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5 Ways You Can Recession-Proof Your Business That Go Beyond Simply Saving Money

The economic outlook at any point in time can cause confusion. Is the market bullish or bearish? What if Wall Street is happy but wages aren’t keeping pace and thus customers are tightening their belts?

One thing we can say for sure is that traditional markers of economic growth and stability show the U.S. economy is improving. Hiring is up, and unemployment is down. California just posted it’s lowest unemployment numbers in more than four decades. However, there are always doubts about the economy when debt is high and many people have little extra spending money.

What are some unconventional but beneficial moves for small businesses to make in this economic climate, then? Here are a few options.

Invest in upgrades now, not later.

Typical posts about recession-proofing your business would have you save up and hunker down for the inevitable economic downturn. While saving up is always a good thing, sometimes the best strategy to meet economic uncertainty is to grow before it arrives. Growth requires facilities sufficient to sustain increased demand. Consequently, now’s a great time for your business to invest in better equipment and facility upgrades.

Make sure you line up funding before you begin a facility overhaul or equipment buying spree, however. Start shopping around now for the best funding options. Explore bank loans, lines of credit, or other kinds of financing from different sources so you can find the most competitive terms available to you.

The types of financing available to small-business owners are increasing these days. Financial and risk-management technologies are making the extension of business credit in the form of loans or revolving lines of credit more attractive for lenders. That means you’ll have an easier time securing financing now than, say, later on, if the economy takes a turn for the worse.

Add mobile payment options.

How easy do you make it for your customers to make purchases? According to a recent Bank of America report, 46 percent of small businesses were equipped to take digital payments in 2018, a substantial increase from 36 percent in 2017.

Expanding your customer base and making it easier for those customers to make purchases is one of the soundest investments you can make in your business. Leaning into digital payment technology isn’t something that’s usually at the top of the list for most companies when times are lean. With a healthier economy right now, make sure you’re keeping up with the technological times and helping your mobile customers give you their business.

Attract top talent.

If you want your business to dominate your industry or even just a slice of it, you’ll need the best possible people on your team. Figure out ways to court the best workers in their fields for open positions.

A key strategy for accomplishing this goal is to examine what your industry leaders do. What kind of compensation packages are they offering? Where do they recruit? Do they offer college internships, and are they paid or unpaid? Adopt and adapt their tactics to suit your own business.

Plan to expand.

The crash of 2008 put a lot of business plans on hold. While the economy has certainly improved, that sense of pressure and crisis is hard to shake off. And many companies have shied away from significant investments.

Therefore, an unconventional tactic may be to dust off those expansion plans. Be careful, though. Evaluate your revenue and cash-flow projections to make sure your future earnings warrant such a move. If so, then proceed with those plans if the expansion still makes sense for your business. However, remember that goals you set years ago may not necessarily fit your business today.

Attack your debt, and build up reserves.

Pay down both personal and business debt where you can. High levels of credit card debt can rack up thousands, especially with interest rates in the double digits. If you have college student loans, pay those down as well.

Also, aggressively add more to personal savings and build up cash reserves for your business. Extra cash on hand will come in handy during a downturn.

Get a professional opinion and advice about other smart money moves. Hiring a personal or business financial planner is a savvy investment. In addition, expand your own knowledge in other ways. Read books on the economy and financial planning, take a course at your local college or online, and spend more time keeping up with financial developments through news sites and financial blogs.

Finally, set realistic yet challenging financial goals, both for yourself and your business. Goals that feel like a bit of a stretch are usually the ones that keep us fired up and motivated. Write down your goals and then figure out how you can achieve them within a realistic time frame.

By John Boitnott Journalist and digital consultant

Source: 5 Ways You Can Recession-Proof Your Business That Go Beyond Simply Saving Money | Inc.com

2.14M subscribers
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How Your Small Business Can Maximize Profit & Minimize Loss With a Financial Plan

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

balance sheet provides a snapshot of a company’s assetsliabilities 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

 

How Artificial Intelligence Could Save Psychiatry

Five years from now, the U.S.’ already overburdened mental health system may be short as many as 15,600 psychiatrists as the growth in demand for their services outpaces supply, according to a 2017 report from the National Council for Behavioral Health. But some proponents say that, by then, an unlikely tool—artificial intelligence—may be ready to help mental health practitioners mitigate the impact of the deficit.

Medicine is already a fruitful area for artificial intelligence; it has shown promise in diagnosing disease, interpreting images and zeroing in on treatment plans. Though psychiatry is in many ways a uniquely human field, requiring emotional intelligence and perception that computers can’t simulate, even here, experts say, AI could have an impact. The field, they argue, could benefit from artificial intelligence’s ability to analyze data and pick up on patterns and warning signs so subtle humans might never notice them.

“Clinicians actually get very little time to interact with patients,” says Peter Foltz, a research professor at the University of Colorado Boulder who this month published a paper about AI’s promise in psychiatry. “Patients tend to be remote, it’s very hard to get appointments and oftentimes they may be seen by a clinician [only] once every three months or six months.”

AI could be an effective way for clinicians to both make the best of the time they do have with patients, and bridge any gaps in access, Foltz says. AI-aided data analysis could help clinicians make diagnoses more quickly and accurately, getting patients on the right course of treatment faster—but perhaps more excitingly, Foltz says, apps or other programs that incorporate AI could allow clinicians to monitor their patients remotely, alerting them to issues or changes that arise between appointments and helping them incorporate that knowledge into treatment plans. That information could be lifesaving, since research has shown that regularly checking in with patients who are suicidal or in mental distress can keep them safe.

Some mental-health apps and programs already incorporate AI—like Woebot, an app-based mood tracker and chatbot that combines AI and principles from cognitive behavioral therapy—but it’ll probably be some five to 10 years before algorithms are routinely used in clinics, according to psychiatrists interviewed by TIME.

Even then, Dr. John Torous, director of digital psychiatry at Beth Israel Deaconess Medical Center in Boston and chair of the American Psychiatric Association’s Committee on Mental Health Information Technology, cautions that “artificial intelligence is only as strong as the data it’s trained on,” and, he says, mental health diagnostics have not been quantified well enough to program an algorithm. It’s possible that will happen in the future, with more and larger psychological studies, but, Torous says “it’s going to be an uphill challenge.”

Not everyone shares that position. Speech and language have emerged as two of the clearest applications for AI in psychiatry, says Dr. Henry Nasrallah, a psychiatrist at the University of Cincinnati Medical Center who has written about AI’s place in the field. Speech and mental health are closely linked, he explains.

Talking in a monotone can be a sign of depression; fast speech can point to mania; and disjointed word choice can be connected to schizophrenia. When these traits are pronounced enough, a human clinician might pick up on them—but AI algorithms, Nasrallah says, could be trained to flag signals and patterns too subtle for humans to detect.

Foltz and his team in Boulder are working in this space, as are big-name companies like IBM. Foltz and his colleagues designed a mobile app that takes patients through a series of repeatable verbal exercises, like telling a story and answering questions about their emotional state. An AI system then assesses those soundbites for signs of mental distress, both by analyzing how they compare to the individual’s previous responses, and by measuring the clips against responses from a larger patient population.

The team tested the system on 225 people living in either Northern Norway or rural Louisiana—two places with inadequate access to mental health care—and found that the app was at least as accurate as clinicians at picking up on speech-based signs of mental distress.

Foltz and his team in Boulder are working in this space, as are big-name companies like IBM. Foltz and his colleagues designed a mobile app that takes patients through a series of repeatable verbal exercises, like telling a story and answering questions about their emotional state. An AI system then assesses those soundbites for signs of mental distress, both by analyzing how they compare to the individual’s previous responses, and by measuring the clips against responses from a larger patient population. The team tested the system on 225 people living in either Northern Norway or rural Louisiana—two places with inadequate access to mental health care—and found that the app was at least as accurate as clinicians at picking up on speech-based signs of mental distress.

Written language is also a promising area for AI-assisted mental health care, Nasrallah says. Studies have shown that machine learning algorithms trained to assess word choice and order are better than clinicians at distinguishing between real and fake suicide notes, meaning they’re good at picking up on signs of distress. Using these systems to regularly monitor a patient’s writing, perhaps through an app or periodic remote check-in with mental health professionals, could feasibly offer a way to assess their risk of self-harm.

Even if these applications do pan out, Torous cautions that “nothing has ever been a panacea.” On one hand, he says, it’s exciting that technology is being pitched as a solution to problems that have long plagued the mental health field; but, on the other hand, “in some ways there’s so much desperation to make improvements to mental health that perhaps the tools are getting overvalued.”

Nasrallah and Foltz emphasize that AI isn’t meant to replace human psychiatrists or completely reinvent the wheel. (“Our brain is a better computer than any AI,” Nasrallah says.) Instead, they say, it can provide data and insights that will streamline treatment.

Alastair Denniston, an ophthalmologist and honorary professor at the U.K.’s University of Birmingham who this year published a research review about AI’s ability to diagnose disease, argues that, if anything, technology can help doctors focus on the human elements of medicine, rather than getting bogged down in the minutiae of diagnosis and data collection.

Artificial intelligence “may allow us to have more time in our day to spend actually communicating effectively and being more human,” Denniston says. “Rather than being diagnostic machines… [doctors can] provide some of that empathy that can get swallowed up by the business of what we do.”

By Jamie Ducharme

November 20, 2019

Source: How Artificial Intelligence Could Save Psychiatry | Time

44 subscribers
Hi! I’m Chris Lovejoy, a doctor working in London and a clinical data scientist working to bring AI to healthcare. Timestamps: 0:13 – Some general thoughts on artificial intelligence in healthcare 1:41 – AI in diagnosing psychiatric conditions 2:19 – AI in monitoring mental health 3:00 – AI in treatment of psychiatric conditions 4:38 – AI for increasing efficiency for clinicians 5:38 – Important considerations and concerns 6:17 – Good things about AI for healthcare in general 6:38 – Closing thoughts To download my article on the subject, visit: https://chrislovejoy.me/psychiatry/ Papers referenced in video: (1) Jaiswal S, Valstar M, Gillott A, Daley D. Automatic detection of ADHD and ASD from expressive behaviour in RGBD data. December 7 2016, ArXiv161202374 Cs. Available from: http://arxiv.org/abs/1612.02374. (2) Corcoran CM, Carrillo F, Fernández-Slezak D, Bedi G, Klim C, Javitt DC, et al. Prediction of psychosis across protocols and risk cohorts using automated language analysis. World Psychiatry 2018;17(February (1)):67–75. (3) Place S, Blanch-Hartigan D, Rubin C, Gorrostieta C, Mead C, Kane J, et al. Behavioral indicators on a mobile sensing platform predict clinically validated psychiatric symptoms of mood and anxiety disorders. J Med Internet Res 2017;19(March (3)):e75. (4) Fitzpatrick KK, Darcy A, Vierhile M. Delivering cognitive behavior therapy to young adults with symptoms of depression and anxiety using a fully automated conversational agent (Woebot): a randomized controlled trial. JMIR Ment Health 2017;4(June (2)):e19. (5) Standalone effects of a cognitive behavioral intervention using a mobile phone app on psychological distress and alcohol consumption among Japanese workers: pilot nonrandomized controlled trial | Hamamura | JMIR Mental Health. Available from: http://mental.jmir.org/2018/1/e24/. (6) Lovejoy CA, Buch V, Maruthappu M. Technology and mental health: The role of artificial intelligence. Eur Psychiatry. 2019 Jan;55:1-3. doi: 10.1016/j.eurpsy.2018.08.004. Epub 2018 Oct 28.

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

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

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]

The Top 10 Fears That Hold People Back in Life, According to a Psychotherapist

Whether your fears involve your relationship, career, death, or discomfort, staying inside your comfort zone will ensure you live a small life.

In fact, as a therapist, I see a lot of people work so hard to prevent themselves from ever feeling anxious that they actually develop depression. Their efforts to make themselves stay comfortable inadvertently backfire. They live boring, safe lives that are void of the risk and excitement they need to feel fully alive.

Here are the top 10 fears that hold people back in life:

1. Change

We live in an ever-changing world, and it is happening more rapidly than ever before. Despite this fact however, there are many people who fear change, and so they resist it.

This can cause you to miss out on many good opportunities that come your way. You run the risk of being stagnant and staying stuck in a rut when you avoid change.

2. Loneliness

The fear of loneliness can sometimes cause people to resist living alone or even to stay in bad relationships. Or, the fear of loneliness causes people to obsessively use social media to the extent that they miss out on making face-to-face connections.

And while it’s smart to ward off loneliness (studies show it’s just as harmful to your health as smoking), it’s important to surround yourself with healthy people and healthy social interactions.

3. Failure

One of the most common fears on earth is the fear of failure. It’s embarrassing to fail. And it may reinforce your beliefs that you don’t measure up.

You also might avoid doing anything where success isn’t guaranteed. Ultimately, you’ll miss out on all the life lessons and opportunities that might help you find success.

4. Rejection

Many people avoid things like meeting new people or trying to enter into a new relationship because of the fear of rejection. Even individuals who are already married avoid asking a long-time spouse for something imagining that the person will say no.

Whether you fear asking that attractive person out on a date or asking your boss for a raise, the fear of rejection could keep you stuck. And while rejection stings, it doesn’t hurt as much as a missed opportunity.

5. Uncertainty

People often avoid trying something different for fear of uncertainty. After all, there’s no guarantee that doing something new will make life better.

But staying the same is one surefire way to stay stagnant. Whether you’re afraid to accept a new job or you’re afraid to move to a new city, don’t let the fear of uncertainty hold you back.

6. Something Bad Happening

It is an unfortunate and inevitable fact that bad things will happen in life. And sometimes, the fear of doom prevents people from enjoying life.

You can’t prevent bad things from happening all the time. But don’t let that fear stop you from living a rich, full life that’s also full of good things.

7. Getting Hurt

Hopefully your parents or a trusted adult taught you to look both ways before you cross the street so that you wouldn’t get hurt. But, quite often, our fears of getting cause us to become emotionally overprotective of ourselves.

Your fear of uncomfortable feelings and emotional wounds might prevent you from making deep, meaningful connections. Or, it might stop you from being vulnerable at work. But, without emotional risk, there aren’t any rewards.

8. Being Judged

It’s normal to want to be liked. But, the fear of being judged can prevent you from being your true self.

The truth is, some people will judge you harshly no matter what. But, trusting that you’re mentally strong enough to live according to your values, is key to living your best life.

9. Inadequacy

Another fear shared by many people is the feeling of not being good enough. If you feel like you don’t measure up, you might become an underachiever. Or, you might become a perfectionist in an effort to try and prove your worth.

The fear of inadequacy can be deep-rooted. And while it’s hard to face it head-on, you’ll never succeed until you feel worthy of your success.

10. Loss of Freedom

A certain amount of this fear can be healthy, but it becomes a problem when it holds you back in life. For many people, the fear of the loss of freedom becomes a self-fulfilling prophecy.

For example, someone who wants to live a free life, might avoid getting a job with a steady income. Consequently, they might miss out on the freedom that comes with financial stability. So it’s important to consider what you’re giving up when you fear losing certain freedoms.

 

By Amy MorinAuthor, “13 Things Mentally Strong People Don’t Do”

Source: The Top 10 Fears That Hold People Back in Life, According to a Psychotherapist

105K subscribers

3 Key Signs Your Startup’s Business Plan Needs to Change

Pivoting is expensive, but so is making smaller changes to your business plan to address the present-day realities of your market, your customers and your company. Revising your plan and implementing those changes can be time-consuming and expensive, and it can result in considerable operational upheaval.

But sometimes that’s exactly what your small business must do to ensure future success. How will you know it’s time to re-write your small business’s playbook? Here, three key signs:

1. Your growth is stagnant.

In a startup, momentum is everything. Growth provides the resources to continue to expand, beat the competition, improve quality and service, and increase efficiency through economies of scale.

Unfortunately, most small businesses can’t afford to simply plow additional funds into advertising in order to grow. Keeping customer acquisition costs down — and churn rate down as well — is key in the early stages for any bootstrapped startup.

In that case, growth might require jettisoning — or at the very least de-emphasizing — some products to focus on more profitable products. (See Steve Jobs when he returned to Apple in 1997.) That may require you to shift employees into new seats: sales, service, operations, etc.

Do this and the result might be a ripple effect of positives: Shifting employees provides opportunities for them to learn new skills, demonstrate new talents and learn about other functional areas. Moving a few employees into different roles can help re-energize and re-engage a number of other people.

Growth could also require introducing new products or services, especially when they complement existing offerings. Complementary offerings are a great way to re-engage existing customers as well as to bring in new customers who may then purchase other products or services.

In short: If your growth has stalled, what you planned to offer may not be sufficient. So how will you know what changes to make?

Ask your customers. They’ll tell you.

2. The needs of your “ideal” customer have changed.

Every business plan includes information on the target market: Demographics, interests, needs, pain points, etc. Over time, those needs can change (or maybe they never actually existed, at least on a sufficiently broad scale).

If you’re a tech company, evolving technologies can change the way customers interact with your service. If you’re in the restaurant business, today’s hot trend can be tomorrow’s outdated fad.

More likely, as your business has grown, so too has your infrastructure — meaning the level of one-on-one service you planned to provide is no longer necessary. (Or even desired.)

A great business plan lays out a blueprint for meeting customer needs and solving customer pain points. A great business constantly evolves to ensure those needs are met and those pains are eliminated.

Stay on top of metrics like return, service calls, churn rate, etc. to keep up with changing customer needs. Talk to your customers to find out how their needs may have changed.

Then revise your plan to make sure you provide not just what your plan says, but what customers really want and will pay to get.

3. You need full-time people in freelancer seats

Early on you may not have needed — or maybe couldn’t afford — to hire full-time people to perform certain functions. Wisely, you turned to freelancers. Freelancers are great for completing specific tasks, especially when sufficient expertise or specialized knowledge is a necessity.

The problem with freelancers is that they can only perform specific tasks. They can’t step into other roles. They can’t step into other functions. Because they aren’t a part of your company, they can’t learn and grow and develop with your company.

At some point it makes sense to hire a full-time employee. While they might not currently possess every drop of skill and experience they need to succeed in the role, when you hire people who are adaptable and eager to learn, they soon will.

And then they will help create an outstanding foundation upon which your company can grow.

By: Craig Bloem Founder and CEO, FreeLogoServices.com

Source: 3 Key Signs Your Startup’s Business Plan Needs to Change

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Tutorial starts at 1:20 Whether you’re starting a new business or just trying to get your existing business a bit more organized, writing a business plan is the perfect way to clearly outline how your business operates, declare goals, and set out a strategy to reach those goals. In this video you’ll learn about the six essential pages every business plan should have, what to record on each of those pages, and also how to write your business plan as quickly and easily as possible — even if you’re a complete beginner! 🔹 Download the FREE Six-Step Business Success Plan: https://www.gillianperkins.com/downlo… // WHAT TO WATCH NEXT Six Ways to Earn Six Figures Working from Home https://www.youtube.com/watch?v=Y1i8x… How I (actually) Got My First Client Online https://www.youtube.com/watch?v=AST3P… How I Created Multiple Streams of Income for Myself https://www.youtube.com/watch?v=dfaH_… How to Decide What Business to Start https://www.youtube.com/watch?v=Mid_A… // LINKS Learn more about Gillian and find resources to build your online business: https://www.gillianperkins.com Join our private Facebook group! https://www.facebook.com/groups/start… Follow Gillian on Instagram to get a BTS look at what it’s like to be a digital entrepreneur: https://www.instagram.com/gillianzper… // MAIL Gillian Perkins International P.O. Box 13573 Salem, OR 97309 NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support! KEYWORDS how to write a business plan, free business plan, do i need a business plan, #entrepreneurship, #gillianperkins, business plan how-to guide, business plan step by step, business plan tips ,gillian perkins, gillianperkins, do you need a business plan, How To Write a Business Plan To Start Your Own Business, how to write a business plan step by step, business plan for beginners, simple business plan, business 101, business plan template, business plan example, how to write a business plan for beginners

He Built A $1 Billion Business Where All 700 Employees Work Remotely

Sid Sijbrandij knows a thing or two about building, scaling and even walking away from companies. His current venture is doing over $100 million in revenue and is valued at over $1 billion.

Originally from the Netherlands, Sid Sijbrandiij is now the founder of one of Silicon Valley’s unicorns that is powering the web through developers worldwide. It’s not his first startup rodeo either.

Sid Sijbrandij recently appeared on the DealMakers podcast. During the exclusive interview, he shared his entrepreneurial journey, the process of finding cofounders, bootstrapping versus raising millions, his addiction to fast-growth startups, and many more topics.

Seizing Opportunities

Sid Sijbrandi seems to have always had a gift for spotting business opportunities.

During high school, he studied applied physics and management science. He chose a kind of program that blends the benefits of an M.B.A., with getting good at several engineering disciplines.

In his first year at college, he also started his first company.

The idea came from a fellow Ph.D. student that had made an infrared receiver you could use to skip to the next song on your computer (the only thing that played an MP3 song at the time). He started buying these infrared receivers from him and selling them in the U.S. You’d send him an envelope of dollar bills, and he would then send you a printed circuit board.

Ultimately, his two cofounders didn’t agree on growth plans concerning hiring more people. Sid wanted to hire faster, so he didn’t have to spend as much time on it, while his cofounders wanted to optimize for free cash flow. They ended up parting ways amicably.

The Two Most important Things for Launching with Cofounders

Sid has experienced several startups and says his two big takeaways when it comes to cofounding a company are:

1) To be smart with the shares

2) To be sure you and your cofounders are aligned in vision

For example, automatically making everyone an equal cofounder, even if they come in way later in that process, can be a mistake.

Sid says it is important that shares “are aligned with their contribution to the company. It’s very important if you start a company to have vesting of your shares as well.”

This helps avoid the free rides, because if someone leaves with all the equity, then people that need to invest like VCs are going to be like, “Why am I investing for just 50% remaining of the business.”

In the Netherlands, Sid didn’t find the goal of local companies to grow really fast. If you do want to grow a company really fast, he says it is beneficial to be somewhere like the Bay Area, where everyone just assumes that is the goal.

Not just your cofounder, but also your accounts person and your lawyer, and everybody else requires the growth mindset.

Passion for Growth

After graduation, Sid spent a few months at IBM and could have stayed there. He had an interest in strategy consulting, as well as building a recreational submarine.

He made a balanced scorecard of all the different ways to make that decision. One of the criteria being, “Is this a good story to tell in a bar?” He showed his dad who said it was a ridiculous way to decide on your career but was very supportive either way.

So, he called someone interested in a submarine venture. His pitch was, “Look, you should really hire me because I have a job offer from IBM. Otherwise, I’ll start working there, and we both don’t want that.” He got the job.

He built the first onboard computer for the submarine. Today, U-Boat Worx is one of the biggest builders of recreational submarines. If you go on a cruise, and they have a submarine, it’s likely from U-Boat Worx.

Still, after five years, it just wasn’t growing at a pace that kept Sid interested. He then went on to do a part-time stint on an innovation project with the government as a civil servant.

During this time, he really got to know himself, and how fast-growing companies with a continuous string of problems to be solved were what kept him interested.

Funding Your Startup

After starting and selling app store Appappeal, Sid turned open-source software GitLab into a fast-growing venture that is on its way to an IPO in 2020.

He took the proceeds from his previous venture, doubled it in bitcoin, and began bootstrapping GitLab.com.

Sid got the first few hundred signups through an article posted on Hacker News. Then together with his cofounder applied and got into Y Combinator. The race to demo day, where they would present in front of top tier investors, was on.

Compressing their three-month plan into just two weeks, the GitLab team had a highly successful demo day, landing Ashton Kutcher as an investor.

There was so much interest in their seed round, they rolled right into the Series A financing round. They’ve since followed that up with a B, C and D financing rounds, raising a total of $158 million at $1.1 billion valuation.

Today, some of their investors include Khosla Ventures, Google Ventures, August Capital, ICONIQ Capital, 500 Startups, and Sound Ventures to name a few. It doesn’t get much better than that as a hyper-growth startup.

In order to do this, Sid and his team had to master storytelling. This is being able to capture the essence of the business in 15 to 20 slides. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash.

Embracing The Remote Work

Sid states they “don’t do in person.“ At Gitlab they encourage having meetings with webcam. They believe there’s something to see in the other person even if it is via video.

To put this into perspective, every day, employees have a company call, and it’s a thing you do with a limited set of people. In this regard, there are about 20 in each group, and they just hangout.

During the group calls there are all types of topics discussed that vary from movies to magazines. Topics are not necessarily work-related.

Sid and his team very much believe that their company is more than just, “Hey your work…”

As part of Gitlab‘s culture, the social interaction plays a key role and they have a lot of ways in which they facilitate this inside the company. Even if this happens remotely.

M&A Made Simple

Recently Sid and GitLab have been very active when it comes to acquisitions on the buy-side. That includes Gitorious in 2015, Gitter in 2017 and Gemnasium in 2018.

When it comes to acquiring companies, they’ve made the process incredibly simple, and are actively looking for more companies to buy.

In this regard, they like to acquire teams that have built a product before. Preferably a team that made a great product, but didn’t get distribution. Especially because typically they shut their existing product down.

To make things easier, they have an acquisition offer page. It even includes a calculator, so you can go online and calculate how much they’re offering.

Listen in to the full podcast episode to find out more, including:

  • When to pull the plug on your startup
  • The advantages of SAFE notes for raising money
  • How GitLab does meetings and culture around the globe
  • Why they pay based on where team members live
  • Tips for recruiting top engineers
  • Why you should read the GitLab handbook

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

I am a serial entrepreneur and the author of the The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley

Source: He Built A $1 Billion Business Where All 700 Employees Work Remotely

Mentally Strong People: The 13 Things They Avoid

Image result for Mentally Strong People: The 13 Things They Avoid

Editors’ Note: Following the huge popularity of this post, article source Amy Morin has authored a guest post on exercises to increase mental strength here and Cheryl Conner has interviewed Amy in a Forbes video chat about this article here.

For all the time executives spend concerned about physical strength and health, when it comes down to it, mental strength can mean even more. Particularly for entrepreneurs, numerous articles talk about critical characteristics of mental strength—tenacity, “grit,” optimism, and an unfailing ability as Forbes contributor David Williams says, to “fail up.”

However, we can also define mental strength by identifying the things mentally strong individuals don’t do. Over the weekend, I was impressed by this list compiled by Amy Morin, a psychotherapist and licensed clinical social worker,  that she shared in LifeHack. It impressed me enough I’d also like to share her list here along with my thoughts on how each of these items is particularly applicable to entrepreneurs.

1.    Waste Time Feeling Sorry for Themselves. You don’t see mentally strong people feeling sorry for their circumstances or dwelling on the way they’ve been mistreated. They have learned to take responsibility for their actions and outcomes, and they have an inherent understanding of the fact that frequently life is not fair. They are able to emerge from trying circumstances with self-awareness and gratitude for the lessons learned. When a situation turns out badly, they respond with phrases such as “Oh, well.” Or perhaps simply, “Next!”

2. Give Away Their Power. Mentally strong people avoid giving others the power to make them feel inferior or bad. They understand they are in control of their actions and emotions. They know their strength is in their ability to manage the way they respond.

3.    Shy Away from Change. Mentally strong people embrace change and they welcome challenge. Their biggest “fear,” if they have one, is not of the unknown, but of becoming complacent and stagnant. An environment of change and even uncertainty can energize a mentally strong person and bring out their best.

4. Waste Energy on Things They Can’t Control. Mentally strong people don’t complain (much) about bad traffic, lost luggage, or especially about other people, as they recognize that all of these factors are generally beyond their control. In a bad situation, they recognize that the one thing they can always control is their own response and attitude, and they use these attributes well.

5. Worry About Pleasing Others. Know any people pleasers? Or, conversely, people who go out of their way to dis-please others as a way of reinforcing an image of strength? Neither position is a good one. A mentally strong person strives to be kind and fair and to please others where appropriate, but is unafraid to speak up. They are able to withstand the possibility that someone will get upset and will navigate the situation, wherever possible, with grace.

6. Fear Taking Calculated Risks. A mentally strong person is willing to take calculated risks. This is a different thing entirely than jumping headlong into foolish risks. But with mental strength, an individual can weigh the risks and benefits thoroughly, and will fully assess the potential downsides and even the worst-case scenarios before they take action.

7. Dwell on the Past. There is strength in acknowledging the past and especially in acknowledging the things learned from past experiences—but a mentally strong person is able to avoid miring their mental energy in past disappointments or in fantasies of the “glory days” gone by. They invest the majority of their energy in creating an optimal present and future.

8. Make the Same Mistakes Over and Over. We all know the definition of insanity, right? It’s when we take the same actions again and again while hoping for a different and better outcome than we’ve gotten before. A mentally strong person accepts full responsibility for past behavior and is willing to learn from mistakes. Research shows that the ability to be self-reflective in an accurate and productive way is one of the greatest strengths of spectacularly successful executives and entrepreneurs.

9. Resent Other People’s Success. It takes strength of character to feel genuine joy and excitement for other people’s success. Mentally strong people have this ability. They don’t become jealous or resentful when others succeed (although they may take close notes on what the individual did well). They are willing to work hard for their own chances at success, without relying on shortcuts.

10. Give Up After Failure. Every failure is a chance to improve. Even the greatest entrepreneurs are willing to admit that their early efforts invariably brought many failures. Mentally strong people are willing to fail again and again, if necessary, as long as the learning experience from every “failure” can bring them closer to their ultimate goals.

11. Fear Alone Time. Mentally strong people enjoy and even treasure the time they spend alone. They use their downtime to reflect, to plan, and to be productive. Most importantly, they don’t depend on others to shore up their happiness and moods. They can be happy with others, and they can also be happy alone.

12. Feel the World Owes Them Anything. Particularly in the current economy, executives and employees at every level are gaining the realization that the world does not owe them a salary, a benefits package and a comfortable life, regardless of their preparation and schooling. Mentally strong people enter the world prepared to work and succeed on their merits, at every stage of the game.

13. Expect Immediate Results. Whether it’s a workout plan, a nutritional regimen, or starting a business, mentally strong people are “in it for the long haul”. They know better than to expect immediate results. They apply their energy and time in measured doses and they celebrate each milestone and increment of success on the way. They have “staying power.” And they understand that genuine changes take time. Do you have mental strength? Are there elements on this list you need more of? With thanks to Amy Morin, I would like to reinforce my own abilities further in each of these areas today. How about you?

Cheryl Snapp Conner is a frequent speaker and author on reputation and thought leadership. You can subscribe to her team’s bi-weekly newsletter, The Snappington Post, here.

ALSO ON FORBES

Follow me on Twitter. Check out my website.

I am an entrepreneur and communications expert from Salt Lake City and founder of SnappConner PR. I am the author of Beyond PR

 

Source: https://www.forbes.com/sites/cherylsnappconner/2013/11/18/mentally-strong-people-the-13-things-they-avoid/#2bd3b0056d75

You’d Be Better Off Just Blowing Your Money: Why Retirement Planning Is Doomed

Between interest rates and poor financial planning, the comfy retirement you may have dreamed of is most likely to remain a dream.

I know this is a bold, and possibly controversial title, but retirement planning is broken and leaving people broke.

The destructive narrative is, “work hard, save money in a retirement plan, wait and it will all work out in the long run.”

The reality is, without the ingredients of responsibility and accountability, there is no easy solution for retirement. Meaning, if we just work hard and set money aside, we are putting money into a market we have no control over.

The institutions are winning though. Taking fees along the way. Convincing us to separate ourselves from our hard earned money, encouraging us to take it out of the business we know and put it into investments we don’t.

Low interest rates are great for those borrowing money, but terrible for those wanting to take income from a retirement plan. Those low interest rates are not providing enough cash flow, so that even if you’re a millionaire on paper, you still may be living like a pauper. For example, if you could find 4% interest in a fixed income account, that is only 40,000 dollars a year per million in your retirement account. Oh, and that income is taxable if it isn’t coming from a Roth IRA.

The concept of retirement has robbed the public of the responsibility and accountability required with personal finance. It has become too easy to hand money over to so-called experts due to the busyness of business, kids, hobbies, and other obligations competing for our time.

The reality is, we have more opportunity for time now than ever. For thousands of years people were limited and constrained with the monumental duty of providing for their family by having to hunt, farm or provide shelter with less technology, efficiency and access to resources. We have become addicted to saying yes to things less important than financial stability and freedom…..

Source: https://www.forbes.com/sites/garrettgunderson/2019/07/16/youd-be-better-off-just-blowing-your-money-why-retirement-planning-is-doomed/#18c0d351302d

Meet The Billionaire Who Defied Amazon And Built Wish, The World’s Most-Downloaded E-Commerce App

On a sun-filled San Francisco afternoon, Peter Szulczewski is climbing the stairs to the top of a Sansome Street skyscraper, past floors filled with Wish data scientists and engineers, pool tables and DJ equipment. Large windows give way to a stunning view of the city. But most of Szulczewski’s customers don’t work in offices like this or live in Northern California coastal enclaves. In fact, most of them don’t have much money at all. Wish’s customers are typically working-class Americans from places like the Florida Panhandle or East Texas, Dollar Store shoppers who find Amazon Prime’s $120 annual membership too rich for their blood……..

Source: Meet The Billionaire Who Defied Amazon And Built Wish, The World’s Most-Downloaded E-Commerce App

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