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The Five Habits You Need to Be a Successful Business Owner

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By Kayla Matthews

Success as a business owner entails developing great habits that promote efficiency and productivity, as well as an ability to fairly and effectively communicate. Acquiring these traits is easier said than done, but entirely possible for a motivated business owner seeking success.

Efficient, professional business owners share several habits and traits that contribute to their success, including:

1. Enthusiasm for Local Partnerships

Business owners should play a strong role when partnering with local establishments, which can build local buzz and attract loyal customers. It’s a good idea to strive for exposure that fosters word of mouth exposure, which is what partnerships can accomplish. For example, a Nielsen report found that consumers are 90 percent more likely to trust a brand recommended by a friend.

Local partnerships and engagement can provide personal recommendations, both by using opportunities to connect with new customers and showing a genuine passion for the local community. Owners seeking to have a more prominent presence locally should work on their habits relating to community involvement, specifically outgoingness and openness to partnerships.

2. Learn When to Move On

Stubbornness is not a good trait for business owners to have, especially when it comes to sticking with a particular business strategy that’s not working for too long. A good business owner works on their habits of prudence, especially if they identify key performance indicators and conclude that a specific strategy is not working well.

Similarly, a savvy business owner adjusts with trends in their industry, instead of stubbornly clinging onto relics of the past. Business owners should be progressive and quick-thinking while embracing the learning experience aspect of failure instead of lingering too long on that failure.

3. Opportunistic Drive

Being opportunistic is another habit you need to be a successful business owner. A great way to work on this habit is to set aside time each week to educate yourself on new technologies, in addition to examining emerging trends in your industry.

Although the day-to-day tasks of a business can drain an owner into focusing on the now instead of future opportunities, savvy business owners always take some time to examine new technologies with the potential to save time, reduce operating costs and take the business to the next level.

4. Willingness to Hear Advice

Even very successful business owners can learn something new by speaking to others, from fellow business owners to younger consumers who may provide insight regarding a specific demographic of which the business owner may be unaware.

Business owners that close themselves off to new knowledge and rely fully on their own experiences are likelier to fall behind in their industry. Embracing advice or a mentor figure, in the form of a local mentor or business advisor, can provide additional perspectives that help aid important business decisions.

5. Boost Your Mental Health

Business owners often have a whirlwind of tasks and obligations, which can cause long-term stress that impacts both physical and mental health. It’s a good idea to develop habits that help in boosting mental health.

Eating breakfast is a habit that many overlook, despite breakfast being great for mental and physical health, resulting in improved concentration, enhanced memory and advanced cognitive abilities. Only 33 to 48 percent of Americans regularly eat breakfast, so business owners should strive to ensure they are part of that group by eating a healthy breakfast.

Help Yourself and Your Business

Business owners that aspire to greater success should work on these five habits, which promote quality exposure for their business, in addition to greater opportunities and a better foundation for mental and physical health. The result will be someone running the business who is equipped to handle anything that comes their way.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

 

Featured image: Photo by Brooke Lark on Unsplash

Q&A with Debra Ruh, Author of Inclusion Branding

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I have a special treat this week! I’m happy to share an interview I conducted with Debra Ruh, whose new book, Inclusion Branding, will be released this week. Her latest book is about how brands can learn to engage with the Community of Persons with Disabilities and other minorities to create solid ROI and Positive Social Impact.

The book shows what it means and why it matters to develop inclusive marketing and branding, as well as how to humanize brands and manage community expectations. The book also touches on how to manage the risks associated and how to understand the communities.  I was able to read an advance copy of the book, and I found it a huge eye-opener. 

Enjoy our Q&A below.

Q: You dedicated the book to your mother. How did your mother inspire this mission and work?

Debra: Great question Rosemary. My mother passed away suddenly the last day of 2017. My mother was a strong influence in my life. She was a hard worker, she had a great work ethic and was dedicated to her family. However, my mother also struggled with a mental illness most of her life. She was diagnosed with Borderline Personality Disorder later in life and probably also suffered from Bipolar. My mother moved to Virginia from her beloved Florida after my father passed away and she never got over my father’s passing. My mother taught me a lot about resilience and taking care of yourself. She also struggled with negativity and often saw the glass as half full.

When my daughter Sara, named after my mother was diagnosed with Down syndrome, my mother was scared and could often only see the scary aspect of a life with Down syndrome. She also taught me sometimes by being a challenging role model to decide how I was going to live my life and contribute to society. She also had diabetes and that negatively impacted her mental health. Diabetes is an ugly disease in my family and has taken other members like my grandfather. My grandfather lost both of his legs due to diabetes. Early on in life, I was determined to see life from a different perspective. My mother and I were linked in a way that is hard to explain. Of course, she was my mother but she challenged me to make a difference. I am still walking the grief process after losing my mother but I know she is in a better place. I also believe my mother is still a big part of my life and the lessons she taught me, will continue to be with me for the rest of my life.

Q: What is the biggest misconception about disability inclusion efforts within the corporate world?

Debra: That persons with disabilities are not qualified to do the jobs available in the workforce. Also, that the disability is a liability instead of a strength. I interviewed a successful entrepreneur, John Little, Successful Resume (www.successfulresume.com.au) from Australia on my Show (Human Potential at Work) the other day. John said “I succeeded with these businesses because of my disability not despite my disability”. Corporate brands are starting to understand the value that persons with disabilities bring to the workforce.

My last book was called, Tapping into Hidden Human Capital: How Leading Global Companies Improve their Bottom Line by Employing Persons with Disabilities.  That book explores this topic from the eyes of over 30 multi-national corporations. These corporate brands understand that hiring and retaining persons with disabilities is good for your bottom-line. We are your employees, your customers, your investors, your vendors, and partners. According to World Health Organization (WHO) 1 in 7 people in the world has a disability. According to National Organization of Disability (NOD) in the United States, 1 in 5 people identify as having a disability and that is 1 in 3 families in the US.

So many corporations still have a misconception that it is difficult to include persons with disabilities. I am hoping my book ‘Inclusion Branding’ will continue to break down some of these barriers and misconceptions. It is time for corporate brands to understand that persons with disabilities as a population, is a powerful and loyal market segment, with powerful buying attributes, and strong work ethic. Persons with disabilities also cover all other diversity segments including, age, gender, ethnicities, geographic areas, genders, and religious preferences. Many persons with disabilities are innovative problem solvers because the world is often not accessible. These talents add great value to the workforce.

Q: Do you think proponents of disability inclusion can tap into the desire of Millennials to deal with “socially responsible” brands?

Debra: Yes, this is an excellent point. Millennials expect corporate brands to be socially responsible according to many studies, including a few cited in my book ‘Inclusion Branding’. Other generations also expect brands to be socially responsible. Brands want consumers to do business with them because they believe in their products and services. Consumers want to trust the brands to which they show loyalty and believe that these brands are making a difference in their communities. Often the communities that brands are trying to attract do not know which brands to trust.

There are also growing expectations that brands have diverse workforces that include persons with disabilities. The workforce is changing, and so are employee values, thus, keeping employees satisfied has never been more important. Workers expect their employers to align business goals with positive social impact as part of their Corporate Social Responsibility (CSR), which should align with an impact agenda dedicated to the mission of the brand. The Nielsen June 2014 report “Doing Well by Doing Good”1 showed that 67% of millennials want to work for a socially responsible brand.

Q: How can a solo entrepreneur take steps to support disability inclusion (since they may not be doing a lot of hiring)?

Debra: Solo entrepreneurs can support the community of persons with disabilities by selecting us as vendors and partners. The USBLN has created a certification for businesses owned by persons with disabilities called The Disability Supplier Diversity Program (DSDP). DSDP is the leading third-party certifier of disability-owned business enterprises (DOBEs).

You can also welcome us as customers by assuring your business, your services and products are fully accessible. The good news about accessibility is that those efforts make your location, products and services accessible to everyone. Remember, as we age, over the age of 65, 46% of us will acquire disabilities. With 72 million baby boomers in the US alone, controlling 60% of the wealth –this is a market that no business including solo entrepreneurs should ignore.

Q: What are some ways a business can shift from seeing disability inclusion as a legal requirement, or charity, to seeing it as an ROI generator?

Debra: Understand that persons with disabilities are people first and that we are everywhere. We are your parents, your children, your friends, neighbors and maybe you are a person with disabilities (PwD). Take the time to understand why including PwD in your workforce, making your locations, products and services accessible and telling us that story, via advertisement, chatting about it via social media or on your website, will help drive in business and qualified applicants. Too often this community is viewed from a charitable or corporate social responsibility (CSR) standpoint as noted in the introduction of ‘Inclusion Branding’ by my chairman, Richard Schatzberg.

Corporate brands should work hard to create positive brand recognition. Brands who include persons with disabilities among their employees create an excellent way to enhance brand image. Persons with disabilities should be viewed as a viable pool of potential employees as well as an emerging market that, together with their friends, families, and caregivers, have trillions of dollars in disposable income. Stories of successful disability inclusion within a company should be included in marketing efforts, shareholder reports, and corporate social responsibility reports.

Thank you so much, Debra, for this insightful discussion!

About Debra Ruh: 

Debra Ruh is a recognized market influencer and advocate for the rights of persons with disabilities, a leader, a published author, a successful entrepreneur and a fantastic mother.  She has created a path to empowerment and success for those with disabilities. Debra is the co-founder of #AXSchat, the second largest Tweet Chat in the world and her podcast Human Potential at Work with weekly listeners in more than 84 countries. http://www.ruhglobal.com/our-story/

Debra is a global leader and has worked with countries, UN agencies, national and multi-national firms all over the world helping then create programs, strategies, and processes that fully include persons with disabilities. She is a contributor to the Huffington Post, and her catalyst for starting RGC was her daughter Sara born with Down syndrome. Her work has been featured on many news outlets, and she has been granted many awards. http://www.ruhglobal.com/media/

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for Social Strata — makers of the Hoop.la community platform. Check out the Social Strata blog. You can find Rosemary on Google+ and on Twitter as @rhogroupee
Featured image:Photo by Kirstyn Paynter on Unsplash

Six Free Online Courses for Entrepreneurial Success

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By Kayla Matthews

Whether you’re just starting out as an entrepreneur or have been one for years, the learning process never ends. Any opportunity to expand your skills and knowledge base makes you more competitive, adaptable to challenges, inquisitive and more able to stay abreast of developments in your sector.

Fortunately, becoming more educated — particularly focusing on the entrepreneurial realm — doesn’t have to be costly. In fact, all the online courses listed below are free to take.

1. How to Build a Startup

This course covers topics such as how to actively engage your customers and find out what they want from your products, calculating costs, conducting a market opportunity analysis and the various types of business partners.

After taking this start-up class, you should understand the basics of rapidly developing and testing different concepts, while getting guidance from your customers and the marketplace at large.

2. Critical Skills for Entrepreneurs

Maybe you’re in the tough position of wondering whether now is the time to quit your day job and pour everything you’ve got into a new business venture, or it’s better to play it safe.

This course goes over some of the most useful traits for entrepreneurs to have, so you can get prepared for what’s ahead. Furthermore, it discusses common mistakes, giving you the knowledge to hopefully steer clear of the same pitfalls.

3. Global Entrepreneurship

Taught by a professor who works in Malaysia as the dean of engineering at Taylor’s University, but who received training in the United Kingdom as well, this course goes beyond pure lecture material and requires you to interact with classmates for a group project.

The things you’ll learn include money management, defining your vision and mission, effective communications and the essentials of marketing.

Due to the geographical limitations, that could prove challenging at times, but you shouldn’t let that stop you from enrolling and missing out on the pros of online learning.

4. Nuts and Bolts of Business Plans

Did you know the Massachusetts Institute of Technology (MIT) makes a significant amount of course material freely available to anyone who wants to learn? This program about business plan basics, originally taught in 2014, is one of them. Inc. magazine ranked it one of the 10 best entrepreneur courses in America.

Also, some of the speakers that contributed to it were judges in MIT’s entrepreneurship competition, which offered a $100,000 prize.

You’ll learn about potential legal issues, business models and financial projections. You also have the option to read a text transcript or watch videos of the course.

Maybe you’ve found some productivity hacks that are useful when launching a startup. By applying those, plus the business plan tips you learn in this course, you could find you’re able to make the most of your time and effort.

5. Business Ethics for the Real World

In your entrepreneurial career, there will almost certainly be times when you encounter ethical dilemmas. They might involve doing personal business on company time, or even taking home a box of pens for your family’s use because you’re sure no one at the office will miss them.

This course, offered by Santa Clara University, goes into the impact of ethics on the business world and how to identify ethical issues when they arise. You’ll also discover how to analyze complex ethical choices and determine your responsibilities associated with them.

6. Thinking and Acting Like an Entrepreneur

If you study the habits of entrepreneurs you find most inspiring, they probably have some undeniable characteristics that set them apart in a crowd.

When you enroll in this course, you’ll learn more about the decision-making process successful entrepreneurs use, explore whether an entrepreneurial mindset is something you’re born with or can develop and profile entrepreneurs’ personality types.

No matter if you’re a new entrepreneur and want to get started on the right track, or have been in business for a while and are interested in improving your practices, these courses are worth checking out in the interest of continual education.

Although these are all free online courses, many offer a certificate you can pay for if you’d like physical proof of course completion to frame and put on your wall.

Happy learning!

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: by Cathryn Lavery on Unsplash

How a Password Manager Can Increase Your Work Productivity

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By Kayla Matthews

Whether you’re logging into your email or a time-tracking interface, it requires remembering passwords. However, with all the other things you might have on your mind, the act of remembering a password — or several — could throw you off track.

Using a password manager is an easy way to maximize your output at work. It offers the following benefits.

It Could Stop You from Getting Into a Bad Headspace

For most of us, unforeseen circumstances like sitting in a traffic jam or waking up late due to a malfunctioning alarm cause feelings of disappointment and anger.

These incidents also often make people start judging themselves and wondering what they should have done to avoid the undesirable situations. When that happens, focusing on work isn’t easy — especially if the unfortunate event involves a forgotten password.

A study carried out by Centrify, an identity management company, found that 33 percent of respondents admitted to suffering from “password rage,” which could include screaming, yelling or crying in response to forgotten login credentials. Fortunately, a password manager remembers them for you, ensuring that a failure to retain them in your mind doesn’t derail your day.

It Saves Your Brainpower for More Important Things

When you can’t remember a password, a service provider may prompt you to answer a secret question to verify your identity. Although some of them are straightforward, such as your mother’s maiden name, others may not be so easy to recall. If asked which street you lived on in first grade, you may not know the answer right away.

Intel surveyed individuals and found that between personal and work-related accounts, the average person has 27 unique passwords. The same study showed that 37 percent of people forget at least one of their passwords every week. Instead of trying to remember which password you used for a particular site or answering a security question correctly, you could use a password manager and free up your thought processes for things that matter more.

It Could Keep Your Data Secure

Data breaches cost U.S. companies trillions of dollars annually. That’s in part because many employees don’t use passwords that are sufficiently secure, or they change passwords frequently enough.

With that in mind, many companies are moving toward doing away with passwords altogether and using other identity verification methods such as text messages and biometrics.

Some password managers automatically generate hard-to-guess passwords for you. Similarly, there are others that automatically change all passwords regularly. Both of these precautions could prevent you from becoming a data breach victim.

Doing damage control after such an incident certainly hinders your output as you scramble to recover files and maybe even salvage your reputation, so it’s best to use a password manager to avoid becoming a target.

Now, let’s look at a few password managers that are worth checking out:

  1. LastPass

Marketed as an ideal password manager for businesses and teams, LastPass offers a free version, and the Premium plan is just $2 per month. It works in your browser and on devices. Simply create a master password to unlock your “vault,” then let the service store the passwords you use in it. Watch for dialog messages on your screen from LastPass that ask if you want to store a password. It couldn’t be easier!

  1. Dashlane

This free password manager (the premium version is $3.33 per month on an annual plan) automatically changes one or a dozen passwords for you with one click. There’s also an interface that tells you the safety level of a particular credential. If Dashlane flags it as weak, that’s a good indicator you should probably beef it up.

Check out the digital wallet feature to facilitate faster online shopping when buying office supplies for work, too. It securely stores credit card details, so you don’t have to reach for your wallet.

  1. LogMeOnce

LogMeOnce offers two-factor authentication, including granting you access to websites with a selfie photo, fingerprint or PIN. However, if you still prefer passwords, it works with those too.

Additionally, the service — which has a free tier with paid options — offers anti-theft tools. That means if you leave your laptop at the office and are worried about the nighttime cleaners or other unauthorized users taking a peek, it’s possible to log out of accounts or incorporate a new password remotely.

The LogMeOnce interface has a “productivity dock,” as well. After browsing the options and discovering the ones you like best, add them to the dock and launch them with one click.

Improve Your Workflow with a Password Manager

As you can see, there’s no reason to repeatedly deal with the frustration and lost time that often results when you forget a password. By researching the available tools and choosing one that works best for your needs, you can maintain a task-oriented attitude and stop worrying about login details.


 

SOURCES

http://www.informationsecuritybuzz.com/news/a-third-of-us-admit-to-password-rage/

https://www.digitaltrends.com/computing/intel-world-password-day-true-key-app/

https://optimalidm.com/resources/blog/password-free-world/

https://www.lastpass.com/

https://www.dashlane.com/

https://www.logmeonce.com/

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: by Jon Moore on Unsplash

Book Review: Building on Bedrock, by Derek Lidow

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Successful entrepreneurship starts with donkey poop and watermelon juice, according to Derek Lidow. I couldn’t agree more.

Some people think that successful entrepreneurs roll around in expensive cars, giving interviews on CNN, and gracing the cover of the Wall Street Journal in pixelated glory. The reality of it is years of very hard work, financial sacrifice, lost family time, and unglamorous tasks.

Building on Bedrock by Derek Lidow uses the life stories of some well known (and some not-so-well-known) entrepreneurs to illustrate the path to entrepreneurship. Sam Walton started from nothing (and leveraged the aforementioned donkeys and watermelons), Estee Lauder was struggling against an unkind comment from a store patron, and “Jody” Maroni just didn’t want to work in his dad’s butcher shop.

I’d recommend this as a good read for anyone who might be wondering whether they’re cut out for being an entrepreneur. Using the interwoven stories of these successful men and women, the author provides a “gut check” of how, when, and why you might want to start your own business.

Continuing the lessons of the highlighted men and women, they all slowly built their empires one step at a time. Once the new business was launched, the real success came with control, low risk, and patience. We can all draw some inspiration from these stories.

There is a diversion in the book, going into detail on “high risk” entrepreneurs, and the venture capitalists and angel investors they typically deal with. At first glance, it seems off-topic; however in today’s world of high-flying tech geniuses, it’s useful to know the pros and cons of dealing with that type of business model.

The financial foundation of a quick-start, high risk tech startup is vastly different from the “bedrock” entrepreneurship of a Sam Walton (not that one is better or worse, they’re just different, and it’s best to go in knowing where you fit into the equation). The two different modes require completely different personalities and leadership styles.

Another recurring theme among the entrepreneurs is travel and face-to-face interaction with the team. Walton even bought a used plane at one point, so he could more easily visit his franchise locations. Estee Lauder spent years on the road while her husband took care of the family.

Ultimately, according to Lidow, it comes down to five core skills:

  1. Self Awareness
  2. Relationship Building
  3. Motivating Others
  4. Leading Change
  5. Enterprise Basics

Are you thinking about starting your own business? Would you consider yourself a “bedrock entrepreneur?”

 

 

Disclosure: I was given a digital copy of this book for purposes of this review.

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for Social Strata — makers of the Hoop.la community platform. Check out the Social Strata blog. You can find Rosemary on Google+ and on Twitter as @rhogroupee

How to Create and Control Your Business Budget

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By Kayla Matthews

Striking out with your first startup? Been in business for a few years but still stumped by budgeting? You’re not alone. Budgeting doesn’t come naturally to many business owners, but you can develop the skills needed to create and manage your business budget.

Many scenarios require a business budget to ensure company success and direction. Matching business expenses, both anticipated and real, to revenue helps you determine if you possess enough money to put into operations, expansion and income generation, among other needs. New startups should research their market to replace a history of financial reporting while being realistic about their goals and ambitions. Businesses will use their budget to direct company growth toward income, profit and spending over the future months and years.

Without a budget plan in place, businesses risk going into debt or not spending enough of their financial resources to grow a business to compete in the market.

Starting and Maintaining Your Business Budget

Think of your company budget as a roadmap for your business. A business plan outlines directions and goals, but your budget also informs the end goals of your company. Here are five ways to create and control your business budget:

1. Make a List and Check It Twice

Base your budget off of realistic profit you desire to produce in the coming year. Don’t fret over accuracy too much because budgets focus on realistic forecasts and forward-thinking. Start with a list and build your budget from there.

Pull out your most recent business financial statements. Look at the current profit brought in since it drives other estimates for capital expenditures, expenses and costs. Consider outside factors such as the loss of a major client or a downturn in the economy in your estimates. Don’t forget your operating costs: rent, utilities, research, insurance, taxes and travel. As you would in a personal budget, create an emergency business fund or plan to seek out a loan should the need arise.

2. Don’t Be Afraid to Shop Around

Staying on top of your long-term success means continually looking for what’s best for your company and its budget. Why waste money on suppliers that deliver little but issue a hefty invoice every month? Why continue to use lead generation tools that fail to produce results?

Don’t be afraid to shop around for the tools, suppliers and services that best accommodate your company and its success. You may even consider seeking outside capital to grow your business in order to expand your resources using external finances. No matter where you invest, it’s important you get the most out of your money without wasting it.

3. Make a Budget Spreadsheet

Spreadsheets feel intimidating but remain the classic business budget tool for a reason. When opening or operating a business, use a spreadsheet to calculate estimates regarding revenue percentage and total amounts you’ll need to direct to raw materials and other resources. Do the same with your taxes, insurance and operating costs, for example.

Templates will help you plug in the right information to make conservative estimates, and you should pull out your budget spreadsheet every month for review. You’ll track business outcomes against the estimates as you move along in the following months to monitor whether your business is profitable and achieving goals.

4. Show Restraint, Not Rigidity

It’s better to go under budget than over budget in most opinions. Conduct restraint in your budget over rigidity. Going too under repeatedly sets up your business for stagnancy. Invest in new technology or other resources that will help grow your business.

When you go over budget, review areas to cut costs. Focus reduction strategies first on analyzing profit margins on services and products offered. Direct investments primarily in your most profitable services and products. You don’t need to cut positions needlessly, either. Implement a telecommute plan or reduce the workweek for applicable positions to conserve costs and keep employees. Stay on top of tracking your business expenses.

5. There’s an App for That

When it comes to managing expenses, there’s an app for that, too. Many aspects of conducting business are now automated, and budgeting is no exception.

Many budgeting apps focus on various areas of spending, from clocking hours for employees to allowing receipts to be scanned for tax purposes or reimbursement. Examples of helpful apps include LearnVest (tracking goals), DollarBird (includes past and present income) and Level Money (subtracts reoccurring expenses to show what’s left to spend). For those getting started, apps help business owners separate their personal and business lives.

Budgeting feels intimidating for many business owners. To build and maintain an effective budget, companies must see budgeting as a roadmap to future success with forecasts to weather the sunny and stormy business days.

Stay realistic, but don’t be too rigid with your budget. The ultimate goal of your budget is to keep your business running with an eye to the future for competition and growth.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by Fabian Blank on Unsplash