Categories
Entrepreneurship Leadership Uncategorized

Disagreements at Work (And How to Resolve Them)

In business, colleagues don’t always see eye-to-eye. Partners disagree with each other and with their employees. Employees disagree with each other and with their employers. No team is exempt from this, no matter how well they normally work together, and no matter how much is at stake. In fact, it’s just the opposite- the more passionate and committed the members of your team are, the more earnestly they’ll want to defend their position when it’s opposed.

As a leader, what should you do when someone disagrees with you, especially an equal partner or a trusted employee? How can you do what’s best for your business without sacrificing the good working relationships your business depends on? How can you help to mediate when members of your team are in a tiff?

It all comes down to reaffirming everyone’s commitment to the overall mission of your business. In a healthy business culture, where mutual respect is the expectation and everyone feels knows that their viewpoints are welcome and valued, it’s never impossible to resolve a dispute. It’s only a matter of having a process in place to determine the best way to go when the business is at a crossroads.

From experience, I’ve found that a few key steps can bring almost any disagreement to a fair resolution:

1. Know that disagreements are inevitable. This is the most proactive step you and the members of your team can take, from day one. To perceive disagreements as a crisis, or to be taken aback when they arise, is already adding a layer of angst and drama to the proceedings that’s completely unnecessary and counter-productive. Don’t fuel conflicts by enlarging them in your perception (and in everyone else’s).

In fact, disagreements are not only normal, they’re a healthy sign! People who are willing to argue for their point of view are people who care about what they’re doing. Employees who feel the need to advocate for their ideas in strong terms are employees who have clearly invested the kind of thought and passion into their work that makes them valuable. And when opposing viewpoints are talked through, analyzed, and dissected appropriately, they usually lead to growth on both sides of the argument- as well as valuable revelations for the business as a whole.

2. Step back and look at the big picture. When there’s a dispute over what the next move is, all parties should take the time to think about it in context. The context is your business’s overall mission, it’s raison d’etre. A disagreement is a good opportunity to revisit that. How would each possible course of action affect the business’s ability to achieve its main goal? This is why having a mission statement in the first place is a necessity, to act as a guidepost when the path isn’t completely clear.

Each person involved in the dispute should ask themselves “What is the purpose of this business? What are we trying to achieve here?” If one course of action brings everyone closer to the goal, then the right move is clear. If both parties think that their preferred course best serves the mission, then it’s time for further examination. In the end, no matter which side prevails, it’s important that everyone keep one larger truth in mind: that your relationship with each other is more important to the business than any single decision. Even if someone has to accept that their preferred course of action isn’t being taken, it doesn’t mean that they’ve “lost” the debate- it means that they’re professional enough to be supportive of their teammates even when they disagree.

3. Give everyone a voice. In a dispute, it’s vital for morale and for the work environment that everyone have a say. A good policy that I’ve found effective is to give each person involved 2 full minutes to state their case without interruption from anyone. It’s not a trial, and it’s not for cross-examination; it’s simply a way for each person to vocalize their position.

Doing so can often resolve the dispute on its own. There may be some point of clarification that, when understood, turns out not to be a point of contention after all. It may force someone who’s too bent on saying what they have to say to actually hear the other side. In some cases, a person who vocalizes (or even writes down) their rationale realizes a flaw in their own position, just by articulating it!

4. Have each side propose a way forward. Too often, disagreements devolve into a question of who’s right and who’s wrong. There is nothing productive in determining who “wins” a disagreement. A disagreement, handled professionally, is a discourse meant to determine what should be done, not a contest to elevate one person over another.

For example, say the person writing your blogs (normally considered to be competent, even witty, and- let’s be honest- downright handsome) has produced a post that’s well-written and informative, but strikes a tone you find inappropriate. Maybe it’s abrasive or condescending. Maybe it’s a great post, but it doesn’t speak with your business’s voice.

In a dispute, you would “win” if the post was scrapped. The writer would “win” if the post went up. In either case, someone walks away having asserted themselves, and someone walks away defeated. Neither is a resolution. Neither is productive, because no matter what effect the post will have, it’s damaged the dynamic.

Instead, if both parties can communicate effectively and respectfully, it might just be determined that some minor re-wording or adjustment in tone would make the post acceptable to all. You may learn to appreciate what goes into a good blog, or be convinced that a somewhat edgier tone could be a bold and positive decision. The writer may learn that he’s not just speaking for himself, but for the business, or admit that bad feelings over a personal situation have infected his writing. Whatever happens, by seeing a disagreement as an opportunity to evolve, and not a contest between combatants, you move towards the best outcome.

5. Bring in a third party. If the disagreement can’t seem to be resolved by the two sides alone, it may be best to consult someone outside the argument. The credibility of someone who’s respected by both sides, with no bias or anything to gain from any particular outcome, might be the first thing opponents agree on. By seeking an objective outside perspective, both sides may be alerted to things neither had considered, or simply be shown how their own biases have colored their understanding of the opposing view.

The third party doesn’t necessarily have to have the power to choose the course of action, but the perspective alone could radically alter the trajectory of the conversation- especially if it’s headed in an unpleasant direction.

6. Shelve it. As a last resort, if no resolution can be reached, it’s sometimes necessary to simply retire the argument- but not permanently. When a disagreement has reached such a pitch as to become detrimental, or the parties are at such an impasse that no solution seems visible, it may be time to put a pin in it. As long as there’s not a deadline or some required course of action, letting a dispute rest for a while can be very helpful.

Temporarily backing away from a dispute can give everyone involved the time needed to let the emotions fall away from it, ponder the different viewpoints, and align their argument with the overall goals of the business. Especially if people are becoming emotional or heated, the back burner can be the best option. This is not a failure to resolve the issue, so long as everyone remains committed to resolving it. Schedule a revisitation of the issue at an agreed-upon time, and simply try again later.

By taking these steps, you can resolve almost any disagreement that will come up in your business. Above all, never allow yourself to lash out, and always be honest with yourself in determining if your own ego is standing in the way of a solution. Disputes are uncomfortable for most non-sociopaths, so recognize that that discomfort breeds defensiveness, and be patient.

Commit yourself to resolving disputes with compassion and equanimity, and everyone in your business will see them as part of the process of succeeding together.

Categories
Entrepreneurship Leadership Uncategorized

Finding the Right Employees

The search for good employees is a lot like dating. The pool of applicants is huge, and it can seem impossible to tell the ones you’d like to introduce to your parents from the ones that’ll leave you lying on the couch watching Love Actually and sobbing into your morning vodka. With so many job-seekers (especially in a global field of potential remote employees), how can you sift through the crowd to find the people who will help your business reach its potential?

The key is to establish the image, culture and “personality” of your business as clearly as possible, so that only those who would make a good match for you and your operation will be likely to apply. Rather than trying to seek out and hire the “best” in the field, it’s better to broadcast what your company is about in a way that attracts the right people for your business. As in love, the best policy is to be yourself. Put your company’s individual character on display, and let it reel in the most compatible.

Putting Culture First

Even if you’re not hiring yet, it’s important to lay the groundwork for finding employees in an efficient way. From my own experience, I can tell you that turnover is one of the biggest wastes of resources in business. Hiring, firing, and sifting through legions of applicants’ costs time and money. When businesses don’t take the necessary steps to attract the right applicants in the first place, it’s rarely well spent. That’s why it’s best to be proactive.

Here at Business Republic, we’ve managed to assemble a fantastic team that we believe will do more than just show up and work. By wearing our particular culture on our sleeve, we’ve attracted people whose commitment goes beyond their paycheck. It might sound a little idealistic, but experience has proven that people want to work somewhere that they like just as badly as they want certain salaries and benefits.

Of course pay, benefits, vacation time, and all the other rewards of a given job are going to factor heavily in who your business attracts, but neglecting culture and climate is the surest way to attract people who only care about those things. This is limiting. Get the culture right, and employees who are intrinsically motivated are more likely to come your way. That’s not to suggest that there’s a standard “right” or “wrong” culture; each business’s is different. The trick is to attract people who will thrive in yours.

With clear cultural expectations in place, employees are more likely to fit in with your existing staff and add to a powerful team dynamic. People may be content at a job that pays the bills, but they’re happiest when they’re legitimately excited about what they do every day. While content employees might simply work, happy employees care. By applying for a position at least partially because they believe in a certain vision, rooted in culture, employees are making a statement. They don’t just want to make a living. They want to help build something they see as meaningful.

Drawing Applicants In

The first step in broadcasting your culture (for hiring purposes) is to build a proper Careers page. Whether you’re hiring yet or not, your business website should include a page devoted to the experience of working for you. This is potential applicants’ first introduction to your company’s character. What does working for you mean? What does it look like? Use this page to try to give applicants a sense of what the experience is, or at least what you want it to be.

On the page, have a direct, bold headline that sums up your company’s vibe. For example, the Careers page of our webinar company, Webinar Ninja, starts with a simple declaration: “Driven, passionate professionals love working here!” We don’t start by touting the pay or the benefits; we start by identifying exactly who we think will jell with our team.

We also don’t start by identifying any particular skill set, level of education, or other indicator of previous achievement. Instead, we focus on attitude. Our most important qualifications are drive, passion and professionalism. If an applicant doesn’t have that, it doesn’t matter if they hold three doctorates and a recommendation letter from the President- it’s the attitude that counts, and the attitude we ultimately hire for. Skills can be trained. Experience can be gained. Our business culture focuses primarily on enthusiasm, and that’s the first thing we want applicants to know.

The banner over our benefits section further affirms our driven but fun culture: “Working at Webinar Ninja ROCKS!” We then show the applicants why. Six graphic representations of what makes Webinar Ninja such a great place to work, followed by brief descriptions, entice the applicant (or at least the type of applicant we’re looking for). Of the six, only one of the benefits is monetary. While we’re clear about offering competitive pay and bonuses, the vast majority of the page is devoted to what’s inherently enjoyableabout the way we do business, and what matters to us in terms of outlook.

For example, we highlight our commitment to training and development. “We invest in our teammates” isn’t just a slogan. It’s a statement of principle. We don’t see employment simply as a transaction (work for money), we see it as a symbiotic relationship (helping our business grow and evolve for helping our employees grow and evolve). The employee gets more than just pay, and we get more than just work.

In another of the benefits, we tout our idea of what makes a dynamic team. “We believe talented people can be found anywhere in the world.” We highlight our remote team, stretching from California to India to the Philippines, and our commitment to diversity. Those who like the idea of coming together with people from all over the globe on a shared mission know that our company is the place to do it. Those who prefer monoculture need not apply.

Already, before they’ve scrolled halfway down the page, we’re filtering for the kind of enthusiastic, progressive go-getters that want to be “part of something special.”

Using Your Own Employees 

Attracting and hiring people in a culture-based way can have a multiplier effect. By encouraging a certain kind of team dynamic based on attitude and outlook, you’re likely to hire people who will bring in more good candidates.

People who thrive at your business probably have others in their network with a similar approach to their work. With your own team’s recommendations, you may not have to search very hard for great candidates. Ultimately, your company’s reputation as a great place to work for a certain sort will become a beacon that attracts all the candidates you’ll ever need, without your having to solicit applications. You can also encourage this to happen with rewards, like our “Rock Star Recruitment” policy at Webinar Ninja, which offers bonuses for bringing in new hires that end up staying.

As they say, business is about relationships. I believe that’s not limited to the ones you have with clients, but extends to your team. Building a great team requires truly thinking of it as a team, and of your business as a group endeavor in which everyone’s role is vital. If you can create a culture of appreciation that makes your employees feel valued, it will pay off both in productivity and in the quality of applicants you attract.

Categories
Entrepreneurship Marketing Uncategorized

Defining Your Audience: 4 Strategies

One of the most important steps in building a successful business is figuring out to whom it caters. In fact, it should be one of the first things you decide when you venture into the world of entrepreneurship. Your own passion and expertise should guide the creation of your product, but the difference between a hobby and a business is that they do so with a market of consumers in mind. That’s why it’s so important to carefully define your target audience.

In doing so, you’ll want to be specific. Simply targeting “teenagers” or “pet owners” or “hipsters” is only the start. You’ll want to narrow the field to appeal to a distinct archetype, a kind of customer that you can serve better than anyone else. While narrowing the target audience may seem counter-intuitive (Appeal to less people, you say?), it’s actually the case that the most successful small businesses make their money by offering a specific solution to a specific need. “Teenagers with a heavy course load at school,” “pet owners who live in apartments,” or “hipsters with particularly unruly beards” are all target markets that can be served way more effectively, with the right product.

Even if you’re not in the early phase of building an independent business, it’s never too late to define your audience. In fact, it’s necessary to revisit the question over and over, periodically sharpening the image of your customer- especially as your business grows and innovates its products. By consistently keeping your target audience in mind, you’ll be sure to tailor your products in the ways that best ensure customer satisfaction. In that sense, defining your audience is the most important aspect of designing your product. To do so, use these tried-and-true strategies:

Be Specific. Very specific, about what it is your product offers. Whatever makes your product uniquely valuable, whatever sets it apart from the competition, will help you define exactly who you’re selling it to. Selling shoes isn’t specific enough to define an audience. Even selling athletic shoes isn’t specific enough. Even selling basketball shoes still falls short of the kind of specificity needed to pinpoint your target market.

To continue with the shoe example, a sufficiently specific product would be a basketball shoe with added ankle support to avoid sprains. By zeroing in on the most particular aspects of your product, you define who it’s made for. The thin-ankled, regular sufferers of an injury common to one sport, is a narrow but important demographic, one that your company could have all to it itself by focusing on its needs. No, it’s not a “big tent” strategy designed to convince the broader market to buy your shoe, but the aim here is brand loyalty, not mass appeal. That’s the key to small business: the loyalty of smaller markets.

Focus on one person. Literally. A single customer, real or hypothetical, who best represents your targeted market. This may sound like an extremely specific strategy, but it works when you apply what you learn to the demographic as a whole. In business jargon, companies refer to an “avatar.” If you tailor your product to your avatar, it will be popular among everyone who shares his or her key preferences. Your avatar is a stand-in for the hundreds, thousands, or millions of people you hope to target, but through him or her, you target them in a more personalized way.

Have a headline and three bullet points. Come up with a headline that encapsulates what your product is offering to your specific audience. This forces you to really articulate not just what your product is, but who it’s for. Then, come up with three short selling points that would further entice this targeted audience. Think of it as an exercise in marksmanship- by coming up with this headline and these bullet points, you’re forcing yourself to think in terms of what would make a particular audience respond. You’re aiming for the precise needs that you’re in the business of fulfilling.

Here’s how this would look in our sneaker example:

Constantly playing on a sore ankle? Introducing FlexForce:

  • Scientifically proven to reduce the risk of sprain
  • No more annoying braces
  • Play with confidence and without fear of injury

It looks like an ad, and it could be. But the point of the exercise is to cultivate the mindset of identifying the customer, and getting inside their heads to meet their needs.

Build long-term relationships. Once you think you know who your audience is, refine your understanding of their needs by getting to know them as intimately as possible. When you seek them out, envision yourself serving them not for a single sale, but for years on end. This is a relationship, not a fling, and the companies with the most loyal following are the companies that do everything they can to keep a running conversation with their audience.

At Business Republic, for example, we’ve put a great deal of effort into our freecontent- the blogs and podcasts for both the $100 MBA and our software company, Webinar Ninja. The reason we expend so much time and capital on things that don’t make us a dime? Relationship-building. We offer value, and in return we get the opportunity to serve an audience that knows us as well as we know them.

It’s a reciprocal relationship built on familiarity, credibility and trust. Two years into the $100 MBA and a year into Webinar Ninja, we like to think that our audience is well-defined, and that we can meet its needs in ways that other companies wouldn’t think to.

Defining and targeting a specific audience can seem like it’s limiting. Intuition tells us that every product should have as broad an appeal as possible, right? But in the world of small business and independent entrepreneurship, success is built on a guerrilla strategy, taking on precisely defined targets rather than huge swaths of the consumer world. Defining your audience isn’t casting a smaller net- it’s simply choosing to cast it exactly where the fish are.

Categories
Entrepreneurship Marketing Uncategorized

Does Your Podcast Need a Blog?

Podcasting is one of the best tools for sharing your passion and expertise online. Free of traditional radio’s restrictions, you’re limited only by your imagination in terms of format, content, and length. Podcasts are also hugely popular with audiences, almost a requirement for entrepreneurs and entertainers trying to build a following without corporate support in traditional media. But as effective as podcasts are, should the content they offer stand alone? Is it necessary to supplement and support your podcast with something written?

If you’re reading this, you can probably guess that my answer would be a firm “yes.” Most of my podcasts for both the $100 MBA and my software company, Webinar Ninja, come with an attendant blog on whatever topic the show covered. Not only does this support and further clarify the information I present on the shows, it allows me to include links and visual aids. Most importantly, blogging in conjunction with podcasting allows my business to appeal to a wider range of potential customers.

As an educational administrator, I had to make sure that teachers knew how to reach their students. The same principles apply to reaching your audience. In teaching, “differentiation” is the way teachers appeal to multiple modes of learning. Some people best absorb information by reading it, some by hearing it, and some by seeing it. By producing content in both audio and written form, you effectively double your chances of appealing to certain consumers and getting your message across.

While it’s possible to have a successful podcast without written content, I don’t recommend it. To give your podcast the support it deserves, it’s better to have at least a show notes page (more on that below). Ideally, though, it’s best to maintain a full-fledged blog.

Show Notes

When deciding what written content to add to your podcast, first understand the difference between a blog and show notes. Show notes simply summarize a podcast’s content and provide links to products, guests’ websites, or any other resource mentioned in the episode. Essentially, it allows listeners to continue their research by following up on the podcast. It can also lead listeners to your podcast through SEO. For those reasons, I consider show notes to be a bare minimum in terms of supporting your podcast.

Without at least a show notes page, anything the listener is meant to take away from the episode will have to be either remembered or written down. This violates a basic principle of business: not throwing up unnecessary obstacles between the customer and the product. With a show notes page, following a link is as simple as clicking, rather than having to recall and enter a web address (and without having to waste “air” time reading out and spelling links and coupon codes).

On top of that, having to visit your page for a link means that the customer is visiting your page, even if it’s only to find something else. In that moment, you have the opportunity to advertise, invite them to join your mailing list, and generally make a greater impact.

Blogging

For really maximizing the impact of your podcast, blogging is the most effective tool. In fact, blogging may do more than just supplement the podcast. In many cases, it may be the sole medium a significant number of customers use. Blogs can be more accessible than podcasts depending on the setting; it’s often easier to read about something when it’s not convenient (or polite) to make noise or wear earbuds. Beyond that, blogging can also give you a massive boost in credibility with your audience.

For example, NPR- a traditional radio station-not only posts their radio segments online, but also a written transcript of that segment on the same page. On social media, they don’t simply post a link to the audio, they post the transcript, with an option to hear the story instead of reading it. This is because NPR recognizes that some people simply prefer to read what they could just as easily hear, and vice versa.

While an NPR-style transcript is a great way to appeal to both preferences, a blog allows you to go even further. By articulating your thoughts in blog form, you go beyond simple transcription. You actually deepen the impact your musings have and sharpen your own grasp of the topic. In the end, this can do as much for your credibility as the best visual or audio segment.

Professional writers know that writing about something is the best way to perfect their understanding of it, and great bloggers know that a running “conversation” with an audience still depends largely on use of the written word. A podcast or video can be spontaneous and incredibly humanizing, a great way to make your audience feel like they know you. A blog, on the other hand, allows you to showcase sheer authority.

Setting words down on paper (or on WordPress) is the ultimate commitment to your message, going back to when the word was the only way to preserve and transfer information with accuracy. Even though a podcast is just as permanent as a blog, the written word still carries that extra gravitas that distinguishes an expert. If nothing else, good writing displays the kind of thoughtfulness that separates real passion from simple salesmanship.

Separating Notes From Blogs

Depending on how often you podcast, you have the option of combining your show notes and your blog into a single page. If you podcast less frequently than once in a week, it may be more efficient to go this route. However, for frequent podcasts, it’s worth the effort to maintain your blog as a separate entity from your show notes. The blog, though relevant to the podcast, should be able to stand on its own as separate, valuable content uncluttered by references back to the podcast. Theoretically, your audience should be able to follow your blogs without listening to your podcast (not that you want them to).

Maintaining both a regular podcast with show notes and a regular blog creates some complications, however. While the podcast and the blog are there to supplement and support each other, they have to be able to engage consumers independently. This means that you don’t want your podcast show notes and your blog to be confused with each other, especially as regards SEO. For this reason, it’s important to take advantage of a WordPress plugin called “list category posts.” This allows you to customize what categories your various posts fall into, so that blogs, podcasts, and show notes occupy their appropriate spheres. Using it requires a certain level of technical expertise, but there are plenty of resources from both WordPress and elsewhere that explain how it works.

If you’ve never blogged before, getting into the habit and learning the technical skills that will maximize its impact takes some time, and some practice. It’s well worth it. Even if podcasting is your specialty, venturing outside your comfort zone into the world of writing can only add to your skill set and improve your outreach.

Take the time to learn the initial setup processes, and you’ll open up a whole new avenue through which to reach consumers. Blogs add content to your online empire, and therefore value for your audience. Especially given the way search engines work these days (with sophisticated algorithms combing through content looking for “long tail” exposition), a few simple keywords in a podcast title or description won’t be enough. The more ways you articulate what you have to offer, the better your business will do.

Categories
Entrepreneurship Leadership Uncategorized

The 5 Keys to Managing a Remote Team

Remote teams are well on their way to becoming the norm in modern business. With global interconnectivity eliminating the distance between everywhere and everywhere else, the 20th century office model is quickly going the way of the fax machine. While it may sound strange, it’s likely that the concept of “going to work” will soon be as irrelevant as it was in our not-too-distant past. Therefore, knowing how to adjust to this new paradigm is a must for new entrepreneurs.

Here at Business Republic, we like to think we have a pretty amazing remote team dynamic, with employees living and working everywhere from California to India to the Philippine Islands. That dynamic is no accident. It requires assembling the right team, and it’s only possible with competent, mindful management. Managing a remote or virtual team is very different from managing a traditional office, as we’ve been forced to learn in helping to pioneer it. With little literature out on the topic, our experience has been our best teacher. Through it, we’ve discovered these 5 key concepts to remote team management:

1. Don’t Herd Cats

Before the Internet, the traditional office was a necessity in order for employees to be able to communicate and work together efficiently. It also became a way for management to constantly “keep an eye” on their employees, like wardens in a prison made of cubicles. While the efficacy of this approach is debatable even for an old-fashioned office, it’s not even a possibility for a remote team. If your virtual employees are goofing off at the water cooler, you’re never going to know- partially because they’re miles away, but mostly because there’s no water cooler in the first place.

In Remote: Office Not Required by Jason Fried and David Heinemeier Hansson, the founders of Basecamp argue that excessive oversight is a fool’s errand. They liken the effort to control your employees’ every movement to herding cats: as pointless as it is impossible. Instead, the remote manager’s job is to verify results, not monitor the process. All that matters is what comes back, and that it comes back by the deadline you’ve given.

With this approach, communication is clear and precise, but it’s succinct. A remote manager doesn’t need to know how long an employee’s lunch break was, or offer any instruction as to how they manage their time. They only need to know what they’re expected to produce and when. What they do in the meantime is their decision- a liberating, modern approach to management that sees employees as adults capable of more self-management, and attracts self-motivating people.

2. Clear and Consistent Communication

Since remote management allows such freedom and independence for employees, it becomes more important to communicate effectively. Instructions have to be almost excessively clear and explicit, but they also have to be to the point. Brevity and clarity have to rule the day, as your team needs to know exactly what they’re expected to do, without being able to pop by your office or be shown in person.

At Business Republic, we use Gmail, Slack and Skype. Gmails are for the day-to-day communication, and the central hub through which projects are assigned, tracked, turned in and modified through Google Docs and Sheets. To make emails more efficient, we have a standard language of subject lines that automatically clarify their intent. Our “EOD” (End of Day) emails are summative, while “Action Needed” in the subject line makes it clear that whatever’s in the body has to be addressed as soon as possible. By keeping it clear from the subject line, our email communication is faster, more clear, and more effective.

Slack is our messaging app for quick, spur-of-the-moment or minor questions and clarifications. This allows us to carry a running conversation with remote employees in between emails. Again, it’s concise, it’s smooth, and it’s functional above all; not a second is wasted, and our team can work together as efficiently as a group of people sharing a physical space. When we need to have meetings or a live dialogue, we simply use Skype- no airfare or conference room required.

3. Organized and Efficient Systems

Since a remote manager doesn’t directly guide the course of their team’s work, it’s imperative to have the most self-sustaining systems and procedures in place. They can take time and a great deal of thought to build and perfect, but clear and organized procedures replace the need to “manage” in the traditional sense by acting as a standing guide for employees.

Your systems and procedures are the support infrastructure that keeps your team on track. Therefore, they’ve got to be as simple and reductive as possible, while also being intuitive. At Business Republic, we write out all of our procedures for every task in detail. We create shared documents on Google Drive, create short tutorials on ScreenFlow, and use LastPass to keep everything cohesive and secure.

It’s a relatively short list of tools, and there are many great remote management resources like Basecamp and Asana, with different variations on the same features. Whatever you use, all that matters is that it enables each employee to access their work quickly and complete it smoothly.

What you put into these systems will determine what you get out of them. It can be pretty time-consuming to establish your procedures at the beginning; for instance, a task that only takes a team member 10 minutes to complete may require an hour’s worth of work to describe and write into the systems. It’s less efficient on the manager’s end, but the net gain in efficiency by the team is well worth the effort. As your employees become more familiar with your systems, they can also be invited to suggest modifications that will increase their efficiency even further, perfecting the workflow collaboratively.

4. Create a Strong Culture

What holds a great company together and attracts the best and brightest is its office culture. But without an office, it takes a more conscious effort to establish and maintain that culture. Companies like Airbnb and buffer.com have perfected this art, and as a result people flock to work for them. Just by reading the emails of a company with a great culture (remote or otherwise), you can get a sense of how upbeat and uplifting the attitude is.

Great attitudes among team members is no accident; it’s the product of conscientious culture management. Positivity, mutual supportiveness, inclusiveness and encouragement can be shared just as easily (if differently) through an email or Slack message as in a physical meeting, if you take the time. Learn to recognize the difference between efficient communication and communication that’s terse or impersonal. Take the time to foster good culture not as an aside, but as an integral part of your management strategy.

You’ll soon find what we found- that your own employees will draw more and more talent your way, because of the happy experience they’ve lived firsthand.

5. Honest and Abundant Praise

Part of your business’s culture should involve your making time for praise. Somewhere between absent-minded pats on the virtual back and insincere flattery lies the genuine expression of your appreciation for great work. That appreciation creates a feedback loop in which team members, feeling appreciated, want to give their best for more than just monetary gain.

The art of effective praise is detailed in Dale Carnegie’s How to Win Friends and Influence People. Honest praise and well-earned rewards have an exponential effect on motivation and work quality that will be reflected in your team’s productivity. While some managers see praise as something to be held back, in my experience it’s best to let loose with it, so long as it’s sincere. A good manager doesn’t need to be reserved in order to maintain their authority. They need only be honest.

In the end, good managerial policies and practices are all that you need, even without your hands on the reins of a physical team confined to an office space. You’ll discover which employees thrive under more or less supervision and guidance, which ones have the attitude that supersedes all experience or learnable skills, and how to best motivate each individual.

Take the time to get to know your team personally. Without seeing them or having those interstitial water-cooler moments, it takes a mindful effort to build human relationships with them. Building those relationships is important, and not a detraction from your efficiency. In fact, strong interpersonal relationships will breed loyalty and motivation more than anything. With the right approach, that’s just as doable online as in the office.

Categories
Entrepreneurship Uncategorized

Making Your Side Business Your Full-Time Job

I’m often asked: how do you know when it’s time to transition your side business into a full-time career? So many would-be entrepreneurs start with a small project that develops into a part-time source of income. At first it’s nothing but a blessing, but soon enough they find themselves torn. The security and reliability of their regular career can’t be easily dismissed, but neither can the freedom and possibilities of self-employment.

As they say, the greater the risk, the greater the reward. It can be incredibly frightening to finally make your big move, mostly for financial reasons. Some entrepreneurs tell themselves that once they’re making a certain amount of money on the side, they will then be comfortable enough to take the leap. The idea is a gradual transition from moonlighting to full-timing, leaving the one behind only when they’re in a financial position to do the other.

In my experience, however, this approach is unrealistic. While every situation is unique, and there are exceptions to every trend, I could never in good conscience advise taking the “wait and see” approach. This isn’t meant to be discouraging- far from it. I simply have to acknowledge the near-impossibility of building a full-time business on a part-time schedule. If you want to make your side project your career, you’re going to have to do exactly that: make it happen.

The only sure way to leave a standard job or career behind is to commit completely. Generally it’s incredibly difficult to make enough money on the side to replace the wages of a full-time job (or to even come close). I can say that I personally have never met anyone who has managed to make the transition this way. The reason for this? Almost without exception, only full-time commitments can generate full-time income. There’s simply almost no way to build a real business in 2, 5, or even 10 hours a week.

The Psychological Barrier

Leaving a steady paycheck behind is a terrifying prospect. That’s not an exaggeration. With a still-recovering economy and the cost of living on the rise, giving up a guaranteed income is no joke. But it’s not just the financial risk that makes transitioning to self-employment so daunting. The lifestyle of an entrepreneur includes challenges that the normally employed will never face.

First, there’s the stress factor. It’s one thing to stress over projects or workloads when the bottom line isn’t your problem. It’s quite another to know that every bit of work you do can significantly affect how much you’ll make in a week, month, or year. An entrepreneur never clocks in or out; it’s a 24/7, 365 approach to making a living. If you’re not mentally and emotionally ready for that, it’s not time to make the change. There’s also the time factor. Family and friends will have to cope with your ever-present responsibilities, and relationships can be tested.

There’s also the uncertainty. You can calculate what you hope to make from your independent business, and you should set financial goals. If your part-time effort has been netting you $1k per month at 10 hours per week, you can estimate that 40 hours a week will net you $4k per month- but that doesn’t mean it will. So many more factors (and expenses) go into orchestrating a full-time effort that the numbers can change exponentially, whether in your favor or against it. That’s why it’s called “taking a leap.” Guarantees are a rare thing in business.

Getting “Ready”

With all the challenges in store for a full-time entrepreneur, how can anyone be comfortable taking the necessary risks and making that final move? The answer is that you can’t!

Growing, challenging yourself, and taking risks is supposed to be uncomfortable. That’s why they call it leaving your “comfort zone.” Discomfort is the surest sign that you’re really venturing out among life’s possibilities. The honest truth is that you’ll probably never feel completely “ready” to make your move- I certainly wasn’t. Giving up a reliable stream of income in the field of education was not an easy decision for me. It worked out, and I frankly wish I’d done it sooner, but I couldn’t have known that at the time. I had to accept what every independent business person has to accept: the possibility of failure.

That’s why it’s so important to prepare. Just because you can’t predict (or control) the future doesn’t mean that you can’t affect your own odds. Planning is an essential part of making the transition, both to increase your chances of success, and to make the move itself less stressful. By putting careful preparations in place, you can make the transition smoother, and take that risk armed with the knowledge that you’re meeting the challenge with your best effort.

The first step is to set a deadline. It’s very important to have a set date by which you plan to switch careers. Setting deadlines and sticking to them (even if everything doesn’t fall into place exactly as planned) is a skill every entrepreneur needs, so it’s fitting to make this your first big decision. Decide exactly when you’ll be leaving your job, whether you feel ready or not. This will serve as your greatest motivator: a firm, tangible goal that isn’t conditional.

If you can, build up savings before the transition, in order to cushion yourself through the first few weeks. If your job allows it, see if you can use unused vacation time, tacking it on to the end of your tenure so that you’re still drawing a paycheck after you’ve moved on. Marshall your resources, set your plan, and prepare for liftoff.

Having Faith

For all the risks involved in moving to full-time self-employment, it’s important to trust in the factors that increase your odds of success. Maybe your side project is relevant to the career you already have (as in my case, transitioning from general education to business education). Maybe you’ve just been following your passion on the side for so long that it’s second nature to you. Maybe you have a killer product that needs only a full-time marketing effort to unleash its potential. Whatever your reasons for believing are, let them be your rock.

It’s possible to be realistic and optimistic at the same time. Track your progress down to the cent. Do the math, crunch the numbers, and take heart in every victory, even the small ones. Confront the reality of what you’re doing, and believe that you can handle it. At the end of the day, no one knows what you’re capable of better than you do.

Expect it to be emotional. Business often is. Striking out on your own can build character and emotional intelligence in ways that drawing a steady paycheck can’t. In that sense, risk can be its own reward. Keep the faith, and bear in mind always that not taking a chance poses its own risk: the risk of spending the rest of your life wondering “what if?”

Categories
Entrepreneurship Finance Uncategorized

The Importance of Financial Goals

Business is all about goals. Whatever the industry, all entrepreneurs share a common one: to be their own boss, make their own way, and carve out their own place in the market- in short, to make a living on their own terms. This goal is broad, however. If you’re serious about reaching it, a series of smaller goals or milestones have to be reached first. That’s why it’s important to establish specific financial goals. Without doing so, it’s almost impossible to track your progress towards true financial freedom.

The question is how to set them. Should they be set in terms of raw profit? In terms of growth achieved from previous years or months? In comparison with the competition in your industry? The answer, in a nutshell, is all of the above. Mapping out your path requires paying close attention to how much your business is making, how much it’s growing, and how well it’s competing in the marketplace.

Goal-Driven Priorities

Financial goals are especially important in the beginning, when they represent the steps between the idea of a business and a sustainable financial reality. Without careful, ambitious (but realistic) goals in place, it’s unlikely you’ll get off the ground-even if you’re selling. In education, there’s a concept known as backwards design: you start with a desired endgame, and tailor all planning, execution, and even improvisation towards achieving it. Business works the same way. Before you make any move, you’ll want to ask yourself how it will affect your ability to hit that next milestone, that nearest financial sub-goal.

For example, if your product is something educational or informative, like a course of study, determine how many courses you’d have to sell to reach a desired monthly revenue. If the goal is $5,000 for the month, you’ll need to sell 100 courses at $50 each in order to stay on track. If you’ve only sold 30 by the middle of the month, maybe more time has to be devoted to marketing. Maybe you’ve surpassed the goal by the middle of the month, and can devote time to analytics concerning why it sold so well. Either way, a specific goal is needed to help you establish priorities.

With those priorities established, you can continue to move through the plateaus of your business’s growth, always using your financial goals as the yardstick of your progress.

Layered Goals

Determining where exactly to set your goals is the most challenging part, and will vary from business to business and product to product. In my experience, it’s best to establish a firm range of numbers, with the low end representing what you need to achieve, and the high end representing a new plateau or ideal accomplishment. This allows you to be realistic about what your business needs to do for survival, while being optimistic about its full potential.

To establish the low end, or minimum goal, you simply have to reckon all expenses and surpass that number. Professional expenses like materials, paid hours of labor, hosting fees, etc. are obviously parts of this calculation, but so are personal expenses, right down to the cost of lunch. This has to be a ruthlessly honest calculation, so that it represents a legitimate minimum. If you don’t make this number, it’s time for drastic measures. Even if you’re in the type of business that typically loses money at first (like a restaurant or bar), it’s important to establish how low is too low.

To establish the high end, choose a number that will allow your business to move on to another, loftier goal. How much money would you need to reinvest in order to produce that new product? How much would you need to build that addition to your location or bring in that new equipment? At what point could you afford to bring in a new team member? Whatever the high-end goal is, make it something that will allow you to plow your success right back into the business in order to move forward towards the ultimate vision you started with.

As you establish these goals on a monthly, quarterly, and annual basis, bear in mind the need to maintain the gains you’ve made. If you’ve sold just enough to meet a certain goal, remember that “customer churn” is always working against you, and stay relentless in your pursuit of new business. Parlay the brand loyalty you’ve built into an always-refreshing stream of new customers, so that your foundations stay strong as you reach for the next milestone.

Sticking to your goals

Whatever financial goals you set, make sure that they’re firm. Having the gray area between the low and high ends will give you room to accommodate reality, but it’s important to commit fully to the numbers you’ve mapped out. Avoid “moving the goalposts” within the term established. If you fall short, figure out why and adjust accordingly. If you exceed the goal, reinvest the excess towards meeting the next one. If you simply meet the goal, celebrate it. Take the time to be proud of your accomplishment, and “reinvest” the gains in morale.

If you’re working with a partner or group of partners, be sure to have an open, precise and clear conversation about financial goals. Every partner has to agree to each goal, and every partner should have input when it’s time to establish them. Have an honest conversation about what goals are realistic, and what goals will move your company to the next level.

Starting Out

I’ve found that the most common mistake new entrepreneurs make in establishing their goals is setting them too low, rather than too high. Don’t be afraid to be ambitious, even as you’re being realistic. If your goal is easy to hit, it’s too low. If there’s zero doubt as to whether you’ll hit it, you risk plateauing in the long term. Growth, while exciting, should be a little uncomfortable. It should involve a certain level of risk. Tough but achievable goals force you to stay on your toes, and reinforce your commitment to innovation.

If you’re new to the world of independent business (especially if you’re pursuing your business on the side at first), get into the habit of setting financial goals early. Even if it’s as low as a few sales a month, or $100 in revenue, or even if it’s not a goal that represents profit, get into the habit. It will train your mind to see things in terms that make for big success down the road.