Author: Min Tang

Categories
Entrepreneurs

Skills To Master Before Launching A New Business

Launching a business is hard. Launching a business before you’ve done the legwork to determine your market and identify your challenges is nearly impossible. Similarly, if you’re becoming the head honcho without mastering some important skills first, you may find success harder to come by.

Here are some of the most important skills any entrepreneur should know, and where to learn them. All these courses are on sale for Memorial Day, so make the savvy business decision and take advantage.

1. Microsoft Excel

Microsoft Excel is one of the most important programs in business today. It’s far more than just a spreadsheet software (although that’s a valuable use case, as well). Excel helps you with data analysis, financial forecasting, and many more things that are essential to running a data-driven, solutions-oriented business.

Get The Complete 2020 Microsoft Excel Expert Bundle for $24 with promo code SUMMERSAVE20

2. Public Speaking

Entrepreneurs must be able to sell their product or service to others. Whether you’re pitching to investors, employees, or potential customers, public speaking will be a significant asset. With great public speaking skills, you’re more likely to inspire people to see your vision and get on board with your company.

Get The 2020 Public Speaking Bundle for $16 with promo code SUMMERSAVE20

3. Developing Business Plans

Naturally, every entrepreneur needs a business plan. This course is led by an award-winning business school professor and offers a 13-step methodology to creating a business plan. It even comes with 50 business plan templates and 25 business presentations made specifically for startups.

Get The 2020 Complete Business Plan in One Course for $12 with promo code SUMMERSAVE20

4. Data Science

Data drives everything in business. As an entrepreneur, if you can successfully model and understand data, you’re already a few steps ahead of the pack. Not only will you save money by not having to hire analysts, but you’ll also have the skills to make informed business decisions right out of the gate.

Get The 2020 All-in-One Data Scientist Mega Bundle for $32 with promo code SUMMERSAVE20

5. Facebook Marketing

Facebook is the second-largest advertising platform on the planet, meaning it’s a key tool for any entrepreneur starting out. In this course, you’ll learn how to reach and engage with new audiences on Facebook. Hitting the ground running with a Facebook marketing strategy can go a long way for your business.

Get The 2020 Complete Certified Facebook Marketing Masterclass for $12 with promo code SUMMERSAVE20

6. Search Engine Optimziation

If you don’t have a ton of capital to work with when you’re just starting out, paid advertising may not be for you. Search engine optimization (SEO), however, is often free and just requires a technical understanding of how to make content stand out online. This course will show you how to get your web pages to the top of Google’s search pages.

Get The Pro Google SEO & SERP Certification Bundle for $24 with promo code SUMMERSAVE20

7. Copywriting

Great copywriting sells products. You can outsource your marketing and sales content to third-parties, or you can handle it yourself. This guide will teach you how to write copy that sells so you can save money and generate more income from the get-go.

Get The 2020 Complete Digital Copywriting Master Class Bundle for $32 with promo code SUMMERSAVE20

8. Quickbooks

QuickBooks is the top accounting software on the market. When you can use QuickBooks effectively, you can handle all of your business’s financial and bookkeeping needs, thereby saving money on accounting services. It’ll also help you track inventory, vendor payments, invoices, and much more.

Get The QuickBooks 2020 Essentials Bundle: Beginner to Bookkeeper for $24 with promo code SUMMERSAVE20

9. Generalist Skills

The best entrepreneurs never stop learning. With that in mind, check out Big Think Edge. This library is filled with lectures from Ivy League professors and world-renowned experts like Elon Musk and Malcolm Gladwell, covering some of today’s most important topics.

Get Big Think Edge Expert-Taught Lectures: 1-Yr Subscription for $24 with promo code SUMMERSAVE20

10. Project Management

Project management is all about finding the most efficient and least wasteful way of doing something. For entrepreneurs who are likely strapped for cash after launch, that’s extremely important. This training will introduce you to several top project management methodologies, including Scrum, Agile, and PMP.

10 Skills to Master Before Launching a New Business [Entrepreneur]

Categories
Entrepreneurship

A Win Win Strategy Is Always The Way To Go

This is an excerpt is from the classic best-seller, The 7 Habits of Highly Effective People, and has been edited for brevity. Habit 4 discusses many approaches to negotiation and why one strategy stands out from the rest. The 30th-anniversary edition of the celebrated book by the late author is being published next month by Simon and Schuster.

Win/Win is a frame of mind and heart that constantly seeks mutual benefit in all human interactions. Win/Win means that agreements or solutions are mutually beneficial, mutually satisfying.

With a Win/Win solution, all parties feel good about the decision and feel committed to the action plan. Win/Win sees life as a cooperative, not a competitive arena. Most people tend to think in terms of dichotomies: strong or weak, hardball or softball, win or lose.

But that kind of thinking is fundamentally flawed. It’s based on power and position rather than on principle. Win/Win is based on the paradigm that there is plenty for everybody, that one person’s success is not achieved at the expense or exclusion of the success of others.

Win/Win is a belief in the third alternative. It’s not your way or my way; it’s a better way, a higher way.

Of the five philosophies discussed —Win/Win, Win/Lose, Lose/Win, Lose/Lose, and Win—which is the most effective? The answer is, “It depends.” If you win a football game, that means the other team loses.

Weigh options for the long term

If you work in a regional office that is miles away from another regional office, and you don’t have any functional relationship between the offices, you may want to compete in a Win/Lose situation to stimulate business. However, you would not want to set up a Win/Lose situation where you need cooperation among people or groups of people to achieve maximum success.

If you value a relationship and the issue isn’t really that important, you may want to go for Lose/Win to genuinely affirm the other person. “What I want isn’t as important to me as my relationship with you. Let’s do it your way this time.” You might also go for Lose/Win if you feel the expense of time and effort to achieve a win just isn’t worth it.

There are circumstances in which you would want to Win, and you wouldn’t be highly concerned with the relationship of that win to others. If your child’s life were in danger, for example, you might be peripherally concerned about other people and circumstances. But saving that life would be supremely important.

The best choice, then, depends on reality. The challenge is to read that reality accurately and not to translate Win/Lose or other scripting into every situation.

Most situations, in fact, are part of an interdependent reality, and then Win/Win is really the only viable alternative of the five.

Respect your counterpart

Win/Lose is not viable because, although I appear to win in a confrontation with you, your feelings, your attitudes toward me, and our relationship have been affected. If I am a supplier to your company, for example, and I win on my terms in a particular negotiation, I may get what I want now. But will you come to me again? My short-term Win will really be a long-term Lose if I don’t get your repeat business. So an interdependent Win/Lose is really Lose/Lose in the long run.

If we come up with a Lose/Win, you may appear to get what you want for the moment. But how will that affect my attitude about working with you, about fulfilling the contract? I may not feel as anxious to please you. So we’re into Lose/Lose again. Lose/Lose obviously isn’t viable in any context.

And if I focus on my own Win and don’t even consider your point of view, there’s no basis for any kind of productive relationship. In the long run, if it isn’t a win for both of us, we both lose. That’s why Win/Win is the only real alternative in interdependent realities.

But if individuals cannot come up with a synergistic solution—one that is agreeable to both—they can go for an even higher expression of Win/Win—Win/Win or No Deal.

Walking away can make sense

No Deal basically means that if we can’t find a solution that would benefit us both, we agree to disagree agreeably—No Deal. No expectations have been created, no performance contracts established. I don’t hire you or we don’t take on a particular assignment together because it’s obvious that our values or our goals are going in opposite directions.

It is so much better to realize this up front instead of downstream when expectations have been created and both parties have been disillusioned.

When you have No Deal as an option in your mind, you feel liberated because you have no need to manipulate people, to push your own agenda, to drive for what you want. You can be open. You can really try to understand the deeper issues underlying the positions.

With No Deal as an option, you can honestly say, “I only want to go for Win/Win. I want to win, and I want you to win. I wouldn’t want to get my way and have you not feel good about it, because downstream it would eventually surface and create a withdrawal. On the other hand, I don’t think you would feel good if you got your way and I gave in. So let’s work for a Win/Win. Let’s really hammer it out.

And if we can’t find it, then let’s agree that we won’t make a deal at all. It would be better not to deal than to live with a decision that wasn’t right for us both. Then maybe another time we might be able to get together.”

The concept can lead to bigger fish

Sometime after learning the concept of Win/Win or No Deal, the president of a small computer software company shared with me the following experience.

“We had developed new software which we sold on a five-year contract to a particular bank. The bank president was excited about it, but his people weren’t really behind the decision.

“About a month later, that bank changed presidents. The new president came to me and said, ‘I am uncomfortable with these software conversions. I have a mess on my hands. My people are all saying that they can’t go through this and I really feel I just can’t push it at this point in time.’

“My own company was in deep financial trouble. I knew I had every legal right to enforce the contract. But I had become convinced of the value of the principle of Win/Win.

“So I told him, ‘We have a contract. Your bank has secured our products and our services to convert you to this program. But we understand that you’re not happy about it. So what we’d like to do is give you back the contract, give you back your deposit, and if you are ever looking for a software solution in the future, come back and see us.’

“I literally walked away from an $84,000 contract. It was close to financial suicide. But I felt that, in the long run, if the principle were true, it would come back and pay dividends.

“Three months later, the new president called me. ‘I’m now going to make changes in my data processing,’ he said, ‘and I want to do business with you.’ He signed a contract for $240,000.”

Always weigh cost-benefit

Anything less than Win/Win in an interdependent reality is a poor second best that will have an impact on the long-term relationship. The cost of that impact needs to be carefully considered. If you can’t reach a true Win/Win, you’re very often better off to go for No Deal.

The Win/Win or No Deal approach is most realistic at the beginning of a business relationship or enterprise. In a continuing business relationship, No Deal may not be a viable option, which can create serious problems, especially for family businesses or businesses that are begun initially on the basis of friendship.

In an effort to preserve the relationship, people sometimes go on for years making one compromise after another, thinking Win/Lose or Lose/Win even while talking Win/Win. This creates serious problems for the people and for the business, particularly if the competition operates on Win/Win and synergy.

Without No Deal, many such businesses simply deteriorate and either fail or have to be turned over to professional managers. Experience shows that it is often better in setting up a family business or business between friends to acknowledge the possibility of No Deal downstream and to establish some kind of buy/sell agreement so that the business can prosper without permanently damaging the relationship.

Of course, there are some relationships where No Deal is not viable. I wouldn’t abandon my child or my spouse and go for No Deal (it would be better, if necessary, to go for compromise—a low form of Win/Win). But in many cases, it is possible to go into a negotiation with a full Win/Win or No Deal attitude. And the freedom in that attitude is incredible.

‘The 7 Habits of Highly Effective People’ Update: A Win-Win Is Always The Best Negotiating Strategy [Entrepreneur]

Categories
Business Trends

Preparing For A Post Pandemic Business World

Social distancing. Telemedicine. Self-quarantine. These are all words that at the start of 2020 weren’t part of our vocabulary, but several months into the new decade we are all hearing and using them daily. There is no denying that the coronavirusoutbreak has dramatically changed just about every facet of just about every person’s life around the world.

From a business perspective, the stock market saw its largest one day loss and largest one day gain in history. The U.S. saw the largest job-loss report ever. We are in uncharted waters, and how long we will remain in them remains uncertain. However, there is one thing that we all know, and that is that this outbreak will change the lives of everyone for years or decades to come. Nearly 20 years after 9/11, enhanced airport security, no-fly lists and counterterrorism efforts are still the norm. The same will be true of the COVID-19 aftermath. Is your business ready for the five largest macro trends we are about to see?

1. The rise of enhanced websites and digital tools

Many nonessential businesses — including things like retail stores, hair salons, warehouses, factories and offices — had their brick-and-mortar locations offices closed and did not have the technical tools to survive with their physical locations shut down.

Our agency has seen a tremendous increase in businesses reaching out to us ready to make the leap into digital. It’s critical for businesses to be able to not just survive but thrive through enhanced websites and digital tools to serve their customers. Things like e-commerce in industries that never utilized e-commerce before, advanced product configurations, chatbots and mobile applications are in greater demand than ever as small- and medium-size businesses join in the new decade’s technologyrevolution.

These new tools are helping businesses stay afloat during the virus outbreak and will be a macro-trend that becomes even more important as social distancing becomes commonplace practice — not just for this outbreak but for potential future outbreaks as well.

2. Cybersecurity concerns take center stage

Cybersecurity is already an important topic to large businesses, and with the EU’s General Data Protection Regulation, California‘s Consumer Privacy Act and other privacy laws, as well as countless news stories about the cost and impact of data breaches, it is something smaller businesses are being forced to confront head on. With the surge in employees working remotely during the virus outbreak, we have seen more and more data breaches and cyberattacks.

Employees using unsecured infrastructure and third-party tools are two of the leading causes of potential breaches. Combine this with data storage and access practices that violate privacy laws — for example, telemedicine on non-HIPAA-compliant platforms — and suddenly the need for secure solutions takes center stage.

Additionally, during this vulnerable time, we have seen an increase in overseas cyberattacks on many of our clients’ websites. Things like brute force attacks, denial of service attacks and other types of attempted hacks have increased, and the need for keeping website and web servers updated and secure is of utmost importance. More businesses will be forced to invest in technology that is secure, scalable, accessibly remotely and follows the onslaught of new data privacy and security regulations.

3. An increase in virtual meetings

The tremendous increase in virtual meetings is a trend we predict will be here to stay. Though there is no substitute for a face-to-face meeting and handshake, for the next few years we anticipate the trend of virtual meetings to continue. And this won’t just apply to the traditional business world, it will apply to many other aspects of our lives — for example, virtually meeting with your doctor, therapist, banker and even hair stylist for a consultation. This will be a tremendous cost and time savings to all parties involved. This is a trend that already started prior to the virus outbreak and will only become more amplified as we continue in this new decade. Preparing for this trend goes far beyond having a virtual meeting space and software. Things like digital brochures, digital business cards, tutorial videos and enhanced website information will all follow in this trend and become necessities as businesses find it more difficult to physically hand materials to their customers.

4. Increased control in expenses

With the unprecedented business shutdown across America, businesses will be increasingly looking at ways to have a greater degree of control over their expenses. These will include businesses requesting shorter contract durations, emergency clauses and provisions in agreements, ways to have a more easily scalable workforce utilizing temporary workers and temporary agencies, and an overall desire to lower expenses, especially recurring expenses.

We have witnessed firsthand nearly every client of ours express the need to reduce expenses, not just as a result of the virus but also as a practice they want to continue into the near future. While this is a good business practice regardless, the pain felt during this economic downturn will create scars that will likely last years into the future.

5. Even more remote employees

Lastly, with the previous four trends is going to come the fifth — an even larger shift to remote employees. Many businesses that fought the trend of employees working remote are now realizing that in being forced to shut down their offices, remote employees are still efficient, effective, economical, and something millennials and Generation Z demand.

With more remote employees comes the increased need for all of the first four points mentioned. This trend is something that started over a decade ago, but it will continue to be amplified in this new decade and following the COVID-19 outbreak.

These trends will be relevant not just in 2020, but likely well beyond. Making decisions and positioning your company now for these changes in the business world will make sure your business is ready and at the forefront of the new remote, digital technology revolution.

5 Things You Can Do Right Now to Prepare for the Post-Coronavirus Business World [Entrepreneur]

Categories
Operations

MeToo Era For Small Businesses

As a surprise to no one, infamous movie mogul Harvey Weinstein was found guilty of two sex crimes in late February. As a result, the case brought justice to many female accusers. And drew more attention to the #MeToo movement. Although Title VII of the Civil Rights Act of 1964 made it illegal to discriminate based on sex, only since the late 1980s has the Supreme Court interpreted the meaning to include sexual harassment in the workplace.

According to the U.S. Equal Employment Opportunity Commission (EEOC), sexual harassment can take place in several ways:

  • The victim, as well as the harasser, may be a woman or a man and the victim does not need to be of the opposite sex from the harasser.
  • The harasser may be the victim’s supervisor, an agent of the employer, a supervisor in another area, a co-worker or a non-employee, such as a vendor or customer.
  • The victim does not have to be the person harassed but could be anyone affected by the offensive conduct.
  • Unlawful sexual harassment may occur without economic injury to or discharge of the victim.
  • The harasser’s conduct must be unwelcome.

While the Federal law applies to companies with 15 or more employees, smaller businesses are still subject to lawsuits if any type of sexual harassment occurs in the workplace. And because sexual harassment can mean anything from unwanted physical contact, to jokes referring to sexual acts or sexual orientation, to outright demanding sexual favors, some states started requiring businesses to provide mandatory sexual harassment training to all employees.

State-by-State Sexual Harassment Training Requirements

States That Require Sexual Harassment Training

California

Effective January 1, 2020: “Employers having five or more employees shall provide at least two hours of classroom or other effective interactive training and education regarding sexual harassment to all supervisory employees and at least one hour of classroom or other effective interactive training and education regarding sexual harassment to all nonsupervisory employees within six months of their assumption of a position. An employer may provide this training in conjunction with other training provided to the employees. The training may be completed by employees individually or as part of a group presentation, and may be completed in shorter segments, as long as the applicable hourly total requirement is met.” Training must be provided every two years.

Also, for seasonal and temporary employees, or any employee hired to work for less than six months, training must be provided within 30 calendar days after their hire date or within 100 hours worked, whichever comes first.

Connecticut

  • Employers must provide all existing employees with two hours of training by October 1, 2020.
  • They must provide two hours of training and education to new employees hired on or after October 1, 2019 within six months of their start date.
  • Employers with fewer than three employees must provide two hours of training and education to all current supervisory employees by October 1, 2020 and  within six months to new supervisory employees.
  • They must provide periodic supplemental training not less than every 10 years.

Delaware

Employers must distribute the Department of Labor’s Sexual Harassment Notice to all new employees when they start working. Current employees should have  been notified by July 1, 2019. The notice explains sexual harassment, provides several examples, cautions against retaliation, and gives instructions on filing a complaint with the Department of Labor. In workplaces with 50 or more employees, employers are required to provide interactive training on sexual harassment prevention and additional training to supervisors about their responsibilities and any retaliation prohibitions.

District of Columbia

Do your employees earn tips? Then you must provide harassment prevention training for all employees.  Consult the Tipped Wage Workers Fairness Amendment Act of 2018. The D.C. Office of Human Rights (OHR)must develop the training. Or an OHR-certified provider must develop it. As a result, new employees must receive training within 90 days of employment. Or they training must have happened within the past two years. Owners, operators, and managers must receive training every two years.

Maine

Employers with 15 or more employees must conduct an education and training program. That goes for all new employees. It needs to happen within one year of commencement of employment. Training must include the illegality of sexual harassment. It must also include a definition of sexual harassment. It must include he definition under state and federal laws and federal regulations. They include the Maine Human Rights Act and the Civil Rights Act of 1964.

Massachusetts

Massachusetts law requires a policy from employers with six or more workers. As a result, adopt a written policy against sexual harassment. Chapter 151B encourages employers to conduct education. Create training programs on sexual harassment for all employees on a regular basis.

New York

New York State requires all employers to provide workers with sexual harassment prevention training. Do you opt out of using the model training developed by the Department of Labor and Division of Human Rights. Then you must ensure the training you do use meets or exceeds the following minimum standards. The training must be interactive. It must include examples of conduct that would constitute unlawful sexual harassment. And it should contain information addressing conduct by supervisors. Also consider any additional responsibilities for such supervisors.

Sexual Harassment Training Your Small Business Needs to Know in the #MeToo Era [SmallBizTrends]

Categories
Business Trends

Developing A Small Business Sustainability Plan

Sustainability is always on our minds here at Salesforce — but what about the rest of our community? Recently Salesforce Research surveyed 1,300+ Dreamforce attendees to find out.

We learned that employees of small and medium businesses (SMBs) feel strongly about their employers’ sustainability practices: 75% of respondents from companies with 250 or less employees say corporate sustainability is a moral imperative.* On the flip side, SMBs are far less likely than larger companies to have an actual sustainability program or strategy: While 69% of respondents at companies with over 1,000 employees said their company had a sustainability program or plan, only 37% at companies with 250 or less employees said the same.* That’s a major gap!

You don’t have to be a large enterprise to practice sustainability. SMBs can certainly make a difference when it comes to helping the planet (99.9% of U.S. businesses are small businesses, after all) and it starts with creating a sustainability plan to guide your operations. Whether you’re a leader looking to improve your earth-friendly efforts or an employee looking to motivate your team, here are five steps to help you create a sustainability plan for your SMB.

Step 1: Identify a sustainability leader

Earth-friendly initiatives are often left to employees to organize. Give yours a fighting chance by recognizing a sustainability leader or green captain who’ll spearhead the efforts. This is a tactical role, a point person who will handle the day-to-day responsibilities, build the strategy, and track the results. As your company grows, you can supplement your green captain with a whole green team. After all, more people means more impact.

Step 2: Secure an executive sponsor

It’s wise to gather your squad before you kick off. That includes finding an executive sponsor who can make sure your efforts are aligned with company priorities, garner support from other executives, and offer ongoing direction as needed. While your green captain focuses on ideas and execution, the executive sponsor is much more strategic in nature. Their influence will help you secure the people, time, and budget necessary to build a successful program.

Step 3: Look at your current reality

As with any goal, it’s necessary to determine your baseline so you can figure out where you want to be. Measure everything you can.  How much energy is your company consuming now? Is it coming from renewable sources? How many disposable cups does your office go through in a month? How big is your carbon footprint? The more areas you can measure and details you can add, the easier it will be to demonstrate the need for a formal program and identify opportunities for improvement.

Step 4: Create a vision and set your goals

Once you understand where your company is now, you can start designing a path forward. That means it’s time to define your mission, outline your vision, and set goals.

  • What do you hope to achieve with a sustainability program?
  • How can your company or product be used for sustainable development?
  • What key metrics can you measure and improve upon?
  • What will success look like?

Step 5: Strategize and take action

Goals and mission in hand, now’s the time to strategize on how you can use company resources more efficiently and brainstorm initiatives to help you achieve your goals. As you go, consider potential impact, costs, and degree of difficulty. Assign a leader to each initiative you plan; this increases accountability and helps keep the initiative on track. Be sure to define metrics for success and set a finite time period to assess your progress.

No effort is too small

Every sustainability journey has to start somewhere; let yours be here. Begin with a few simple things, and then move on to the more complex. You may not think your SMB can have an impact when it comes to climate change, but even tiny changes can make a huge difference.

How to Develop a Sustainability Plan for Your SMB [Smallbiztrends]