Successful Blog

  • Home
  • Community
  • About
  • Author Guidelines
  • Liz’s Book
  • Stay Tuned

How to learn from your mistakes

April 26, 2012 by Rosemary

by
Rosemary O’Neill

cooltext443809558_authenticity

What? You’re not perfect? Nah, me neither. But here’s a little secret: it’s what you do after a problem, crisis, or failure that really counts.

As an entrepreneur or small business owner, every day offers new opportunities to learn, grow, and strengthen your enterprise. When you take the time to document your learning experiences, you’re getting leverage for the future. I’m the child of an Army officer, so I refer to these as “after-action reports.”

Once you’ve weathered the storm, and the dust settles just a bit (not too much), do the following:

Bring together all of the players
It’s essential to get together in an atmosphere where there’s no blame assigned. It should be in the spirit of doing things better next time.

Figure out whet led up to the crisis and whether it could have been avoided
Was there a broken process that led to the problem? Perhaps you’ll decide that the problem could not have been avoided, and focus on how to respond next time.

Assign someone to document and make recommendations for change
Ask someone on the team to write a summary, and suggest ways it could be done better next time. If you’re a solo entrepreneur, this would be an ideal time to tap into your mastermind resources or your mentor. It’s possible they have already been through a similar situation.

Share the recommendations

Be sure to share the recommended changes with everyone on the team. Sometimes retraining or new training is necessary. Reinforce the training with some roleplaying if it’s helpful.

How do you formalize your “lessons learned?”

_____

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work for on the Internet . Check out their blog. You can find her on Google+ and on Twitter as @rhogroupee
_____

Filed Under: management, Successful Blog Tagged With: bc, LinkedIn, management, Rosemary O'Neill, teamwork

3 Avenues to Safe, Reputable Business Advice

April 26, 2012 by Liz

Safe Advice for Smart Business Decisions

cooltext443809602_strategy

If you already have your own small business you probably know that finding sturdy, credible business advice can be a tricky task. If you’re just looking to start a business, beware, for there is an endless sea of websites and business “professionals,” willing to give you the “latest and greatest” advice on how to start and run your company. The following tips should help lead you to some safe advice, or at least get you started down the path of making smart business decisions.

Personal, Real-life Advice

Although this can be a bit more expensive than the do-it-yourself route, the quality, personal poignancy, and accuracy afforded by this option is often well worth it. Hiring or meeting with a personal life coach or business coach is an effective way to get good personal business advice without wasting your own precious time searching high and low for it. These professionals will take the time to sit down with you and go over virtually any business concerns or questions you may have. They’ll make sure that the advice they offer is specific to your personal needs and take much of the guesswork out of the equation.

Good Websites

Much like the site you find yourself on now, there are plenty of trust-worthy business sites out there offering quality information. Finding them in the midst of all the clutter now on the net is the tough part. Here is a link to a helpful website offering a top 20 list of the best business websites for Entrepreneurs and CEOs in 2010. The list is still quite relevant for us here in 2012.

Friends and Relatives

If you know any personal friends or family members who’ve started their own successful (or unsuccessful) business ventures in the past, absolutely solicit some advice from them. This is as good an option as any, and one that usually casts a safety net over any intellectual property and personal business ideas depending on your level of trust with said acquaintance. People are usually very willing and often eager to discuss their personal models for success and business experiences with a fellow entrepreneur, especially one they already know. Don’t overlook the enormous potential that your personal connections may hold.

In this dog-eat-dog world, which currently hangs loosely in the balance of a delicate economy, sound advice can be the difference between a successful idea coming to fruition, or fading back into the ethos for someone else to find and successfully develop. Make sure you take the necessary time to research before embarking on any financial endeavors. You never know when or where that last missing link may be hiding. Using the right tools, in any case, surely gives you a better chance of finding it.

—-
Author’s Bio:
Alex Brown: Alex is a prolific writer with specialization on various aspects of financial finance. His articles on debt, mortgage industry and personal finance are offer valuable guidelines to the readers.

Thank you, Alex!

–ME “Liz” Strauss
Work with Liz on your business!!

Buy the Insider’s Guide to Online Conversation.

Filed Under: Strategy/Analysis, Successful Blog Tagged With: advice, bc, growth, LinkedIn, small business

Investing: Even Fixed Income Products Have Risks

April 25, 2012 by Liz

Investment Risks in Fixed Income Products

cooltext443809602_strategy

One of the key things to understand when investing in fixed income products is risks associated with this asset class. Contrary to popular notion, fixed income products are not devoid of risks and you need to be aware of them before investing in these products.

Investment risks: The Basics

Risks fall under two broad categories – Systematic risk (also called Market Risk and cannot be mitigated) and Unsystematic risk (this can be mitigated through appropriate portfolio strategies). Systematic risk impacts the entire market. Examples of this include change in government policies. Unsystematic risks are specific to a particular investment and can be mitigated through portfolio diversification. Within a fixed income portfolio, you can diversify your holdings across a number of products and minimize the risk. We will look at the unsystematic risks and see how you can avoid some of them.

Sources of Risks in Fixed Income Asset Class

Interest rate risk: This is caused by movements in interest rates. The value of bonds is inversely correlated to the interest rate and hence an upward movement in interest rates in the market will cause the value of bonds to dip. The Federal Reserve is holding the interest rates low for a prolonged period to spur credit demand in the economy. Once there are visible signs of the economy picking up, the Fed will announce an increase in policy rates which would cause the prices of bonds to decline. While you continue to receive your periodic interest payments on the bonds, the capital value of the bonds that you hold would decline, causing a capital loss. However, if you hold the bonds to maturity, you will not suffer a capital loss, as the bonds would be redeemed by the issuer at the face value.

Re-investment risk: This is the risk that you may not be able to reinvest the proceeds from an earlier investment at the same rate (as the original rate) at the time of maturity. If interest rates go up, you would gain and lose out in a declining interest rate scenario. You have to consider this risk when the maturity profile of the instruments you hold is less than your time horizon for investment. Laddering is a popular technique that helps reduce re-investment risk. What you should do is to invest your money in a staggered manner and vary the maturity profile of your investments. This would help you ride out the volatility on the interest rate front.

Liquidity risk: This is the risk that you may not be able to sell your holdings when desired. Or you may end up selling your holdings far below their intrinsic worth. Certificate of Deposits come with definitive lock in and are not liquid instruments whereas bond funds can be bought and sold on the exchange and carry minimum liquidity risk (the bond funds that are listed heavily traded). Always keep in mind your liquidity needs when you decide to allocate your funds to fixed income instruments.

Exchange rate risk: You would be exposed to exchange rate risk when you invest in instruments denominated in a currency, different from your domestic currency. You may find interest rates attractive in emerging economies and choose to invest in bond funds that hold these securities. What you should also remember is that this investment has an inherent risk of currency exchange rates. During uncertain times, an adverse currency exchange rate movement may offset the interest you earn and even cause a capital loss. One way of mitigating this risk is through currency hedges; however, these instruments are not available to all. And the cost of these hedges may outweigh the returns and make the whole exercise not worthwhile.

Credit risk: This is the risk that the issuer of the instrument may default on the obligations to pay the periodic coupon payments and/ or the principal. You should look for those instruments that carry a high credit rating and not get swayed by attractive coupon on offer. Instruments with good credit ratings carry a lower coupon as a general rule. Sticking to highly rated securities would protect you from this risk.

Summary

If you are looking at building a fixed income portfolio, it would be worthwhile to understand that this asset class is not devoid of risk. The objective of fixed income investing should be to generate steady income without taking undue risks. And understanding the risks in this asset class and ways of mitigating them would help you plan your allocation to this asset class.

__________
Author Bio:
George is a full time financial adviser and blogger. His interest lies in trading, investment, portfolio management and business finance. He also owns a couple of finance blogs which provide valuable information to intellectual readers.

–ME “Liz” Strauss
Work with Liz on your business!!

Buy the Insider’s Guide to Online Conversation.

Filed Under: Business Life, Strategy/Analysis Tagged With: bc, investment, LinkedIn, small business

What Customers Already Know about Influence and Loyalty

April 24, 2012 by Liz

cooltext443794242_influence

Time is the New Money: 7 Crucial Truths for 2012

The silos of thinking that made our processes work were great when we were building assembly lines and factories. The spreadsheets of data that sorted our thinking were fine when we were counting dollars and doughnuts and things that didn’t think too. Fear of change, love of past success, bias that interprets history in our favor leads us to repeat and re-imprint bad or outdated behaviors in our organizational brains.

But when it came to predicting human behavior, teaching and training leaders, or bringing together teams in collaboration,

Big data has crashed through the halls of our silos.

Now through weird combinations of buying habits Target decides that we’re pregnant. For as much as they’re right, they’re wrong too. Just ask my friend who isn’t pregnant who’s getting samples from Similac.

Why don’t they just ask if it’s true? We talk to people who ask us more than we talk to people who tell us.

Find out about Influence and Loyalty

Once in the world of broadcasting, companies could control the conversation. Is it that habit of controling that keeps them secretive about asking?

The older, the larger that business has grown the harder achieving that new culture must be;
that is … they have more past success, more to lose, more to fear, fewer models of trust and collaboration.

Yet the business that will win my trust and gain my influence will be a role model, leader, learner, teacher, guide to the use of its product or service. If you want your company to embrace the social web, champion these ten roles as an action plan …

    It’s important that we recognize that customers already know …

    • Influence is more than moving people to click on an add or retweet an offer. We might do those. We might even write a blog post. Hand us a free phone and we might use it, but that doesn’t mean will carry your banner of influence.

      Want me to tell my friends about you, evangelize and spread the word to others who I hardly know? You have to be even better than your product. Understand what it means for me to put my seal on your product. I have to trust that it won’t show up broken, or break when someone first uses it. I have to know that my good experience wasn’t just a fluke. I want to know that you weren’t only extremely to me, but that you’re extremely professional to everybody.

    • Loyalty is a relationship based in trust. Lasting loyalty isn’t tied to price, points, or other forms of bribery.
      The “tools of social media and social networking” are as important, but not more important than other social tools and venues through history, such as cave paintings, paper and pencil (or crayons), print communication, the telephone, radio, television, the neighborhood bar. Loyalty is a belief that you’ll be there and be the same person even when I’m not around to see you.

    We are influenced by our friends because they are predictable. We know which ones always buy the first of everything and which buy after the sell-by date. We don’t follow the fickle ones blindly. We don’t follow the judgmental ones to places where we disagree.

    And we don’t follow people who tell us what to think without finding out who we are.

    Just yesterday, I heard someone who spends no time online talk about “companies that don’t ‘get’ it.” What she meant is that her favorite store changed a policy in a way that served themselves not their customer.

    What customers know about influence and loyalty is that we don’t like companies who are selfish.

    Are you sure you’re serving your customers?

    –ME “Liz” Strauss
    Work with Liz on your business!!

    Buy the Insider’s Guide to Online Conversation.

Filed Under: Customer Think, Inside-Out Thinking, Successful Blog Tagged With: bc, Customer Think, inlfuence, LinkedIn, loyalty

Use the Psychology of Focus to Get More Done

April 23, 2012 by Liz

Beware the Illusion of Multitasking

cooltext443809602_strategy

Have you ever had one of those days when you felt like you achieved a lot of things, but when you thought about it before a good night’s sleep, you found you’ve actually achieved nothing?

That is the illusion of multitasking.

Or as Clifford I. Nass, a professor of psychology at Stanford University once said, “Heavy multitaskers are often extremely confident of their abilities, but there’s evidence that those people are actually worse at multitasking than most people.”

And he’s not alone with his opinion. Various psychological studies have since found that multitasking comes with a host of side-effect, which includes everything from dampened creativity to lower IQ, and ironically, decreased productivity.

In fact, studies have shown that your brain can really only handle one task at a time, and even though it only takes one-tenths of a second to switch from one task to another, these “little” delays can add up and account for as much as 40% of a person’s productive time. And that’s not even including the 15 minutes it takes, on average, for people to get back “in the flow”.

So you want to multiply your productivity and grow your business? The answer is simple: focus.

Optimizing Your Work Space

Most people think focus is an issue of “willpower”. That if you just “try to focus more”, the problem would go away. I believe the inability to focus are really two problems: a lack of willpower and an abundance of negative triggers.

Before I go on, let’s get one thing straight: willpower is a limited resource. It’s not a motivational issue. It’s a capability issue. Studies have shown that if you spend your willpower resisting a piece of cookie, for example, you’ll spend less time trying to solve a complex puzzle later.

Willpower can grow, just like a muscle can get stronger, but there’s always a limit. It is a resource that should be managed like time and money. When we run out of willpower, we need to take a break. And because focus takes willpower, I believe multitasking, therefore, is a form of “mental break”.

So my approach to focus is twofold: increase willpower and conserving it. The first approach — willpower — is not only widely discussed, it’s also a painful process. I won’t go through it in this article.

The cleverer approach is to cut down on the distractions that drain your willpower. And one of the biggest drains of willpower are triggers. What are triggers?

According to BJ Fogg, founder of Stanford University’s Persuasive Technology Lab, three things must converge at the same time for a particular behaviour to take place: motivation, ability and trigger.

So according to Fogg, if you want to stop multitasking, you can try to change your motivation (difficult, in my experience) or you can hamper your ability (eg: hire a supervisor to stand over your shoulder). None of which are ideal, of course.

The last, and in my opinion, the easiest way to avoid multitasking is to simply get rid of triggers. Triggers are reminders for you to multitask. They are like temptations.

So for example, if you’re working on this report and Outlook pops up saying you have a new email… guess what you’ll do? That’s right, you’ll immediately check out the email. The same is true with any other alerts and notices.

Other common triggers include:

  1. Advertisements. Have you ever surfed the web for research but clicked through an ad and as a result, abandoned what you were doing? Enough said.
  2. The people around you. I used to work from home and one of the biggest triggers for multitasking at the time was my wife – once in a while she would ask me to check her email, or come into the room with a plate of food (it was a loving gesture, but that doesn’t make it OK!)

In your case, the trigger maybe the colleague who keeps dropping by, asking if “you have a minute”. Or perhaps it’s your boss always looking over your shoulder.

Mental Drains

Other than triggers, here are two more common mental-drains:

  1. Noise. Try this: Close your eyes and just listen. Can you hear your computer buzzing? How about the air conditioner humming? Maybe it’s traffic speeding by?

    These background noises have been shown to lower willpower and discipline, even if the subjects didn’t perceive stress from them. And as we now know, as your willpower drains, you begin to multitask.

  2. This one is the least talked-about mental-drain: functional control of your working environment. Functional control means you have to be able to adjust anything you want in your working space, things like the temperature, where you sit, what’s on your desk, brightness, etc.

    Functional control not only gives you physical comfort, it also give you psychological comfort. The fact that you can control the space gives you a sense of territoriality and safe space. It’s the difference between working in a strange environment and a place you’re familiar with.

    Now some entrepreneurs I know of are perfectly comfortable working in a cafe, but most of us just couldn’t handle the lack of functional control. The fact that there are strangers around you all the time puts most of us on edge.

So there, 4 easy ways to conserve your willpower and focus more. Do you have any tips? I’d love to hear them in the comments.

—-
Author’s Bio:
Andrianes Pinantoan is part of the team behind Open Colleges, an accredited business management courses provider. You can follow him @andreispsyched.

–ME “Liz” Strauss
Work with Liz on your business!!

Buy the Insider’s Guide to Online Conversation.

Filed Under: management, Productivity, Successful Blog Tagged With: bc, entreprenuers, focus, LinkedIn, Productivity, small business

Influencing Decisions – Part 2: 4 Things to Let Someone Know Before You Ask

April 23, 2012 by Liz

IRRESISTIBLE BUSINESS: Influencing Decisions

Not Everyone Has the Context You Do

cooltext443809437_relationships

A few days ago I got another phone call from a person I met several months ago. He said his name and then said,
I’m launching a new product and I’m wondering if you’d like to see a demo.

“What?” was all that I could think of to say.

When he’d called, I’d been knee deep in writing a proposal. I was well into the context of the strategy I was developing and that strategy had no connection to the name or the random question that had just interrupted it.

After an uncomfortable few minutes of asking questions of my own, I managed to find out who the person was and why he was calling me — he wanted to enlist my help. After all, we were connected.

The disconnect in this “connected” thinking is that I can’t help everyone with whom I have a conversation, much as I might be inclined to be the helpful one. My life, my family, my friends, and my landlord demand their own part and parcel of my time. So I can’t stop my own goals to pursue others’ quests just because they ask.

No one can.

It’s hard enough for any one of us to determine where to lend our support to the most noble of quests within the time we have in our lives.

If you’ve got a quest that needs support, help yourself and the people you might ask by being able to tell us the information we might need to make that decision before you ask.

4 Things to Tell Before You Ask

  1. Lead with relationship and context. Let me know who you are. Your ask or offer will get turned down if it’s bigger than the trust in the relationship. Set the context for your conversation by establishing what that relationship is and why that trust exists. How do I know you? Why are you an expert at what you’re about share?
  2. Be clear on what you have. Let me know what your quest is. Tell me what exactly you’re talking about. be able to say it in 25 words or less. If you still need paragraphs of detail, you don’t know what it is.
  3. Connect your me to your quest. Let me know why you’re asking ME and not every turnip that that falls off the truck. Tell me why you’re asking me — why you believe my expertise will be a valued contribution to your success. That will pique my interest in your quest. If you’re asking everyone, you haven’t considered what any one person might offer and that anyone can do what you ask.
  4. Make helping easy, fast, and meaningful. Let me know how little I have to do to help. the facts. Don’t tell me about your disappointments. Think of what I might expect the product to be and then make sure I know if something in that definition is missing.

Anyone with more than one friend has to find a way to decide which friends to help and when. When you move beyond close connections, it sure helps if the “friends” asking lets us know that they’ve thought enough about their quest to start with trust.

Asking isn’t easy. Saying “no,” isn’t either. But time is the only resource no one has enough of.

Take the time to understand and prepare for the four points above and you’ll save time because you’ll contacting the right people with the information that they need to answer faster with a yes.

How do you make sure you’re ready to ask?

Be irresistible.

–ME “Liz” Strauss
Work with Liz on your business!!

Buy the Insider’s Guide to Online Conversation.

Filed Under: Inside-Out Thinking, management, Successful Blog Tagged With: bc, decisions, influence, LinkedIn, management

  • « Previous Page
  • 1
  • …
  • 35
  • 36
  • 37
  • 38
  • 39
  • …
  • 190
  • Next Page »

Recently Updated Posts

The Creator’s Edge: How Bloggers and Influencers Can Master Dropshipping

Is Your Brand Fan Friendly?

How to Improve Your Freelancing Productivity

How to Leverage Live Streaming for Content Marketing

10 Key Customer Experience Design Factors to Consider

How to Use a Lead Generation Item on Facebook



From Liz Strauss & GeniusShared Press

  • What IS an SOB?!
  • SOB A-Z Directory
  • Letting Liz Be

© 2025 ME Strauss & GeniusShared