Category: Small Business

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

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  

Decoding WOM Messages

Today’s lesson will talk about how word of mouth messages are delivered and how you can influence those messages.

There are essentially 3 methods of word of mouth:

  • Expert to Expert
  • Expert to Peer
  • Peer to Peer

 

When experts are talking about your products or service you will usually receive an amazing rush of sales and new customers, so obviously this is one of the best things that can happen. You can also help to facilitate this by offering free products to experts for them to review.

Expert opinion can also bring about new ideas that help to fuel new products, services and operating systems within your company. If you take the time to change or develop the opinions of even a small group of experts, you will have the opportunity to help your market explode.

There is a standard word of mouth delivery system that, in most cases, takes a few years. But, you can speed this up into only a few weeks. The standard system is:

  • First impressions from an expert
  • Organized trial of your products or services
  • Pooling peer experiences

 

It’s important to know exactly who is advocating for your products and service. Take the time to find out who they are and reward them. While, you may already have a customer service system for filing complaints, do you have one for compiling praise? Most likely not. If you take the time to show these people appreciation, they will help take your products and services to the top.

  • Some of the ways you can show them appreciation are:
  • Invite them to a customer appreciation dinner
  • Offer to video tape their testimonials
  • Ask to interview them for feedback to improve with
  • Offer them a premier customer membership
  • Ask them to join a referral incentive program

 

There are lots of things you can offer your biggest fans to help spread the word about your products and services.

Conventional media has been around forever and while it can still be effective, it’s lost a little of its luster over the last few years. There are a few reasons for this:

  • Expensive and doesn’t necessarily return results
  • Boring, lacking something fresh and new
  • Too short of a time slot to offer enough information

 

While these are all true, there are ways you can make conventional media work for you. For the information to be effective it needs to be presented in the right sequence, come from the right sources, be relevant to the target customer, be credible and be delivered at the right time in the medium.

We’re going to switch gears a little and talk about the two phases of the product adoption cycle. Traditional media is great for taking you through the information stage where you can offer the information you need to your potential customers, but it’s not so great for measuring the results of those efforts.

Without these results you can’t fine tune your marketing and therefore can easily miss the boat and lose potential customers and waste a whole lot of money. Once a consumer has the information they need, they’ll go through a verification process as they analyze whether or not the purchase was a good one. They generally get their information through:

  • Direct experience with the product
  • Interaction with peers using the same product
  • Experts’ experience
  • Scientific journals and other resources
  • Independent reviews and opinions
  • You can accelerate this process by:
  • Providing your own demo’s and free trials
  • Offer them indirect experience through the experience of others
  • Offer a good true story that can be passed around

 

Once you have the ability and are able to work through these concepts, you will be able to target your customers much better. If you need help with any of this along the way, try our GUIDED TOUR to gain access to our experienced business coaches.

WOM Meets Customers Head-On

Today we’ll cover the idea of shortening your customers’ decision making process with positive word of mouth. There are essentially 5 stages in the decision making process.

They are:

  1. Give the product a chance and transitions from a “no” to a “maybe”.
  2. Check out the options and investigate the different products available.
  3. Observe the product to check for potential benefits, features and operations to see if there is a fit with their needs.
  4. Become a customer and purchase their first item. They will be discriminate with their first product as they form their opinion of you.
  5. Purchases again and starts spreading positive word of mouth as an advocate of your products.

So, let’s take a closer look at each one of these.

From “No” to “Maybe”

This stage is really important because if your potential customers don’t even take a second look at your products and services, then you have no chance of sealing a deal. This is why you need to offer credible information and well thought out pricing, guarantees and incentives.

Investigating Your Products

At this stage they are taking a closer look at your product line to see if there is actually anything that could benefit their life. This is where you need to make sure your hard information is right out there in front for the customers to see and compare.

Trial Period

Customers often feel more at ease and ready to purchase when there is some sort of a trial in place. They usually want to try vicariously through someone else, so they don’t feel any risk involved. A good way to offer this is through demo videos, product demonstrations or a tour of your facilities. This stage may invoke a reaction of “I tried it and liked it. You should check it out.”

Make a Purchase

At this stage, they have taken the risk of purchasing one of your products or services and are now evaluating how easy, convenient, cost effective and satisfying your product or service is. At this stage a common reaction would be, “It was really easy to use and learn from. It’s really great, you should get it!”

Advocates for Yours Products

At this last stage of decision making the customer is immensely pleased with your product and often keeps using it and/or comes back for more products and services. They are likely telling everyone they know how much they like it, that they use it every day and have already (or will be) back to your establishment for more.

We talked a minute ago about the different types of purchasers. Now we are going to take a closer look at their characteristics, so you can figure out which tactics are best to use at the right stage of the decision making process.

The Innovator

  • Wants to stand out from the crowd
  • Know what’s hot and trendy
  • Likes “strange” or “weird” new products
  • Wants to be the first to try and will talk about it animatedly

 

Early Adopter

  • Driven by excellence
  • More concerned with possibilities than realities
  • Always looking to be a leader
  • Always looking for a new vision

 

Middle Majority

  • Wants to be perceived as competent
  • Concerned about practicality and easy comparisons
  • Needs an easy way out if not satisfied
  • Wants products that meet the industry standard

 

Late Majority

  • Generally skeptical and wants to know the risks upfront
  • Needs to shop around for the best deal
  • Needs a support system
  • Wants what everyone else has

 

Laggard

  • Needs it to be completely safe and traditional
  • Needs reassurance that nothing will go wrong
  • Won’t try new things unless it’s the last resort
  • Will search for loopholes and problems
  • Wants to use it in the standard industry way

 

As you can see, each type of consumer wants something just a little different depending on their personality type. The key to successful word of mouth is to target and cater to each type of consumer. If you need help identifying the types of consumers you are currently helping and how to attract the types you are lacking, try our GUIDED TOUR for the resources and tools you need to get the job done.

Next time we’ll talk about how word of mouth messages are delivered and what you can do to help facilitate that.

Word of Mouth Tactics – Part 3

Last time we talked about the second part of word of mouth tactics which help you put
together a system to help shorten the purchasing decision time of your customers which
can increase your profits immensely.

Today we’re going to talk about the nine levels of word of mouth which gives you a tool
to measure the word of mouth circulating around your company, products and services.

You can then see where you are getting negative or weak word of mouth and find ways
to correct it.

So, launching into the nine levels of word of mouth-it should seem relatively obvious
that the negative levels are, well, negative and the positive levels are positive.

Minus 4
This is the worst of the worst and means your product is creating a scandal. Remember,
when the popular over-the-counter pain relievers, like Tylenol, were deemed unsafe?
Yea, you won’t want that kind of word of mouth.

Minus 3
Disgruntled customers are going out of their way to convince other consumers from
purchasing your products and services. They are boycotting you.

Minus 2
While, not outwardly boycotting, when customers are asked about you they will give a
negative response.

Minus 1
At this level, people are mildly dissatisfied and while not outwardly talking about it, they
will have an opinion if asked. Now they may purchase from you despite their negative
feelings, this can be a little confusing.

Level 0
This is sort of a neutral place to be. Customers are using your products, but don’t really
talk about it. People rarely ask them about it, so they aren’t sharing their opinion with
others. This can be a bit of a slippery slope, because you don’t want to turn that neutral
experience into a negative one. In fact, you should work to make it a positive one.

Plus 1

At this level we are finally starting to work our way into the positive word of mouth
about you company, products and services. Plus 1 signifies that people are generally
pleased with your products, but unless asked, don’t really say anything about them.

Plus 2
When asked, your customers will talk about how much they love your products.

Plus 3
Customers will go out of their way to talk about your products, services, company and
their shopping experience with you. This is most evident when you see how people
recommend movies to their friends and family.

Plus 4
Your product is the toast of the town. There is an obvious buzz going around and your
business is the place to be. People are not only talking about your great products and
services, but they are talking about their shopping experience, your customer service
and how they perceive the company to help them in the future.

Some great examples of Plus 4 companies are:
 Lexus
 Harley Davidson
 Saturn Cars
 Netscape
 Apple Computers
 Celestial Teas

We’re going to leave this lesson for you to mull over and take a look at what kind of
word of mouth you are generating. If you need help with this process, try our GUIDED
TOUR to get help from our experienced business coaches.
Next time we’re going to talk about the 30 ways to harness the power of word of
mouth.