What is the biggest challenge for most businesses when going online

What is the biggest challenge for most businesses when going online

by | May 26, 2022

Business Insights

What is the biggest challenge for most businesses when going online

May 26, 2022

Challenges and solutions for business going online

With the pandemic taking over the world by storm we’ve seen a lot of businesses going online promptly. All the excuses they had before to stay offline have suddenly disappeared. Even the fear of not knowing the biggest challenge for businesses when going online. 

Businesses finally acknowledged the fact that 97% of consumers go online to find a local business or local services. But how do you move an entire business online effectively? It’s not just setting up social media accounts. You have to find a place to showcase the things that matter to your audience the most and reach them online in the same personal and effective way you did it before.

Firstly, you need to prepare a digital marketing strategy that resonates with your business goals. Secondly, you have to understand that you can’t do it on your own i.e. you need help. Because you’ll be stumbling upon a lot of unknown territories, black holes, and pitfalls that can suck the life out of your company.

Challenges that businesses are facing when going online

We’ve reached out to businesses that have recently moved online, and agencies that facilitate the process. They weren’t ashamed to admit they’ve faced many challenges. Also, they weren’t shy to explain how they got past them and benefited eventually.

It’s fair to say that there’s not just one biggest challenge for businesses going online but multiple. 

Lack of experience

Levitex was born from expertise in complex posture and chronic pain to create the optimum for neck pain. We work with client groups with complex neurological patients as well as elite/pro athletes and everyone in between who suffers from neck pain.

Just before lockdown, we agreed to launch with Next, Sofa.com, and Ideal Shopping.

However, seeing the circumstances, as were many other businesses going online, we immediately had to pivot to B2C online as well. We have spent the last 6 weeks reshaping the business and immediate strategy! No experience of SEO, keywords, backlinks, Facebook ads – none of it! 

But worst of all, we realized that in the four years since we started the project after we validated and evidenced the benefits of our new foam formulation we have been purely focused on investment. We never really drill down our customer profile. Which as I write this it sounds utterly amateur!

So these recent weeks have been used adding to the team (digital marketing graduate and commercial partnerships/sales), developing our avatars with PR and Marketing to hone in on our niche and our low-hanging fruit B2C.

In essence, after having a massive wobble and a dusting down we found exposure in the business plan. We are using the experience of pivoting from B2B to B2C online to strengthen our offer and get a better understanding of our customers’ drivers.

James Leinhardt, CEO of Levitex

The three obstacles

 had the opportunity to deliver the Go & Grow Online Campaign in my area. In short, this involved workshops teaching businesses how to “get online”.

The main challenges they find are:

  • Achieving consistency across their company name, their domain name, and their social media profiles – for businesses that are already trading yet just moving online, they aren’t able to pick a company or brand name that has availability across the board from the outset.

Solution: Don’t set one profile name before another, investigate all the social platforms first because it may be that a matching abbreviation of the name is available on all.  If it proves very difficult, it may be wise to adopt a new brand name or trading name under the registered company name.

  • Maintaining the same customer experience online as they have built offline

Solution: Talk to your customers and see what it is they like about your offline experience. Then talk to your web developer to see how this can be carried over to the website. It will naturally be different, but personalization tools and user testing will help a lot when businesses going online.

  • Growing their customer database and followers because often they can’t afford search engine optimization work, pay-per-click ads and don’t know they need to regularly share quality content online to achieve this.

Solution: Put a process in place to communicate to offline customers and try to add them to your online marketing.  Don’t try to migrate them to online customers necessarily, but encourage them to sign up to receive your newsletter, follow your social profiles, and review you online. There might be something you can gift them for these actions.

Rachael Dines, Director of Shake It Up Creative

Mirror the brick-and-mortar experience

At Stellar, we’ve recently started to host virtual product demonstrations and online masterclasses for our client Sage Appliances and it’s been a great success. This is a completely new strategy for Sage Appliances as they’ve always focussed on creating consumer experiences in brick-and-mortar stores.

From the day that we first launched, we received over 800 registrations and each virtual demonstration so far has had high engagement rates – showing a craving for the content and offering an immersive, engaging experience to consumers.

In fact, the biggest challenge for businesses when going online we’ve found with hosting online masterclasses and virtual product demonstrations is making sure that it’s engaging for the consumer and that we create an immersive experience.

We know that consumers like to experience products at close quarters with a hands-on approach so it was key that we mirrored this experience by creating insightful sessions that the audience can take information away with them.

Anna Brettle, founder of Stellar

Challenges outweighed by advantages

Apart from the biggest challenge for most businesses when going online, I would say there are several advantages to opening a D2C channel. Your product can launch onto the market more quickly and this enables near-instant response and feedback. This means you can react to your customer’s wants and needs and improve your product accordingly. 

D2C helps you to control the customer experience and the communication throughout the user journey to ensure that every interaction is seamless. 

In these early stages, it has been an advantage not to be dependent on retailers, particularly during the last few months where online sales have seen an increase in proportion to retail. We have had a 158% increase in D2C sales compared to the same time last year! 

Once you have a strong customer following, a deeper insight into your product, and proof of sales figures you are in a better position to approach retail outlets. Closely guiding the look and feel of the brand and creating content to provide an educational, reassuring, and welcoming platform for parents we’ve build a strong brand presence and good brand reputation.

Packaging and reliable third-party providers are crucial for the smooth running of the D2C experience. Our product has to be well protected and kept chilled at all times throughout the supply chain. We have been very fortunate to work with a strong team of suppliers with whom we have great trust and who are as committed to our product as we are. 

I would agree that D2C does present many challenges but from our experience, I would say that these are definitely outweighed by the advantages 

Lowri Tan, Managing Director of Little Tummy

Keep it effective and engaging

We know that often, technology is the biggest challenge for businesses when going online. We recently supported Shannon Banks, a leadership coach to move her entire summit online. The face-to-face event should have taken place in Europe. 

Our team helped with the software she was using and were available for the entire 4 day period to manage Zoom breakout rooms and Whats App groups. This ensured that the virtual workshop was just as effective and engaging for the 35 attendees as it would have been face-to-face and enabled Shannon and her colleagues to focus on delivering the workshop, just as they would have done in person.

Rebecca Newenham, founder of Get Ahead VA

Getting enough reach

Social media is still one of the best ways to market your brand online. You can provide information, show your values, offer discounts, and much more. A lot of businesses have turned to Facebook during the pandemic as an answer to the impossibility of in-person interactions.

But one big problem has emerged on social media in the last few years: organic reach on social media is at a very low point. It’s almost impossible to reach your target audience without an advertising budget, hence, knowing how to make the most of it became imperative.

Also, that’s why a lot of companies are turning to Facebook advertising as a way of acquiring new customers and retaining current ones.

Dorian Reeves, Co-Founder at SH1FT

Conclusion

You have to move your business online carefully and in accordance with its needs. The internet offers immense opportunities, but not all will “businesses going online” guides will fit your business model. Don’t be afraid to admit you’re in the blue.

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3 warning signs that your business is headed towards liquidation

3 warning signs that your business is headed towards liquidation

by | May 19, 2022

Business Insights

3 warning signs that your business is headed towards liquidation

May 19, 2022

Warning signs that your business is headed towards liqudation

It is an unfortunate fact that not every business is going to fly. In fact, according to statistics, 90% of businesses fail, so it’s far more common than you think.

If you recognize that you have a cash flow problem early, you have more options. However, some entrepreneurs tend to cling to hope, especially during the pandemic when Government support has been pouring out over the past 12 months, extending the lives of many businesses. Unfortunately, this can mean you are headed towards insolvency if you continue to wait around.

In the best-case scenario, you go into administration, meaning that an administrator takes over and finds a new buyer to take over the business. There will be new owners that can steer the ship out of the storm and into calmer waters.

If a new buyer can’t be found, you may find yourself going into liquidation, which is a formal business closure.

Signs that your business is headed toward liquidation

Below we have broken down 3 other warning signs that you could be headed in this direction.

There isn’t a market for your products or services anymore

Sometimes, new products come along that make older products redundant. Think about how movie streaming services led to the demise of Blockbuster, or how the rise of music streaming means that few people still listen to records and CDs. 42% of respondents in a Forbes survey stated that the “lack of a market need for their product” was the single biggest reason for their failure.

This can be a reason why administrators may not find a new buyer as they may recognize this and search for a more profitable business to take over.

Issues with your customers or clients

There are a couple of issues that may crop up that can ring alarm bells. The first is that one of your largest or repeat customers may themselves be going through an insolvency process, meaning they can no longer afford your services. Unless you find someone to fill their space quickly, you may struggle with revenue yourself.

Or, your core clients could have gone to competitors for various reasons – perhaps they offer cheaper services, more varied services, or other reasons. Essentially, losing any big clients can damage your cash flow, which is why it’s important to seriously consider what you can do to keep customer retention high.

Late payments or unexpected bills

This can also be a reason you fall into liquidation. It may be that you have clients who consistently pay invoices late or that you have debtors to your business who have overdue payments. This will affect your projections and mean you may have a month, or even several months in a row, where you are not making as much as expected due to gaps in your profit.

It may also turn out that you have unexpected bills sprung upon you – perhaps you pay an annual fee for a service or membership that you forgot to note down and would be too late to cancel. This can come as a shock and put you in a tricky situation, especially if it is a hefty fee.

Conclusion

The earlier you can step in when facing cash flow problems, the better. It is strongly advised to liquidate your business with the help of experts who have years of experience in this field. They can help you get the best outcome and save you a huge amount of time and stress. You won’t have to spend hours getting your head around legalities or fretting about paying back your creditors once they take over – they are there to help with your best interests at heart.

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14 customer retention strategies to adopt immediately

by | May 11, 2022

Business Insights

14 customer retention strategies to adopt immediately

May 11, 2022

Most effective customer retention strategies

As frightful as it sounds, studies show that 77% of brands could disappear, and no one would care. This means a staggering number of businesses failed to satisfy and retain customers. 

And what have you done to make your customers care about your brand? Have you failed at creating a solid customer retention strategy? Are you one of them?

You better not be, because the Pareto Principle shows that 80% of your profits come from just 20% of customers. In other words, if you have 10 clients, the most loyal 2 of them are more valuable than the rest combined. This is where you should put your focus – on implementing the most effective customer retention strategies.

The most effective customer retention strategies for 2022

However, it is not our goal to scare you but to show you ways to do better at customer retention. There could be as many customer retention strategies as there are businesses in the world, but you should only adopt the ones that fit your brand. 

To save you some time doing research, we’ve done it for you, thus, keep reading and find out what customer retention strategies are proven to be most effective these years.

Surprises

Although there are people who claim that they don’t like surprises, we doubt they will return a gift, no matter how small it might be. That’s what makes surprises one of the best customer retention ideas.

In fact, 61% of consumers think surprise gifts and offers are the most important way a brand can interact with them.

These surprises shouldn’t cost you a fortune and overburden your already tight budget. A small gift, a special discount, or even a handwritten note of appreciation can take you a long way with your customers.

Complaints and customer feedback

In the business world, you need to understand that complaints shouldn’t be taken personally. Instead, they are opportunities for growth. The product or service you offer is built for the needs of the customers and should serve them 100%. Complaints will show you where you failed to deliver the maximum.

77% of consumers say they favor brands that ask for and accept customer feedback. It’s important to know to accept the bad as openly as the good.

Overdeliver

Don’t promise the stars and the moon to your customers. Instead, promise them only the moon and then bring along the stars. In this case, they won’t be expecting the starts so if you were unable to deliver them, they won’t feel betrayed and robbed. On the other hand, if you manage to deliver the stars as well, that will win you major points. 

To put it differently, you have to exceed their expectations by adding a pre-calculated extra because 48% of people expect specialized treatment for being a good customer.

Personalize

Do you keep detailed notes about your customers? If not, you should start immediately! 

Listening to and understanding each customer’s particular needs and wishes will help you connect with them on a more personal level. It is now surprising at all that 86% of customers say an emotional connection with a customer service agent would make them continue to do business with the company. 

At the end of the day, your job is to make sure that your customer doesn’t feel like just another number. Use whatever data you collect on your customers to personalize your correspondence with them. Know how best to contact them and how previous interactions went. By making customers feel like you know and care for them, you’ll be making a lasting impression that is bound to keep them around.

For example, this is how Konnexx does it:

    • Empathy – understanding their situation and being mindful not to force our agenda onto them until it is appropriate. Booking calls back times if necessary.
    • Being Polite. Asking if it is a good time to talk – and if not, booking a callback time at their convenience.
    • Asking questions rather than delivering information. Listening more than talking.
    • Mirroring some of their languages.
    • Confirming their needs and wants and dovetailing these with the benefits of the products/services we have to offer.
    • Talking about benefits rather than features.
    • Confirming what action needs to be taken and following it up where necessary.
    • Booking at a convenient time for the next call.

Community

Build a community! You can create a discussion board on your website or a Facebook group where all of your loyal customers will be invited to join. This gives them the opportunity to connect with each other and exchange opinions regarding your products or services. You can also turn it into a place where you share promos, discounts, or general news about your company.

Another way you can leverage the power of social media is to create engaging accounts that will constantly interact with your audience through meaningful and branded content.

Customer service

We are aware that customer service is a relatively broad term including a lot of factors. However, knowing that 93% of consumers are more likely to make repeat purchases at companies with excellent customer service leaves us no space to ignore it.

Take a better look at your customer service and identify your weaknesses. Maybe it’s response time – reduce it! Or maybe you over-automated it – bots are good to an extent, but they can’t replace real humans. 

Know your offer by heart but don’t be scared to admit it when you’re into the blue. Turn to your colleagues, and act as a team. Customers can recognize a genuine effort to help them and will be patient even if it takes more time to get what they deserve.

Just show that you care!

Onboarding

How do you welcome new customers? If ‘Thank you for shopping with us’ is the best you can give, then you’re not trying hard enough or you really don’t care about your customers.

The welcome message they get the first time they spend their money on one of your products or services is of crucial importance! It is the first step to building a long-lasting relationship with mutual respect. 

Customers are five times more likely to engage with you in the first 90-100 days than at any other point.

For that reason, you should educate them with branded content. Email newsletters are great for this. Send them regularly but not too often because it can be perceived as pushy. Include content that will teach them how to use your products or services e.g. step-by-step guides, behind-the-scenes footage, etc. Give them a reason to stay with you.

Loyalty Programs

Reward, reward, reward! 

One of the most effective customer retention strategies businesses can do is to offer incentives to their customers. Incentives can be a powerful tool for customer retention. By offering customers incentives for sticking with your product or service, you can show them that you value their business and want them to stick around.

Some common incentives include loyalty programs, which offer points or other rewards for repeat customers, and discounts for customers who renew their subscriptions or contracts. Other incentives might include free shipping, early access to new products or features, or bonus content or features.

Create your own loyalty program where your frequent customers will be rewarded with discounts, special incentives, better deals, exclusive offers, etc. This is a perfect way to encourage them to spend more with you. Your brand will become part of their daily life.

Involve them

Put your customers in your shoes and give them a feeling that they are not just spending their money on your offers, but they’re also creating them. 

    • Ask them for ideas and suggestions
    • Involve them in the designing process
    • Give them first access to prototypes
    • Invite them to company events
    • Hang out with them on neutral grounds

Payment methods

Whether you have a digital-only product or a brick-and-mortar store, one thing is for sure – you have to make payments as easy and quick as possible. The easier it is for a person to pay, the more likely they will. Therefore you need to remove unnecessary steps, forget about only cash, implement contactless card payment, and even consider Bitcoin payment gateways.

Build customer trust

Building customer trust and long-term relationships are proven to be one of the most effective customer retention strategies. Businesses should always aim to provide value to their customers and show that they are reliable. For one, businesses can educate their customers about their products/services prior to purchase and after. They should ensure that they are always there to help customers should they need help. 

Furthermore, it’s important to provide excellent customer service to help them solve issues. Be sure to ask for customer feedback to know what area of your business can you improve on. When customers see that they can rely on your business, they trust you and become loyal to you.

Thank your customers

Even though it may sound like a simple customer retention strategy, it works wonders. Even if it’s just a simple thank you email or sending gifts, it shows your customers that you value them and appreciate them for sticking around. 

If a customer doesn’t feel appreciated, they are more likely to jump ship when a better opportunity from your competitor comes along.

Leverage social proof

User-generated content is still one of the best marketing strategies for acquiring new customers and retaining existing ones. Since reviews influence people’s buying decisions, it can greatly help if you encourage your customers to post their experience in using your products/services. 

People trust brands that are recommended by their peers or if the brand has many positive reviews on their page. By showing proof that many customers had positive experiences doing business with you, you can convince existing customers to stick around.

Be active in your community

Customers are getting increasingly concerned about social issues, and you should be too. Hence, customers want to know if your business gives to charity if employees participate in community service initiatives, and with whom you communicate and cooperate. 

Find a way to support a cause that fits well into your brand. For example, you can donate a percentage of your proceeds to a charity organization, plant trees for every purchase, or finance scientific programs. It doesn’t matter what it is as long as it’s done with good intentions and pure heart. Your customers will see and recognize this effort, and reward you with their loyalty.

Furthermore, suppose you’re a tech business, for example. In that case, you might volunteer to go into a local school and guide the future generation of technologists. You may also write blogs about how to get into the sector or record a short podcast about it. The trick is to be innovative when it comes to your brand.

Conclusion

Retaining existing customers is probably even more important than attracting new ones. In fact, statistics show that satisfied, loyal customers share their positive experiences with a brand with 11 other people. This means, that by retaining customers you’ll be also bringing new ones, hence don’t wait any longer and implement the most suitable customer retention strategies in your business.

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Why SMEs think switching business energy is hard

Why SMEs think switching business energy is hard

by | May 5, 2022

Business Insights

Why SMEs think switching business energy is hard

May 05, 2022

Why SMEs think switching energy is hard

SMEs are now using more electricity than at any point in history, consuming between 15,000 and 65,000 kWh each year in the UK. 

To put those figures into perspective, 65,000 kWh is up to 16 times more than the average UK household, which consumes 4,000 kWh on average. 

Our relationship with energy is changing too. Smart and half-hourly meters are rapidly replacing older metering systems, and some businesses are adopting smart thermostats and smart switches to control their energy in new ways. 

Yet, around half of SMEs won’t switch their energy supplier this year – despite a big opportunity to save hundreds of pounds on their annual electricity bill, and despite a report from Citizens Advice warning over a million UK businesses are at risk of being ripped off. 

This is intriguing — the way businesses are taking control of their energy at the point of use, but not at the source with their supplier. So, what’s going on?

National business energy survey

To find out why SMEs are so reluctant to switch their energy supplier, the business energy switching service EnergyBillKill conducted a survey involving 500 UK SMEs. They asked them why they won’t switch and what barriers are in their way. 

Here are the key findings:

 

  • 51% of SMEs consider switching too challenging
  • 51% of SMEs think switching is harder than tooth extraction or firing people 
  • 22% of SMEs think switching energy is too costly 
  • 21% of SMEs don’t know where to start with a switch 
  • 35% of SMEs think energy suppliers will overcharge them
  • 25% of SMEs are reluctant to switch supplier because they don’t trust brokers

Dwindling trust in the energy market

This survey highlights that the levels of trust businesses have in suppliers is dwindling. High energy prices and numerous billing and mis-selling scandals over the years have tainted the energy sector beyond repair. 

In response to the survey:

  • 35% of SMEs said they don’t trust energy companies;
  • 26% of SMEs said they don’t trust brokers
  • 25% said “everyone is a crook”

All in all, this is showing just how tainted the energy market really is.

Switching is harder than tooth extraction

Another thing the survey highlighted is just how difficult many SMEs find switching energy to be. 

21% of SMEs said they wouldn’t know where to start, and incredibly, 51% said switching is harder than tooth extraction or firing people. 

This is a startling statistic, so we’ll say it again: 51% of SMEs believe switching their energy supplier is harder than tooth extraction or firing people.

Lifting barriers

If we’re being honest, we can probably all agree that all businesses want is a fair and competitive energy market that makes switching simple. 

Despite competition laws, energy suppliers are reluctant to advertise the opportunity to switch to other suppliers because they lose the value of a contract. 

This is why brokers, also known as Third Party Intermediaries (TPIs), have an important role to play in giving energy-related advice and helping SMEs switch. They can help you switch to a supplier offering cheaper prices on business energy.

26% of SMEs said they don’t trust brokers; but, that’s far less than the 35% who said they don’t trust energy companies. For SMEs considering switching, starting with a reputable and proven intermediary is probably the way to go. 

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Valuable business insights from cancer survivor entrepreneurs

Valuable business insights from cancer survivor entrepreneurs

by | Apr 25, 2022

Business Insights

Valuable business insights from cancer survivor entrepreneurs

April 25, 2022

Cancer survivors sharing their business insights

Franklin D. Roosevelt once said, “A smooth sea never made a skilled sailor”. These cancer survivor entrepreneurs are the very best of skilled sailors. The type you’d want to guide you through scary storms. They know how to ride the big waves and come out as winners. This is why it’s important to hear their stories and learn the business insights that they have learned while surviving cancer.

Entrepreneurship insights from battling cancer

We talked with Kiki, Sarah, and Mila – three wonderful and extremely courageous humans who draw survival inspiration from entrepreneurship. Their journeys taught them valuable lessons that they now want to share with you

How being diagnosed with cancer affects business

Mila, founder of Mila&Such

I started the company when I got sick and I wanted to start making scarves. I wanted to create something with positive vibes, and many told me the paintings made them feel good and happy. I also wanted that energy covering my head when I found out I will need chemo and will be losing my hair.

I actually drew and illustrated my little graphic novel while going through treatment. Creating and painting was a great outlet.

Also, I am a taurus, I am super stubborn and determined. My friends are super supportive and encouraging. I have the best friends who are able to offer great constructive criticism and I am always open to learning and trying to improve.

Kiki, founder of Kiki Kirby Coaching

Finding out I had cancer came as a complete shock as I had spent 3 years building my business and it was running at a good pace. We were starting to do business online and going global. I felt so disappointed and frustrated I was not able to create the goals and vision I had planned. 

Just before I was diagnosed, I was running two online group coaching programmes which I still continued with as this helped me still feel like I had purpose and I guess I just wanted to try have some normality. The support and encouragement I received from my clients was so amazing.

At times I did feel like I was missing out on so much in the everyday world of business and it has taken me a long to get over this. I had to keep reminding myself I was fighting cancer and my life was a gift and I was grateful that I had a good support system and amazing doctors and nurses taking care of me.

Sarah, founder of Halcyon Naturals

Halcyon Naturals is 1 years old. The brand has come about on my journey of recovery and remission. After having a stressful life as an Executive Assistant as well as a freelance Tour Manager and Promoter, I have dedicated myself to being more mindful of my self care as well as the rituals that entails. For me, this was candles. I wanted a brand that could give therapeutic benefits rather than just smell nice, which is how this brand was born.

Quitting business

Mila

I never thought about quitting. I consider this to be something that is as much a part of me as my need to create. I feel I make a little bit of difference in the world and make someone smile when they open up their box and read the inspiration.

Kiki

Interestingly, during my cancer journey and even coming back to work the thought of closing my business hadn’t crossed my mind, if anything it pushed me harder to create the business even stronger and bigger. 

But in January 2019 I had returned back to work full time, my health was still very up and down as I was only 8 months in remission. The following months were tough probably even harder than fighting cancer and I felt so many things had changed within me, my focus, my emotions and what I enjoyed doing in work and the work I delivered. I had rushed a lot of business decisions because I felt I had missed out. 

In October 2019, I had thought to close the business. I was tired, and I was still getting used to my ‘new life after cancer’ which I am still now adapting to. I had lost 6 friends to cancer during the year whom I had shared the cancer journey, and the grief and guilt hit me in many ways. 

After many conversations with loved ones, my consultant and my psychologist we had agreed it wouldn’t be the right thing for me to close and to see for myself how far I had come. Instead, we worked together to see how I could change my business module, my daily routine and my focus to make sure it supported my health daily which is my number 1 priority. This is still work in progress and continues to be daily.

Courage and taking risks

Mila

After surviving cancer, I’m definitely more courageous with risk-taking. It’s hard to explain the fear you have of actually dying when faced with the diagnosis. Any challenges you face after that are just that for me… challenges that I know I can overcome. 

I realized when I was going through this that one of my fears was to just die and be forgotten. Forgotten without making an impact or changing anything for the better. So this is my way to make a difference. I would love to get to a place where my business is super profitable and I can donate more.

Kiki

My natural personality is to take risks and live and enjoy life to the fullest daily (which I still do). But now I really need stability, security daily and not be as adventurous as I was before.  This is getting better I think over time and approaching life daily with intent and focus. I thrive more at home in my environment and do not want to make big lifestyle changes. I do feel this will change as I heal more through the journey. I am more calculated with my decisions taking into consideration so many areas.

Sarah

In terms of taking risks, I’ve always been a risk-taker. I don’t see this as a risk personally,  but I can say that post-treatment I take more calculated risks. My life was very intense and could change direction in a heartbeat. That no longer motivates me. I’m more interested in building a legacy and preserving my peace. This meant I had to cut off certain people, change careers and focus on what was important to me, rather than working like a dog for others.

How cancer (re)shapes entrepreneurs

Mila

It made me stronger, more determined, more empathetic. I am harder on myself as far as making excuses of why I can’t. I always feel like I will run out of time and won’t finish what I started. Definitely PTSD  there. 

Kiki

Transformational in a BIG way, I had always appreciated life, health and purpose before cancer but now I am even more grateful for EVERYTHING. I mean everything!

Removing stress from your daily life is so important and vital to everyday happiness. More resilience and perseverance. These were always important but even more so now. 

 I feel having the right support and foundations in your business are so important (financial security, staff, resources, spiritual, creating a business that if you were out could still run). Doing less and slowing down has been a huge lesson for me. Only focusing on a few things, not 5 million things to do. 

 It is ok to change your vision and navigate another way. Every step counts, the ones you take and the ones you don’t.

Sarah

I have always been an entrepreneur. Cancer was a moment in my life but it in no way defines who I am as a person or who I am as an entrepreneur.

Key insights for other enterpeneurs

Mila

Never listen to your excuses of why you can’t, because trust me, it isn’t what you think it is if you have a general good and healthy life.

Listen to others when you are unsure…but in the end, you are in charge and you know what is best for your body and for your business. I feel it is in a way an expansion of who you are, especially if it is a created kind. 

Trust your intuition 100%. Push through the uncomfortable. Never ever stop when things get uncomfortable because this is the best and hardest part of life and business. When you are uncomfortable you are actually growing…and that’s what you always want.

Kiki

Move through your struggles to avoid your struggles. Be respectful of those who have had health challenges, cancer, grief, mental health, etc. You don’t know how hard their struggle has been. If someone says NO who has had a health challenge, don’t keep pushing them, they know their own limits. 

Appreciate your life and health daily. Make sure you don’t work so hard that it impacts your health. You only live once. Be more compassionate and appreciate people and how you interact daily with them. You don’t know what people are going through and suffering. Be kind and let go of things that don’t serve you, even if this is also people and relationships.

Sarah

Your peace is paramount. It’s not unusual for us to work all the hours God sends in order to achieve our goals. It’s just as important to rest as it is to work and self-care rituals are very important in helping you to maintain this.

Offering a hand to everyone fighting cancer

Mila

Be kind to yourself. Don’t be afraid to ask for help, it’s not a sign of weakness, but a sign of true belief in humanity’s kindness. Be informed but don’t obsess and don’t self-diagnose… It is the worst thing you can do and build so much anxiety. Anxiety causes all sorts of bad decision-making because you are not thinking clearly. 

Kiki

Find JOY every day (even in the small things). Focus on the every day and be totally present.

Find those who can fight your journey with you. Don’t give up no matter how bad it is. Believe you will get healed. Work on your mindset daily. Do the development personally and professionally. It’s ok to let go of the life you thought you would have. Get the right support and don’t fight it alone. Pray daily. Express your worries and concerns and have FAITH daily.  You can’t be responsible for someone else’s emotions only your own.

Sarah

It’s your journey. Don’t let anyone else dictate what is right and wrong for you at this time. It’s also a very personal journey, don’t feel the need to share your experiences with everyone. People will show themselves at this time and you will quickly learn who is for you and who is just along for the ride.

 

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7 powerful characteristics of a successful business owner

by | Apr 12, 2022

Business Insights

7 powerful characteristics of a successful business owner

April 12, 2022

Characteristics of a business owner

Every individual has a unique set of characteristics that differentiate them from other people. The same principle applies to business owners as well. However, if we look closely, there are certain characteristics of both male and female business owners that repeat. Namely, Elon Musk and Jack Ma could not be any more different but it’s undeniable that they have several business owner traits in common: passion for one.

It’s important to note that some of these characteristics of a successful business owner are inborn, yet others are obtained and developed later in life. Hence, you may not be genetically predisposed to being a confident person, but that doesn’t mean you can’t become one with practice and experience.

What are the signs of a  successful business owner?

One thing is for sure, lacking one of the powerful characteristics of a business owner listed below doesn’t make you a bad entrepreneur. There are hundreds of business owner traits and what matters is not how many of them you possess, but how you put the ones you have to work.

Stamina

Of all the characteristics of a successful business owner, this one is probably the most needed. The road of entrepreneurship is one bumpy ride and flat tires occur more often than you think. So having the stamina to not only survive but also thrive in difficult business situations is definitely imperative.

How many times you’ve heard about a successful entrepreneur losing billions only to come back richer than ever before? It’s because they had the stamina to sustain the blows.

Goal-setting mindset

Without a goal to reach, you’ll just wander around aimlessly never achieving anything of significance. It can be either a short-term or long-term goal, regardless of it, you must always have a goal in mind. Additionally, goals won’t work out themselves without a plan. So besides the goals, you must also have a plan for how to achieve them. 

Steve Jobs’ goal was to create the most practical, aesthetically-pleasing and quality smartphone in the world. And he did it, all because he possessed a goal-setting mindset.

Confidence

Have you ever seen a non-confident successful business owner? Me neither. 

Confidence can sell anything in the business world, even the worst idea or product. When your approach is shaky, you appear distrustful in your partners’ or clients’ eyes. And the last thing they want is to spend money on something you don’t even believe in. 

As one of the most important characteristics of a business owner, confidence radiates power and shows you’re in control. It makes people more susceptible to what you’re saying because they trust you.

Passion

One thing is for sure, you have to have passion for what you do in order to succeed. When you sincerely love and believe in your work nothing is too hard. Of all the traits that make successful business owners , this is possibly the most romantic one, but that doesn’t make it less valuable. 

The greatest ideas are born out of passion. The hardest obstacles are insignificant when you have passion in the heart. Real passion keeps you going no matter what.

However, if you’re not led by passion, you’ll sooner reach failure than success.

Risk-taking mindset

Simply put, nothing good ever comes out of staying in your comfort zone and not risking anything. Risk brings profit. If you’re not willing to risk in business you’ll regress instead of progress.

There’s an opportunity knocking on your door but you have to risk a big portion of your budget? Evaluate, calculate and if the win outweighs the loss, take the risk. Have the courage to step out of your comfort. Don’t be afraid to experience loss. That’s the whole point of business: losing and winning. In fact, sometimes in order to win you have to lose.

Adaptability

You can plan budgets, strategies, projects… write it all down on paper, but don’t ever fool yourself that you’re in control of everything. Life always happens and unpredicted things show up out of nowhere. Therefore, you need to adapt and be flexible. If you’re rigid, and you must have it your way or no way, then you’re doomed.

Look what it happened to Thomas Cook: a giant in the tourism industry brought to its knees because the management failed to adapt to the new streams and trends.

Conclusion

As humans, we’re blessed with the unlimited potential of growth. This list of characteristics of a business owner who strives for success is not definite. As an entrepreneur, it is your duty to explore your possibilities and master your skills in order to avoid all the myths of entrepreneurship out in the world .

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