Successful Blog

Turn Your Weaknesses into Strengths: Five Jiu-Jitsu Principles that can benefit an Entrepreneur

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By Andrew Filev

For more than five years I’ve been training in Brazilian Jiu-Jitsu. I’d say it’s not just a self-defense system, but a whole art that is based on the concept that even a smaller, weaker person can defeat a stronger opponent if he uses the right technique. For me, Jiu-Jitsu is much more than physical training; it’s a philosophy. It teaches you things that can be applied not only on the mat but in your personal and professional life as well. Here are just a few of the lessons it can teach you in business:

1. The size is irrelevant if you master the technique

‘If size mattered, the elephant would be the king of the jungle,’ Rickson Gracie, black belt in JJ and heir of BJJ founders, justly noted. Likewise, in business, nimble start-ups manage to disrupt markets dominated by ‘elephants’ or even create a market of their own. All such start-ups have one thing in common– the ability to act creatively. You can’t win by simply replicating a big company’s game that’s already been polished. A small company needs to use its own advantages, like agility, being closer to customers, and, of course, being different in some aspect that is important to customers.

For instance, there’s an interesting case study about how Bulldog, a small UK company producing male grooming products, found a way to compete against giants like L’Oreal and Nivea. First, instead of using generic skincare product formulas Bulldog developed its own recipes using all natural ingredients. They also decided to use an unorthodox marketing strategy and teamed up with comedian David Mitchell to sponsor a series of comedy monologues. These videos collected more than 8 million views and grew Bulldog’s retail sales in UK by 65.4%.

When Wrike came to the project management space seven years ago, most of the solutions were built for industrial business models. Instead of entering the market as ‘just another company’, we decided to develop our own market: we specialize in helping creative workers collaborate online. Wrike brought something new ‘real-time collaboration’ and, thanks to delivering the solution via cloud, made it considerably cheaper. This made Wrike one of the fastest growing companies in the project management and collaboration space.

2. “A black belt is a white belt that never quits”

Renzo Gracie, a world famous Jiu-Jitsu coach, phrased the secret of jiu-jitsu champions pretty cleverly in the quote above. They train harder, day after day, year after year. They find ways to organize their life around this tough schedule, and think about improving their skill even when they’re not training.

It may look like Silicon Valley is built on stories of ‘overnight success.’ However, it is determination and persistence that make this success happen. Of course, luck helps, too. But it’s the luck of being persistent enough to find numerous opportunities, and being smart and disciplined enough to make those opportunities work.

3. Dojo is a place to learn

In jiu-jitsu a dojo is a training place where you can share knowledge and try new moves without risk and fear. Often it’s something you’re not supposed to do in competition, where you go with a well-developed game.

In business, the same can be achieved by ‘inducing learning.’ Instead of making a big ‘all in’ move right away, you can run a test project and study the results. If it works well, you can quickly scale it. Prototyping, A/B tests, crowd funded pre-orders in consumer space, you name it. The toolset of techniques grows quickly and becomes more and more sophisticated; all you need to do is to integrate them into your company’s daily processes.

4. Never stop moving

In Brazilian Jiu-Jitsu once you stop moving you get caught in a submission hold. In business, no matter how big you are, once you stop moving forward the competition will pass you. Andy Grove, famous ex-CEO of Intel, and Clayton Christensen, who came up with the concept of disruptive innovation, developed this point in their books Only the Paranoid Survive and The Innovator’s Dilemma.

There are many examples of successful companies which became complacent and then when disruptive innovation happened turned into dinosaurs, such as Blockbuster and Kodak. Apple, on the other hand, is a testimony of a ‘paranoid mentality.’ When developing the iPhone, the company expected its sales of iPod to decline; and in developing the iPad, its Mac computer line to be negatively affected. But Apple chooses to constantly one-up itself. In fact, Steve Jobs famously said: ‘If you don’t cannibalize yourself, someone else will.’ It is exactly this mentality that allows the company to beat the ‘innovators’ dilemma.’

5. If you want to be a blue belt, make Jiu-jitsu your hobby. If you want to be a black belt, make it your life

Both in Jiu-Jitsu training and in business, genuine love for what you do and what you want to accomplish is, at the end of the day, what keeps you going. There are, of course rough patches, but when someone says that they have no idea how they would function day-to-day without your company (as our customer recently did), you know you must be doing something right. As Steve Jobs once stated, ‘Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.’ So, savor good moments, keep your eye on the goals you want to achieve, and enjoy the ride.

Are there any lessons that you can take from your hobby into your professional life?

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Author’s Bio: Andrew Filev is the founder and CEO of Wrike, a leading provider of task management software. He is a seasoned software entrepreneur, project and product manager with 10+ years of experience and advisor to several fast-growing ventures. Apart from business, Andrew is interested in human and artificial intelligence – from cognitive psychology to neuroscience to machine learning. He also trains in Brazilian Jiu-Jitsu. You can find Andrew on Twitter as @andrewsthoughts or @wrike (Wrike).

Are You Really Protecting Your Customers From Identity Theft?

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According to the 2013 Identity Fraud Report by Javelin Strategy & Research, identity thieves stole more than $21 billion dollars from 12.6 million victims in 2012 — the highest amount since 2009.

Even worse from a small business standpoint, fraud victims tend to become more careful about where they shop after having their identities stolen.

According to the Javelin study, 15% of all fraud victims decided to avoid smaller online merchants after an incident — an even larger number than those who avoid gaming sites or large retailers.

So how can you protect your customers’ sensitive information and avoid taking a major hit?

Review Your Employee Internet Policy

One of the ways hackers can gain access to a company’s sensitive documents is by taking advantage of existing security breaches. Unfortunately, many of these come from employees who aren’t careful enough about their online browsing while at work.

Employees who conduct their online shopping from work computers may be setting their employers up for trouble, since hackers regularly target ecommerce sites. A worker who unknowingly visits a compromised site can introduce malware into your company’s system, granting the hackers access to customer information stored on your servers.

A comprehensive training program about safe browsing and internet security, as well as frequent refresher courses, can help keep your customer data safe.

Encrypt Sensitive Files

Encrypting sensitive information like your customers’ personal and financial information can help protect you, even if a hacker gains access to your system. Make sure any data sorting tools you’re using, such as Syncsort, are protected.

Even with savvy employees working for you, a virus or other malware can get into your system. Encryption provides a crucial second layer of protection for you and your customers.

Limit Your Personal Customer Information

The more personal details you require from customers, the more risk you take on.

This is especially true if you’re using your customers’ social security or driver’s license numbers as account numbers.

If your business requires you to ask for private information, don’t do it in front of other customers, and keep all computer screens turned away from customer view.

Know Vendor and Contractor Policies

It’s not just your internal employees who may have access to private customer information. Vendors and contractors, such as website designers or payment processors, may also be able to get into these private areas.

Talk to these contractors before they do any work for you. Find out what measures they take to protect your and your customers’ information, and lay out terms defining who is going to be responsible in the case of a breach.

Identity theft isn’t just costly for the immediate victim. Exposing your customer information to hackers may leave you open to liability. Even if that’s not the case, your business is going to suffer when word gets out that fraudsters gained access to your customer data.

By educating yourself and employees, and taking steps to keep customer information under lock and key, you can keep both your customers and your business safe.

Photo credit: creditrepair.com

About the Author: Freelance blogger Angie Mansfield covers a variety of subjects for small business owners. From business growth to marketing to social media, her work will give you tips to keep your business running smoothly.

 

Should Your Employees Expect Holiday Gifts?

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With a still tight economy, it’s a tough time for small business owners.

When they are having a tough time in the business, it makes for a difficult decision when it comes time to think about holiday bonuses, gifts or anything extra around the holiday season.

Small business owners usually do like to thank their employees with a bonus or gift at the end of the year. The personal, family feel is what makes small businesses a nice place to be. However, when finances are tight, it’s not always possible.

Will It Be a Weak Year for Holiday Sales?

According to a report from Entrepreneur, 34% of small businesses are afraid it will be a weak year for holiday sales. Weak holiday sales mean less income and a tighter budget for small businesses. How does that translate into end of year bonuses, gifts and festivities?

It, unfortunately, does mean that more businesses are cutting back on the extras – less bonuses, less holiday parties, less year end gifts, but it doesn’t mean that employers don’t want to show their staff their appreciation. Some are just doing it in different ways.

Take a look at these ways to compensate for the lack of funds but still show your employees you are grateful for all they do:

• Giving a full or half day off for shopping or other holiday prep (no vacation or personal day needed).

• Donating to charities (this can be a tax write off).

• Getting together and helping out a non-profit together instead of a holiday party. There is very little cost, if any, and the satisfaction is big.

• Scaling down holiday parties but still hosting them, maybe a pot luck instead of a catered affair, or a dessert bar instead of a full meal.

• Give gift cards or gift baskets instead of hefty year-end bonus. It’s not quite the same, but does show appreciation, and can even be more personalized than cash.

If you do need to scale back this year, let your employees know that it is not because they are any less appreciated, but that your budget just does not allow it.

Because small businesses have fewer, closer employees, it’s important to thank them at the end of year, and let them know why there was a change (if it’s a big one) from past years.

Being upfront will pay off, there won’t be hard feelings or employees wondering what is going on. And maybe next year will be better.

Photo credit: employeeappreciationhq.com

About the Author: Heather Legg is a freelance writer who covers topics related to small business and social media.

Educating Your Employees to Succeed

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What have you done for your employees’ education of late? Perhaps it’s not a topic you think about a lot.

According to the Bureau of Labor Statistics, only 34% of smaller companies offer their employees tuition reimbursement. It’s easy to understand why. In the current economic climate, many small businesses are struggling to make ends meet, and tuition doesn’t come cheap.

But if you’d like a more engaged, more productive, and more loyal workforce, educational reimbursement just might be a smart move for your business.

Here are five reasons why:

1. Your Employees Will Gain Skills You Need

When you need a more skilled workforce, where do you look? Do you turn to temps, or start recruiting?

By offering tuition reimbursement for courses relevant to your industry, you can find the skilled workforce you need among your existing employees. You can offer anything from a full degree in a relevant field, to enhanced training on new technology or business related courses.

Not only will you save on the expensive recruitment process, you’ll find many employee educational fees attract tax breaks.

Instead of putting yourself through the stress and uncertainty of finding new employees, why not make the most of your existing workforce by helping them to gain the skills you need?

2. You’ll Gain a More Productive Workforce

Further education increases productivity in two ways.

First, your employees will learn relevant skills that will help them to get even better at their jobs. But there is another bonus too – further education teaches a range of “soft skills”. These are skills that aren’t directly related to your company’s daily business, such as:

  • Better time management;
  • Increased confidence in public speaking;
  • A more active and engaged mind;
  • Enhanced teamwork skills.

The skills learned while studying are transferable skills that can be great assets to your company overall.

3. Staff Morale Will Go Up

Who doesn’t want a happier work force?

Increased staff morale means good things for both you and your employees:

  • A better working environment for your employees;
  • Less stress for you;
  • Less time spent dealing with interpersonal problems and despondent employees;
  • Tasks getting done and done well as employees approach their work in an upbeat frame of mind.

Offering tuition reimbursement can help to increase staff morale by showing your employees that you care about their future. By offering education and the chance to progress in their roles, you’re giving your employees something to aim for.

In fact, a study by the ROI institute showed that an impressive 64% of employers who offered tuition reimbursement noticed a significant increase in how engaged their employees were.

4. Company Loyalty Will Increase

“But if I offer my employees education, won’t they take the skills and go elsewhere?”

It’s easy to worry that if you pay for your employees more education, they’ll take those skills to your competitor and you’ll be left out of pocket.

In fact, the same study that found offering educational reimbursement increased loyalty, also found a 64% increase in company loyalty. Employees feel they have a future with a company that cares enough to invest in them.

You can safeguard against losing your newly trained employees by offering reimbursement as part of a contract that specifies how long your employees will need to stay with your company to get their fees paid.

And of course, you can make sure the programs you are offering are relevant to your company and to career advancement within it.

5. You’ll Have a Competitive Edge During Recruiting

Offering educational reimbursement can help to increase employee retention, but of course there will come a time when you need to recruit, whether that’s due to expansion or an employee taking extended leave.

As a small business, it can be hard to compete against bigger employers who can offer flashier recruitment packages. A good educational reimbursement package is another string to your recruiting bow.

As well as showing you care about your employees and want to invest in them, it’s a signal to new recruits that there are opportunities for growth within your company. You’re offering them more than a job; you’re offering them a career.

A well-planned tuition reimbursement program is a smart investment in your business, leading to happier, more skilled and more engaged employees.

If you offer relevant education in return for a certain period of loyalty, both you and your employees will benefit.

Photo credit: cmm.com.au

About the Author:  Tristan Anwyn is an author who writes on subjects as diverse as health, marketing, Education via Yahoo, and SEO.

Is Your Business Functioning on All Levels?

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It can be easy to keep track of your small business when you are first starting out.

You know what everyone is doing; in fact, you are often the person doing most of the work. However, as your business grows and expands into new areas and new departments, it can be difficult to ensure that everything is working smoothly until it isn’t.

To avoid crisis, you need to know if your business is functioning well in all areas. This is part of the role of business administration.

Organization

One area where you must review is on leadership.

Do you have a leader for every department or is one person trying to handle multiple areas? Is the right person in the right position of leadership?

Whether you believe that leaders are born or made, you must make sure you have a true leader in the right position to achieve the best results from your staff. That may mean hiring the right person or training someone to become the right person for the job.

You must also make sure you have your small business divided into the correct categories or departments to operate in the most efficient way possible.

Tasks need to be delegated to the area where it makes the most sense. This may differ from what has been done in the past, but results in better operations.

Communication

Do you have adequate communication channels set in place for your business?

A successful organization is one that receives input from all areas of the company. Furthermore, the leaders of the organization provide information that is accurate, relevant, and timely to the staff. No one feels left out or left “in the dark” as to the direction of the organization.

To have an effective administration means in part that you offer the opportunity for everyone to be heard.

This may include providing anonymous surveys for input. An organization must have weekly or monthly department and company-wide meetings to keep everyone updated on the different aspects of the business.

Review

A business must also have an effective review system in place.

This not only ensures that things are working well, but it gives you the opportunity to see if there are ways you can do it better. It helps keep your company organized while you make sure everything is progressing along based on the business plan. If you find deviations, you must decide if they need addressed or if your plan needs altered.

As your business grows, you will find it harder to keep your hands on the pulse of the organization. However, it is important to maintain the proper oversight of every aspect of your company to ensure future success.

By focusing on having the proper administration in place, you can achieve your goals and keep your company running smoothly on all levels.

Photo credit: smallbusiness.chron.com

About the Author: Joyce Morse is an author who writes on a variety of topics, including SEO and business administration.

Managing to Expectations: A Primer

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By Dipti Parmar

The best advice I received during my career in corporate America can be summed up in these four words; inspect what you expect. These four words that can provide focus for managing a business, a staff, a team, and even your children.

When it comes to business, the only metrics you should concern yourself with gathering are those that will help you make the right decisions. Most analytical software tends to emphasize metrics that might make you feel good about your business but do not really provide any useful guidance for making decisions.

For example, a report that reveals you have a total of 20,000 “hits” to your website may make you feel good, but the report tells you absolutely nothing about how you achieved those hits. In this sense, such statistics aren’t terribly useful.

You may have seen this in your business. You launch a new feature or product and a few days later sales and revenue are up. Everyone pats themselves on the back. The product guys think it is the result of the feature, the sales guy thinks it’s the new promotion and the customer service people think it’s the customer-friendly policies. The fact is, you don’t really know what caused the up-tick, but when sales and revenues drop back to baseline … no one wants to accept the blame!

Compare this to what I would describe as an actionable metric. For example, by adding a new feature to your website but allowing only every other customer to see it, you would be able to examine both sets of revenue streams a week later and make some meaningful conclusions. This metric is designed to allow you to ascertain the effectiveness of the new feature based on revenue differences. If the new feature increased sales, then you obviously want to implement that feature for all your customers. If you see that it didn’t move the needle for either group, you could scrap it. The important take-away here is that these types of metrics are actionable. It is data from which a conclusion can be readily made and acted upon.

How to Achieve Actionable Metrics:

Split tests—such as the one I described above, will allow you to take the right course of action on anything from minor copy tweaks to major product changes. These tests are widely known as A/B tests and you can get more information and background from this whitepaper titled “Controlled Experiments on the Web: Survey and Practical Guide” (PDF).

Per Customer Metrics—because people are metrics! Ordinary metrics can fog our focus on reality by diverting attention to unreal groups and pseudo concepts. It is significantly advantageous to examine data from a per customer or per segment perspective. Try focusing, for example, on the number of page views per new or repeat customer rather than just the total number of page views. Per customer data can indicate that you are increasing the level of engagement with your customer. Looking at aggregate data will not reveal this trend. There are several analytical packages that offer a business the ability to reduce aggregate data to per customer and/or per segment analyses. One is Google Analytics, which in combination with Google’s goal tracking feature will allow you to see which web referrers are driving the most conversions. Armed with this information, you can make decisions on which referrers are worth your time and money. This allows your business to maximize its return on investment.

Group analysis and funnel metrics—can be among the most useful metrics for forward decision making. For purposes of illustration, let’s say you have an e-commerce product with a few life-cycle events. These may include registering for the product, signing up for a free trial, using the product and, ultimately, buying the product. A simple report can be created to show these metrics for groups in a defined time period. For example, you might create a weekly report which shows what percentage of customers registering in that week went on to take each life-cycle step. If these numbers reflect no changes from group to group, then we have learned that nothing significant is happening. If one spikes up or tumbles down, then we have an unmistakable reason to investigate. Using funnel metrics to consolidate this data into a few useful numbers is easy to do manually, even if you have a large number of registrants. Simply break out the old fashioned index cards and record the number of customers registering each day. Then for each conversion (sale), make a tally mark on the index card corresponding to the date that customer registered (not the date they bought). Then on a weekly or monthly basis, you can compute conversion rates for the customers registering in that time period. Obviously, it is this number you want to focus on driving up!

What I have shared here today has been focused on the e-commerce business but the theme of managing to expectations is equally applicable to brick and mortar businesses. The idea of inspecting what you expect is applicable to all business enterprises, from invoice financing companies like CBAC Funding to the mom and pop dry cleaning store in your neighborhood.

If you expect to achieve a goal, measuring your progress is essential; otherwise, how will you know you reached it?

Author’s Bio: Dipti Parmar, a digital marketing wiz is associated with E2M Solutions. She’s been journeying through the world of digital marketing for 6 years and is a blogger and networker. She’s also a movie buff and loves taking long walks by the seashore. She is @dipTparmar on Twitter.