Mike Michalowicz's Blog, page 51

January 24, 2018

The Top 15 Business Trends to Avoid for 2018


Every day it seems like there are a dozen new trends that I “need” to jump on to give my business a competitive edge. The truth is most new trends, aren’t really trends yet. Most are flashes in the pan. And if you jump on the wrong ones (which, since most are the wrong ones) you are stuck spinning your wheels.


 


The Rule Of Thumb

The rule of thumb here is to employ patience. Trends are something to watch, not necessarily act on immediately. I reached out to the entrepreneurial community, and they shared the business trends to avoid this year:


1. Avoid Outsourcing Your Social Media




Social media has spawned a plethora of consultants who will handle all your social media needs. This is great provided you already have in place a strategic thinking business plan where you have clearly identified your ideal customers; know your market and have established key metrics. Outsourcing without having both solid marketing and sales plans mean you have hired someone to be Your Captain Wing It and his or her actions may cost you more business than you ever anticipated.
Thanks to Leanne Hoagland-Smith , ADVANCED SYSTEMS


2. Facebook Is The Big Trend To Avoid
It is true that the biggest business trend these days is to “update” your “followers” when in reality Facebook doesn’t help anyone find you unless they already are in your grasp. I believe that everyone in business who spends quality time posting photos and updates on FB thinking these people will buy from them is listening to phony gurus. The fact is, the only people who really care are your employees (and managers) and your friends. Everyone else thinks it’s interesting–maybe–but it’s not going to get anyone to purchase anything unless you are giving it away (and even then it will be suspect).

The best advice is to pull your closest customers even closer. That’s rare advice that is hardly a trend but is still the only way to build a base. One customer telling a friend how great you are–that’s all it takes for a lot of people to literally follow you, and buy.
Thanks to Richard Laermer , RLM Pr


3. Avoid Making Your Own Mobile Apps

With all the hype about consumers using mobile devices for information, I

believe many businesses are being brainwashed into thinking they can’t

compete without creating an ‘App’. This is simply untrue.


A fully mobile responsive website can be more beneficial in many cases by ultimately offering a better experience for the end-user, and higher conversion for the business.

There are many web templates available on the market today that make this task easy for most designers.



Thanks to Janel Bailey , Xenos Hospitality Inc.


4. STOP “Problem, Agitate And Solve” Marketing NOW
To attract those influencing 85% of all buying decisions (women), you’ll want to avoid the copywriting formula “Problem, agitate and solve”. My “Challenge. Solution. Invitation.™” formula as featured in Inc. Magazine is causing women to breathe a collective sigh of relief. This new approach works because marketing is all about relationships and you cannot build solid relationships by focusing on the pain, poking at problems and then trying to be helpful. Full interview http://tinyurl.com/7cm2zhw
Thanks to Lisa Manyon , Write On ~ Creative Writing Services, LLC


5. Avoid The FREE Trend
One of the most common marketing themes is to offer people free stuff. Whether it is a free seminar, free Facebook page, free website or free donuts; the problem is, free is never free. Let me explain. Do you manage how much money you spend? Of course you do! However, do you also mange how much time you allocate for different activities each day? What about how much energy? The problem with the word “free” is it may eliminate a cash payment, but you will still pay a price.
Thanks to Matthew Steffen , Imprinsic Marketing Group


6. Avoid Over Optimizing
Optimized websites, Fan Pages, Google+ Local. We hear digital media is the new frontier where Business is being done. As though merely showing up and being present will somehow bring floods of business.

Emphasis is placed on the infrastructure and [owners] often launch having completely overlooked strategy. They go through the motions, which ends up being counter productive when people are annoyed or don’t find the msg compelling and don’t engage. Tactics without strategy is a trend to avoid!
Thanks to Corey Vandenberg , Next Door Digital


7. Avoid Trying To Go Viral

As social media platforms continue to mature, we will be seeing more examples of viral videos, viral campaigns, viral _____. But don’t get sucked into it. You can’t architect a viral success.


What you can plan for is an exceptional customer experience. Quintessential solutions to customer problems. And figuring out how to communicate the larger mission of what you do. WHY are you in business? WHO are you really trying to help?



Thanks to Kenny Jahng , Big Click Syndicate LLC


8. Avoid Crowdfunding
The reality is that only 44% of projects on Kickstarter are successfully funded. Further more, over 9,000 of the 44,000+ projects on Kickstarter raised $0 as of January 2, 2013. Crowdfunding requires that you invest the same PR & marketing efforts that you’d need to actually sell a product. So instead of spending time and money promoting your idea for funding, use Ash Maurya’s book “Running Lean” coupled with your own savings to get to the first iteration of a new product available for sale.
Thanks to Kristen Carney , Cubit Planning


9. Avoid National Expansion
Establishing a national presense is overrated. People rarely buy something off the internet unless it\’s a trusted and convenient source (such as Amazon) or they have a relationship with the product (such as an ebook that an acquaintance wrote). Spending money on a sleek and sophisticated online store for the world to come flocking into your business or so that your rank on google will increase is rarely worth it, especially if you should be focusing on acquiring business locally.
Thanks to Melanie Angelis, BSEd, MS CAM , The Grecian Garden


10. Avoid Mobile Websites

It’s hard enough just putting a fresh look on a company’s main website or blog so, avoid the trend to create mobile websites.


Optimizing your eCommerce site for mobile users is like redesigning your website several times over because you’ll have to accommodate for the many

mobile devices and platforms that are available.


Don’t waste time going mobile too quickly until you see significant traffic from a specific device; then you should optimize for that and try to increase your conversion rate.



Thanks to Nathan Miloszewski , VoIP Supply LLC


11. Avoid The YouTube Craze
The biggest trend that any entrepreneur should avoid is sinking time and budget into producing YouTube videos without having a social media marketing strategy in place. Even the most amazing video is worthless if nobody sees it, and metrics like video views and subscribers don’t translate into new customers without targeting. Video is very effective, but entrepreneurs have to focus on their marketing goals, then determine what role video and social media can reliably play in getting them there.
Thanks to David Murdico , Supercool Creative


12. Avoid Daily Deal Sites
The Daily Deal business (ex: Groupon, LivingSocial, etc.) They promise to help customers save money on a wide range of shopping categories. They need to focus on making it a win for the businesses that run deals with them. Most merchants see little to no profit, after offering a large discount on their products and services AND paying the daily deal site. Merchants are sold on the idea of recurring customers, but that is very often not the case. To stay competitive/relevant,they need a new model
Thanks to Corey Leff , SpendLO


13. Don’t Implement QR Codes
QR codes are fun. They are interesting. They are innovative. But not many consumers use them at the moment because most don’t even know how to. While many businesses are adopting QR codes into their advertising and marketing campaigns, it may not help as much as going the conventional and reliable routes like social media and traditional e-mail marketing. The returns on theses businesses’ investments may not be worthwhile if consumers don’t bite on the QR codes.
Thanks to Michael Pesochinsky , GovernmentAuctions.org


14. Avoid BYOD (Bring Your Own Device) Policies
Contrary to the belief that BYOD policies can make employees more productive, they can’t and it’s actually doesn’t make any sense. Employees with their own, personal devices will more likely be distracted. In addition, what if these devices break down? It could take many weeks before repairs are done. What about the potential data loss? BYOD policies can work to complement the devices that are available at the workplace, but these policies should not be relied on.
Thanks to Dahlia Roth , Free Government Auctions At GovernmentBargains.com


15. Avoid Gamification
People love games. We see games throughout PCs, tablets and other gadgets, websites and many others, but is gamification really the way to go? While games are fun, they shouldn’t be “solve-all” business solutions. Take a look at Zynga. They make games for platforms like the iPad, sites like Facebook, and many others. But their value has steadily declined since the beginning of 2012. The gaming concept can complement other sales and marketing strategies, but it should not be the solution.
Thanks to Eli Israel , ForeclosureMagic.com


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Published on January 24, 2018 05:00

January 17, 2018

Winter Blues Getting the Best of You?

You know the saying: “The early bird gets the worm.” Now, I don’t know if you are in the worm business, or if you are even a bird for that matter. But, if you are an entrepreneur, the early time of the morning is when you can get a lot of work done. Here are twenty eight ways you can wake up earlier.





1. Leave The Shades Open
Its simple.  The brighter it is, the easier it is to get up.
Thanks to Steve Silberberg , Fatpacking


2. The Early Mindset
If you want to be ahead of the flow, be the “early bird,” then this is truly an attitude, a change of mindset. When you begin to see the results of your early morning endeavors, this creates an internal change within your own motivation. Additionally, rising earlier allows you to schedule some exercise time even if it just walking. Now you have even greater clarity and even more energy to tackle the rest of the day when others are just starting to awaken.
Thanks to Leanne Hoagland-Smith , ADVANCED SYSTEMS


3. Have Your Spouse Help Out
If you can’t get yourself up and going early in the morning, consider getting your partner to help you out. Once I gave my husband the blessing to turn on the news and lights when he got up, I started getting up earlier too. I even get greeted with a kiss and a cup of coffee … now that’s a way to start the day off right!
Thanks to Kathi Browne , BrowneKnows Consulting


4. Turn Off The LED Lights
Research shows that the blue lights that blink on so many of our computers, clocks, microwaves, televisions and even nightlights, actually stimulates our brain activity! Those lights keep us from enjoying deep, restful REM sleep. I turn off, or tape (black electrical tape) over all the lights in my apartment to ensure that the part of my brain that responds to light shuts down entirely at night.
Thanks to Becky Blanton , BookyBiz


5. Plan Ahead Subconsciously
Always have a plan to what you are going to do with the extra time you have in the morning by getting up early. The subconscious can play games with you if you don’t plan ahead. You may have planned to wake up early on a different day and then did nothing with additional time, so the next time you planned to wake up early, your body said to you ” ‘Nope, I am still sleeping” and rolled over. So make a plan the day before and complete all duties, your subconscious will then smile.
Thanks to Brian Collins , Life In Synergy


6. Early Doesn’t Mean Morning…Necessarily
Waking up early is never easy for me. I usually take cheat and take some NyQuill just to give me that extra push to fall asleep no matter what time. I have two alarm clocks in the house and I even decided to have a child…they wake up at 5am all the time. I am not saying my plan works for everyone, but it works for me…and probably every other parent out there too.
Thanks to Greg Palomino , CRE8AD8 LLC


7. The Early Rise Mindset
Truly successful people get up earlier than anyone else. By the time the rest of the world is waking up, they already know what is going on not only in their world but also the rest of the world. They also have as much if not more done than anyone else by the time every one is waking up. This includes YOU! So if you want to be truly successful, then remember that your competitors are already up and running while you are literally still asleep on the job. GET UP and SEIZE the DAY!
Thanks to Edwin Soler , Libreria Berea


8. Boomerang
I use Boomerang to schedule my emails, whether it’s early morning or when I know that user is pretty responsive or prefers to receive emails. For example, if I know Mike Michalowicz is a party animal who loves to respond after a few beers on a Friday night, at 2:59am, that’s when I schedule him to get my emails or if it’s an official reply to one of the customer enquiries, it goes 7:31am on Monday morning & guess who gets a prompt response.
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Published on January 17, 2018 05:00

November 30, 2017

Profit First Announced Best Business Book of 2017 by Soundview

Soundview announced that Profit First as the best business book of the Year!!! Soundview is the curator of thousands of business books every single year and it is a privilege to be ranked as the best among them.


 



 


Start reading Profit First now!

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Published on November 30, 2017 06:48

September 15, 2017

Profit First Question and Answer

Recently, I was asked a very insightful question regarding Profit First and income allocation. I decided to share my answer with you.

Q: “I had one question that I was hoping you could help clear up for me.  As the business is basically a retail store, a large percentage (currently 46%) of the Top Line Revenue is used to purchase either stock for the store, or materials used to make her artworks.  I read about the “Materials” or “Pass Through” accounts you mention in Chapter 9, but how do I allocate income into this account in a structured way?  Should we tweak the “Instant Assessment Form” to calculate a CAP/TAP percentage of top line revenue to put into this “materials” account, and then adjust the other TAP/CAP values (for profit, owners comp etc) accordingly?  It just hasn’t quite clicked for me.

If you could help explain or provide another example, it would be greatly appreciated.”

A: Hey Todd – I am thrilled you and enjoying the book, and hope your wife wants to read it too. In regards to your question, determine your historical percentage for Materials. Create an account for Materials at your bank. When INCOME comes in and you do your allocations, transfer that materials percentage to the Materials account. Then the remaining money in INCOME gets allocated out to the the other four accounts (profit, owner comp, tax, and opex).  Then start reducing the Materials percentage each quarter, try to reduce it (therefore allowing more money to go into your four accounts. Hope this helps.

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Published on September 15, 2017 06:00

August 30, 2017

Why We Spend More Than We Have

There are two main reasons why most entrepreneurs (and I used to) spend more than they should on things they really don’t need:


1. It’s human nature to spend what you have. Whether you’ve got $1,000 or $100,000, you will find a way to spend all of it unless you automatically deduct a percentage of your revenue as soon as you receive it. We have a false perception that what is, today, will also be tomorrow (or even be better). If we make $100,000 today, we feel we will always make at least $100,000. But success is not a direct path upward; it is more like a hornet’s nest that weaves and knots its way upward.


2. It’s human nature to follow the status quo. When setting up your business, you’re likely to look to other businesses in your industry as models for how to do just that. This approach will lead you to spend money on things you don’t need (or even want) just to appear more “legit;” things that, in the end, are of no benefit to your company. Fancy business cards, bored receptionists and nearly empty offices are all too common for first-time entrepreneurs.


Whenever I consider taking on a new expense, I ask myself if it would help me to better serve my clients and reach my goals. And if I do need it, I ask myself how I could get it for free or almost free.


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Published on August 30, 2017 06:00

August 23, 2017

Cash in on Your Million Dollar Idea

So you came up with a brilliant idea. A million dollar idea! But right now, that’s all it is. So how do you turn that concept into cold hard cash?



Write it down. How many light bulb moments do you have at 2am and then forget come 9am? Or you don’t want your idea to be stolen so you keep it to yourself, promising to chase it when you have time. If you write down every money making scheme you think of, one of them is bound to be the real deal.
Once you settle on the idea you really want to pursue, write a pros and cons list. What could make it really successful? What could make it a bust?  Once you identify the cons – maybe the initial production costs are too high or its a competitive industry – you can find solutions.
Determine your audience. Who do you think will buy your product or service? Run business surveys to see if there is a market for what you want to sell.
Figure out what problem you’re solving. All good businesses are solving a problem. Uber eliminated the inconvenience of hailing a taxi and the inability to pre-order them, all for an affordable rate. Apple lowered the cost of technology and made it user-friendly at a time when computers were created for engineers and tech professionals. Solve a problem in the market so consumers can’t live without your product.
Find a business partner. Although you might want to keep your idea to yourself, remember that it takes two flints to make a fire. Think about the major startup success stories you know. How many of them were founded by just one person? A partner can give you support, share the initial costs and help you decide if your ideas are any good.
Money, Money, Money. You have to get it from somewhere. If you don’t already have some rainy-day funds to dive into, consider crowdfunding, borrowing from friends, credit cards or loans. Just know the risks you face before getting started.
Create a financial model. If you want to attract investors, a financial model that forecasts the financial performance of your business will show them your expected profitability and their return on investment. This makes you a more reliable bet.
Develop your prototype or beta test. Now it’s time to see if your idea will really work. If you’re creating a product, design a prototype so you can work through the kinks of manufacturing. For a service-based company, take on some beta clients who can test it and respond with their feedback.
Adapt! Prepare to be flexible and roll with the punches. Odds are, your initial idea won’t be the same as the final product and that’s okay. Be ready to respond to what the market wants. You’ll be better off for it.
Keep on the sunny side. There are going to be boatloads of people who try to tear you and your idea down on your road to success. But as the business owner, you have to stick to your guns. It’s your baby and your investment of time and money, so believe in it.

The next time you’re struck with a big idea, don’t let the opportunity come and go. Follow these steps and you could be next greatest startup success story.


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Published on August 23, 2017 06:00

August 16, 2017

Why Peer Pressure is the Answer

Remember when you were in grammar school and everyone warned you about the dangers of peer pressure? What would you say if I told you peer pressure was the solution? Because it is.


If you want to get the most from your employees, they’re going to need accountability partners. These are people who they’ll share their goals with, report their progress to and receive advice from. It can be a fellow coworker or an entire team. What matters is that the partners act as coaches, ready to push but also encourage.


Tell your employees to meet with their partner or partners every day, preferably in the morning. They should share their daily goals but also their larger ones. Being publicly held accountable by their peers will incentivize your employees to follow through on their assignments. Even go above and beyond. 


So the next time you hear someone say peer pressure is bad, you can introduce them to your super productive team.


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Published on August 16, 2017 06:00

August 9, 2017

The Ins and Outs of Instagram

Businesses are blowing up on Instagram. All you have to do is open the app to find public figures and startup companies boasting hundreds of thousands of followers. And while Facebook and Twitter still play important roles in advertising, Instagram is where the young people are at, with 59% of its users falling within the 18-29 age category. So what’s the trick? You’ve made your account…how do you turn it into one of the wildly successful ones on your feed?


Instagram is all about selling a brand. Capturing a lifestyle. Start by deciding what story you want your account to tell. Consider modeling yourself around a keyword – like luxury or relaxation – or sharing the behind-the-scenes scoop of your business. Let your followers see the process of your product’s creation. Whiteboards filled with brainstorming notes, purchasing the raw materials, fun office traditions like happy hour drinks, guests visiting the office, anything that offers a snapshot of your company culture. 


One way to maintain this narrative is through your Instagram stories. Disappearing 24 hours after being posted, your stories pop up on your followers’ home feed and keep your business fresh in their minds. Experiment by adding stickers, geotags or using the Boomerang feature. Out of your comfort zone? Ask any millennials in the office (especially those interns) to help maintain the account so they can capture the day-to-day happenings of the office.


There are a ton of features designed for business profiles that will help you expand your client base. Take advantage of those perks, from additional space for contact info to a summarized report on the number of impressions your post made, where most of your views came from, when your peak hours are and more. Just sign up as a business account. Instagram is also introducing a new shopping feature that allows your followers to directly access your product catalog as they browse your posts. This free advertising is all yours…take it!


At the end of the day, be the follower you want to have. Leave likes and sincere comments on accounts who’s goals and interests align with your company’s. This is the best way to put your business on the radar of potential clients and even encourage cross-promotional posts. A strong core of quality followers will go far.


 


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Published on August 09, 2017 06:00

August 2, 2017

A Diverse Team is More Productive

Everyone knows the saying “if you build it, they will come.” The same rule applies to the type of work environment you create. Diversity doesn’t happen overnight. And a more diverse team of employees means a broader range of perspectives brought to the problem-solving table. When employees feel comfortable taking chances on out-of-the-box thinking and creativity, their productivity will increase.


It’s easy to say you want diversity. But how do you actually make it happen? First of all, you can’t expect your employees to feel safe expressing their identities if you don’t first create an inclusive environment for them. Every individual has a unique intersection of identities – I’m a male but I’m also a father and a Virginia Tech alum and an entrepreneur. These are all important parts of my identity and they increase in importance to me depending on the context of my environment. When I’m around other Hokies at a VT football game, that facet of my identity comes to the forefront.


The same goes with your employees. They have a whole range of labels and experiences that matter to them. By creating a space where they feel comfortable and safe drawing on those perspectives, you unleash their potential to be their most engaged, passionate and driven selves.


Here are some specific ways you can make your business more inclusive and productive today:


1. Diversity networks. One way to make your employees feel more visible and heard is through diversity networks. These are groups that come together based on shared identities, i.e. single moms, veterans, LGBTQ individuals, Asian Americans, disabilities, latinx, etc. These networks help individuals learn from each other, share resources, mentor each other, discuss the challenges and stereotypes facing this facet of their identity and how to address them. Are you worried that this could divide the office more than unite it? Don’t be. These networks actually empower individuals to share their identities with the broader team so everyone can learn from each other. And more often than not, people will belong to multiple groups. This will spark thoughtful conversations between coworkers and improve their collaborative skills.


2. Allow opportunities for team members to express themselves. The only way your team members can suggest innovative ideas is if they have the chance to speak. The quickest way to make an employee feel uncomfortable and unaccepted is to have her coworkers interrupt or speak over her. As the boss, create opportunities for individuals to speak about what projects they are working on, their goals and their struggles. And if you notice that one employee is consistently cutting off her coworkers, pull her aside and have a private conversation about listening before speaking.


3. Diversity training. Everyone has bias. It’s a fact of life that we all come from different backgrounds and interpret the world differently. And it’s usually subconscious. That’s why diversity workshops can be a great way to unpack our biases and privileges. Being able to listen and empathize is useful in any business setting and will improve your employees’ customer service skills. This training is not a lecture, but rather an opportunity for honest conversation and learning. Knowing the history behind specific identities can lead to more conscientious interactions between coworkers. There are lots of diversity workshop tutorials online, such as the Diversity Toolkit, or you could hire a professional to lead a session. This will have a greater impact on your employee retention rates than you may expect. Employees that feel seen and heard are more dedicated to their employers.


4. Open-door policy. Inspire an open-door policy so your employees feel safe coming to you and their other bosses about issues of discrimination, sexism, racism, homophobia and more. First and foremost, listen. Don’t invalidate their experiences by immediately questioning them or taking a side in the conflict. This plus literally keeping your door open will instill a feeling of trust in your office.


5. Show, don’t tell. Show that diversity is important to you by hiring employees that come from a variety of backgrounds. Your work team should ideally represent the full diversity of your customer base. That way, team members can relate and appeal to your clients on a personal level. Representation also works as a strong motivator. When individuals can see themselves in their role models – bosses, podcast guests, interviewees, etc. – they are more likely to imagine higher goals for themselves.


6. Gender neutral bathrooms. Gender neutral bathrooms are more common than you may think. All of the bathrooms in your house are gender neutral! One way to promote a more inclusive environment is to maintain a single stall bathroom available to any employee in the office. This is an easy way to help your employees maintain their privacy and make their work environment feel comfortable. When they’re not worried about doing their business, they can focus on your business.


7. Support each other. Above all, promote a positive and safe work space by encouraging coworkers to support each other. Provide opportunities for coworkers to shout each other out and share positive feedback. As the boss, when someone excels, highlight the success among the entire office. This is also an effective way to combat stereotypes. By moving beyond the caricatures of specific identities, you allow your employees to be seen for their individual strengths and weaknesses. 


Diversity matters. Not just because it leads to equality, but because it creates a more creative, collaborative and productive work environment. If you can implement these changes in your business, you will see a higher employee retention rate, increased profitability and an overall happier workplace.


 


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Published on August 02, 2017 06:00

July 26, 2017

Social Entrepreneurship Could Be Your Solution

As a business owner, it can be easy to throw on the blinders and focus exclusively on profitability. But what if becoming permanently profitable and supporting the causes closest to your heart could come hand in hand? Social entrepreneurship can actually boost your employee retention rate and their productivity.


Individuals, especially millennials, are increasingly expressing a desire to do meaningful work. Something that translates into more than just a 9-to-5 job. By blending your company’s for-profit goals with larger societal goals, your employees will feel more accomplished and satisfied with how they’re using their time.


Start by sitting down with your team and opening up a dialogue about what causes are important to them. Then, every quarter, collectively choose one to design a project around.


By uniting the office under a common mission, you will clarify in everyone’s mind their overarching goal. This will also encourage them to come forward with their own ideas on how to tackle projects because of their vested interest. 


The project doesn’t have to rely solely on donating money. Here are a handful of creative ways for you and your team to bring humanitarianism into your day-to-day work life.


1. Teaching classes at your community center. You have specific skills related to your industry. Whether it be personal finance, graphic design, or coding, you and your team can run a workshop at your local community center. This can be particularly impactful for individuals who need retraining and can’t afford to attend a college or university.


2. Switch from paper to digital. How much of your day-to-day documents are being printed in hard-copy? If it’s a lot, maybe consider switching entirely to digital. Not only will this lessen your environmental impact, but you will also save money on printing. This extra change could even be donated to charities that combat the effects of deforestation, such as the Jane Goodall Institute or Plant a Billion.


3. Buy locally. If you want to support your fellow local businesses, consider taking part in Small Business Saturday. As a team, you can make a list of the businesses you want to patronize and take turns leaving them reviews. This also encourages cross-promotion between your company and other local businesses.  


4. Hotel bottles. This method is especially convenient for those who travel a lot. One way to support local homeless shelters is to encourage employees to collect the mini shampoo, conditioner, and body wash bottles in their hotel rooms. Instead of using them, they can bring them back to headquarters where you can stock up and then deliver the goods to a shelter. This is an easy way to support your community with no cost to you or your team.


5. Referral program. This strategy is really a win-win. If you’re looking to boost your number of customer referrals, advertise a deal in which your company donates $50 to the local soup kitchen for every referral, or some variation. This is a quick way to build your reputation, not only for your quality service or product, but for your socially conscious practices.


6. Offering your services. Finally, you can always go with classic pro bono work. Offer your services to one or two potential clients that are lower income or otherwise disadvantaged, whether it be designing a new logo or organizing their financial records. Create teams to tackle these cases each quarter, on the clock. Although you’ll be losing slightly to opportunity cost, the amount of inspiration and enhanced productivity your employees will garner will make up for it.


Don’t underestimate the immense impact social entrepreneurship can have on your office culture and employees. It can be the extra motivation they need to tap into their passion and drive. Denise Blasevick saw these results in her own company and we’ve see them at Profit First Professionals on our path to “eradicate entrepreneurial poverty.” It could also be the solution for you.


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Published on July 26, 2017 06:00