Instead of looking to catch your employees doing something wrong, try to catch them when they are doing things right.
The Human Brain is Wired to Learn from Successes, Not from Failures
When negative feedback is given, lower level emotions like fear and shame can interfere with the higher level learning process. Managers will see more consistent results by acknowledging and praising the behaviors they want to reinforce.
– From The Startup Daily
Commonly accepted business wisdom says you should always grow as fast as possible. There is a tremendous pressure to make sure you aren’t “leaving any money on the table.”
Being Too Successful is an Easy Way to Lose Your Business
To grow at a rate faster than you can finance with your profits requires outside capital from outside investors, and that means giving up some ownership. But this is just the beginning of a cycle that you cannot turn back from. Those initial investors will demand that the growth rate continue, which means more capital from more investors down the road, and loosing more control. Eventually your business is no longer yours, and you work for the investors.
Limiting your business’s growth not only helps you retain control over quality, but it just might save your business.
– From The Startup Daily
Don’t discount tapping into your own customer’s creativity for finding new markets.
Pay Attention to Unintended Uses of Your Products, They May be Pointing at New Opportunities
Baking soda was originally sold for use in cooking. Arm & Hammer was smart enough to pay attention when people started using it for cleaning and odor control, and a new and much larger market opened up for them.
What are your fringe customers doing with your product?
It is tempting to take advantage of your brand’s existing equity when launching a new product, and this makes sense if you are launching a new model into your current category.
When entering a new category however, this will dilute your brand and confuse customers in both categories.
It’s Better to Create a New and Separate Brand When Expanding into a New Category
Black & Decker was the worlds largest power tool company with a very strong brand, but it created the stand-alone brand DeWalt, not Black & Decker Pro, when it wanted to enter the professional power tool category. Within a few years it was the leader in both categories.
This isn’t the same as starting from scratch. You still have the advantage of the learnings, infrastructure, and processes you have refined with your existing brand.
Price promotions are commonly used to drive interest, but they are not a sustainable solution.
Discounting is Not a Marketing Strategy, it’s a Pricing Strategy
Used too frequently or too deeply, discounts can devalue your product or your entire brand. Or worse, discounting can start a price war, which ultimately is never winnable and can devalue your whole category.
Loyalty programs or giving away free samples can have the same promotional value without the long-term damage.
Complete this sentence: Our brand is the only _____ that _____. Describe your category in the first blank. The second blank is what you do different from everyone else.
Find the One Thing that Only You Do
If you can’t complete this sentence and find something that only you do, your brand does not have a strong enough differentiator. Try the exercise on your competition. Use this as a starting point to see what your differentiator isn’t.
For a small, unknown business it is nearly impossible to make a sale to a visitor that has no previous relationship with you.
In most cases a visitor will need to come back several times over a period of days or weeks before they are ready to buy. Every time they leave there is a good chance they will forget you. Instead of pushing an unlikely sale, make it easy for them come back.
The Number One Goal of Your Website is to Turn New Visitors into Prospects, Not Customers
The primary call to action should be asking for an email address. An email address turns a visitor into a prospect and allows you to begin building a relationship.
When you have a relationship and mind share you will be the first choice when they are ready to buy. Even prospects that don’t buy from you may become your advocates and recommend you to others.
When you are working with your mind, it’s easy to become overwhelmed and ineffective—even without a full calendar.
Energy Management is at Least as Important as Time Management
Be aware of how each activity affects your energy levels. Strategically space out the activities you find invigorating with those that are draining.
Bringing some basic structure to your energy management can help you unleash energy you never knew you had.
If you want someone to comply with a request, getting them to say no can be a good start.
A Small Request is 3 Times More Likely to be Granted if a Larger Request is Made First
This behavior is the result of two powerful principles.
The rule of reciprocity means that people have a natural tendency to make a concession to someone who has made a concession to them. If someone declines to comply with a larger request, countering with a smaller request is seen as a concession. When this concession is offered, people feel obligated to reciprocate with a concession of their own.
The second principle this taps into is contrast. The lesser request appears even smaller when it is compared to a larger request.
– From The Startup Daily
When your employees are there because of where you are going, you will have a problem every time you need to change direction. It’s better to hire employees who will join based on the strength of the team.
Get the Right People in the Right Positions First
Hire outstanding people wherever you find them, and hold them to the highest standards, even before you focus on vision, strategy, tactics, and goals. The right people will be self-motivated and manage themselves, leaving leadership free to lead. When you have the right people the rest takes care of itself.
Every moment spent ensuring you get the right person in the right position up front is worth weeks or even months down the road.
