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Category: Business Assistance/Consultant

This Scientist and Entrepreneur Proves You Don’t Need to Study Business to Succeed in It

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Owning and running a company is no small task. It’s a difficult, stressful, never-ending process that actually gets more complex as you find success. It’s hard enough for people who specifically studied business in school. And for those who didn’t study business, the challenge is even more daunting. When so many former business students fail, it must frequently feel overwhelming for students of other disciplines.

YPO member Yi Li isn’t afraid of a challenge. A lifelong lover of science, she braved a new country and different culture when she left China to pursue her PhD in physics on a full scholarship at Louisiana State University. As she studied energy storage, battery technology and management, and charge control, she realized she had the makings of a great alternative energy company.

Li wasn’t hindered by her lack of business experience–in fact, she started her solar power company in her apartment while she was still a student. Today, Li is the president and CEO of Renogy Solar, which manufactures and sells a wide range of solar-powered products. Renogy was certified by the Women’s Business Enterprise National Council and earned a spot on the Inc. 5000 list of fastest-growing private companies. The company has also won several bronze- and gold-level awards from the Golden Bridge Awards, and was included on the Fastest-Growing Women-Owned Company list released by the Women Presidents’ Organization.

On an episode of my podcast 10 Minute Tips from the Top, Li shared her advice to non-business people starting a company:

1. Don’t be intimidated

Li didn’t have a business background, but she didn’t let that stop her from founding her own company. “I didn’t have any background or experience or education about running a business, or even financial experience or knowledge. I’d never thought about those difficulties,” she recalls. When she began, it certainly wasn’t all smooth sailing. “I definitely went through a lot of difficulties and challenges, but every time I saw challenges, I thought about my passion. I thought about my purpose.

If that’s my goal, forget about how I feel how difficult it is. Just try to find a solution,” she asserts. Li is also not afraid to admit what she doesn’t know. “If I see I lack knowledge [in a particular area], I’ll get a book or take online classes. I’m really a self-learner, so I learned all that stuff by myself,” she explains. Don’t let your own self-doubt get in the way of pursuing something great.

2. Don’t feel compelled to follow all the rules

While she acknowledges the difficulties inherent in starting a company without a business background, Li also believes there may be some benefit in not being tied to one philosophy. “You need to think outside the box,” she argues. “Don’t follow too many old-school type, book, education principles. Even if it’s a lot of good experience, it may not apply to you.” She encourages entrepreneurs to find their own path. “You can learn, but try to develop something that is unique to you,” she says.

Li believes she has a good example in Jack Ma of Alibaba. “He didn’t have all the necessary professional skills when he started the business–he was a teacher,” Li explains. “When he started the business, not everybody believed his dream. But he ignored all of the voices. If he decided to do something, he was very, very determined.” Ma and Li aren’t afraid to follow their instincts.

3. Be frugal

Li is very blunt about this: “You need to run a business frugally,” she emphasizes. The challenge, of course, is that talent can be expensive. Thankfully, she’s found a way to compensate for that. “My employees truly believe in what we’re doing,” she beams. “We’re still a startup, and we’re not paying as high compared to a lot of Fortune 500 companies,” she admits, but her company is about more than dollars and cents.

“I look for people who truly want to develop themselves, because they’re not here just for the paycheck. We instill a passion and a dream into our employees’ minds. That’s how I recruit people.”

4. Believe in it

Do what you love! It’s exactly what led Li down the path from science to entrepreneurship. “I truly want to be a scientist. I really love physics. What I studied was superconductivity and semiconductor materials. And one of my projects was related to alternative energy studies. So there I saw my passion taking form,” she fondly recalls. Whatever your calling, follow what brings you joy. “I truly believe you have to be a passionate person and do what you truly want to do,” Li states.

It doesn’t mean it will be easy. She explains, “You cannot just do this for money. You have to do this for love. Otherwise, you cannot deal with all of the obstacles you’ll face.” For Li, her mission is clear: “I really think a sustainable future is something we should all work for and fight for,” she says. Wherever your passion lies, pursue happiness.

On Fridays, Kevin explores industry trends, professional development, best practices, and other leadership topics with CEOs from around the world.

By Kevin DaumInc. 500 entrepreneur and best-selling author

@KevinJDaum

Source: This Scientist and Entrepreneur Proves You Don’t Need to Study Business to Succeed in It

558K subscribers
Start Your Own Business by Writing Business Plan. How to write a successful business plan for successful startups. Step By Step – How to write a business plan an effectively for starting your own business. Watch 11 Elements of Sample Business Plan – https://www.youtube.com/watch?v=i1b0_… TOP 10 TIPS Before Starting Your OWN BUSINESS : https://youtu.be/wxyGeUkPYFM Join our Young Entrepreneurs Forum – http://www.youngentrepreneursforum.com/ #youngentrepreneursforum Do you need a business plan for successful startups in India, USA, UK & Canada. Starting an own business needs working plan which compiles some important details about product & company. Problem Solving Skills To Start a Small Business – https://www.youtube.com/watch?v=I9Ho3… #startsmallbusiness 9 Steps For Writing a Business Plan – Required Steps to Write a Business Plan for your company or service. Step 1 – Define your vision 1:16 Step 2 – Set your goals and objectives for the business 1:50 Step 3 – Define your Unique Selling Proposition 2:29 Step 4 – Know your market 3:02 Step 5 – Know your customer 3:57 Step 6 – Research the demand for your business 4:47 Step 7 – Set your marketing goals 5:52 Step 8 – Define your marketing strategy 6:38 Step 9 – Take Action! 7:20 These all Steps are very important while you are writing a business plan for starting your own business. Life of Riley by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/…) Source: http://incompetech.com/music/royalty-… Artist: http://incompetech.com/ You must have to focus on Idea, Product,Strategy,Team, Marketing and Profit while you are writing business plan for your successful stratups.

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How Your Small Business Can Maximize Profit & Minimize Loss With a Financial Plan

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As one of the most essential aspects of a business proposal, the financial plan utilizes current financial data to project long-term profits and losses for your company. As a business owner, having a strong financial plan helps you identify potential issues and discrepancies while it’s still early enough to make changes. Having a good financial plan handy also improves your odds of securing funding from banks and other investors by showing you’ve done your due diligence.

Still, first-time entrepreneurs often struggle to create these all-important documents.

Below are five components every financial plan should have, along with suggestions for collecting the necessary data to plan your business’ future.

1. Income statements

Income statements reveal revenue, expenses and profits over a given period of time. Start by making a list of all the costs and expenses associated with running your business. This may include raw materials, suppliers, employee salaries and rent costs. Then record your revenue, which is the money you receive in exchange for providing goods and services. By subtracting your expenses from total revenue, you can determine whether your company can expect to make a profit or suffer a loss.

This information is crucial not only for planning purposes, but it can also help draw potential investors to your business.

While income statements for existing businesses convey data from the past one or two years, startups must instead forecast this information based on their research. When drafting your company’s first income statements, you may need to project profits and losses using information from similar businesses in the area. The goal is to determine if your company can support itself moving forward and make budgetary changes as needed.

2. Cash flow

Cash flow projections estimate the amount of money that will be entering and exiting the business on a regular basis. Determining net cash flow requires simply subtracting cash outflow from cash inflow, which reveals only those funds that are actually available at a given time.

Just as with your income statement projections, you’ll have to create a plan of how you expect your cash to flow based on rational observations, predictions and your own research. Again, while it seems frustrating, compiling a schedule of when cash comes in and out can give you (and investors) insight into how much cash you’ll actually have available to operate your business.

By keeping accurate cash flow statements as your business matures, you can identify problem areas before they grow too large to contain. For instance, if your projections suggest you need more immediate cash, you can try strategies to help bring it in, such as turning over inventory more quickly or reducing the length of your billing cycle. However you use it, a cash flow’s primary functions are to assess your company’s financial health and help you make business-development decisions moving forward.

Another thing to keep in mind: When calculating your cash flow projection, you won’t be able to use any revenue amounts from unpaid invoices. The reason? That revenue hasn’t been collected yet and thus isn’t available to go in or out. Yes, you may be able to declare the money from unpaid invoices in your revenue projections, but not as cash on hand.

3. Balance sheet

A balance sheet provides a snapshot of a company’s assets, liabilities and equity at a given time. As its name implies, a balance is struck between a company’s assets, which equal its liability added to the value of its equity.

First, take time to list all assets, including accounts receivable, savings, inventory and equipment. Next, you should detail all liabilities, such as accounts payable, loan payments and credit card balances. Lastly, you can add up the company’s equity, which may take the form of owner equity, investor shares and earnings from stocks. When you’re finished, check to make sure that the total value of assets equals that of your liabilities plus your equity.

As you may expect, your balance sheet can have a significant effect on your business’ ability to secure the funding it needs to get off the ground. Learn more about how to create a detailed balance sheet to track your startup’s liabilities and equity.

4. Break-even analysis

It’s no secret that startups rarely turn a profit at the onset. If and when your business does cross the threshold from red to black, it will have crossed the break-even point. The break-even point occurs when the expenses of running your business equal the revenue from your products and services. To increase your odds of reaching that crucial turning point, take the time to create a break-even analysis as part of your financial plan.

Along with your company’s fixed and variable costs, the document should include projected prices and account for the value of inflation. Not only does a break-even analysis show potential investors that your company has the potential to succeed, but it also enables you to make better decisions regarding resource allocation. If your break-even point is too high, you may want to consider ways to reduce your cost of business. This might include shopping for new suppliers, increasing prices or even temporarily working out of your home.

5. Financing schedule

Most of us can’t launch a new business entirely on our own. Because loans are an unfortunate fact of life in the startup world, every business plan should include a loan summary and financing schedule. Take note of the types of loans incurred, including interest rates and expected terms as well as securities information. After all, potential lenders want to know that you have a solid plan to pay off existing debts before investing more money in your business venture.

If you’re thinking of starting your own business, then you’ve probably heard the bleak statistics. According to one report, as many as eight in 10 startups fail in the first 18 months. To give your business a fighting chance, you need to have a strong financial plan in place before you launch.

By: April Maguire

Source: How your small business can maximize profit & minimize loss with a financial plan

1.37K subscribers
In this video, Kelly discusses how to maximize profits in business in just three simple steps. By taking advantage of what resources you already have within your company, you can maximize profits and grow your business. Your company can figure out how to improve sales by analyzing what your business is doing so already…and what your business is not doing. By putting these steps into action, you can figure out how to attract customers and increase profits Ask yourself: • When was the last time you last raised profits within your business? Are you getting what you want? • Is your business selling the right kinds of stock including individual packages, group packages, etc. for your services? If not, these kinds of products would bring in money that your company is not seeing already. • Are you engaging with previous customers? If not, these customers are just as important to figure out how to attract customers to your business. Want a quick overview of topics? Check out the time stamps below: 00:49 – Charge what you’re worth to grow your business 1:42 – When was the last time you raised your rates? 2:08 – Consider having reoccurring revenue to maximize profits 2:40 – Fortune is in the follow up! Make it your business growth strategy Learn how to improve your outlook on money but also create more income within your business. Not only will you learn to improve your vision of money but rethink your ideas so you can create new ones. ======================================================== THANK YOU for taking the time to watch these videos!! If you like what you’re watching, comment below to start a conversation! =================================================== To learn more about our program that teaches you how to build and scale your business to create more freedom go to: http://www.KellyRoachCoaching.com/yes ======================================================== Visit the Kelly Roach Coaching online store for products and programs to help you grow your business! http://www.kellyroachcoaching.com/shop ======================================================== **Click Below to SUBSCRIBE for More Videos** https://www.youtube.com/channel/UCwyA… ======================================================== Kelly Roach Business Growth Strategist, Rapid Business Growth Coach, Author, Host of Unstoppable Success Radio http://www.KellyRoachCoaching.com ======================================================== Join the conversation: Facebook: http://www.facebook.com/kellyroachint… Twitter: http://www.twitter.com/kellyroachint YouTube: http://www.youtube.com/kellyroach ====================================================== To learn more about how to grow your business and how to increase sales, watch Kelly’s “How to improve your Money Mindset” video at https://youtu.be/1mo_Fvrgpw4

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Education

 

How to Show Your Customers That Small Business Saturday Isn’t the Only Time to Shop Local

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Who has time to shop small?

I’m the president of a company, a wife, a mother, and an active member of my community. I get stressed out just thinking about the commitment it takes to go to stores in my small town and shop. Truth be told, I don’t have time to do much purchasing that can’t happen on a flight or after I’ve put the kids to bed — even for groceries. If that’s the case for me, I know that it’s the same deal for your potential customers. That’s why, as business owners, it’s important to educate the community about shopping local.

I live in Sonoma County, where the Kincade fire recently devastated the region. Local businesses have been hit especially hard by the fires themselves and by PG&E power outages. The last time I was at the grocery store, it occurred to me that I shouldn’t be buying strawberries from seven states away or a different country. I need to put my money where my mouth is and shop local businesses. I love farmers’ markets, but struggle to make time to get there. I still have to buy groceries, so I’ve switched from my nearby Safeway to a store that sources food only from within Sonoma County called Oliver’s Market.

That’s just one way that I’ve found that I can give a boost to small businesses without going out of my way. In honor of Small Business Saturday, here are others ideas for how to help your area entrepreneurs this holiday season.

Challenge customers to eat local for Thanksgiving and other meals.

I already talked about how I’m doing this every day, but even confirmed local diners sometimes find it challenging for the big events.Your job is to convince your customers that it’s worth the effort.

Do you have a cracker company that would be perfect for a celebratory cheese plate? Consider partnering with a local dairy to get the word out. Whether you’re a turkey farm, are smoking up the best hams in town, or have a small business selling tamales to add variety to shoppers’ holiday tables, your community needs your flavors right now.

Dessert is easy. There are plenty of people looking for local bakeries ready to fill up a flaky crust with pecans or chocolate cream. Being mindful of where your food comes from isn’t just good for local business people, either. It’s better for the environment (bye-bye food miles) and is likely to be healthier, too.

Buy from small businesses on Amazon.

Most of us think of Amazon as the big, bad brother. I mean, it’s been accused of being a monopoly. You can’t get any further away from being a small business. But in reality, there’s more to it than that.

Amazon Sellers are small-business people. They are just using the biggest platform they can to get their products to the masses and I respect that. One user I know is Crystal Swain-Bates, whose excellent line of children’s books ensure black children are highlighted throughout stories. Goldest Karat Publishing made her an Amazon featured seller. For the holidays, I especially love Amazon Handmade, a community just for artisans to sell their handcrafted wares.

But I promise this isn’t just an ad for Amazon. I also love Etsy. You can search it by location so you can specifically choose gifts made by someone in your community. I’m always surprised by all the cool handiwork my neighbors are presenting.

Make time to go analog.

Yes, I know I said I’m too busy to shop downtown, but I can make an exception a few times a year. Heading to Main Street has many advantages. If your business is brick-and-mortar, congratulations. If not, it might be high time to get involved in a holiday market or two.

Connect with real, live people with whom you can have lasting relationships for years to come. As you get to know their likes and dislikes, you’ll help them learn to shop smarter — and with you.

Look at your own company.

OK, you’re not buying your business a Christmas present, but when it comes to shopping for yourself and your team’s daily needs, you can keep small and local in mind. For example, at my company, we use a local business for many of our printing needs. It’s harder than going to Office Depot, but well worth it. In our Houston division, we just moved offices, and we’ve made it a point to work with local designers to get everything on point.

Whether it’s candies or technology, we try to shop among the people who need us most. In my experience, that’s how you find the best gifts of all, just shop small.

By Elizabeth GorePresident and chairwoman, HelloAlice.com

@ElizabethGore

Source: How to Show Your Customers That Small Business Saturday Isn’t the Only Time to Shop Local

Script: “Small businesses are the lifeblood of our communities. Absolutely crucial. Vital. They make it unique and they make you happy to live where you live. It brings a little flair to the towns that we have. On November 26th, you can make a huge impact by shopping small on Small Business Saturday. One purchase. One purchase is all it takes. Pledge to shop small on Small Business Saturday. It will help support your community. And that is a big deal. It’s pretty big. So, pick your favorite local business and join the movement. I pledge to shop small: at Big Top Candy Shop; at Juno Baby Store; Allen’s Boots; Sammy’s Camera. You don’t have to buy the whole store. Make the pledge to shop small. Pleeeease. On Small Business Saturday. [SHOP SMALL] [SMALL BUSINESS SATURDAY – NOV. 26] [American Express – founding partner]

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People & Blogs

Key Points To Consider When Developing An International Business Strategy

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Let us take a minute to salute the international companies, those that have gone multi-market or are on that path. They deserve our applause and respect. When I led market entry programs , I observed that these international firms tended to outperform the purely domestic firms, but for a reason you might not expect.

Companies that were operating in many markets tended to do better than those that had a presence only in their home market, but this had more to do with the international journey than the additional revenue.

The process of going international forced a company to adapt for each new market. As a result, the international firm became a learning organization which encompassed several different successful models, and the lessons from each new market could be applied in other markets. So the international company tended to develop a feedback mechanism and process improvements more readily than the purely domestic company.

Indeed, if you ask the leadership of that purely domestic firm what they want to do tomorrow, you are more likely to hear that they want to do tomorrow what they did yesterday. In other words, many business people (like all of us) have a bias for the familiar. We all like patterns of behavior and we like to stay in our comfort zone. I see this regularly when I discuss China opportunities. We will have a nice conversation with a lovely mid-size company, but unless it has an international culture it will have an overwhelming focus on building out a successful domestic model. The management philosophy at these firms tends to be:

Today In: Asia

— Reliant on the organic growth that has served them well over the years;

— Highly structured organization, task-driven, with people looking at monthly and quarterly results;

— Heavily product-focused.

These companies tend to dominate their space or be a segment leader. All of this means these companies have a strong incentive not to expand their current set of activities, and not to think about what changes might be in order. The key principle at these firms is MOTS – More of the Same. We do what we did last year, but we do more.

More revenue, more customers, more market share, more net. A pretty common-sense approach. But this is not a strategy. This is a behavior pattern. Let’s do what we have always done, presumably because it has more-or-less worked. This approach makes sense if the world is static. If the world is standing still, if society is standing still, if technology is standing still, and if competitors are standing still– then it is ok if the business stands still as well. But there are moving pieces out there, so you had better move as well. Unless the business incorporates a bit of a change culture, it risks falling behind.

Therefore, some sort of strategy is in order. Strategy can mean the allocation of resources without the normal formula for a return, displaying some capacity for experimentation. Strategy can mean you are doing something different, and the constituency for this change has not yet been established. Strategy can mean clearer costs than benefits.

Strategy can mean a journey into the unknown. You are taking steps that require you to stretch beyond current capabilities. A new product launch could represent a strategy. A new sales channel. Or a new market.

For most companies, the decision to go into a new market is a matter of strategy, because growth is no longer MOTS. The best expression of this might be a decision to go to China. On any given day it might not make sense to have a strategy. It makes sense to do what you did yesterday. But cumulatively, this could lead to a disaster.

On any given day, it might not make sense to go into a new market. But over the long run it could cripple the company to stay only in its home market. I caught up with Jack Ma recently at the Forbes Global CEO Conference. Jack has stepped down as Alibaba ($BABA) chairman, but he is still fiercely passionate about helping companies enter the China market. I had not seen him in almost a year, but we immediately saw this issue eye-to-eye.

Sooner or later, every company needs an international strategy. Sooner or later, every company needs a China strategy. Strategy is possible. Cost-free strategy is not. Those companies that are taking the international journey, we salute you.

Follow me on Twitter or LinkedIn. Check out my website.

Frank Lavin

Whether in banking, communications, trade negotiations, or e-commerce, my professional life is helping companies enter and succeed in new markets, with a particular focus on China. As Founder and CEO of Export Now, I run the largest international firm in China e-commerce. Export Now provides turn-key services for international brands in China e-commerce, including market strategy and competitive analysis, regulatory approval, store operations and fulfillment, financial settlement and remittance. Previously, I served as Asia Pacific Chair for Edelman Public Affairs and in my last role in government, I served as Undersecretary for International Trade at the U.S. Department of Commerce. Previously, I served as U.S. Ambassador to Singapore. Earlier, I served in Hong Kong and Singapore with Citibank and Bank of America and on the White House and National Security Council staff. New market book: http://amzn.to/2py3kqm WWII history book: http://amzn.to/2qtk0wK

Source: Key Points To Consider When Developing An International Business Strategy

27.9K subscribers
Welcome to the Vodcasts of the IUBH correspondence courses. (http://www.iubh-fernstudium.de). In this video of the course “Managing in a Global Economy”, part of the “Master of Business Administration” program, Jürgen-Mathias Seeler discusses the topic “Strategy Development in International Business”. By the end of this lecture you will be able to understand the meaning of strategy in international business, the potential benefits from global strategies, the most important strategic choices in globalized business operations and how to manage strategy development and strategy adoption successfully. To find out more about the “Master of Business Administration” program, please visit http://www.iubh-fernstudium.de/unsere….

Your Bank Could Be Holding Your Business Back From Growth. Here’s When You Should Consider Breaking Up

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The bankers you work with may seem like great men and women, and they probably are truly nice people. They greet you by name, ask about your spouse and kids and appear to take a real interest in how well your enterprise is doing. Their financial products may be meeting your needs to a T.

But how strongly do you feel about your relationship with your bank? How do you think they’ll cooperate with you when the stuff hits the fan — which it most certainly will at some point? That’s the real test.

True colors

Here’s a true-life example: I’ve been working with an entrepreneur who finds himself in a down cycle. The company’s business plan is sound, the management team is experienced, and the product remains viable, so the problem isn’t terminal. But it may be awhile before the company’s prospects brighten.

The company works with a popular bank, which is starting to get nervous about its loans and is considering adding demanding conditions or even calling the loans.

The entrepreneur, however, feels a sense of loyalty to the bank, which has worked with him for several years. I have counseled him to consider other options. The reality is that bankers seven states away that he’s never met, not his local team — are the ones making the decisions.

He’s holding fast– and that’s a big mistake.

The entrepreneur has the opportunity to move to a smaller, regional bank. That bank’s rates may be slightly higher, but they’re more interested in a relationship.

And there’s certainly value in being in the room with the actual decision-makers — for both sides. Yes, your financials are going to be the primary determinant in lending decisions, but the human element can sway an on-the-fence lender to your team. Meantime, you’ll be able to tell a lot about the banker by meeting in person. Sometimes, it’s okay to trust your gut.

Loyalty only takes you so far

I get why entrepreneurs are loyal to bankers that have brought them success, but passing up the opportunity for a better financial situation is a kin to resting on your laurels.

As an entrepreneur, your best chances for success are by finding every possible edge you can. Incremental gains add up nicely over time, you should be taking advantage of them.

As for your spurned banker — they will get over it. Yes, that’s cynical, but that’s the way the business world works, especially with the larger banks. Remember also that your financial needs are a living, changing thing. What worked for you at one point may not be the most appropriate thing for you now.

The most successful entrepreneurs and companies are never satisfied with the status quo. Neither should you.

By: Ami Kassar CEO, MultiFunding.com

Source: Your Bank Could Be Holding Your Business Back From Growth. Here’s When You Should Consider Breaking Up

38K subscribers
Are you struggling in your business? Does each month feel like it’s a mad dash to figure out who’s going to get paid? I want to teach you what I do to turn around businesses to make them profitable again. Are you an entrepreneur? Get free weekly video training here: http://www.danmartell.com/newsletter + Join me on FB: http://FB.com/DanMartell + Connect w/ me live: http://periscope.tv/danmartell + Tweet me: http://twitter.com/danmartell + Instagram awesomeness: http://instagram.com/danmartell I’m the guy that gets the call when a business is in trouble… … when a business is on the verge of bankruptcy. Friends call me. Banks call me. If I’m lucky, the entrepreneur calls me before it’s too late. The truth is, it’s always challenging for me to see another entrepreneur failing… … especially when they have major debt owed, personal guarantees and their biggest dreams hanging in the air as collateral. It’s even more heartbreaking when kids are involved. It crushes me inside. That being said, the game plan to turn things around is ALWAYS the same. The #1 thing it takes is uncomfortable discussions, honest assessments and quick decisions. Hard? You have no idea. However, staring at the light waiting for the train to hit you isn’t the right move either. Recently I was able to take a company losing tens of thousands each month, to profitable in 14 days. In this week’s video I provide a step by step process for getting you off the tracks, and pulling a sharp 180 regardless of the challenges you’re facing. When it comes to the steps and process they go like this: 1) Get clarity on the numbers (scary as hell, but necessary) 2) Test the business model 3) Cut deep but not the bone 4) Focus on the customers 5) Write the rules 6) Build it back up The truth is, this strategy is something most companies should use to evaluate their real success. Too many times I’ve had founders tell me their business is doing “GREAT” only to ask a few questions and have them realize they’re way below the market norm. Stop being romantic about your business and get serious about how you’re measuring your progress. Leave a comment below with your business, industry and top question you have about your business model or challenges and I’ll be sure to provide some insights to help you evaluate your progress! Dan “saving businesses daily” Martell Don’t forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/JyfE6jzcOGI ===================== ABOUT DAN MARTELL ===================== “You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one… not two… but three tech businesses: Clarity.fm, Spheric and Flowtown. You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force. An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives – but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away. Get free training videos, invites to private events, and cutting edge business strategies: http://www.danmartell.com/newsletter

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Category

Howto & Style

Why You Should Try a Subscription Model for Your Business (and Some Tips on How to Do It)

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Every entrepreneur wants consistent monthly income to fuel their cash flow and business goals. However, between economic cycles and changing customer interests, that regular revenue may be hard to achieve.

I’ve talked with more and more small business owners lately who use a subscription business model. It involves offering monthly subscriptions for various products and services. Options for these subscriptions cover all kinds of items. Maybe you know someone who receives a subscription box filled with clothing or makeup. Perhaps you’ve tried making meals prepared by Blue Apron or you receive shaving supplies from Dollar Shave Club. Millions of people enjoy Netflix and Spotify for streaming. Other companies offer toys for kids and treat boxes for pets.

The subscription e-commerce industry generates hundreds of millions of dollars in revenue each year. A 2018 McKinsey survey noted that nearly 60 percent of American consumers surveyed had multiple subscriptions. The monthly subscription economy doesn’t show any signs of slowing down. People love the time and money they save, as well as the excitement of personalization and convenience.

Besides attracting and retaining customers who want these benefits, there’s a significant advantage for subscription companies: recurring revenue. Instead of a one-time payment, monthly subscription businesses collect a monthly fee (or sometimes a year of fees in exchange for a lower monthly rate) before sending out the product or service.

This revenue model provides an upfront spike in cash flow along with a longer-term outlook for stable income. Moreover, you’ll get a better sense of product volume for inventory planning and management.

There is no time like the present to start a monthly subscription business to ride the lucrative wave. Here’s how to launch:

Decide on a subscription model type.

There are three main sub-models that can frame your monthly business within the subscription model. The curation model involves creating a personalized box for customers based on interests they share when they sign up. This might include sample-size versions of products related to a hobby or lifestyle.

The replenishment model is the one I use most often. It offers a regular stream of products the customer uses. For example, Amazon offers this under the name, “Subscribe and Save,” for many food items, cleaning supplies, vitamins, and more.

The access model provides a feeling of exclusivity for customers who get products and experiences not available to anyone without a subscription. Again, let’s reference Amazon. Its Prime program gives members special discounts, offers, and products not accessible to non-Prime members.

Consider a service-oriented subscription model.

You may be wondering how to find your niche. Consider a service-oriented skill set you have that could fit this approach. For example, if you specialize in graphic design, web development, or writing, consider this model for your monthly business.

In contrast to a monthly retainer model, a service-based subscription model provides upfront revenue while giving clients the opportunity to select a pricing tier with accompanying services that fit their needs.

Proceed like any business startup.

I’ve met many a startup founder that didn’t do the basics. Make sure you conduct research, determine a market need or interest, think about what the new product looks like, scope out any competition, and establish pricing.

Create a business plan that outlines your monthly business model, marketing plans, launch timeline, budget, and profitability forecast. Explore technology that helps automate the ordering, processing, and payment aspects of your subscription. I know entrepreneurs who use SaaS companies like Zuora or Zoho here. Also, study how other subscription brands have used marketing tools and platforms to launch and grow their business.

When you are ready to share your subscription business with your audience, consider a no-obligation trial. This entices people to try it on their terms and get excited to sign up for a longer period. In addition, make sure your website or social media promotion has a transparent subscription pricing guide that describes what customers receive at each pricing tier.

Taking all these steps prior to launch can set your monthly subscription business up for success. You want to know that you can attract customers and then deliver an exceptional experience so they maintain their subscriptions and spread the word.

Offer a recurring automatic payment method.

As part of establishing a successful subscription business, it’s ideal to offer old and new customers a way to select recurring automatic payments for their monthly subscription service. They can choose where to deduct the money from — a bank account or credit card.

This model works because it saves them from having to remember to make a payment each month. Instead, they can set up a payment method and comfortably receive the service on a regular basis.

By: John Boitnott

Source: Why You Should Try a Subscription Model for Your Business (and Some Tips on How to Do It)

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Societal Impact: Moving From “Nice-To-Consider” To “Business Imperative”

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Over the past few years, societal impact has been growing as an area of interest for businesses. Business leaders, myself included, have voiced the belief that businesses should have a purpose beyond profits, and uphold a responsibility to society and the environment.

Although this school of thought is sometimes met with skepticism from those who doubt the commitment of businesses to do good, there is new research suggesting that businesses are actually taking significant action to improve their impact on society and the environment.

According to a new report from Deloitte Global, societal impact has become the most important factor organizations use to evaluate their annual performances, outranking financial performance and employee satisfaction. These findings are based on a survey of more than 2,000 C-suite executives across 19 countries. This shows a shift, even just from last year’s survey report, in which executives expressed uncertainty about how they could influence the direction of Industry 4.0 and its impact on society.

What is driving this change? There is no one answer. Almost half of executives surveyed (46 percent) reported that their efforts have been motivated by the quest to create new revenue streams, and a similar percentage said that initiatives that have a positive societal impact are necessary for sustaining or growing their businesses. An organization’s cultures and policies were also cited as motivation (43 percent).

External pressure continues to be a major driver as well. According to Deloitte Global’s series of inclusive growth surveys, some of this drive comes more from public sentiment, which is increasingly influencing business leaders’ decisions related to societal impact by encouraging them to reevaluate their strategies.

Purpose in action

When it comes to societal impact, businesses are beginning to put actions behind their words. Seventy-three percent of surveyed CXOs report having changed or developed products or services in the past year to generate positive societal impact. What’s more, 53 percent say they successfully generated new revenue streams from these socially conscious offerings.

While some leaders have started to see profits from positive societal goods and services, there is disagreement over the question of whether initiatives meant to benefit society also benefit bottom lines. Fifty-two percent see societal initiatives as generally reducing profitability; 48 percent said that such initiatives boost the bottom line.

Despite these concerns, leaders report a commitment to initiatives that benefit society.  There’s probably a short term vs longer term element in this regarding the sustainability of business which may have influenced the answers.

Strategically integrated

Beyond products, services, and new revenue streams, leaders are integrating societal impact into their core strategies. Executives say they have been particularly effective preparing for the impact that Industry 4.0 solutions will have on society. They’re also building external partnerships and joint ventures, and strengthening ecosystem relationships to make a greater impact.

Whether driven by finding new sources of revenue, or the need to respond to external pressures, businesses across all industries seem to be moving towards improving their societal impact. It is heartening to see that leaders are incorporating these considerations into their strategies, as well as operations. When societal impact is seen to be an integral part of a business’s makeup, the most meaningful results can be achieved.

To learn more read, “Success Personified in the Fourth Industrial Revolution: Four Leadership Personas for an Era of Change and Uncertainty.”

David Cruickshank David Cruickshank

David Cruickshank was elected into the role of Chairman of Deloitte’s global organization, Deloitte Touche Tohmatsu Limited, in June 2015 having served on its Global Board for eight years from 2007. Prior to this, he was Chairman of the UK member firm from 2007-2015. He is a Chartered Accountant and a graduate in business and economics from the University of Edinburgh. David is co-chair of the World Economic Forum’s Partnering Against Corruption Initiative and a Board Member of the Social Progress Imperative.

Source: Societal Impact: Moving From “Nice-To-Consider” To “Business Imperative”

Today, many firms are active on social media, but not all of them are experiencing transformational change and return on investment. Why do some businesses succeed, while others fail? Join us for a fireside chat on why Social Business has become too important to delegate completely to a junior social marketing team and why going forward, CEOs, CMOs, management teams, and boards must personally own and drive Social Business strategy and re-architect traditional business models and client engagement models.

Fireside chat with Clara Shih, CEO and Co-Founder, Hearsay Social and Kristin Lemkau, CMO, JPMorgan Chase.

 

5 Things Wealthy People Invest Their Money Into

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I never had access to money during my childhood, or even as I grew into a teenager and young adult. Both of my parents lived paycheck-to-paycheck and struggled with debt, so that’s really all I knew.

As a result, I was never really exposed to the investing world, nor did I learn to think of entrepreneurship as a viable career option. My parents were busy trying to keep the lights on and food on the table — the thought of having extra money to invest and build wealth would have been completely foreign to them.

Eventually though, I got my first introduction to the concepts behind investing and building wealth. I majored in finance in college, learned about mutual funds and ETFs, and found out how the stock market really works.

As I began my career as a financial advisor and transitioned to entrepreneurship, I was always looking for ways to increase my base of knowledge. I read books like Rich Dad, Poor Dad and Crush It: Why NOW is the Time to Cash In On Your Passion by Gary Vaynerchuk. However, books like these didn’t teach me how to invest my money. Instead, they taught me how to invest in myself and my personal growth.

5 “Non-Investment” Investments Rich People Learn to Make

The thing is, these are areas where rich people really do invest time and time again. That’s because they know something most people don’t — they know that growing wealth is about more than throwing money into the stock market, becoming an entrepreneur, or taking big risks to fund a promising startup.

Building wealth is just as much about becoming the best version of yourself, staying in constant learning mode, and building a network of like-minded people who can help you reach your goals.

Want to know exactly what I’m talking about? Here are some of the most common non-financial investments rich people love to make:

Accelerated Learning

Most rich people read a lot of books written by people who inspire them in some way or have unique experience to share. I’ve always been a big reader too, diving into books like The 4-Hour Workweek by Tim Ferriss and The Millionaire Messenger by Brendon Burchard.

Reading is such a smart and inexpensive way to fill some of your free time and increase your knowledge, which is something the wealthy already know. If reading a few hours per week could help you stay mentally sharp while you learn new things, why wouldn’t you make that decision over and over?

But there are other ways to accelerate learning that don’t involve reading or books. You can also take online courses in topics that relate to your career. As an example, I’ve personally taken courses on YouTube marketing, productivity, search engine optimization, and affiliate marketing.

Going to conferences to learn new skills from others in your field is also a smart move rich people make. FinCon is a conference for financial bloggers I attend each year that I can attribute making millions of dollars from — mostly from meeting brands, learning new skills, and networking with my peers.

Personal Coaching

Personal coaching is another smart investment rich people make when they know they need some help reaching their potential. Morgan Ranstrom, who is a financial planner in Minneapolis, Minnesota, told me he wholeheartedly suggests a high-quality coaching program for anyone who needs help taking that next step in their business.

Ranstrom has worked with various life and business coaches that have helped him understand his values and clarify his goals, become a published author, and maximize his impact as a professional and business owner.

“For individuals looking to break through to the next level of success, I highly recommend investing in a coach,” he says.

Personally, I can say that coaching changed my life. I signed up for a program called Strategic Coach after being in business for five years, and this program helped me triple my revenue over the next three years.

The thing that scares most people off about coaching is that it’s not free; in fact, some coaching programs cost thousands of dollars. But wealthy people know the investment can be well worth it, which is why they’re more than willing to dive in.

Mentorship

Mentorship can also be huge, particularly as you are learning the ropes in your field. One of the best mentors I had was the first financial advisor that hired me. He was a million-dollar producer and had almost a decade of experience under his belt. I immediately gained access to his knowledge since his office was just next door and, believe me, I learned as much as I could.

Todd Herman, author of The Alter Ego Effect, shares in his book how he mentored under the top mindset coach in his industry when he couldn’t really afford it. He lived in a Motel 6 for almost a month to make the program fit in his budget though. Why? Because he knew this investment was crucial for his career. And, guess what? He was right.

Over the last year, I’ve participated in mentoring with Dr. Josh Axe, an entrepreneur who has built a $100 million health and wellness company. Just seeing how he runs his business and his personal life have been instrumental to my own personal growth.

The bottom line: Seek out people who are where you want to be, ask them to mentor you or sign up for their mentorship programs , and you can absolutely accomplish your goals faster.

Mastermind Groups

It’s frequently said that Dave Ramsey was in a mastermind group called the Young Eagles when he first started his business. Entrepreneurs such as Aaron Walker and Dan Miller were also in the group, and they leaned on another for advice and mentorship to get where they are today. Ramit Sethi, bestselling author of I Will Teach You to Be Rich, is in a mastermind group with Derek Halpern from Social Triggers.com and other successful entrepreneurs.

I also lead a mastermind group for men. Believe it or not, one of our members has been able to increase his recurring annual revenue over $300,000 because of advice he has received.

These are just a few examples of masterminds that have worked but trust me when I say most of the wealthy elite participate in some sort of mastermind group or club.

Mastermind groups are insanely helpful because they let you bounce business ideas off other entrepreneurs who may think differently than you but still have your best interests at heart. And sometimes, it’s a small piece of advice or a single statement that can make all the difference in your own business goals — and your life.

Building Relationships

When it comes to the top tiers of the business world, there’s one saying that’s almost always true:

“It’s not always what you know, but who you know.”

According to Alex Whitehouse of Whitehouse Wealth Management, successful people forge relationships that catapult their careers.

“The right connections can help land better jobs, accelerate promotions, or start lucrative businesses,” he says.

But it’s not about cheesy networking events. To get the most value, focus on meeting people at professional conferences, mastermind groups, and high-quality membership communities, says Whitehouse.

This is a strategy most successful people know — meet other people who you admire and build a relationship that is beneficial for everyone.

But, there’s a catch — and this is important. When you meet someone new who could potentially help you in your business, you can’t just come out of the gate asking for favors. I personally believe in the VBA method — or “Value Before the Ask.” This means making sure you provide value before asking a favor from anyone.

In other words, make sure you’re doing your share of the work to make the relationship a win for everyone. If you try to build relationships with other entrepreneurs just so you can ride their coattails, you’ll be kicked to the curb before you know it.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

 

Jeff Rose

 

I am a certified financial planner, author, blogger, and Iraqi combat veteran. I’m best known for my blogs GoodFinancialCents.com and LifeInsurancebyJeff.com and my book, Soldier of Finance: Take Charge of Your Money and Invest in Your Future. I escaped a path of financial destruction by being a college drop out and having over $20,000 of credit card debt to eventually become a self-made millionaire. My mission is help GenX’ers achieve financial freedom through strong money habits and unleashing their entrepreneurial spirit. My work has been featured in The Wall Street Journal, USA Today, Reuters and Fox Business.

Source: 5 Things Wealthy People Invest Their Money Into

Warren Buffett is the godfather of modern-day investing. For nearly 50 years, Buffett has run Berkshire Hathaway, which owns over 60 companies, like Geico and Dairy Queen, plus minority stakes in Apple, Coca-Cola, and many others. His $82.5 billion fortune makes him the third richest person in the world. And he’s vowed to give nearly all of it away. The Oracle of Omaha is here to talk about what shaped his investment strategy and how to master today’s market. I’m Andy Serwer. Welcome to a special edition of “Influencers” from Omaha, Nebraska. It’s my pleasure to welcome Berkshire Hathaway CEO Warren Buffett. Warren, welcome. WARREN BUFFETT: Thanks for coming. ANDY SERWER: So let’s start off and talk about the economy a little bit. And obviously, we’ve been on a good long run here. WARREN BUFFETT: A very long run. ANDY SERWER: And does that surprise you? And what would be the signs that you would look for to see that things were winding down? WARREN BUFFETT: Well, I look at a lot of figures just in connection with our businesses. I like to get numbers. So I’m getting reports in weekly in some businesses, but that doesn’t tell me what the economy’s going to six months from now or three months from now. It tells me what’s going on now with our businesses. And it really doesn’t make any difference in what I do today in terms of buying stocks or buying businesses what those numbers tell me. They’re interesting, but they’re not guides to me. For more of Warren Buffett’s interview with Andy Serwer

click; https://finance.yahoo.com/news/influe…

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More Selloff Strategies: Cramer’s ‘Mad Money’ Recap

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When investors encounter tough days in the stock market, they need a game plan for how to respond, Jim Cramer told his Mad Money viewers Friday. That means knowing what type of selloff you’re dealing with and how best to navigate it. Fortunately, history can be your guide in identifying those inevitable moments of weakness and keep you from panicking.

Stocks finished down Friday, as Donald Trump’s recent threat to levy 10% tariffs on an additional $300 billion of Chinese imports overshadowed the latest U.S. jobs data.

The Dow Jones Industrial Average, which hit a session low of 334 points, finished down 98 points, or 0.37%, to 26,485. The S&P 500, which saw its worst week of the year, fell 0.73% and the Nasdaq dropped 1.32%. The Dow had its second worst week of the year as it fell 2.6%.

Cramer told his viewers that the U.S. stock markets have only seen two truly horrendous selloffs since he began trading in 1979. Those were the Black Monday crash in October 1987 and the rolling crash of the financial crisis from 2007 through 2009. But while both of these declines saw huge losses, they were in fact very different.

Many investors don’t remember Black Monday, where the Dow Jones Industrial Average lost 22% in a single day. Even fewer remember that the market lost 10% during the week prior, and continued its losses on the Tuesday after. While it wasn’t known at the time, this crash was mechanical in nature, caused by a futures market that overwhelmed the ability to process the flood of transactions. In the confusion, buyers stepped aside and prices plunged.

The carnage wasn’t stemmed until the Federal Reserve stepped in with promises of extra liquidity. But in the end, the economy was strong. There was nothing wrong with the underlying companies, the market just stopped working. That’s why it only took 16 months to recover to their pre-crash levels.

Investors witnessed similar mechanical meltdowns in the so-called “flash crash” of 2010 and its twin in 2015. On May 6, 2010 at precisely 2:32 p.m. Eastern, the futures markets again overwhelmed the markets, only this time machines were doing most of the trading. The crash lasted for a total of 36 minutes, during which time the Dow plunged 1,000 points from near the 10,000 level.

In August of 2015, another flash crash occurred at the open, with the Dow again falling 1,000 points in the blink of an eye. In the confusion, traders couldn’t tell which prices were real and which ones were pure fantasy. Only those with strong stomachs risked trading at the heart of the decline, but those traders were rewarded handsomely.

In all of these cases, Cramer said, the machinery of the markets was broken. Even the circuit breakers put in place after 1987 were not able to stem the declines and in fact, did very little to even slow them down. But for those investors who were able to recognize what was actually happening, these declines were a once- (well, twice-) in-a-lifetime gift.

Cramer and the AAP team are making three more trades as they reposition on this week’s selloff, including Burlington Stores, (BURL – Get Report) and Home Depot (HD – Get Report) . Find out what they’re telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts Plus.

The Great Recession

The Great Recession was a totally different animal. The market began falling in October 2007, but didn’t bottom until March 2009, almost two years later. Afterwards, it took until March of 2013, four years later, for the markets to get back to even. Cramer said this kind of decline is the most dangerous, but fortunately, it’s truly a once-in-a-lifetime event, only occurring every 80 years or so.

The Great Recession was caused by the Fed raising interest rates 17 times in lock step, trying to cool an already cooling economy. The recession could have been avoided had the Fed done their homework and actually talked to CEOs, as Cramer did at the time.

Cramer recalled talking to the CEOs of banks, all of whom told him that defaults on mortgages were on the rise in a fashion none of them had seen before. Cramer’s famous “They know nothing” rant on CNBC stemmed from those conversations, as the Fed did nothing until the first banks began to collapse. The market fell 40% before finally finding its footing.

How can investors identify this type of devastating decline? Cramer said investors can ask whether the economy is on a solid footing. Is business declining? Is employment falling? Are interest rates still rising even as cracks are appearing? If big companies are unable to pay their bills, the problem could be a lot deeper than you think.

On Real Money, Cramer keys in on the companies and CEOs he knows best. Get more of his insights with a free trial subscription to Real Money.

Today’s Market

Today’s market is not like 2007, however, Cramer said. Business is stronger, our banking system is stronger and there’s still time for the Fed to take their foot off the brakes and wait for more data before proceeding.

So you’ve just spotted a mechanical breakdown in the market, what should you buy? Cramer said he’s always been a fan of accidental high-yielders, companies whose dividend yield is spiking because their share prices are falling with the broader averages.

He said that these stocks are always among the first to rebound, as their dividends help protect them. He advised always buying in wide scales as the market declines. That way, if the rebound is swift, you’ll still make a little money, but if it’s a larger, multiday sell off, you’ll make even more.

Cramer reminded viewers that when the Fed is cutting interest rates, almost every market dip is a buying opportunity. But when it’s raising rates, things get tricky. Not every rate hike causes a crash, however, only ones that push rates high enough to break the economy.

During these times, it’s important to remember that stocks aren’t the only investment class out there. You can also invest in gold, bonds or real estate to stay diversified.

It’s Not Just the Fed

The Fed isn’t the only reason why the market declines, and Cramer ended the show with a list of the other common culprits.

The first sell-off culprit are margin calls. Too often, money managers borrow more money than they can afford and when their bets turn south, they are forced to sell positions to raise money. We saw this happen in early 2018 when traders were betting against market volatility by shorting the VIX. When volatility returned, these traders lost a fortune and the whole market suffered.

There are also international reasons for the market to sell off, including crises in Greece, Cyprus, Turkey and Mexico, among others. Cramer said in these cases, it’s important to ask whether your portfolio will actually be impacted by these events. Usually, the answer is no.

Then there’s the IPO market. Stocks play by the laws of supply and demand after all, so when tons of new IPOs are hitting the markets, money managers often have to sell something in order to buy them. Declines can also stem form multiple earnings shortfalls as well as, yes, political rhetoric coming from Washington.

Cramer said many of these declines happen over multiple days. The key is to watch if the selling ends by 2:45 p.m. Eastern. If so, it may be safe to buy. But if not, there will likely be more selling the following day and it will pay to be patient.

By:

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Source: More Selloff Strategies: Cramer’s ‘Mad Money’ Recap

 

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