Thursday, November 4, 2021

StartupNation

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Why You Should Ramp Up Advertising For the Holidays

Posted: 04 Nov 2021 09:00 PM PDT

holiday ad campaigns

With Black Friday and Cyber Monday to keep shoppers busy, it makes perfect sense to start running holiday ads as early as now.

Why might that be, you ask?

Well, think of it this way: Most holiday shopping actually happens before the holiday itself. People rush to buy Christmas presents for their loved ones, while others are eager to take advantage of holiday sales.

Then, there are your last-minute shoppers. Whether someone forgot to buy their gifts or they just have a habit of procrastinating, promoting to all types of holiday shoppers is really crucial for your business.

After all, it's the busiest time of the year for all business owners and marketers.

If you happen to be either one of the two, we suggest you start plotting ways to leverage holiday fever to maximize the impact of your campaigns as soon as you're done reading this post.

With competition being twice as fiercer during the holidays, you definitely don't want to get complacent in your advertising efforts. Plus, you gotta focus on being the first brand to enter the minds of consumers as they think about Christmas shopping.

Why advertise during the holidays?

Have you ever wondered why many business owners ramp up their marketing during the holiday season? Two reasons: Higher demand and sense of urgency.

During the holidays, there's a surge in demand for products as consumers are buying not just for themselves, but for others, too. This surge poses an opportunity for you to reach those who haven't heard of your products yet.

And, given that the holidays take place on specific days, consumers experience a sense of urgency that is not usually present throughout the rest of the year. This makes buying behavior less passive and more active, increasing consumers' willingness to buy.

Holiday stats to inspire you

To further get you into the holiday spirit (the marketing way), we're giving you some fascinating holiday marketing and shopping stats that were discovered by none other than Google — because nothing says 100% credibility like getting information from the world's No. 1 search engine.

What you should do to capitalize on the holidays

So, what things should you be anticipating as you're running your holiday ads? Find out below!

  1. Competition Will Be Much Fiercer.

While there may only be very limited ad space available, thousands of companies in your industry will likely vie for the same spot that you're aiming for. This means that your ad tactics might not work as planned.

  1. Ads Will Cost More.

Fiercer competition means advertising will cost more than usual, which is why many businesses increase their ad budget before the holiday season hits.

  1. Consumers Will Be in Full Shopping Mode.

With holiday sales skyrocketing as early as October across the country, we can certainly say that people are in the mood to spend their money shamelessly for gifts!

  1. Your Ads Will Get More Exposure.

Saving the best for last, your campaigns will be seen more during the holiday season. Studies show that ad impressions increase by 50%, click-through rates surge by 100%, direct traffic rises by 150%, average order value goes up by 30%, and conversation rates can grow as high as 60%.

Final thoughts

There you have it! There's no better time than now to start planning your ads for the holidays. That way, you'll have generated more leads and sales before you can even welcome December!

Contact the experts at Digital Resource!

The post Why You Should Ramp Up Advertising For the Holidays appeared first on StartupNation.

Hiring for Strengths-Awareness in the Great Reimagination of Work

Posted: 04 Nov 2021 09:00 PM PDT

This is the third blog in a three-part series on strengths-awareness from Purpose Jobs. Check out the first post on bringing your best self to work in an age of uncertainty and the second post on optimizing strengths for better work/life fulfillment.

It’s everywhere these days: the message that we are undergoing “The Great Resignation.” Hiring today poses even more challenges as the future of work gets written and rewritten every week.

“Of the roughly 50% of employed Americans who intend to make career changes because of the COVID-19 pandemic, 41% are seeking flexible and/or remote work, 39% desire a raise and/or promotion and 33% are interested in changing industries.”

But is it the great resignation or something else? People are asking for work from home flexibility, higher salaries, perks and benefits, a culture based on empathy, inclusivity, and adaptability — a new role or industry where they are best-suited to engage and optimize their strengths. They realized during the pandemic that they wanted more out of their work lives. They want work/life fulfillment.

Companies poised to answer this call positively are fueling something much different than a great resignation.

“We are really in a time to really reinvent work and to create a more equitable, inclusive, and fulfilling workplace for everyone,” Catalyst President and CEO Lorraine Hariton said about The Great Reimagination of Work. “We have an opportunity to use technology and use what we’ve gotten from the pandemic to really change the nature of work and make it a better life for everyone.”

strengths awareness hiring

Even before COVID, finding and hiring the right person for a specific role challenged the best of us, and there are no guarantees when we hire that the person will thrive in the role.

The future of work is here, and it is shining a bright light on soft skills just as much as hard skills. Because after going through a pandemic and adapting to the unprecedented changes in the workplace, people became aware that optimizing our strengths, doing something we are good at leads to fulfillment, resiliency, optimism, focus, influence, and success.

Being strengths aware is also a key indicator of a person’s ability to lead their own lives effectively and lead others. Strengths-awareness creates high-performing teams, consistent high performers and increases confidence to engage.

As hiring managers adapt to the new work-life, hiring for strengths-awareness and building a strengths-aware culture directly answers the call to address the reality of the new workforce, and both the candidate and the company win.

Why hire for strengths-awareness?

Finding people who have already begun to build a foundation of strengths-awareness increases the likelihood of hiring a person who possesses the skills to perform at a high level consistently and takes responsibility for their professional growth. A good start!

Backing this up with a culture that values an individual’s unique set of strengths and positions them in roles with responsibilities where their strengths are optimized creates an unbeatable workforce.

Gallup’s meta-analysis of 1.2 million individuals and 49,495 work units in 45 countries specifically shows how strengths affect outcomes. Teams that received strengths-based development have achieved:

  • 19% increased sales.
  • 29% increased profits.
  • 59% fewer safety incidents.
  • 72% lower turnover in high-turnover organizations.

From strengths-awareness comes many good things like confidence in:

  • Understanding how to apply their strengths.
  • Awareness of what depletes their energy.
  • Knowing what helps them thrive.
  • Ability to say yes and no with confidence.
  • Asking for what they want more or less of.
  • Managing stress and change.
  • Making decisions and taking responsibility .
  • Knowing when to ask for help.
  • Balancing emotions in difficult situations.
  • Creating a positive work-life that influences others.
  • Consistency in productivity and engagement.
  • Building strong relationships at all levels.

And there’s no doubt that these skills are any less important than the hard skills required to move a business forward. For more information about the power of strengths-awareness, please read part one and two in this article series.

How to hire for strengths-awareness

Including a strengths-awareness lens in the hiring process brings an edge to selecting people primed for a growth mindset, a positive outlook, and an openness to change. You are interviewing to find out if the person is already a student of their strengths and self-awareness.

The interview becomes a dialogue where an authentic conversation takes place. In this conversation, you learn more about the person than experiences and skillsets. You hear about where they are going, what they care about, what motivates them, what gets them into the Flow State, the projects that excite them or repel them, the people who inspire them, their ability to partner with others, how they inspire others.

Here are some intriguing questions to ask that offers a chance to have an authentic conversation:

  • What motivates you to do your best work?
  • How do you know when you’ve had a successful workday?
  • What kind of work makes you feel most useful?
  • How do you overcome challenges?
  • What do you find inspiring about your work life?
  • Tell me about a time when you felt satisfied with your work.
  • If you had the opportunity, what would you teach others?
  • What are the things in your life that help you keep strong?
  • What tasks are easiest for you? Which are the hardest?
  • What are you excited to learn next? What do you dread?
  • What does success look and feel like to you?
  • What accomplishment are you most proud of?
  • What do you often leave until last on your work to-do list?
  • What excites you and gives you energy each day?
  • What’s an example of how you used positivity to be effective in your role?
  • How would you prepare to deliver feedback that may be hard for the other person to hear?
  • What would you do if you had to own up to something that revealed a weakness?
  • What are your favorite ways to bring play into your work?
  • When is the last time you remember appreciating someone out of the blue at work?
  • Where do you experience a sense of fulfillment the most in your work life?
  • Tell me about a time when you were convinced you were right about something but then came to change your mind.
  • Tell me about a time when your mood impacted your work (this could be positive or negative).
  • What would you do if you had to neutralize a stressful situation in a professional environment?
  • Tell me about a time when you had to work cohesively as a team with people you didn’t like.

Engaging the person more deeply, beyond their initial reply with probing open-ending questions, gives the chance to understand a potential fit for the role. It also provides a keen insight into the person’s ability to bring value to the role, team, and organization in a fresh and new way.

If someone is already a student of their strengths, you at least know they are committed to developing their self-awareness and taking responsibility for their self-management. An excellent place to start the relationship, but it is only the beginning. Strengths must be nurtured, attended to, and appreciated.

 When to use the CliftonStrengths Assessment

As a Gallup Certified Strengths coach, it is essential to share that the CliftonStrenths Assessment is an excellent individual and team development tool — it is not typically used as a hiring tool.

The reason is that hiring for specific strengths because a top performer has them doesn’t always guarantee success. Everyone’s strengths are different and unique, and we are more than just our set of strengths. In contrast, someone who doesn’t possess any of the strengths of a current high-performer might excel uniquely and successfully.

The best time to use the assessment is within the first 30-60 days from their start date and in partnership with a strengths-based coach or manager who can facilitate discussions around discovery, appreciation, engagement, and acceleration. The power of strengths lies in practice and the mastery of the application.

strengths awareness blog (1)

How to create a culture of strengths-awareness

Curious about bringing strengths-awareness to your company? The next step for companies reimagining the future of work is to create a culture that highly values strengths-awareness. Building a strengths-based culture takes time and much effort. Here are a few things to consider as you get started.

The first step — you get buy-in from leadership to begin, of course.

In terms of a rollout approach, every company chooses a path that works for them based on their current culture. Here are a few options that can get you started thinking about how your company might begin:

  1. Make a big splash with a company-wide rollout.
  2. Focus on a few key teams excited about implementing the program.
  3. Begin with small groups of people leaders or managers.
  4. Create a pilot program test group with key individuals.

Keep in mind that some companies might use one or more of these paths in combination to build out a program that is right for the organization.

Knowing everyone’s strengths is Step 1. Facilitating the mindset shift to create lasting change through ongoing support from leadership, transparency, sharing, coaching, mentoring, and practice brings transformation.

The following is a general outline based on the Gallup Organization recommendations to help create a strengths-based culture.

  1. Begin the conversation with leadership and identify a senior sponsor.
  2. Choose an initial path from above and the vehicle to facilitate a Strengths-Awareness Program.
  3. Build an ongoing program to allow everyone to become strengths-aware.
  4. Make strengths-awareness part of the performance management conversation.
  5. Encourage the continuing strengths-awareness conversation in all communications, from new programs to company principles.

Thinking through these ideas is a good starting point in building strengths-awareness into your company culture and reaping the benefits. There is much more to consider, plan, and implement.

Personal note: As a student of strengths-awareness, I believe that once you know your unique set of strengths and understand when they show up brilliantly or recoil, it is a game-changer. The path forward becomes more apparent. It is not that you will be blissfully happier. You now understand what pulls you to fulfillment and what pushes you away from it — increased confidence to choose results. That, in and of itself, creates an entirely different worldview and work view.

“Our research into human strengths does not support the extreme, and an extremely misleading, assertion that ‘you can play any role you set your mind to,’ but it does lead us to this truth: Whatever you set your mind to, you will be most successful when you craft your role to play to your signature talents most of the time.” –Donald O. Clifton

Imagine a company where everyone’s strengths mattered, each person’s strengths being optimized, understanding the strengths of others and how best to collaborate, and enjoying a sense of work-life fulfillment. Yes, it feels a lot more like The Great Reimagination.

Originally published on Purpose Jobs.

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How to Find the Right Business Mentor for You and Why It Matters

Posted: 04 Nov 2021 09:00 PM PDT

mentor

Throughout life, mentors provide support and valuable lessons. Nowhere is this truer than in the business world.  

Having someone to guide you through your career — or part of it, at least — can be the key to success. A mentor can be anyone from a senior colleague to a boss to a highly regarded professional in your field.

But if you've not had a mentor before, finding the right one can feel daunting, not to mention it might feel formal or strange approaching someone and asking them to mentor you.

Here are five key benefits of having a business mentor and how to go about finding one.

1. They'll share their knowledge with you.

It can be hugely beneficial to your career to work with someone who has a vast amount of industry knowledge and experience. This is because you can pick their brain when it comes to new projects and ask them about aspects of your role or industry that you find challenging.

Not only this, but they might be able to teach you skills,  techniques or new ways of approaching your work. This can help you become an expert in your field while also making it much easier for you to complete each task (and, as a result, project) confidently and to the highest standard.

2. They can expand the way you think.

Mentors can also help you to think beyond the usual conventional ideas and really get creative and think out of the box. This not only helps expand your skills, but it also pushes you to be innovative and unique.

And don't worry if you're a little nervous at first; your mentor will be on hand to tell you what's acceptable and how far you can and can't go. That's the great thing about mentors; they are there to help you break barriers, be innovative and succeed.

3. You can tap into their network.

Networking is a very important part of our careers, and it's something that we should never stop doing. Building up a strong network takes time, and when you have a mentor, you have someone who can introduce you to new people and help you strengthen your own network. This could be particularly useful if you're in the early stages of your career.

Make full use of this opportunity. In most cases, your mentor will be happy to introduce you to their connections and proud to let them know that they're helping you to progress in your career.

4. You will be exposed to new opportunities and possibilities.

Expanding on our previous point, having a mentor can open you up to lots of new opportunities. In particular, the vast network and connections expose you to a variety of career paths and possibilities.

A mentor might be able to introduce you to those looking to hire someone just like you. Alternatively, they might be able to get you access to industry events, panels and industry leaders, which could lead to a strong network and plenty of opportunities.

5. They'll help you to reach your full potential.

Finally, through their experience, knowledge and guidance, your mentor can help you realize your full potential. They can help to give you a sense of direction, as well as a listening ear when you're worried about your career.

They can also help you to set out a plan or to set yourself achievable targets that are best suited to your skill set, all while showing you how this will contribute to the bigger picture. This is exactly what you need if you want to progress in your career.

So how do you go about finding a business mentor?

Now that we've outlined why you should get yourself a business mentor, it's time to look at how you can go about finding the right one. There are several steps you can take to make this process easier, and these include:

  • Making a spreadsheet that lists the characteristics you're looking for in a mentor and possibly the names of some potential candidates.
  • Looking into your existing network, for example, your phone contacts, Facebook profile or LinkedIn account, for anyone you think might make a good mentor.
  • Speaking with friends, family, coworkers and even just casual acquaintances to see if they know anyone who embodies the characteristics you set out earlier.
  • Doing research online for influencers in your field. These might be experts, bloggers, speakers or business owners.

At this point, you should then be able to start updating your spreadsheet with the names of any potential mentors you've found along the way. It can then be a good idea to rate them according to those you'd most like to work with and those who you believe you have the most natural connection with.

Once you've done this, you can begin reaching out to these people, letting them know that you'd love to have a chat with them. You might ask them how you can get the job they have or hear more about their experiences in the industry; either way, approach them and let them know what you'd like to discuss.

At this stage, you should now be able to set up an initial phone call or meeting to get to know them a bit better and find out if it's a mutually beneficial relationship. If you find someone who appears to be a good match for you, ask if you can continue the conversation or meet again to discuss your career and industry further.

Verizon Small Business Digital Ready: A free resource for basic business skills, networking and more.

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WJR Business Beat: New List Cites Most Women-Friendly Companies (Episode 316)

Posted: 04 Nov 2021 01:23 PM PDT

wjr business beat

On today’s Business Beat, Jeff discusses a new survey on the most female-friendly companies in the world.

Tune in to the Business Beat, below, to learn how companies are helping women inside and outside the workplace:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE. Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we'll feature you on an upcoming segment of the WJR Business Beat!    

WJR Business Beat Transcript

Good morning, Paul! This morning on the Business Beat we’re reporting on the new just-released list of the companies recognized for being the most female-friendly in the world. What does this mean? Well, Forbes in partnership with market research company Statista has identified the companies leading the way when it comes to trying to support women inside and outside their workforces and they’ve created their inaugural ranking of the world’s most female-friendly. The list was compiled by serving 85,000 women across 40 countries. Respondents were asked to rate their employers on criteria such as pay equity and parental leave. Statista also asked women to assess how companies use their platforms and marketing messages to promote gender equality and/or to perpetuate negative stereotypes. Why is this particularly poignant and relevant today? Well, the COVID-19 pandemic took an especially heavy toll on women around the world. By January 2021, nearly 3 million women had dropped out of the workforce in the U.S. alone. Worldwide, women lost more than 64 million jobs. Now there is some good that came from all of this. Many women turned to starting a new business, for example, instead of being employed. Moreover, Congress is debating support for childcare and elder care. And remote work has grown from being a perk to a priority and that helps women most of all. Yet, even with these positives, some goals remain elusive of the top 300 companies. Only 20 are led by women today. So who made this year’s list? Well, coming in at No. 1, it’s the Hershey company. CEO Michelle Buck became the first woman to lead the chocolatier in its 127-year history when she was promoted to the top spot in 2017. Other companies making the list? Zoom and Estee Lauder are other examples of companies in the top 10. To learn more, go to forbes.com to see the full list and to learn what the cited companies of excellence are doing to set a new standard of equality in business today. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

The post WJR Business Beat: New List Cites Most Women-Friendly Companies (Episode 316) appeared first on StartupNation.

4 Tips for Writing a Standout Business Plan Financing Request

Posted: 04 Nov 2021 08:00 AM PDT

financing request

One of the most important elements of a business plan is a financing request, or the amount of funding your business is requesting of potential investors.

Many entrepreneurs may worry they are asking for too much money, while others may not feel totally certain about the future of their company, especially nowadays. This leaves the business in a sticky situation, as many investors require a form of equity (such as shares) in the business in exchange for capital.

Writing a financing request means taking a measured approach, and there's no need to downplay the amount of capital necessary for your business. If this is your first time drafting a financing request, here are a few pointers to follow to ensure you receive the proper amount of funding.

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Make sure your current financial projections are accurate

Before a potential investor reviews your funding request, he or she will want to examine the financial projections of your business. This part of a business plan covers your company’s cash flow.

It also outlines (typically in graph and table form) the startup's financial information, including the following:

  • Projected profit and loss (P&L)
  • Sales forecast
  • Expenses budget
  • Twelve-month income statement
  • Break-even analysis

Once you’ve been in business for some time and notice a change in any of the above areas, you can revisit and update this section of your business plan. Remember that it's important to be as accurate with your financial projections as possible. Don't inflate numbers in an effort to seem more impressive to investors. It's not professional, nor ethical, to fib for funding.

Be clear about how much you need

Remember, this is business. The money you are requesting is for your business and will help it grow and thrive in the long run. Clearly state how much funding your startup requires from investors, and specify whether the funds should be in a loan or investment format.

Additionally, think ahead to your company’s future. Will you need additional financing in the next five years? How much will you need? Define that number and include it with your financing request as a projection.

Articulate where the funding is going

Now that you know how much money you need from investors, make sure they understand where their funds are going. What will that money go toward and in what manner will it be spent? If you plan to spend the money on an assortment of your company’s needs, ranging from hiring employees to advertising and marketing, specify how much each item will receive.

It may also be helpful to explain to investors your "why" for requesting funds for different parts of your business. The better prepared you are and the more details you can provide an investor with, the better chance you have of receiving the full financing request.

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Be mindful of the future of your business

It’s important to consider your financial long-term effects. Whether you're seeking a loan or an investment, you need to consider the future of those funds.

For example, if you take out a loan, what does your repayment plan look like? How soon can you repay what you owe?

Financing request, summarized

Once you've finished drafting a financial request, consider having a trusted financial adviser or legal professional review the document with you. They can provide feedback on areas you may need to detail a bit more or assist with making subtle edits to the wording and language used so you're represented in the most professional light.

Originally published March 30, 2020.

The post 4 Tips for Writing a Standout Business Plan Financing Request appeared first on StartupNation.

The Top 5 Accounting Mistakes Startups Make

Posted: 03 Nov 2021 09:00 PM PDT

accounting mistakes

Our team has worked with hundreds of startups, and year after year we inevitably come across the same common issues around financial reporting. There are remedies for these accounting mistakes, but it's crucial to flag them as soon as possible, ideally before a startup begins a seed round or approaches any major growth.

One of the largest knowledge gaps our clients have is within accrual accounting, and unfortunately many professionals, founders and entrepreneurs simply don't understand proper accounting practices.

Two areas we often encounter inaccurate reporting are within revenue recognition and inventory costing. Once these issues come to light, companies are faced with the difficult decision of how to handle these errors.

Below you'll find the common missteps we see startups make with their accounting. We share them with the hopes that other new companies can start accurate reporting processes early on, and with the right support team in place to keep their foundation stable and goals on track.

The top 5 accounting mistakes startups make

Inaccurate monthly reporting.

Your monthly financials  — revenue recognition, inventory costing and equity management — can hurt or help you. We've seen entire boardrooms waste hours dissecting the financials because of accounting errors, or investor deals go sour because the due diligence proved the margins were far from what was expected. So, make sure you understand your financials fully before you show them to anyone else. We recommend Carta for tech-enabled cap table management; the tool not only manages financing rounds but convertible debt issuance along with accrual of interest, and 409(a) valuations.

A lack of understanding around financial tools.

Here's what you need to have locked down from the get-go:

    1. A simple model to start a business. Think: big picture, back of the napkin. Just start somewhere.
    2. An accurate, consistent monthly close.  All your future models and budgets will be based on your historical numbers, so make sure they're right.
    3. A cash forecast. Don't use a model to project cash; use a 13-week forecast to map the sources and uses of cash. Depending on the cash cushion, we're aiming for 85% accuracy. Update this weekly with "good enough until next week" being the goal.
    4. Investor-ready reporting. Your financials should consistently help and guide you. If they aren't, ask yourself what would be helpful to know at the end of the month. A profit and loss (P&L) and balance sheet from QuickBooks doesn't cut it for most clients.
    5. A budget. You don't know if you're on the right track without a map. Run a grown-up business and build a budget.
    6. What you don't need: wasted time building forecasts, models and scenario planning. There's one thing that's true about every model: They're wrong. You can only build so much of a business on paper and at some point, you just have to get started. It's important to understand the specific questions you're trying to answer: i.e., Is this new product line profitable? How much cash do you need to open another location? Just get the model to a point that you can answer your question and be done with it. At Acru, we also recommend and offer outsourced CFOs who have the expertise to build solid investor models.

Thinking about cash all day instead of cash planning. 

So many company leaders will lay in bed at night running through scenarios and mapping out vendor payments, bills due and payroll, when they should just be sleeping. We launch an automated cash tool on Day 1 for our clients that we'll review weekly or biweekly, make decisions on accounts payable and cash outflows, and generate a six-month cash projection focusing the call mainly on the next 13 weeks. The goal is that the client is only thinking about cash once a week (and sleeping peacefully)!

Ignoring sales tax.

Sales tax is the mosquito of our business: annoying, distracting and ever-present. You can ignore it for a while, but eventually you'll get bitten. Every state has different requirements and there are economic and physical nexus specific to each state. We partner with sales tax experts to ensure all filings are done properly and exposure is mitigated.

Finding the cheapest accounting firm or tax accountant.

Does anyone do this for attorneys? No. And the same should go for accounting services – making a decision on price alone is simply the wrong call. Accounting is not a commodity and all firms specialize in different areas. First, consider what's important to you: An early close? Dedicated team? Response time? A boardroom partner? Scalability? You can't have all of those things at the cheapest price. So decide what's important and the right partner will be worth every penny.  Also, cut bait after 90 days if you're not getting results.

The bottom line is this: Get accurate reporting in place as soon as you can. It will always be worth the money to pay an outsourced accounting firm to get your financials right for investors, tax purposes and your overall growth potential.

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