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Growth Management Personal Development

How to Make Millennials Fall In Love with Working for You

Recent studies find that millennials’ attitudes toward work differ dramatically from those held by members of the older Baby Boomer generation. For example, a recent study from Gallup, “How Millennials Want to Work and Live,” reported these findings:

  • 60% of millennials say that the opportunity to learn and grow on the job is “extremely important” to them. In contrast, only 40% of baby boomers feel the same way.

 

  • 50% of millennials strongly agree that they plan to remain in their jobs for at least the next year. In contrast, 60% of members of all other groups plan to stay in place for that long. The message is that millennials are weighing their options.

Findings like those – and you can easily find more – show that keeping millennials happy and engaged at work can be a challenge. But it can be done. Here are some trends that can have a strong impact on your franchise’s ability to attract, hire and retain the strongest millennial employees.

Millennials like to feel capable and confident in their jobs. They do not like to feel like rookies. Many think of themselves as leaders – or as leaders who are waiting to be discovered. They want to look good and thrive on being able to confidently contribute from the first day they arrive on the job. The right kind of training – both for new and current millennial employees – makes that happen.

Millennials are usually skilled students. They like to apply the learning skills they built while they were in school. To them, learning feels as natural as eating three meals a day. In contrast, getting baby boomers to believe in learning can be a harder sell. They tend to view training as a burden, something they must endure. In contrast, millennials are more likely to say, “Wow, when can I start?”

Millennials are tech-friendly. Most of them love to be trained on their mobile phones and tablets, which are the most powerful training options available to many companies today. The result is better knowledge transfer, even to groups of employees who work in far-flung locations. Baby boomers, in contrast, are more tech-resistant. They are likely to freeze and resist when they hear they are going to be taking company training on their little smartphones.

Millennials like to be part of energized teams. This is a bit of a contradiction, but at the same time millennials think of themselves as individualist entrepreneurs, they also expect to be part of an interesting team. Letting millennials get to know their teammates during training, and fostering a sense of team/group identity, can help convince them that they have joined the right organization.

Millennials like a well-defined career path. Consider creating a personalized career development plan for all new employees. (The exception being seasonal or other short-term workers who will probably not remain with your company for long.) Another idea? Enroll new employees in management training programs from their first days on the job. In a retail franchise, for example, you can enroll them in training that will enable them to manage their own stores in two years, or after another stated period. Millennials like to know their next steps as they build their careers, and training is a fine place to begin.

 And remember training . . .

Training is important to millennials. They are the most energized, skilled and capable generation ever to enter the workforce. Train them well and they will become your organization’s brightest future.

This article is adapted from the book Ingaging Leadership by Evan Hackel.

About Evan Hackel

Evan Hackel is a 35-year franchising veteran as both a franchisor and franchisee. He is CEO of Tortal Training, a leading training development company, and principal of Ingage Consulting. He is a speaker, hosts “Training Unleashed,” a podcast covering training for business, and author of Ingaging Leadership. To hire Evan as a speaker, visit evanspeaksfranchising.com. Follow @ehackel or call 704-452-7368. Why not have Evan Hackel address your group about franchising success?

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Growth Management Personal Development

The ONE Program Your Company is Missing

I see young business professionals entering the workforce, and they’ve got all the technical training out the wazoo (now, that’s a technical term for ya!) and often they’ve got degrees to the point that it looks like alphabet soup behind their names, but they are far from having what it takes to be successful in today’s work environment.

They really need a guiding hand, tips, strategies, and techniques for how to APPLY their training and education in the real world of their job. What they need in short, mon ami, is mentoring.

“What exactly is a mentor?”

A mentor is someone who commands a certain degree of respect, either by virtue of holding a higher-level position, or because of experience doing the job. Mentoring is most often defined as a professional relationship in which an experienced person (the mentor) assists another (the mentoree, mentee, or protégé) in developing skills and knowledge that will enhance the less-experienced person’s professional growth. A mentor takes a special interest in a person, and in teaching that person skills and attitudes to help him succeed. Think Mr. Miyagi and Daniel-San from the movie The Kirate Kid. 

A term that you often hear in Cajun country is comme ca`, which translates literally to “like this/like that”. As a kid when a parent or grandparent was teaching us something, they would say, “Comme ca” as they demonstrated the task. In a similar way, a mentor is someone that a less experienced employee can go to and ask questions, have a task demonstrated, and generally bounce around ideas.

Companies who are on the right track are creating structured mentoring programs to help less experienced team members get acclimated quickly and start progression in their career.

Here is what you are missing out on if you don’t have a mentoring program:

1. Orienting the new employee to the organization’s culture. Knowing the culture is almost as important as doing the job well. Job satisfaction comes not only from good performance evaluations but also from feeling that she fits in, has friends at work and can be herself.

2. Talent Development. A mentor can help the new employee learn the skills particular to this position, apply their education or training on the job, and most importantly, develop the confidence to perform the job well.

3. Knowledge sharing. With baby boomers retiring at record rates today, organizations are suffering major “brain drain” as retirees take all of their knowledge, experience, and wisdom with them as they head for Margaritaville. Mentoring partnerships offer opportunities for knowledge sharing and tapping into knowledge capital within the organization.

When I took one of my first real “big girl” jobs, I was so fortunate to have an executive leader take me under her wing. Her advice and counsel were invaluable to me. Whether or not your organization has a mentoring program, you can become a mentor.

Suggest the creation of a mentoring program within your organization. If that doesn’t fly, there’s nothing to prevent you from taking on a protégé on your own in an informal capacity. Sure, I know you’re busy, but just think how much knowledge you have and how much you could help an uncertain, insecure young team member find his way in the wild world of your organization!

How to be an effective informal mentor:

  • Be the guide on the side, not the sage on the stage. Remain on the sidelines and let her make her own mistakes. Just be there to help her up after she falls. Provide guidance and suggestions when asked, but don’t take it personally if she doesn’t go with your suggestions.

 

  • Give generously.  Just like Zig Ziglar said, “You can have anything you want if you just help others get what they want.” If you give unselfishly of your time and knowledge, you will get so much back in return! Besides, the lagniappe (added bonus) that you get is that you become known as the trusted go-to guy/gal, which only increases your value within the organization.

 

  • Been there, done that? Share insider secrets. With your experience, surely you’ve made some mistakes in your day. Share with your mentee any landmines – and shortcuts – that you may have discovered along the way.

Mentors are good for the mentee, good for the mentor, and absolutely good for the organization. If you were fortunate and blessed to have someone who took you under their wing, the best way you can honor that person is by taking a mentee under your wing. Don’t pay them back, but rather, pay it forward.

Comment below:

What great experiences have you had with a mentor?

Who is in your life that could learn from you?

Jennifer Ledet, CSP, is a leadership consultant and professional speaker (with a hint of Cajun flavor) who equips leaders from the boardroom to the mailroom to improve employee engagement, teamwork, and communication.  In her customized programs, leadership retreats, keynote presentations, and breakout sessions, she cuts through the BS and talks through the tough stuff to solve your people problems.

For more resources on leadership and employee engagement, be sure to sign up for our monthly Ezine and you will receive our report: “7 of Your Biggest People Problems…Solved.”

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Best Practices Entrepreneurship Management Marketing Negotiations Sales Skills Women In Business

Your Uniqueness – It’s Not Just Coffee

“If you want to stand out, don’t stand in a crowd.” -Greg Williams, The Master Negotiator & Body Language Expert

How do you separate yourself from the masses? Are you someone that glides in the strides of the crowd and then wonder why others don’t recognize your uniqueness?

It’s Not Just Coffee:

People lined up for miles to get their car washed. Most didn’t grumble because they knew they’d get a cup or two of that delicious coffee. It was a special blend that wasn’t served anywhere else. It was more than just coffee; some said it was a slice of heaven. Patrons told the owner, they didn’t really come for the car wash, they came for the coffee. The coffee was the establishment’s uniqueness. What’s your uniqueness?

Your Uniqueness:

As shown through your fingerprints, you have uniqueness in you. Some people are afraid to display their uniqueness for fear of how others might judge them. Some don’t even recognize that they possess traits that would endear them to others.

By not embracing and using the uniqueness that was bestowed upon you, you’re shortchanging yourself and those that might benefit from your gifts. If it’s fear that’s stopping you from displaying the inner person that you’ve incarcerated, what are you fearful of? Even if others should mock you, their mockery does not have to become your reality. Even if others reject you, you do not have to reject yourself.

Your Mind:

Everyone wants to be liked and appreciated. That desire is what keeps some people in society’s zone of safety. It becomes the self-imposed boundaries that surround their mind. It keeps them grounded when they could be soaring high in the sky.

Embrace the endowments that have been bestowed upon you. They’re gifts from a higher source. Shrink not from ‘the bigger you’. Allow it to escape from the small façade in which it currently resides. You’ve already outgrown that space.

Fear Not:

Fear not your greatness. It’s waiting to be exposed. Once you release it, you’ll find a greater life, more self-fulfillment, and a higher sense of purpose awaits you. Once you break the shackles that restrain you from a higher calling, you will embolden your uniqueness. Then, you’ll take the form that you were destined to be … and everything will be right with the world.

What does this have to do with negotiations? 

In a negotiation, a negotiator’s fears can be sensed. When he holds back an offer that stems from a lack of self-assuredness, doubt, or courage, he displays the lack of commitment he has for the offer. That can leave him in a precarious negotiation position. That can become an extremely difficult position from which to free himself.

During a negotiation, your uniqueness signals that you’re a negotiator that knows how to negotiate effectively or one that diddle-daddles. Your persona and reputation are at stake. How do you want them to precede you in your next negotiation? Will it be one that people speak of as being unique or will they say, “yeah, he’s just like coffee – you can find what he’s offering everywhere.” It’s your call. Make it a unique one.

Remember, you’re always negotiating!

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com 

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.themasternegotiator.com/greg-williams/

#Uniqueness #Think #Success #Emotion #Business #Progress #SmallBusiness #Negotiation #NegotiatingWithABully #Power #Perception #emotionalcontrol #relationships #liars #HowToNegotiateBetter #CSuite #TheMasterNegotiator #ControlEmotions

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Growth Leadership Personal Development

Fight Disengagement at Every Level of Your Organization

Ingaged leadership is a new way of leading, founded on the belief that if leaders create an organization where everyone works together in open partnership, that organization becomes vastly more successful.

Instead of telling people what to do, Ingaged leaders unlock the power of people’s minds, creativity and emotions. Some of the key skills of Ingaged leaders include:

1. Asking for help, because doing so is a sign of strength, not weakness.

2. Listening constantly and actively for nuggets of high value in what other people are saying and supporting the best of them.

3. Setting aside personal opinions about what will work and letting people try their most prized ideas.

How Can You Apply Ingaged Leadership throughout Your Organization?

Leading and supervising are two very different things. In fact, there are opportunities to practice Ingaged leadership at every level.

Ingaging with Trustees

When boards convene, many organizational leaders give them a report of company finances, introduce a few new hires, talk about new products – and that’s about it. Those practices represent disingagement, not Ingagement. Remember that members of your board were appointed because of extensive leadership experience, so invite them to share in open-ended discussions about long-term mission, marketplace trends, competitive issues, and more.  One way to start that discussion is to talk openly about the long-term issues you and your company is facing. The more you share openly, the more you encourage board members to do the same.

Ingaging with Your Top Executive Team

To be honest, I have observed that top leadership teams in many companies are hindered by internal fissures and factions that are never discovered until someone quits or a major problem arises. Those problems often happen because executives have ambitions and plans that are being stifled by the company leaders, or because the rejection of their ideas in the past has caused them to self-censor.

The solution is to build a top management team that is positively disruptive. That means resisting the temptation to surround yourself with “yes people,” “people who are just like me” and people who prefer “group think” to shaking things up. Also, have the courage to recruit people who are genuinely better than you at doing certain things, and let them. Their efforts will free you and results will soar.

Ingaging with Middle Managers

The leaders of many organizations overlook the fact that middle managers possess the kind of reality-based, realistic and valuable intelligence that cannot be found anywhere else in house. Instead of hearing directly from middle managers, those company leaders hear about them from divisional heads or other upper-tier executives. That kind of filtering is a crippling mistake. In contrast, Ingaged leaders interact directly with members of middle management. Even in very large organizations like franchises, they create – and visit – advisory boards made up of mid-level managers, leadership councils and other forums where managers can speak and be heard.

Ingaging with Front-Line and Entry-Level Staff

Too many companies seem to apply classic “mushroom management” to employees at this level. (“Keep them in the dark and hope they grow.”) What a loss, since front-line employees have critical knowledge and ideas that should be captured and reinforced. In smaller organizations, instituting an open-door policy or visiting hours can help. In larger companies, virtual suggestion boxes on the company intranet have worked well. So have general meetings where employees brainstorm and suggest ideas that can be captured, responded to, and utilized.

Remember too that your company’s training programs offer a setting to invite and acknowledge new ideas from front-line staff. If you encourage your trainers to explore bigger company issues and invite ideas, you can begin to build high levels of Ingagement, literally from the bottom up.

Ingaging with Your Sales Team

Your salespeople know more than anyone else does about customers’ concerns, motivations to buy, opinions of your products, and much more. Yet many companies focus only on sales quotas and incentives, never soliciting salespeople’s insights. To tap this critical intelligence, invite salespeople to attend your top management meetings, listen actively to what they say, and then implement their solutions and new ideas. Another solution is to conduct brainstorming sessions during larger sales meetings, invite people to offer their best ideas, and then let them try them in the real world.

Still More Opportunities to Benefit from Ingagement

Ingaged leadership can be used to build more beneficial relationships with job applicants, clients, vendors, top executives at other companies, and many more people. The more you Ingage at every level, the greater you and your organization will become.

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Economics Growth Industries Personal Development Technology

Will Your City Be a Smart City Soon?

Despite the apparent trade-off between privacy and efficiency, authorities across the globe are intent on becoming known for achieving smart city status and for the right reasons. Politicians are seeing the real benefits and cost savings that smart city initiatives can provide, and as citizens we need to get used to the idea of our towns collecting and making use of more and more data to reshape the world around us for the greater good.

As the number of connected sensors, machines and devices rapidly grows in crowded cities, the data generated will provide the ubiquitous big data that we often hear about. But we are only just beginning to realize the value in a network that increasingly consists of everyday objects. Everything from buildings, energy, traffic flow, education, healthcare and even elevators contains information that represents both the daily grind and natural flow of every city.

This increasing volume of data that is generated every second of every day should and will be put to great use in the months and years ahead. Now that we have fully embraced the concept of smart devices with our phones, and we are beginning to experience it in our cars and homes, it’s only natural that we now look to make our cities much smarter too.

Although we are slowly obtaining a greater understanding of the data that surrounds us, the good news is that positive results are already happening. Authorities are faced with a double-edged sword in which almost every choice comes with a compromise. For example, video surveillance in high crime areas has proven to reduce crime rates from 5% to 20%, but as a society, are we willing to reduce crime by introducing cameras watching our every move? This is the kind of trade-off we will have to face if we want to dramatically lower crime rates.

The traffic in every major city across the world is probably our biggest concern, given we have all experienced gridlock. Once again, technology comes to the rescue. Traffic signal optimization has shown to reduce travel times by up to 20%.  And let’s not forget the joy of trying to find a place to park. The average person spends 18 minutes per day trying to find a place to park. Smart parking systems can reduce up to 30% of congestion without authorities even needing to build new lanes and roads.

There is already a wealth of statistics available now that major technology research in cities has revealed the scope of the cost savings. For example, 40% of municipal energy costs comes from street lighting. Intelligent lighting can reduce energy costs by up to 20%. Lansing, Michigan, put in smart street lighting and was able to reduce costs by 70%, a big win for the mayor who championed the initiative.

As a word of caution, it appears that we are still very naive when it comes to security and our responsibility in this digital age. With so much of our lives and infrastructure getting connected, we all need to step up our game and appreciate the implications of ignoring security warnings.

For example, a recent report revealed how vulnerable our hospitals are to cyber-attacks and hackers. Maybe it’s our self-awareness that is in need of a 21st-century upgrade. In years past, 18 USB sticks were dropped purposely on multiple floors of a hospital. Within 24 hours, one of them had been plugged into a nurse’s station, infecting the network with malware, which gave the hackers access to the entire network.

With the majority of public-serving institutions at risk from hackers intent on causing chaos and disruption, it’s more important than ever to re-evaluate your level of security and threat prevention. Threats can appear in many different forms, such as ransomware that will lock all files and demand payment to unlock your data. The only positive aspect of ransomware is that it informs the user instantly of an infection.

However, there is also much stealthier malicious software that can be secretly stealing data or compromising systems completely under the radar of the establishment. Eliminating these risks by upgrading old systems is key, but so is educating users about understanding the vulnerabilities in the workplace and how to prevent them.

The creation of closed systems with hardware-embedded security will make it easier to predict and prevent cybercrime. Crime will continue to be a risk, but new advanced intelligent systems can help predict an attack and prevent it before it happens.

These security challenges should not damage the level of excitement and energy around the future possibilities. In this digital transition, we are merely taking another brave step forward, and there is no doubting how cash-strapped local and state agencies can become more efficient by better using data and implementing new technology.

Many large companies are involved in making cities smart, including Cisco, IBM, and Siemens. Cisco will happily advise governments that a smart city can save energy by 20%, reduce water consumption by 50%, crime by 20%, traffic by 30%, and so on. These facts, backed up by data, will be tough for those in control of budgets to resist.

Businesses, local and state agencies, committees, etc., will always be cost and data driven. Our evolving digital economy will ensure that smart cities, IoT, and local services will all become a natural part of our lives. Yes, there will be security and even privacy challenges, but this is a hard trend that will happen, so the time to start solving predictable problems is before they happen.

Many of our fears of a technology-fueled dystopian future are based on fictional literature and Hollywood movies. But we seldom stop to think that our future reality could be quite different from 1984 or the rise of machines that the Terminator franchise warned us about.

Real life is not always as interesting as art. The implementation of computerized sensors for nearly everything we know and love to drive down costs and improve efficiency could be as exciting as it gets. Is it such a bad thing?

Eliminating waste, intelligent traffic management and vast improvements to public transport during peak periods are mouthwatering prospects on their own. The belated arrival of e-government services, allowing faster access at a lower operating expense for taxpayers, should also be enough to convince even the biggest cynics.

I don’t believe this is an either-or situation. Technology should be able to improve every aspect of our lives in our homes, cities and world. We now interact with each other more than ever before, not less—contrary to popular opinion. The rise of the global community is enabling a greater understanding that shapes our world view and challenges age-old stereotypes.

As citizens of a global community, we expect our smartphones to provide us answers to any questions as they pop into our heads. We have developed an insatiable thirst for real-time information. Reliability and simplicity are expected to be standard, meaning this is how cities will soon be judged by both their inhabitants and visitors.

We now connect and interact in many different ways, which illustrates how technology is bringing us closer together. The real spirit and character that live inside every city across the world do not need to be sacrificed and will continue to thrive as long as we work to keep the best of our past and present, as we build a better future together.

Concentrating on resisting change or fearing the unknown is counterproductive. I have advised major businesses and governments for decades that the best way to improve planning is by learning to separate hard trends, the trends that will happen, from soft trends, the trends that might happen, and use this knowledge to shape the best future possible.

Innovation leads to disruption, not being disrupted. Learn more with the book, Anticipatory Organization, now available for purchase at www.TheAOBook.com
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Best Practices Body Language Entrepreneurship Management Marketing Negotiations Sales Women In Business

Negotiators: Negotiate Better – Know How to Use Words Right

“Good negotiators listen for what’s not said, in order to hear words right.” -Greg Williams, The Master Negotiator & Body Language Expert

People’s thoughts give life to the words they use to influence others. Thus, their words move people to actions. As a negotiator, to negotiate better, know how to use words right.

Using His Words:

When engaged in a negotiation, listen to the words used by the other negotiator and the way he uses those words. As an example, he makes the statement, “I only want to address one thing at a time.” Later in the negotiation, if he asks you to address multiple items/situations simultaneously, you can state, “I only want to address one thing at a time.” Citing his own words as justification for your actions will psychologically put him into a state of reflection. Note his body language to discern the effect that your words have on him (e.g. leans back resting towards one side of his body, laying a pen/pencil down/aside, looking up into the air). Any such signals will serve as validation that he’s taking your words into his thought process.

Emphasized and Changing Words:

During a negotiation, the opposing negotiator will emphasize certain words. Listen for them. Through his action, he’s denoting the importance that word has in his thought process. You can use that insight to reposition your negotiation efforts to fit the altering situation based on the way he’s thinking.

As an example, if he begins a statement by saying, “Weeee, I think I can do it.” Note the word choice change from ‘we’ to ‘I’. Plus, note how he drew ‘weeee’ out. While making that change, he was likely considering to what degree he’d have to rely on others. By changing his words, he displayed his belief that he has greater control over producing the outcome in question. That display gives you insight into where he believes his abilities lie in that situation. You can clone it by posing similar questions to move him in the direction of your needs throughout the negotiation. That insight will also allow you to cite his pride of authority and position him as such. Then, if you reach a point of decision and he refers to his need to consult others, remind him of what he’s implied about his authority. Even if he states the situation at hand is above his authority, you will have uncovered his limits.

Unspoken Words:

People say a lot through the words they don’t use. Thus, what’s not said can be more important than what’s said. It too gives insight into their thoughts.

During a negotiation, closely observe the word choice used by the other negotiator to convey his thoughts and offers. Consider what he’s not saying and why he may not be using specific words. If you sense he’s attempting to prevent you from uncovering something, ask him about it. Use the words that you believe he’s not saying and observe his reaction. If his reaction is one of dismissiveness, pay attention. You may have stumbled upon a point that requires greater probing.

When people hesitate, pause, or alter their words, they’re giving you insight into their shifting mindset. That shift represents a change in their thinking. If you’re astute, you’ll observe the cause of that action and use it to advantage the negotiation.

From the way you use words to convey your offers, to the way you use the opposing negotiator’s words to shape his perspective, if you use words right in a negotiation you’ll experience greater negotiation outcomes … and everything will be right with the world.

Remember, you’re always negotiating! 

After reading this article, what are you thinking? I’d really like to know. Reach me at Greg@TheMasterNegotiator.com

To receive Greg’s free “Negotiation Tip of the Week” and the “Sunday Negotiation Insight” click here http://www.TheMasterNegotiator.com/greg-williams/

#Negotiator #Power #secrets #Mistakes #Management #SmallBusiness #Money #Negotiating #combat #negotiatingwithabully #bully #bullies #bullying #Negotiations #PersonalDevelopment #HandlingObjections #HowToNegotiateBetter #CSuite #TheMasterNegotiator #psychology #NegotiationPsychology

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Growth Personal Development

3 Ways Your Vendors Can Lessen Your Need for Cash

These days, when we talk to new startups, we keep hearing them ask for the same thing—“Cash!” While it’s true that some cash is essential for a startup, these young people don’t know how to respond when we ask if they’ve taken full advantage of hidden resources. They haven’t thought about how to utilize these resources, or worse—they don’t even know where to find them.

We say “hidden” resources because they aren’t taught in higher education, nor are they covered by entrepreneurial media. Today, young people are blinded by the idea that they can’t start their own business until they raise a ton of money. They think they need to borrow cash, find large investors, or exchange their equity for VC money. There’s a whole industry based on this premise alone!

We see startups spend tons of cash at a “burn rate” that isn’t sustainable to their business model. Having the money itself might discourage startups from being resourceful, because “Why scratch around for resources when you’ve got all this cash?” Never mind that positive cash flow is possible before you spend it all away. Never mind that starting slower and smaller would’ve led you to grow faster and bigger, teaching you critical lessons about the cost of sales. But no—“Just give me the cash!”

VCs want startups to “scale fast and fail fast.” They bank on 10 to 20 businesses just like your own, playing a cold, emotionless numbers game with you and your money. They expect that they’ll lose on 19 out of 20, but they only need one to hit the jackpot. So why bother helping the other 19?

Success doesn’t have to come from scaling fast. Success requires understanding. What if you scale so fast that you don’t realize the level of customer service you need until it’s too late? By then, you’ve gone through all the VC cash and you’re not able to service what you sold. You can’t afford it.

Underfunded businesses must grow slower than those with more cash. By doing so, they learn through experience the real cost of sales. They also learn how to utilize cash flow management to finance their growth. But the most important thing they learn is how to tap into their hidden resources—they learn how to see their vendors as bankers.

 Rather than borrow money to pay your vendor, why not get your vendors to buy into your development plan, your loyalty, and your integrity? Get the point across that their products and services will increase your sales, and therefore their own success. Then, they’ll see you as their business partner. Of course, this won’t happen overnight, but this positive relationship is developed and maintained by your behavior toward them.

  1. If you know you’ll miss a payment, warn them beforehand.

If it’s obvious you won’t be able to pay on time, give your vendors as much warning as possible. Let them know you’re empathetic to the position you put them in, and the risk they’ve taken. This creates a sense of trust on both sides.

They have their own bills to pay, and they need your money to do it. Nobody wants to miss or get a delayed payment, but it’s much better to be warned in advance with a payment plan to make things OK for next month, than it is to be surprised at the last second. Try putting yourself in their shoes—treat them how you’d want to be treated.

This sends a clear message that your vendors can trust you. You work with their best interests in mind. Because you’ve mitigated their risk, they’ll be more likely to extend terms and credit to a business like yours.

Extended credit and terms work the same way as cash, cost you less, and don’t require giving up equity.

  1. Think about long-term contracts.

 Like we said earlier, trust is important. Your vendors don’t want to build up your business, give you extended credit and terms, just to have you take it all away. They need to be sure you’ll give them a return on their investment. Creating a long-term agreement lets your vendors know you’ll be around long enough to justify the risks they took on “funding” your growth.

  1. Schedule progress meetings regularly.

Whether or not your vendors ask for them, schedule meetings regularly where you can update them on your short- and long-term plans. Convince them to be on board with you. Share your obstacles and how both of you will benefit from working together.

As your business grows, there will be times when you need more from your vendors in order to take on a big client. This would result in more cash for both of you. If your vendors are on the same page, they can plan for it. They can grant you allowances to help you catch that big fish. Remember—they’re pulling for you!

For more, read on: http://c-suitenetworkadvisors.com/advisor/michael-houlihan-and-bonnie-harvey/

 

Categories
Growth Management Personal Development

Executive Leaders Should Put Down the Policy Handbook

So many business professionals and executive leaders think we need to have hard and fast rules applied across the board for every situation. Maybe it’s a backlash to the anti-discrimination laws, political correctness, or just fear of ticking someone off. What really slays me is when leaders, in their zeal to be consistent or “fair,” disregard the spirit of the rule or policy and completely forget the bigger picture. A truly effective leader is able to keep things in perspective.

As a “Recovering HR Director,” it always bothers me when leaders want to “legislate” their way out of having to make decisions. They want to create a rule for every occasion, every potential situation, and all circumstances. Each time there is an issue to be addressed, it’s simply stated and defined in the policy handbook and then filed away. The problem is, there are no identical situations. Just as there are no identical candidates for a job, there are no mirror image situations where a rule, policy, or procedure can absolutely be applied. Sure, there will be similar situations, where a guideline can easily be applied.

There will always be exceptions to every rule. And then, judgment, discretion, and yes, discrimination are required of the leader. If not, we wouldn’t need leaders. We could just create a system to apply and enforce rules, let the organization run on autopilot, and save money on those high-dollar salaries! By definition, executive leaders must be willing and able to make decisions. There will always be situations where discretion and judgment are necessary.

Rules alone will not suffice.

Make effective decisions using these tips:

1. Stop right there! Don’t react to a situation, but think about the big picture. Before reaching for the rubber stamp or just enforcing a policy, consider the spirit of the policy as well as the intent and context when the policy was created.

2. Take the time to research any similar situations and how they were handled. Compare those situations to this one, noting any unique conditions.

3. Analyze the situation from all angles and get input from appropriate individuals. Be prepared to take input into consideration, but make the final decision based on all factors.

4. Play the role of Joe Friday (of Dragnet fame), and get the facts. Ask open-ended questions to get the full picture. Open-ended questions typically require more than a one-word response, and therefore elicit more information. Find out what mitigating circumstances may be involved, if any.

5. Put on your “big boy drawers/big girl panties” and just do it! Make your decision and stand by it.

Share your thoughts on executive leadership decision-making and workplace policies. What tips would you add to this list?

What are some of the decision-making strategies that have worked for you?

For more resources on leadership and employee engagement, be sure to sign up for our monthly Ezine and you will receive our report: “7 of Your Biggest People Problems…Solved.”

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Jennifer Ledet, CSP, is a leadership consultant and professional speaker (with a hint of Cajun flavor) who equips leaders from the boardroom to the mailroom to improve employee engagement, teamwork, and communication.  In her customized programs, leadership retreats, keynote presentations, and breakout sessions, she cuts through the BS and talks through the tough stuff to solve your people problems.

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3 Ways to Build Influence Online

In my book, I.C.U., The Comprehensive Guide to Breathing Life Back Into Your Personal Brand, I talk about the three ways I believe we each live out our Personal Brand: Personally, Online, and Publicly. I often refer to this as: POP Your Brand™.

Our world today is submerged in living out much of our life online. We Google people before we ever meet them to find out more about them. What we discover online about others gives us a sense of the overall persona of that person. Often, it is the only information we have about the person and their business that allows our brain to form this mental impression.

Here are three ways to build an influential online brand:

Build Your Expertise.

One of the best ways to build your expertise is to create. Creating content gets your thoughts and opinions out there for the world to see. In many ways, the internet has leveled the playing field in this realm of building yourself as a thought leader in your industry. Everyone now can write articles and blog, generate videos, and be a guest on a podcast. The more places you can voice your opinion – whether that be in written, audio, or video format – the more you will rise to the top of your field. People need to know you before they need you. So how are you going to make yourself known in the sea of sameness? Get your opinions out there! By doing so, you will become a credible go-to resource.

Association Branding.

It is correct when our mothers tell us, “you become like the people you hang around” or “you are guilty by association.” Pay attention to who the influencers are in your field. Make a list of 10 of them that you want to be associated. Then start interacting with them online by liking, commenting, and sharing their posts and content.

Ensure your profile photos are professional.

Janine Willis and Alexander Todorov, researchers at Princeton University, found people make judgments about a person’s trustworthiness, competence, and likability within a fraction of a second after seeing someone’s face. As mentioned above, people will search for you online before they meet you and even after they meet you. Your photo is an essential element of any of your social media or website pages. In a sense, it is your logo. The headshot you choose speaks to your decision-making process and how you think of yourself. Do you care enough to put up a high quality and professional photo of yourself, or do you think a quick selfie emits a better representation of who you are? The choice is yours. Think about how you want to be perceived.

Incorporating these three tactics into your personal brand strategy will ensure you are in alignment with the brand you want to establish online. Be intentional, be consistent, and always be you.

I help executives create a powerful image and brand so they look and feel confident wherever they are. Contact me at sheila@imagepowerplay.com to schedule a 20-minute call to discuss how we can work together to grow your visibility through my return on image® services.

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Entrepreneurship Leadership Marketing Personal Development

Business and Marketing Secrets from the Founder of Indiegogo

Watch the full video, The Brains Behind It Ep 16, now!

About David Mandelbrot

David Mandelbrot became the CEO of Indiegogo in early 2016 after spending over two years as COO and SVP of Operations at the company.

Indiegogo is one of the world’s largest crowding funding sites, raising more than $950-million for projects in more than 223 countries and territories. Indiegogo assists in the crowdfunding campaigns through the whole product cycle — not just the fundraising, but also with the marketing, manufacture and retail, and that’s only possible through our strategic business partners.

“Indiegogo is a launchpad for entrepreneurial and creative ideas of every shape and size. There is no better place to validate, fund and launch your product. Hundreds of millions of dollars are raised each year on Indiegogo to enable entrepreneurs and creators to take their ideas from concept to launch.”