Why the Right Team Will Transform Your Business

One significant trait that stands out with successful businesses is the simple factor of having the right teams behind them. It means that they take their recruitment process seriously. They use well-thought strategies to evaluate carefully each individual who applies to work with them. They do these tasks to ensure that they get the right fit to join their teams not just in terms of skills but character as well.

Why is it necessary to have the right team in place for your business? Well, having the right team will positively transform your business in many ways. If you have always been in haste with your recruitment process, here are six reasons why you need to slow down and ensure that you hire the right people for your team.

Reason #1: Time-saving elements 

Managing your team takes a lot of your time. A workforce that is dedicated to offer their best and display a good performance will facilitate your work. People who are self-starters don’t need you to remind them of what they need to be doing. The right fits in the team will collaborate well to ensure that they meet deadlines and drive results. It means that you only put a little time into managing them, giving you a chance to focus on growing your business the rest of the time.

Perhaps what can save you even more time is leaving the recruitment process to the professionals. If your business’ location is in Canada, for instance, you can partner up with a Canada PEO to help you find the best candidates in Canada. With their extensive network across the country, you can be sure that they can find the best fit for you in record time and compliantly. This strategy will save you the tedious recruitment task, allowing you to channel that effort to other elements of the business. 

Reason #2: Maintains your good name

Building a business reputation is very crucial for any business. If you are to attract people to your service and turn them to return customers, you need to be mindful of the experience you give to them. Your employees act as the middlemen between you and your business. If you have the right people in place, they will portray professionalism when dealing with your customers. They will offer quality service that will leave the customers delighted and spreading good words about your business. This factor will grow your reputation significantly, drawing more people to your business.

Reason #3: Builds strong teamwork

Teamwork, communication, and collaboration are very crucial keys for any team to be successful. These aspects are important because team members have to work together in harmony towards a common goal. However, for this to happen, all members need to feel connected or at least be they should be able to work together in solving problems and completing projects. These results can only happen if all individuals fit well in the company’s culture.  

When every team member feels at home with the rest of the team, working in that environment becomes pleasant. They can find happiness and job satisfaction, which are essential in growing employee engagement in the company. And when employees are engaged, you can be sure of increased productivity, sales, and profits for your business.

Reason #4: It is economical 

How does hiring the right people save you money? Posting job ads needs money. Communicating with new prospects takes money and time. Training new employees requires money. The list can go on and on. When you hire the wrong fit, it is only a matter of time for them to leave your company. Once they leave your company, that will mean lost sales as you try to replace them, as well as spending additional money in recruiting a replacement.

On the other hand, when you hire the right people from the word go, you avoid going back to the drawing board for a very long time. Hiring the right people right from the start saves you employee turnover costs.  But it also saves you the time you could otherwise be using going back and forth in the recruitment process.

Reason #5: Cultivates the best customer service

Hiring the right people will foster the best customer service experience. Employees who possess excellent interpersonal skills are the best fit for this section. And undoubtedly, giving the best customer service means growing your business success overall. The candidates must be aware that the top priority of your work delivery is keeping your customers content and pleased. 

Reason #6: A trusted team gives you peace of mind

Think of all the data that you possess, the passwords, Slack channels, social media accounts, even customer contact information, would you trust all that info to someone that will later leave? When you hire someone, you are immediately trusting them with all this data. Hiring the right people means you won’t have to worry about what you are sharing with them. 

Conclusion

Many say that your employees are the facets of your business to the outside world. In this case, you need to have individuals who are motivated to invest in your brand. These are individuals who are willing to grow their roles as your business grows. Their dedication and engagement are essential to transform your business positively. If you have been hiring following a hunch, the above points should give you a reason to be mindful of who you bring into your business.

QUESTION: What is your biggest challenge when it comes to finding the right person for your team? Share your comments and questions below. 

Attract Clients on LinkedIn! 12 Things You Can Do in 15 Minutes

Attract Clients on LinkedIn

A lot people I talk to think they need to be spending a ton of time to attract clients on LinkedIn.  But, in my experience when you know where to spend your time and what to focus on, you can accomplish a lot in little 15 minute spurts.

LinkedIn is a great resource for marketing your business to help you attract clients on LinkedIn with ease.  And it’s free. I used to spend $50,000/year in advertising. I love that all the marketing I do on LinkedIn is free!

Here are 12 tips to help you attract clients on LinkedIn in just 15 minutes a day.

1. Send 10 LinkedIn invites to continue to grow your network of your ideal clients and potential strategic referral partners. The more people you have in your network the easier it becomes to attract clients on LinkedIn. I noticed more prospects responded to my LinkedIn activity once I hit the 500 connection level.

2. Research 1 or 2 potential clients. This will help you target your services and they’ll be impressed by what you know about them.

3. Post 1 tip.  Choose 1 tip to share that solves a common struggle among your target market. Like bees to honey your tips shared consistently attracts clients and draws them to you while building your thought leadership.

4. Scan and search for relevant LinkedIn groups to join.  If you want to attract more clients on LinkedIn be found where your best prospects are. As of this writing (May 2018) I have found that the overall effectiveness of posting a new discussion inside LinkedIn groups have has shrunk quite a bit. Although there has been less engagement in LinkedIn groups, joining targeted groups is still a useful tactic to help you get connected with members inside the group who share targeted interest.

5.  Keep a friendly eye on your competition. Watch what your competitors are up to from their LinkedIn activities and what they post. This will give you a good idea about how you can differentiate yourself from them and add value in your own unique way. *You probably want to change your settings to anonymous prior to viewing their profiles.

6. Improve your profile. Your LinkedIn profile will either make a great impression or a terrible one. You don’t want people to be confused as to who you help, what you do and why you’re different than your competitors. Remember, a confused mind says ‘no’. Go through your profile and make sure everything is complete, up-to-date and you’re communicating the right messaging. Read it as if you were a potential client or partner and notice what they would see.

7. Recommend 1 person in your network. One great way to get recommendations is to give them. Be thoughtful about who you give them to though.  You should recommend those people who you have experienced their services.

8. Request 1 recommendation. Don’t just do great work for others. Ask them to recommend you as well. The best people to approach are those who already know, like and trust your work. There is a limit to how many people you can request recommendations from at one time. And you can’t ask someone more than once to recommend you if your request is pending. I know many of my own clients have told me what attracted them to me on LinkedIn was reading my client recommendations.

9. Leverage LinkedIn messaging. When you have a few minutes to kill, use  the LinkedIn app on your smartphone to send and respond to messages. LinkedIn Messaging allows you to communicate with other LinkedIn members that you’re connected to. On LinkedIn, you can only message your 1st-degree connections (and, within group pages, fellow group members) for free. If you aren‘t connected, you always have the option to send an InMail. Next to each person’s photo you’ll see a green dot that lets you know they are online and on LinkedIn, which means people tend to message you back right away.

10. Create a quick video. Yes, you can create a video in just 15 minutes if you get out of the perfection trap. Smartphones have great video cameras which already has easy options to upload straight to YouTube from your phone. Just talk for 1-2 minutes where you can share a couple of quick tips. Then you can upload your video right from your phone straight to your page on LinkedIn. What attracts clients on LinkedIn faster is giving them the ability to feel like they can “meet” you even when you’re not available in person.

11. Share your comment on 1 or 2 LinkedIn posts in your feed. Ideally, you should look for posts on topics in your area of expertise. This is a great way to network with people and add value to conversations.  Look for discussions that solve the problems of your ideal clients. When you add to the conversation, you’re showing the depth of your thought leadership on your topic and that not only attracts clients on LinkedIn the day you posted your comments, but even long after since your connections (and everyone else’s connections who commented) will have that post show up in all of their feeds as well.

12. Ask for an introduction. You can search LinkedIn for specific job titles as well as specific companies and geography and LinkedIn will show you a list of results and whether they are a 1st, 2nd or 3rd degree connection. It will also tell you who you are connected to who is connected to the potential prospect you wish to be introduced to. So, who makes a great strategic referral partner for you? Who is the ideal client / decision maker? You can find them all on LinkedIn, find how you’re connected to them and just ask for an introduction. It’s really that simple and easy.

If you’re currently not getting a steady flow of new leads and new clients from LinkedIn you’re stepping over $30,000, $100,000, even $250,000+ in new business.  It makes sense then, to invest in getting expert help.

So, LinkedIn is just one of multiple marketing tactics you should have in your marketing plan. If you’re not yet sure what your marketing strategy should be, be sure to download my free printable MARKETING CHECKLIST here

 

Marketing Checklist for Service Based Businesses

 

Get Out of Your Own Way – 5 Signs that the Quest for Perfection is Hindering Your Success

There’s nothing wrong with aiming high – but striving for perfection could be hindering your success, If you can relate to any of these 5 signs, you need to get out of your own way, and stop being a perfectionist:

Sign #1 – Success is black and white

A lot of perfectionists can be characterized by their black or white approach to success and failure. Instead of appreciating a spectrum of success, with some business ideas achieving moderate, or even mixed results, perfectionists will view everything they do as either a complete success, or a total failure. This can be severely hindering to a business, as it encourages an attitude of ‘all-or-nothing’ – with entrepreneurs unable to see the good in their ideas, and unable to achieve satisfaction in anything they do.

Tip to get out of your own way:

Remind yourself that even bad ideas can offer value; and a failure is one step closer to success.

Sign #2 – You won’t take risks

This tendency to view all failures as completely catastrophic encourages an attitude of risk-adverseness – a desire to avoid any and all risk. An element of risk is part-and-parcel of being an entrepreneur (‘nothing ventured, nothing gained), and being a perfectionist can reduce the growth of your business, and your willingness to adopt new ideas.

I knew a small business owner, a friend of mine, that was offered a once-in-a-lifetime opportunity – to pitch their products to one of the market-leading giants of their industry. My friend was relatively successful, with a small but established customer base; and the perceived risk of scaling up their business was too much for them. They declined the offer, and missed out on the chance to sell their products internationally. Why? Because they didn’t want to risk failing – no matter how small the risk, or how big the reward.

Tip to get out of your own way:

Try and identify a spectrum of risk; ranging from small, harmless risks, to huge, life-altering ones. Make a conscious effort to take a small risk on a regular basis.

Sign #3 – You take criticism personally

Criticism is crucial to the development of a business, and the advice of our peers can provide some of the best insights into successful business development. Perfectionists have a tendency to take this criticism  very personally – and they’re unable to separate business criticism from personal criticism. This happens because perfectionists invest themselves into their ideas, and take professional criticism as an attack upon their abilities. This can prevent businesses from making vital changes, and can severely limit growth.

Tip to get out of your own way:

Critique your own ideas, and try to identify an aspect of your business that could do with improving.

Sign #4 – You never reach your goals

Perfectionists are renowned for setting unreachable goals; and even rationalizing away their success when they do reach them. Perfection is rarely attainable, especially for real-world businesses and people. There are always limits and problems that arise from government legislation, employees and sheer logistics – and striving for the perfect business will prevent an entrepreneur from ever reaching their goal.  Even successful entrepreneurs might never be satisfied – because they believe that their business could always be improved.

Tip to get out of your own way:

Analyze your ambitions – are they realistic? Could they ever be achieved? Set goals that are aspirational, but still founded in reality.

Sign #5 – You think unhappiness is the price of success

The end-result? Unhappiness.  Most perfectionists believe unhappiness to be part-and-parcel of achieving success, and live unfulfilling lives because they think it’s vital to achieving their goals. In reality though, happiness should be a goal in its own right – and success at the expense of your own happiness isn’t really success at all.

Tip to get out of your own way:

Make happiness an ambition, and don’t strive for success at the expense of your own happiness.

QUESTION: What tips do you use to get out of your own way? How do you prevent yourself from being overly-perfectionist? Let me know in the comments!

If you’re tired of getting in your own way and ready to get help to catapult your business I invite you to book a complimentary discovery coaching call with me here: https://www.paramountbusinesscoach.com/coaching/coaching-call-sign-up/

© Copyright 2021-2022

5 Ways to Maintain Cash Flow For Your Struggling Business in 2021

5 Ways to Maintain Cash Flow For Your Struggling Business in 2021

On top of everything else, 2020 has been a tough year financially for most individuals and businesses around the world. Many small businesses have lost the fight to stay open amidst the COVID-19 pandemic, and several larger organizations have had to make serious budget and staff cuts to survive. This has all led to many companies leaning heavily on their emergency funds and perhaps you as well running extremely low on your line of credit.

It all started off simple enough—stay at home, operate as best you can, or take a brief break while we flatten the curve. However, as the months have drawn on and life has not returned to normal, it’s become harder and harder for many businesses to keep their doors open. The second wave of the pandemic certainly hasn’t helped.

However, it’s not the end of the world if you’ve reached the end of your credit. There are many ways for you to maintain cash flow for your struggling business in 2021, and even fund it’s growth!

#1: Make Strategic Budget Cuts For Your Line of Credit

If you haven’t started tightening your belt, it’s time to do so now. You need to see how your company can survive on less money each month. 

The first step is to draw up an extensive list of regular expenses so you can see where your money goes, and where you can cut costs. 

The biggest damage to a company’s profit margins doesn’t come from once-off expensive items—it comes from the regular payments that could be reduced. Look at items you can remove entirely, such as subscriptions to services that are nice to have but not essential. These can always be reinstated when cash flow improves. Then look at where you can reduce costs; for example, switching to more affordable coffee and cleaning products. It’s time to make concessions, and this means pinching pennies.

#2: Put A Spending Structure In Place

This is the kind of policy that a business should have in place regardless, but it may need to be tightened up a little bit if your credit has run dry. You need to be very strict with what can be expensed to the company, and what is for personal expenses. However, explain to your employees why you’re making these changes, how making them will help them keep the company alive, and how they contribute to ensuring their jobs stay intact. Without employee’s support and understanding, your efforts will probably look draconian and very demanding.

When changing your spending structure, focus heavily on why the changes are being made, and how you hope they’ll only be temporary. Then make sure that the changes are clearly spelled out so that there are no mistakes that could cost money you don’t have. This step will also help to give you clarity on your monthly budget for expenses, giving you a better understanding of what you’re dealing with.

#3: Clarify Your Payment Policy With Clients

Again, this is a policy that should already be in place. However, it’s well worth reviewing and ensuring that you, your employees, and your clients are up to speed–and that your payment policies are suitable for the current economic climate. This way, the people expected to pay you know what to do, and those who are following up on payments will have a straightforward procedure to follow.

When you are in a situation where businesses are operating on a knife-edge, it’s even more essential to ensure that invoices don’t go unpaid, or payment gets delayed. Having no line of credit as a backup means that each payment coming in on time is crucial.

Your payment policy should cover:

  • Payment deadlines–you should always follow the same deadlines for each invoice. They should be on a specific date or by a specific length of time. Having the same conditions for each client across your company makes tracking invoices much easier.
  • Penalties and fees–it’s essential that you spell out what the penalty is for late payments and how it will impact the invoice. 
  • Terms and conditions–this shows that the deadlines and penalties are something you’ve instituted company wide, and not just for a specific client. Using the right language here will also illustrate that your policy is non-negotiable, and that you will not give any client special treatment.

In addition to reviewing your policy regarding payment terms and penalties for late payments, you can look at offering incentives for early payment. If you know you need to get cash into your business because you have no credit left, you can offer customers the option of a small discount for quick settlement terms. This is a great way to help keep your cash flow looking good, it encourages loyalty with existing clients, and may even earn you some new ones. Customers may well need the break of the reduced rate as much as you need the income in trying times.

#4: Investigate Business Loans And Investors

A line of credit is not your only source of extra income for a business. You can look at getting a loan from a bank or some of the less traditional (but still safe) lenders. Crowdfunding is another great way to bring in income if you’re struggling with cash flow, as is looking for investors to help you stay afloat.

Credit running dry doesn’t have to be the end of your business. It’s all about finding the right way to bring in extra funds. Ensure your business plan is watertight, your financial records are in order, and your business is a solid investment, then approach lenders for assistance. Even a short-term loan could be enough to see you through a rough patch, or to facilitate the growth you need to keep pivot your business and keep generating profits. 

Remember, a lack of credit isn’t the end of your business. It’s a push you need to investigate new ways to cut costs, streamline expenses, reaffirm payment policies, and seek alternative avenues of funding. 

SOLUTION: Shift your focus from credit to getting creative with what you’ve got.

#5: Try Bartering to Reduce Out of Pocket Spending

One creative solution for your struggling business when cash flow and credit runs dry is the age old currency of bartering. Coming up with new ideas is one way to think outside the box, but sometimes you don’t need to reinvent the wheel. 

You can simply do what our forefathers perfected and trade your services for goods and services you need. There are various bartering networks you can google. One we recommend is Better Business Barter Club. You can contact the member chairperson at BucksContractors@gmail.com.

QUESTION:  Which of these tips could you implement IMMEDIATLEY to maintain cash flow for your struggling business? Share with us in the comments below!

How to Create High Performing Teams

If you don’t know how to create high performing teams then managing a staff will quickly feel like a burden and drain your time, energy and money. But, the alternative is just not acceptable either.

You don’t want to resort to wearing all the hats in your business or you’ll quickly burn out and so will your sales. Trying to grow your business all by yourself is definitely the LONG, SLOW way to go. Even if you are running a solo practice you’ll grow your business much faster with a small team of just you and one other person.

When you create high performing teams you no longer have to “babysit” your staff or waste precious hours each week chasing after them to meet deadlines.

If you want to know the secret to creating high performing teams — onsite employees or a virtual team, then don’t miss this week’s Q&A episode.

This might sounds like a simple question, but it is definitely not a one answer solution.

In this week’s Q&A episode you’ll discover:

* Strategies for holding your virtual assistant (and onsite team) accountable, so you don’t have to constantly follow up with them.
* How to build team morale even when everyone is living thousands of miles away from each other.
* Plus! I have a special free 11-point checklist you can download to help you create your very own high performing team!

Click the audio or video below.

Then, be sure to share your questions and comments below. I’d love to know what your biggest challenges are when it comes to managing your team.

Yoon ~

PS. Ok, I gotta tell you … I am loving recording these Q&A episodes for you!

This feels so much more interactive for me to hear your questions directly from your voice messages. The feedback I’ve gotten so far is that you love being able to listen on the go. And, many of you shared you like that I do a much deeper dive on the audio than I can typically cover in a text only blog.

I have to say, it’s definitely a win-win because these audio and video sessions are so much faster for me to record than writing everything out on a regular blog. (Believe it or not, I am a painfully slow writer!)

So, as long as you guys keep sending me questions I will keep sending you the mini lessons through the audio blog and vlog format.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Ok, so this week we are tackling part 2 and 3 from questions submitted by Morgan Robinson:

She asks: “How to find the right VA? … How to keep a virtual team accountable and how to build team morale?”

How to Create High Performing Virtual Teams [WATCH VIDEO]

 

How to Create High Performing Virtual Teams [LISTEN to AUDIO]

 

PPS. If you missed Part 1 of Morgan’s question listen to last week’s episode here:

 

Click the image below to grab my free resource: Hiring Checklist for Small Business Employers

Hiring Checklist for Small Business Employers

 

Want to have your question featured on future episodes? Just record your voice message here:

 

 

 

 

 

 

How Leaders Can Change Lives Of Others

Effective Leadership for Business Owners Can Change Lives

An effective leader knows that inspiration works better than demands, and people respond more positively to change when they understand the goal. 

Demands can lead to resistance, while transparency and a sense of purpose can inspire people to follow willingly. 

Anyone who has worked for a demanding boss understands the impact it can have on one’s life, both inside and outside the office. 

Effective leadership for business owners who cultivate healthy and mutually respectful relationships with their people, make the work more enjoyable and fulfilling for everyone.

 

Confidence and Courage

For a team to be successful, its members need to have confidence in their abilities and know that they are making a positive contribution to the effort. That confidence may come from being allowed to make mistakes and learn from them, without fearing career-ending consequences. 

Enabling people to spread their wings not only builds self-confidence, but the courage to take on new challenges and share their ideas. These strengths will serve them well throughout their careers. Thus creating a stronger leadership for business owners

 

Support and Development

A good leader will recognize the potential in others. They will see beyond the tasks on a person’s job description, provide the opportunity to develop their skills and support their career growth. In return, they will have gained a lifelong ally. 

Though it’s easier to limit a person to the role you hired them for, a good leader will nurture an employee’s growth, even if it means that they might eventually move on. Interacting with people as individuals and trying to accommodate

their unique personalities and styles of communication is an essential skill for an effective leader. 

They must possess the necessary people skills to handle any situation professionally. Developing effective leadership habits takes commitment. It also takes time, effort, and real-life experience. Building a leadership for business owners

will not be easy and will take perseverance.

 

Empower and Encourage

Mutual trust is critical within a successful team. Effective leaders demonstrate that trust by allowing people to do their jobs without micromanaging them, which encourages them to take ownership of their work and responsibility for it. 

They empower people by giving them the latitude to make decisions and then trusting their judgment. Successful leaders are as transparent and honest as possible with their people and stand behind them.

 

Vision and Purpose

Leadership for business owners is great, but when a team that is led by someone who is committed to their life’s purpose, it can bring about positive change in both its members and society in general. 

Effective leaders inspire people to share their vision and a sense of purpose. As a result, they will strive to achieve your mutual goal because they want to. 

People who learn to approach their work in this way are more likely to become future leaders who will have the opportunity to bring about positive change. 

 

Strength and Honesty

 Leadership for business owners know adversity requires both strength and honesty. If a company has hit a rough patch, the employees usually know it, so telling them everything is just fine may result in a lack of trust. 

If a situation is dire, an effective leader will be as honest as possible about what it could mean to the team and how leadership plans to reach a solution. Armed with the truth, people will usually help to put things right, and they’ll do it out of loyalty.

Effective leadership for business owners can make life better for those who follow them by providing opportunities to learn and grow. Showing confidence in people will help them to have more confidence in themselves and encourage them to keep striving for more knowledge and improved skills. 

If people understand a leader’s vision, values and purpose, they will be more likely to follow willingly. And with a common goal, the journey can be a lot more rewarding. 

Leadership for business owners skills are not always innate and may require some additional study. Whether through instructor-led courses, books or with a mentor, acquiring these skills is an important part of effective leadership. The tools are available. It just takes some practice and commitment.