Every business ever created has or will almost die. A mistake is too costly to make, and as a result, your entire future is put into question. It is not a matter of if in these situations, but when. A new competitor with a disruptive business model might come your way, or a more significant competitor might take what you’re doing and simply do it better.
There is an infinite number of problems you will face as a business owner. From customer complaints to new policies. From budgeting to sourcing. You cannot prepare for all of them because there are simply too many to predict.
What you can do is prepare your business and yourself so that you are ready to face any potential problem. To start? Follow this guide:
1. Hire a Consultant Before Times Get Tough
If you want to help prepare your business, then the best time to start is right now. Don’t put out fires one by one, set up a sprinkler system to tackle all your issues from the get-go. When you start a new business, you are going to feel out of your depth, which is why hiring a consultant can help you minimize risks and grow your business.
Just remember to choose the right consultant. General business consultants can be useful, but nothing will beat a consultant that knows your industry inside and out. If you are in the life sciences industry, for example, then you are going to want to hire life sciences global consulting and solutions. It’s as simple as that.
2. Build Up Your Business Credit ASAP
Small loans that can easily be paid off will work towards building your business credit. You want to improve it and its history fast. It is the best way to make sure that you can get the funding you need in the future.
3. Have an Emergency Fund
Emergency funds aren’t just for personal matters. You should put money away either in a savings account or an investment account so that you can cover any down deposits or other costs in the future. The key is that the account this money gets put into should give you interest. If you just have the cash lying around, you cannot capitalize on it over time.
4. Have All Your Records in Order
You will need to have all your records in brilliant order because one day, there is going to be an issue where you need to prove one far off payment for some reason. Invest in quality software and cloud computing so that you can not only keep track of all your data, expense, payments, and other information but that you can do it safely and securely.
5. Always Keep Learning
If you want your business to succeed, then you can never stop learning. You need to be on top of trends, policies, technology, and so much more so that you can steer your company in the right direction and keep it relevant for years to come.
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If you’re someone who has plenty of experience in running a business and you bring insight or expertise that others can find useful, then there is a career that could very much use that to fuel a career that involves mostly sharing those experiences. Also known as being a professional speaker or a public speaking career, being a keynote speaker means that you are essentially paid to give talks on topics that you have an authority on, but it doesn’t just mean that alone. It’s not just a career, but a business you have to manage, and here are a few tips that can help you learn how to manage that business and excel.
Have something to talk about
A lot of people love the idea of standing up on stage and giving a rousing, inspiring speech that talks to the hearts and needs of the audience. But there’s has to be some substance, some sizzle to the steak, as well. Look back on your experience, and see what you can draw from to serve as the fuel of your talks. Find your niche, and don’t try to be too broad. If, for instance, you worked in-depth on digital marketing, then you can bring the perspective of someone who can speak with expertise on how marketing is crucial to businesses.
Be able to sell it
Even if you’re not speaking on your career as a marketer (because maybe you never had one), you are still going to need some marketing skills in order to excel. Once you find your authority, find your niche, and know what you’re going to talk about, you then need to be able to sell it to other entrepreneurs, decision-makers, or department heads. You have to be able to look at who your audience is (or will be) and figure out what their needs and perspectives are. You then have to look at how to frame your expertise to make it seem vital from their perspective, which means being able to walk a mile in their shoes.
Practice your public speaking
This might seem like it’s too obvious to cover, but a lot of people get into speaking gigs without really taking the time to work on their on-stage presence. You can have charisma coming out of over pore of your body, and be a reliable authority on the topic that you’re going to be talking on, but you don’t know how well that’s going to translate to your stage performance until you try it. As such, you want to make sure you’re sharpening your body language, your rhythm, and other public speaking skills. Public speaking groups like Toastmasters are great for helping you get that practice and working on your public speaking skills.
Good written communication is essential too
As a speaker, it should be relatively obvious that you’re going to need very good verbal communication skills. However, you’re going to have to be able to write well enough to sell your ideas in the written form, as well. Not only do you have to be able to market your speeches through text, but a lot of keynote speakers will expand into another revenue stream: writing books and ebooks. These books are a perfect opportunity to expand on what you talk about at your speeches, so your speeches can effectively act as convincing marketing material for a much more extensive look at what you work on. You may also be able to sell ebooks to those who may not be able to afford to hire you or attend one of your more public events.
Running a business on the road
The life of a keynote speaker is one that sees you traveling from place to place, often country to country. This might sound glamorous and, often, it definitely can be. There are some very nice perks to networking with decision-makers and thought leaders in your industry of choice. However, it’s also demanding. Look at the tips on running an online business while traveling the world from Northeastern University and pay attention. After all, most keynote speakers do not work entirely alone, they have an admin team that is helping them book gigs and sell books from home, and you have to be able to manage them from afar.
Be loose and be comfortable with your emotions
You might think that having a buttoned-down approach to giving a speech and being able to communicate clearly and concisely are the most important skills when it comes to a career in public speaking. However, it’s empathy and emphatic communication that will really grab the attention of your audience most of the time, and you have to be able to tap into that. Humans naturally crave an emotional connection, so if you feel like you have a swell of emotion coming while you’re making a point, be willing, able and comfortable with hopping on that wave. Gesticulate, raise your voice, and don’t be afraid to tap in humor, or even a little intensity, to help drive a point home.
You have to stay up to date
If you want to make sure that your speeches are always relevant, you can’t just rely on the career you’ve had in the past. Your stories are going to lose relevance as time goes on. As such, you are going to want to stay up to date. You can do this by following publications and blogs that speak to your niche and applying your insight into what news and trends you learn about there. But you should also use the experience and network you continue building as a keynote speaker. Take inspiration and borrow stories from your clients and attendees. For instance, if someone comes to you with a problem, speak about that problem and how your method or skills would solve that problem.
Be a good teacher
The truth about keynote or professional speakers is that the vast majority are also in the training business. Much like selling books and ebooks, it’s another way to add a new revenue stream to your repertoire. JobHero outlines the kind of steps you need to take to become a corporate trainer, but often it means getting some sort of certification to teach specific skills that are related to the topics that you speak on. As such, your training career, speaking gigs, and book can all come together as a holistic educational experience that sees you becoming a respected authority on your chosen subject.
Be competitive and productive
In order to truly excel in a public speaking career, you have to be laser-focused on finding new work. Depending on your niche, it can be a very competitive field indeed. What’s most important is that you’re always able to find an audience. As such, you should never turn down a speaking opportunity, even if you’re not entirely sure your audience is your usual one. Learn how to be able to get people together in a room. Networking and marketing both play a huge role in this, but you also need to be able to manage your time well enough to be able to travel from place to place as your work demands it. If you can’t, your rivals will be taking the opportunities you miss.
Keynote speaking is not an easy career. It involves life on the road, a lot of introspection and insight, and being able to hold a crowd’s attention time and time again. But, hopefully, the tips above can help you with that.
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As the world wakes up to another day with terrifying headlines, there will be some who will inevitably be feeling the pull of despondence. We’re entering a new dawn, where everything seems to have changed. The old ways of doing things just won’t cut it anymore and the phrase ‘pivot or fail’ is being whispered in the wings of every virtual board meeting.
This sounds like a recipe for disaster, but what if it’s the first ingredient in a recipe for great success? Followers wait to be told what to do, leaders and entrepreneurs forge ahead with new ways of thinking.
Developing the Entrepreneurial Mindset
How can we change our way of thinking to really build on this idea of seeing things as an opportunity? Developing this mindset takes work, and it’s a skill that needs practicing and honing. It doesn’t come overnight, which is why now might be the best time to start.
Being an entrepreneur means doing things first, being there first, and being in the right place at the right time (or at least making the place and time you’re in the right place and time!).
Here are some ideas on how to practice your entrepreneurial mindset:
Get out of your comfort zone– taking a leap of faith is the cornerstone of an entrepreneurial mind. That doesn’t mean going into things blindly though. If you want to run an event, for example, hire experts like cl-events.com to ensure it goes smoothly, and learn from them as you go.
Learn. Every day – Every day is a school day, that’s the mindset of an entrepreneur. Read books, take classes, do courses. Learn and grow.
Solve problems – If you’re presented with a problem, figure out if you can solve it. Did you know that Richard Branson created Virgin Atlantic because his flight was grounded? He was presented with a problem, and he solved it.
Carve out a vision, and stick to it – Whether it’s Simon Sinek’s Golden Circle or Gary Vee’s enviable passion for his vision, it’s up to each of us to carve out our own why, our own goals, our own vision, and then stick to it, no matter what.
Be positive, even when it’s tough – Famous entrepreneur and YouTube legend Casey Neistat once said: “Failure sucks, but the pain that is failure does not exceed the pain that is not trying at all”. Wise words from someone who has built an empire out of nothing but energy and an unwavering positive mental attitude.
Learn to communicate – This one really is a tough one. Communication doesn’t come naturally to many people, especially entrepreneurs. There can be so many ideas buzzing around in our heads, and we can become so fixated on them that it can be difficult to communicate with those around us, but developing this skill is like the hidden diamond in the rocks. Being able to tell others about our great ideas in a way that gets them enthused and gets them on board means we can effectively make our ideas their passions, meaning we can work with people who have skills in areas we don’t.
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As our world deals with the COVID-19 pandemic, business leaders must understand that it’s going to be technology that determines which companies survive and build success from this unprecedented event.
The current COVID-19 pandemic may be the biggest “unfreezing event” that our economy has ever experienced, certainly since World War II. To turn a block of ice into a new shape you must first unfreeze it, pour the water into a mold, and then refreeze it again. Human habits work much the same way. COVID-19 has forced us all to behave differently—To unfreeze. Our habits will mold into new shapes, habits and routines that may endure once the current crisis has passed. Businesses routines will have to change too. We are entering a new fluid state that will lead to an unprecedented period of innovation and transformation.
Before COVID-19, the world was already on a path to widespread change. In my book, “The Innovation Ultimatum: How Six Strategic Technologies Will Reshape Every Business in the 2020s,” I outline the technologies that will drive unprecedented innovation into products and services in the 2020s, creating entirely new business models. The pandemic makes those technologies more relevant now than ever. These technologies are:
Artificial intelligence (AI)
Blockchain
The Internet of things (IoT)
Augmented reality
Autonomous machines
5G and satellite networks
While some organizations had begun to embrace these technologies before the pandemic, it’s now critical that business leaders keep moving ahead with innovation efforts as we move into a new normal.
With social distancing, we have already seen new behaviors emerge: Increased use of telemedicine, online food delivery services, video conferencing, and home streaming services.
Online schooling is another example. While there has been some investment in online education by various institutions, that’s going to accelerate rapidly as millions of kids are required to learn from home. Educators are installing digital infrastructure, learning how to use it themselves, figuring out best practices on how to get the most out of the medium, training kids on how to use it, and setting expectations for proper use. Once this investment of time, money, and trust is made, a new normal is created. When the current crisis is over, that investment remains, and the barriers to shifting at least some of the curriculum online are already gone. Where it makes sense, digital education may become a common part of all schooling.
This is a clear example of an acceleration. Education’s shift towards digital was already underway. The constraints placed by pandemic only accelerated the inevitable.
The same applies for telemedicine. Here, the issues holding back the shift are not technological; necessary infrastructure is mostly in place. The barrier slowing roll out before the pandemic was that doctors couldn’t bill as much for their time as for in-person visits to a clinic. Expect this challenge to be addressed quickly, and telemedicine to become a more important component of our healthcare systems in the future.
While it’s premature to determine how the world might be different going forward, it’s not too early to take a few educated guesses. Here are some initial thoughts on how things may be different, and how new technology might play a significant role.
Robots don’t get sick. All businesses will make moves to improve business continuity and reduce risk. This may accelerate investment in automation technologies, including artificial intelligence, robotics, sensors, autonomous vehicles (e.g. for delivery), and blockchain technology. Self-driving delivery trucks and drones don’t carry disease if properly cleaned. Even governance of operations can be encoded into blockchain networks and artificial intelligence.
Better supply chains. As part of a broader risk reduction exercise, we will see companies make moves to build more robust supply chains. Expect many measures here, including requirements for multiple sources across multiple countries, some onshoring (especially for critical components and products) and increased levels of transparency and traceability for goods in the supply chain. New provenance chain technology, based on Blockchain technology, can play a big role here. New automation technologies will make onshoring of manufacturing more attractive.
More remote workers. Again, to reduce risk, we may see bigger companies move away from large HQ campuses towards many connected, highly distributed sites. More people will work from home offices. This will constitute a balance between risk mitigation and rapid information flow in organizations. The high-speed connectivity of 5G and satellite networks will be crucial to this shift.
Social apps. New apps and services will emerge that help people remain social while keeping their distance. Humans are social creatures. Let’s see which company will be first to capture the world’s imagination with a new social game designed to connect far-flung family members of all ages.
A new reality.Virtual and augmented reality (VR and AR) technology will likely get far more use. VR offers a powerful sense of immersion, making you feel like you are transported to another place. At a time when that’s one of the things that we can’t do, people will crave the ability to visit distant places and to feel like they share the same space with family and friends. Avatar technology is improving, as are sensors that capture our movements and even our expressions. As low-cost, high-quality AR headsets become available in the coming few years, there is an incredible opportunity for developers to create new social experiences at a distance. Those could include, for example, an enhanced shopping experience in the home or better collaboration between remote coworkers.
A race for broadband. The next several weeks will make the value of a broadband connection crystal clear. Yet, broadband Internet is still not available to half the planet. People in rural areas are particularly disadvantaged. Satellite constellations, built by companies like SpaceX, OneWeb, LeoSAT, Amazon and others, will bring broadband connectivity to every corner of the earth by the end of the decade, much sooner in many locations. This build-out cannot happen quickly enough.
We live in unprecedented times. It’s too early to call how this all plays out, and we should all expect our plans to shift over time as new information becomes available, but every company must begin to think about the new normal and build their business plans accordingly.
The pandemic has proved that in order to survive, every company must become a technology company. Every company must become a data company. Business operations must be retooled using both process automation and worker augmentation.
A construct that I find useful as a futurist is to ask myself several simple questions in the face of a new force of change: What will stop, what will start, what will accelerate, what will decelerate, and what will transform? Think about how answers to these questions will affect your business in the future.
A colleague of mine, former Intel CEO, Craig Barrett, told me back in 2008 that the best way to weather a recession is to invest your way out of it. That way, when the market turns around you can race out of the gate ready to take fullest advantage of the upswing. No company ever saves their way out of a recession. Innovation will be vital to recovery.
For companies that heed Barrett’s advice and choose to innovate their way out of recession, new technology will be key. As we reimagine products, services, channels, companies, and the entire economy for the rest of the 21st century, six strategic technologies—artificial intelligence, the internet of things, Blockchain technology, 5G and satellite networks, autonomous machines, and augmented reality—will each play an important part.
Every company needs to gain a deep understanding of these technologies and how they might be deployed to meet rapidly evolving consumer needs, to create new channels (that enable remote interaction), to automate business processes, to boost business continuity, and to deliver innovative new products and services that fuel economic growth.
The best way to get out of recession is to innovate your way out of it. The sooner we start to think that way, the sooner we can slingshot ourselves out of our current situation.
About the Author
Steve Brown is an energetic speaker, author, strategist, and advisor with over 30 years of experience in high tech. He is the former futurist and chief evangelist at Intel Corporation and helps others understand the business and societal impacts of new technologies and how they will shape the future five, 10 and 15 years from now. He is the author of The Innovation Ultimatum: How Six Strategic Technologies will Reshape Every Business in the 2020s. Steve holds Bachelor of Science and Master of Engineering degrees in Micro-Electronic Systems Engineering from Manchester University. He was born in the U.K. and became a U.S. citizen in 2008. He lives with his wife in Portland, OR.
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I am a results-oriented leader, but I have been labeled “tactless” and “overly direct.” And I lost a job as an executive because of it.
So, believe me when I say I know how it feels to have others call you unflattering names when you believe you’re just trying to do your job or help them. (Isn’t it ironic that those who want you to be more respectful often end up calling you demeaning names?)
I also know that during this pandemic – as you’re forced to work remotely – that your “abrasive” personality may also be causing problems in your home life. Your family members may find your driven behavior less-than-endearing and it’s causing you some concern.
While you certainly don’t want to alienate those you care about and threaten important relationships, I also think you have great value in your home as a leader – as long as you’re willing to make some changes.
I know this because I’ve been in your shoes. I lost my job as a chief operations officer because, as I said earlier, I was seen as tactless and overly direct. That’s when I decided to change and became an executive coach and licensed clinical worker who helps other executives learn to drive results without damaging relationships. I’ve also become a better communicator in my own marriage.
Let me emphasize that I’m not asking you to change who you are or simply become a nicer person. In fact, your can-do attitude is just what is needed right now. You have something truly important, the ethos of the Navy SEALS: a “warrior spirit”. It’s your ability to focus on results in these volatile, uncertain, complex and ambiguous times that is so critically important right now.
What I am asking is that you become a better warrior.
In simple terms, you cannot continue to bully people, whether it’s in the workplace or at home. Your style must change. You must learn to harness your can-do spirit into something more positive.
The reason? Because people find your personality annoying, and that is damaging your important links to others and making you less effective.
A big piece of this disconnect between you and someone else is about cultural diversity. For example, I was raised in a New York City housing project that was built for World War II veterans. My family was loud, even by New York standards. Today, when I talk to people in New York, they think I’ve lost my edge. On the other hand, people in California think I’m too loud.
The point is that if you’re really annoying to some people because your personality is too loud or too direct, then they’re not going to recognize your value.
If you have a “warrior spirit,” you may also run into a disconnect with others when you don’t see them demonstrating values you find important: serving others, being the best and striving for success. When the people around you don’t perform or behave in ways that are consistent with your values, then you feel personally threatened. In other words, your abrasive behavior is actually a defensive response to feeling attacked.
Relationship rules
If we truly want to be effective leaders in the workplace or in our families, we need to understand that our job is to create connection and to help others take their performance to a higher level. There is a lot of contemporary research that says that work teams perform better when there is trust and people can be themselves. Surely this also applies to families.
With that in mind, here are some tips for managing your “warrior spirit” at home:
1. Understand that with love comes annoyance. When my wife was facing cancer surgery a couple of years ago, we found ourselves snapping at each other. That’s when we realized that we had moved out of the “denial” stage of her diagnosis and into the “anger” stage. We began talking about how we can drive each other nuts at times. We then came to the realization that when you find someone to love, you can make a choice at that time to be alone for the rest of your life – or annoyed for the rest of your life. Once my wife and I accepted that we’re going to annoy each other, our peace with one another grew. I believe this ability to accept annoyance applies to children as well.
2. Have compassion for everyone. When you have the “warrior spirit,” you must cultivate compassion for people whom your brain is telling you don’t deserve it. Compassion means recognizing that, just like you, other people are imperfect. It means recognizing that they are suffering or are in pain and want to do something to alleviate it. Still, compassion does not mean letting people escape the consequences of their behavior. Children raised in families where they were not held accountable do not become upstanding, responsible adults. Executives and managers who do not hold people accountable alienate high performers and lower team performance.
3. Negotiate a family charter.As a results-driven executive who is now working at home because of the pandemic, you are changing a number of often unspoken understandings about family roles and how the family operates. You need to recognize that you are invading the space of your spouse/partner and children. If you start giving directions, you are interfering with how they fulfill their roles and responsibilities. Perhaps more important, you are interfering with how they live their lives. Try holding a family council to define how things will be governed, just as they do in any successful family-owned business. Discuss things like purpose, vision, mission and value, as well as conflict resolution and communication. (Some family businesses require an outside facilitator to help them design and negotiate the charter. Consider you might need help if you can’t reach an agreement as a family.)
Your warrior spirit is especially valuable during these turbulent times, both in business and in your family. But it’s important you make adjustments so that you’re not running over the people you want to help instead of aiding their success and leading the way.
About the Author
Jordan Goldrich helps leaders end dysfunction so their teams can do great things. He is a speaker, Chief Operations Officer and Master Corporate Executive Coach (MCEC) who partners with senior executives to drive results while developing their organizations, teams and the next generation of leaders. He specializes in helping valuable executives who are experienced as abrasive to increase their effectiveness while changing their impact. Jordan is a partner in CUSTOMatrix as well as Senior Executive Coach with the Center for Creative Leadership. He is coauthor of the new book, Workplace Warrior: People Skills for the No BS Executive. www.jordangoldrich.com
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Every business ever created has or will almost die. A mistake is too costly to make, and as a result, your entire future is put into question. It is not a matter of if in these situations, but when. A new competitor with a disruptive business model might come your way, or a more significant competitor might take what you’re doing and simply do it better.
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