Author: Charles Wilds

The Great Resignation: Here’s a simple reason why your employees want to quit

The Great Resignation: Here’s a simple reason why your employees want to quit

Workers may be planning their exits if they feel undervalued, aren’t allowed to express themselves, or don’t have respect for their supervisors.

If you’re a manager who’s been worried about a mass exodus during the Great Resignation, you might try showing your employees a little appreciation to keep them from quitting. 

That’s the takeaway from a new survey of over 1,000 full-time workers that examined why nearly half of them were considering leaving their jobs in the next six months. 

The survey by PlanBeyond, a Seattle-based market research agency, indicated that feeling undervalued is a top reason for quitting across age and gender demographics. Among all the reasons for quitting cited in the poll, it factored in by 22%. As a contrast, unfair compensation factored in by only 6%, and lack of professional growth—often seen as a top driver of workplace dissatisfaction—similarly factored in by 6%. 

PlanBeyond researchers came up with these percentages by asking employees about their likelihood of quitting and weighing that data it against their attitudes toward various workplace-related issues. Here’s how the full list of reasons shook out: 

  • No appreciation: 21%
  • Bad supervisor: 18%
  • No freedom of expression: 16%
  • Bad colleagues: 11%
  • Being young: 10%
  • Boring work: 9%
  • No professional growth: 6%
  • Unfair compensation: 6%
  • Inflexible work arrangements: 3%

The agency also found subtle differences between men and women when it came to the top issues driving their desire to quit. While lack of appreciation was the top factor for quitting among men, it was only the second biggest driver for women, edged out by a lack of respect for supervisors, which was seen as having a 22% influence on women’s likelihood to quit. 

Keep in mind, respondents to this survey were working full-time when they took it, so they hadn’t quit yet. If you’re a bad boss who undervalues employees and doesn’t let them express themselves on the job, there may be still time to step up your game before they punch out for good. 

In the meantime, check out the full report from PlanBeyond here.

ABOUT THE AUTHOR

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

Employees are craving leadership training more than ever. Try this simple way to deliver

It takes a leadership team to succeed. Do you have a goal driven management team?

 

Employees are craving leadership training more than ever. Try this simple way to deliver
Fast Company

Some experts are predicting the current skills gap will widen into a “skills canyon.” This is sending many senior leaders looking for ways to reskill and upskill their workforces—fast. These gaps, which are now compounded by labor market constraints and a high number of unfilled job openings, often end up on HR’s desk. Read the full story

 

Shared from Apple News

4 Reasons Why Every Entrepreneur Should Have a Business Coach

4 Reasons Why Every Entrepreneur Should Have a Business Coach

Finding the right business coach greatly increases your odds of being a successful entrepreneur.

By 
Opinions expressed by Entrepreneur contributors are their own.

Business coaches seem as ubiquitous as leaves growing on trees in the spring. We either know someone in our inner circle who is a coach or are constantly bombarded online by them. Raise your hand if you’ve had to sit through a 30-second Youtube ad from a coach or you’re getting inundated with messages from them in your LinkedIn inbox and Instagram DMs — or all of the above.

With The Great Resignation, many people are finding themselves shiny brand-new entrepreneurs who are virtually clueless at “entrepreneuring” — aka at starting and growing a sustainable, profitable business. We all know the fastest way to learn is to do, but expert guidance can accelerate that process. That’s where a business coach comes in.

Related: 9 Qualities You Need to Look for in a Business Coach

Insert eye roll. Yes, I know, and I, too, was once a skeptic. But hear me out.

Statistics, including those from a recent study completed by SCORE, prove this well:

  • Data shows that mentored businesses were 12% more likely to remain in business after one year, compared to the national average.
  • Working with a mentor at least five times greatly increases an entrepreneur’s likelihood of business success.
  • 87% of small-business owners are likely to still be in business after one year versus 75% without a mentor.
  • 30% of business owners (both men and women) who had just one interaction with a mentor reported business growth, a number that increased with subsequent interactions and peaked at 43% of business owners who had five or more mentoring interactions reporting growth.

Still with me? Good. I understand not everyone can afford to pay for a business coach when getting started; however, there are numerous free resources online, including SCORE, which has the largest network of free volunteer small-business mentors in the nation. So now let’s discuss a few of the highly beneficial results you can get when working with a business coach or mentor.

1. Gain clarity

A great business coach can help you clarify your goals and visions for your business and life. I have worked with several coaches throughout the years, and each made a massive positive impact on my business and life. After being coached, I had a greater understanding and a clearer image of the company I wanted to build. I gained incredible insight into what I wanted to accomplish in every interaction. This led to my team producing even better results and dramatic increases in productivity and revenue.

2. Balance life while meeting business goals

We all have personal and professional goals, but most have difficulty sticking to the plan until objectives are met. After we’ve defined the target, our next hurdle is accomplishing the goal without sacrificing our personal life and health to obtain it. Entrepreneurs experience numerous challenges as they grow their businesses. From performing multiple business roles to working incredibly long hours, our days are filled with a beautiful mix of chaos, joy, disappointment and bliss. A coach can help you focus on the essential steps and processes that will guide you to reach your objectives. Why? Because a coach can help you define a path and pace that is right for your business and your personal life — so you can get out of the nonstop 24/7 grind mentality that most entrepreneurs believe they have to be in to find success.

Related: 5 Tips for Hiring a Franchise Business Coach

A great business coach is part guide, cheerleader and warden. He or she knows the pitfalls to avoid and is there for you when the overwhelm sets in and you feel lost in the weeds of running a business. Business coaches understand when to cheer for you, but most importantly, they know how to hold you accountable to accomplish your goals. Their impartial view of your business allows them to call you out as others can’t, ultimately helping you break past the excuses and perceived blocks that will keep you and your business stagnant. Your coach holding you accountable helps ensure your entrepreneurial efforts aren’t in vain and allows you to achieve the success you desire.

4. Support

This one I cannot stress enough. Having a person or team supporting you when you’re first starting is incredibly critical to the success of your business. Many entrepreneurs do not have the support of their family or friends; they think we’ve all gone mad because we’re leaving a great company or a well-paying cushy corporate job. Now, let’s consider the opposite side of the spectrum. Imagine having a great support system in the form of a coach full of entrepreneurial wisdom who has already helped many others that have been in your position. It sounds like you’ve found a magical competitive advantage that most small-business owners will not have — but only if you find and hire the right coach.

Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

Finding the right coach or mentor can help your business grow exponentially from the start. Yes, you still have to put in the work, but you’re doing it with clarity, guidance, accountability and support, all while still having a fulfilling personal life. Getting business coaching will allow you to bypass a lot of dead ends while creating a clear path to implement your vision. The process will help you reach your success summit rapidly — and enjoy the ascent just a little bit more.

Written By

Entrepreneur Leadership Network Contributor

Charles Wilds Podcast – 8 Figures Business Coach! Strategic Overview for Small Business Accelleration

Check out this Podcast with Charles Wilds and Leo Kanell with 7 Figure Funding
We talked in depth with Charles Wilds today about building a business from the ground up. Charles shares many of his strategies and tools to keep your business “agile”. You must understand your vision, values and the mission you want to pursue in order to achieve success. After around 30 years of working with business owners, knowing one’s true business purpose and vision in order to meet the specific needs of customers has been very key to his success and that of his clients. Let’s go!

Get Out of the Rat Race – Think Differently

We’ve all worked jobs we hated. We were underpaid, underappreciated and bored out of our minds. We either quit these jobs or were fired for poor performance because we just gave up. Instead of taking that approach you need to consider every job an opportunity to learn something new that you can apply down the line to find success.

When you give people the tools they need to come up with unordinary solutions, you are enhancing their lives for the long run. You need to take this approach. What if one of your terrible jobs had been one with no pay at all and you needed to come up with some ingenious ways of making money? I bet you could have found a diamond in that rough. This idea can also be used in your own company.

Now, I don’t recommend going into the next meeting declaring that no one will receive pay anymore, but you can tell them that their potential raises, bonuses and other perks are now dependent on their creativity in ways to enhance business.

Let’s talk about a great concept called financial literacy. This certainly isn’t something they taught you in school, but is still essential to know. So, what is financial literacy?

The old school way teaches people to be good employees and not employers. This mindset will never make you wealthy. You need to focus on becoming a good employer. You also need to learn how to not only attain wealth, but sustain wealth for generations. This is what financial literacy is all about.

So, how do you get out of the rat race and start working toward a wealthier future? You need to understand the difference between an asset and a liability. Take a look at your own life and you’ll probably find the following:

Assets

  • Real Estate
  • Stocks
  • Bonds
  • Intellectual Property

Liabilities

  • Mortgage
  • Consumer Loans
  • Credit Cards

 

You’ve probably been fooled into thinking things like your house, car and entertainment system are assets. They aren’t! Assets should be continuing to MAKE you money. When you continue to struggle, you are not building wealth. If you’re primary income is from wages and each time you make more money, you pay taxes-you’re not really creating wealth either, are you?

So, if buying a house isn’t an asset (and, it’s not because you spend about 30 years of your life paying it off), then what is. Here are some of the best assets to attain and when you can start to actually see wealth being created because of it:

Average time of holding on to an asset before selling it for a higher value:

1 year

  • Stocks (Startups and small companies are good investments)
  • Bonds
  • Mutual funds

 

7 years

  • Real estate
  • Notes (IOUs)
  • Royalties on intellectual property
  • Valuables that produce income or appreciate

 

So, here are the steps to getting out of the rat race and onto your journey of creating wealth:

  1. Understand the difference between an asset and a liability.
  2. Concentrate your efforts on buying income-earning assets.
  3. Focus on keeping liabilities and expenses at a minimum.
  4. Mind your own business.

If you need help getting out of the poor mindset and into the wealthy one, try our GUIDED TOUR and work with one of our experienced business coaches today.

We went through the first three and next time we’ll talk about how to mind your own business to keep your eye on the prize.

Prepare for Lift Off!

Last time I gave you a laundry list of tips and tricks you can use to make your word of mouth program work for you. Hopefully you’ve taken a look and decided which ones are the best fit for your company, products, services and target customers, so you can put them to work in your word of mouth campaign.

We are going to wrap up this series on word of mouth where we give you the specific steps to create a word of mouth campaign.

Now, let’s take a look at those steps:

  1. Seed the market. Find some way to get the product into the hands of key influencers.
  2. Provide a channel for the influencers to talk and get all fired up about your product.
  3. Offers lots of testimonials and other resources.
  4. Form an ongoing group that meets once a year in a resort and once a month by teleconference.
  5. Create fun events to bring users together and invite non-users. Saturn, Harley-Davidson, and Lexus have all been successful with this approach.
  6. Develop cassettes, videotapes, and clips on your Web site featuring enthusiastic customers talking with other enthusiastic customers.
  7. Create custom CDs for each potential customer.
  8. Hold seminars and workshops.
  9. Create a club with membership benefits.
  10. Pass out flyers.
  11. Tell friends.
  12. Offer special incentives and discounts for friends who tell their friends.
  13. Put the Internet to work.
  14. Do at least one outrageous thing to generate word of mouth.
  15. Empower employees to go the extra mile.
  16. Encourage networking and brainstorm ideas.
  17. Run special sales.
  18. Encourage referrals with the use of a strong referral program.
  19. Use a script to tell people exactly what to say in their word of mouth communication.

These are all amazing ways you can get the word out about your products and services and start a word of mouth campaign that takes on a life of its own. Before you can release your word of mouth campaign out into the world, you need to go through the checklist to make sure you’ve covered all the essentials.

Here’s your word of mouth campaign checklist:

  1. Are all of your communications sending the same simple message? If it can’t survive word of mouth, it’s not a compelling story.
  2. Is your product positioned as part of a category? Ex.”A dandruff shampoo that doesn’t dry your hair.”
  3. Are your examples outrageous enough to be shared?
  4. Do you enhance your materials with success stories from real people?
  5. Are you using experts effectively and in an objective manner?
  6. Have you created mechanisms so people can follow up on the word of mouth they hear, as well as simple ways of inquiring or ordering?
  7. Have you made the decision process easy for customers?
  8. Have you created events and mechanisms so that once a year your prospects hear about your product, and it is easier to try or buy?

These are all essential elements to take keep in mind when taking a second or even third check over your word of mouth campaigns. I hope you’ve found this series on word of mouth to be a great resource and are getting ready to put it into action for your own products and services.

Remember, if you need help with anything in this series, try our GUIDED TOUR to gain access to the best resources, tools and business coaches you can find.

Financial Training For Business Owners – The NEW Book

New Financial Training Book
Download Free Copy Financial Training For Business Owners
This book is the business owner’s guide to empowering higher profits and valuations. It is titled “Accelerating Financial Breakthroughs ” from Charles Wilds. To be a great business owner, you first need to understand simple financial principles. The purpose of this book is to teach you how to do a quick and simple analysis of your business’s finances and expenses. Following this, we will teach you how you can use that information to uncover dramatic and instant increases in your profitability. Overview We’ll begin by helping you to understand how to interpret the numbers in your Profit and Loss Statement (P & L). If you don’t yet have a P & L, no problem. Later in this book, we’ll teach you how to create one in minutes, from scratch. In this book, we will:
  • Reveal to you the three most important numbers in your P & L, and cover how you can use those numbers to increase both your revenue and profits exponentially
  • Give you six options for increasing your revenue
  • Explain the deadly factors to watch out for when analyzing your Cost of
  • Goods Sold (COGS)
  • Outline five quick ways to lower your COGS
  • Provide multiple ways to lower your overhead
For more information contact me at: https://Digitalcard.TheSOSGroupInc.com  

Word of the Month? – Putting it to Work!

In the last post we talked about how to conduct word of mouth research and then put that research to work. Today we’re going to give you some great tried and true ways to use word of mouth when building and executing your campaign.

We’ve done it in a list form, so you can go through and highlight the ones you want to put into action. These are offered by George Silverman which you can find in his amazing book The Secrets of Word of Mouth Marketing.

Here they are:

  • Give them something worth talking about
  • Cater to your initial customers shamelessly
  • Give them incentives to engage in word of mouth
  • Ask them to tell their friends
  • The customer is always right
  • Always tell the truth
  • Surprise the customers by giving them a little more than they expected
  • Give them a reason to buy, make them come back and refuse service from anyone else other than you
  • Make eye contact, and smile, even through the telephone
  • Find ways to make doing business with you a little better: a warmer greeting, a cleaner floor, nicer lighting, a better shopping bag, extra matches, faster service, free delivery, lower prices, more selection.
  • Never be annoyed when a customer asks you to change a large bill even if he doesn’t buy anything.
  • The customer is your reason for being. Never take her for granted. If you do, she will never come back, and will go straight to your competition.
  • Always dust off items, but never let the customer see you doing it.
  • Never embarrass a customer, especially by making him feel ignorant.
  • Never answer a question coming from a desire to show how smart you are. Answer with a desire to help the customer make the best decision.
  • Never shout across the store, “How much are these condoms?” or anything about the personal items a customer is buying.
  • When you don’t know, say so. Do whatever you can to find out the answer.
  • Every customer is special. Try to remember their names.
  • Don’t allow known shoplifters into the store.
  • Don’t ever let two sales staff talk when a customer is waiting. The worst thing you can do is count your cash while a customer is waiting.
  • If you can suggest something better, they will be grateful. Always respect their choice.
  • Never pressure anyone into buying anything.
  • Never knowingly give bad advice. Just help people come to the right decision.
  • Personally visit the store of the competition or assign people to visit and report back to you.
  • Hire a shopping service to prepare periodic reports on how your people are treating your customers.
  • If you hear of a store where the management is insulting the customers, buy it, then put up the sign “Under New Management” outside. Then sell it later based on the increased sales.
  • One expert (in the drugstore’s case, a nurse or physician) who is convinced you are better brings hundreds of customers and their friends through word of mouth.
  • Always look for ways to make a stranger a customer.
  • People will walk several blocks to save a dollar, or see a smile, or be treated right.
  • Always run a sale promotion or an offbeat event. Make them come back to see what you are cooking up next.
  • Use the best sign-maker you can find and pay him more than anybody else.
  • If someone is mad at you, they will tell everyone who will listen for as long as they are angry, maybe even longer. So correct any dissatisfaction, and ask customers to send their friends.
  • Treat your employees and salespeople who sell to you the same way you treat your customers.
  • Have a zero error system. There may be terrible consequences for example, if a mistake is made filling a prescription. Have people check each other’s work for safety.
  • Occasionally make intentional mistakes to see if people are checking.
  • Always measure your performance.
  • Always ask a customer to “come back soon”
  • If customers say they are moving away, offer to send them their favorite items by mail.
  • Tell jokes.

 

I know this is a lot of information to digest, so I we’re going to wrap up this lesson and leave you with the homework of going through and taking a look at the tips and tricks you like best. Also, look for tips that fit your company, products, services and target customers for the most effectiveness.

If you need help with this process, try our GUIDED TOUR and get all the help you need from our experience business coaches.

Search & Implement

People only remember the extraordinary, strange, wild, surprising and unusual. You need to make sure your ideas and marketing reflect these reactions. This doesn’t mean you have to have a product or service that is completely out of the norm, in fact, this could easily drive customers away. You need to have a product or service that is high quality and easily marketable, then you need to market it as extraordinary and new.

As you’re research word of mouth, there are some questions you need to ask along the way:

What are the users willing to tell the non-users?

  • Exactly how do your customers describe your product?
  • What are the non-users willing to ask the users?
  • What are the things they need to know, but are unwilling to ask?
  • What happens when these issues are raised?
  • Exactly what do your prospects have to know in order to trigger purchase?
  • Exactly how do your customers answer the objections, concerns, and qualms of your prospects?
  • How do your customers persuade their friends to use your product?
  • How do your customers suggest they initially get to know or try your product?
  • What warnings, safeguards, tips, and suggestions do your customers suggest to your prospects?
  • Are your sales messages, positioning, and important facts about your product getting through and surviving word of mouth?
  • What messages do you need to inject into the marketplace in order to turn the tide in your favor and how will you deliver them?

 

There are two main reasons why word of mouth research is so important:

  1. To get the real impression and feedback from customers
  2. To define word of mouth itself and the concept it creates

There is a simple formula that can help you conduct your word of mouth research. It’s called the “2-2-2” model.

2-2-2- Model

What this breaks down to is:

  • 2 groups of customers
  • 2 focus groups of prospects
  • 2 mixed groups (enthusiasts & skeptics)

 

In these groups you need to ask the following questions:

  1. What would you tell a friend?
  2. How would you persuade a skeptic?
  3. What questions would you anticipate from a skeptic?
  4. How would you answer their objections?

The best way to conduct these groups is by teleconference. This ensures you’ll get a good variety of demographics for your customers and potential customers. It also allows people to feel safe and more able to express their true feelings. These teleconferences should not be conducted by you, but an independent party to avoid adding pressure to the situation.

We’re going to transition a bit and talk about how to construct a word of mouth campaign. First we’ll talk a look at the essential ingredients you need to put together a campaign. These ingredients are:

  • A superior product
  • A way of reaching key influencers in your marketplace
  • A cadre of experts willing to bat for you
  • A large number of enthusiastic consumers
  • A way of reaching the right prospects
  • One or more compelling stories that people will want to tell to illustrate your product’s superiority
  • A way to substantiate, prove, or back up your claims and how the product will work in the real world
  • A way for people to have direct, low-risk experience, a demo, sample, or free trial
  • A way of reducing overall risk, an ironclad guarantee

 

Once you have those ingredients ready to use, you should consider the situations in which your company can benefit from a strong word of mouth programs. Some of these situations are:

  • When there are credibility problems
  • When there are breakthroughs
  • When there are marginal improvements
  • Where the product has to be tried in large numbers or over time
  • Where there is high risk in trying the product
  • With older or mature products that have a new story that people tend to ignore
  • With unfair competitive practices such as spreading rumors, or telling lies about your product
  • When there are governmental or other restrictions on what you may say or claim directly

 

While, most of the word of mouth tactics are positive for your word of mouth program, there are a few products to avoid using in this program. They are:

  • Products where a seminar would not provide meaningful added value
  • Products that can’t be tried and where there is no consensus among experts
  • Products that are clearly inferior, without having a compensating superiority for similar products
  • Products that are so personal or emotion that rational discussion is irrelevant to the decision
  • Products where the decision value is so small (low price/low volume) the medium will not be cost-effective.

 

This wraps up this post on word of mouth research and how that research can be used when putting together your word of mouth campaign. If you need help with the research and a plan to use the results of that research, try our GUIDED TOUR to get all the help you need with our top notch resources and tools.