The Hidden Gem in Family Business Meetings

/in /by

StrategyDriven Entrepreneurship Article |Communication|The Hidden Gem in Family Business MeetingsI present to a variety of audiences around the country — university-based, family business centers, industry groups and professional groups. Invariably I’m asked, “What’s the one thing a family business should do to be successful?” I always respond that good communication is the most important thing to achieve, and family business meetings are the best way to achieve that. There are the obvious benefits, but there’s another incredibly valuable but hidden benefit you probably don’t know about.

First, let’s discuss communication. With good communication, family businesses can make it, and with bad communication they fail. Why? Businesses is about making a profit. The one who sells the most for the lowest cost, is better than the competitors, keeps all dealings within the boundaries of the law and keeps customers happy wins. And, everyone in the business wins. It’s a blend of hierarchy and teamwork, with everyone marching to the same objectives.

Families are about unconditional love and support. What happens when you throw a bunch of family members into a business environment? Conflicting feelings can crop up everywhere. Family members get their feelings hurt when they’re reprimanded or held accountable. So other family members will hold back their true thoughts in order not to create hurt feelings. Until they blow up.

A good system of communication fosters an environment where business issues can be stated to family members without feelings getting hurt.

Family business meetings are a great way to accomplish good communication. At the start of each of my presentations, I say to audience members: “Before we start, I’d like to ask everyone to pull out your phones and go to your calendar, then create a meeting at the beginning of the next quarter for one hour. Call it ‘Family Business Meeting,’ and have it repeat every quarter, forever. And when you’re done, please silence your phones.” People always ask what they’re supposed to talk about at a family business meeting, and I tell them to start every meeting with the same statement: “We are a family in business together, and that’s a hard thing to do. What are some of the things we need to talk about in order to run the business well and make sure the family is in harmony?” The rest will mostly take care of itself.

By doing this, these natural questions will come up:

  • How do other family businesses do it?
  • When is dad retiring?
  • Who’s going to lead the business in the future?
  • How do we get paid?
  • How will ownership be divided?
  • How do we deal with a family member who’s not performing at work?
  • Do we need a buy/sell agreement?

This is all really good stuff. If you’re meeting every 90 days for at least 60 minutes to talk about family business issues, you’ll be uncovering the important questions and be able to work on them over time to a mutually agreeable resolution. Remember, these are family business meetings, not business meetings or family meetings.

Huge potential benefits may also be gained from family business meetings in which you invite the whole family. Here’s the reason: In order to live your life, you must work to make money to have food and shelter, pay bills and so on. You may also get a sense of accomplishment though your work. However, when you’re faced with life questions or big decisions, or find yourself at a crossroads in life, who do you turn to? Typically it’s a family member — a parent, a sibling or your spouse. Now why would you want to bring another family member without any ownership into the family business meeting? The reason is that they’ve heard about what’s going on in the business for quite some time and have a clear perspective of how the other family members feel.

Imagine a family business with a father, two sons and a daughter. Imagine them meeting. Now imagine a family business meeting with the mother, spouses of the three kids and the fourth sibling who doesn’t work in the business. And now ask the question: “What are the things we need to be talking about and working on to have a good business and harmonious family?” By getting the perspective of the family members who don’t work in the business, the information can take you to places you never realized. It will also give you much greater insight into the unvoiced thoughts and perspectives of the family members who do work in the business.

Bringing all family members — including those who don’t work in the business — into a family business meeting one or two times each year can help uncover thoughts, concerns and perspectives of which you were previously and completely unaware. With this added information, you can ensure that you’re on the right track moving forward to continue building a healthy business and a happy family.

About the Author

Henry Hutcheson has 25 years of experience in business management and global family business consulting across a range of industries, and is a veteran of a family business himself. He is a frequent corporate and university speaker, as well as a columnist and writer for the News & Observer, Charlotte Observer, Nursery Retailer, The State, and Family Business Magazine.He has been quoted in the Wall Street Journal, Crain’s, and other business and trade magazines. His new book is Dirty Little Secrets of Family Business (3rd edition): Ensuring Success from One Generation to the Next. Learn more at www.familybusinessusa.com

Keyword Research for Small Business

/in /by

StrategyDriven Online Marketing and Website Development Article |Keyword Research|Keyword Research for Small BusinessAs digital is taking over the lives of pretty much everyone, SEO and SEM are becoming a more competitive and intricate industry. As everyone is competing for the same ‘prize’ with many different approaches to going about winning. One of the biggest advantages to SEO and SEM is that the size of a business doesn’t determine how well it ranks in organic rankings. This is decided by its relevance, content and the trust Google has that the site provides a near perfect answer for the search term.

For those building the digital face of their business having decided to take on the challenge alone, here is some information from a SEO marketing agency that should help make this feel a lot easier.

What is a keyword research and why should you do it?

A keyword research is the term used for undertaking research in finding out what words and phrases people use most often when searching in Google and looking for specific items/services/pages etc. Understanding these keywords will give those trying to rank higher and reach more customers a better idea of which words are being used by their target audience, how often these words are being used and how hard it will be to rank highly for these words. Combining this knowledge with a solid strategy will enable you to compete for those selected keywords in the organic search results.

What do I need to run a keyword research?

Apart from time and an enthusiastic approach to hard work, you will need a tool that will help provide you with the details to understand each keyword. Moz, one of the most trusted sources in this industry, has their own tool called Keyword Explorer that will enable you to get a good initial idea of you websites keyword needs. There are plenty of other tools out there that with paid subscriptions can provide you with detail that you could spend an eternity looking at.

Where do I start?

All keyword research projects begin with a single word/idea/experience. If you have worked in your industry for a long time and frequently answer the same questions, look for a word that continually pops-up in these conversations. From this individual word you can begin to evolve your search around it finding similar combinations and variations of this search word. Do this for however many individual key terms you come across until you feel you have a good “seed” list. From here you will use your selected tool to find out how popular a term is, the perceived difficulty to rank for this and other similar keywords that might provide better results.

1. Run a keyword research for your website

By running a keyword research for you site you will find an idea of your strengths and weaknesses in terms of rankings. Be sure to know that your website meets the needs of potential customers. Furthermore, think about splitting the keyword you find between where a customer is in their journey, are they just finding out about a product, are they doing further research, or are they now looking specifically for you or a provider of this product. Use tools similar to keyword explorer, such as SEMrush, to understand their volume, your positioning etc.

2. Identify your competitors

Who your competitors are online may differ greatly to those offline. You are suddenly competing on a larger scale with business across the county, region and country. You can find these competitors by simply searching for the keyword terms you are ranking for and those you want to be ranking for. Your competitors are all those in the top 20. To understand more than simply keywords about a competitor it is useful to look at the ‘strength’ of their domain. This agency believes Trust Flow is the best metric and provides a better understanding of a website than DA can provide. If you need to know more, this article explaining Trust Flow is fairly thorough.

Beyond these other measures, of which there are a few, you’ll need to decide whether you have the capacity or budget to invest in going after these top ranking spots or will be happy with appearing between 10-20

3. Compare competitors to find keyword gaps

Thankfully there are tools for this task, as there seems to be for everything, that allows you to find keywords that your competitors aren’t ranking for that could be fruitful for you. After these tools provide a list there is still a fair bit of analysis to be done by you.

4. Decide on the keywords you want to focus on

Taking your potentially long list of good potential keywords, you now need to cut it down to those you will be able to focus on. You need to understand if you are able to rank for each individual keyword through website strength, content building and backlinks.

As mentioned above, cutting these groups into categories based on the users journey will help you cut down your list. Once this list is in place, create a content strategy that covers these keywords and their topics completely. Once again, Moz has a very good guide on keyword clustering that should help.

5. Start ranking for the chosen keywords

It sounds much simpler than it really is, but if the right steps have been taken you’ll begin to see vast improvements in your rankings, and even if the improvements are small you know you have begun to do something right and that you are able to start positive change in your digital business.

Why Fintech Will be The End of Traditional Banking

/in /by

StrategyDriven Editorial Perspective Article |Fintech|Why Fintech Will be The End of Traditional BankingIt’s a brave new world out there. As always, technology is having a profound effect on the world around us and the way we navigate through life. Who would have thought 20 years ago we would be walking around with miniature computers in our pockets? That these devices would be able to connect to the other side of the world in mere seconds? That these devices would not be restricted sending across voices but would include rich video as well? And that these devices would become more than ‘just’ communication devices? That we would use them for reading news, our entertainment, to shop online, to order food, to book a cab, and to take care of more serious business, such as authentication and finances?

The latter has really found an accelerant in mobile devices and app development. The so-called Fintech industry has been made possible by the widespread ownership of smartphones and always-on connectivity. Driven by the question ‘why’ things are the way they are, Fintech is challenging the status quo, namely traditional banks, on ‘business as usual’. Why do you need a physical branch, why do you need paper statements, why do you need to deal with an organisation that is built around handling cash? These are some of the fundamental questions that Fintech businesses start with, which expose that the banking industry is woefully behind on the times. It’s nearly impossible to have multiple savings pots with a traditional bank, whereas this with app-focused Fintech companies is as easy as creating a folder on your computer.

If anything, Fintech is putting the customer central again. It tries to remove the hoops that consumers must jump through, just to be a client. A wider movement is noticeable beyond just online-only (app-based) banks, which can be seen in how people can get mortgages and loans. Take Credit Culture, for example, which helps you take out a loan as easy and responsible as it can be, fully automated and online. The human assessment element, which can be time-consuming and costly, is taken away and replaced with algorithms and machine learning, being able to offer better rates which are more customised to an individual’s situation. It’s this customer-centric approach the general audience is responding to and younger generations, millennials and Gen Z in particular, are flocking to these types of solutions, rather than going to a traditional bank. This hasn’t gone unnoticed.

Over the last few years, the traditional banks have started responding to this trend in the market and bringing their own Fintech-esque solutions. This is happening with varying degrees of success. The problem that traditional banks really have is that they still are held to the restrictions that make them a traditional bank in the first place. This means the capital expenditures they have (physical assets such as costly buildings), staff that needs to be paid, shareholders that need to be kept happy and much more.

And this is the core of Fintech and why it is transforming and disrupting how we will handle our finances today and in the future. It challenges the very heart of traditional banks, not in how the exterior looks, but in the way, it’s built, brick by brick, pixel by pixel.

7 Signs Your Career is Impacting Your Relationship

/in /by

StrategyDriven Professional Development Article |Work-life Balance|7 Signs Your Career is Impacting Your RelationshipA high-pressure job cannot only impact your general health and personal happiness, but it could also be taking its toll on your relationship with your partner.

As few things will be more important than your other half, it is important to identify how your career could be affecting your love life each day so that you can take the steps to improve your connection.

Here are seven signs your career is negatively impacting your relationship.

You’re Failing to Make Time for Your Other Half

If you head into the office early and leave work late, it is a clear-cut sign you are neglecting your spouse. If you want your relationship to work, you must set time aside in your busy schedule for your other half.

Even if you have the most understanding partner in the world, you must leave work on schedule to take him or her out for dinner or to enjoy some quality time at home together. It will make your partner feel both loved and appreciated, which could strengthen your relationship while providing you with a greater work-life balance.

You Allow Work to Cause Conflict at Home

As your professional and personal life can often intertwine, it can be easy to take various pressures and stress home with you after a tough day at work. Rather than seeking comfort and support from your partner, you might lash out at them for a small mistake or vent about your job.

It is, however, important to bear in mind that it is your employer or a client you are really mad at and not your spouse. It might, therefore, be beneficial to find more productive ways to unleash your anger or stress.

For example, you could:

  • Join a boxing class
  • Sweat out your stress in a yoga or dance class
  • Run on a treadmill
  • Regularly treat yourself to a relaxing massage

The next time you find yourself snapping at your partner after work, apologize for your behavior, and confide in them about your tough day. A kind word or hug from them might be all that is needed to lift your spirits.

You’re Avoiding Your Partner with Work

If you are regularly immersing yourself in your career to avoid returning home to your partner, take it as a warning sign that there are serious issues with your relationship, which you must address.

If you are unsatisfied with your love life, you cannot use your job to avoid your other half, as it is not fair on both you or them to do so. While work might provide you with a temporary escape from a difficult home life, you cannot allow the problem to persist any longer.

Instead, you must discuss your problems with your partner to identify the best solution for the both of you, which could be a trial separation, regular date nights, or marriage counseling.

Your Relationship is Breaking Down

Different factors can cause a relationship to breakdown over time, and it might not necessarily be one person’s fault. If, however, you are taking your stress out on your partner and returning home late from work, it could be affecting your connection.

While following the above steps can help, it is also wise to ask your partner if there are any changes you could make to restore your loving relationship potentially. For example, they might want you to stop working from home on your days off from work, to avoid taking work-related phone calls every evening or to stop consistently talking about your job.

However, a relationship breakdown might be beyond your control, as you could read these tips to identify if your partner is being unfaithful.

Your Work Priorities are More Important Than Your Relationship

While you might tell yourself that nothing or no-one is more important to you than your spouse, you could unwittingly be choosing work over your relationship.

For example, if you are missing important milestones in their life due to attending client meetings or adhering to tight deadlines, it is possible you are choosing your work priorities over your other half. Sadly, this could lead to resentment and conflict, as they might believe your job is more important to you than they are.

While you might work hard every day to provide a better life for you both, your job should not come at the cost of your relationship. For this reason, you must aim to switch off at the end of a working day, so you can both spend quality time together and share in each other’s accomplishments.

You’re Relying on Your Partner to Make You Happy

If your career is grinding you down, you might rely on your partner for personal fulfillment. Consequently, when you clash or argue, you might believe your whole life is falling apart, despite it being a perfectly normal blip in a relationship. If this is the case, you must take it as a sign that you are relying too much on your partner for joy and support.

Instead, you must find ways to improve your happiness and fulfillment, which could mean widening your social circle, finding a new career, embarking on a hobby, or discussing your heavy workload with your manager to take some of the pressure off your shoulders. It can remove some of the responsibility from your other half and could improve your relationship and independence.

You’re Too Tired After Work

Unfortunately, a demanding working day could drain you of all energy once you return home to your partner. As a result, you might have little energy to talk to your other half or to enjoy a fun activity together.

Sadly, your general mood and lack of energy could affect your spouse, as they could feel unloved and unappreciated. If you are struggling with extreme tiredness after work, it might be time to schedule a few well-deserved vacation days to restore your energy levels and give your partner your undivided attention.

5 Mistakes New College Grads Make as They Enter Entrepreneurship

/in /by

StrategyDriven Entrepreneurship Article | 5 Mistakes New College Grads Make as They Enter EntrepreneurshipIt’s that time of year again. Thousands of qualified college graduates are getting set to enter the workforce. They were promised that their hard work and diligence will earn them an attractive job and a high chance of success. With ambition, motivation, and dreams, scores of young men and women will forge their way into the business world. Some of them have lofty goals of entrepreneurship. Many are under the impression that whatever works for high profile examples of successful leaders in business will also work for them. Public information and theory are often misleading, and so is attempting to imitate another company’s or leader’s blueprint. According to some experts, new college graduates often make five brutal mistakes as they try to navigate their own potential new enterprise.

1. Recent college graduates think they know a lot more than they do upon graduation. Implementation is different to theory and ideas, so you need to be able to bring operational performance and many other skills to the table. Knowledge is one thing, but true execution will provide the experience you really need.

2. Many do not understand how funding works and the capitol needed in the initial phases of a business. Inexperienced people are misled when it comes to startup funding and what is needed to begin and grow a business. Often young founders don’t think about basic concepts like unit economics, which is selling something for more than what it costs to make. Even some very well funded startups tend to ignore this.

3. Raising funds does not equal success. Many young entrepreneurs are focused on the superficial belief that the more money they raise, the more successful their business is going to be. While it’s true that, everything else being equal, having more money to spend on your business is good, there is a lot more to it than that simple formula. Plenty of businesses fail because they raised too much money and it encouraged them to do things that didn’t make sense. Many other businesses fail because they raised money that they believed would fund all of their dreams of growth, but it wasn’t nearly enough. Other businesses fail because they raise the wrong kind of money, such as debt they can’t repay on time or equity that causes them to lose control of their business.

4. Inexperienced founders often overestimate their own importance and don’t appreciate the importance of the team they build around them. It is not easy to find skilled people who also happen to be a good fit for the culture and mission of your enterprise. This takes a lot more time, effort, and trial and error than many founders realize if they haven’t done it before. You need a great team to build a great team. But that the classic chicken and egg problem you have to solve. You have to be careful, and realize you will make mistakes, about who you hire early in the life of your company. Only offer substantial equity and responsibility to those who have proven themselves. Recognize your hiring mistakes and correct them quickly. Teams often don’t rise to the level of their best people. They often sink to the level of their worst people. Keep that in mind as you build your company.

5. Know and own your limitations. Young innovators especially, though it applies even to more experienced entrepreneurs, tend to lack self-awareness of their own weaknesses. These blind spots can be disastrous. Most highly successful people understand their weaknesses and surround themselves with others who can do what they cannot, who share a similar vision, and with whom they can collaborate. Inexperience can lead to overconfidence. This is an especially dangerous pitfall for early stage startups and new entrepreneurs.

Elizabeth Holmes and Theranos is a good example of a culmination of all 5 of these mistakes and what inexperience can do to a business idea. She raised $900 million. Her company was worth billions. She was on the cover of magazines and featured on TV shows and one of the best founders in a generation. But it ended in failure and she may go to prison for her behavior.

There are real world, and sometimes life altering, consequences for making these mistakes. Think through your decisions carefully and be aware of the risks you take as you pursue your exciting and hopefully rewarding entrepreneurial journey.

About the Author

StrategyDriven Expert Contributor | Christopher GreyChristopher Grey is the co-founder and COO of CapLinked, and enterprise software company offering an information control and risk mitigation platform for the sharing of confidential or sensitive documents and communications outside of the enterprise. Previously, he was a senior executive and managing partner in private equity and corporate finance for 15 years and directly involved in the deployment and management of billions of dollars of debt and equity investments in various industries. Christopher founded two companies, Crestridge Investments, a private equity firm that made debt and equity investments in micro cap and middle market companies, and Third Wave Partners, which made debt and equity investments in distressed situations, and was managing director of a subsidiary of Emigrant Bank, the largest privately owned bank in the country. Most recently, he is a co-founder of TransitNet, a platform for security token issuers offering title verification, chain of ownership tracking, and other post issuance tools for improving the security and reliability of security token ownership.