Category: Business 101

Thriving in a Startup: Tips for Overcoming Obstacles

June 29, 2024

Joining a startup is an exhilarating journey filled with opportunities to innovate, solve problems, and contribute to something meaningful. As someone who thrives in the dynamic startup environment, I’ve seen firsthand how crucial it is for newcomers to develop the right mindset. One of the most significant aspects of thriving in a startup is learning to overcome obstacles independently.

Embrace the Challenge

One of the main draws of working in a startup is the constant stream of challenges. Each obstacle is an opportunity to learn, grow, and make a tangible impact. However, some newcomers often make the mistake of stalling when they encounter problems, waiting for someone else to provide a solution. This mindset is not beneficial in the fast-paced world of startups.

Cultivating a Problem-Solving Attitude

To succeed in a startup, you must develop a proactive problem-solving attitude. Here are some tips to help you navigate obstacles effectively:

  1. Adopt a Solutions-Oriented Mindset: Instead of seeing obstacles as blockers, view them as puzzles waiting to be solved. Shift your focus from the problem itself to potential solutions. Ask yourself, “What can I do to overcome this?” rather than “Who can fix this for me?”
  2. Break Down the Problem: Large problems can be overwhelming. Break them down into smaller, more manageable parts. This makes it easier to identify potential solutions and take actionable steps towards resolving the issue.
  3. Leverage Your Resources: Startups often have limited resources, but they also tend to be resourceful environments. Utilize the tools, knowledge, and networks at your disposal. Research, seek out tutorials, and use your community to gather information and ideas.
  4. Stay Persistent and Adaptable: Not every solution will work on the first try. Be persistent and adaptable. If one approach doesn’t work, pivot and try another. The ability to adapt quickly is a valuable skill in the ever-changing startup landscape.
  5. Develop a Growth Mindset: Embrace the learning process. Understand that making mistakes and facing difficulties are part of the journey. Each challenge you overcome builds your skill set and prepares you for future obstacles.
  6. Communicate Effectively: While it’s important to strive for independence, don’t hesitate to communicate with your team when necessary. Share your progress, seek feedback, and collaborate when you’ve exhausted your own efforts. Effective communication can help you gain new perspectives and refine your solutions.

The Benefits of a Problem-Solving Culture

Encouraging a culture where employees tackle obstacles head-on benefits the entire startup. It leads to faster problem resolution, increased innovation, and a more resilient team. By challenging yourself to find solutions, you contribute to a proactive and empowered work environment.

Final Thoughts

In the startup world, obstacles are inevitable. How you respond to them defines your success and growth. By cultivating a problem-solving attitude and challenging yourself to overcome blockers, you not only enhance your own skills but also contribute to the overall success of the startup. Embrace each challenge with enthusiasm, and you’ll find that the startup environment offers endless opportunities for personal and professional development.

The Long-Term Vision: Cultivating a Future-Focused Mindset in Startups

June 29, 2024

In the dynamic world of startups, every decision and resource counts. As an entrepreneur who has navigated the turbulent waters of launching and growing businesses, I’ve learned that one of the most critical factors for success is ensuring that all employees share a unified vision of the future. This alignment not only propels the company forward but also optimizes the limited resources at their disposal.

The Challenge of Immediate Gratification

Startups often attract innovative thinkers and doers, eager to make an impact. However, this enthusiasm can sometimes lead to a focus on immediate, short-term gains rather than the broader, long-term objectives. Employees might suggest features or improvements that address today’s challenges but do not align with where the company aims to be in the future. This can lead to a diversion of valuable resources away from the company’s strategic goals.

The Power of a Unified Vision

To harness the collective potential of a startup, it’s crucial that every team member is aligned with the long-term vision. When all employees understand and are committed to the bigger goals, they can make decisions that contribute to the company’s future success. This means prioritizing projects and features that will have a significant impact on the company’s trajectory, rather than those that offer immediate but fleeting benefits.

Practical Steps to Foster Future-Focused Thinking

  1. Communicate the Vision Clearly and Frequently: Regularly share the company’s long-term goals and how current projects fit into this vision. This can be through team meetings, internal newsletters, or informal discussions.
  2. Encourage Strategic Thinking: Foster a culture where employees are encouraged to think beyond immediate tasks. Challenge them to consider how their work contributes to the company’s future growth and success.
  3. Align Performance Metrics with Long-Term Goals: Ensure that performance reviews and incentives are tied to contributions toward long-term objectives rather than short-term wins. This helps maintain focus and motivation.
  4. Lead by Example: As a leader, demonstrate your commitment to the long-term vision. Your actions will set a precedent and inspire others to adopt a similar mindset.

The Long-Term Payoff

When a startup’s team is aligned with its long-term goals, the company can better utilize its resources and move towards its vision with greater efficiency and purpose. This alignment also creates a cohesive and motivated workforce, ready to tackle challenges and seize opportunities that pave the way for future success.

In conclusion, fostering a future-focused mindset among all employees is not just beneficial—it’s essential for the sustainable growth and success of a startup. By prioritizing long-term goals and aligning every team member with this vision, startups can navigate the complexities of growth with clarity and purpose.

Corporate Transparency Act – Are You Ready?

December 22, 2023

Introduction: The Corporate Transparency Act (CTA) is set to take effect on January 1st, 2024, marking a significant step forward in enhancing corporate transparency and combating illicit financial activities. The act aims to address concerns related to money laundering, terrorist financing, and other financial crimes by requiring increased disclosure of beneficial ownership information.

Key Provisions:

  1. Beneficial Ownership Reporting:
    • Corporations and limited liability companies (LLCs) are now obligated to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
    • Beneficial owners are individuals who directly or indirectly control or own at least 25% of the ownership interests, have significant control over the entity, or receive substantial economic benefits from the entity.
  2. Scope of Applicability:
    • The CTA applies to new entities formed after the effective date and pre-existing entities undergoing changes or renewals.
  3. Exemptions:
    • Certain entities are exempt from reporting, including publicly traded companies, financial institutions, and entities with a physical presence in the United States and over 20 full-time employees.
  4. Penalties for Non-Compliance:
    • Failure to comply with the reporting requirements can result in civil and criminal penalties. Individuals providing false information may face fines and imprisonment.
  5. Enhanced Law Enforcement Access:
    • Federal, state, local, and tribal law enforcement agencies will have access to beneficial ownership information for investigative purposes, enhancing their ability to track and prevent financial crimes.
  6. Data Privacy Safeguards:
    • The act includes provisions to protect the privacy and security of the reported information, limiting access to authorized personnel for specific purposes.
  7. International Cooperation:
    • The CTA encourages international collaboration by allowing the sharing of beneficial ownership information with foreign authorities to address global financial crime threats.

Impact and Implications:

The Corporate Transparency Act represents a significant shift towards transparency in corporate ownership, with the potential to deter money laundering, terrorist financing, and other illicit activities. While compliance may pose initial challenges for businesses, the long-term benefits in terms of improved financial integrity and global cooperation against financial crimes are anticipated to outweigh these challenges.

In conclusion, the Corporate Transparency Act underscores the commitment to creating a more transparent and accountable business environment, fostering trust in the financial system and contributing to the global fight against financial crime.

If you are looking for a Corporate Transparency Act solution, SingleFile has automated the process, which combines with their Registered Agent and Secretary of State filing platform. If you would like to learn more about the SingleFile solution which is being widely adopted by AM100 & AM200 law firms, contact me directly or you can request a demo.

Everyone At Your Company Is In Customer Service

December 3, 2020

Customer Service lives in a specific department at many companies but the truth is that we are all in customer service in one way or another. Whether you have a customer-facing role or not, we are all connected to our customers. Do not fall into a trap that you can behave differently because you are not in a specific customer service role. This assumption will poison a company and negatively impact your bottom line. The following tips are most relevant for employees that have customer-facing roles but they should be exercised across your entire organization and even used internally (just replace “Customer” with “Colleague” where relevant). 

Feedback Is A Gift

Not all customers share feedback. Some will keep this gift to themselves and seek out another suitor who will be a better fit. However, if your customer values your business, they may give you a gift of feedback. Customer feedback is one of the best gifts you can get from a client outside of their money! If you break down what they are sharing, it would sound something like this, Hi Company, I like your business and want to keep spending my money with you. I would like to spend more money with you and if you can make this better, I will continue to support your business. Additionally, if you do it well, I will feel heard, and validated, and valued. Don’t take feedback personally! Strip away the emotions and spot the opportunity. Not all feedback is realistic so you will need to decipher if this gift is a good fit for your business. Either way, show gratitude for the gift you were given and treat it accordingly. Challenge yourself to look for opportunities in feedback as a default.

Most Customers Do Not Care About How Bad Your Day Was

Connecting with your customers is key to an authentic relationship and trust. As you build that relationship, you get comfortable and that comfort can lead to a temptation to dump on your customers with all or some of your problems (work-related or personal). Do yourself and your company a favor and refrain from oversharing or dumping on your customers. Connecting and sharing personal stories (when relevant and timing is right) is a sign of a growing and solid relationship, but make sure to keep it light.  

Avoid Using “I” Statements 

It’s easy to get caught up in “I” statements and let’s be honest, you are valid in stating them. You were the one who did the work. You were the one who followed up with them. You were the one who caught the error that prevented a disaster so you should get the credit right? The same can be said for that Quarterback who scored the winning touchdown. However, they have blockers who helped open a lane for them to get that touchdown. They have coaches who strategize how the team would line up. They have trainers that keep everyone healthy so they can be their best on game day. You get the point. Many people play a part in your company’s success. When you use “I” statements you make your company look small and your clients may interpret you as weak. Try to use more “we” statements and be proud to be part of a team. What if you are the only employee? You can still use “we” statements and be authentic. How? Well, for example, you send out statements to your clients and send them in the mail right? Someone is picking them up and distributing them through a postal system and that is not you. Sure, it’s a stretch, but the fact is that even if you are a one-person show, you are still using many people and services to run your business. 

Don’t Bring Problems To Your Customers, Bring Solutions

Anyone can bring a problem to you but really what value is that to your customer? If you want to be valued, bring them a solution! Customers support your company because you solve a problem for them. So when you bring them a problem, they will question why they are doing business with you. Sometimes problems are inevitable and maybe it requires action on their side to solve the problem. In that case, you should bring the problem to their attention but only bring it with proposed solutions based on assumptions on their side (eg, if you are unable to push a site update live due to needing login credentials, then you will come to them with the problem and the proposed solution). And guess what? Your solution does not have to be right, but it is proactive and it shows them that you are thinking proactively in their best interest. They may take your starter idea and expand on it (Can you say collaboration?). This is also a great mindset for employees to learn when bringing proposed solutions to managers (vs just bringing them a problem). 

No Need To Let Your Customers Know How Hard You Worked For Them 

We all like a pat on the back but customers do not need to be burdened with having to provide you with accolades for work that you are doing for them, that they are paying you for. When a customer continues to use your business, that is the best accolade you can get!

Be An Active Listener

Customers are a wealth of information and will tell you everything you need to know. If you fail to listen, you will be missing out on vital information that would catapult you over competitors. What is active listening? In a nutshell, it is listening to understand. Most of us (including myself) have learned to listen to respond. We are formulating a response in our minds while the other person is talking. Some of us are so anxious to say what’s on our mind that we start verbalizing our thoughts while the other person is speaking (aka interrupting). When we are doing that, we are not able to listen and we are missing out on an opportunity to gain insights. Be forewarned, when you become an active listener, you are going to start asking better questions. Then your customer is going to start feeling heard, and you are going to start reaping the rewards of this newfound skill. 

Ask Better Questions, Get Better Answers

Every second you have your customer’s attention is an opportunity to understand them better and make your company more attractive to them. Don’t squander this opportunity by dominating the conversation with chit chat. Ask great questions to get the best information. Great questions spawn from actively listening to your customers and genuinely trying to understand their business and their problems (aka opportunities).

Don’t Take Things Personally

Customers do not know how great of a person you are. They don’t know that you volunteer your time at church, nor do they know the intricacies of your life. So when they come to you frustrated, and vent to you, don’t take it personally. Remove the emotions from their conversation and challenge yourself to get the root of the problem so you can solve it!

There Is No Victory In Proving Your Customers Wrong, Ever 

This one can be hard to teach because it may not make sense, especially if your customer is at fault. It may feel good telling your customer that “X” was their fault or they dropped the ball, etc. You may be 100% right that they were wrong, but I guarantee you, your customer will walk away not feeling great, and proving them wrong will not win future business. You may win the immediate victory of feeling vindicated by being right but you will lose the endgame and eventually the customer. Think about it, how often have you walked away from a situation where someone proved you wrong feeling fantastic? So how to respond if it is obvious that they were at fault? With humility of course! Share a story of this happening to you, or something like, “This happens a lot. One solution we found was…..” (borrowing from bringing a solution to the problem party!). 

Respect Your Customers Time

Time is our most precious gift. We can never buy more and once it’s gone, it’s gone. When your customer gives you the gift of their time, don’t waste it. Plan to optimize your time with them. 

Everyone in your organization is in the Customer Service business and it should be at the forefront of everything you do. Customers are the lifeline of every business. Without them, you don’t survive. Use the above tips (no matter your role) to maximize opportunities with your customers. Once the above values are cemented in your being, you will start to view your business with a whole new set of goggles and the opportunities will soon follow.

Video Call Body Language

September 28, 2020

Seven months ago, most of us were thrust into a new way of conducting business. With new methods of conducting business comes many opportunities. We have all seen the Zoom video call bloopers online where someone thinks their camera is off, but it isn’t. Perhaps a child roams into the picture, and a bevy of other mishaps that have found their way into many compilations online. Some of these mistakes are mortifying to say the least but they are also humanizing, and can be used as ice breakers.

One mistake that I consistently see, that is completely preventable, is body language. Like many of you, video meetings are a normal part of my day. I have calls with colleagues, and also clients, and I have noticed a consistent opportunity when it comes to body language and video calls. Just because you are on a video call versus an in-person meeting, does not mean that normal business rules go out the window! Your body language matters. You would never look at your phone while you were in an in-person meeting, so why is it different for an online video call? Don’t think that you can check your emails real quick or see who that Slack notification is from without your meeting attendees noticing.

The temptation to look at your phone or email inbox is great while on a video call. This is especially true if you are attending an online call as a fly on the wall (meaning you do not have a speaking role, you are there to take notes and observe). Even though you do not have a role in the meeting, you still need to show engagement. A big sigh, slouching in your chair, head tilted to the side, these are all indicators that you have left the building and the very last thing you want to do is be on that video call. Is that really the message you want to send to your clients and colleagues?

Sit up straight, shoulders back, chin up, smile, nod. Your body language speaks volumes about you.

How do I communicate this to a colleague or direct report? Good question. An authentic way to bring this up would be to use yourself as an example. Explain how you became aware of this opportunity. Another way is to record your next video call and share it with the relevant people. I recently did this for myself (hence, this post) and discovered not only that my body language left a lot to be desired, but I also said “Ummm” way too many times.

Be aware of your body language. Make sure that your body language is matching the same message that you/your colleagues are attempting to communicate in your meetings.