R I O G R A N D E VA L L E Y E D I T I O N
Issue 12
Should You
QUIT YOUR JOB
CHARISMATIC LEADERSHIP & THE SUCCESS LADDER
and Launch
YOUR OWN BUSINESS?
BUILD CREDIT AND
ACCESS CAPITAL
Alma Ortega Johnson and Yolanda Gonzalez
Our Team
Editor’s Letter
STAFF
EMPOWERING SMALL BUSINESS
Andrew Yoo Maggie Yoo Oriol Zertuche John Amour
ADVISORY BOARD MEMBERS John Amour David Armstrong Alonzo Cantu Alfonso Cavazos Janet Cavazos Enrique Garza Marco Garza Albert Lopez Dr. Arturo Lopez Shavi Mahtani George Myers Dr. Teofilo Ozuna Carol Schmitt Danny Smith Andrew Yoo Maggie Yoo Jose Orona
CONTACT US In print, online, and in person, nobody connects the people, issues and ideas within valley business owners like Business Adviser.
First let me thank you for your continued support, we hope to establish Business Adviser Magazine as the single most important resource for business owners in the Rio Grande Valley. Our vision is to create a brand that would stand for everything business and support business owners with everything they require outside of their core disciplines. This magazine is the result of an ongoing demand for a reputable, responsible source for business knowledge and advise. The business world can be a scary place, with tough decisions to make and a tough road to success. We plan to ease these situations by providing an online and offline publication that will guide business owners of every level in their ventures. Our team consists of knowledgable entrepreneurs that eat, breathe and live business. With a dedicated panel of industry experts and a hands-on approach to answering business related questions, Business Adviser Magazine helps business owners stay ahead of the competition and empower them into success. Our mission is to inspire the entrepreneurial spirit and foster business growth by providing the resources needed for business owners to prosper. I personally invite you to join Business Adviser Magazine. We are sure that your business will benefit greatly from the exposure generated in this publication, building brand equity and establishing you as an industry authority. Sincerely,
Andrew Yoo, CEO & President andrew@businessadviser.co
In This Issue
6
Mistakes That Aspiring Entrepreneurs Make While Pitching Their Business Idea to Investors
10 14 18 26 28 36 38 46 50
Why You Need a Strong Value Proposition
12
WHAT TO CONSIDER WHILE DESIGNING LOGOS
22
CHARISMATIC LEADERSHIP & THE SUCCESS LADDER
Ways to Address Unethical Behavior at the Workplace How to Fire an Ineffective Employee The Art of Giving Little Known Yet Useful Google Tools Mobile Marketing Do’s & Don’ts Tech Skills you Must Acquire
The Millennial Consumer From The Perspective of a Millennial Marketer Increase Productivity While Working Less
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ALMA ORTEGA JOHNSON AND YOLANDA GONZALEZ, WELLS FARGO
42
SHOULD YOU QUIT YOUR JOB AND LAUNCH YOUR OWN BUSINESS?
STARTUPS
MISTAKES THAT ASPIRING ENTREPRENEURS MAKE WHILE PITCHING THEIR BUSINESS IDEA TO INVESTORS
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STARTUPS
Most aspiring entrepreneurs are passionate about their businesses. They have exciting ideas too. Unfortunately, their business pitches don't always make the cut and they fail to find an investor.
W
hile pitching your business idea to venture capitalists and potential investors there are certain mistakes that you can't commit. This is particularly true in the case of young entrepreneurs who haven't had many opportunities to interact with people willing to invest huge amounts of money. If you want to be a successful entrepreneur, you need to master the art of raising capital. You should be able to persuade people to invest in your business. This is as important as financial and human resources management and branding. Your business idea may be quite viable and you may have the passion to make it a success, but if you do not know how to pitch, you will leave money on the table. Need help? There are lots of online resources to help entrepreneurs understand how they should pitch their business idea. Here are a few mistakes you should avoid while pitching your business idea to investors and venture capitalists.
YOU PUT TOO MUCH EMPHASIS ON YOUR REASONS TO START THE BUSINESS Yes, you want to generate jobs. You want to help the homeless. You want to get orphans off the street and fund scholarships for meritorious students. But you won't be
able to do any of these if you don't have the money. And the reason you are meeting an investor is to raise some capital with which you can establish a successful business. When pitching your business idea to potential investors, you can't go on and on about all those great things you are going to do in the future. That isn't what the investor wants to hear. They also don't want to know how you got your business idea. They are only interested in the what’s, when’s and how’s. Tell them what your business idea is, how it is going to make money and when it will start making a profit. You should also explain how much money you want to raise, what you are going to do with that money and what results you expect to see. Don't talk about the why’s your motivation - unless you are asked.
YOU CLAIM THAT YOU HAVE NO COMPETITORS This is a major faux pas because if you claim that your venture will not have any competition the investor may assume that you don't know what you are up against
because competition exists in every industry. Your competitors need not necessarily operate from your town. They may be existing companies or startups that are getting ready to launch and they can be from any part of the world. Keep in mind that they are all competing for the same dollars and market share. Before pitching your business idea to potential investors, you should know the existing alternatives for your products or services. If you can convince the investor that what you are offering is better than the existing solutions, they are more likely to invest in your venture.
YOU DON'T EXPLAIN HOW THE INVESTORS WILL BENEFIT Most entrepreneurs are motivated by their desire to create a sustainable business which will keep them engaged and employed for the rest of their life. They want to leave a rich legacy behind. The investor has an altogether different goal. They are looking for an opportunity to make huge amounts of money within a short time span - maybe 3 - 7 years. If you want them to invest in your business, your business plan and PowerPoint presentations should explain how they are going to win their objective by giving you money. Many entrepreneurs overlook this need of investors. Their presentations are all about their business and its potential to change the world. As an upcoming entrepreneur, you should be able to
The investor has a different goal. They are looking for an opportunity to make huge amounts of money in a short time span. 7
STARTUPS answer the investor's queries about how their investment will be monetized. Most entrepreneurs can readily visualize the IPO scenario where they become the multibillionaire CEO of a large company. Unfortunately, only a handful of entrepreneurs who launch startups manage to make that dream a reality. The rest will probably have to enter into licensing agreements with bigger companies or sell their venture to a large company. You should be prepared to discuss all of these scenarios.
WHAT'S A NEGOTIATION? The investor may have expressed an interest in investing in your company. However, this does not mean that they will give you all that you have asked for. You should know what you will be able to achieve with investments of different levels. And if you feel that an offer isn't good enough, you should refuse it. When you pitch your idea to an investor, you are merely starting a negotiation. You should treat this situation as such.
YOU ARE TOO PUSHY The investors are aware of the potential of your idea. Otherwise, they wouldn't have shown an interest in hearing your pitch. However, entrepreneurs who push their idea too hard turn off investors. You should sound confident and cool, but you are not supposed to be too pushy. Remember that you only get one chance to create a great first impression. Don't blow it away.
YOU TAKE NEGATIVE FEEDBACK PERSONALLY Most investors will ask tough questions. That isn't a bad thing at all. Don't take tough
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questions or feedback personally. Answer directly. If you do not know the answer, admit it honestly. There is no point in trying to hide things from the investor.
YOU APPROACH YOUR BEST PROSPECTS FIRST As you meet more and more entrepreneurs your pitch will get better. That is why they say that you should meet your best investor prospect last. If you save the best for the last, you are more likely to get what you want. After meeting each investor note questions that are asked again and again. If you haven't already got an answer to these questions, you need to find them now. So when you reach the big investors, you will have the knowledge and confidence required to seal the deal. You don't have enough data to support your assumptions. It does not matter which industry you are competing in, you can't build a business without customers. Your customers may be people or businesses, but you have to persuade them to try your products and give them enough reasons to keep coming back for more. There are a number of met-
When you regularly pitch your ideas, you get an opportunity to build valuable relationships with venture capitalists, banks and angel investors. rics to consider and these include the customer acquisition cost (CAC) and lifetime value (LTV). You should have a thorough understanding of these basic principles because they shape your revenue model. If you have just started your company, it will not have a long history. In this case, your revenue model can be based on assumptions. Find out what others in your industry are doing to find and retain customers.
CONCLUSION Smart entrepreneurs understand the value of feedback. When you pitch your business idea to a panel of accomplished investors and entrepreneurs, they will help you identify the strengths and vulnerabilities of your idea and business model. When you regularly pitch your ideas, you get an opportunity to build valuable relationships with venture capitalists, bankers and angel
investors. Someday, these connections will definitely benefit you and your business ventures. Entrepreneurs who show up regularly and follow through will increase their credibility and knowledge. This will also make them better poised to grab opportunities when they arrive. After all, as the owner of a business, your job is to pitch the viability of your business to investors, potential employees, partners, vendors, customers and other stakeholders. What if you fail to win that pitch competition? Lock yourself up in your room and have a cry. Don't do it in front of the investors or judges. If the experience bruised your ego, you may need to tend to it. Review all that feedback you received and make appropriate changes to your business model. If that does not seem possible, scrap it and start all over again. Find another exciting idea. Keep on pitching until you find a great investor.
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STRATEGY
WHY YOU NEED A
STRONG VALUE
PROPOSITION
Try to analyze the market from different perspectives. You will probably be able to find a unique way to promote your company. Challenge yourself.
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our value proposition plays a crucial role in ensuring the success or failure of your enterprise. There is no point in offering just another product. Your offering should have instant perceived value to your customers. If you assume that they will come if you make it, you will end up wasting a lot of time and resources. So before taking the plunge you should evaluate your company’s value proposition. A strong value proposition will ensure that your customers will receive your products with great enthusiasm. When you launch your business with a clear focus and understanding, you will be able to achieve success quickly. Your value proposition is that statement that clearly explains the potential benefits of using your product. It isn’t enough to just explain the features of your product. Your statement must be laser focused. It must zero in on your customer’s values.
uct. You have to offer a better overall experience than your competitor and your product must have its own USP.
WHAT DO MY CUSTOMERS WANT?
The idea of using a value proposition is to help your clients see the specific benefits of using your product. When your customers ask why they should use your product, you need to have a clear value proposition to convey. You cannot create a strong value proposition if you do not understand your product well. You should know how it stacks up against other products on the market. The following questions may be helpful in determining the strength of your value proposition.
Your value proposition is that statement that clearly explains the potential benefits of using your product. 10
IS THERE A DEMAND FOR YOUR PRODUCT? Before launching your business, analyze the market requirements and see if your product can fill a gap. If there is a need and you are confident of addressing it, you can go ahead and launch your business. Don’t be disheartened even if there is no immediate need. Try to analyze the market from different perspectives. You will probably be able to find a unique way to promote your company. Challenge yourself to envision how the market will be a few years down the road.
CAN YOU OFFER A BETTER PRODUCT THAN YOUR COMPETITOR? Don’t worry if somebody else is already offering a similar prod-
Research the market yourself. This is the best way to find out what your customer wants. Venture capitalists don’t quite understand what the buyer wants, so it is best to seek feedback from potential buyers. Crowdfunding platforms like Indiegogo and Kickstarter are great ways to test the waters before launching your product. A crowdfunding platform allows you to see what products people are interested in buying. Even if your idea fails, the damage is mitigated.
DOES IT MAKE SENSE TO LAUNCH YOUR PRODUCT AFTER YOUR COMPETITOR HAS LAUNCHED THEIRS? Sometimes being first-to-market is advantageous, but this is not always the case. A good example is Apple’s iPod. It won out over all the other MP3 players on the market, even though it was not the first to hit the market. Its unique selling proposition was its intuitive user interface that made it better than any other MP3 player already on the market.
TECHNOLOGY
WHAT TO CONSIDER WHILE DESIGNING LOGOS Your perfect logo will leave a lasting impression on your potential customers.
G
reat logos leave a lasting impression on consumers. They help build brand and drive sales. Everybody loves great logos but it is not easy to create them. There are several things you need to consider when creating a logo for your company.
THE 4 TYPES OF LOGOS Wordmarks are multi-letter abbreviations that comprise a logo. Companies like CNN, IBM and Google use Wordmark logos. Letterform logos comprise of just one letter. Think McDonald’s and Honda. Abstract logos are a bit like abstract art. They don’t represent anything that you can recognize. Nike uses an abstract logo. Pictorial logos are symbols of things that we can recognize. Twitter and Starbucks have pictorial logos. Before you start designing your logo, you should know which type will suit your company better. If you have a short brand name, a wordmark logo may suit your
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company well. If you are planning to choose an abstract symbol, make sure that it reflects your brand’s personality.
COLORS AND FONTS In order to differentiate your brand, you have to choose colors that your competitors don’t use in their company logos. Different colors evoke different sentiments. Red is intense, active and a little alarming. Blue represents calm and reliable. Yellow is cheerful, fresh and energetic. The choice
of fonts is equally important. Different kinds of fonts work for different businesses. Bold, straightforward font conveys ideas such as strength, justice and honorability. Whimsical fonts are ideal for companies that promote fun, sweetness and youth. Even if you are a good designer, it makes sense to hire a skilled graphics designer. However, before approaching a designer, you should know what colors, fonts and shapes you like and don’t like. Professional design firms charge thousands of dollars to
design a logo. Few startups can afford to pay that kind of money. Hiring a freelance designer is a better idea. They may charge between US $35 and US $150 per hour. Once you have got your logo designed, you need to show it off everywhere. Your logo should be a part of your online campaign. It should be there in your print ads, television commercials, on your doors, business cards, company letterheads and uniforms.
AVOID TYPICAL MISTAKES While choosing a logo for your business, you have to ensure that it is not similar to the logos of your competitors. If it is similar to theirs, customers won’t be able to recognize you and hence you will lose business. Your logo might require a little touching up after 10 years or so. Minor makeovers will prevent it from growing stale.
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INVESTMENTS
WAYS TO ADDRESS
UNETHICAL BEHAVIOR AT THE WORKPLACE 14
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MANAGEMENT
When you run a business, ethical challenges may arise from time to time. Doing the right thing may be difficult if your organization is not anchored to a strong ethical foundation.
B
usinesses need to check the unethical behavior at the workplace. If they don't, the consequences can be disastrous. Neither your business nor your employees will be able to thrive in an immoral work environment. Unethical workplace behaviors can assume several different forms. For example, taking credit for work done by another person or calling in sick when you are actually well can all amount to unethical workplace behavior. In fact, these violations are so common that we witness them on a day-to-day basis. The misdeed often goes unreported. At large organizations there is an HR department that allows employees to report the unethical behaviors they witness at the workplace. At smaller businesses that do not have an HR department, employees often do not have an avenue where they can report unethical behavior. If you don't have an HR department, make sure that your employees can report their concerns easily. In addition, you should have clear policies to deal with the situation. Here are a few ways to check the unethical workplace behavior.
ENFORCE A CODE OF CONDUCT When you have a code of conduct, your employees can easily figure out what behavior is appropriate and what behavior is not appropriate. While drafting the code of conduct, don't forget to involve leaders and other top level executives. This will ensure that they remain committed to these values.
MAKE SURE THAT YOUR BUSINESS MODEL IS BASED ON A WIN-WIN OUTCOME If the success of your business depends upon the failure of your employees and customers, you will ultimately bite dust. You can't win at your customer's expense. Your business practices should result in win-win outcomes for both you and the customer.
PROMOTE YOUR PRODUCT OR SERVICE WITH TRUTH If you fabricate customer feedback and alter images of your products to make them more appealing, there is definitely something wrong with your business practices. If your value proposition is legitimate, you will be able to advertise your products in an honest manner.
MAKE SURE THAT YOU HAVE NOTHING TO HIDE You must be able to proudly explain your business to everyone including your family members. If you want to hide the details, your business model may be unethical.
ESTABLISH A PROTOCOL Your code of conduct should explain how unethical behavior should be reported. You can, for example, create an anonymous hotline for reporting misdeeds. And when a concern is reported you have to ensure that the employee delegated to address the issue has no vexed interests in it. If it does not make sense to retain an internal person, hire an external HR person to make the process impartial.
EMPOWER EMPLOYEES Train your staff so that they can easily identify ethics violations. Offer ethics-training programs. You should also consider offering some financial incentives to employees who stick to the code of conduct.
REVIEW THE CODE CONTINUOUSLY You have to review your code periodically and keep it updated. Distribute copies of the moral code among your employees.
Your code of conduct should explain how unethical behavior should be reported. Neither your business nor your employees will be able to thrive in an immoral work environment. 15
MANAGEMENT
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MANAGEMENT
If you are firing the employee because of their unacceptable behavior, you have to make it clear. Tell them what they need to do to win your favor again.
F
iring an employee is hard. Many employers don’t know how they should break the bad news to an employee who does not bring value to the organization. Here are a few tips to make this job easier. Firing someone who has an employment contract is not easy because that contract guarantees them employment for a specific period of time. The following tips are meant for firing an ‘at-will’ employee who doesn’t have any contracts.
REVIEW PAST FEEDBACK If this employee has always received glowing performance reviews, they will find it difficult to accept the fact that they are no longer required. In this case, don’t fire them immediately. Instead, try changing the signals. They should be able to realize that they are no longer in your good books.
ISSUE A WARNING Clearly explain that you are not happy with their performance in the workplace and that you will be forced to terminate them if they don’t turn things around. Give them a reasonable amount of time to improve their performance.
FOCUS ON THE SPECIFIC BEHAVIORS THAT YOU DO NOT LIKE If you are firing the employee because of their unacceptable behavior, you have to make it clear. Tell them what they need to do to win your favor again.
If you don't fire an employee after telling them that you are firing them, you are sending out the wrong signal that you will tolerate bad behavior.
DON’T GIVE IN TO EMOTIONS The employee may get emotional when you give them the bad news. But you have to keep your emotions in check; otherwise firing can be difficult. Clearly inform the employee that you are firing them because they failed to deliver satisfactory performance. If they are entitled to severance pay, you should also explain how much they will receive. After you have given the news, tell them that they have to leave your premises immediately. If they have any company credit cards or office keys, collect them before they leave. Escort the terminated employee to the door. You don’t want them to change computer passwords or steal company files.
ENCOURAGE THE EMPLOYEE TO SIGN A RELEASE OF LIABILITY This is important if the employee belongs to a minority community, or is over 40 or a female. Don’t draft the release yourself. It should be drafted in a specific language; otherwise, it will not hold up in court. So, get it drafted by your employee law attorney, before inviting the employee to your office for the ‘exit interview’. You can’t force the employee to sign the release, but you can give them an incentive. You can, for example, offer them more severance pay. Give them an opportunity to discuss the matter with their attorney. This also sends the signal that you are not afraid of getting sued. If the employee asks for unemployment benefits, don’t fight it.
ASSIGN THEIR DUTIES TO ANOTHER PERSON Immediately after the terminated employee leaves the office, you have to assign their duties to another employee. The employee may get emotional or violent when you tell them that they are no longer required. But you have to stick to your guns. If you don’t fire an employee after telling them that you are firing them, you are sending out the wrong signal that you will tolerate bad behavior if they exhibit enough theatrics.
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MANAGEMENT
CHARISMATIC LEADERSHIP
&
THE SUCCESS LADDER
Some people possess an innate ability to connect with individuals and captivate crowds. We describe them as charismatic. Charismatic people are charming and successful. They enjoy huge popularity among their friends and followers. 22
Y
our level of charisma often determines your chances of success in both personal and professional lives. But is charisma something you are born with? Researchers believe that it isn't. You don't necessarily have to be a successful politician or a celebrity to be charismatic. Ordinary people can also be charismatic. In fact, you can improve your level of charisma by learning the right behaviors. If you have a charismatic father or mother, you are more likely to learn these behaviors early.
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MANAGEMENT
Be candid. Express your feelings genuinely and spontaneously.
If you do not have access to charismatic role models, you will need some practice and cultivation to make you more charismatic. But it is certainly possible.
affect the emotions of others. Being charismatic is all about expressing your emotions strongly. This way, you can transfer your emotions to the people you are speaking with.
Here are some tips to improve your level of charisma.
While charismatic people show their emotions readily, they can also hide them. In other words they use emotions to their advantage.
If you want to be charismatic, you need to pay careful attention to the way you interact with others.
EXPRESS YOUR FEELINGS Be candid. Express your feelings genuinely and spontaneously. When you are spontaneous, you will be able to
MIND YOUR LANGUAGE Be sure to use words that your audience can relate to. The right words can tap into emotions like love, hate, hope etc. Limit the use of abstract words because most people don't
have any emotional association with them. Charismatic people have excellent interpersonal and communication skills. The good news is that anybody can develop these skills with some practice.
SHOW OPTIMISM
BE CONFIDENT
SHOW INTEREST IN OTHERS
A charismatic person is a confident person. At least they can appear to be confident. They also make other people feel confident. This way, they enhance the communication process. Remember that there is a difference between being charismatic and being boastful or egoistical.
A charismatic person is optimistic. They are cheerful and only see the positive aspects of people, events or situations. They can also instill optimism in others.
Charismatic people have interesting personalities and mannerisms. Others like to listen to them and to spend time with them. They also show genuine interest in others. They are excellent story tellers and can speak and explain in an engaging manner.
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INSURANCE
The Art
of Giving
Back
There are a variety of reasons why we might want to give back to our By Gracie Garza community.
W
hy give back? To your neighbor, your family, to your community, to your country, or to the world at large? There are a variety of reasons why we might want to give back, whether we as individuals, as a family, as a club, an organization, or even a corporation. Some examples… A woman recounted her experience of being in line at the grocery store, behind a little old lady who was upset because the cashier would not accept her check without ID, which the lady did not have with her. As the senior lady looked like she was going to cry, the woman felt compassion for her, to ease her distress, swiped her debit card to pay for the small bag of groceries. When she did, the lady actually did begin to cry, in gratitude for the woman’s help. The lady tried to get the woman’s address to repay her, but the woman insisted that it was not necessary, and the lady finally accepted her generosity. Commenting on the incident later, the woman said that she had never felt as rich as she did that afternoon. Sounds like a win-win. The wife of one of her business partners was diagnosed
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with breast cancer, and they needed help at home, where they have a pre-school boy and a baby girl. So she volunteered to go to their house one night a week, to do laundry, or clean house, or feed the kids, or whatever is needed. Some of their other business partners do the same, or bring meals, or help out in whatever way they can. Everyone wants to do something to help, and even though folding towels and sheets may not seem like much, or feeding the baby, or even playing with the little boy, it IS a help because each of those things is one less thing the family is responsible for on their own. Their business partner (and his family) feel supported, and better able to bear the stress of their situation, knowing that they are not alone. Another win-win. Thirty people dressed in pink T-shirts sporting their company logo walk 5 kilometers around the grounds of a hospital. Their leader, in a pink Mohawk and matching cape, garners plenty of attention, as well as myriad requests for autographs and photo ops. This business group walks to help raise awareness of programs available at the hospital, to help low-income women get their mammograms free of
Monetary donations are not the only way to give back. One of the most important ways is by giving of your time. charge or at reduced fees. The business group raised money to support those free services provided in an area where many of their clients live, is better connected to their clients’ community and the relationships are enhanced. Win-win. The nationwide corporation supports a particular cause that is closely aligned with their mission, allowing some of their employees (across the nation) paid time to organize their participation and to round up donations for the cause from the corporation’s own clients. On the event day, thousands of company people turn out to support the cause, and since it is an all-day event,
the corporation provides them with breakfast, bottled water throughout the day, and box lunches for the participating employees and their family members. Win-win. Billionaire Chuck Feeney, founder of Duty-Free Shoppers, was not at all interested in wealth, and made a decision to give away the bulk of his wealth, secretly if possible, while he was still alive. He created a charitable foundation, through which he gave hundreds of millions of dollars to AIDS clinics in South Africa, and for medical care in Cuba and other needy areas. Feeney has always lived frugally, not even owning a car, and wearing inexpensive
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INSURANCE
clothing and watch. Apparently, he felt no need to hoard his wealth for himself, and he saw where that wealth could be put to good use, so he gave it. Win-win. According to Christian Smith, author of The Paradox of Generosity: Giving We Receive, Grasping We Lose, “Rather than leaving generous people on the short end of an unequal bargain, practices of generosity are actually likely instead to provide generous givers with essential goods in life—happiness, health, and purpose—which money and time themselves simply cannot buy. That is an empirical fact well worth knowing.” So giving out of genuine generosity almost can’t help but benefit the giver as much as the receiver. Texas Nexus Business Group is so happy to represent Family Heritage Life, a company who truly espouses the idea of giving back to the commu-
nity on a consistent and ongoing basis. Family Heritage has adopted several wonderful causes to support every year, including (among others) Harvest for Hunger, Wigs for Kids, the Smile Train, St. Jude Children’s Hospital, Toys for Tots, the Make A Wish Foundation, Habitat for Humanity, the American Heart Association, Doctors Without Borders, and the Children’s Miracle Network. Family Heritage has also dedicated their fundraising efforts to members of its own family who are in a hardship situation due to illness or tragedy. Obviously, Family Heritage doesn’t give back in order to get something back, but just because it’s the right thing to do. Even so, Family Heritage benefits in community goodwill and a palpable presence in communities across the country.
as well as local events both in the San Antonio area, and the Rio Grande Valley. This year, however, Texas Nexus has found a cause to really get behind, because it is focused on helping essentially the same group that our company is providing a safety net for, in the case of serious illnesses, such as cancer. This cause is the Ferrari Kid, founded by San Antonio resident Manny Diotte, who is himself a cancer survivor. Diagnosed with cancer as a boy, and given only six months to live, Manny is no stranger to surgeries and harsh treatments for cancer, and that’s the main reason Manny has such a passion for what he does. His foundation, whose motto is “Cancer sucks, but the ride to the hospital doesn’t have to”, is focused on making kids feel like a star for a day, with a ride in the coolest of cars to the event of the child’s own choosing, complete with red carpet, paparazzi taking pictures, and “fans” asking for autographs! Texas Nexus Business Group will be involved in supporting the Ferrari Kid in a number of ways, because it is a cause that has quickly become near and dear to its heart. Chances are pretty good that Texas Nexus, by giving of itself to this great cause, will find that good comes back to them, because that’s just the way it works… As a business owner, however small or large your business may be, you might want to consider finding a way to give back to your community,
in support of a cause that resonates with you and the mission of your company. It isn’t necessary to wait until you are able to give a large amount, because every little bit counts, and it all adds up. To illustrate, a final story… An old man was walking along the beach throwing starfish that had washed up onshore back into the ocean, knowing that they would die if they stayed on the beach. He was criticized by a young man who came by saying, “There are thousands of them, along miles and miles of beach. You could work at this all day long, and your efforts won’t make any difference at all.” After listening calmly to the young man, he stooped again, picked up a starfish and threw it into the sea, saying, “It made a difference to that one.” Obviously, monetary donations are not the only way to give back. One of the most important ways is by giving of your time, because unlike money, when you give time, you have given something that you can never get back, or make more of, so that’s an extremely valuable contribution. Be creative. Get your key people together to brainstorm ideas. Make it a priority to figure out how to give back, to be a difference maker. Imagine if every individual, family, club, organization, and business made it a priority to give back, what a difference we could collectively make in the world. Imagine.
Jose Orona (210) 823-1744 8000 IH W STE 600 San Antonio, TX 78230
Texas Nexus Business Group has always done its part to contribute to these causes,
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TECHNOLOGY
For some of us, Google is nothing more than an Internet search engine. It is true that Google is the undisputed leader in the search business. But the company has moved past the search market.
Google is one of the best employers in the world. If you are interested in finding employment at Google, this is the tool you need. Maybe you are tired of your entrepreneurial life and want a stable source of income. Using the information in your Google profile, you can find jobs that are relevant to you.
I
n fact, Google now offers a lot of services that most of us have not even heard about. And at least some of them are useful to us. Here is a quick overview of relatively less-known yet useful Google products and services.
GOOGLE TRENDS Google Trends allows you to see searches that have been popular on Google both historically and now. This is a feature-packed website that gives a quick overview of trending topics. Also with the help of the forecast checkbox, you can anticipate whether the public interest in a particular subject will increase.
GOOGLE CLOUD PLATFORM Google Cloud services allow you to host websites, build
GOOGLE CAREER SEARCH
applications, analyze data and do much more. It is a bit like Amazon Cloud Services. It allows businesses to focus on developing their products without having to worry about the backend layer. Google cloud services are used by companies such as Snapchat, Best Buy, Sony Music, and Coca-Cola. There is a 60-day free trial. If you keep your account active after the trial period, you will be billed.
DISPLAY BENCHMARKS TOOL This tool allows you to find out how your advertising campaigns compare with industry averages. It will give you a better understanding of how various ad formats and sizes perform.
GOOGLE BOOKMARKS Google Bookmarks allows you to save shortcuts to webpages. Bookmarks are a great way to keep track of links you may need later.
GOOGLE WALLET This is a payment solution which allows you to pay online as well as in stores. It works with both credit and debit cards. Google Wallet is so mobile that you can make payments even when you are waiting in line.
GOOGLE KEEP Google Keep is a simple tool which allows you to jot down your ideas. It has a simple, yet beautiful interface. It is a great tool for creating to-do lists or sharing notes with a collaborator. It is possible to turn notes into the location or date-activated reminders.
In addition to these under-rated Google tools, Google provides many other useful internet utilities. Most of them are automated time savers. 29
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COVER STORY INVESTMENTS
5 TIPS
32
HELP WOMEN BUSINESS OWNERS TO
BUILD CREDIT AND ACCESS CAPITAL ALMA ORTEGA JOHNSON AND YOLANDA GONZALEZ, WELLS FARGO www.businessadvisermagazine.com
COVER STORY
Like all businesses, women-owned businesses face unique challenges, and in today’s economic environment acquiring capital to operate and grow their businesses can be one of them.
GET TO KNOW YOUR LENDER Establishing a relationship with a banker is the first step to helping you get credit-ready because a banker can help identify financial solutions that meet your business needs and work with you to determine your long-term business goals. Bankers have experience working with a variety of businesses, so they can be your best resource when it comes to business financing. Once you have established a working relationship with a banker, it’s important to keep them informed as your business and financing needs change.
BUILD A STRONG CREDIT PROFILE Good credit is one of a business owner’s most valuable assets. As more women follow the path of entrepreneurship, it’s important that good personal financial habits transfer over to their businesses. When applying for financing, lenders will look beyond just the credit score to understand if your business is thriving; they’ll also review your debt-to-income ratio, and whether you have a history of on-time payments.
L
ike all businesses, women-owned businesses face unique challenges, and in today’s economic environment acquiring capital to operate and grow their businesses can be one of them. The latest Census data shows women-owned businesses increased by more than 20 percent from 2002 to 2007. According to the U.S. Small Business Administration, women-owned firms make up almost a third (29 percent) of all nonfarm businesses across the country, generating a total of $1.2 trillion annually, and employing 7.6 million people. At Wells Fargo, we have the opportunity to work with women entrepreneurs on a daily basis. We know the important role women-run businesses play in our local communities and economy, and we want to make sure that women business owners have the financial guidance and tools they need to succeed financially, including access to capital. Here are five key financial tips to help women entrepreneurs build their credit profiles and obtain the financing they need to grow their businesses:
EXPLORE FINANCING OPTIONS According to the National Association of Women Business Owners (NAWBO), the major sources of funding that women business owners rely on are personal savings, reinvested business earnings, lines of credit, equity financing and venture capital. Business owners have many financing options to consider these days. If a conventional business loan or government-guaranteed loan doesn’t meet your specific needs, you may want to
explore a SBA 7(a) loan. Talk with your banker about which credit option is best for your business.
MAINTAIN A POSITIVE CASH FLOW Profitability and cash flow are essential components of credit capacity, and showing that your business has enough cash on hand to meet both short- and long-term commitments demonstrates to lenders that you have the ability to repay a loan. Achieving and maintaining positive cash flow takes hard work. Set aside time for regular cash flow analyses, and keep your financial information up-to-date so it can be easily referenced.
SEPARATE BUSINESS AND PERSONAL ACCOUNTS Your business credit profile begins when you establish dedicated business accounts. While many small business owners use personal finances to pay for business expenses, it’s important to establish separate business accounts. Having separate business accounts is one of the first steps to show your business is sound and well-managed when applying for business credit, and helps you maintain accurate and complete records of all business-related income and expenses. As the number of women-owned businesses grows and the economy improves every day, the opportunity for women entrepreneurs to succeed in business ventures continues to grow. There are many resources that provide mentoring, professional, and financial guidance to women business owners, such as the U.S. Small Business Administration, NAWBO or the National Women’s Business Council (NWBC). From building your network of women mentors and financial experts who will
As the number of women-owned businesses grows and the economy improves every day, the opportunity for women entrepreneurs to succeed in business ventures continues to grow. 33
COVER STORY help you gain new skills and knowledge for your business, to learning about the steps needed to build a good credit profile, be sure to take the time to put yourself in the best position to access capital to help start, run or grow your business when you’re ready.
ABOUT ALMA ORTEGA JOHNSON Alma Ortega Johnson is an Area President for Wells Fargo in McAllen. Originally from Chihuahua, Mexico, she joined Wells Fargo in 1999. She leads a team of 640 team members, and 38 store locations in 20 communities. She currently serves on the boards of the United Way of South Texas, COSTEP, and the International Women’s Board. She also serves on the advisory boards of Quinta Mazatlan, McAllen Education Foundation and ENCORE. She can be reached at 956-992-7371 or alma.ortegajohnson@wellsfargo.com What was your first job? I was in the second semester of college when I got a job in accounting in Banamex, the largest Mexican bank at that time. It was in 1982, when the government nationalized the Mexico’s private banking sector system, and the industry went through a tremendous amount of change. My first positions were back office jobs because I was attending college at the same time and needed a job that had flexibility. Who was an early role model for you and why? Early in career when I was still living in Mexico, all the leadership positions at the bank were held by men and all my customers that were business owners were men. However, I remember my aunt Socorro who owned a hardware store with my uncle Rafael in Chihuahua. She was a hard worker, always dressed professionally, and served every customer with a smile. She had a tireless work ethic and her focus on customer service made a lasting impression on me. What is your leadership motto? “Have clear objectives and stay focused until you achieve your goals.” While there may be obstacles in life, you need to be able to overcome them and just keep going. You learn a lot through the journey of achieving goals. You can capitalize them and do better next time.
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What advice do you have for others seeking to move ahead in their careers? Have a clear idea which position you want, identify what the career path is and the leadership competencies that are needed for that position. Be honest with yourself, identify gaps or development needs that you may have, and find a great mentor. A mentor can help you to improve your weak spots as well as help you leverage your strengths. A mentor will be honest with you and advocate for you. I have been fortunate to have some great mentors in my career, and by getting to know each other and investing time in one another, my career has prospered as a result of these relationships.
Profitability and cash flow are essential components of credit capacity, and showing that your business has enough cash on hand to meet both short- and long-term commitments demonstrates to lenders that you have the ability to repay a loan. www.businessadvisermagazine.com
COVER STORY
My advice for others seeking to move ahead in their careers is to not be afraid of failing. I’ve seen too many people let one single failure completely redefine their career path.
ABOUT YOLANDA GONZALEZ Yolanda Gonzalez is a District Manager for Wells Fargo in McAllen. Yolanda is a graduate from the University of Texas Pan American with a degree in business administration. She joined Wells Fargo in 2006 and leads a team of more than 240 team members in 11 store locations. She serves on the boards of the United Way Laredo, University of Texas Pan American Athletics Fund, Teach for America RGV, Food Bank, Southwest Community Investment Corporation-WBC, and RGV Regional Partnership Chamber of Commerce. She can be reached at 956-992-7390 or yolanda.gonzalez@wellsfargo.com What was your first job? When I was 16, I participated in a work study program at a local credit union and was hired as a clerk. Upon graduation from high school, I stayed at the credit union as a full time employee and worked in a variety of roles -- teller, banker, loan officer and collector – it was a fantastic learning opportunity to serve many customers in different capacities. Who was an early role model for you and why? My greatest source of inspiration is my beloved mother. My mom diligently and courageously helped by father build
a business from scratch, and I admire the courage she displayed in the face of adversity. My mom’s experience and reaction to challenging situations made her my greatest role model. She continues to be a great source of inspiration. What is your leadership motto? My leadership motto is reflected as a transformational leader. I feel that I have the ability to inspire and motivate my team beyond their job description. I try to help anticipate problems before they arise and challenge my team to embrace change. What advice do you have for others seeking to move ahead in their careers? My advice for others seeking to move ahead in their careers is to not be afraid of failing. I’ve seen too many people let one single failure completely redefine their career path. Yet challenges can create growth opportunities, and even failure can be required in order to move ahead and achieve a goal, but that’s really hard to remember when you’re feeling defeated. Handling failure, rejection, or disappointment in a productive way can be as beneficial to career development as a huge accomplishment. To help more small businesses achieve financial success, in 2014 Wells Fargo introduced Wells Fargo Works for Small BusinessSM – a broad initiative to deliver resources, guidance and services for business owners. For more information about Wells Fargo Works for Small Business, visit: WellsFargoWorks.com. Follow us on Twitter @WellsFargoWorks.
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MOBILE MARKETING
DO’S & DON’TS
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MARKETING
AVOID BEING TOO PUSHY People are more likely to buy your product if they are actively searching for it. However, mobile marketing often involves sending unsolicited text messages to customers. Businesses expect that this will engage customers and encourage them to spread the offers on social networking sites. But if you are being too pushy, you will put off buyers.
GIVE SOMETHING AWAY
More and more customers now use their mobile phones to engage with your brand and that explains why you should develop a sound mobile marketing strategy.
A
lot of people now use mobile devices to shop online. They don't mind sharing their personal information with online vendors in exchange for discounts or coupons. Many small business owners still find it difficult to navigate mobile marketing. Mobile technology keeps changing and optimizing your mobile marketing efforts for the different mo-
bile devices on the market is rather difficult for small businesses. While marketing your business to mobile customers, you must avoid bombarding them with unwanted messages. Here are a few tips to make your mobile marketing methods more effective.
FOCUS ON CUSTOMERS A mobile marketer should know how mobile customers interact with their business. They can increase their conversion rates by taking advantage of this behavior.
If you are frequently sending annoying ads, at least sweeten the deal by offering some discounts. Send them special offers, discount coupons and reminders about sales.
BE MOBILE READY Before focusing on mobile marketing you have to ensure that you are ready for mobile. There is no point in sending customers to your mobile app or website if you cannot provide a good mobile experience. Your website should load faster and be designed for users who can easily get distracted. Encourage users to complete a sign-up form to receive promotional text messages from you. While some businesses have a mobile version of their
website, this is not exactly necessary. You can use responsive design to automatically adjust the content and layout of your website on mobile devices.
TARGET OWNERS OF NEW DEVICES After the holiday shopping season, there is a tremendous increase in the number of mobile devices on the market. By simply targeting new iOS or Google Play registrations, you can easily reach the owners of the new devices. Give time-limited offers that encourage customers to act faster.
MAKE SURE THAT YOUR MOBILE SITE IS EASY TO NAVIGATE Target your mobile customers with simple apps and clear CTA. Building simple apps is easier. They also load faster. You should also give due importance to social media in your marketing efforts. Don't send text messages too often. Start by sending one or two messages a month. Analyze click through rates and unsubscribe rates to see if you can increase the frequency.
IMPROVE USER EXPERIENCE Make sure that your site loads correctly on mobile devices. Websites that are not optimized for mobile devices have low conversion rates. Your customers should also be able to find your contact information easily. Do whatever you can for optimizing their mobile shopping experience. You can, for example, add features such as 'click for directions' or 'click to call'. You should also ensure that your content does not take more than 3 seconds to load.
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TECHNOLOGY
2015 has almost reached its mid, and you still haven’t achieved your year’s resolution, have you? If your resolution was about technology, you have to master the hottest technology skills to stay relevant and productive in this highly competitive market.
INFOGRAPHICS
T
echnology advances rapidly. The skills that you learned last year have already become outdated. The only solution to get around this issue is to learn new technologies as they emerge. Continuous learning is crucial to maintaining your competitive advantage. So, what are the tech skills you should master in 2015? Here is our pick.
CODING The demand for coders continues to increase. It is true that the K-12 education system has not yet recognized the importance of coding, but today, coding skills are as important as reading or arithmetic skills. The good news is that everybody can master basic coding skills. Plenty of websites give coding lessons for free.
mation-intensive processes are digitized, costs can be reduced by as much as 90%. Towards the end of this year we can expect to see a lot of hybrid systems in which some applications and information reside on-premises and the remainder resides in the cloud. When you learn the basics of cloud computing, you will improve your collaboration ability and data security.
The data keeps multiplying. If you want your message to be heard, you have to communicate it in creative ways. Infographics provide a visual representation of your data. They reveal details that you are unlikely to find if you pore through dry data. You don't necessarily have to be a great web developer or designer to create nice infographics. Plenty of free tools are available.
UX DESIGN SKILLS The job of a user experience designer is to enhance the efficiency and experience of using a system like a website or app. Users now access your websites and applications on multiple devices. Consequently, there is a need to optimize your website for various devices. These trends are shaping the way businesses function. If you have a decent understanding of these skills, you can stay ahead of your competition.
MOBILE Organizations that lack a mobile strategy also lack a future strategy. You can no longer ignore the need to mobilize your revenue generating processes.
Continuous learning is crucial to maintaining your competitive advantage.
BIG DATA You have heard of big data, haven't you? Its importance will only grow in the coming years. The alarming speed with which data is created has increased the demand for people who can collect and analyze data. It does not matter which industry you are in. If you ignore big data you will miss great opportunities.
CLOUD COMPUTING TechRadar says that the 'cloud' will become the 'new normal' in 2015. But that is not surprising. When infor-
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41
STARTUPS
SHOULD YOU
QUIT YOUR JOB AND LAUNCH YOUR OWN BUSINESS? If you hate your job, starting your own business might seem to be a good idea. But before you take the plunge, you have to ensure that you have what it takes to be a successful entrepreneur.
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STARTUPS
T
hanks to the IPO gold rush several youngsters in their 20's became millionaires overnight. But you can't launch a business hoping that you will be able to emulate their success. The truth is that not every entrepreneur makes millions. Some do; several others don't. There is no point in starting a business to escape a negative situation. If you are launching a business to escape from a bad workplace or a terrible boss, your motivation is unlikely to be strong. You should have a business idea you are passionate about. Without passion, you are unlikely to survive the first few years, which are going to be extremely tough. If you are passionate about the idea, and you can see its growth potential, you may
consider launching your business. Leaving an uninspiring job or a particular boss should never be the motivation to launch a business. If that is your concern, you should consider finding a different job instead of starting a new business. You should start with your true passion and then find ways to pursue it. Also, you should not quit your job just because you have an idea. An idea isn't enough. No one will fund an idea. If you want to get investors you should have customers and income. So, what does it take to be an entrepreneur? First, you have to answer these questions.
HAVE YOU GOT ANYTHING TO PROVE THAT YOUR BUSINESS IDEA WILL SUCCEED? Too many people start their own businesses without asking enough questions or doing enough research. That is a mistake. Before you start out, you need to ensure that your service or product is something people actually want to use. You should be able to snatch business from your competitors. You should try out your idea without quitting your current job. Consider launching it on the side. Work on it in your spare time till you are certain that it will succeed.
WOULD YOU MIND BEING BROKE FOR A FEW YEARS? When you build a business with your own savings, you will need to live a frugal life. Worse, during the first few years, you are unlikely to get any income out of your venture. Are you willing to deal with that situation? If you are an employee, you can rest assured that you will get paid no matter what. That is not the case with a startup.
CAN YOU SOLVE PROBLEMS ON YOUR OWN? When you are an employee, you will have access to your company's resources. If you get into trouble, you can expect your manager to take care of the situation. But when you launch a business, you will be doing everything. You will also be under tremendous pressure to generate income.
ARE YOU WILLING TO DEVOTE YOUR WHOLE TIME TO YOUR BUSINESS? When you run a startup you can't have holidays. You will have to miss birthdays and other family functions. Your family may be unhappy with this. Many entrepreneurs feel that they are married to their business ventures. This may not be your thing.
Before you start out, you need to ensure that your service or product is something people actually want to use. 43
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MARKETING
THE MILLENNIAL CONSUMER FROM THE PERSPECTIVE OF A MILLENNIAL MARKETER The most common mistake marketers make is assuming all millennials are the same. By Salvador Cuadros
M
ost of us have heard a lot about millennials, especially if you work in marketing or advertising. They are the so-called “selfie�, digital, and narcissist generation, and these are just some of the many other characteristics that have been attributed to them. In a nutshell, millennials are the consumers between the ages of 16-35 years old, or born between 1980 and 2000. A generation that lived during the turn of a century and a millennium, a generation that experienced growing up with technology but still had the notion of what the world looked like before technology took over, and a generation that grew up in the midst of numerous economic and social uncertainties. There are hundreds of articles out there that talk about how difficult it is to market to millennials, how different they are from previous generations, how hard it is to understand them, and even work along with them. In terms of marketing and ad-
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vertising, it seems that today almost every brand primary target market are millennials. This is no surprise since they constitute 27% of the U.S. population and hold 21% of direct consumer purchasing power, which represents $1.3 trillion annually and these numbers will only rise in the next few years. So why are brands and marketers having so much trouble marketing and communicating with these consumers? This post aims to tackle some of the obstacles that marketers are currently facing and offer some insights from the perspective of a millennial marketer.
BRANDS CAN'T PUT MILLENNIALS IN A NUTSHELL The most common mistake marketers make is assuming all millennials are the same, and that they can be addressed as just a few homogenous groups. In most articles and research papers about millennials, marketers try to segment these consumers in a very similar way to past
Millennials want unique experiences and they want brands that engage with them, not market to them.
generations, which is a big mistake. For this generation, demographics are more irrelevant than ever and psychographics are everything. Brands are trying to identify some common traits among millennials and target a few groups based on the traits they share. So why is this not working? My opinion is that they are going for a very big slice of the cake. What I mean by this is when brands try to target millennials, they don't realize that this generation is the most diverse ever. Even though there might be some shared traits and values, millennials are characterized for their individuality and uniqueness, as they are constantly looking to be different from everyone else and this is what makes it harder for brands to successfully market to large groups. The conventional way of targeting is understandable. It is cheaper, and takes less time and resources to market to larger groups. However, if brands are looking for better results and higher engagement, executing several strategies tailored to different types and personalities of millennials could yield better results. As mentioned in the previous post, millennials don't want brands that simply sell to them, they
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MARKETING
want brand partners they can relate to. Marketing needs to become more personalized, tailored to a more specific type of consumer.
UNDERSTAND MILLENNIALS BEFORE MARKETING TO THEM Most current marketers in the US are Baby Boomers or Generation X'ers. If you ask around, these marketers have the perception that millennials are a group of entitled, narcissist, and selfish kids. Great marketing is that one which can relate and understand its consumers and therefore communicate effectively with them. Current marketers need to understand that there are reasons why millennials behave and act the way they do; and by doing so, they will be able
to market more effectively to them. Most marketers don't understand that millennials grew up during an economic recession, walked out of college with higher unemployment rates, and for the ones that got jobs, walked into the marketplace with lower wages, compared to the Baby Boomers and Generation X'ers. These are just a few factors that have driven millennials to behave the way they do, along with the evolution of technology of course. So to market effectively to millennials, you’ve got to understand them to make your job easier. So it’s best to stop criticizing and try to empathize with them.
BRAND LOYALTY IS DRIVEN BY VALUE NOT PRICE If understanding millennials wasn't enough of a challenge already, research has shown that they are the least brand loyal generation we have ever seen. They are also some of the most price conscious consumers, although this may not be based solely on financial reasons. Millennials are the most informed generation we've ever had. They are constantly connected to the
world around them, thanks to technology. And this gives them two things: knowledge and power. They are marketing-savvy, and they know the options that are available to them. That's why brands are having so much trouble creating brand loyalists from this generation, because millennials see brands and instantly question them. They know about their marketing tactics and will move to the next product or brand without hesitation if they feel that they are not getting the bang for their buck. Price differentiation does not influence the loyalty of millennials. In fact they are willing to pay a premium price if they perceive the product is worth it. However, they are less loyal and more reluctant to stay with one brand because they are aware of all the alternatives and they want to receive the best value for their money.
LEVERAGE TECHNOLOGY AS YOUR PRIMARY COMMUNICATION CHANNEL This will come as no surprise to most people, but it's surprising to see how many marketers and brands are still trying to reach and communicate with millennials through traditional media tactics. Millennials want unique experiences and they want
brands that engage with them, not market to them. Brands that successfully utilize social media and other digital platforms are having the most success getting through to millennials. Just take a look at Taco Bell and the way they use their Instagram account to depict millennials' lifestyle and values while subtly promoting their products and brand. They even introduced a Taco Bell mobile app around 3 months ago, which lets you order online, get updates, and receive special promotions. They clearly know how to reach millennials. Ruffles recently shifted its entire marketing budget to digital because they know that's where the millennial consumer is – online – on their smartphone, tablet, or computer. The key is not only to advertise and promote products online, but also to find ways in which consumers can interact with brands and create meaningful experiences through digital platforms. Instead of simply pitching brands and products, pitch what the brand stands for and what they represent. Coca-Cola gave us a perfect example with their campaign last year called, “Share a Coke”.
FINAL THOUGHTS It isn't that hard to market to millennials – it simply requires something that most marketers are not used to doing, and that is engaging before selling. Remember that millennials want experiences and relationships, so use your brand core values and propositions to explain why they should reward you with their business.
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STRATEGY
INCREASE PRODUCTIVITY WHILE WORKING LESS Focus on things that are truly important and eliminate everything else. Allow your employees to pick schedules that work best for them.
M
any people are driven by their desire to achieve more and more. They work 18 hours a day and spend hardly any time with their family or friends. But when you stretch yourself thin by working long hours, you are not doing your body or mind any good. There is a limit to what you can achieve in a day. The moment you realize this, you will make some positive changes to your working habits.
WORK HARD, PLAY HARD If you cram too much work into a day, you will only exhaust yourself. So, get enough sleep. Spend time with your loved ones and do things that you enjoy doing. This will boost both energy and morale. If you are an employer, don’t ask your employees to work
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14 hours a day. Long working hours will not increase their productivity. Instead, it will zap them of their energy. Let them leave work at 6 or 7. The next morning they will come back to work feeling fully energized. Yes, there are books that promote the belief that you can get everything done. While it is an admirable ambition, it will definitely take its toll on your health.
THE PERILS OF CONSTANT CONNECTIVITY We are living in the age of always-on connectivity. While being able to stay connected to your friends and family on the go has its advantages, connectivity also has a negative impact on your health. Always on internet connectivity stresses your employees out. They assume that they have to be available 24/7. Stressed out employees can’t sleep well. They call in sick too often and also suffer from burnout.
COPING STRATEGIES It is nearly impossible to eliminate work pressure from your life, but there are several ways to cope with this menace. One way of doing this is to prioritize. Focus on things that are truly important and eliminate everything else. Allow your employees to pick schedules that work best for
them. Creative people tend to work well late at night. Don’t force them to get to work at 9 am. Amazing things can happen when you allow your employees to find their pace. You can’t deny the fact that work is a priority, but it is not the only thing that matters.
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