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Tag: management

Mastering Financial Management: Essential Tips for Startup Success in 2023

Starting a business is exciting, but it can also be unnerving, especially from a financial sense. Keeping your fledgling company on track financially in the beginning stages is not only one of the most important things to ensure success but also one of the most challenging. Being that businesses are made or broken on the type of cash flow that is created within the first few months, it is vital to the success of a startup to understand what and how to manage the financial side of any business. 

Not only will having this knowledge make you more confident and prepared to make smart business decisions, but it will also be a source of stability if and when things become a bit uncertain. 

READ: What Are the Safest Industries to Start Your First Business in 2023?

Many people, whether business owners or founders, have little to no financial acumen. All startups have associated costs, but a limited cash reserve means that hiring a full-time accountant might not be possible. The good news is that there are plenty of resources available for free in the form of books, articles, videos etc., so gathering helpful information is never far from anyone’s accessibility. There is plenty to be found online, and we’ve compiled a brief listing of some money management advice for startup businesses. 

Cashflow

The most basic principle of money management is simply being able to track and record cash flow; you should know where money is coming from and where it is going over the course of a week, month and year. The ability to track all of this on a daily basis is incredibly important. 

Since your new business is likely a start up, you will have to use projections and goals for the first few months to maintain consistent goals; concentrating on project revenues, production and operation costs and revenue will help to set a picture of how to manage cash flow as the business progresses and hopefully grows.

In this sense, it is necessary to figure out each of the variables which make up your business. Until you do that, you will be at a disadvantage when it comes to accurately tracking cash flow.

Predicting cash flow will also help answer the question of whether a business loan or investment baking strategies should be considered. 

READ: Batten Down the Hatches: Fine Tune Your Small Business Plan for Any Economic Environment

Cut spending

Knowing where money is coming from and going allows for an understanding of necessary expenditures, as well as what’s draining revenue or cash reserves. While this may take some time to narrow down, being that the company is still young and some things that seemed essential are no longer a priority, bewing on the lookout for such unnecessary expenses will help to buffer your business.

Many people tend to focus on the large expenses — flights, new office equipment, travel costs— those are much easier to spot. However, it is often smaller, less conspicuous costs that can be the real drain in the long run, so checking for those little expenditures and weighing their usefulness will be a great practice to maintain moving forward. 

Establishing a payment collection system

One of the most satisfying and straightforward ways to run a successful business is to create a payment system that is easy for you and your clients to use. Everyone likes to get paid, and watching the payment come in — especially after weeks of hard work on a project — is that positive reinforcement that a business owner needs to keep a business afloat but emotionally. 

Ideally, establishing credit guidelines, collection timelines and payment policies should be in place before you have your first customers. Staying on top of payments will be easy with most modern software systems, but what those systems may not consider is what to do if a customer doesn’t make a payment on time. As such, give some thought to how to manage late customer payments.

Understanding tax obligations

No one likes taxes, but they are unavoidable. Understanding how they affect your business is essential. While many see taxes as a negative thing, there are plenty of ways that business owners can utilize tax cuts and write-offs in ways that can support the development and success of a company. 

Hiring a tax professional early to walk you through the basics of what type of company you should file as, what types of things can be written off and how to manage the funds associated with revenue will be a great ease off a busy mind when other aspects of a business are going smoothly. 

 

Andrew Deen HeadshotAndrew Deen has been a consultant for startups in a number of industries from retail to medical devices and everything in between. He implements lean methodology and is currently writing a book about scaling up business.

Mastering the Art of Decision-making: Unveiling Six Strategies for Effective Leadership

“Definiteness of decision always requires courage, sometimes very great courage.” — from “Think and Grow Rich” by Napoleon Hill. Hill studied over 25,000 people who had experienced failure and concluded that lack of decision-making was a top cause.

Leaders in small and medium-sized firms continually make decisions. From major strategic decisions like developing new products/services or acquiring another company to daily task-focused decisions like calling or when to contact a client/customer. The type of decision you make must fit the different scenarios you are in. Every situation is different, but there are six types of decision-making processes that will help you out in nearly any situation you can think of.

READ: Maximize Your Impact: The Power of Intentional Network Building

Consensus

With consensus, the decision is made only when everyone reaches 100% agreement. The benefit is that everyone fully buys into the decision (unless their agreement wasn’t made honestly). The downside is that it can be a painfully slow process, and even then, sometimes consensus isn’t reached. In fast, fluid teams, it’s often best to strive for consensus. But if not readily reached, consensus that defaults to the leader might be better.

Consensus that defaults to the leader

If you strive to reach a consensus but can’t get everyone on board, the team leader makes the decision. The Entrepreneurial Operating System® (EOS®), a leadership and management system specifically crafted for entrepreneurs, uses this decision-making process for all teams. The benefit is that everyone is heard. If consensus isn’t reached after ample discussion, the leader makes the call, and the team or organization moves forward. All team members must agree that when a decision is made, everyone is 100% in (regardless of their agreement, or disagreement during the discussion). It’s almost always better to make a decision than not — you can usually correct it if it doesn’t work.

Majority

This decision is made by majority vote. The process is good with tremendously large numbers of people, like electing public officials. In my experience, however, it isn’t effective for leadership teams or any teams in a company.

Individual with input

This is a highly effective process in which the decision-maker asks others for their input. The others understand they aren’t involved in making the decision — they’re just giving their opinion to help a colleague, or boss with an important decision they need to make. 

Individual without input

Some decisions don’t affect others, so one person makes the decision. This is both effective and efficient. For example, when you have to go to the restroom — you don’t ask, just go!

The Harry Truman decision-making process

The 33rd President of the United States made some of the most difficult decisions in U.S. history. When tackling big, individual decisions, try Harry Truman’s three-step process (they need to be done fully and in the following order):

Step 1. The logical decision

Gather the best information from subject matter experts. (Be careful: remember that garbage in [bad data, opinions, or misinformation] gives you garbage out [bad decisions]). Make a detailed pros-and-cons list and determine your logical decision.

Step 2. The emotional decision

Search your heart for your emotional decision. It’s usually a strong response.

Step 3. The intuitive decision

After realizing your emotional decision, stop thinking about your decision and allow your mind to work on the problem silently in the background. Your intuitive decision can’t be rushed, you must let it emerge. You may find your intuitive message in the pit of your stomach as Truman did, or it could be a quiet sense of knowing (that’s how I experience them). They are not strong like your emotional decision; they require you to pay attention to your body and have a quiet mind. Intuitive messages are experienced differently for everyone.

Truman decided to drop the atomic bomb which essentially ended World War II. He said that his decision in Step 2 of his process (the emotional decision) was to not drop the bomb; he hated the idea. However, his intuition was different, and he followed that decision. Regardless of the logical and/or emotional decisions, always go with your intuitive decision. It’s a deep, subconscious integration of what your whole mind thinks is best. It takes courage to make the tough decisions!

 

Head Shot CloseTC North, PhD is a Certified EOS Implementer®, EOS franchise owner. He is co-author of the best-selling book, “Fearless Leaders,” an international speaker and Techstars All-Star Mentor/Coach. He has coached 100s of entrepreneurs to become high-performers and in recent years he has helped two entrepreneurs go from years of frustration and flat revenues to become members of the Inc. 5000 fastest-growing private companies in the US.

Fractional Executives: A Growing Trend in Colorado

Fractional services are a growing trend around the country. In fact, this expert fractional services trend has grown from $1.5 billion in 2020 to $2 billion this year, attracting thousands of new participants. I founded Vannin Chief of Staff in Denver, Co., a team of consultants, who support the Chief of Staff/Chief Operating Officer role for growth stage businesses.

So how does it work? Fractional service businesses like Vannin offer interim and full-time talent solutions and train new Chief of Staffs. Fractional service professionals work with leaders within a company, providing individuals with the opportunity to grow their business while still prioritizing a flexible work/life balance. The growing trend of fractional services ultimately provides staffing solutions to attract more talent to companies.

READ: Navigating the New Era of Employee Engagement — Everything You Need to Know

Let’s take a closer look at the benefits of working with fractional executives and how organizations can tap into their expertise to drive growth and success.

Cost-effective solution

One of the most prominent benefits of working with fractional executives is cost savings. Hiring a full-time executive can be expensive, especially for smaller organizations that cannot afford the salary and benefits associated with a permanent hire. On the other hand, a fractional executive is typically hired on a part-time basis and is paid for the specific services they deliver. This results in significant savings for the company without sacrificing the quality or scope of work.

Increased flexibility

Fractional executives offer a high degree of flexibility for businesses. They can be brought in for a specific project or for a short-term period, based on the company’s needs. This means that businesses can access top-level strategic guidance and expertise without the long-term commitment typically associated with full-time executives.

Outside perspective and fresh ideas

Another significant advantage of working with fractional executives is the fresh perspective they can bring to the organization. Because they are not tied to the company culture or hierarchy, they can offer unbiased insight and recommendations that can help businesses approach challenges in innovative ways. This can lead to new strategies, processes or product ideas that can set the business apart from its competitors.

Specialized skills and knowledge

Fractional executives are typically hired for their specific expertise in a particular area, whether it’s finance, operations, or marketing. This allows companies to gain access to specialized skill sets and knowledge that they may not have in-house. This can be especially valuable for small businesses that don’t have the resources to hire a full-time executive in every department.

READ: 7 Reasons Local SEO is Excellent for Small Businesses 

Improved business performance

Ultimately, the main advantage of working with fractional executives is the significant improvement in business performance they deliver. Their specialized skills, fresh perspective, and cost-effective solutions help organizations overcome challenges and seize opportunities. They also help businesses develop targeted strategies that align with their goals, ultimately driving growth and success.

Fractional executives offer a valuable solution for businesses that need high-level expertise and guidance but cannot afford a full-time executive. They bring a fresh perspective, specialized skills, flexibility, and cost savings to the organization, resulting in improved business performance. Whether you are a small start-up or an established enterprise, working with a fractional executive can help you achieve your goals and thrive in today’s competitive marketplace. As a client recently told me “Now that I work with Vannin, I can actually take a vacation!”

 

Keziah WonstolenKeziah is an experienced Chief of Staff and business operations executive who spent over a decade advising Fortune 500 companies on their sales talent and operational strategies, including PepsiCo, Cargill, Hewlett Packard, EMC, Siemens & Ricoh. In the last few years, Keziah’s focus has been on building and leading chief of staff capabilities and sales operations within Accenture, a global management consultancy. Keziah has been accepted as one out of 40 people to the first-ever Chief of Staff Certification Program at the University of Oxford in the UK (April 2021).

You’ve Heard of ‘Quiet Quitting,’ but What About ‘Quiet Leadership?’

HR leaders may be aware of quiet quitting, but there’s one cause of quiet quitting that’s going unrecognized: quiet leadership. Among other factors, quiet leadership can cause employees to disengage and quiet quit. Unlike active managers who follow and support the day-to-day activities of their team, quiet leaders have a hands-off approach to managing their team that is driven by end results and numbers. This approach can alienate workers who desire mentorship and guidance from their managers.

To address this issue, employers should foster active leadership within organizations so leaders proactively engage with their teams. The result for employers is a more engaged workforce who want to work for the company. Three strategies to accomplish that involve training frontline managers, helping employees plan for their future and focusing on culture.

READ: 4 Ways to Offer Wellness Tools and Retain Your Workforce

Train frontline managers

Frontline managers work with teams daily, which grants them a powerful influence over their team’s level of engagement. After being promoted during the pandemic, many frontline managers also received management duties for the first time. These newly promoted frontline managers may also feel anxious about meeting their targets and focus on end results over day-to-day team management. In some cases, that can create gaps in leadership and management skills, as well as quiet leadership.

The solution for businesses is adequately training frontline managers to support their teams. When an employee is promoted to a management position, they may think they know how to manage teams, but it may not be the most effective approach once they are in the trenches. Training programs, along with mentorship from more experienced leaders can help new managers adapt successfully.

Oftentimes, something as simple as a resource library or a book on management or leadership can offer important tips to managers who may not think to seek out resources on their own. Other organizations may choose to enroll frontline managers in a mandatory leadership program or conference to enhance their leadership skills and encourage management/upper-management check-ins to help improve their leadership styles.

Help employees stay engaged

The best employees are engaged employees who feel valued, know they are appreciated and see a future within the organization. However, if managers focus exclusively on the numbers at the end of every quarter, their quiet leadership approach can leave their team feeling as though they are only recognized for their production value, not the skills they bring to the team and organization.

Time within an organization can make employees short-sighted. Employees may focus on hitting their goals within a certain timeframe while neglecting the broader goals for themselves and the business. Eventually, organizations might find themselves with a lackluster leadership pipeline as employees become disengaged or lose the desire to grow within the organization.

Leaders and frontline managers, in particular, can avoid quiet leadership and lead proactively by helping employees plan. Check-ins and annual reviews both present opportunities to talk with employees individually, but group sessions can also be a helpful tool to overview various career paths within the organization. By encouraging a forward-thinking mentality, leadership can keep employees motivated to succeed individually and as a team.

Remember the importance of culture

Quiet leadership and corporate culture go hand in hand. When leaders focus exclusively on results, culture often suffers as a result. The impacts of a stressful or unsupportive culture may not become immediately apparent in the numbers, but if culture is left unattended for long enough, burnout, poor employee retention and low morale will lower productivity.

Leaders need to ask themselves whether they are focusing on numbers at the expense of their people. If they see signs of quiet leadership, like employees who feel excessively stressed about meeting their targets at work and who leave after one to two years on the job, that is typically a sign to shift leadership styles. 

In contrast to a culture where quiet leadership is common, a culture with proactive leadership will encourage employees to tackle new challenges, take appropriate time off and be transparent with managers regarding career support. Employees will appreciate and benefit from regular check-ins and consistent opportunities for growth. 

Quiet leadership is as much of a challenge as quiet quitting since both highlight management and culture challenges. Fortunately, leaders can confront this obstacle with ease by training managers appropriately, guiding employees and centering a strong corporate culture.

 

Niki JorgensenNiki Jorgensen is a director of service operations with Insperity, a leading provider of human resources offering the most comprehensive suite of scalable HR solutions available in the marketplace. For more information about Insperity, call 800-465-3800 or visit www.insperity.com.  

Good Company — R.T. Custer & The Vortic Watch Company

Learn how R.T. Custer and Vortic Watch Company work with prop masters to place their watches on characters that fit the brand’s industrial style. He also shares how Vortic’s unique business model, which upcycles antique U.S. pocket watch mechanisms, allows the company to manufacture truly American-made watches. Additionally, Custer discusses the power of email marketing and how it has been Vortic’s most effective form of advertising.

R.T. Custer

Co-founder and CEO, Vortic Watch Company

Fort Collins

Hometown: Reading, Pennsylvania 

What he’s reading: “Becoming an Empowered Projector: Thrive with Wisdom and Guidance from Human Design,” a recent book by Evelyn Levenson about human design. “I’m a projector of human design,” Custer notes, “And I’m trying to understand what that really means.”

Vortic Watch Company

ColoradoBiz: We understand John Krasinski will be wearing a Vortic watch in the fourth and final season of “Jack Ryan.” How’d you pull that off?

R.T. Custer: That’s right, we have a watch on Jim from “The Office” and also Michael Kelly. At Vortic, we focus one layer of marketing on product placement, and we’ve used that not only for advertising, but networking as well. Long story short, a friend of mine, Mark McFann, specializes in product placement, and he’s gotten us on a few famous wrists.

CB: We’ve got the time (no pun intended). Why don’t you give us the long story, too?  

RTC: We work directly with prop masters for product placement. When there’s an opportunity for a big, American-industrial style watch, a prop master will contact us to see if Vortic would be a good fit for a particular character or show. Several years ago, when filming for “Jack Ryan” Season 3 was underway, the prop master reached out to us about our Military Edition watches.

The backstory is we make antique Air Force wristwatches from pocket watches that were flown on the B Bombers of WWII, to make sure navigators knew where they were in the sky. It’s the ultimate piece of American history. We release these watches annually on Veteran’s Day, and a portion of the proceeds goes to a nonprofit program, the Veterans Watchmaker Initiative, one of the only watchmaking schools in the country. Watchmaking is a skilled trade, and there aren’t currently enough people who know how to repair watches to meet the demand.

So originally, the “Jack Ryan” prop master wanted a watch for Michael Kelly, a co-star who’d played Doug Stamper in “House of Cards,” one of my favorite shows. We sent a watch, and he’s wearing a Vortic all through Season 3. Then we get another email from the prop master: John asked if he could have one, too. We make a new edition of the watch every year, so John Krasinski will be in our third edition when Season 4 comes out.

CB: What’s the lesson here for other manufacturers?

RTC: It’s the relationships and the partnerships that matter. We also have a watch on Kevin O’Leary, the billionaire from “Shark Tank.” The credibility in brand association that I get from that — it’s worth millions. And it didn’t cost me a cent; it was just the relationships I had to build along the way. People assume you have to spend a fortune on advertising when really, it’s that thing people always say and then forget: It’s not about what you know, but who you know

CB: So is product placement the best way to sell a tangible product?

RTC: It’s a niche style of marketing, and it’s a long game. We ship the watch to a show, they film, and then two years later the show comes out. I’m betting somebody will see the watch, then Google it. Hopefully they eventually make it to my website and buy one.

I run a watch company, but I’m a marketing guy. Both my parents were “Mad Men” in the ‘70s. They worked for huge campaigns for Pepsi and McDonald’s. What I know and love is marketing, and at Vortic we do it all – everything from Facebook ads to print advertising – but my most effective form of advertising is email marketing.

CB: That’s surprising in 2023, isn’t it?  

RTC: Email marketing is the only clear path to revenue that I know works 100 percent of the time. Once you sign up for Vortic’s email list, I know you’re going to buy a watch, it’s just a matter of time.

CB: How, exactly, do you know that?

RTC: Have you seen our watches? People love what we do. Our primary product is the American Artisan Series. This is a one-of-a-kind line of wristwatches, each piece is unique, fabricated with antique U.S. pocket watch mechanisms. And they are the only truly American-made watches that are available today.

CB: You’re making orphaned, upcycled wristwatches, then. That is a unique concept. Where’d an idea like that come from?

RTC: My business partner Tyler Wolfe and I came up with the idea on the golf course at Penn State in 2010 when we were studying engineering. We had a bunch of ideas surrounding wristwatches, but we decided that if we started a watch company, we wanted to manufacture in America. This sent us down a major rabbit hole. Can you even make a watch in America?

CB: Well, can you?

RTC: When most people think of luxury watches, they think of Switzerland, and today, yes, it’s basically impossible to make the tiny gears and springs inside a watch in the U.S. But that wasn’t always the case. Little known fact: America used to be Switzerland. In 1900, if you asked anyone in the world where the best watches were made, it was Chicago or Boston. There were at least 10 great American watch companies along the railroads between Chicago and Boston, and they all made pocket watches. The wristwatch really didn’t appear until after WWII.

So, yes, you can make a watch in America if you upcycle pocket watches made here a hundred years ago. Tyler and I realized we could do this. We put that idea onto a Kickstarter in November 2014, shortly after we moved to Fort Collins. It was just me and Tyler, fresh out of college, and we crowd-funded the company. We now have our own manufacturing building, so people can schedule a tour on our website and come see how watches are made. We’re really the only place in America you can do that.

CB: Do upcycled watches sell?

RTC: We’ve sold almost every watch we’ve made. We put out roughly 300 to 350 watches a year. The company actually has three revenue streams. There are limited edition watches, including our Military and Railroad edition watches, which are all about historical storytelling. But the thing we’re most known for is our Watch of the Day.

We make one new watch every weekday, all year long, and release it at noon MST. It’s not an auction, just a set price, and once it is sold, that’s it. We’ve done this for a year now, and it was our pivot during COVID.

We used to do a lot of custom watches, but with so many unknowns in the world, people didn’t want to pay for a watch, then wait six months. We’ll still convert your grandfather’s pocket watch into a wristwatch: That’s our third service. It’s the simplest idea, but customers love it, and we’re the only company doing it. Google “Convert Your Watch.” We’re the first business to appear.

CB: Where do you find the pocket watches for your Limited Edition and Watch of the Day models?

RTC: Every day, somewhere in the U.S., a pawn shop or jewelry store goes out of business. For the past hundred years, these stores have been buying pocket watches and scrapping the gold, leaving the inside mechanism as trash. But a lot of these pawn and jewelry shop owners have hung onto the inside of the pocket watch because they feel bad about throwing a little, tiny engine away. I work with estate buyers who buy out pawn and jewelry stores, as well as watchmaker estates. I’m the only person who buys the mechanical part of the pocket watches. I’ll buy a hundred at a time then cherry pick the very best to turn into wristwatches. We’ve been around for eight years, and now I have sources who call me when pocket watches are available.

CB: Colorado has a reputation for being a haven for artisans, and Fort Collins in particular has become a major player in the buy-local movement. Has your physical location been an important aspect of business?

RTC: Yes, there’s a huge resurgence in manufacturing here, especially craft manufacturing. Stuff has been made in Colorado for hundreds of years, of course, but the craft industry and artisan style of small-batch, American made products — that’s Colorado. Think about it! Breweries, farm-to-table food — even distilleries are making small-batch blends. That’s what consumers appreciate here.

CB: Watch out — we’re about to throw a watch pun your way. What does a watchmaker do to unwind?

RTC: That’s a watch pun or a dad joke, depending on how you look at it. I’m a dad, so I love dad jokes. My wife and I have a cabin up north of Fort Collins where we like to get away with our family. We also love to travel to unwind. How’s that for a pun? One of the best things about living in Colorado is that I’m exactly an hour from the third-largest airport in the world. You can fly direct to almost anywhere you want. I’m a serial entrepreneur. Votic is my main thing, but I own other businesses, and I love entrepreneurship and talking about it. To be able to be an entrepreneur and not have anyone own my time – there’s another one – that’s why I love what I do.

 

Jamie Siebrase is a freelance writer based in Colorado.

Improving Your Customer Experience and Boosting Satisfaction — 3 Easy Tips

The top companies in Colorado know how to create a positive customer experience: listening to customer feedback. Positive reviews are key, and you can get them by investing in technology so your teams can work seamlessly and your clients can get the answers they need on a timely basis. Here are some considerations for achieving faster service, putting your customers first and making your staff’s job much more manageable.

READ: Unlocking Business Success Through Travel — 5 Lessons Learned in Nepal

Prioritize your customers

Making your customers the priority is key. You must always strive to improve your processes to get their return business. The best way to improve? Feedback.

To get constructive, consider a “How did we do?” culture, where your service or sales agents take a moment to analyze how they did on each call or chat and how they can improve. Then, they can put tactics they learned into their future interactions.

You can also make life much easier using a customer experience management (CXM) system, which provides a clear overview of your customers. You can view their previous history, the status of their orders, current outstanding service issues and more. With that information at your fingertips, you can give your clients concrete answers and make it a true one-call resolution.

Providing multiple ways to reach out is another way to prioritize your customers. A new trend that’s gaining steam is the chatbot, which is embedded in your website. Customers can use the chat feature to communicate and get answers when they have a quick question. If the issue is too advanced for the bot, they are transferred to a human agent. Customers will appreciate it when they can get an answer without picking up the phone.

Access to data must be immediate

The next step to creating a positive customer experience is ensuring that they can get assistance promptly while shopping on their own or with the assistance of a service rep. You’ll need a high-speed network to do this. If your employees constantly complain that the system runs slowly, it may be time to rethink your business internet and consider 5G technology. 

READ: How ‘Microtrenching’ is Transforming Colorado’s Wireless Capabilities

Adding 5G to your Wi-Fi network can drastically speed up many of your processes. There’s also an added layer of security via a SIM card, as any employee must be authenticated to access it. When customers provide so much of their data to your organization, they expect it to be protected. This step can give that added security.

In addition to quickly accessing data, employees must be able to reach programs and customer data from anywhere. Your company can provide quick access by using the cloud. Whether your team works at the office or remotely, they can connect to the cloud to help customers wherever they may be located. It is another advancement to consider.

Your team must be effective

Finally, to prioritize your customers you must provide your team with the proper tools. If your agent cannot easily find an answer, the customers can get upset. 

There are many tech upgrades that you can make to solidify the efficiency of your team, including group chat. Ensure that everyone at your company can communicate across departments at the touch of a button, so they can get the answer they need immediately and relay it to the customer.

Management can also use time and productivity tracking tools to gauge how long your employees take to help each customer. If they are spending more time than necessary, a change is needed. There are many productivity tracker tools currently on the market. You can use them to run reports to make modifications, set clear objectives and make it so every customer is assisted promptly. In addition to providing outstanding service, you can help more customers with a smaller staff.

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

4 Easy Tips to Avoid Missed Business Opportunities

Many business owners can attest to overlooking opportunities that could’ve taken their profitability, revenue, innovation and teams to the next level. As a result, their operations are stagnant, moving them closer to shutting their doors for good. That’s why it’s important to ensure you avoid missed business opportunities.

Whether creating a new product, opening a new location, connecting with a new partner or tapping into a new market, you never want to miss an opportunity that moves your business forward. Here’s how to ensure this doesn’t happen. 

READ: Maximize Your Impact: The Power of Intentional Network Building

Establish Clear Business Goals 

Goals are influential in your plan to avoid missed business opportunities. When you know where you want your business to go, you can pinpoint opportunities to get you there better.

Plus, goals make you take your business seriously. When you’re serious about your business, you’re always on the hunt for opportunities to improve it. You’re more willing to take them too. 

However, it’s important to go about this process methodically. For one, outline clear business goals before you launch your business. As your business grows, come back to these goals and expand as needed. Your goals should also be specific and detailed, with clear actionable steps for you to succeed. Each time you take another step, be sure to celebrate but keep a level mind to any future actions that need to be taken.

READ: What Are the Safest Industries to Start Your First Business in 2023?

Take Care of Your Team 

To avoid missed business opportunities, you have to understand that such opportunities can come in seemingly small packages, and whether or not you can take full advantage of them have a lot to do with your team. 

Colorado tech companies including Conga, Fluent Stream, Adcellarant and Maxwell, attribute much of their growth to the people they have on their teams.

By offering continuous professional development, giving employees more meaningful responsibilities and supporting a healthy work-life balance, these companies get the most out of their employees because they genuinely care about them. 

Opportunities will be missed if your employees don’t know your business vision or what to look for to ensure you’re on track to achieve it. Also, if you don’t have a happy and fulfilled team, they won’t be as productive and impactful as they can be, which alters your ability to take on opportunities when they’re presented. 

In other words, take good care of them and build the ideal employee experience. 

READ: How to Craft an Ideal Employee Experience Strategy — 6 Easy Steps

Start with their mental health and well-being. When employers don’t provide mental health support, employees are much more likely to experience burnout and worsened mental health conditions. Both can impact their productivity and cognitive performance. 

On the contrary, employee productivity, morale and cognitive ability improve when employers provide mental health resources in the workplace. They can work at their full potential, identifying and capitalizing on business opportunities more readily. 

Take your employees’ needs into account as well as your budget, when providing them with mental health resources. 

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Automate and Optimize Your Business Processes 

Business opportunities often have a sense of urgency attached to them. Most are gone in the blink of an eye. Even if you have some time to decide if you’ll take advantage of an opportunity, it won’t be long. 

Automating and optimizing your business processes can help. You’ll save a lot of time automating appropriate tasks in your business and can use that newfound time to pursue pressing opportunities. In addition, optimizing specific processes allows you to jump on opportunities with delicate time constraints faster. 

For example, content creation can be incredibly time-consuming. However, much of it revolves around trends that come and go quickly. So, time-consuming content creation isn’t an option. 

Templates, a brand asset library, and creating all your content for a trend in one sitting will optimize your content creation strategy, helping you to avoid missing an opportunity in content marketing. 

See where you can use automation tools in your business. Look at various processes and identify how to make them more streamlined. Once you do, you’ll have the time and team capacity to take more chances and avoid missed business opportunities. 

Create and Engage With Your Professional Network

You’ll come across some opportunities yourself. Your team will identify some. Then, there will be those opportunities that come to your business by way of someone in your professional circle.

If you have yet to create a professional network around you, today’s the day to start being intentional about building one. Other business owners and professionals in your industry are sitting on opportunities they’re hoping to pass off to people they have genuine relationships with. So, be one of those people.

Go to their events and invite them to yours. Use social media to build a community. Visit businesses in your area and start relationships with the owners. Actively engage with the professional world around you. Your network can be one of the best opportunity sources you have. The people in it can play a significant role in your growth. 

Missed business opportunities are a sore spot for many business owners. Don’t let that happen to you. Establish clear business goals, take care of your team, Leverage automation and optimization, and engage with your network to avoid missing business opportunities. 

 

Indiana Lee Bio PictureIndiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.

4 Ways to Offer Wellness Tools and Retain Your Workforce

As labor shortages continue to impact companies across industries, businesses are shifting their focus to employee retention. According to Bank of America’s recent Workplace Benefits Report, 46% of employers have seen an increase in resignations over the past year while one in three employees have switched jobs or thought about switching jobs. Colorado’s labor force participation rate dropped to 69.2% in November 2022 and according to some media reports, Colorado’s unemployment rate could go to 9.4% next year. That’s why it’s more important than ever to retain your workforce.

READ: Guest Column — Helen Young Hayes Talks Talent Pipeline Disruption

Our research shows employees are significantly stressed by current economic conditions, leading to a decrease in their feelings of personal financial wellness. The percentage of employees who feel financially well hit a five-year low in July 2022. Perceptions of financial wellness are also impacted by ethnicity, gender, and generational factors. For instance, women continue to trail men in their feelings about financial wellness and preparedness, and employees of color report significantly lower feelings of financial wellness compared to white employees.

Many leaders already feel responsible for their employees’ financial well-being. However, as employers address record levels of turnover amid a period of economic uncertainty, it is more important than ever to provide additional support and resources. What can leaders do to retain their workforce? A vast majority of employers now say that offering financial wellness tools can reduce employee attrition, and wellness tools can help attract higher-quality employees. To help retain your workforce, you should consider the following:

Embrace employee financial wellness and expand support.

Given higher than usual inflation, employees are feeling the pinch financially. Employers should embrace programs, such as financial coaching and digital tools that help employees better plan and manage their finances. For example, 91% of companies see higher employee satisfaction when they offer resources to manage overall wellbeing. Companies that take it a step further and broaden their wellness programs to include mental and physical wellness resources see noticeable improvements in productivity, employee stress, morale, creativity, and innovation.

READ: The Top 5 Ways You Can Support Mental Health in the Workplace

Providing access to investment advice.

Employees are eager to invest and grow their wealth, which can be an intimidating process. Four-in-ten employees say they want access to advice from an investment professional. Armed with that knowledge, 62% of employers now offer employees access to investment advice services. Whether it’s an internal team or external partner, give your team the tools they need to feel confident in financial decisions.

Focusing on health care education.

84% of employers feel very responsible for their employees’ understanding of retirement healthcare needs and costs, and 89% of employers who offer Health Savings Accounts (HSAs) contribute to their employees’ savings. Yet, only 54% of employers communicate about these topics at least once a year. There’s a big opportunity to improve communication and educate employees about their healthcare benefits. Take the time to remind them about their options, especially as you gear up for open enrollment.

Equity grants are powerful recruitment and retention incentives.

As an employer, you have insight into compensation and should regularly review pay and conduct an equity analysis. 76% of employers believe equity compensation is a differentiator for employee recruitment and retention, and 44% of employees who participate in equity compensation plans say it was an important reason for accepting the job.

The Bottom Line

Employers serve as significant advocates for their company and work, which is why it’s important that they have the resources and tools to bring their best selves to work. Employers can help by taking the initiative and give your team the tools to not only survive but retain your workforce in this new world of recruiting.

 

New HeadshotTy M. Aslin is the Colorado Market Executive for Business Banking at Bank of America

4 Tips for Rebranding Your Business – And What It Reminds Us About Entrepreneurship

As entrepreneurs, our businesses grow and evolve in ways we never expected. Our business plans, products and services, even the very identity of our ventures, are constantly changing — that’s why rebranding your business at the right time is so important.

So when was the last time you considered if your logo is still an accurate representation of your business? 

Your logo is the face of your business — but even the prettiest ones can do with a facelift. For example, 74% of the S&P 100 companies rebranded their business within their first seven years. If you haven’t turned a critical eye to your logo since you printed your first business cards, then it might be time to consider a rebrand. 

READ — What Are the Safest Industries to Start Your First Business in 2023?

And as it turns out, an experiment in rebranding can remind you of the fundamental principles that made your business successful in the first place. 

Why Rebrand? 

Growth and adaptation are the foundations of a successful business. Those that do it well thrive, while those that don’t struggle to survive. Think back to the early days of your business. How much has changed? 

Our real estate brokerage, LUX Denver, is celebrating its tenth birthday this year, and it got us thinking about how different our brand is today compared to when we started. We’ve expanded, our clientele has changed, and our vision for what we want to achieve has clarified and sharpened. 

Last year, we began to feel that our logo no longer reflected the business in its current form. So we embarked on a journey to bring it up to date, and along the way, we picked up a few valuable tips for anyone considering a refresh of their brand. 

Start With Your Vision 

Why do you do what you do? Why is it important? And how has that changed since the early days of your business? 

Rebranding is an abstract experience that requires us to reflect deeply on the core values of our business so we can be sure they remain at the forefront of everything we do. So before you start sketching and brainstorming, take some time to explore your vision for your company’s future, and let that be your compass throughout this journey and beyond. 

Know Your Audience 

Who is your audience now? What do they have in common? And what do they expect?

Over the last decade, our brokerage has refined our niche in the luxury homes market, so we needed to modernize our logo to meet those standards. In addition, we recently expanded to new markets, so our branding needed to symbolize that our services have grown beyond the Denver Metro area. 

Take the time to describe your ideal client. This will inform your design choices as you explore new concepts for your logo and cue you into what clients expect from you in everything you do. 

READ — Determining Your Business’s Target Market: Why It’s Necessary and How To Do It

Stick to What You’re Great At

If you’ve never worked with design software before, let us clue you in on something: it’s hard. Take our advice and hire a professional designer to help bring your ideas to life. 

When you were a new entrepreneur with razor-thin margins, you likely had to do much of the heavy lifting yourself. But now that you’ve “made it,” recognize that you can create the most value by sticking to what you’re exceptional at and delegating the rest. 

Trust Your Instincts

So, after all that brainstorming and a few dozen mock-ups of a new logo, how do you know when you’re done? The same way you knew it was time to rebrand in the first place: you trust your gut. When you feel like you’ve found the right design, the one that resonates with you, listen to that feeling. 

Our instincts are all we have as entrepreneurs. They tell us which risks to take and which to avoid, which deals feel right and which don’t. Listen to those feelings. 

To help you conceptualize all this, here’s where the process took us.

From this:

Unnamed 2

 

 

 

To this:

Final Lux Logo Logo Denver Black

 

 

 

 

 

And ultimately to this:

Unnamed 1

 

 

 

 

 

The central, continuous line creating “LUX” conveys the forward momentum and growth we’re striving for, a theme reinforced by dropping the period that once followed the name. The ideai – for our company, our clients, and this new logo – is to create connections. Whether at home, at work or in the community, connecting with the people and places that create Inspired Living is the ultimate purpose of our brokerage, and we love how this logo conveys that.

Rebranding our business reminded us of the fundamental lessons of entrepreneurship that are all too easy to forget when you’re in the daily grind. A refresh of your logo is an opportunity to get out of a rut and explore new possibilities for you, your brand, and your business. So what are you waiting for?

 

A E PhotoIn 2014, Colorado native Aaron Cummins and Emily Duke founded LUX Denver Real Estate Company. As entrepreneurial-minded individuals with backgrounds in psychology, both were seeking a business that would enable them to create meaningful relationships, make a difference in an industry they loved and find Inspired Living in their lives and business. You can learn more at luxdenver.com.

From Employee to Entrepreneur: Top Tips for Making a Successful Switch 

In 2018, I was diagnosed with PTSD after working in a highly demanding corporate job setting for the majority of my career.  It was then that I decided to leave corporate America and become an entrepreneur in the health and wellness space. Although this decision was crucial for my well-being in the long run, transitioning from the corporate world was not without many trials and tribulations.

Transitioning from corporate life to entrepreneurship is a big change, both mentally and emotionally, and it can be tough to adjust to a new way of life. But there are some things you can do to make the transition smoother, help ensure your long-term mental health and run a successful business. Here are some top tips for successfully making the switch.

READ — Avoiding Founder Burnout: A Guide on Fighting Hustle Culture for Entrepreneurs

Know When the Time is Right

First, it’s important to take some time to reflect on why you’re making the switch. Are you looking for more creative freedom? More control over your work-life balance? Or are you simply tired of the high-pressure environment of corporate America? Whatever your reasons, it’s important to be clear about them before you make the transition. This will help you stay focused and motivated when things get tough.

Ensure Financial Stability

Before starting any new business, the first step is always to consult your personal finances. After all, a business is a huge investment, and you want to make sure you’re in a good position to take on the project. Even the smallest business will require a sizable initial investment, and most new businesses take months (if not years) to start making a profit.

Unfortunately, this is often where people get tripped up. They get caught up in the excitement of starting a new venture and forget to do their financial due diligence. As a result, they find themselves in over their heads and quickly sink into debt. In Colorado, you’ll also need to register with the IRS to get an Employer Identification Number for separate banking. So, if you’re thinking about starting a new business, be sure to take a long, hard look at your personal finances first. It might not be the most exciting part of starting a new venture, but it’s definitely the most important.

Make a Plan

Now that you’ve determined financial stability, a successful career transition requires careful planning and execution. Before making any drastic changes, take the time to assess your goals and develop a solid plan of action. Define what you want to achieve and identify the steps needed to get there. Research your new industry or field and make sure you have the necessary skills and experience. If possible, connect with professionals who are already working in your desired field. They can provide valuable insights and guidance as you make the transition.

READ — A Guide to Modern-Day mentorship

In Colorado, there is no general business license or permit required, but depending on your business, you may need a special license to operate legally. In addition, don’t forget to register your business with the Secretary of State and find insurance from a local provider. Once you have a clear plan in place, you’ll be well on your way to a successful career change.

Remember Why You Made the Transition 

Finally, don’t underestimate the importance of mental health during this time. The transition from corporate life to entrepreneurship can be stressful, so it’s important to take care of yourself both mentally and physically–which is likely why you made this transition in the first place. Make sure you’re getting enough sleep, eating healthy meals, and exercising regularly. And if you start to feel overwhelmed or find yourself struggling to cope, don’t hesitate to reach out for help from a mental health professional.

READ — Top 5 Ways You Can Support Mental Health in the Workplace

Making the switch from employee to entrepreneur can be scary but it is also incredibly exhilarating and liberating. It’s important to make sure you are transitioning for the right reasons and that you have your finances in order before taking the leap. Once you’ve decided to become an entrepreneur, craft a plan and stick to it while keeping your mental health at the forefront of your mind. The challenges you will face as an entrepreneur will test you in ways you never thought possible but they are so worth it when you get to see your business succeed–and feel happy while doing it. 

 

Jennifer TierneyHaving worked in operational management for 15+ years, Jennifer Tierney, COO at Full Velocity Consulting, possesses a distinct skill set and is known for complex analysis of operations, finance, and technology to improve core business strategies. Jen is also the founder and CEO of Parker Neurofeedback, a Colorado-based Neurotherapy office and provider. She believes in using technological advances to improve daily functions, along with overall company direction and growth. She is trained in project management and process improvements having participated in several Six Sigma projects and is an adjunct professor at Red Rocks College.