C-Suite Network™

Menu
Search
Close this search box.

Author: Jeffrey Hayzlett

Categories
Advice Best Practices Case Studies Entrepreneurship Growth Human Resources Leadership Management Operations Strategy

Break Free From Founder Dependence: Strategies for Business Success?

How to Overcome Founder Dependence as a Start-up?

Commencing a business is an exhilarating voyage. As an entrepreneur, you invest your passion and dedication into transforming your start-up from an idea into a tangible reality. However, as your business expands, there is a risk of excessive reliance on you, the founder. Founder dependence can impede scalability, hinder decision-making processes, and limit overall growth potential.

This article delves into the challenges posed by founder dependence and explores effective strategies to overcome this obstacle.

 

Three Dangers of Founder Dependence

When a start-up heavily relies on the founder’s expertise, connections, and decision-making, it becomes vulnerable to various risks. Let’s closely examine some of the perils associated with founder dependence.

  1. Limited Scalability

Founder dependence can hinder the scalability of a start-up. When all critical decisions and operations flow solely through the founder, it creates a bottleneck that restricts growth. As the workload increases, the founder may struggle to delegate effectively, leading to burnout and inefficiency.

Scaling the business becomes challenging without a well-structured and empowered team.

  1. Challenges in Decision-Making

When a start-up excessively depends on the founder for decision-making, it can slow down the entire process. The founder may become overwhelmed by the sheer volume of decisions they need to make, resulting in delays and missed opportunities.

Additionally, decision-making becomes subjective, heavily influenced by the founder’s biases and perspectives.

 

  1. Single Point of Failure

Founder dependence creates a single point of failure within the organization. If the founder is unable to work due to illness, personal circumstances, or other reasons, the entire business can suffer.

This vulnerability puts the start-up at significant risk, jeopardizing its continuity and survival.

 

5 Strategies to Overcome Founder Dependence

Now that we comprehend the challenges posed by founder dependence, let’s explore effective strategies to mitigate this risk and foster a sustainable and scalable business.

  1. Cultivate a Strong Leadership Team

Building a robust leadership team is crucial to reduce founder dependence. Identify individuals who complement your skills and share your passion for the business. Delegate responsibilities to them, empowering them to make decisions and take ownership of their respective areas.

Cultivate a culture of trust and collaboration within the team, encouraging open communication and idea-sharing.

  1. Document Processes and Systems

To minimize reliance on the founder’s expertise, document key processes and systems within the organization. Create clear guidelines, standard operating procedures (SOPs), and knowledge repositories that outline how tasks are performed.

This documentation facilitates knowledge transfer, enables new hires to quickly get up to speed, and ensures consistency in operations even when the founder is not directly involved.

  1. Implement Effective Training Programs

Invest in comprehensive training programs for your employees to enhance their skills and knowledge. By equipping your team with the necessary tools and expertise, you empower them to handle complex tasks and make informed decisions independently.

Encourage continuous learning and professional development, fostering a growth mindset within the organization.

  1. Foster a Culture of Innovation and Collaboration

To overcome founder dependence, nurture a culture of innovation and collaboration. Encourage your team members to think creatively, share ideas, and take ownership of projects. Emphasize the importance of cross-functional collaboration and create platforms for brainstorming and knowledge-sharing.

By involving the entire team in the decision-making process, you can harness diverse perspectives and drive the business forward.

  1. Continuously Evaluate and Improve

Regularly evaluate your processes, systems, and team dynamics to identify areas for improvement. Solicit feedback from your team members and stakeholders, encouraging open dialogue.

Adapt and refine your strategies based on these insights, ensuring that your business remains agile and responsive to market changes.

 

Embracing Growth and Sustainability

Overcoming founder dependence is vital for the long-term success and sustainability of a start-up. By developing a strong leadership team, documenting processes, implementing training programs, fostering innovation and collaboration, and continuously evaluating and improving, you can reduce reliance on the founder and unlock the full potential of your business.

Remember, building a business is a collective effort. Embrace the growth opportunities that come with empowering your team and trust in their abilities.

With the right strategies in place, you can navigate the challenges of founder dependence and steer your start-up towards a prosperous future.

 

 

 

 

Categories
Advice Best Practices Entrepreneurship Growth Human Resources Leadership Management Operations Strategy

The Gentle Leader’s Playbook: Mastering Employee Performance Without Being a Jerk

 

If you’re a manager or a business owner, you comprehend the significance of monitoring employee productivity in order to maintain a high-performing team. However, it is equally important to approach this task with empathy and respect, avoiding the perception of constant surveillance and becoming the manager that everyone loves to hate (just like the boss from the Office Space).

Establishing clear expectations forms the foundation of respectful productivity. Employees need to comprehend what is expected of them and how their performance will be assessed.

By precisely defining goals, deadlines, and key performance indicators (KPIs), you provide a transparent and equitable framework for tracking productivity.

 

 

The Key to Lasting Bonds: Open and Transparent Communication

Open communication is crucial when it comes to monitoring employee productivity respectfully. Foster an environment where employees feel at ease discussing challenges, seeking guidance, and sharing progress. Encourage regular check-ins, one-on-one meetings, and team discussions to offer support, address concerns, and celebrate achievements.

Remember, effective communication entails active listening and providing constructive feedback.

 

Utilizing Technological Tools

In today’s digital era, numerous tools are available to help efficiently and unobtrusively track productivity. Here are a few popular options:

1. Time Tracking Software:

Employ time tracking applications that allow employees to log their hours and monitor the time spent on specific tasks or projects. This provides valuable insights into productivity without excessive micromanagement.

2. Project Management Platforms:

Platforms like Trello, Asana, or Jira enable teams to collaborate, assign tasks, and monitor progress. These tools offer transparency and accountability while respecting employees’ autonomy.

3. Employee Monitoring Software:

While controversial, some organizations find value in monitoring software, like Acti Trak,  that tracks employees’ computer usage and internet activity. However, it is crucial to implement such tools with clear communication and consent from employees.

Remember, technology should complement human connection rather than replace it. Strive for a balance that empowers employees instead of making them feel excessively scrutinized.

 

Providing Training and Development Opportunities

Investing in the growth and development of your employees not only enhances productivity but also nurtures a positive work environment. Offer training programs, workshops, and resources to enhance their skills and knowledge. When employees feel valued and supported, they are more likely to be motivated and engaged, resulting in increased productivity.

 

 

Acknowledging and Rewarding Performance

Recognizing and rewarding your employees’ hard work and accomplishments is crucial for maintaining motivation and morale. When employees feel appreciated, they are more inclined to go the extra mile. Implement an employee recognition program that acknowledges exceptional performance, whether through verbal praise, team shout-outs, or tangible rewards.

Celebrating successes together creates a positive atmosphere and encourages sustained productivity.

 

Balancing Autonomy and Accountability

Finding the right balance between autonomy and accountability is essential for tracking productivity without being intrusive. While it is important to hold employees responsible for their work, excessively micromanaging every aspect of their day can be demotivating and counterproductive. Trust your team members to manage their own time and tasks while providing support and guidance when necessary.

This approach fosters a sense of ownership and empowerment, resulting in higher productivity levels.

 

Cultivating a Supportive Work Culture

A supportive work culture plays a significant role in effectively tracking employee productivity. Foster an environment that encourages teamwork, collaboration, and mutual respect. Encourage employees to openly share their ideas, concerns, and feedback. When individuals feel safe and supported, they are more likely to be engaged and productive.

 

Conclusion

And there you have it! Monitoring employee productivity can be accomplished respectfully without resorting to intrusive methods. By establishing clear expectations, promoting transparent communication, utilizing technology wisely, providing training, and rewarding performance, organizations can foster a productive work environment while maintaining employee trust and morale.

By adopting these strategies, employers can strike a balance between accountability and respect, ultimately leading to improved productivity, stronger employee relationships, and overall organizational success. Remember, a harmonious workplace built on trust and open communication paves the way for both individual and collective growth.

So, let’s embrace these practices and create a thriving work culture where productivity and respect go hand in hand.

 

Categories
Advice Entrepreneurship Growth Leadership Management Skills Strategy

Leading Through Future Uncertainty

 

It’s often said by thought leaders and business gurus that “it’s never been easier to start a business than today”. While that may be true it’s also never been more confusing time to run one in today’s uncertain business climate.

Running a business is a thrilling journey filled with highs and lows, triumphs and challenges, joys and stress. Business owners experience stress of all kinds. When it comes to stress, you can say we’re experts at it.

But there is one kind of stress I want to talk about today – dealing the stress of uncertainty.

The Massive Elephant in Every Boardroom: Uncertainty

It’s widely acknowledged that uncertainty is a common concern among business owners. And for good reason. Market fluctuations can come out of nowhere like a tornado and destroy us at any time. Regulatory changes and technological advancements are forcing everyone to digitize every aspect of their organization as fast as possible just to stay one step ahead of getting left behind.

If that weren’t enough to worry about, competitors are breading and populating like rabbits. Not to mention the giant Microsoft sized looming recession-fueled financial crisis and rising interest rates.

Uncertainty is everywhere, and left unchecked, it can destroy even the most seasoned business leaders and teams.

Time and again, I have witnessed doubt, uncertainty, and fear. They possess the capability to annihilate a company and, at times, even an entire industry. What prevents companies from making the necessary changes crucial for their prosperity?

In the world of business, failing to act at all, is the riskiest move one can make.

Throughout history, countless companies have vanished because their leaders were reluctant to embrace change when clear warning signs were evident. Fear, apathy, and a lack of personal accountability, these fundamental human flaws can transform a promising company into a lifeless entity. Ultimately, it all boils down to the cancerous nature of uncertainty.

This is why it is imperative to address the elephant in the room…

The unknown can be overwhelming and emotionally exhausting, that’s why it is vital to take time to develop effective strategies to navigate the stress of uncertainty so you can conquer it before it conquers you and potentially your business.

 

Mastering Uncertainty: 10 Foolproof Steps to Secure Your Business’s Future

Uncertainty is an inherent part of entrepreneurship. The future is unpredictable, and as a business owner, it’s essential to acknowledge and accept this reality. Moreover, uncertainty can take an emotional toll, leading to unwanted anxiety and stress.

By addressing the emotional challenges associated with uncertainty, you can build resilience and find opportunities even in the face of ambiguity.

 

9 Steps to Master Uncertainty:

1. Acknowledge the Uncertainty as a Friend Instead of a Foe

The first step in dealing with uncertainty is acknowledging its presence. Understand that the future is not set in stone, and unexpected events can occur. By accepting this reality, you can shift your focus from trying to predict the future like some Nostradamus but rather develop strategies that can adapt to any scenario life throws at you.

Embrace the Socratic idea that uncertainty is not a hindrance but an invitation to innovate and grow. Life would be boring without uncertainty and continual growth.

 

2. Embracing a Growth Mindset

To navigate uncertainty successfully, cultivating an abundance, growth mindset is the only way to overcome self-doubt. A growth mindset enables you to view challenges as opportunities for learning and development. Embrace the belief that you can adapt, learn, and improve, regardless of the circumstances keeping you up at night. By fostering a positive attitude towards change, you can remain agile and resilient in the face of indecision.

Remember, the most dangerous move in business is the failure to make a move at all. It’s better to make the wrong move quickly and move on that wait too long to make the right decision. It comes down to mindset.

 

3. Dig a Mote Around Your Business Foundation

Build a solid fortifications around your business like the enemy is about to siege your castle. Dig a mote, build more weapons, and get your team ready for battle war. Conduct thorough market research to gain a deep understanding of your target audience, industry trends, and competitors, and software to make you more operationally efficient. This knowledge will allow you to make informed decisions and adapt your business strategies accordingly. Deeping your relationships with your existing customers. Keeping your current customer base during hard times can be easier than ignoring them and trying to find new ones. Having a clear roadmap in place will provide guidance during uncertain times.

PS. For more details on how to navigate your business during a recession, access my free eBook here.

4. Diversification and Flexibility

When uncertainty raises it’s ugly head, diversification and flexibility are become your secret weapons like a playbook out of The Art of War. Expand your product or service offerings to cater to a broader customer base. By focusing on diversifying your revenue streams, you can mitigate risks and adapt to changing market conditions. Explore new markets and customer segments to tap into untapped opportunities. Being open to change and willing to embrace new ideas will help you navigate uncertainty with confidence.

For Example, An IT consulting firm: During a uncertain economic times, businesses may scale back on IT infrastructure investments. To diversify its product offerings, a small IT consulting firm could expand into cost-effective solutions like cloud computing, software-as-a-service (SaaS) implementations, or cybersecurity services. This diversification allows the firm to offer more flexible and budget-friendly IT solutions to businesses looking to optimize their operations.

Don’t get stuck in a corner, have a plan b ready before you even need one.

 

5. Establish and Build a Strong Network

The strength of your network is the heart of your business. Building a network of mentors, advisors, and like-minded business owners can provide valuable support during uncertain times. Connect with experienced individuals who have successfully navigated similar challenges. Their insights and guidance can offer you a fresh perspective and help you make informed decisions. Collaborating with other business owners can also lead to partnerships and opportunities for mutual growth.

For help building your professional network look for private networks like the C-Suite Network where you can gain new connections and insights on your business from other seasoned executives.

 

6. Continuous Learning and Innovation

In a rapidly evolving business landscape, continuous learning and innovation are key to survival. Stay updated with industry trends, advancements, and technological developments. Encourage your team to engage in professional development and provide them with opportunities to enhance their skills.

By fostering a culture of innovation, you can adapt quickly to changes and seize emerging opportunities by multiply the brainstorming of innovation to your entire team and alleviate some of the pressure off your shoulders.

 

7. Effective Risk Management

Uncertainty often brings along potential risks. Identifying and managing these risks is crucial for business owners. Conduct a thorough risk assessment to identify potential threats to your business. Develop contingency plans to mitigate these risks and ensure business continuity.

Regularly review and reassess your risk management strategies to adapt to changing circumstances.

 

8. Seeking Support and Guidance

During uncertain times, seeking support and guidance can make a significant difference. Join business associations and communities where you can connect with fellow entrepreneurs facing similar challenges. These networks provide opportunities for collaboration, sharing experiences, and seeking advice. Additionally, don’t hesitate to seek professional help from consultants or business coaches who can offer objective insights and help you navigate uncertainty effectively.

 

9. Emphasizing Self-Care

Running a business amidst uncertainty can be a mental and emotional rollercoaster. It’s vital to prioritize self-care to maintain your well-being. Manage stress and anxiety through activities such as exercise, meditation, or spending time with loved ones. Maintain a healthy work-life balance to prevent burnout.

Taking care of yourself allows you to approach challenges with a clear mind and renewed energy.

 

Conclusion

Uncertainty is an unfortunate coast of doing business an owner or executive . But acknowledging any self-doubt and embracing a growth mindset, you can navigate the unpredictable future with resilience and adaptability. Hell, you might even learn to love it.

Building a solid foundation, diversifying your business, establishing strong networks, and continuously learning and innovating are key strategies to thrive amidst uncertainty. Effective risk management, seeking support and guidance, and emphasizing self-care are also essential for maintaining emotional well-being and achieving long-term success.

In my book, Running the Gauntlet, Essential Lessons to Lead, Drive Change, & Grow Profits I put the following in the Dedication:

“To all the naysayers, opportunists, and obstructionists who do their best to stop the progress of change in an organization. Note: We will beat you.”

While we are living in uncertain times, remember that these are the moments when people need leaders to step up the most.

 

Categories
Advice Capital Entrepreneurship Growth Investing Negotiating Negotiations

Get Funded: Overcome Rejection To Reach Success

 

The early stages of any entrepreneurial journey are fraught with excitement, anticipation, and a healthy dose of uncertainty and intense fear of failure.

You have a groundbreaking idea, a vision and a burning desire to turn that potential into a reality. But there’s one major catch. You need to raise money to fund your new venture and growth potential.

As you step onto the road to getting funded, you quickly realize that it’s not all smooth sailing. In fact at times, it doesn’t feel like sailing at all. It feels like you fell out of the boat without a life preserve and it’s a daily struggle just to keep your head above the water.

Welcome to the jungle of getting funded. Here’s some advice and condolences on the journey of overcoming the rejection of getting funded and some tips to get back in the boat and sail your way in the sunset of success.

 

 

 

Being Rejected by Investors Isn’t For the Faint of Heart, But it’s a Necessary Right of Passage

In the quest for funding, rejection becomes a familiar companion. You reach out to potential investors, eager to share your passion and the immense potential of your venture. You meticulously prepare your pitch deck, honing every slide, crafting each word with care into the depth of the midnight hours with blood shot eyes. Your heart races as you go to meet with your first investor, ready to make your case with eager and naïve anticipation.

But then, the dreaded words echo in your ears: “We’re sorry, but we’re not interested at this time.”

Rejection stings, like a sharp arrow piercing through your armor of confidence. It’s easy to feel disheartened, to question your abilities, and to doubt the very essence of your idea. You may even feel like giving up and going back to your dreaded day job.

But take heart, for rejection is not the end of your journey. It is merely a detour, a bump in the road that tests your resolve and fuels your determination. Many successful entrepreneurs have faced countless rejections before finding the right investor who believed in their vision. Remember – every rejection brings you closer to that pivotal “yes.”

 

 

Tips to Overcome the Sting of Rejection and to Get Funded

1. Reframe Rejection as Free and Valuable Feedback:

Instead of dwelling on rejection, embrace it as an opportunity for growth. Seek feedback from investors who turned you down. Listen attentively, absorb their insights, and use them to refine your pitch.

Constructive criticism is the compass that guides you towards improvement.

 

2. Build Relationships:

Funding is not just about the numbers; it’s about the people. Invest time in building relationships with potential investors. Attend industry events, network with like-minded individuals, and seek out mentors who can provide guidance. The power of a strong network should never be underestimated.

I’ve made my career out of building a large network of connections, and leveraging them to open doors I never knew where possible.

3. Showcase Traction and Milestones:

Investors want to see progress and tangible results. Demonstrate traction by highlighting key milestones you’ve achieved since your last pitch. This could be user growth, revenue generated, strategic partnerships forged, or product iterations. Concrete evidence of progress instills confidence in investors and makes your venture more attractive.

Don’t be shy about taking credit no matter how big or small the progress.

 

4. Clearly Articulate Your Unique Selling Proposition:

What sets your venture apart from the competition? What problem are you solving, and why is your solution superior? Craft a compelling narrative that conveys your unique selling proposition with clarity and conviction. Investors are drawn to stories that resonate and inspire. The difference between competition in any industry is the ability to articulate your brand story.

Test your pitch to as many people as you can and constantly remove any friction to irrelevant or vague slides and talking points.

To articulate your unique selling proposition make sure you can answer the following 9 questions specifically:

  1. What problem are you solving and
  2. How significant is the problem?
  3. How is your solution different or unique from anything else on the market?
  4. How will you generate revenue? What’s the business model?
  5. How have you proven the problem you are solving is real to the target audience?
  6. What is your financial outlook?
  7. What is your funding requirement?
  8. What will you do with the funds to grow the business?
  9. How will the experience of your founding team aid to the success of the launch?

Don’t forget to highlight and showcase the experience of your team!

 

5. Showcase the Team:

Investors invest in people as much as they invest in ideas. Highlight the expertise and experience of your team members. Showcase their accomplishments and demonstrate how their collective skills will drive the success of your venture.

A strong, cohesive team inspires confidence and reassures investors of your ability to execute.

 

6. Leverage Warm Introductions:

Cold emails and unsolicited pitches have their place, but warm introductions hold greater weight. Tap into your network to find connections who can vouch for your credibility and introduce you to potential investors.

A warm introduction opens doors that may otherwise remain closed.

7. Persistence and Resilience:

The road to funding is rarely a swift journey. It is paved with setbacks, disappointments, and unforeseen obstacles. But it is those who persist, who summon the strength to rise after each fall, that ultimately reach the destination.

Embrace resilience as your steadfast companion and let it propel you forward.

 

 

Conclusion:

The road to getting funded is a winding path, often fraught with rejection and unforeseen challenges. But it is also a road of incredible opportunity, where determination,

The road to getting funded is a winding path, often fraught with rejection and unforeseen challenges. But it is also a road of incredible opportunity, where determination, resilience, and strategic thinking pave the way to success. As you navigate this journey, remember that every rejection is not a reflection of your worth or the potential of your idea. It is merely a stepping stone, a lesson in resilience, and an invitation to refine your approach.

Throughout your entrepreneurial voyage, it’s crucial to reframe rejection as valuable feedback. Embrace it as an opportunity to learn, grow, and iterate. Seek insights from those who turned you down and use their perspectives to sharpen your pitch and enhance your offering.

Each rejection brings you one step closer to finding the right investor who shares your vision and understands the true potential of your venture.

 

Categories
Advice Capital Leadership

Never Waste a Good Crisis – 5 Ways to THRIVE In a Recession

A recession is coming! A recession is coming! Many are sounding the alarm about the country’s economic future. Is this based on real data or are the ‘chicken littles’ of the world taking over?

Almost three-quarters of Americans – 70 percent – believe an economic downturn is coming, as per a survey from MagnifyMoney. However, 75 percent of likely votes thinks we are already in a recession, according to a CNN poll. Inflation is the lead cause among survey takers – 88 percent, while housing costs (61 percent) and rising interest rates (56 percent) are some of the most dire warning signs that we’re headed in the wrong direction.

But what exactly makes for a recession?

While many define the term as two consecutive quarters of falling real GDP, that isn’t quite fully accurate. To determine whether we are headed to a recession, one needs to consider a number of factors such as combining data pertaining to the labor market, consumer and business spending, industrial production, and incomes.

According to the National Bureau of Economic Research, considered the “official” recession scorekeeper, a recession is defined as a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.”

The bottom line right now is: we are not in a recession. Yet.

Here’s an interesting fact: our economy has only been in a recession 8 percent of the time over the past 30 years.

“Quite frequently, recessions are self-fulfilling prophecies. If enough people talk about it, people will begin to react as if it is here and move to conserve cash, collect on accounts, reduce trade credit, decrease inventories, and lessen labor,” said Lewis A. Weiss, president, All Metals & Forge Group.

Whether you’re a small business owner, a solopreneur or a Fortune500 executive, you must have an arsenal of tactics and strategies to help minimize the impact a recession can have on your business and therefore, your finances.

Here are 5 things you can do to mitigate the economic impact and thrive during a recession: 

Identify the common enemy.

Currently, 36 percent of U.S. employees are engaged at work, according to Gallup. Globally, that number drops to only 20 percent of employees. Let’s add tough economic times to the mix and there’s a good chance some might become even more disengaged.

The moment it is confirmed a recession is inevitable, make sure everyone in the company is well aware of who the common enemy is. Keeping everyone on the same (mental) page is a tough thing to do and opinions can sour quickly.

The key is achieving full alignment with your team. Once you have everyone rowing in the same direction, it’s easier to navigate the rough waters of a challenging economic climate. However, sometimes no matter how hard you try, you will have detractors and naysayers. To those people I say, ‘we love you, but we’ll miss you.’

Every great leader knows that communication is critical to the survival of an organization. At a time where people are being hit with bad economic news, it’s our job to communicate openly and transparently. “Leaders must have practices in place to support wellbeing and commit to exceptional communication. Preparing for retention and resilience is as important as a focus on financials,” commented Terre Short, CEO of Thriving Leader Collaborative.

Remind your team how much you’ve overcome together as an organization and how out of crisis, also comes opportunity. Reassure them that this too shall pass.

Money, money, money.

Have as much cash as possible because there will be plenty of opportunities to capitalize on. In fact, build a 12-to 24-month emergency fund. When the economy is in an upswing, many experts recommend saving for three to six months’ worth of living expenses. In business, double and triple that.

As a business owner one winning strategy is mergers. What other players out there can be leveraged? Who can we bring into our midst with that complements our efforts? Buying market share, finding other experts and bring them together can only benefit all parties involved.

A few other things to do to help your business thrive:

  • Trim your sails — freeze travel, freeze expenses, freeze new services
  • Go through every credit card statement and see what you can cut, even if it’s $10 per month
  • Look for discounts whenever/wherever possible
  • Build a moat around your most important customers and protect them

Keep as much soluble cash as possible so it’s there in case of an emergency. At this juncture, my advice is to get as many base hits as possible, rather than swing for the fences. Less risk, high reward.


Loyalty pays.

During an economic downturn, you must take care of those loyal customers who have been with you through thick and thin. Be mindful that not everyone will stay.

Taking care of your existing customers will pay off in the long run. Andrew Taylor, founder & CEO of Edison Loyalty said, “If I could share ONE Silver Bullet to help businesses survive the coming peril, it would be to hunker down, circle the wagons and covey up to your existing loyal database of customers.”

Taylor went on to add that taking care of loyal customers means that you can increase revenue by nearly 50 percent, while retaining just 5 percent of your customers. In fact, 54 percent of consumers would consider increasing their amount of business with a company for a loyalty reward.

Take care of your customers. They’ll take care of you, too.

Opportunity will knock. Answer the door.

Recession is a scary word, but not everything is bleak. Some of today’s most profitable and recognizable companies started during a recession — companies like Airbnb, Microsoft, Square, Uber, General Motors, and so many more.

For every dark (economic) cloud, there’s a sliver of sunshine that comes through and points you in the right direction. As a leader, you need to be in the right frame of mind to see the opportunity staring at you in the face. Blink and you might miss it.

“There’s more opportunity today to not just change, but to truly transform our products, services, processes, and customer experiences than in any other time in human history! We are doing things today that were impossible just a few years ago, and we will be doing things two years from now that are impossible today. Instead of being a crisis manager during a recession, become an opportunity manager taking advantage of disruptive change,” said Daniel Burrus, best-selling author, keynote speaker & futurist, Burrus Research, Inc.

Keep your eyes peeled and ears open. When opportunity knocks, you better be there to answer.

Never retreat. Never surrender.

As General Douglas MacArthur said, “We are not retreating – we are advancing in another direction.”

The same principle applies in war and business. Business is always evolving and not adapting means that you will be left for dead. To survive and win, especially in bad times, you need to learn to roll with the punches and pivot at a moment’s notice. According to a survey from GetApp, 92 percent of U.S. small businesses reinvented themselves during the pandemic. Another survey by Pollfish states that 51 percent of businesses changed their branding. By now, everyone is used to having to change direction if they want to remain in business – and competitive. If you’re savvy enough, you know that when everyone is retreating, that’s when you attack.

Chris Heller, Chief Real Estate Officer at OJO Labs believes, “There’s a natural tendency for business leaders to hunker down, but when you’re doing that, you can’t be head’s up looking for, or taking advantage of opportunities. As a leader, you need to block out the noise — doom and gloom from the media and other business leaders — and focus on finding those opportunities.”

As human beings, it’s tempting to sit back, lick our wounds or wait for the storm to pass. A true business leader resists that temptation. In fact, they forcibly reject that notion. Wasting a good crisis is a fruitless endeavor. Soldiers followed Gen. MacArthur into war. No one will follow you if you just sit back and watch others do what you should be doing. Join the fray!

Forge ahead, fight, battle on…and WIN!

Categories
Best Practices Growth Personal Development

HED: Increasing Sales Leads Through Social Media Listening Tools

by Jeffrey Hayzlett
by Jeffrey Hayzlett

There’s an old saying in the sales business that I firmly believe in, “Go where your customers are.” Nowadays, your customers are frequenting one place in particular above anywhere else, and that place is social media. Never before has it been easier for customers to get in touch with a business—and actually get a reply back—but thanks to social media platforms like Twitter and Facebook, a simple comment to a company can elicit a response in a matter of seconds. Which is great for customers, but for salespeople, who already have a million tasks on their plates on any given day, sometimes it can feel nearly impossible to carve time out of their busy schedules to communicate with customers via social media. If you’re not working for a large corporation with its own internal social media department, oftentimes either you or someone else on your team is stuck with the task of managing social media accounts. But before you complain, hear me out. Social media is a great resource for increasing your sales leads. And the best part is that there are dozens of social media listening tools out there that make it easy to stay on top of your accounts. However, before I get into how social media can increase sales leads, let me first mention a couple social media listening tools that I use daily that I think could be beneficial to you, too. 

1. Google Alerts

At one time, this was one of the only social media listening tool available, and even today, it’s by far one of the easiest to use. Basically, using Google, you set up a keyword search or alert for any topic that interests you, from specific companies to subjects you enjoy following. Every time something is published online relating to your selections, you’ll receive a message in your Gmail inbox with a link. One alert that I highly recommend is your own name. Sure, it may sound a little bit vain and Kardashian-esque, but in all honesty, it’s far from it. Google Alerts is a great way for me to be notified every time one of my articles or blog posts go live, as well as a good resource for when I’m mentioned in other people’s articles.

2. Hootsuite

It feels like every day there’s a new social media platform launching, it can be time consuming to have to post to each one of them separately, let alone keep track of postings. This is especially the case if you’re managing social media for a company. That’s where Hootsuite comes in. Hootsuite works across 35 social networks and lets you schedule postings for different times of the day, monitor feedback from your posts, and receive in-depth analytics across all of your platforms. If you need to be everywhere at once, this is the listening tool for you.

So now that you know a little bit more about social media listening tools, how can they help increase sales leads? There are a few ways:

• They can help you find new leads. Like I mentioned earlier, never before has it been easier for customers and companies to connect, than now. Sure, back in the day a customer could stroll into your store to make a purchase and you could have a face-to-face conversation, but thanks to technology, this kind of sale seems downright archaic. Rather, customers are relying on the Internet to make purchases via e-commerce sites like Amazon.com, and I’m willing to bet that this mega corporation wooed many a customer away from its competitors by using social media as opposed to traditional advertising methods like newspaper or radio ads.

• They can help fine-tune your pitch. Say you sent out a tweet that had a particularly successful response rate. The reason you know this is because you’ve been tracking your analytics on Hootsuite or a similar tool. Once you have a better understanding of why this tweet garnered so many replies, you can apply a similar strategy to future tweets. For example, in my own experience, I’ve found that tweets structured as questions have proven successful, because they encourage people to reply back with an answer.

• They can help you solve customer’s complaints. Perhaps one of your customers is unsatisfied with your company, or product, and they posted a scathing review on a site like Yelp. Unless you’re scanning Yelp on a daily basis, most likely you may never see this person’s review. But with a social media listening tool like Google Alerts, their complaint will find its way into your inbox and you’ll be quicker to reply to help solve the issue, and hopefully salvage your relationship in the process. As a customer, there’s nothing worse than not having your concerns heard, but by sending a (polite and professional) reply, you’re one step ahead of the game.

• They can help you check out your competitors. While you’re setting up a Google Alert for your company, take a second to make one for your closest competitor, too. This way you can stay on top of any social media campaigns they roll out, and maybe even learn a thing or too that you can apply to your own accounts.

Now, tell me, what are some ways that you’ve used social media listening tools to your advantage as a salesperson?

Jeffrey Hayzlett is a primetime television and radio host of C-Suite with Jeffrey Hayzlett and Executive Perspectives on C-Suite TV and All Business with Jeffrey Hayzlett on CBS on-demand radio network Play.It. Hayzlett is a global business celebrity, speaker, best-selling author, and Chairman of C-Suite Network, home of the world’s most powerful network of C-Suite leaders. Connect with Hayzlett on Twitter, Facebook, LinkedIn, Google+ or www.hayzlett.com.

Categories
Growth Personal Development

Playing the Long Game with The Best Damn Dress Shirt

The best damn dress shirt. 

That’s what the online men’s clothing company Mizzen+Main claims.  

I love its audacity, but there’s more to it than a shirt. 

“That’s really kind of the ethos behind the brand is creating a better way for the customer, and we really solidified our ourselves in the market, where we think, we make the best damn dress shirt. That’s something that is just super comfortable gives them the great aesthetic the classic looked at they’re looking for,” Ryan Kent, President of Mizzen+Main, said during a recent interview on “All Business with Jeffrey Hayzlett.”  

Customers are taking notice. The 9-year-old company is known for more than its shirts. They’ve also garnered attention for some of their viral content marketing. 

Mizzen and Main are the two masts on a sailing ship. Ryan says the company sees it as a metaphor for propelling the business forward, using technology and some traditional retail channels. 

If you’ve never heard of Mizzen+Main, you might recognize some of the big-name athletes and celebrities that endorse the brand. For example, golfer Phil Mickelson got plenty of attention a few years ago when he started wearing Mizzen’s dress shirts on the course, turning heads—even spawning a non-traditional TV ad that gathered close to one million views on YouTube. 

 

TikTok FTW 

Recently, Mizzen+Main launched a TikTok channel. While men’s clothing and a platform known for short dancing videos don’t seem like a natural match, Ryan says the company uses it to show their softer side. 

“Part of our brand is we use the terms lightness and levity frequently,” Ryan said. “Our customers are serious. They’re career-driven, but it doesn’t mean they don’t like to have fun, and it doesn’t mean they don’t like to laugh.” 

He added, “In between those moments of seriousness in their day, TikTok we thought, (was) a platform that we could test to see (if) we create some fun engaging videos just to get our customer to laugh a little bit learn a little bit about the company.” 

Mizzen+Main saw some early success at the beginning of 2021 and then ramped up their efforts during the summer with a series of videos featuring former NFL quarterback and current FOX football analyst Mark Sanchez as “the intern.” 

“As this opportunity with Mark Sanchez came about, we said, ‘Hey, this is a great way to combine both new and emerging platform in general, but definitely for Mizzen and a real and relevant athlete who people know'” Ryan said. “Mark is not playing football anymore. He’s on TV, doing all of his announcing and analysis, and our product is perfect, for what he where he is in his life.” 

While viral TikTok videos make for great publicity, they don’t necessarily translate to more sales. However, Ryan says that’s OK with Mizzen+Main’s leadership. 

 

“We don’t view that as a massive conversion channel. You know you get into the difficulties on the digital front with how do you measure success and really TikTok is not a way that we’re trying to communicate the core value proposition,” Ryan said. “Specifically, trying to figure out how many people exactly come directly from watching the Mark Sanchez TikTok to the website would be nice, but it’s a little bit of how do we engage and create a little bit of awareness, with the brand, with the customer watching those videos.” 

 

Ryan says Mizzen+Main is playing the long game and going for brand awareness and repetition. 

 

“Then (potential customers) ultimately (are) going to get to the website and get that first shirt,” Ryan said. “Whether they remember that and they’re conscious or subconscious, eventually we think that’s going to convert into a sale.” 

 

Something Old, Something New 

 

Another headwind Mizzen+Main found in its sails is effective podcast advertising. About four years ago, Mizzen began advertising on Conan O’Brien’s podcast. Even after not advertising on the show for years, customer surveys showed the podcast introduced many to the brand. So earlier this year, Mizzen began sponsoring Conan’s podcast again, with good results. 

 

Another way Mizzen is getting known is through traditional brick-and-mortar retail. Although Mizzen+Main has opened a handful of stores, Mizzen has also partnered with mom-and-pop menswear stores to offer its products. 

 

“Overall, we want the company to grow, we want the company to grow across all of our sales channels, primarily in the digital space, but some customers love shopping in the physical space,” Ryan said.  

 

Mizzen+Main is more than TikTok videos, stores, and celebrity endorsements. They’re also taking their content, as Ryan called it, offline tactics like direct mail. Ryan says Mizzen is in the “initial learning stages” with the offline strategy but is seeing success.  

 

“It’s really a growth mindset versus potentially a fixed mindset,” Ryan said. “We are a young brand. We want more people to know about Mizzen+Main. We want more people to love Mizzen+Main. There are a lot of customers out there that just don’t know about us.” 

“It’s really just getting the product out there, getting the brand out there, into more people’s hands to love the brand, is really the approach. By no means is it in contrast to a digital growth strategy. It actually helps raise brand awareness which raises all channels.” 

 

And sell the best damn dress shirt. 

 

Want to Build an Audience with Content?  

 

You may not have a TikTok channel featuring former athletes, but you can stand out in today’s digital economy. 

 

Just take your signature product and create content to attract an audience to sell to.  

 

Want to learn the strategy to operate as a media company? We created a comprehensive overview where C-Suite Network Chief Marketing Officer, Tyler Hayzlett, can teach you how to run your business as a media brand in 32 pages.  

 

Learn how to compete in a marketplace of content. Click the link below.  

Download a copy HERE  <– Download  

 

Categories
Growth Health and Wellness

Getting Carded – Why Sports Cards Are Now Content

 

The thrill of victory, the agony of defeat.

The old line from ABC’s Wide World of Sports perfectly sums up Americans’ obsession with sports. They are fanatics and will hang with their team from the best of times to the worst of times.

Professional sports fans can’t get enough of their favorite teams, or athletes, with licensed merchandise and other paraphernalia, which adds up to billions in sales.

One collectible that’s seemed to stand the test of time is sports cards. These are not the same cards that came with the chalky pink gum, or you used to stick in your bicycle spokes. Today’s sports cards are big business and even get traded on the blockchain. In fact, they are currently a $5.4 billion industry!

Sports cards became such a hot commodity during the peak of the pandemic that Target pulled new shipments off their shelves because people were fighting over boxes of new cards.

While cards are back on the shelf at Target, Jason Howarth, Vice President of Marketing for Panini America, says the thrill of the hunt and the uncertainty are big reasons customers are collecting.

“What happens when you’re opening up a product is that idea that you don’t know what’s inside the box. You open up that product and happen to hit that card. You know that you have a big one,” Jason said. “That’s the value that we bring to the collector and that when you collect our cards, you’re collecting them for enjoyment and entertainment. You may also be able to collect them for value and investment long term.”

 

 

Cards as Content

Panini has its roots in content, just not sports card content. The company began as a newspaper distributor in Italy back in the 1960s. In 1970, it started printing stickers for the World Cup, creating an international craze and the beginnings of a big business. Today, Panini prints sports cards and other licensed collectibles sold around the world.

While you may think of sports cards as a hobby, but Jason told me you should also see them as content.

“Every year, there’s a fresh group of players that come in,” Jason said. “You’re telling and building off of their stories. But, I think the thing that’s most powerful for us is that our product is the player. So, as the player performs on the field, we have an opportunity to tell that story with every player that kind of steps in and does something different and special.”

 

Panini America is doing more than telling stories by printing glossy cards. They have more than 2,000 athletes each year signing special edition cards. The company adds even more value by printing cards with pieces of the player’s jerseys, NASCAR racing items, and parts from arenas where big sports moments happen. Jason says these cards aren’t just notable for collectors and fans. The athletes get a kick out of them, too.

“It’s funny. It doesn’t matter how special that player is. Whether they’re a superstar or not. That first time you get a card in your hand, and it’s your card, it’s like a moment of validation,” Jason explains. “You grow up as a kid wanting to play pro sports. You want to hear your name called by your favorite team when you’re drafted. You want to hear your name called for the game-winning shot. The other side of that is seeing your first trading card. And every year that happens with every rookie class, and the designs now are so special that even those superstars, when they look at cards, they stop and take a look before they sign them, and they’re like ‘wow, this is incredible. Can I keep this?'”

 

 

Bye, Bye Bubble Gum. Hello Blockchain.

There have been many headlines about NFT’s (non-fungible tokens), digital collectibles that could be a picture, video highlights made in a limited run tracked by the blockchain. Sport NFTs are a current collectible craze, and Panini is on top of it. Jason says Panini started going digital in 2014 when it released an app for football and basketball cards. The company started digging into binging its product to the blockchain in 2018. Then in early 2020, Panini launched a blockchain platform on its website. Before that happened, work went on behind the scenes, including marrying the new product to the core business.

“The first thing we wanted to do is make sure that we sold our product and U.S. dollars only. So, (collectors) didn’t have to figure out how do you go get a crypto wallet. We wanted to take that volatility and that part of the process, out of it,” Jason said. “The second step for us, was tying it to a physical card, so that, in addition to getting the NFT blockchain asset, the digital asset, you also got a physical card that was associated with it. Because collectors understood the value of the physical card, they knew what the value of an autograph Kobe Bryant card was. They didn’t know what the value of an autograph digital version of that card would be.”

Offering NFTs also made the buying experience instant. Starting this NFL season, Panini started offering NFTs on Monday based on the previous Sunday’s players’ performances.

 

Scarcity as Value

Whether it is a physical card or NFTs, the sports card business is built on scarcity. Therefore, the most valuable cards sold attract attention because they are rare.

“The DNA of a trading card is scarcity. That’s what drives the value. We need to make sure that we’re always maintaining a level of scarcity in the marketplace. To make sure that we’re propelling those markets and make sure that there’s long term value in the card,” Jason said. “We’re so laser-focused on building our product, making sure that we’re maintaining the long-term value of the products that all the other stuff will, continue to just feed off of what we’re doing in the marketplace.”

Scarcity of valuable cards, but no shortage of related content. If you want to stand out in today’s digital economy, you’re going to need content to stand out and attract traffic.

Take your signature product and build content around it (just like Panini America). Be your own sports superstar and take your performance on the field and turn it into off-field gold.

Learn how to compete in the content marketplace by downloading The Network, an e-book from C-Suite Network’s Chief Marketing Officer, Tyler Hayzlett.

 

Download a copy HERE   

Categories
Growth Leadership Personal Development

Why A Blue and Yellow Can Is In the Memory Making Business – Lessons From WD-40 CEO, Garry Ridge

WD-40.

I don’t even have to say anything else.

Perhaps you remember the blue and yellow can. Maybe the smell reminds you of a specific time and place. Or maybe you needed it to get yourself out of a sticky situation.

“We exist to create positive, lasting memories solving problems in factories, homes, and workshops around the world,” WD-40 CEO, Garry Ridge, said during a recent C-Suite Network Digital Discussion. “There’s nothing better in the world, or in life, in a positive lasting memory, and that’s what the product delivers.”

I remember when my wife’s uncle Dick used WD-40 to “freshen up” the paint job on his Mercedes. He wiped the whole car down with WD-40. It looked great until he drove it on South Dakota’s dirt roads. One of the many uses of WD-40 is taking tar and road grime off vehicles. But, unfortunately, it attracted more dirt to uncle Dick’s car.

 

Memories are the Mission

While you may have memories of using WD-40, you don’t think of WD-40 as being in the memories business. Garry would disagree.

“I meet someone they’d say ‘what do you do?’ I say ‘I work for WD-40’ and without doubt, nine out of 10 times the first words out of their mouth was ‘I remember when WD-40…’ or working with my granddad on the farm with WD-40 or remember fixing my bike or I remember where I got brownie points from my wife because I use WD-40 to make myself a hero,” Garry said. “We’re in the memories business. That’s what we do every day.”

Those memories aren’t just limited to the workshop. They’re made at the company’s corporate headquarters in San Diego, CA as well. The memories made at work are all part of the company’s shared values of doing the right thing and creating positive lasting memories in all relationships.

“We call ourselves a tribe, not a team,” Garry said. “Our promise is a group of people that come together to protect and feed each other, which is so important. We value making (the world) better than it is today. We value excelling as individuals and thriving as a tribe.”

 

The Power of “How To”

I’ve already gotten you to start thinking of WD-40 as a memory maker. So, let’s go a step further — WD-40 is also a media company. They had more than 1.2 billion impressions globally over the past year. While Garry admits a lot of that is due to the pandemic keeping people indoors, his tribe laid the groundwork for this surge a while ago.

“Sometimes, you’re lucky. Sometimes you’re smart,” Garry said. “About six years ago, before COVID, we made a decision to substantially increase our investment in increasing our digital IQ. When the world kind of turned off the switch, we were there.”

WD-40 was there in a big way. Their website is home to more than product information and social media posts about the products. There’s a library of how-to videos covering everything from lubricating emergency brake cables, to removing crayon scribbles from the wall. WD-40 also maintains several YouTube channels broken down into categories with even more tips and tricks. Since the do-it-yourself world knows no borders, WD-40 created YouTube channels catering to Brazilian and Latin American customers.

There’s so much going on inside that blue and yellow can; you’ll never look at it the same way again.  Listen to the full interview here:

Want to Build an Audience to Sell to Like WD-40?

To stand out in today’s digital economy, you’re going to need to find ways to make your brand stand out and attract traffic. You’re going to need to take your signature product and create content to attract an audience to sell to (just like WD-40 does).

Want to learn the strategy to operate as a media company? We created a comprehensive overview where C-Suite Network Chief Marketing Officer, Tyler Hayzlett, can teach you how to run your business as a media brand in 32 pages.  Learn how to compete in a marketplace full of content. Click the link below.

Download a copy HERE

 

Categories
Growth Personal Development

The Dirty Secrets of Healthcare – How to Tackle This Industry and WIN!

 

How would you spend a million dollars? 

 

Would it be a garage full of luxury cars? A destination vacation, perhaps? Maybe the down payment on a mansion? 

 

My guess is a hospital bill didn’t make your top ten or even your top 1,000,000 list.  

 

A bill topping a million dollars is the largest investigative journalist Marshall Allen has ever seen.  

 

The bill came from California-based Dignity Health, to a new mom, who happened to be a nurse in their system. Unfortunately, the baby was born premature and other complications landed the mother in Intensive Care. 

 

That’s partly why the bill was so large—the other reason, a benefits mix-up. 

 

The mom had 30 days after the birth to get her baby on her health insurance. The mom called the company administrating the plan for Dignity Health.  

 

“She thought that it was done. It turns out that the employer required her to go into their HR employer portal and add the child within 30 days. If she didn’t do it through the HR portal, then the baby would not be covered. She didn’t find this out until after 30 days,” Marshall recalled.  

 

According to Marshall, the new mom pleaded with the employer and the health insurance to correct this technicality. But, unfortunately, neither budged until Marshall got involved. 

 

“This again is Dignity Health, a faith-based healthcare system that says that they want to share the healing Ministry of Jesus Christ. They would not even take care of their own mom, who was a nurse in their facility,” Marshall said. “They made the correction. They fixed it. By me making those calls saved her literally one million dollars in medical bills. She jokes that she calls her baby her million-dollar baby. Thankfully, it didn’t end up being a million dollars that sent her into bankruptcy.” 

 

The story of the million-dollar baby isn’t the only health insurance anecdote Marshall has to share. He wrote a whole book full of them titled, Never Pay the First Bill and Other Ways to Fight the Health Care System and Win.   

 

Marshall and I connected after sharing the stage at a healthcare event earlier this year. I knew this topic would be helpful and enlightening for our C-Suite Network community, so we invited him to be our guest speaker in a recent Digital Discussion.  

 

Needless to say, Marshall isn’t a fan of our healthcare system as it currently operates.

 “The health care system has developed a series of deceptive schemes to take more of our money than they should,” Marshall emphasized. “American medicine is profiteering based on our sickness, and the dirty secret here is that the high cost of health care in the United States is not justified. It does not have to be this high. What we have is gamesmanship by people who are running the healthcare industry, and they have created deceptive schemes to take our money.” 

 

While Marshall blames big healthcare systems for these high bills, don’t expect our politicians to hold the industry accountable. He says if Washington were serious about changing the system, it would have happened by now.  

 

He says disruption is the consumer’s best hope of fighting back and it’s already happening. But, if you can’t wait for innovation, he says one of the best ways patients can tackle the healthcare system is through education. 

“I have talked to so many patients who are so smart, I know that they have the capability to learn this and to apply this knowledge,” Marshall said. “I think (Pay the First Bill) is a game-changer to up the health literacy for patients.” 

 

Marshall says this starts with learning how to read a medical bill. He says you should always ask for the itemized bill. He says most experts who review medical bills for a living say many have some sort of error.  

 

“The next thing you want to do is make sure that itemized bill has the billing codes. These billing codes are the lexicon that the hospital uses to translate the medical record into the claims they submit to insurance companies. When you have those bills, you have like the Rosetta Stone to understand how the prices work,” Marshall said. 

 

There’s another resource. Marshall says a recent change to federal law requires health systems to post their prices for services. Unfortunately, some hospitals aren’t making it easy, making these price sheets hard to find.  

 

“I think a day is coming soon where you’re going to be able to look up the price of a gallbladder surgery, schedule it at a place where you know you’ll get a better value,” Marshall said. 

 

The hunt for a better value leads Marshall to one of what he calls “the dirty secrets” of healthcare. The industry is a lot more standardized than you think. While you may be impressed with the surgical clinic with a spa-like atmosphere for your upcoming procedure, there’s not much difference in care. 

 

“If you get a knee replacement, you could go to the marquee medical center in your town and go to someplace that’s branded and ranked,” Marshall said. “You might pay a $60,000 or something for a knee replacement there. You could go to a community hospital; you would get the same quality knee replacement. Same components. Same trained doctor. Same trained operating room staff. Same positive outcome and pay $20,000. So, you don’t get more for your money by spending more on health care.” 

 

There’s so much more to our conversation on navigating the healthcare system than I could write in this article – and with this much content, we turned it into an episode of All Business with Jeffrey Hayzlett. Marshall enlightened me on the realities of “defensive medicine,” why suing hospitals in small claims court is an effective strategy to lower your next bill, and how he’s made it his mission to improve healthcare literacy through the Allen Health Academy,  designed for both consumers and companies looking to get an edge to rising healthcare costs.