Staying Ahead of Your Competition

When you run a small business it’s easy to wonder what your competitors are doing and how you can stay ahead of them.  Some experts say that you should watch your competition closely but don’t follow them.  Others say you should think about improving upon their ideas.  Either way you look at it, you should always have a strong business plan in place to execute your strategy most effectively regardless of what the competition is doing.

I’d say it’s important to know your competitors but not to obsess over them.  Don’t follow their every move or try to duplicate everything they’re doing.  “While studying competitors can be a shortcut to learning what works, it can also be a red herring and a waste of time.”

Trust in your instincts.  Be original.  Be different.  Be creative.  Just because your competitor is targeting a specific audience, doesn’t make it a profitable one.   Do your own research, implement your own tests, try new strategies and new offerings that you believe in.

Do things that are hard to duplicate.  Blogs, forums, user-generated content are harder to copy.  The more diverse your content is, the less likely you are to find it being used elsewhere.

Stay one step ahead and never stop innovating.  Continue to build upon your unique, creative idea that led to your success in the first place.  You’ll fast fade away from the scene if you don’t stay current with market trends and the new and increasing demands of your customers.

Don’t change completely though or stray too far from your original idea – that’s what led you to success to begin with.  Change solely for the sake of change can end badly.  Find ways to improve your offering not just ways to be different.  Different isn’t always better.  Sometimes it can actually be destructive.

Know your customers and your competition.  Always be doing research on up-to-date market trends.  Know what’s unique about both your customers and your competition.  Can you do things better without straying too far from your original goals?

Easily differentiate yourself from your competition.  Let your customers know why in fact you are different and how you can service them better than what’s already out there.  Step up your marketing.  Be visible to your consumer.  Don’t fade off into the ether.

Always update your image with the times.  Stay sleek and modern.  Make sure your websites or any online presence (or even catalogs, if that is an effective marketing tool for the kind of business you run) are current and in line with a contemporary image.

Try targeting new markets.  Obviously, you don’t want to ignore the customer base that put you on the map to being with but it never hurts to branch out into new arenas.  If you are a US-based business, maybe you might want to consider selling overseas?

Diversify.  Again, you don’t want to stray too far from your original idea but it never hurts to be innovative in your strategy.  Try to expand your offering if it’s feasible.

Make sure you have a skilled, motivated staff.  Customer-service is key to staying competitive in the marketplace.  Consumers go where they’re treated best and where their needs are most effectively met.

Lastly and possibly most importantly, look to the future.  “Businesses that plan for growth are more successful than those that are happy to stay still.  Keep up with developments in your sector, follow consumer trends, invest in new technology and - crucially - have a clear idea of where you want to be in one, three and five years' time.”

Here are some articles you might want to check out for staying ahead of your competition in business:

“Staying ahead of your competition”: http://www.bizjournals.com/orlando/print-edition/2012/04/20/staying-ahead-of-your-competition.html

“How to stay ahead of your competition”: http://www.openforum.com/idea-hub/topics/managing/article/how-to-stay-ahead-of-the-competition-adam-hartung

“Smart ways to stay ahead of your competitors”: http://www.cbil360.com/blog/2012/04/30/smart-ways-to-stay-ahead-of-your-competitors/

Until next time…

Motivating Your Employees

The most challenging part of any new business venture is finding and most importantly, keeping, good employees.  No successful business exists in a vacuum – it takes teamwork and group effort.  Find people to work for you who want to succeed and success will follow but oftentimes it’s hard to keep even the most driven people motivated.  So how to do that?

First off, ask your employees what’s important to them.  Making them an integral part of the working environment is key.  If you keep them happy, they’re more likely to stay motivated.  If you make them feel involved in the process, even better.  Conduct company surveys.  Listen to your employees.  Consider holding weekly meetings for each department or monthly meetings for the whole company.  You may even want to set up a suggestion box.  Have an open door policy where your employees feel the freedom to come into your office and tell you what’s on their minds.

Pay your employees well.  I know this can be tough as you start up a new business and funds are tight.  But investing in your employees is indeed a wise investment.  To keep the best people, your offer to them is going to have to remain competitive.  Make sure your pay scale is in line with the competition.  If you can’t afford raises all the time, give them perks like discounted gym membership or other easy benefits.  Have a strong health plan and 401K matching program.

Provide for your employees.  Make your work environment as friendly as possible.  Consider end of the month office parties.  Give fair vacation time.  Set up company outings.

Support your employees’ goals.  Set up mentoring programs.  Provide them with networking opportunities.  Bring in experts once a month to run workshops.  Give your employees a leg up and every opportunity to succeed.

Show your employees a future with the company.  Provide internal growth as well as future change.  Promote from within.  Give your employees every chance to grow with your company and not beyond it.  Give them reasons to stay.

Reward your employees.  Give them bonuses or gifts for excellence achieved.  The gifts don’t have to be extravagant – just a little token of appreciation (a gift card, free tickets to the movies, etc.)  Treat them to lunch if need be.  Let them know at every opportunity that they are valued.  Go above and beyond.  Come up with fun contests or employee-of-the-month benefits.

Commend your employees.  Bring their successes to the attention of the whole team.  Write about them in your company news letter.  Meet with them one-on-one to commend their successes, achievements and accomplishments.

Thank your employees from time to time – show them that their efforts are appreciated.  Make note of birthdays or special anniversaries.  Pay special visits to your employees at their cubicles or offices and let them know what a great job they’re doing.

Challenge your employees.  While not all may agree as this might seem isolating to others, you could also keep a report board by the numbers to show who is succeeding the most and challenge others to live up to that success, meet and exceed it.  Friendly competition motivates.  Teach employees to set goals for themselves that they can meet in a timely, realistic fashion.

Empower your employees.  Remind them to try new things but don’t expect them to be perfect.  Let them know that failure is all part of the process that leads to success.  Give them opportunities to grow.

All the ideas listed above are great ways to motivate your employees to succeed so keep some of them in mind as your business grows because, in essence, it can’t grow without successful, motivated employees.

Here are some articles you might want to check out about keeping your employees motivated in business:

“Motivating Your Employees”: http://www.nolo.com/legal-encyclopedia/motivating-employees-30185.html

“How to Motivate Your Employees”: http://smallbusiness.foxbusiness.com/sbc/2012/05/10/how-to-motivate-your-employees/

“20 Ways to Motivate Your Employees”: http://www.biztrain.com/motivation/stories/20ways.htm

Until next time...

Maintaining a Healthy Work-Life Balance

“When you run a business, there’s no such thing as a day off.  There are always clients and vendors to deal with, employees to manage and all kinds of miscellaneous fires to put out.”  So how do you stop your business from consuming your life and learn to set appropriate boundaries to make that happen?

Determine your priorities or in essence, figure out what’s most important to you.  Do you want to be a person who lives to work or works to live?  Consider writing down a list of top priorities in your personal life such as your anniversary, your children’s (if you have them) birthdays or annual vacations to your favorite places.  Get some perspective.

Learn to say no and be OK with it.  Don’t micromanage.  Hire employees who you trust so that you’ll be able to step away from the office when you’re called on to attend to things in your personal life.  Remember, you have to learn to prioritize.

Leave work at work – don’t take it home with you.  Often this might be a challenge if you do, indeed, run your business out of a home office.  But if you do, set aside time with your family such as dinner and television hour, and then go back to the grind.

Develop hobbies or interests outside of work.  Find things you enjoy.  If you took a passion and turned it into a business, pick another passion and keep it solely a passion.  Exercise, take an art class, find a favorite sports team or anything that fills you up and makes you happy.

Look at life beyond professional achievement.  Don’t let your work define you or have complete control over your happiness.  There’s other ways to be successful in life than solely behind a desk.  Take pride in things you do away from the office.

Get organized.  Set a list for yourself every day and leave some time for personal interests or family.  Time management is key in maintaining a successful work-life balance.

Learn to multitask.  Obviously, you don’t want to spread yourself too thin but realize that your work can’t be the main focus of your life.

Set aside time to unwind.  Instead of going to endless networking events after business hours, spend some time with your friends and family.  Do you have a favorite ritual of meeting your best friends for a drink after work?  Keep it up – don’t back out on them!

Take short breaks throughout the day.  Get out of the office for a little bit and clear your head.  It might remind you of what’s most important in this life.

Most importantly, remember that if you can’t reap the rewards of a successful business by leading a successful, fulfilling life, then you’ve lost sight of what’s really important.

Take some of today’s tips to heart and remember that happiness thrives when you have balance between all aspects of your life.

Here are some articles you might want to check out on maintaining a healthy work-life balance:

“3 Simple Tips for Maintaining Work-Life Balance (and Reducing Stress)”: http://blogs.cio.com/meridith_levinson/3_simple_tips_for_maintaining_work_life_balance_and_reducing_stress

“Management 101: Maintaining Your Work-Life Balance”: http://www.dummies.com/how-to/content/management-101-maintaining-your-worklife-balance.html

“4 Tips for Maintaining a Work Life balance”: http://homebusiness.about.com/od/worklifebalanceathome/a/4-Tips-For-Making-Working-From-Home-Work.htm

Until next time…

Managing Your Employees More Effectively

While it might seem an easy task, a lot of managers find it daunting to manage their employees effectively.  Most managers have two major duties:  Managing their departments and managing their workforce.  A manager’s prior tenure and years of experience often make managing their own work initiatives relatively easy but some struggle with the responsibility of managing staff.  Effective managers build relationships with their employees, encourage them, give them advice on how to better succeed and point to their strengths instead of always harping on their weaknesses.  Creating a positive work environment where success is rewarded makes it easier for managers to creatively and successfully manage their employees.

One way mangers can be effective at their job is to develop an employee communication plan.  “Provide information about business development, organizational changes, personnel transfers, promotions and company performance.”

Get feedback from your employees.  Obtain input from them on a regular basis.  Set up monthly one-on-one meetings or weekly department meetings.  Listen to your employees.  Encourage them to suggest effective ways to avoid problems in the workplace.  A manger might even consider conducting annual employee opinion surveys.  “Employees who are encouraged to share their opinions and offer feedback often enjoy better working relationships with peers as well as the management team.”

Give employees opportunities to learn new skills and improve the ones they already have.  Run workshops or bring in professionals to run monthly continuing education classes.  In addition to performance appraisals, solicit feedback on the type of training and development that employees believe will make them more successful and productive.

Review your staffing model periodically.  When the company makes changes in hiring procedure or workforce planning, involve your current employees in the process.  Make sure that your employees are in the roles that fit them best.  Let them bring their most suitable skills to the table.  “Take seriously employees’ suggestions for modifications to their job duties if they are changes that will improve job satisfaction and the company’s productivity levels.”

Consider putting employees on the right path to success by implementing development programs, successions plans and career track programs.  Motivate your employees everyday so that your retention rate of successful talent will exceed expectations.

Reward your employees work ethic especially those who most significantly and effectively embody the organization’s philosophy and mission.  Give your staff opportunities for growth.  Don’t stifle their creative abilities and unique skills they bring to the table.  In essence, don’t micromanage.  Give your employees freedom to work at their own pace and ability level.  “Provide non-monetary recognition to motivate workers, such as plum assignments, leadership roles and the chance to demonstrate aptitude for higher-level positions.”

Update your performance standards regularly so that your employees know what is expected of them on a daily basis.  Clarify performance expectations for them on a regular basis.  Maintain up-to-date job descriptions.  “Provide refresher training for supervisors who conduct performance evaluations to ensure they understand the fundamentals of performance management and employee coaching.”

Keep open lines of communication with your employees.  Be vocal about what is expected of them.  They can’t do their jobs efficiently and effectively without good direction.  Be a leader and you will lead your team to success.  Speak up about performance problems when they arise and be honest with your employees about their job performance.  Feedback is key.  “Conduct performance appraisals regularly, but provide informal and continuous employee feedback throughout the evaluation period so employees aren't left to wonder if they are actually performing their jobs the right way.”

Make sure you keep your employees up-to-date about any changes to employee handbooks or new procedures or policies that are implemented.  Develop a strong orientation program or mentoring program for new employees.  Encourage your employees to work together which will help keep up team morale.  When employees feel they are working in conjunction with others for the greater good of the company and have the support of their co-workers and managers they are likely to be more productive and keep your company on a path to success.  Give new employees time to adjust as well.

Be fair.  Treat everyone equally – don’t play favorites.  That can quickly lead to tension in a workplace environment.  Make sure all your employees feel equally valued.  Make fair employment practices a priority.

Build a team not your ego.  Work in conjunction with employees.  Let them know that they are valued and that hierarchy does not rule the workplace.  Trust your employees to do their jobs and make them feel that they are needed, wanted and invaluable to the company’s success.  Set a good example and success will follow.

Make your employees versatile.  Give away tasks but not ultimate leadership.  Delegate and lead by example.

Communicate, communicate, communicate!  Give your employees your best advice.  Encourage them to take pride in their everyday roles and responsibilities in the company.  Encourage innovation.

Lastly, you might want to think about having a second in command who you can bounce ideas off of.  “Find someone you trust within your company who has the same goals, ideals and a similar business style.  Train him/her appropriately.  Let others know he/she has your confidence and authority when you are gone.

Again, it might seem daunting at times to be a successful manager but if you take what I’ve said here today to heart you just might find that you already have the keys to success and just need some direction in how to bring them out.

Here are some articles you might want to check out about managing your employees successfully:

“Ten Tips to Mange Your Employees More Effectively”: http://suite101.com/article/10-tips-to-manage-your-employees-effectively-a304884

“How to Manage Your Staff”: http://www.thewebbrains.com/hosting-guide/articles/15/1/How-to-Manage-Your-Staff

“How to Manage Your Employees’ Strengths”: http://www.executivetravelmagazine.com/articles/how-to-manage-your-employees-strengths

Until next time…

The Entrepreneur: A Modern Day Olympian

Everyone dreams of going for the gold whether it’s in the Olympics or life or most often in business.  But we can’t all achieve that.  Most Olympians (whether or not they truly believe it) will tell you that just competing is an honor but everyone wants to stand atop that podium and hear their national anthem sung before the world.  But winning the silver or bronze is still impressive and the same can be said for business.  We can’t all be Twitter or Amazon or Google.  There are many thriving “Mom and Pop” shops out there that do fairly well and give their owners a sense of pride and purpose and accomplishment.  So what can we learn from Olympic glory or defeat in business?  What are some of the similarities?

There are emerging stars on this year’s national stage in London.  Alex Morgan and Megan Rapinoe of The U.S. Women’s National Soccer Team have both made a name for themselves and have solidified their spots as starters and game changers.  There’s Ryan Lochte of the men’s swimming team who did what would seem the unimaginable – beat Michael Phelps (who didn’t even medal in that first race).  Phelps has achieved the height of Olympic glory but he is fast becoming a fading star.  In a recent interview with Matt Lauer, he mentioned that after Beijing and his many accomplishments there, he veered off course – fell into a depression, wasn’t committed to training everyday and giving it his all.  The same can happen in business – you can shine or you can lose your way.

Olympians are inspiring. They are supremely driven and dedicate their lives to pursuing their goals.  They are great role models for all Americans, particularly small business owners.  Olympic athletes have the same qualities that are important for entrepreneurial success.

For one, Olympians tend to preserve through hard times and tough competition.  They dedicate themselves each day to staying in shape and training meticulously.  The muscles they use might be of the body whereas an entrepreneur’s might be of the mind.  But there are many obstacles to overcome in business as there are in sports.  Finding an idea first and foremost, getting the word out about your business, building up a loyal customer base, getting financing, etc.  An entrepreneur really has to push past their own limitations and road blocks in order to become successful.

Mentoring is another similarity entrepreneurs and Olympians share.  Athletes look to their coaches where small business owners look to those who have come before them or bosses or co-workers.  To be successful, they mingle and network with like-minded individuals who can offer help, guidance and inspiration.

Support.  Olympians have a team of friends, family and trainers behind them.  The same can be said of entrepreneurs.  Having a trusted ally to turn to with new ideas or just to get behind your venture whether it’s financially or emotionally is important.

Facing competition.  Both Olympians and young business owners face stiff competition from outside forces and they have to find a way to muddle through.  You can’t be turned away by the notion that there are others out there with the same dream, trying to reach the same goal.

Challenges are another similarity between athletes and entrepreneurs.  No successful venture can be successful without overcoming them and there are many new business owners will face.  But you have to push forward and stay confident in your abilities.

Staying the course.  Athletes prepare and train for months and years on end.  In business, you also have to stay the course through the rough times – loss of customers, a bad economy or any other rough patches that come your way.

Dedication.  Athletes train up to ten hours a day at times.  As an entrepreneur, you have to commit yourself everyday to being successful.  You have to keep focus and keep your eye on your long-term goals and the bigger picture.  Doing little things everyday can add up to success in the long-run.

Sacrifice.  Athletes sacrifice social and academic relationships at times to pursue their dreams.  As an entrepreneur just starting out, you may have to give up time with family and friends which can be painful and isolating.

Investment of time, money and resources is also another similarity.  We’ve all heard stories of Olympic moms and dads driving their kids to endless practices and games so that their children can train to become Olympians.  The same is true of business.  Sometimes entrepreneurs put up their own money to go after a business dream, mortgage their homes, take loans from the bank, etc.  It’s all a risk; a gamble, if you will.

Both athletes and entrepreneurs have to be flexible and seize opportunity.  You can’t be lazy or someone else might quickly pass you by in sport or with a better, more innovative idea.

Optimism.  It’s important for Olympians and entrepreneurs to “keep the faith” and have self-belief.  Put doubt out of your mind.  You have to remind yourself each and every day that you’re just as good, if not better, than the next guy.

I’ll leave you with this last thought from an article I recently read: ‘Olympic champions and small business owners dedicate their lives to making their dreams come true.  Their sacrifices and success inspire others.  Their will to win, combined with the opportunities that are available in the United States, bring them to heights they otherwise might not reach.  We laud their effort, sympathize with their failures and, of course, revel in their success.”

We can’t all be Olympians, of course – that’s a given.  We can’t all win the gold at the height of sports extreme competition but we can take lessons away from these athletes that we so admire and apply them to our everyday goals and business dreams.  I hope you’ll take what I’ve said here today to heart and push past your own limitations and external forces to reach for your dreams in the business world.

Until next time…