4 Surefire Ways to Improve Team Efficiency

4 Surefire Ways to Improve Team EfficiencyOn a regular basis, you probably know by heart that team spirit is very important and that your employees need to come together as a team in order to be successful in whatever branch of business you may be. Even when job applicants submit in a resume, they’re always careful to include a mention that they’re team players and consider what they can bring to the business to be imperative to the team’s overall success. But simply being supportive within a team is not enough. You also need to be able to step up and take all the necessary steps to make the team efficient. Every team has many members and personality types and leading and managing this kind of team isn’t easy to do either. If you want to be successful, you need to inspire your team to reach that point along with you.

Know how to put the team together.

How do you know what kinds of people will best work with you and what characteristics you need to have on board to help out? You can’t compose a team consisting solely of just managers – everyone would be fighting each other to take the reins of the project at all times! If you aren’t even sure of what you should be doing within a team, try taking a test with Belbin.com to find out more about what role is perfect for you and then give the same test to your employees to take for themselves too. You may know your employees well enough already to ensure you don’t need to take this kind of test, but be sure to note that when you assemble the team everyone is able and willing to work together to meet the same goal.

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Business Basics – Cross-Blogging

Content marketing is amazing. Studies have found that inbound and content marketing cost 62% less than traditional marketing, and yet brings in three-times as many leads. If you don’t blog, you’re missing out on a huge marketing opportunity, and a great chance to network. Over the last year or so, we’ve really amped up our cross-blogging, and we’ve seen some amazing results. New markets have opened up, our web presence has never been bigger, and we’ve made some great new partners. cross-blogging

But, in finding new partners to blog with, we’ve noticed that some businesses don’t know the first thing about cross-blogging. So to help those of you experimenting with inbound marketing out, here are a few tips on how to make your cross-blogging experience positive and rewarding.

Make suggestions and share ideas

Some of the best articles we’ve ever written have come from ideas brainstormed with our cross-blogging partners. However, entrepreneurs can be a little skittish when it comes to sharing ideas. Now when a business is built on an idea, guarding it makes a lot of sense, but if that idea is nothing more than a possible topic for an 800-word article, you don’t have to treat it like a trade secret. So feel free to pitch ideas with your partners, and build off of each other’s suggestions. A major part of cross-blogging is networking. You want to forge a strong, working relationship with the people you partner with, and brainstorming is a great way to do just that.

Keep the relationship light

New bloggers sometimes get a bit overly zealous when contributing or accepting a post. Before anything is written, they want a thirty-page contract filled out in triplicate and faxed to their attorney’s office. Remember, you aren’t sharing revenue or starting a business together. You’re cross-blogging. A few simple requests like ‘don’t plagiarize’ and ‘don’t publish this somewhere else’ are really all that you need.

Don’t ask your partner to do all the work

We feel like this should go without saying, but we’ve had way, waytoo many potential partners ask us to just write the post for them. There’s no quicker way to ruin this networking and marketing opportunity than by shirking all of your responsibility and expecting someone else to pick up the slack. Treat others the way you want to be treated. Would you want a crummy, hastily written article, riddled with spelling and grammar errors on your blog? We doubt it. Any articles you send to your partner should be insightful, unique, and engaging, and you should expect the same of them. That way no one feels slighted, and your new partnership starts off right. 

Interested in contributing a guest post? We’d love to talk to you! Click here to read our author guidelines, pitch an idea, and get in contact with our social media team.

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How Your Business Can Fail If You Aren’t Careful

How Your Business Can Fail If You Aren’t Careful One of the least understood aspects of entrepreneurship is why some businesses fail while others succeed. The painful truth, according to a recent study by the University of Tennessee Research is that most businesses fail for one of the following three reasons.

1) Incompetence

46% of businesses fail due to emotional pricing, reckless spending, nonpayment of taxes, lack of planning, record keeping problems, and no knowledge of financing. Companies that succeed take pricing seriously. The prices they set are influenced by facts instead of emotions. As you set your prices consider the cost of material, labor, and overhead. Also, remember to keep in mind competitor pricing. Does this mean that you have to be the cheapest to compete? Absolutely not. You don’t have to compete on price, but you can’t ignore how much your competitors charge either. You can’t succeed on pricing alone, but your business will fail if you can’t get your pricing right.

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10 Declarations of Entrepreneurial Independence

Small businesses are an important part of the American landscape. They’re a major driver of the American economy – 55% of all jobs are created by small business - and the entrepreneurial spirit is as much of a part of our culture as baseball and apple pie. Here at MyCorp, we thought it’d be great to celebrate our upcoming Independence Day by featuring some of our favorite quotes about entrepreneurial independence!

Henry Ford

 

“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience and ability.” —Henry Ford, Founder of the Ford Motor Company

 

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How to Take Action When You Hire Someone and Come to Regret It

How to Take Action When You Hire Someone and Come to Regret ItInevitably as a business owner, you will make one mistake that you’ll look back on and wonder how you ever thought it was a good idea.  We all have our own stories of doing this –it seems to be an unspoken rite of passage in the world of owning a business!

But what is that one thing? That one thing is you’re going to hire someone and then come to regret it.  Some of you reading this are probably already laughing because you know exactly what I mean.  Others could be in the midst of this right now, so you might not think it’s so funny.  No matter how established you are, remember that this happens to all of us, but matters even more are the actions you take next.

1) Don’t Take It Personally

Anytime you hire someone, whether an employee or a service provider, you’re rolling the dice.  Regardless of how well someone interviews or the bank of credentials and references they bring with them, sometimes the fit just isn’t right between the two parties.  What makes this so difficult for most small business owners is they take it personally.

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Business Advice I’d Give to My 22 Year-Old Self

I’ll be the first to admit that, at 22, I was in no position to run a business. I was fresh out of college and thinking about signing up for law school. I had no idea that, in a few more years, I’d be thinking about mortgaging my house to buy a company and make the leap from IP lawyer to executive. business advice That transition wasn’t easy, and there is plenty of business advice I’d give myself if I could go back in time and let 22-year-old me know what was on the horizon.

Pay attention to long-term return on investment.

When I was a lawyer, a return on investment was assumed. We normally took cases that made the firm money – that was straightforward enough. But when you run a business, maintaining a positive ROI is a lot more complicated. It isn’t about money-in, money-out. A good ROI could be defined as more exposure, a bigger web presence, or a better reputation. All of these factors play into how much money the business brings in, but you don’t see hard results right way. One of the best pieces of business advice I’ve ever received is to always look at the long-term. Long-term thinking staves off stagnation, and keeps a business’s doors open. You can cut corners to make more money in the short-term, but that may damage your reputation and cost you in the long run.

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Is Crowdfunding Right for your Company?

Is Crowdfunding Right for your Company?A decade ago, independent-minded entrepreneurs might have scoffed at the idea of asking the public to fund their latest project. Today, more than ever companies are turning to crowdfunding sites like Kickstarter, Indiegogo and Fundable to help turn their start-up dreams into reality. These sites allow companies to connect with potential investors by making them part of the development process, whether they’re a tech start-up building a new product or a chef opening a restaurant.

There are plenty of benefits to crowdfunding, but it’s not necessarily the right choice for every company. Here are four questions you should ask yourself before embarking on a crowdfunding campaign.

1) Are you in it for the right reasons?

While the main goal of crowdfunding is to raise money for your project, don’t make it all about the money – it’s about more than just getting something for free. Benefits of a campaign include promoting your company and product, connecting with new customers and learning about their needs and wants. Savvy customers will sense whether you’re truly invested or just out to make a quick buck.

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Go Against the Crowd: Friends & Family Funding Advice from TrustLeaf

Go Against the Crowd: Friends & Family Funding Advice from TrustLeaf

Photo credit: Silicon Valley Business Journal

Everyone has been talking about crowdfunding lately, but what about momfunding? Or friendfunding? Earlier this week, family loans site TrustLeaf released their first guide on “How to Borrow Money from Friends and Family.” For any small business owner who’s done this kind of loan before, the value of doing it right cannot be understated.

Unlike crowdfunding, where entrepreneurs ask for donations from strangers (sometimes with a gift in return) TrustLeaf helps small business owners raise money through their existing social and family network. “Crowdfunding is great if you have a sleek prototype or a chic new fashion line, but doesn’t make as much sense for say, an auto repair shop.” says Anson Liang, TrustLeaf’s founder.

38% of all US small businesses start out with friends and family loans; on average, borrowing $25,000. Compare that with popular crowdfunding site Indiegogo, which only brings in about $1,000 on average per campaign. Kickstarter performs better, but the vast majority of campaigns raise less than $10,000, which in turn is less than half of friends and family loans on average.

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5 Tips for Staying Sane as a Business Owner

5 Tips for Staying Sane as a Business OwnerEntrepreneurship comes with its fair share of perks — the freedom to create your own schedule, call the shots and be in charge of your own destiny is enough to make any cubicle worker drool. But it’s no secret that being a small business owner also has some heavy duty pressure; at the end of the day, you have ultimate accountability for your business’ success or failure.

Stressful? It can be.

But while there’s no cure-all for stress as a business owner, there are a few things you can do to ‘keep calm and entrepreneur on.’

Be flexible with your business plan.

Embrace that the first few drafts of your business plan will be wrong, no matter what. There are bound to be details you didn’t think of, or maybe your sales strategy just isn’t working the first time around. That’s okay! Once you’ve gathered enough data, you’ll be able to validate and/or rewrite the plan to better reroute your course.

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