#venturereputations

There was a very interesting article out today by Amanda Macias via Business Insider that talks about the "Good Country Index".  The Good Country Index tries to measuring how "good" a country is (i.e. how much it contributes to the betterment of society) through the use of several variables like technology, culture, and health and well-being to name a few.  

The mission behind the Good Country Index is so enlightening to me, I got to thinking- when was the last time I as a business owner really thought about how my business makes society better?  Now keep in mind- we're in the business of helping other businesses' grow so really, we should be helping improving our community as part of the design of our business model.  BUT- can we be better?  Are there other factors to consider when determine how "good" a business is for a community and our society?

Here's our view on important factors when attempting to measure a "good" factor in your business.

1.  Economics- Whether it's through charitable $$ giving or literally your company helps other businesses, individuals or groups in your community economically benefit- there's no denying that this is one of the biggest and easiest factors to digest when measuring your goodness.

2.  Health & Wellness- This might not seem applicable to all businesses (definitely is for a dr.'s office types) but how is your business helping your community become more healthy?  Do you have work sponsored fitness programs?  Do you volunteer for wellness events?  Can you support local organizations that do these types of things?  

3.  Environment & Culture-   What can you do to be more environmentally conscious as an organization?  Can you "go green" by reducing your paper usage?  Start a recycling program?  Plant more trees?  What about your community culture?  Can you support the art programs that might not have funding?  Can you become more involved in local organizations that focus in particular are your community's culture?  

Conflict is inevitable.  Whether it's with coworkers, suppliers, customers, partners, etc- it's going to happen.  Understanding how to properly deal with the situation at hand can be the game changer in determining whether your day will be successful or filled with pent up pessimism.  Below are 5 main methods to handle conflict in the most efficient way possible. 

Method #1- Cooperation

The Idea:  Teamwork and the idea of working towards a common goal can help minimize conflict, get the job done and usually help maintain relationships.

So What Do You Mean By "Cooperate"?  Don't feel like you're giving here- it's really a "Win-Win" in its most natural form.  Cooperation is the process of working together, identifying gaps and coming up with creative solutions that will addresses everyone's interest.

When to use:

When there is a high level of trust

When you don't want to have full responsibility

When you want others to also have "ownership" of solutions

When the people involved are willing to change their thinking as more information is found and new options are suggested

When you need to work through animosity and hard feelings

Drawbacks:

The process takes lots of time and energy

Some may take advantage of other people's trust and openness

Method @ 2:  Compromising

The Idea: Winning something while losing a little still means you are winning something.  For all of those out there who think they will always win everything- well, good luck.

So What Do You Mean By "Compromise"? Basically, everyone wins a little, but someone wins more.

When to use:

When people of equal status are equally committed to goals

When time can be saved by reaching intermediate settlements on individual parts of complex issues

When goals are moderately important

Drawbacks:

Important values and long-term objectives can be derailed in the process

May not work if initial demands are too great

Can spawn cynicism, especially if there's no commitment to honor the compromise solutions

Method # 3:  Adapt

The Idea:  So this is when you are working together (like cooperate) but you are cautious about addressing differences so as to avoid any impact on the relationships.

So What Do You Mean By "Adapt"?  Focus on the health of the relationship by downplaying conflict.

When to use:

When an issue is not as important to you as it is to the other person

When you realize you are wrong

When you are willing to let others learn by mistake

When you know you cannot win

When it is not the right time and you would prefer to simply build credit for the future

When harmony is extremely important

When what the parties have in common is a good deal more important than their differences

Drawbacks:

One's own ideas don't get attention

Credibility and influence can be lost

Method # 4:  Competing

The Idea: Win at all costs.  Sound like someone you know? (maybe even yourself :) )

So What Do You Mean By "Compete"?  When succeeding is of utmost importance, focus on utilizing power to win.

When to use:

When you know you are right

When time is short and a quick decision is needed

When a strong personality is trying to steamroller you and you don't want to be taken advantage of

When you need to stand up for your rights

Drawbacks:

Can escalate conflict

Losers may retaliate

Method # 5:  Deflect

The idea: What are we talking about again? Exactly!  Deflecting is making it a situation where  it isn't the right time or place to address this issue.

So What Do You Mean By "Deflect"?: Deflecting is exactly what you would think it is- run away from conflict by withdrawing, sidestepping, or postponing.

When to use:

When the conflict is small and relationships are at stake

When you're counting to ten to cool off

When more important issues are pressing and you feel you don't have time to deal with this particular one

When you have no power and you see no chance of getting your concerns met

When you are too emotionally involved and others around you can solve the conflict more successfully

When more information is needed

Drawbacks:

Important decisions may be made by default

There’s an older lady who walks around my neighborhood.  Every morning, she walks her small fluffy dog.  She seems to almost be floating down the street every morning.  Its almost like she is waltzing  her dog instead of walking it.  She walks down the middle of the road and even as cars drive up slowly behind her waiting for her to move to the side of the road, she doesn’t even know they are there.  She just is thoroughly enjoying her surroundings, smiling the whole time.  Sometimes when I am running late for work it drives me crazy.  I drive behind her for about 10 minutes before she realizes there is a car right behind her.  But lately, I can’t help but smile when I drive up behind her.  Can you imagine being in that state of peace every morning?  It reminds me of that scene from “Under the Tuscan Sun” where the blond lady walks through the streets of Tuscany in an absolute blissful state.  It appears that nothing can shake her from her inner happiness that she is experiencing.

When was the last time you felt that way?  So personally happy that absolutely nothing can pull you out of your blissful state?  Think about it.

I get asked all the time- why do you work so hard? What motivates you?  It's a great question and one that would take several blog posts and a few beers for me to properly answer- and even then, it's touch and go on the answer.

But it brings up a more philosophical question- what really motivates small business owners?  And which motivating factor is the biggest factor in success?  It could be money, power, passion, expectations, family, or even fear.  Yes- even fear can be a powerful motivator.  If you asked any business owner on any given day what motivates them most- i'd presume that most of these would come up as answers.  But do those motivators lead to success?  Sure- an entrepreneur's passion or desire for wealth and independence are contributing factors to success.  But I have a conjecture that regardless of all of those- there's three 'Must-Have's" for business success.

1.  The Hustle Factor.

Hustling is the non-stop pursuit of improving and growing your business.  Hustling is not doing busy work all day long (productivity tips)- it's all about working hard at working smart.  It's all about never accepting mediocrity and constantly pushing your business to the limit.

Venture Quick Tip:  Take some time every day to plan- not only your day's tasks, but plan strategically.  How many of your "to-do's" are directly related to success?  How many increase your sales?  Prioritize those and everything else will fall into place. Oh and when in doubt- Hustle like 50 Cent.

2.  Optimism.  

Ok so not only is it necessary to hustle, it's necessary to hustle with a smile.  Optimism changes the morale and if you're a believer in the Law of Attractions- it's a game changer.  Handling both positive and negative cyclical periods with a positive attitude can drive success. Any time wasted on negative thoughts is spent constructively on solving problems.

Venture Quick Tip:  Find your sanity check.  It might be breathing, talking to your perfect sounding board (psst- we do that pretty well), or going for a run- but find your way to handle trying times effectively.  Also when in doubt, breathe and smile- things usually aren't as bad as you think.  

3. A Differentiator.

This should be common sense- but with changing markets, economics and businesses, it's worth the #3 status.  No matter what changes- every business needs to know and tell the story of what their differentiated product is for their consumers.  

Okay- I get that this is more of a metaphor than anything-  but has there truly ever been a bigger symbol of indecision?  Now- I'm going to try to put aside my view of drivers since moving to Maryland (see numbers 1 and 2) and be unbiased here.  Some people view the yellow as an extension of green and maybe even speed up.  Some people stop way before the light even turns yellow because they have "anticipate it turning yellow soon".  Regardless- these people know what they are doing, right?  They are sure of the fact that they are either going to keep going or stop and there are no signs of hesitance.  

Then there are those tweeners.   These indecisive folks are driving along too fast and the light changes to yellow so unexpectedly that you end up doing either a "tap, tap, SLAM" or easing the foot off the acceleration until they commit to go and then on it like sauce on ribs.  Regardless- there always tends to be that awkward apologetic face as they are going through the light- as a way to say "ooo, not sure what i'm doing here but my bad for doing it".   You know what i'm talking about, we've all done it. 

How many times in the course of your day, week, month do you feel "stuck at a yellow light" with your business? Ever feel like sometimes you're hesitating constantly while other times you're full steam ahead but without the "certainty" feeling to back you up?  

Being indecisive is one trait that can absolutely cripple your future business success- so conquering it is an absolute necessity.  Here are five ways to stomp indecision out of your day.

1.  Understand and Prioritize the "Why". 

Knowing why you're hesitant is the first step to removing indecision.  Are you afraid to fail?  Maybe there's too much money on the line?  Or it's a risky move for your business and you don't feel confident in the choice?  Start at the basics, pull the facts together and stack it up against your 'why i'm hesitant".  If it's fear alone that is causing your indecision- just pull the bandaid off and go.  If the "why" is in the facts (money to support it, risk metrics are off the charts, etc)- get a sounding board.  An unbiased eye can help you disaggregate the facts to determine what the best decision is for you and your business (oh and by the way- we offer some of that "sounding board" help too).

2.  Trust Your Knee-Jerk Reactions

After you look into the facts and you've made the "brain" part of the decision- getting the heart to go with it can be a struggle sometimes.  This is common sense, but really- trust your gut.  I like to call it your "knee-jerk" reaction rather than your gut because the first instinct is usually what your gut feels anyway.  This is your business and no one knows it like you do.  nine times out of ten, you know the decision pretty quick through your "gut, knee jerk reaction".

3.  Check the Ego at the Door.

I love being ignorant- and I am admittedly so more often than not.  Why?  Because when you dumb things down and make sure you understand them on a "kindergarten level"- you think clearer.   We as humans do a great job of making the simple things in life unnecessarily complex.  Conversely- we do a terrible job of making things simple.  Take a moment, strip your decision down to the most basic components, and think through it on the most simple level.  You'll be surprised how easy things become when you do this.

Oh and there is one final step- after you make up your mind- stick with it and follow through.

As a small business myself- I know that most SMB's are very good at providing solid customer service and great personalized experiences for their customers.  That's the niche that keeps customers coming back- or does it?  In today's world where drastically reduced online pricing by big box companies can drive a frequent SMB loyal customer away in a matter of minutes- it begs the question, how well do you know your customers?

Ever stop to wonder what's going on beneath the customer relationship?  What if you could improve your customer strategy, retention rates, as well as gaining the understanding of when to offer promotions to your best customers.  We suggest the following:

1.  Get to Know Your Data- inside and out. 

Understanding your customer data is probably one of the easiest ways to spot opportunities.  Every day, a card is swiped or cash is exchanged for certain products that your SMB sells.  With that sale comes information- information that when brought together across all of your customers starts to deliver valuable insights about who buys what and when.  Take a minute and take apart your past month's sales.  Who were your "high spenders"?  Who purchased more than 5 times?  What did they buy? Answering these types of questions is one foot in the door to more dollars and increased customer loyalty.

2.  Do a Quick Marketing Research Study.

Marketing Research studies do not have to be fancy or expensive.  There are some providers (cough, cough, us) that can provide very affordable, but helpful market research studies.   Research providers know and understand the questions to ask to really understand what your customers think of your business.  Not wanting to spend the money?  No problem- SurveyMonkey.Com and KwikSurveys.com offer free alternatives.  You can go there, create your own survey questions and send to your customers.  

3.  Talk to THEM.

I’ve taken some time off from writing and spent some quality time with family.  It's crazy how good it feels sometimes to take a step away from the rat race and constant grind.

I got to thinking this morning about life and how busy we all get.  I am truly blown away that it is already May.  Where has this year gone?  I know that most of the time I am speed racing trying to do everything I can each and every day.  But this never is good enough.  Regardless of how accomplished and productive I feel, there is still a limit to the hour of the days.  I can still only get so much done every day.  I guess thats the point- that we should spend our time when we intend to be productive, doing just that– being productive.  But that doesn’t mean we should be spending all of our time being productive.  I find that most of the time I set out to be my productive time tends to be taken up by distractions.  My cell phone goes off, I get sidetracked on the internet, etc.  So by the time I get the my to do list completed, it have spent twice as much time than I had originally allotted.  At that time, I have no other time available to relax, do fun things, and actually enjoy life.