Mid West Business Journal

Tuesday, March 7, 2017

Champion Football Team Strategies: Lessons You Can Apply to Your Small Business

Small business owners can find inspiration and guidance in many places. Whether you like tackling books for entrepreneurs or watching shows about successful figures, you can learn valuable business lessons through a variety of entertainment channels. In fact, you can even gain leadership insights by watching an NFL team battle its way through the playoffs. Here are some small business strategies that you can learn from a champion football team.

1. Protect the ball

The NFL teams that end up on top are often those that can control the ball and avoid turnovers. After all, when it comes time for the big game, one interception can cost a team the title, as was the case for the Seattle Seahawks in 2015. Instead of sticking to its winning game plan, Seattle took a chance, and it cost the team the championship when the New England Patriots were able to capitalize on their error.

When you dictate the terms and pace of play, you are less vulnerable to risk and have more opportunities to win. The same goes for small business owners and their clients. You should strive to protect your relationship with your best clients at all costs. If your business experiences a downward slump, these core accounts can keep you going until you are able to return to better days.

2. Play as a team

As a small business owner, it is important for you to accept that people make mistakes. The sooner you forgive and move on, the sooner your team can get back to achieving its goals. While it may be difficult for many athletes to accept weakness, you will find that the best teams are ready to support one another when a receiver drops an easy pass or the quarterback misses his wide-open target.

Members of a champion football team are quick to shrug off lapses. This approach keeps confidence levels high and communicates the need for unity above all. Small businesses thrive on the same sense of mutual support. You should strive to project confidence in your employees' abilities and move past mistakes quickly. After all, people can do their best work when they are not held back by the fear of failing.

3. Master the art of preparation

Football is a game in which strong coaches dominate. Those who are prepared to maximize their team's strengths and exploit the opposition's weaknesses tend to win. This makes preparation crucial, especially when it comes time to face the best teams in the playoffs. While you can take pride in your ability to improvise, this skill is no substitute for thorough preparation when you have an important meeting or presentation ahead.

4. Learn from defeat

Great teams are not afraid to look in the mirror after failure, and this approach serves small business owners in the same way. When you find yourself down after losing an account or missing a key deadline, huddle with your staff members and find out what happened. Once you determine what you did wrong and fix it, you can lower your chances of repeating the mistake.

5. Be able to improvise

You have to attack every day, game, or quarter with a solid plan, all the while understanding that your methods and systems should be subject to change. Great coaches have a fallback plan for every calamity that might set in, and the ability to improvise can often make all the difference in the big game. As a business owner, you too should know when to change gears. Have a plan but be nimble enough to adjust it as circumstances change..

As a small business owner, you can learn many things from a champion football team. The next time you encounter a problem at work, try thinking about how your favorite football coach would tackle the situation.

Sunday, February 26, 2017

6 Perfect Cities for a Start-up Business

Once you have an idea for a business, you have to know where to launch. After all, location is an essential ingredient for successful companies. In fact, it is hard to imagine Tesla Motors succeeding without the network of tech businesses surrounding it in the San Francisco area. The same applies for famous coffee roasters who got their start in Seattle and brewers who launched in Burlington, Vermont. Here are six perfect cities for a start-up business.

1. Raleigh-Durham
When you are thinking about the perfect city for your new venture, it may be important to keep the proximity of well-known universities in mind. As Duke, Wake Forest, and the University of North Carolina all converge in Raleigh-Durham, entrepreneurs who set up shop in this city have access to top talent coming straight out of these schools. Furthermore, due to the large student population in this area, 42% of adults in this city have a college degree and business costs are 18% below the national average, according to Forbes.

2. Boston
In terms of academic talent, no city can beat Boston. With many of the nation's best universities in town, start-up owners will have no shortage of potential hires to tap. Meanwhile, the city's urban density attracts young employees. Boston's public transportation infrastructure serves as another big draw for potential hires. According to Entrepreneur, Boston start-ups have ample access to venture capital as well.

3. New York
Over recent years, New York's Silicon Alley has nearly caught up to the Bay Area's pace of innovation. Group work spaces have emerged across the city, and entrepreneurs are becoming increasingly likely to choose the Big Apple over the West Coast. In terms of quality of life and networking opportunities, New York has no equal. Naturally, investors abound in the finance capital of the United States. Furthermore, companies that plan to do business overseas can benefit from New York's increasingly diverse population.

4. Chicago

Chicago remains one of the best cities for entrepreneurs to call home. A progressive local government has enacted policies that promote green living, making the city popular among new college grads and innovators. Furthermore, a solid transportation infrastructure, a lower cost of living than coastal cities, and great networking opportunities make Chicago a great option for any start-up.

5. San Francisco

When it comes to the perfect cities for a start-up business, it is hard to beat the San Francisco Bay Area. Between the city proper, Oakland (across the bridge), and Silicon Valley (a short drive south), entrepreneurs are guaranteed access to the talent and investors that a growing business needs. Furthermore, businesses that take off from Silicon Valley tend to get the highest valuation. While it is important to note that living in this area can be quite expensive (and likely requires access to a car), the payoff may be too great to ignore when you have a groundbreaking new business idea in the works.

6. Los Angeles

Do not forget to consider sunny Southern California, as well. With rents lower than New York or San Francisco and creative talent everywhere, the City of Angels is a strong contender for new start-ups. In particular, fashion and entertainment businesses truly have a chance to thrive in Los Angeles, but tech companies (such as Tinder and SnapChat) often find a good home here, as well. One potential downside to an LA office is the need to drive and deal with heavy traffic. However, ride-hailing services have been improving many freeway commutes over the last few years.

8 Business Etiquette Tips Everyone Should Follow

Turn off your gadgets in meetings - My company’s CEO starts every meeting by reminding us to turn our phones face down, close our laptops, and focus only on the meeting. Having the discipline to step away from distractions is refreshing. Of course, this really only works if everyone adheres to it. It’s difficult to make that happen, but when everyone is unplugged and focused, meetings are much more productive.
Arrive on time for meetings — face to face or virtual - If you’re the meeting host, on time means at least five minutes early. If you’re the guest, on time means on time. It’s crazy how often people on both sides of the invitation are late and say nothing about it. If you get held up and know you’re going to be delayed, a quick email can keep the person on the other end from feeling stood up
No nail trimming at work - This wouldn’t be on the list if I hadn’t witnessed it too many times to count. This also goes for toes. I’ve seen that, too, and hardly survived it. Just because most of us work in open work environments doesn’t mean it’s a green light to do things better done in the privacy of your own home/bathroom. When should trimming nails at work happen? It should happen never. While it should be obvious, this also goes for large group meetings as well. Now, I’m not perfect by any stretch of the imagination. Once, one of my nail-trimming coworkers busted me doing my eyebrows at my desk, and she never let me live it down. I deserved it! The same rule applies for flossing at your desk.
When it comes to business meals, bring your manners - I once invited a client to lunch, and the first red flag went up when she brought a coworker that I didn’t invite. The client talked about herself the entire time while the coworker sat in obvious misery. When the client’s plate arrived first, she hovered over her plate and dove in with such intensity I figured she was finishing up a month-long juice fast. Mouth packed with food, she kept on talking while her colleague and I lost our appetites. Several months later, the client asked for a referral. I’ll let you guess if she got it.
Express gratitude. -Thank you notes go a long way. If possible, a handwritten note is best. Check out the custom engraved stationery from Dempsey & Carroll, where they remind you that “the first job starts with a thank you.” Fine stationery is an investment, though. Target has some lovely, affordable boxed sets. If you take the time to follow up, it will get noticed. It will also get noticed if it’s poorly executed. I once saw a note from a candidate that was written on something that looked like a kid’s birthday party invitation. Also, if you prefer a paperless option, make sure your message is concise, thoughtful, and free of misspelled words.
Whether it’s a company-wide function or a team dinner, ask before inviting your significant other. Ask the host/coordinator of the event. Are spouses in or are they out? This is really an all-or-nothing thing. If it’s not been offered to everyone, it’s inconsiderate to assume that the company wants to pay for your spouse. Secondly, if you bring your significant other and nobody else does, talking shop feels awkward to everyone (your guest included), and that’s what business dinners are often about. As a general policy, if spouses/significant others are openly invited, absolutely go for it. If it’s not a group-wide invitation, fly solo.
Don’t say anything in email or instant messaging that you don’t mind being broadcast to your entire organization. Once, I sent a gossipy email intended for a coworker directly to the person I was gossiping about. Ouch. Worse, my email got forwarded around while I wanted to crawl under my desk and die. Watch what you’re saying on instant messaging systems, too. Likely, there are chat logs of what you’re chatting about that are archived somewhere, so if you’re talking about your lady parts or who didn’t wash their hands after going to the bathroom, somebody in IT is probably reading it. No wonder those IT guys say so little and then go to lunch in huge groups — they have a lot of dirt on the rest of us.
Don’t dominate the “Questions” segment in meetings. How many questions should you ask? Frankly, I think one question per big meeting is usually enough; three is the maximum. For smaller meetings, just consider how much air time is available, and try not to dominate. Also, consider if the question has the word “I” in it. Who will benefit from the answer? If it’s just about you, save it and track down the right person after the meeting. There are all kinds of ways to be heard — if you just need to hear the sound of your own voice, start talking to yourself at home while you’re trimming your nails.