Small Business – Success Strategies

9 Investment Strategies For New Entrepreneurs On A Tight Budget

Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets.
Jas Bagniewski

20% of new startups fail within the first year of business. This can be scary for first time entrepreneurs. So, the more prepared small businesses are, the more they can survive especially as it concerns making bold marketing steps which require some upfront investment. That said, here are some ideas to counteract those costs for a new business owner on a tight budget:

Leverage free platforms – For example, start a free blog, post on LinkedIn, use free webinar services, publish a podcast using free hosting.

2. Barter services – Exchange things like hosting an event or providing content in return for exposure from partnerships.

3.Get sponsorships – Seek sponsorships from vendors/partners to help fund events, ads, giveaways. Offer sponsor visibility.

4. Use DIY options – Design your own simple website, create your own flyers, give free talks at local libraries versus paid venues.

5. Offer packages – Offer bundles and multi-session discounts to incentive larger purchases to increase revenue.

6.Be guest instead of host – Guest blog, speak at other events instead of funding your own. Reduces costs.

7. Tap into your network – Ask connections to share content, provide referrals, submit testimonials, write guest posts.

8. Focus locally first – Start by promoting heavily just within your local community to establish proof of concept.

9. Only invest where needed – Don’t overspend on unnecessary items. Prioritize money only where it will derive direct value.

Essentially, the goal is to maximize existing free resources and opportunities where you can exchange services. The aim is to become creative in order to access cost-effective resources until you gain proof of return on investment, then you can increase spending.

Which of the methods have you used? Can you add another method that has proven helpful? Do share. We would love to hear.

Cheers!

10 Tips On How To Coach Employees on Career Development Without Micromanaging

Change a game.

Change a life.

A good coach can change a game. A great coach can change a life.
John Wooden

She ran to the restroom and screamed. Sabrina had a job to do, and her manager knew she could do it well, but she kept questioning her over the past six months. As the year-end drew near, the project was near due. But the constant checking in was more of a time waster than productive. Sabrina became frustrated. How could she tell her manager to allow her to focus?

Coaching employees on career development without resorting to micromanagement requires a delicate balance of support, guidance, and autonomy. As a leadership coach, I recommend employing a coaching approach that fosters individual growth and self-driven progress is important. Here’s a brief summary of 10 tips on how to approach this:

Establish Trusting Relationships: The foundation of effective coaching is trust. Build strong, open, and honest relationships with employees, creating a safe space for them to share their career aspirations, concerns, and challenges.
Active Listening: Actively listen to employees, understand their goals, strengths, and areas for improvement. By attentively hearing their needs, supervisors can tailor coaching discussions to their unique career paths.
Goal Setting: Together with employees, collaboratively set clear, SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals. This ensures that their career objectives are well-defined and realistic.
Empower and Encourage: Instead of micromanaging, empower employees to take ownership of their career development. Encourage them to seek out opportunities, challenge themselves, and take initiative in their professional growth.
Provide Resources: Offer guidance on available resources, such as training programs, workshops, or mentorship opportunities, that can aid employees in acquiring new skills and knowledge aligned with their career goals.
Feedback and Reflection: Promote a culture of continuous feedback and reflection. By offering constructive feedback and encouraging employees to assess their progress, they become more self-aware and adaptable.
Accountability: Employees are encouraged to hold themselves accountable for their career development. As a leadership coach, it is recommended that supervisors help employees establish milestones and regularly check in on their progress without micromanaging their day-to-day tasks.
Supportive Coaching: Through regular coaching sessions, provide a supportive framework where employees can discuss challenges, seek guidance, and refine their strategies for career advancement.
Celebrate Achievements: Recognizing and celebrating milestones and achievements is crucial for motivation. Acknowledge employees’ accomplishments, reinforcing their sense of progress and satisfaction.
Adaptability: Recognize that career paths may evolve, be flexible and adapt coaching strategies to align with changing goals and circumstances.

By coaching employees in this manner, we can empower them to take control of their career development journey. It fosters a sense of autonomy, motivation, and engagement while avoiding the pitfalls of micromanagement. Ultimately, the goal is to help individuals thrive and achieve their career aspirations in a supportive and non-intrusive manner.

To Fail Or Not To Fail? Entrepreneurs Speak…

Success Strategies

Failure will never overtake me if my determination to succeed is strong enough. ~Og Madino

To fail or not to fail? That is the question. Fail Fast. How about don’t fail at all? That was the statement James Altucher posed in a public forum. Entrepreneurs jumped in sharing their beliefs, values and thoughts on the concept of failure. Names have been omitted as I share excerpts:

What It Means To Fail

A person who hasn’t failed is more likely to have never been successful
The message of “fail fast” is not to encourage failure. What it speaks to is moving action with ideas instead of analysis paralysis and never-ending planning. No amount of analysis and planning can prepare you for the reality of launching something. This is what “fail fast” means. It does not mean to emphasize failure. Build it (now). Measure it. Learn from it.
The wisdom in “failing fast”…

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7 Biggest Recruitment Mistakes Business Owners Make And How To Avoid Them

Financial drain. Legal Risks. Frustrating people problems. Not cool at all. Totally not cool. Mark owns a small Crisp insurance agency where he hires various professionals to manage his clients needs. Because of the market demands his business has been growing faster than anticipated over the past 3 years. His desire to meet the demand has caused him to hire anyone he interviews. Faced with problems in different areas, he does not understand the Hidden reasons some of his workers have quit, not met their job requirements, while others are disgruntled because they have had to do the job of the team members who have slackened, or quit.

Sounds familiar? Sure! It happens so very often and leads to wasted resources. As a professional with a track record of solid business management, I have looked at some of the BIGGEST Recruitment Risks Companies Make That Expose Them To Damaging Financial Drain, Frustrating People Problems, and Serious Legal Risks. I have listed the top 7.

The 7 BIGGEST Recruitment Mistakes Business Owners Make

1. Panic (warm body hiring)

2. Don’t Know Their Why | Business strategy misalignment

3. Wrong Source of supply

4. One-size-fits-all Interview Specs

5. Compensation Woes

6. The Next Step Disconnect

7. Revolving Cycle That Leads to Financial Drain

If you are a business owner or self-managed leader and these 7 Mistakes resonate, then do something about it. Connect with me to get the full details on these 7 Mistakes, and learn the Polished strategies to avoid them. Can’t wait to connect!

Cheers!

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