How Taking A Step Back Can Lead To Business Growth

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For most business owners, the saying “one step forward, two steps back” sounds miserable, but in many cases, taking a step backward can propel you forward and actually change your life for the better.

As an entrepreneur, you have responsibilities outside work. These might include providing for your family’s needs, teaching your children values and growing your relationships. It’s a lot to manage, especially when you’re bogged down fixing issues in your business or exhausted from overwork.

If your business demands so much time that it becomes the obstacle that keeps you from doing the things you’ve always said you wanted to do, it can leave you feeling defeated and depleted, no matter how “successful” you are.

Business owners who feel stuck in their business must first create systems. These systems not only benefit you and your family. They benefit the people in your business and can fuel the growth of your business like wildfire when implemented properly.

My company recently walked a client through this process. I hope following this process will be transformative for your business and life, as well. The client and his family lived a life that from the outside would seem normal. They would take a vacation once per year and go out to dinner once or twice per week.

They would spend as much time together as they could, but something was missing, causing him and his family to suffer because of it. As a business owner, you can likely relate to this story. Things are going well enough — but not great. It’s not what you envisioned your life looking or feeling like.

Our client was a reliable and diligent business owner. He showed up when he said he would. His attention to quality fed his business so he got most of his business through word of mouth. In fact, he would have to turn business away because he was too busy. So, where’s the problem?

The problem was that he was the business. He had a couple helpers working for him, but it was just one small crew. If he couldn’t schedule something on his personal calendar, it couldn’t get done. He came to us looking to outsource his accounting. It was his first step to buy time back.

Over a few calls, he opened up about how much he hated his current business situation, so I asked him, “Why don’t you do what you did with your accounting and unload more of the workload and responsibilities in other parts of your business?”

The first step is always the hardest, because oftentimes, it’s a step back. Most business owners know that if they can start delegating in more areas of their business, they will be able to do what they want. They can live a life of financial freedom and time freedom. They can create more memories with their family and take back control of their life.

After some review, I explained to our client that he would easily qualify for equipment financing with little upfront capital. This would mean he could hire another crew, doubling his ability to serve his customers.

The key to duplicating yourself is duplicating the systems and processes that allow for quality of work to remain high. For most, this is the biggest step back. You see margins drop and your time expenditure temporarily increases. It is predictably more chaotic and uncomfortable.

On the other side of that hard work, though, is a fully operating replica of your workmanship without you doing the work. For people like the client above, this means not having to turn down jobs or work overtime. You can then duplicate your craftsmanship as needed to service growing business inquiries.

To do so, there are a couple of steps you can take in your business to help ensure it stays healthy as you grow. First is ensuring you have a personal runway: Lower margins will mean less available money for you as the owner. Be ready for this with your own finances by not making any large personal purchases that will overextend you before scaling. This should be obvious but can get you into trouble if you’re expecting to be able to pay yourself more in the beginning of the scaling process.

If you’re financing equipment and hiring more crews, your monthly expenses will increase drastically. Be prepared for this by ensuring you have a full pipeline. Make sure you allocate some of your budget to ramp up your marketing, and pay attention to the number of projects you earn from word-of-mouth referrals so you can estimate how many leads you’ll get per project your first team accomplishes.

Also, ensuring you have a lead generation system in place that you can dial up or dial back is key. Not just relying on word of mouth but having an avenue of getting leads through paid ads and understanding how much those leads generally cost and how many convert to customers will also allow you to have more security in scaling. It will feel less risky and you’ll have a feeling of investing your money into your future instead of risking the future of your company trying to build it bigger.

Eventually, you will be able to fully step back and own the business instead of being owned by the business. But how? Create leaders from within your organization. Train them to take ownership of their work by incentivizing with bonuses tied to profit earned and created. Create bullet-proof standard operating procedures that allow high-quality work to be replicated on every job. Invest in your team members’ success so they’ll invest in yours.

What happened with our client? Within 18 months, he has four crews and only has to work 20 hours a week doing the creative stuff he prefers. The best part? It’s attainable for you, too, if you are willing to take the leap of stepping back to skyrocket your business growth.

Cofounder Easier Accounting & Real Business Owners. 20+ years of experience growing & running multiple businesses. Author & public speaker. Read Kale Goodman’s full executive profile here.

Source: How Taking A Step Back Can Lead To Business Growth

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WeWork Cofounder Adam Neumann’s New Real Estate Startup Sounds An Awful Lot Like One He Invested In Two Years Ago

I joined Forbes as the Europe News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Europe. Prior to

I’m a senior editor at Forbes covering venture capital, cloud and startups out of New York. I edit the Midas List, Midas List Europe, Cloud 100 list and 30 Under 30 for VC. I’m a Fortune

Source: WeWork Cofounder Adam Neumann’s New Real Estate Startup Sounds An Awful Lot Like One He Invested In Two Years Ago

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Jacobs, Sarah (October 20, 2017). “The most valuable startup in New York City just opened its first gym to compete with Equinox see what it’s like inside”. Business Insider.

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Is Your Smartphone Ruining Your Memory? Rise of Digital Amnesia

Help! My mind has gone blank: What happens when we outsource part of our memory to an external device?  Photograph: Ilka & Franz/The Observer

‘I can’t remember anything’ is a common complaint these days. But is it because we rely so heavily on our smartphones? And do the endless alerts and distractions stop us forming new memories? Last week, I missed a real-life meeting because I hadn’t set a reminder on my smartphone, leaving someone I’d never met before alone in a café. But on the same day, I remembered the name of the actor who played Will Smith’s aunt in The Fresh Prince of Bel-Air in 1991 (Janet Hubert).

Memory is weird, unpredictable and, neuroscientifically, not yet entirely understood. When memory lapses like mine happen (which they do, a lot), it feels both easy and logical to blame the technology we’ve so recently adopted. Does having more memory in our pockets mean there’s less in our heads? Am I losing my ability to remember things – from appointments to what I was about to do next – because I expect my phone to do it for me? Before smartphones, our heads would have held a cache of phone numbers and our memories would contain a cognitive map, built up over time, which would allow us to navigate – for smartphone users, that is no longer true.

Our brains and our smartphones form a complex web of interactions: the smartphonification of life has been rising since the mid 2000s, but was accelerated by the pandemic, as was internet use in general. Prolonged periods of stress, isolation and exhaustion – common themes since March 2020 – are well known for their impact on memory. Of those surveyed by memory researcher Catherine Loveday in 2021, 80% felt that their memories were worse than before the pandemic. We are – still – shattered, not just by Covid-19, but also by the miserable national and global news cycle. Many of us self-soothe with distractions like social media.

Meanwhile, endless scrolling can, at times, create its own distress, and phone notifications and self interrupting to check for them, also seem to affect what, how and if we remember. So what happens when we outsource part of our memory to an external device? Does it enable us to squeeze more and more out of life, because we aren’t as reliant on our fallible brains to cue things up for us? Are we so reliant on smartphones that they will ultimately change how our memories work (sometimes called digital amnesia)? Or do we just occasionally miss stuff when we don’t remember the reminders?

Neuroscientists are divided. Chris Bird is professor of cognitive neuroscience in the School of Psychology at the University of Sussex and runs research by the Episodic Memory Group. “We have always offloaded things into external devices, like writing down notes, and that’s enabled us to have more complex lives,” he says. “I don’t have a problem with using external devices to augment our thought processes or memory processes. We’re doing it more, but that frees up time to concentrate, focus on and remember other things.” He thinks that the kind of things we use our phones to remember are, for most human brains, difficult to remember.

“I take a photo of my parking ticket so I know when it runs out, because it’s an arbitrary thing to remember. Our brains aren’t evolved to remember highly specific, one-off things. Before we had devices, you would have to make a quite an effort to remember the time you needed to be back at your car.” Professor Oliver Hardt, who studies the neurobiology of memory and forgetting at McGill University in Montreal, is much more cautious. “Once you stop using your memory it will get worse, which makes you use your devices even more,” he says. “We use them for everything.

If you go to a website for a recipe, you press a button and it sends the ingredient list to your smartphone. It’s very convenient, but convenience has a price. It’s good for you to do certain things in your head.” Hardt is not keen on our reliance on GPS. “We can predict that prolonged use of GPS likely will reduce grey matter density in the hippocampus. Reduced grey matter density in this brain area goes along with a variety of symptoms, such as increased risk for depression and other psychopathologies, but also certain forms of dementia.

GPS-based navigational systems don’t require you to form a complex geographic map. Instead, they just tell you orientations, like ‘Turn left at next light.’ These are very simple behavioural responses (here: turn left) at a certain stimulus (here: traffic light). These kinds of spatial behaviours do not engage the hippocampus very much, unlike those spatial strategies that require the knowledge of a geographic map, in which you can locate any point, coming from any direction and which requires [cognitively] complex computations.

When exploring the spatial capacities of people who have been using GPS for a very long time, they show impairments in spatial memory abilities that require the hippocampus. Map reading is hard and that’s why we give it away to devices so easily. But hard things are good for you, because they engage cognitive processes and brain structures that have other effects on your general cognitive functioning.”

Hardt doesn’t have data yet, but believes, “the cost of this might be an enormous increase in dementia. The less you use that mind of yours, the less you use the systems that are responsible for complicated things like episodic memories, or cognitive flexibility, the more likely it is to develop dementia. There are studies showing that, for example, it is really hard to get dementia when you are a university professor, and the reason is not that these people are smarter – it’s that until old age, they are habitually engaged in tasks that are very mentally demanding.”

(Other scientists disagree – Daniel Schacter, a Harvard psychologist who wrote the seminal Seven Sins Of Memory: How The Mind Forgets and Remembers, thinks effects from things like GPS are “task specific”, only.) While smartphones can obviously open up whole new vistas of knowledge, they can also drag us away from the present moment, like it’s a beautiful day, unexperienced because you’re head down, WhatsApping a meal or a conversation. When we’re not attending to an experience, we are less likely to recall it properly, and fewer recalled experiences could even limit our capacity to have new ideas and being creative.

As the renowned neuroscientist and memory researcher Wendy Suzuki recently put it on the Huberman Lab neuroscience podcast, “If we can’t remember what we’ve done, the information we’ve learned and the events of our lives, it changes us… [The part of the brain which remembers] really defines our personal histories. It defines who we are.” Catherine Price, science writer and author of How to Break Up With Your Phone, concurs. “What we pay attention to in the moment adds up to our life,” she says. “Our brains cannot multitask. We think we can. But any moment where multitasking seems successful, it’s because one of those tasks was not cognitively demanding, like you can fold laundry and listen to the radio.

If you’re paying attention to your phone, you’re not paying attention to anything else. That might seem like a throwaway observation, but it’s actually deeply profound. Because you will only remember the things you pay attention to. If you’re not paying attention, you’re literally not going to have a memory of it to remember.”

The Cambridge neuroscientist Barbara Sahakian has evidence of this, too. “In an experiment in 2010, three different groups had to complete a reading task,” she says. “One group got instant messaging before it started, one got instant messaging during the task, and one got no instant messaging, and then there was a comprehension test. What they found was that the people getting instant messages couldn’t remember what they just read.”

Price is much more worried about what being perpetually distracted by our phones – termed “continual partial attention” by the tech expert Linda Stone – does to our memories than using their simpler functions. “I’m not getting distracted by my address book,” she says. And she doesn’t believe smartphones free us up to do more. “Let’s be real with ourselves: how many of us are using the time afforded us by our banking app to write poetry? We just passively consume crap on Instagram.” Price is from Philadelphia. “What would have happened if Benjamin Franklin had had Twitter?

Would he have been on Twitter all the time? Would he have made his inventions and breakthroughs? “I became really interested in whether the constant distractions caused by our devices might be impacting our ability to actually not just accumulate memories to begin with, but transfer them into long-term storage in a way that might impede our ability to think deep and interesting thoughts,” she says. “One of the things that impedes our brain’s ability to transfer memories from short- to long-term storage is distraction.

If you get distracted in the middle of it” – by a notification, or by the overwhelming urge to pick up your phone – “you’re not actually going to have the physical changes take place that are required to store that memory.” It’s impossible to know for sure, because no one measured our level of intellectual creativity before smartphones took off, but Price thinks smartphone over-use could be harming our ability to be insightful. “An insight is being able to connect two disparate things in your mind. But in order to have an insight and be creative, you have to have a lot of raw material in your brain, like you couldn’t cook a recipe if you didn’t have any ingredients:

You can’t have an insight if you don’t have the material in your brain, which really is long term memories.” (Her theory was backed by the 92-year-old Nobel prize-winning neuroscientist and biochemist Eric Kandel, who has studied how distraction affects memory – Price bumped into him on a train and grilled him about her idea. “I’ve got a selfie of me with a giant grin and Eric looking a bit confused.”) Psychologist professor Larry Rosen, co-author (with neuroscientist Adam Gazzaley) of The Distracted Mind: Ancient Brains in a High-Tech World, also agrees: “Constant distractions make it difficult to encode information in memory.”

Smartphones are, of course, made to hijack our attention. “The apps that make money by taking our attention are designed to interrupt us,” says Price. “I think of notifications as interruptions because that’s what they’re doing.” For Oliver Hardt, phones exploit our biology. “A human is a very vulnerable animal and the only reason we are not extinct is that we have a superior brain: to avoid predation and find food, we have had to be really good at being attentive to our environment. Our attention can shift rapidly around and when it does, everything else that was being attended to stops, which is why we can’t multitask.

When we focus on something, it’s a survival mechanism: you’re in the savannah or the jungle and you hear a branch cracking, you give your total attention to that – which is useful, it causes a short stress reaction, a slight arousal, and activates the sympathetic nervous system. It optimises your cognitive abilities and sets the body up for fighting or flighting.” But it’s much less useful now. “Now, 30,000 years later, we’re here with that exact brain” and every phone notification we hear is a twig snapping in the forest, “simulating what was important to what we were: a frightened little animal.”

Smartphone use can even change the brain, according to the ongoing ABCD study which is tracking over 10,000 American children through to adulthood. “It started by examining 10-year-olds both with paper and pencil measures and an MRI, and one of their most interesting early results was that there was a relationship between tech use and cortical thinning,” says Larry Rosen, who studies social media, technology and the brain. “Young children who use more tech had a thinner cortex, which is supposed to happen at an older age.”

Cortical thinning is a normal part of growing up and then ageing, and in much later life can be associated with degenerative diseases such as Parkinson’s and Alzheimer’s, as well as migraines. Obviously, the smartphone genie is out of the bottle and has run over the hills and far away. We need our smartphones to access offices, attend events, pay for travel and to function as tickets, passes and credit cards, as well as for emails, calls and messages. It’s very hard not to have one. If we’re worried about what they – or the apps on them – might be doing to our memories, what should we do?

Rosen discusses a number of tactics in his book. “My favourites are tech breaks,” he says, “where you start by doing whatever on your devices for one minute and then set an alarm for 15 minutes time. Silence your phone and place it upside down, but within your view as a stimulus to tell your brain that you will have another one-minute tech break after the 15-minute alarm. Continue until you adapt to 15 minutes focus time and then increase to 20. If you can get to 60 minutes of focus time with short tech breaks before and after, that’s a success.”

“If you think your memory and focus have got worse and you’re blaming things like your age, your job, or your kids, that might be true, but it’s also very likely due to the way you’re interacting with your devices,” says Price, who founded Screen/Life Balance to help people manage their phone use. As a science writer, she’s “very much into randomly controlled trials, but with phones, it’s actually more of a qualitative question about personally how it’s impacting you. And it’s really easy to do your own experiment and see if it makes a difference. It’s great to have scientific evidence.

But we can also intuitively know: if you practice keeping your phone away more and you notice that you feel calmer and you’re remembering more, then you’ve answered your own question.”

By:

Source: Is your smartphone ruining your memory? A special report on the rise of ‘digital amnesia’ | Memory | The Guardian

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The World’s Newest Call Center Billionaire

Meet the world’s newest call center billionaire. Laurent Junique is quite the globe-trotter: He’s a French citizen, his company is based in Singapore and he just listed that company, TDCX Inc., on the New York Stock Exchange last week.

Junique, TDCX’s 55-year-old founder and CEO, also just joined the billionaire ranks: Junique’s 87% stake in the firm is now worth $3 billion, thanks to a 34% rise in TDCX shares since the IPO on October 1—an offering that raised nearly $350 million for the company.

Started in 1995 in Singapore as Teledirect, an outsourced call center that handled calls, emails and faxes for a variety of clients, the company rebranded as TDCX in 2019 to reflect its expansion into a range of services including content moderation, marketing and e-commerce support. (CX is short for “customer experience” in the customer service industry.)

TDCX reported a $64 million net profit on $323 million sales in 2020, an improvement from the $54 million profit and $242 million in revenues it recorded in 2019. That growth came in part due to greater use of the services that TDCX offers, including tools that help companies improve the performance of employees working from home. Still, TDCX is highly dependent on two clients—Facebook and Airbnb—which collectively accounted for 62% of sales in 2020.

“Our successful listing reflects the world-class company that we have built and our position as the go-to partner for transformative digital customer experience services,” Junique said in a statement on the day of the IPO. “We are grateful for the support of our clients, many of whom are global technology companies that are fuelling the growth of the digital economy.”

Junique is the second call center billionaire that Forbes has tracked. The first, Kenneth Tuchman, founded Englewood, Colorado-based TTEC Holdings (formerly called TeleTech), in 1982; at nearly $2 billion, the firm had about six times the revenues of TDCX last year. Tuchman first became a billionaire in 2007. Several Indian billionaires, including HCL Technologies cofounder Shiv Nadar and Wipro’s former chairman Azim Premji, offer call centers as some of the services their firms provide.

Junique will maintain an iron grip on TDCX as a public company, controlling all of the firm’s Class B shares, which make up more than 86% of the firm’s equity and represent 98.5% of voting power. He owns those shares through Transformative Investments Pte Ltd, a company based in the Cayman Islands that is entirely owned—according to public filings with the Securities and Exchange Commission—by a trust established for the benefit of Junique and his family. While its headquarters are in Singapore, TDCX has also been incorporated in the Cayman Islands since April 2020; prior to the IPO, the firm was controlled by Junique through a Caymans-based holding company. A spokesperson for TDCX declined to comment.

Before launching TDCX as a 29-year-old in 1995, the French native cut his teeth studying advertising at the École Supérieure de Publicité in Paris and business administration at the nearby École Supérieure Internationale d’Administration des Entreprises, graduating in 1989. After a two-year stint at consumer goods giant Unilever, Junique—who had reportedly been cooking up business ideas since he was a child, including a glass recycling proposal he came up with at age 13—decided he wanted a more international career, but struggled to find a gig as a young graduate with little experience.

Armed with a suitcase and just enough cash to get by, he decamped to Singapore in 1995 to try his luck on the other side of the planet. Singapore offered a strategic location as a modern, English-speaking city at the heart of fast-growing Southeast Asia, and Junique started a call center called Teledirect aimed at businesses looking to cut costs and outsource customer service. Soon enough, Junique scored the firm’s first big client, an American credit card firm based in Singapore.

Two years later, in 1997, Junique sold a 40% stake in Teledirect to London-based advertising giant WPP for an undisclosed amount. Since then, TDCX expanded beyond call centers and now has offices in 11 countries across three continents, including locations in China, Japan and India. In 2018, Junique bought back WPP’s 40% stake in the call center business for about $28 million. Three years of growth later, the company now has a market capitalization of $3.5 billion.

With 2020 marking a record year for TDCX, Junique is hoping that the Covid-induced transition away from offices has made the firm’s products more necessary for its clients. “As consumers live more and more of their lives online, the expectation for things to be done simply, conveniently and on-demand will only increase,” Junique said in a statement.

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I’m a Staff Writer on the Wealth team at Forbes, covering billionaires and their wealth. My reporting has led me to an S&P 500 tech firm in the plains of Oklahoma; a

Source: The World’s Newest Call Center Billionaire

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“BBC Three – The Call Centre, Series 1”. Bbc.co.uk. 2013-12-10. Retrieved 2017-12-10.

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