Are you interested in expanding your business? If so, then it’s important to take the right path. One of the problems that you can run into here is causing your business to be inefficient. This can happen if you grow your company too quickly. The good news is that there are some simple steps that you can take to ensure a successful expansion. Here are some of the key choices we recommend you explore.
Research
First, you should think about completing the right amount of research when you expand. If you’re exploring a process like a business expansion, one of your main goals should always be to mitigate risk as much as possible. There are lots of ways to do this, but one of the easiest steps is going to be finding out as much information as you can about your target audience and your respected industry. For instance, if you are exploring expanding a business in the food services industry, you need to check whether companies are currently seeing high levels of demand. This data is readily available.
Budget
Something else to consider before you expand your business is how much money you have to do such a thing. Without much of a budget, you won’t be able to do as much as you have planned. Work out your company's incomings and outgoings to see how much you have leftover to put toward your expansion. Expansions are not cheap, however, when they are done well you will see an amazing return.
Recruitment
Next, you should think about recruitment. Regardless of your business model, an expansion will always involve recruiting more people into your team. This could be a whole group of people now on the payroll. Or, it might mean finding the right freelancers and outsourcing agents. Regardless of what type of recruitment model you are driving forward with, you need to have the best people for the job. If you don’t choose wisely, then it is going to weaken your brand, even as it continues to grow and this is the last thing that you want. Particularly, if you’re taking on the risk of an expansion.
Consider Your Goals
Finally, you should make sure that you are considering your goals when expanding your business. If you don’t have any goals in place, then you will find your expansion largely directionless. Of course, you can’t just set any goals. You need to think about what you want to achieve on the market and how you plan to achieve it. This means that your goals must be smart. Think about things that have a set time frame, can be measured, and match the wider objectives of your business. In other words, a goal can’t simply be that you want to grow your audience. You should think about a set figure and when you want to achieve this goal.
We hope you found this article helpful and that it gave you lots of tips on how it’s possible to expand your business.
A few years back, while attending an abundance workshop, I encountered one of the scariest moments of my life! A particular exercise gave me, a business coach, a very “deer in the headlights'' moment but also, a breakthrough that changed the way I work with clients. Had my coach not taken just a few extra moments out of her agenda to help me with this roadblock, I might still struggle with the idea of holding onto something so much. I might have never fully launched the Incubator, which has helped our clients make millions of dollars in the 6 years we’ve been running it. Many of those folks started at zero, so that’s real revenue. Real lives changed that might not have happened if I hadn’t faced down that fear.
What’s the lesson? An Environment of Empowerment can help you overcome your fears.
As I mentioned in our last episode, even Betty White had her haters. Making yourself a victim is something that you have influence over and I am here to help! It starts by not being an a-hole, creating an environment of empowerment for yourself, and fostering a sense of belonging with your existing audience, which in turn changes your audience into your Raving Fans.
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Theme music: “Big Time” by Ikoliks, Artlist.io
It is arguable that creativity is the one thing that will help you to be a successful entrepreneur above all others. After all, if you want to be successful in business then you need to be able to generate lots of new and interesting ideas and lots of new and interesting ways of implementing those ideas in what is likely to be a saturated market. Creativity will help you with that.
Some of us are naturally very creative, and we have no problem whatsoever tapping into our creative side when we need to come up with new ideas or new ways of doing things, while some of us struggle to tap into the creative wellspring at all.
If you are one of the people who struggle to get your creative juices flowing, but you want to succeed as an entrepreneur, here are a few things you can do to unlock your entrepreneurial creativity whenever you need to:
1. Unplug the electronics
Our laptops, tablets, and phones may have revolutionized our lives and made it a lot easier to do everything from accounting to communicating but when it comes to getting our creative juices flowing, they are not always the best option.
Studies have shown that we are often more creative when working with paper and pen than when we are working on a digital device. Not only that, but when you don’t have access to the Internet and its billions of distractions, you are more likely to get your gray matter working too. So, switch off and start brainstorming, you might be surprised at how well you do.
2. Meditate
Whether you are trying to come up with a new cleanroom design that will boost efficiency and efficacy for your manufacturing company or you are simply trying to come up with a new and exciting logo for your brand, taking some time out to meditate is highly likely to help you unlock your entrepreneurial creativity and get the job done.
How does meditation help? By helping you clear the clutter of thoughts that are not serving you or your business, and opening up your mind to a world of possibilities. Most people think meditation is just good for getting rid of executive stress, and although it can be very helpful for that, it has also been shown to boost the creative parts of our brains too, so learning meditation is likely to be a smart move for any serious entrepreneur.
3. Take up an artistic hobby
Even if your busies is in an area like financial services which does not have much of a creative element to it on the surface, one thing that can really help you to unlock your creativity and come up with new ways of running your company is taking up an artistic hobby where you have to use your hands to create something new. From painting and drawing to knitting and crochet, anything that engages your visual perception, and forces you to work with your hands will help you to be more innovative by releasing your creativity and making you think in a much more creative way than you have ever done before. It, like meditation, is also great for relieving your executive stress too.
4. Find a creative mentor
Finding a creative mentor, or even simply reading more about other entrepreneurs and the unique ideas they have come up with, will help to make you more creative too. You will start to notice their processes and the unique ways they look at the world and it will start to rub off on you. You will find yourself thinking about that math problem in terms of the golden ratio or you will start looking at your logo from the perspective of an artist and it will open up a new world of creativity to you which will undoubtedly benefit your business going forward.
5. Question everything
If you want to think more creatively, then you need to start questioning things more often. From the way your production line packages your products to the way you design your website, every decision needs to be evaluated from as many angles as possible. By doing this, you will automatically start to generate more ideas and tweaks and you will be able to ensure that your choices are always well thought out and as creative as possible.
The more creative you are, the more likely you are to survive in business, so you have nothing to lose, and everything to gain, by trying out some of the techniques above.
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As a creative, you may have spent your whole life dreaming of being able to do what you love for a living. Being able to ditch a mundane nine-to-five job, follow your ambition, and launch a creative business may feel like a dream come true. However, for many creatives, launching a business and starting their entrepreneurial journey can throw up a few surprises. One of the biggest realizations many creative entrepreneurs have is how much other work goes into running a business.
Trying to keep up with the day-to-day running of a business can consume almost all of your time. Spending your working days replying to emails, sending invoices, and chasing payments may not have been what you envisaged when you started your business, so finding yourself consumed by these mundane tasks can be frustrating. It is challenging to stay creative and keep your passion for your work alive when you seem bogged down by admin and day-to-day tasks. You may be wondering how to run a business and stay creative simultaneously. The tips below should provide you with handy hints to help keep your creativity flowing and ensure you do not get consumed by admin:
Never Multitask
Multitasking and entrepreneurship may sound like two words that go hand in hand, but in reality, you should avoid multitasking as much as possible. Attempting to juggle too many tasks can sap your creativity and leave your mind feeling scattered as you try to manage multiple things at once.
Instead of trying to multitask, it is helpful to focus your attention on one job at a time. Setting aside one hour a day to tackle admin jobs is an excellent way to ensure most of your time is spent on creative tasks. Trying to stick to the same time each day to reply to emails, chase invoices, etc., will enable you to stay on top of these less exciting tasks without impacting your creative time.
Streamline Your Organization
If you find you are spending a large portion of your time dealing with issues related to the set-up of your business, it is a good idea to try and get these resolved once and for all. If you are dealing with constant queries about payment issues, you can make life easier for yourself by sorting out your merchant enrollment api. When you are constantly dealing with issues that need fixing, it is usually a lot less stressful to set aside time to fix them properly than deal with them continually. Getting frustrating troubleshooting jobs out of the way will prevent these stressful issues from impacting your creativity.
Outsource Wherever Possible
Outsourcing aspects of your business is a helpful way to free up your time and focus on what you are good at. Having an accounting company to manage your books and chase invoices on your behalf can take a massive weight off your shoulders. Likewise, hiring a virtual assistant to take care of admin tasks will help you stay creative and minimize distractions.
One of the common fears that comes up with my clients repeatedly is becoming a target for haters, cancel culture, and trolls. I mean, the bigger they are, the harder they fall, right? The idea of having to deal with negative attention does not feel expansive, fulfilling, or joyful. I mean, no one wants haters, and when you’ve already got a full plate, comments and attacks can be the straw that breaks your back.
It leaves them thinking they have to choose safety over the real success that they crave.
BUT… Do you really have to choose between playing it safe or taking risks all the time if you want to be successful? Entrepreneurship is inherently risky, but is the only path to success found by taking BIG risks all the time? Do you really have to choose between safety and security and being successful at the level that brings the income, impact, and influence you know is meant for you?
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Theme music: “Big Time” by Ikoliks, Artlist.io
How to Get the Courage to Start Your Entrepreneurial Journey Today
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The decision to become an entrepreneur is a big one. And it's not one that should be taken lightly. There are a lot of things to consider before taking the plunge—like whether you have what it takes to be your own boss, if you're truly passionate about your business idea, and if you're prepared to face the many challenges that come with being an entrepreneur.
For some people, the thought of entrepreneurship is so daunting that they never take the first step. If you're feeling stuck and paralyzed by fear, know that you're not alone. But here's the thing: you can't let fear hold you back from chasing your dreams. So how do you get the courage to start your entrepreneurial journey today? Here are four tips to help you get started.
Before taking the plunge into entrepreneurship, it's important to do your research and make sure that it's the right decision for you. Ask yourself questions like: Do I have what it takes to be my own boss? Am I truly passionate about my business idea? What are the potential risks and rewards associated with starting my own business? Answering these questions honestly will help you determine if entrepreneurship is the right path for you.
One of the best ways to gain the courage to start your entrepreneurial journey is to find someone who has already walked the path before you. Ideally someone who can mentor and guide you through the process that has experience in the field. This person can provide invaluable advice, offer support when times get tough, and help keep you accountable to your goals. If you don't have a mentor yet, try reaching out to your network of family and friends or joining an entrepreneur group in your community.
In addition to finding a mentor, it's also important to build a supportive network of family and friends who will encourage and motivate you as you pursue your entrepreneurial dreams. This support system will cheer you on when things are going well and help pick you up when things get tough—because there will be times when things do get tough. It could be those you did your Yoga certification with or went to college with. So don't go at it alone—build a supportive network of people who will lift you up along the way.
If the thought of starting your own business from scratch seems overwhelming, start small by taking baby steps towards your goal. For example, if your goal is to eventually quit your day job and become a full-time entrepreneur, start by setting aside some time each week after work or on weekends to work on developing your business idea. Or if your goal is to launch an online store, start by creating a website or blog where you can sell products or services part-time. As you start making progress towards your goals, see how it feels—if it feels good, keep going! But if it starts to feel like too much, take a step back and reassess how much time and energy you want to devote to your business venture.
When I was 16, I was over the moon excited about getting my driver’s license. I wanted it SO bad. When I was 9, I helped my brother study for his exam and I held onto his copy of the driver training booklet. Man, I read that thing so many times, I was pretty sure I had it memorized. I knew all the moves to parallel park, all the road signs at a glance, and how to safely pass a commercial vehicle. I knew which vehicle had the right of way at a 4-way stop, what to do when the traffic lights were out, and all the other stuff that little encyclopedia of driving wisdom had to share.
But I wasn’t prepared when Dad invited me out to drive.
“What? Me? On the road? But Dad, I don’t have my license yet! I don’t have my learner’s permit yet! That would be breaking the law! I don’t think I could DO that! I don’t think I’m ready for that.”
“Okay kid.”
And he never asked me again, even after I got my permit. The next year, he asked my sister, and she jumped at the chance to hop in the car with Dad and tool around town. I was hurt, angry, and didn’t understand why Dad had passed me over like that in favor of my sister. Couldn’t he see I was ready now? Couldn’t he see that I had more experience, more skill at driving than she did? Why was SHE getting the invite, but I wasn’t?
That was one of my earliest experiences with the Passed Over Paradox. Only, I didn’t know it yet. Let me break this down so you can see what was really going on here.
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Theme music: “Big Time” by Ikoliks, Artlist.io
Technology has significantly evolved over the last few decades and has changed the way that people work and live, the way companies conduct business and the way that people shop. It is an indispensable part of life.
Technology plays a huge role in the way that businesses are run and how they operate. Without the latest technology, businesses are going to be stuck behind in the industry. One of the biggest mistakes that companies make is to remain comfortable with the technology they already have. While there are many benefits to that, there also comes a time when businesses need to take inventory and upgrade their technology.
When the right technology is upgraded and used in businesses, it can change the way you work and give you a competitive advantage. Technology will benefit your business in a multitude of ways, including driving forward your strategies, providing your team a better way to collaborate and communicate, keeping your business and information secure from cyber threats, creating a more efficient and productive environment, helping your employees work to the best of their ability, and save you time and money in the long run. There is no better time than now to be investing in technology to enhance and grow your business. Here are some top tips to help you get started.
Security is one of the most important things you should invest in as a business. As technology grows, so do the capabilities of those who carry out cyber attacks. This means it is vital that you continue to upgrade your security technology as time goes on. You should carry out regular risk assessments, and continue to learn about the current threats and available technology. This is essential for any business that holds sensitive information about its strategy, its customers, and its employees.
Hardware is what enables your employees to do their job. Whether you work in an office or a warehouse, the type of hardware and technology that you use will make all the difference. If you continue to use old and outdated equipment, your employees will grow frustrated and the standard of work will suffer. You should always ensure that your employees are equipped to do what you pay them to do, so you can create a positive and efficient workplace. For example, if you work in a gummy manufacturing warehouse, you may choose to upgrade your gummy machine so that you can reduce problems and increase your output.
Communication and collaboration technology in the workplace has evolved to better help employees in the workplace work more efficiently and to a higher standard. Communication and collaboration are key for any business that wants to grow, as they will streamline processes, create a good workflow and enable employees to work better. This technology can be anything from video calls, chat features, cloud technology, and much more.
Upgrading the technology in your business is vital if you want to grow. There are many options for technology upgrades in your business, so you must find where your business needs to improve and start there.
How To Delegate Effectively
Running a business isn't about how much you can do by yourself. Instead, it's about figuring out what you're good at and focusing on that while giving the tasks you don't like or aren't good at to people who can do them better than you. It can be difficult to delegate, but letting go of some parts of your work can help your business run more efficiently and help you make more sales and money. We recently found a virtual assistant agency to fits us perfectly and handles many of our delegation needs. Here are some steps to take when you want to start delegating.
To run a business well takes a lot of work, but you shouldn't give out too many tasks. If you feel like you have too much work to do, think about how your staff would feel if you kept giving them more tasks. If they have too much work, it won't be done well, it won't get done on time, or it might not get done at all.
Delegating is not the same as giving someone else everything you need to do in your business, leaving you with nothing to do. When you delegate, you should be smart and give other people the tasks you know they can do better than you. Giving away all your tasks won't solve the problem; it will just move it to someone else, and nothing will get done.
When you give important tasks to other people, it's important to pick the right people to help you. The person you choose to delegate something to must be right for the job. It would be best if they already knew how to do it, but if they don't, they must be willing to listen and learn from you. Try to use the skills and strengths of each team member so that jobs can be done more quickly and easily and there is less downtime in the business as a whole.
Providing your employees with the resources they need to execute their jobs goes beyond just a desk and a phone. This means providing them with everything they need to do their jobs effectively. It also includes ensuring sure everything you need is easily accessible and in good functioning order. No matter what it is they need, from teaching software for K-12 schools to heavy machinery and vehicles, if you want to delegate effectively, you need to provide the right equipment.
If you don’t do this, you can delegate the tasks, but they may not be done well. They may not even be done at all. You’ll need to work at putting the foundations in place before you can really make headway when it comes to delegating.
Technically, you could just give your team a list of tasks to do and be done with it, but if you want to get the most out of them, it's best to explain why you're asking them to do something. Be honest about the fact that your business is starting to grow and you have a number of other tasks to do, and tell them that you think they would enjoy the task, do it well, or do it better. Show them how this work will help them grow as people and how the new responsibilities you're giving them will help them, you, and the business as a whole. If they know all this, they will be much more willing to complete the task.
If you aren't clear and specific when you give someone a task, it will be much harder for them to do it the way you want and in the time frame you set. Give the person you're delegating to the clearest instructions you can, and if you can explain why the job needs to be done, that will help them see how it all fits into the bigger picture of running your business.
If you only give vague instructions, you shouldn't be surprised if the job isn't done the way you wanted it to be done or if your team member keeps coming to you with more questions that stop what you're doing and make the task take much longer than it should.
Leaving an employee to focus on the task at hand may be the quickest solution, but it could backfire in the long run, hurting both you and the employee. The process will go more easily if you check in with them periodically to see if they need anything or have any queries. Delegating is entrusting others with responsibility without hovering over their shoulders, but letting them know you’re there if they need you is a crucial component, especially when you first start doing it.
Today’s workplaces are constantly evolving and so are the challenges of leading teams.
With rapid advancements in technology, collaboration and communication have become easier. Most businesses have migrated from traditional desk-based offices to virtual team spaces and online collaboration tools like Slack or Google Docs.
These changes have resulted in more accessible work environments for employees, making it easier for them to work remotely and telecommute.
However, with all these benefits also come new challenges for leaders who need to find ways of maintaining high performance at all times from their team members.
Here are some tips that can help you improve your team’s performance:
The performance review meeting is the best place to start when it comes to improving your team’s performance levels. It is the perfect opportunity to ask your employees about their work-related concerns and issues and find ways of resolving them.
This meeting can be conducted on a yearly basis, but you can also have it on a biannual or quarterly basis depending on the kind of business you are running. This meeting can help in identifying the areas in which your employees have been struggling and can also help you find ways of resolving these issues.
These meetings can also help you build a better relationship with your team members and help you understand the issues that they are facing and the challenges they are dealing with.
Your employees might not understand the expectations that you have set for them and the goals they must achieve.
It is important that you set clear expectations from the start so that they can work towards them and achieve the goals you have set for them.
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These expectations can include:
Your team members need to know what they need to do and why they need to do it. By setting clear expectations, you can avoid any misunderstandings and help your employees achieve their goals with greater efficiency.
Your team members might feel motivated after setting clear expectations and achieving goals, but you also need to help them celebrate their achievements. Celebrating achievements can also help in motivating your employees and helping them feel appreciated on the job. Celebrations don’t have to be expensive or grandiose - they can be as simple as creating free event tickets or a team lunch.
However, you must also remember to be careful not to celebrate too frequently as this can become demotivating for your team members.
Many productivity tools are available in the market and you can select any of them and implement it in your team.
You can use tools like Asana or Teamwork to organize and schedule your work, help you collaborate with team members and serve as a communication platform.
A productivity tool can help you stay on track with your work and help you stay focused while working.
These tools can help your team members with accessing articles, files and documents in one central location and can also help with setting alerts and notifications to keep everyone updated and informed about upcoming deadlines.
Team members may start feeling apprehensive about sharing their ideas, concerns and suggestions with their managers if they feel they will be reprimanded or criticized for it. This can result in a lack of open communication and can affect your team’s performance.
A lack of transparency in your workplace can also impact your team’s productivity, especially when employees are unsure if their ideas will be accepted or not. The only way to avoid such complications is by creating an environment of transparency in your workplace.
This can be done by encouraging your employees to speak their minds and letting them know that their suggestions will be accepted and appreciated.
Depression and anxiety can affect work performance and may have a negative impact on the entire team. It’s important to identify when employees are struggling mentally so that you can make things easier and help them on the road to recovery.
Performance review meetings can be a chance to also check in on people’s mental health. Being approachable can also help employees open up about problems they may be having. You can then find a solution - which could include temporarily reducing responsibility or letting them have some time off.
Some employers find it beneficial to outsource services like business chaplaincy or a workplace counsellor. These individuals can provide counselling and help check in on the mental health of every employee. They are particularly useful in larger workplaces.
Team performance can be significantly improved when leaders actively engage in these six ways to improve their team's performance.
However, it's important to keep in mind that exceptional performance doesn't happen on its own; it happens as a result of specific strategies and practices. By following the tips mentioned above, you can make sure that your team thrives and outperforms themselves.