This isn’t my job, let me pass you over to the people who answer billing questions” doesn’t do anything to build a BFF, it destroys it. I have to enter another call queue and probably wait another 10-15 minutes to get a rep and then tell my story all over again.

Building friends requires the “Never pass a customer around!” mantra where the employee who has a customer keeps the customer until they are completely satisfied.

Why would you ever want a customer as a BFF? Because a BFF is loyal, they tell you their “secrets”, they talk you up to their friends and they like spending time with you.

Sounds like a formula for business success to me.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 8.20.18 at 03:22 am by Roy Osing
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August 9, 2018

What being a mom teaches you about leadership

Image source: Unsplash

You won’t find better leaders than moms. After all, there’s no leadership boot camp quite like rearing a child or children! To affirm just how great moms are, we’ve picked the top 4 things that motherhood imparts about leadership below. The great news is that these are the kinds of qualities which would be valued in any social situation, including the professional workplace.

#1. Sheer and Utter Selflessness

People often stereotype leaders as bossy and self-interested types. Motherhood, though, is the very definition of selfless leading. As a mother, you’ll make decisions every day – probably every 10 minutes – to put the interests of your child before your own. The fourth trip to ballet for the week, cooking dinner every night… you’ll get used to doing things for everybody else before yourself.

This kind of 24/7 service can be exhausting and feels even more like work when it goes thankless – but the ability of a strong mom to persevere and serve in spite of these downsides is a true testament to their character as a selfless leader.

#2. Faking it Till You Make It

Any woman who’s faced motherhood has asked herself the same question: but how will I do it? Maybe you still remember the feeling you had when you first found out you were pregnant – the feeling that kept reminding you just how much of a kid you were yourself, despite being about to usher in a new life to look after.

As your child grows up though, and the need to “act like an adult” becomes ever more pressing, you’ll quickly get your head around one of the most essential of leadership skills: the ability to act in whichever way a particular situation demands, regardless of how you really feel – because this, flexibility, is what parenting demands.

From tough talks to those awkward PTA gatherings, you’ll have to wear a variety of roles each given day. This isn’t a bad thing! Moms just come to appreciate their own adaptability that much more, and to get to know their new talented selves that motherhood has afforded them.


Image source: Unsplash

#3. Seriously Prioritizing Self-Care

When you put others’ needs before your own daily, you’re bound to burn out. No leaders recognize this as quickly as moms do – after all, parenting is an unpaid full-time job with hours of unpredictable overtime: even billionaire CEOs get more hours off!

Moms are smart leaders because they appreciate the importance of self-care and how precious such time is! Whether it’s regular exercise breaks in the fresh air, or taking a lunch-break out to enjoy a bite to eat with fellow grown-up friends, moms appreciate that to best take care of their kids, they need to look after number one.

#4. Neither You – or Your Child – Has to Be the “Best.”

When you take on such a massive a task as parenting a child, you commit to what’s essentially 17 or 18 years of preparing a human for the adult world. As a mom, you’re bound to want to ensure your kid the best future possible – however, being a leader means championing your flock when they win and when they lose.
Material things like sports trophies or academic prizes don’t prove your child’s achievements (and, by extension, your worth as a mom). The real rewards of your parenting journey are the measurable improvements that you help your child to make in their pursuits.

At the most fundamental level, it’s about the kind of person your child becomes, not how good a competitor they are. Moms know that it’s impossible to completely control somebody – least of all a free-willed kid – so they extend all the assistance they can reasonably give and leave the rest up to their son or daughter to work out for themselves. Now that’s the stuff of a true leader.

— Cloe Matheson is a freelance writer from Dunedin, New Zealand who grew up in a very tight-knit family. She is extremely close with her Mum – her greatest role model. You can discover more of Cloe’s work on Tumblr.

• Posted 8.9.18 at 04:11 am by Roy Osing
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August 6, 2018

How a simple grin from someone can ruin your career

Source: Unsplash

How a simple grin from someone can ruin your career.

You can put lipstick on a pig but it’s still a pig.

A grin is a funny thing; it can kill your career if you are unaware.

I hate grins because I saw the effect they could have on people; in some cases a grin was the cause of a career that never had the opportunity to develop and flourish.

A grin is not a smile; it’s not a grimace. A grin lingers somewhere in between these extremes demonstrating neither joy nor annoyance.

This is the real danger lurking beneath the grin. You never know the real intention behind the grin; is the grinner genuinely happy or displeased in some way.

The grin is a very difficult read.

But it’s consequences can be swift and destructive to the innocent person who incorrectly interprets it.

The grinner has a number of intentions behind their art. Each action they take is a precursor to a clandestine act they intend to play out in the future with their victim.

They use a grin to hide their envy

A colleague looks like they are progressing faster and further. The grin is really a faked expression of good will and well wishes that really means “OMG! that person is on the move and I could be behind. “The “envy grin” is most commonly spotted when the grinner congratulates the person who is promoted or is publicly recognized for some achievement.

They use a grin as a mask

The mask is used to hide their true feelings. It’s a baked on look because they are afraid that their real feelings will show through if they respond honestly. And they don’t want that to happen. The grinner doesn’t want to overtly display negative emotions like disgust, anger and jealousy because others will see them for who they really are; their real agenda will be exposed and their strategy to undermine others will be at risk.

They use a grin to deceive

The grinner uses the weapon to falsify their intentions and lull another person into believing they have the grinner’s full support. That way the grinner is perceived to be a member of the crowd that will stand behind and do to the wall to defend another’s plan or proposal. When a colleague falls victim to the “deception grin”, they focus on gathering support from others and assume the grinner’s loyalty; they let their guard down and provide a sliver of entry for the grinner’s eventual surprise attack.

The favourite ploy of the grinner who has deceived you is to wait for the perfect moment to shoot you down. To put their hand up when you are presenting your proposal to the decision making group and raise a “minor concern” or picky point that just might cause risk for the organization.

They put it forward as well intentioned, in the spirit of achieving the best solution possible, but it is nothing more than an attack meant to discredit.
They want to be seen as the “white knight”; you the pawn.

They use a grin to fake

It’s a classic basketball move. Lean to the left and move to the right. The grinner loves the ploy to lull everyone into thinking they know what they’re all about. What they think and how they will likely act.
Fake grinners never want to be predictable; they see it as a weakness and a window through which others will discover their true motives.

A grinner colleague of mine was a master of this technique. He would declare to one and all that he intended to propose a major capital investment to support marketing — I was CMO at the time and he was VP Technology — and when the time came to play his cards and make the call, he always found some vague reason to not do it. The “fake grin” was his way of displaying support for marketing but doing exactly the opposite.

They use a grin to suck you in

The grinner wants others to believe they are sincere; that they are honest and above reproach. They use the “suck you in grin” to lull people into thinking they are that person. But they’re really driven by narcissism and insincerity. They only care about their own personal needs and wants.

If you get hooked by this grin, you basically won’t believe anything negative that is said about the grinner. You believe their motives are sincere; there must be something else going on that would explain any negative behaviour you witness. In this state they can get away with almost anything and you are unlikely to tag them as harmful to those around them.

My story — “the snake”

“The snake” plagued me for many years of my executive life. He was a classic grinner who used his talent to effectively sideline many talented people only to suddenly appear in a higher more influential position in the organization.

He was a calculated grinner who I believe had a pathological streak. Many times he would shoot me down in an executive meeting and then would appear surprised when I called him on it. One of many examples: as president of our data and internet organization, I needed capital to expand internet service; he would argue against it saying we should place the priority on regulated services — even though outside the executive room he was gushing over developing new innovative internet based services.

And when I called him out on his two faces, he would grin in amazement over my reaction.
My story has a happy ending though. He was eventually discovered for what he was and was unceremoniously terminated — much to his surprise — but unfortunately leaving many casualties in his wake.

Don’t be paranoid when you see a grin, but be aware that it may not be an expression of honesty one way or another. It may be a disguised act of war.

Look for people who wear their hearts on their sleeves; who laugh out loud or scream their displeasure.

At least you will know where these people are coming from.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 8.6.18 at 04:18 am by Roy Osing
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