StartupNation

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• 5 Tips to Hold on to High-Performing Employees
• TechBytes: Solutions-Based Advice From Dell for Entrepreneurs (Episode 5)
• Tough Conversations: It Takes Practice
• How to Build and Fund a Startup as a Black Woman

5 Tips to Hold on to High-Performing Employees Posted: 04 Apr 2022 09:00 PM PDT Even before the pandemic, employers complained of labor shortages. Now, they're experiencing an even tougher time finding and retaining high performers. How challenging is the marketplace for businesses looking to fill seats with talented professionals? As of 2020, ManpowerGroup reported that 69% of companies were having trouble snagging candidates. And by 2030, Korn Ferry predicts that up to 85 million roles may go unoccupied.  If you're at the head of a growing organization, you can't afford to take these figures lightly. Certainly, your current team may appear engaged, focused, loyal and stable. Do you want to take the chance that one or more of them may be lured away by hopes of better employment elsewhere? Definitely not. Therefore, you need to put some measures in place to ensure that you don't lose money on employee churn. Becoming a sticky company where folks hang around Your goal is to hold onto the amazing people you bring into your startup, franchise or other emerging business. To do that, you may want to make a few changes in an effort to improve the employee experience for everyone on your payroll. 1. Support and demonstrate communication between supervisors and employees. Bad bosses cause workers to head for the exit door. One way to combat poor supervisory behaviors is to encourage all managers to meet with their direct reports. Don't assume that these types of get-togethers are happening, either. Instead, set up an expected rhythm and check in to ensure that supervisors and employees are touching base. For instance, you could gather your managers and let them know you want them to schedule a one-on-one meeting with each team member every other week. Explain that one-on-one meetings should be led by their direct reports and are opportunities for open discussion about everything from work priorities to problem-solving. These meetings should not be used for disciplinary purposes. Rather, they are a time for managers and workers to build common ground. They also may turn into informal mentoring sessions. To help your managers understand how to approach any type of communication, be prepared to illustrate it yourself. That is, make sure you set up one-on-ones with your direct reports, too. This creates potential for a trickle-down effect. Additionally, it shows that this is something you take seriously. 2. Formalize and document repetitive processes. Does it sometimes seem as if everyone in your office performs similar processes differently? Even small variations can lead to big headaches and friction points. Take your customer service representatives. If they're each coming up with unique ways to solve customers' issues, you could end up in hot water. One customer might get the gold treatment and feel heard. Another one might leave you a one-star review on Google. The best thing you can do for your employees is to work with them to identify their repeated processes. Then, consider using a process documentation template to make formalizing and streamlining your workflows simple. Just remember that some processes may need to be crowdsourced to ensure that nothing's missed in your documents. Once you have most of your processes in place, be sure to make them readily available. Whenever you bring someone new into the team, use the process documents as part of your training. It can be a huge relief to know that no matter who's handling a repeated process that it's being done the same way every time. 3. Ensure your corporate culture includes heavy doses of gratitude. Showing that you respect and honor your workers doesn't have to be hard, especially if it's an intuitive part of your culture. For example, your office may arrange to send out weekly corporatewide "thank a coworker" emails. Or you may ask employees to leave notes for colleagues on a "Couldn't have done it without you!" physical or digital noticeboard. It may seem like adults wouldn't need to be recognized but they do. No one likes the feeling of being taken for granted, especially after working hard on a project or going out of their way to keep a client. Therefore, spend time nurturing a positive work environment where team members go out of their way to support one another. As your company grows, be sure to hold onto the "thumbs up" vibes. It may be feasible to nominate a committee to ensure that gratitude is never sacrificed for growth. How to Build Great Teams Within Your Startup 4. Upskill your employees. The world keeps changing at faster and faster paces. Your employees recognize this and want to keep up. Consequently, give them what they want in the form of continuous opportunities for training. You might balk at first at the idea of paying for workers to upskill, get certificates or even earn degrees. Nevertheless, look at the investment with a long-term view. The more training your employees receive, the more valuable they are to your company. Plus, the more likely they'll be to remain loyal. After all, they know you're underwriting their progress. Of course, you aren't obligated to train for skills that aren't going to be useful at your organization. There's no reason you have to pay for someone to take a pottery class—unless you need someone to make pottery dishes or platters. On the other hand, don't be shortsighted. If a marketing assistant wants to learn technical skills to move into an IT role one day, offering the assistant retraining could be great for the tech side of your business.  5. Offer work-life flexibility. Maybe you're like so many other companies and you've flirted with remote or hybrid working. Perhaps you've moved everyone back in-house because it's just more convenient. Regardless, consider ways that you can provide your employees with flexibility. Take being able to leave for appointments or go on a spur-of-the-moment vacation. Do you allow workers to control their schedules? When you treat talent like trusted professionals, you show them that you believe they're going to act in the best interest of the company.  The pandemic changed the way many people thought about work. Many are unwilling to accept being treated as anything other than people with outside lives, interests and responsibilities. So give your employees a little breathing room within acceptable parameters.  Turnover is way too expensive, particularly if you're running a startup. Avoid losing exceptional employees by changing and honing your operations and atmosphere. You'll be glad you did when you hear competitors grumbling about the labor shortage that isn't affecting your company. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here The post 5 Tips to Hold on to High-Performing Employees appeared first on StartupNation.

TechBytes: Solutions-Based Advice From Dell for Entrepreneurs (Episode 5) Posted: 04 Apr 2022 09:00 PM PDT On this episode of StartupNation TechBytes, Dell Small Business Director Mobolaji Sokunbi and StartupNation CEO Jeff Sloan talk about how the Dell for Entrepreneurs program provides invaluable insight for small business owners. Among the highlights: how the pandemic reshaped the entrepreneurial ecosystem the increase in cybersecurity issues due to remote work Dell’s solutions-based advice Dell’s pay-as-you-go financing the importance of community for entrepreneurs and the Dell Women’s Entrepreneur Network. Stay tuned for more TechBytes here on StartupNation.com. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here The post TechBytes: Solutions-Based Advice From Dell for Entrepreneurs (Episode 5) appeared first on StartupNation.

Tough Conversations: It Takes Practice Posted: 04 Apr 2022 09:00 PM PDT The following is an excerpt on leadership from “Leading From the Jumpseat: How To Create Extraordinary Opportunities By Handing Over Control” by Peter Docker. Copyright 2021 by Why Not Press. Despite years of facing tough conversations, I still don't find it easy, and it takes a lot of thought and planning. Having to talk with someone when they've made a mistake is difficult to do well, especially since different people respond in different ways. A close friend of mine, Mike, is the bursar at one of the Oxford University colleges. He runs the team that makes the college function, from student accommodation to catering, security, and building maintenance, and everything in between. I've known Mike for many years, having served with him in the RAF. He's an excellent Jumpseat Leader who is totally committed to lifting others up and helping them grow. Perhaps it's little wonder he thrives in working for an organization designed around doing exactly that. Among his many skills, Mike is someone I respect for his ability to have tough conversations in service of lifting others up. He seems to me to be a master in this, with a natural ability to find the right words and appropriate tone. It's such an important skill for any leader, and I wanted to learn Mike's secret so I could improve. We met for lunch, and I asked him about how he was able to tackle these conversations with such ease. Showing natural humble confidence, Mike seemed genuinely surprised when I said I saw him as an expert in this. He explained that, ahead of a tough conversation, he would often lie awake at night, rehearsing all the possible ways he could approach the situation and the likely outcomes. To Mike, having tough conversations is, well, tough. What's key to his ability to do this so effectively is his belief in the potential of others. His motivation to take on any tough conversations is because he wants the other person to be the best version of themselves. What's key to his ability to do this so effectively is his belief in the potential of others. His motivation to take on any tough conversations is because he wants the other person to be the best version of themselves. Mike's explanation gets to the nub of how we can best deal with mistakes as a Jumpseat Leader. It calls on us to care enough to invest our time. It's relatively easy to rip into someone when they have made an error. But this reaction usually comes from our own fear. We fear how someone's mistakes may affect our life, livelihood, status, or reputation. When fear is driving us, it can cause us to spiral downward. Our negative reaction will no doubt also cause the person to feel cast out and deflated, and to have their sense of belonging undermined. This in turn can diminish their engagement and the contribution they are willing to make going forward. A downward spiral can have ramifications way into the future. In the critical seconds before we start a tough conversation, we can choose for what follows to become an opportunity for positive growth. Does this mean that we always go easy on people when they make a mistake? Not at all. We must be guided by how much they care about what they have done and the impact it has had. And if they don't care enough, perhaps that says more about our leadership and the environment we create than it does about them. Consider this When anyone on a team makes a mistake, it's an opportunity to create a spiral up and avoid a spiral down. We need to be ready to pause and resist any natural tendency to react, often driven by the fear of our life, livelihood, status, or reputation being threatened. When anyone on a team makes a mistake, it's an opportunity to create a spiral up and avoid a spiral down. Learning to fly Consider this: How we treat ourselves is usually how we treat others. How do you view your own mistakes? Do you immediately try to fix them? Do you hide them? Do you pause before criticizing yourself? Take note of your actions and feelings. Mistakes are unavoidable. We are human. Show yourself some grace, take a deep breath, and then take action. The next time someone lets you down, take a moment to consider how you want your conversation with them to end. Do you want them to remember what you said so they have the opportunity to learn and make it right? Or do you want them to remember the way you said it, which will likely make only you feel better? Flying Consider this: As you take on more responsibilities and work with more people, there is more room for error. The next time you need to have a tough conversation, take some time to consider what you are going to say and how the other person may respond. Play out different scenarios in your head, taking into account the long-term outcome you're seeking, not just the immediate result. Be guided by what you stand for. This will allow you to be better prepared for the conversation and to act from a place of continuing to nurture a sense of belonging. Teaching others to fly Consider this: The next time a public mistake is made, use it as an opportunity to lift that person up in front of everyone. Show your team that mistakes can happen, and when the choice is made to correct it together, everyone prospers and continues to feel they belong. Leading from the jumpseat Consider this: The next time you sense someone is on a downward spiral, help them to see it can be an opportunity for positive growth. Sit down and listen to them. Relate to them and, if possible, highlight a time in your life that mirrors what's going on in theirs. Explain the steps needed and the time it took, so they can begin to see the possibility of their own upward path. "Leading from the Jumpseat: How to Create Extraordinary Opportunities by Handing Over Control" can be purchased via StartupNation.com below. The post Tough Conversations: It Takes Practice appeared first on StartupNation.

How to Build and Fund a Startup as a Black Woman Posted: 04 Apr 2022 09:00 PM PDT Securing funding for a startup relies heavily on the connections you have among investors, as well as your ability to attract attention to your business. What happens when those investors are mostly upper-class white men, and you are not? It can be difficult for people of color, women, and working-class backgrounds to find investors for their startups when most of the funding comes from people outside their social circles. The lucrative startup landscape has been particularly exclusive and inaccessible for non-white male and female entrepreneurs, whether intentionally or not. For ambitious entrepreneurs who don't benefit from a privileged background, it's important to understand the challenges you may face when seeking funding. It's also equally important not to let these extra obstacles overwhelm your vision and stop your business from getting the investments it needs. This article will discuss the most common challenges for non-white, female, or working-class startup entrepreneurs and provide some tips and insight about how you can overcome them. 15 Grant Programs for Minority and Women Business Owners Have patience – and persistence Many people with experience in the startup environment will tell you that your first startup funding round should take about six months. However, we already know that your experience in this landscape won't be typical. Consider that 90% of tech startups are male-founded, with 77% being white. These folks often have access to vastly more resources than your average entrepreneur and may even have a long line of successful entrepreneurs in the family. Give your startup a more realistic business strategy for obtaining funding, and understand that it may take a lot more effort, work and persistence on your journey than for others. When you are the highest-earning or most successful person in your circle of family and friends, you don't have the luxury of phoning up a loaded uncle for a short-term loan, after all. Unfortunately, an initial lack of funding is often a turnoff for investors, who may see your lack of investments as a liability, proof that people don't buy into your idea, or that you haven't worked hard enough. Because of this, you will likely need to start looking for funding earlier on in your startup's lifecycle. Even though this is a challenge, it's one that many black, brown, and female entrepreneurs face, as well as white men from working-class backgrounds. Don't give up or get discouraged! With persistence, you can find an investor who understands your business and your vision – which is just as important as the funding itself. Try searching online for angel investors, early seed investors, or incubator/accelerator programs that could help your business get funding. Social networks such as Angel.co, F6S.com, backstagecrowd.com, or even crowdfunding websites can help you get started. The good news is that the tide is slowly – but surely – turning in terms of the number of investments black businesses receive. In 2021, black businesses secured more than quadruple the amount of funding they did in the previous year. Use failure to find success People who feel like they don't fit in often feel more pressured to avoid mistakes. They often feel like they serve as an unofficial representative for people of their race, gender or background. People of color and women in male-dominated industries understand this pressure all too well. However, succumbing to these feelings can be a death knell for your startup's success. The only commonality between all successful people is that they have failed many times throughout their lives before finding the method that brings them success. In 2019, the failure rate of startups was around 90%. Typically, entrepreneurs found success after their third, fourth or even fifth business venture. However, many people from marginalized groups are more risk-averse because of the life experiences they've had. Part of this is because people of color and female business professionals are generally judged more harshly for their mistakes. While a normal part of running a business, a mistake can reinforce negative racial and gender-based stereotypes, sometimes on a subconscious level. The truth is, every business professional makes mistakes – especially those who are just starting a business. Avoid shying away from risks and remember the adage "no risk, no reward." If you have a fear of failure (actually, most of us do!), remind yourself that failures can be the most valuable learning experiences that money can't buy. Don't be afraid to be open about your failures when talking to investors, and be sure to highlight how you have changed your approach since then. Showing potential investors that you can recognize mistakes and grow from them will prove that you have the characteristics of a great salesperson and leader.  6 Tips for Entrepreneurs to Successfully Pitch to Women Angel Investors Find your people Those who feel sidelined and marginalized – for example, non-white men in an industry full of white men – can be tempted to isolate. A lack of trust in the system – which has not, after all, been designed for people who look like you – can result in self-sufficiency that, while admirable, will not help grow your business. A good team is of vital importance to a startup entrepreneur. You will need support from others to take your business to the next level and, most importantly, to prove that you can work as a team. Even the best businesses and the strongest leaders can fail if they don't have a solid sense of trust in teamwork. Investors love to see when a company can communicate and collaborate efficiently. While funding is important, so is connecting with the right people who can add to the vision of your business.   Get out there Securing funding when you don't already have a network involves a lot of extra legwork. For entrepreneurs who didn't grow up surrounded by successful businessmen, it will take some extra effort to get the word out about your startup. So be sure to attend networking events, seek mentors and always talk about your business to friends, family and anyone else who will listen. Researching investors who have expressed an interest in working with diverse startups can pay huge dividends. You may also want to check out the Community Development Financial Institutions (CDFI) Fund, a government-backed fund that provides "loans, investments and financial services … to underserved populations and communities." Furthermore, the Minority Business Development Agency (MBDA) is a federal agency "tasked with promoting the growth and competitiveness of minority-owned businesses" and can offer many resources in your funding journey. Harlem Capital Partners, Humble Ventures and Kapor Capital are just some of the venture capital firms that focus on allocating funding to diverse founders. Research the venture capital firms in your local area and around the country to see if you can find an investor who can help you with your startup while also having a better understanding of your experience as a non-white entrepreneur. Conclusion Startup entrepreneurs must face a seemingly insurmountable number of obstacles on their journey to success. These challenges can be amplified greatly if you are a person of color or female. However, with persistence, a strong belief in your startup's vision and an unswayable attitude, you can find investors who can give you the funding you need to align your business with your goals.  Verizon Small Business Digital Ready: A free resource for learning business basics, the latest technology and more. The post How to Build and Fund a Startup as a Black Woman appeared first on StartupNation.

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