Successful Blog

Should You Grow Your Solo Business? 5 Things to Consider

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By Kayla Matthews 

When looking ahead to 2018, solo entrepreneurs may wonder if they should take the next steps to grow their business. Alternatively, they can stay where they are for now.

Several aspects should dictate the final decision, including these five important considerations.

1. More Fiscal Responsibility

As business continues to grow, there are more financial figures and data to analyze. Whereas a small business’ finances can undergo analysis mostly in-house, businesses that start to eclipse sales in the $5 million range find that keeping track of finances gets more difficult, requiring the use of an accountant —or several.

Well beyond tax time, growing businesses may need to hire accountants and financial professionals to ensure that growth and maximized profits are continuing. Solo entrepreneurs likely lack the financial experience at a certain point to confidently manage finances and resources for a larger business.

2. Good Hiring Is Vital

As a small business grows, gauging the performance of individual employees becomes a more difficult task. The number of employees will grow alongside the growing responsibilities of a budding business, making the hiring process more important than ever. As a business leader making the transition to a larger business, the increasing responsibility on your plate makes monitoring the effectiveness of every employee unrealistic.

As a result, it’s more important than ever to hire quality employees who work together and keep each other in check. Further, if you hire trustworthy managers who can monitor employee performance, you can have a solid structure in place without sacrificing too much of your own time. The people you hire defines the culture of a company. As a company grows and more employees become involved, hiring the right people is vital to success.

3. Customer Service Concerns

A growing business also means more customers. An increase in customers can translate to an increase in profits, but also an increase in demand for customer service. An increase in sales ramps up all aspects of production, which for a newly growing business can translate to certain products and services being subpar for consumers. Customer service is important for addressing customer dissatisfaction, with poor customer service resulting in a lack of growth.

A growing business will find that an uptick in resources and budget for customer service is necessary to curtail the imminent growing pains they will experience.

4. Moving Your Office

Moving locations is common for a new business, with one in five small businesses reporting they plan on moving to a new office space in 2017. Especially when moving from a home office to a commercial building, there are costs involving general liability insurance and commercial property insurance that the budget should regard.

Also, moving to a new location that’s far away from the current location can result in some employees departing or requesting additional compensation. Moving is a part of a growing business, though you should prepare for its fiscal and employee-based impact.

5. Use Data, Market Analysis and Economic Analysis

Growing businesses tend to overvalue their sales when evaluating whether to take the next step in growth. Although great sales numbers are certainly a positive, you should evaluate your industry and niche as a whole before deciding to take the next step.

Specifically, it’s important to evaluate market studies, economic analysis and other factors beyond your control that can dictate whether or not growth at present makes sense. Growing a business is one thing, though growing a business alongside a growing industry is another.

It may very well be time to grow your solo business, taking the next step by expanding your staff and resources.

It’s also possible that substantial growth would be better planned in another year or two.

You should consider the five aspects above when deciding whether to take the next step.

Have you grown your business? What else would you consider important?

 

 

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.

Photo by Daniel Hjalmarsson on Unsplash

4 Powerfully Creative Ways to Build Your Personal Brand

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By Kayla Matthews

Creative marketing can boost your personal brand to ample recognition.

While some mistakenly assume that effective marketing requires a big budget to match, there are several powerful ways you can use creativity and savvy to compensate for a more conservative budget.

1. Latch On To Emerging Consumer Trends

Your brand’s recognition can soar by catering to a niche where your expertise is valued. Naturally, your niche-specific expertise can lead to your fingers on the pulse of emerging consumer trends in that industry.

Seizing upon these emerging consumer trends can help cement your brand and product as attentive toward its consumers, helping attract attention even in crowded niches.

Coca-Cola, although a huge brand, is an excellent example of implementing emerging consumer trends in personal branding for favorable results. Coca-Cola has shifted their branding to a “total beverage company,” compared to one that specializes in soft drinks.

This transition is primarily in response to data that shows consumers are switching to less-sugary drinks and losing faith in grocery store brands. Coca-Cola has consequently invested more time and resources into pushing Vitamin Water, sensing that consumers as a whole are moving toward a more health-conscious focus.

If a largely recognized brand like Coca-Cola considers ditching tradition in favor of emerging consumer trends, it should be an indication that smaller personal brands can successfully pursue a similar strategy.

If you notice your brand and business struggling to attract attention, it’s worthwhile to examine your intended audience. They may consider your approach too dated to engage.

2. Embrace Alternative Mediums For Your Ads

What do you think of when you envision a traditional ad? Likely a billboard or ad placement in a newspaper or magazine, right? However, there is a world of exciting advertising options that go far beyond your basic printed ad.

For example, vehicle wraps provide an eye-catching form of PR that can raise brand awareness. Even better, vehicle wraps can generate between 30,000 and 70,000 brand impressions in a single day. Industry experts also estimate that this offers the lowest cost-per-impression of any form of advertising.

A Nielsen study recently showing that out-of-home advertising like this is the most effective offline medium to drive online activity. And, with more and more consumers turning to micro-gigs as supplemental forms of income, you can consider ad options like these a win-win.

3. Make Your Brand a Lifestyle

Businesses like Urban Outfitters and Whole Foods have crafted their marketing to portray a lifestyle that consumers aspire to.

Urban Outfitters, for example, developed a blog that covered new music and youth-minded events to help enforce the notion that they are more than a mere clothing brand. Whole Foods, meanwhile, is synonymous with organic and farm-to-table food, to the point of many of their consumers prioritizing items that they can find only in their stores. Another example is Lululemon, the yoga-inspired sportswear company that holds frequent yoga-centric events to foster the use of their product and the activities that require them.

Although propelling your personal brand into a lifestyle is a considerable challenge, much of it has to do with outreach.

If you show a passion for your niche within your personal brand marketing, then consumers are likely to embrace what you’re putting out, whether it’s a product or specific event geared toward it.

Similar to how Lululemon hosts yoga events and promotes their yoga products by doing so, you can boost your brand by hosting events about your product’s niche rather than the product itself.

4. Showcase Your Expertise

The accessibility of digital media makes showcasing your expertise easy. For example, you can arrange a Facebook Live chat with interested consumers who can ask any questions they like and receive a response.

No longer is a physical space necessary to hold an event to boost your branding. Another option is to create a tutorial video in your branding’s niche, uploading it to YouTube and Facebook so those seeking answers can find them and stumble upon your brand and business.

Fulfilling a need among consumers will immediately show expertise and lead to trust as a result.

These creative ideas can help to build your personal brand immensely, helping attract new customers and demonstrating your expertise.

 

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 via Unsplash: https://unsplash.com/photos/9IBqihqhuHc

What’s The Deal With ISO Certifications?

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By Kayla Matthews 

In the business world, there are a variety of conflicting opinions about International Organization for Standardization (ISO) certifications.

Some consider ISO as only suitable for big businesses, while offering smaller businesses little more than a marketing tool.

In reality, many ISO standards are generic by design to accommodate any type or size of business. The flexibility of ISOs can contribute to improved customer service, reduced operational costs and increased international market access for businesses of all sizes.

Due to significant up-front cost and gradual impact, the topic of ISO certifications can be polarizing in business.

However, in many cases, ISO certification is worth the time and cost. Core Business Solutions points out on its website that ISO certifications have had a bad reputation with small business owners for some time, yet the organization has seen literally hundreds of small businesses benefit from taking the plunge.

Here are some ways in which ISO certifications can be genuinely helpful for a business’ overall growth and reputation.

Demonstration of a Quality Management System

Before customers decide to do business with a company, it’s prudent to analyze that company’s management system. A cluttered and disorganized management system can indicate perpetual missed deadlines and lack of communication. ISO standards provide consumers confidence that the products they’re using are safe.

ISO certification provides customers peace of mind regarding the management protocols, confirming there is an effective quality management system set up and active, with its processes and procedures under control. Businesses can take time to educate customers about the misconception that ISO is simply an effective marketing tool, and emphasize how ISO certification provides the basis to develop, manage and grow a business.

Especially in a business landscape where many competitors have ISO certifications, being certified is also an important way to keep pace with the competition, as well as improving customer service by providing additional consumer confidence.

Reduced Operational Costs

A great aspect of ISO certification is its tendency to uncover processes that can be further optimized, helping eliminate waste and cut costs.

Advanced checkups or certain management systems and protocols can be comparable to the ISO registrar price, so many businesses consider the rigorous certification process highly beneficial to spotting inadequacies within their daily operations.

Increased International Market Access

Small businesses typically don’t have the resources to focus on international markets. An ISO 9001 certification can help immensely with international exposure, since ISO is recognized throughout the world. With more than 1 million organizations in 175 countries using ISO certifications, the process provides recognition and trust within markets not typically associated with small businesses. ISO certification allows international consumers to verify the quality of partners and suppliers, making international partnerships and cross-consumer interest a reality.

Despite some stigma among small businesses that ISO certification is overly expensive, difficult and time-consuming, the resources and time will result in a positive reputation with an evident quality management system and reduced operational costs.

The result is increased access to international markets, as well as providing consumers with added confidence when doing business with your organization.

ISOs are here to stay, so businesses would be prudent to take advantage of their plethora of benefits.

 

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.

Hiring Freelancers? Here’s How to Find the Right Ones

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By Kayla Matthews

If you’re a growing business, you can easily find yourself with more work than your team can handle.

While busy times may come and go, biting off more than you can chew can cause your work to suffer. If your team becomes overwhelmed, they could rush projects or make mistakes.

Outsourcing some of your work is a great way to take some of the pressure off your team without having to stunt the growth of your business. However, if you’re hiring freelancers, you want to make sure you’re working with the right individuals.

As a representation of your company and brand, you need to be sure you’re working with experts and professionals.

If you’re about to hire some freelancers, here are a few tips you should follow to ensure you’re only working with the best of the best.

1. Use Your Network

As a business owner, you’re probably in contact with at least a few other entrepreneurs in your space or area. When looking for a high-quality freelancer, your best bet in finding someone who will fit your needs and provide you with excellent service is to get a referral.

Ask around to see if anyone knows of freelancers in the area. Getting the stamp of approval from a trusted friend, family member or business connection can reduce some of the risk you take when hiring freelancers.

2. Check Your Expectations

One of the biggest struggles of working with freelancers is determining a rate you’re both happy with. As a small business, you may be a bit strapped for cash. However, when it comes to freelancing, you’re going to get what you pay for. Keep in mind that you’re saving money on payroll fees, healthcare and other costs that explain why many small organizations can’t afford to hire new team members.

Finding the right freelancer for your budget and needs will depend on your expectations. If you’re approaching freelancers with unrealistic expectations for the amount you’re willing to spend, you’re going to struggle to find someone you’re happy with. Instead, check your expectations to ensure you’re on the right path.

3. Know Your Needs

While you may know you need someone to take a project off your hands, you need to understand what expertise is needed to get that task completed. If you don’t know what you’re looking for in a freelance writer, you’re going to struggle to find someone who can get the job done.

Before reaching out to any potential freelancers, make a list of the skills you need to have in the freelancer you hire. Having this list of requirements will make it easier for you to know who’s right and wrong for you when you start interviewing.

4. Post a Gig Description

While you can turn to many gig websites to find freelancers, you’ll typically find the best quality workers through submitting a gig description of your own. However, you must craft your job description to ensure you’re only attracting qualified individuals.

Just as you would with a traditional job description, you need to make it clear what you’re looking for and what expectations you have. If you have any requirements for your freelancers, make them known in the description to weed out individuals who may not fit your needs.

5. Provide Clear Communication

When you’re talking with potential freelancers, communication is essential. Both you and the people you’re talking with need to understand what you’re looking for in this partnership. With the right communication, you can build a healthy relationship with your external worker.

Clearly explain what you’re looking for and what direction you hope the relationship goes. Whether you’re looking for a one-off project or someone you can keep on retainer, you need to ensure both you and your potential freelancers are looking for the same level of commitment. Clear communication can ensure this happens.

Hiring freelancers can be a great way to take some stress off your hands. However, if you hire the wrong external team, you may end up with even more stress than you thought.

You’ll save time and headaches by going through the appropriate processes to ensure you’re working with a high-quality individual.

Follow these five tips the next time you’re looking to hire a freelance team to make sure they complete your projects promptly and to your satisfaction.

 

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 rawpixel.com on Unsplash

The Value of Learning to Read Between the Lines in Business

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(Updated in 2020)

By Kayla Matthews

The ability to “read between the lines” can be extraordinarily valuable in business. The skill can help distinguish what people actually want, whether it’s their boss or a client, resulting in new opportunities for themselves and their business.

Critical analysis is valued in fields like music and writing, with seemingly simple lyrics or written words being scrutinized with the intent to see beneath the surface. Ernest Hemingway’s implementation of his “iceberg theory,” relaying often seemingly straightforward content with an intent to have the reader discover and expose the deeper themes, is a testament to the power of such depth.

Critical analysis of media has made it the norm to read subtext when it comes to art; however, there are those in business who also recognize the importance of reading between the lines in the workplace. One of the most successful entrepreneurs in the world, Richard Branson, said as much in a Business Insider op-ed:

“Paying close attention to not just what someone says but the way in which they say it can help you to read between the lines — a place where the real story is often dramatically different to what the casual listener might understand is being said on the lines.”

Regard the Many Aspects of Communication

Although it may be difficult to read between the lines in a conversation between two androids, human beings express emotions and intent in ways beyond the content of their words. In business, being aware of various aspects of communication can help you properly read between the lines.

Body language is a huge element here. Facial expressions, word emphasis and other nonverbal cues can place a different meaning on words.

If someone is relaying a business plan to you with a lack of enthusiasm and gesturing, it’s possible they aren’t as fond of the plan as they’re letting on, but they may be too wary of retreating on their own idea. In this case, offering a new idea without outwardly criticizing the old idea is a great way to interact and read between the lines.

The Value of Personal Connection

Any business can assemble a well-worded statement that lauds fellow employees and shareholders. If this message isn’t conveyed with passion and enthusiasm, though, it may come across as more going through the rounds. In the op-ed referenced above, Branson notes an occasion where a British Airways chairman was addressing the topic of low-level employees’ misdemeanors: “The way he looked away from the camera as he said it made me seriously question the veracity of his statement.”

Especially for successful entrepreneurs like Branson, who likely experience many disingenuous people who feign enthusiasm for personal gain, reading between the lines is an excellent tactic to go beyond the PR-speak. Body language and enthusiasm can provide relevant subtext regarding the veracity of the statement, whether it’s just lip service or something more genuine.

People Love Listeners

In the business world, people are often jumping over one another to get their word in. They want to have the best idea, or at least show their boss they’re contributing something worthwhile. However, in desperately trying to speak, many businesspeople neglect the importance of listening.

Think about how you would feel in a meeting where someone monopolized the whole conversation by talking about their own ideas. Even if the ideas had real merit, you’d probably feel ignored. If the person you’re speaking to feels more like a sounding board, as opposed to an actual participant, it’s unlikely they’ll look upon you or your content with much regard.

The Power of Follow-Up Questions

An especially useful perk of listening more often is that you can come up with relevant follow-up questions, which informs the speaker you’re listening attentively and provides you the opportunity to explore potential subtext. If someone seems like they’re at a loss for being able to answer basic, relevant questions, their initial delivery will seem more like generic PR-speak. However, if they enthusiastically answer off-the- cuff questions with depth, it provides an effective oomph to the topic at hand regarding the speaker’s authority and passion.

The Socratic method of participatory dialogue is an outstanding way to build upon ideas, with various people’s creativity and knowledge contributing to greater understanding among all involved parties.

However, it’s impossible to replicate the Socratic method in full if someone is failing to listen, which will make it difficult to ask relevant follow-up questions that provide clarification of the content, as well as the person’s authority on the subject.

Proofread Emails, Twice

Even if you add emoticons in an attempt to show levity in an email, it can be very difficult to relay tone. “I’m looping Bill in” can read more like “This is Bill’s problem now.” Similarly, sending an email at midnight can show over-commitment. Although it’s impossible to avoid email tone miscommunication entirely, paying close attention to tone and aspects like the time you’re sending it out can help the message be delivered as intended: without the subtext of being annoyed or overly fatigued.

Especially for highly communicative positions like project managers and HR reps that rely on email and chat often, proofreading your messages not only for content but also for tone can prevent unnecessary conflict.

How, when and why you interact with others can provide extensive subtext that can form biases, either good or bad. To reduce mistaken subtext and nurture healthier business relationships, it’s important to be very mindful of your body language and tone, as well as considering others’.

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.

Photo by Christin Hume on Unsplash

Beach Notes: A lesson about patience and value

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By Suzie Cheel and Des Walsh

 

At this time of the year, this vignette of trucks, boats and fishermen is a regular, sometimes daily sight on our local beaches. They are waiting for schools of mullet. Sometimes they will be waiting there literally for days on end.

Now mullet in these parts is not a highly regarded fish, and many Australians would never order mullet in preference to other fish such as bream or snapper. So it is usually sold at a significantly lower price.

So for a long time we wondered about the economics of all this waiting by the fisherman, not to mention the sunk investment in trucks and boats.

Then we found that the gold is in the mullet roe, apparently a prized – and expensive – delicacy in Japan and Taiwan, and maybe elsewhere.

Sometimes real value is not obvious.

Sometimes we have to wait for the bearers of value to appear.

Boats on a beach

Authors’ Bios: Suzie Cheel is the Heart Whisperer at Suzie Cheel You can find Suzie on Facebook and on Twitter as @suziecheel. She also shares her inspiring Beach Notes here on Sundays.

Des Walsh is a Digital Disruption Navigator at Des Walsh Dot Com You can find Des at LinkedIn and on Twitter as @deswalsh