On a basic level, a successful business is one that generates enough sales to turn a profit every year. However, if business owners want to maintain that success over a long period of time, one strategy that’s often helpful is creating a positive community around your product, service or business. Doing so offers your customers a place to interact with each other as well as with you and your team, and fosters loyalty and passion within your fan base. However, building a community around your business doesn’t happen overnight, and it will take time and a well-thought-out plan to achieve. To help, 10 members of Young Entrepreneur Council share their best tips for building a community—online or otherwise—and why doing so is so impactful for your business. 1. Create An Open Space For People To Connect The term “community” is used a lot these days, but one thing is clear: If you're not creating meaningful connections between people, you don't have a community, you have an audience. It's important to create an open space for your members to talk, and to encourage an open dialogue that doesn't always involve you or your business setting the tone. Also, remember that, at its core, a community is a basic human need—people naturally want to belong and feel that they belong. Regularly let your community know that they are valued. Remember that there is no substitute for in-person connection. Online communities are a great starting point for ideas and new friendships, but real-life conversations are where those relationships become real. - Greg Ashton, GROW 2. Rally Around A CauseIt is easiest to build a community around a social cause related to your product or service. For example, if you're in the business of manufacturing or selling beauty products, you can start a community where participants share their favorite makeup looks and build each other’s self-esteem. When there is a common social cause, people respond to it and uplift each other. You can start building this community within your work family. Encourage your team members to interact with your online audience. They have to believe in the cause to be able to sell the brand to the community. Be patient. It takes time and effort to establish community connections. Share educational and impactful content within your shared space, and soon enough, more members will be encouraged to share their own stories. - Bryce Welker, Crush The GRE 3. Leverage User-Generated Content One piece of advice I have for building both an online and offline community around a product, service or brand is to source content from real customers. The cost of creating content from scratch can be debilitating for new brands, especially with the ever-increasing demands of content frequency. Paying for professional photography on every social media post is simply not viable for the vast majority of businesses leveraging these marketing channels. Instead, have someone in the organization with a good eye for design and storytelling curate content from real customers. Tons of folks post high-quality content on social media about brands. Reposting is usually welcome, helping to not only build brand loyalty with the creator, but also show customers the brand truly connects with them. - Richard Fong, Disability Help 4. Solve A Problem Without Selling Most businesses these days strive to build communities to gain traction from their respective audiences and promote their products or services. This is a common mistake you must avoid. Engagement is the prerequisite for creating a powerful community. Whether it's people assisting others or businesses helping users find fitting solutions, the core objective of a community is to solve the problems of its members. So, if you strive to build a community, create one that helps people seek the answers they're looking for—not one that advertises how great your products or services are. This will help you create a community that people will gladly want to be a part of. - Stephanie Wells, Formidable Forms 5. Appoint A Dedicated Community Manager The most important thing you can do when building a community around your product, service or business is to hire the right community manager. This is someone who will be responsible for fostering relationships and driving engagement within the community. The right community manager will have a deep understanding of your product or service and be passionate about its success. They will also be able to effectively communicate your vision for the community and rally others around it. Furthermore, they will be skilled in managing difficult conversations and be able to resolve conflicts quickly and efficiently. An effective community manager will be the glue that holds the community together and ensures that it is a positive, supportive environment for all. - Abhijeet Kaldate, Astra WordPress Theme 6. Turn Customers Into Brand Ambassadors Create a dedicated brand ambassador program and encourage your loyal customers to join. Brand ambassadors are passionate about your product and can help spread the word about it. They can help promote your product on social media, at events and through word-of-mouth, as well as build a community by creating an online forum or Facebook group where people can ask questions, give feedback and share tips and tricks. All of these need to happen to build an interactive community around your product. Create a website or blog and offer exclusive content for members only. This will give people an incentive to join and become active members. You can also hold events and meetups for members to get together and interact in person. - Candice Georgiadis, Digital Day 7. Encourage Customers To Interact And ShareI believe the best way to build a community is to encourage others to share their thoughts and experiences. People are looking for brands to help with their problems, but they also want a place for open discourse. I recommend sharing interactive posts that encourage your audience members to speak their minds. For instance, you could ask a probing question, share a startling statistic or invite users to share their experiences with others. - John Brackett, Smash Balloon LLC 8. Be Genuine The first step to building a community is to be genuine. I've seen a lot of people try to leverage the power of social media to grow their businesses and build their brands, but they don't seem to understand the importance of authenticity. They just post generic messages, or they try to be too clever by half. But if you're not being honest, who's going to trust you? The best thing you can do is simply be yourself and share what you love with the world. People will feel connected with you because they can see that there's a real person behind the product or service—and that person cares about what they're doing! - Brian Greenberg, Insurist 9. Provide Educational Resources As business owners, we can’t only focus on the here and now. We must focus on disrupting the industry, effecting change and offering products and services that stand the test of time. What better way to do this than to build a community that supports and believes in what we’re selling? This is why it’s incredibly important to create advisory and educational services to help customers develop and refine their strategies using industry best practices. Whether you do this through online events, free assets or online forums is up to you. What’s important is knowing that being a successful entrepreneur is sometimes less about selling something and more about sharing your industry knowledge to help our communities achieve more. - Riccardo Conte, Virtus Flow 10. Find The Right Platform For Engagement First, find a way to distinguish your brand. The more you set your company or product apart from your competitors, the more interest current and potential users will take in it. Then, set up the building blocks for your community. Target social media platforms or marketing channels that are interactive and allow you to dive deep—and allow your users to dive deep with you. It could be Twitch, Discord, Pinterest, a branded podcast and so on. Lean into channels that your audience already uses or that seem to work well for your competitors. - Andrew Schrage, Money Crashers Personal Finance Source: https://www.forbes.com/
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Great leaders come in many shapes and forms, but one trait they all appear to share in common is their ability to motivate and inspire others. Though this should go without saying, motivation and inspiration within the ranks offers organizations a very useful byproduct: the increased potential for business growth. When employees are inspired by and engaged in the mission of a company, they’re more than willing to take action and find creative ways to achieve their goals. However, the 2021 Global Leadership Forecast found that only 11% of HR leaders say they have the leadership talent they need to grow their business—an all-time low. Many believe the reason has a lot to do with the unpredictability of the challenges a business might face. While organizations could still be preparing the next wave of leaders to step up as previous generations retire, there are things you can do to take control of your own leadership development in the meantime. Even if you’re currently in a leadership role, you should explore opportunities to further develop your skills to encourage business growth. Here are just a few ideas to get you started: 1. Surround yourself with fellow leaders to help each other problem-solve. Making learning a priority can certainly help you grow as a leader. Leadership training is generally a solid investment. If dedicated training isn't for you, then even just 15 to 30 minutes a day devoted to reading a book, perusing an article, or listening to a podcast on leadership can build your knowledge of different processes and procedures. Sometimes, you'll need an outside perspective to accelerate your development. “Business leaders can have tunnel vision at times. Working at one firm, or in one industry, for many years can breed outdated industry norms," says Greg Alexander, founder of Collective 54, the first mastermind community for professional services firms. "By working with peers in a mastermind community, business leaders get exposed to different ways of thinking and innovative solutions. After all, peers are not vendors, or sponsors, looking to monetize a relationship. Rather, they’re seeking to learn from one another in a safe environment.” Leaders need other leaders to challenge their assumptions and push the boundaries of what to expect from themselves. It’s all about finding the right circle of influence to truly understand what you’re capable of. 2. Get better at receiving feedback. It’s no secret that feedback can be valuable, as it offers you a unique opportunity to learn and increase your self-awareness. Whether on the giving or receiving end, however, it isn’t always a comfortable scenario. The mere thought of feedback can make even the most seasoned of professionals feel a bit anxious. Both parties are in a vulnerable position. Getting better at receiving feedback takes more than merely asking someone, “How am I doing?” Such an open-ended question leaves too much room for interpretation. Even if you’ve been working with a mentor or participating in a mastermind community, you may hear nothing more than broad strokes about your performance as a response. You need to be more explicit and specific in your request for feedback. It's also important to make clear that you want to hear honest feedback, and then express the reason for your request. Perhaps you want to learn more about your effectiveness in holding a meeting or whether your approach to a challenge was the most logical. It all comes down to the art of listening. Should you feel yourself becoming defensive, take a step back and ask yourself why. Remember, you are in control of your response. This is meant to be constructive and cordial. After hearing the feedback, turn your attention to what you can improve upon. What was said that you can put into action? 3. Establish a time for reflection and strategy. Reflection is often thought of as looking back on where you’ve been. While a part of the practice, it also entails taking stock of where you are currently and where you want to be in the future—and is an essential component of leadership growth. Without reflection, you would be hamstrung when trying to set benchmarks for yourself and your team. You’d also lack the means to truly assess your performance or that of employees. Reflection doesn’t happen on its own. You need to set aside time for it. You also need to create a process for such an act. If you need to put pen to paper, do so. If you need a quiet spot, find one. Once you’re ready, start asking yourself questions: “What have I learned so far? Did I reach my learning goals? Did I use what I’ve learned? What do I want to learn next? How do I want to learn it?” One thing to keep in mind during times of reflection is to never compare yourself to others. Only then can you really make a realistic plan or strategy for further leadership growth. Use all those questions you’ve asked yourself to develop some new goals, and then figure out the best means for reaching what you want to achieve. Get into the weeds—detailing all aspects of your strategy (i.e., learning opportunities, next steps, potential obstacles, timeframe, and so on). From there, it’s all about putting the plan into action by dedicating time to achieving each goal. Being in a leadership role, you likely know that the best form of training and development is one that’s personalized to the individual. It only stands to reason that you should tailor your personal leadership training through self-reflection and constructive criticism from peers in similar positions—making it really about your abilities and experiences. It’s just a matter of setting aside the time not only for learning but for finding opportunities to enhance your skills. Source: https://www.forbes.com/ Image Credit: Getty
One of the many benefits of being an entrepreneur is the leadership aspect and the ability to make all the key decisions for the future of your business. However, there often comes a time, especially early on, when entrepreneurs may find themselves in need of help. Whether they’re feeling overwhelmed, burned out or simply don’t have the experience or knowledge necessary to make a well-informed decision, many entrepreneurs find that hiring a business coach can be a beneficial solution. Here, seven members of Young Entrepreneur Council each share the “last straw” moment that made them realize they needed help from a coach and why hiring one helped set them on a better course for success. Consider their stories whenever you’re unsure whether or not to seek assistance with your business. Young Entrepreneur Council members each share what made them decide to hire a business coach. 1. I Realized I Wasn't Making Progress With My Goals If you've ever hired a business coach, then you might have felt that the last straw that made you hire one was when your business started to stagnate. You might have understood that it was time for a change and that you needed someone who could help you make those changes. The last straw that made me feel that I needed a business coach was when I realized I wasn't making progress with my goals the way I had planned. I was stuck in an endless loop where nothing positive was coming out of it. I analyzed that I had no one to turn to and ask for advice. Typically, a business coach can help you with your professional and personal life. They can help you develop the skills, strategies and tools that will help you achieve success even when you are facing down times. - Vikas Agrawal, Infobrandz 2. I Was Overwhelmed By My Day-To-Day Tasks For many, the decision to hire a coach is not an easy one. After all, most entrepreneurs pride themselves on their self-sufficiency and ability to problem-solve. There comes a point in every business owner's journey, however, when they realize that they can't do it all alone. For me, that moment came when I found myself feeling overwhelmed by the day-to-day tasks of running my business. I was working longer hours than ever. That's when I knew it was time to seek help. I'm glad I decided to hire a business coach. With their help, I finally got a handle on all of the moving parts of my business. My coach helped me prioritize my goals and create a plan of action to achieve them. They also held me accountable for my progress (or lack thereof). As a result, I quickly got my business back on track. - Michael Garrido, E-Valve Technologies 3. I Needed Accountability I know that I can give myself a to-do list and a deadline, but understanding that someone will be calling me in six days to make sure I got that last task completed is enough of a reason for me to press just a little bit harder and get everything finished by the time that phone call comes. It's easier having to answer to deadlines that I set for myself with my coach holding me accountable to the same timeline. - Mary Harcourt, CosmoGlo 4. I Understood That I Didn't Know What I Didn't Know There is a reason why one of the nation's top marketing experts, Harlan Schillinger, trademarked the phrase, "What you don't know, you don't know." It is a strong statement and something every entrepreneur should understand. No matter how much experience you have, you will never know everything. It is key to your growth as well as the growth of your business to hire a coach or mentor to help you navigate the unknowns and gain the perspective you do not have. Ten years ago, I hired my first coach. Now, I have three business coaches who come from different backgrounds: one who helps us focus on sales and marketing, one who focuses on leading and building teams and one personal coach who comes with over two decades of experience building businesses through growing people. Every manager in our business has a coach as well. - Magnus Simonarson, Consultwebs 5. I Discovered I Dislike 'Reinventing The Wheel I believe that mentorship and networking are critical for any business owner. Why do something all on your own when there are experienced professionals out there who can help you achieve your goals? I think the key is to find someone who has been successful in the same industry as you and who can provide you with valuable insights. A business coach can help you take your business to the next level and achieve your goals. What compelled me to hire a business coach is the realization that I dislike “reinventing the wheel.” I would rather learn from the experience of others and avoid making the same mistakes. Also, I am very results-oriented and I want to achieve specific goals within a certain time frame. I need someone to help me stay focused and accountable so that I can reach my goals. - Syed Balkhi, WPBeginner 6. I Needed To Focus On Areas Outside My Comfort Zone I was always a good programmer and product developer; however, when I launched my own business for a membership plugin, I found that I could not restrict myself to coding and product feature development. I had to get uncomfortable and start focusing on marketing and general business strategy. I was getting overwhelmed, and my business was struggling because of it. I decided to hire a business coach to help me focus on the areas that I was weak in and to be accountable to someone other than myself. The results have been amazing, and my business has grown exponentially since then. - Blair Williams, MemberPress 7. I Needed Help Scaling My Growing Business The last straw that made me realize I could benefit from a business coach’s help was when my company had outgrown its current structure and needed to scale. I knew I needed help to take my business to the next level, and a coach was the perfect solution. They helped me create a plan for growth and expansion, and we continue to work together to make sure my business is on track. I would say that entrepreneurs should always have a business coach right from the start. They can learn from the coach's experiences and change coaches as required or as the company grows. It is important to find the right coach who can help you take your business to the next level. - Abhijeet Kaldate, Astra WordPress Theme Source: https://www.forbes.com/
In order to build a successful business, you need more than just a great idea. You also need good credit. Business credit can be used to get loans, lines of credit, and other financial assistance that can help your business grow. In this article, we’ll discuss 14 ways how to build business credit with business credit bureaus. Let’s dive in! Why it’s Important to Establish Business Credit When you’re just starting out in business, it’s important to establish credit with business credit bureaus. This will give you access to lines of credit and loans that you can use to finance your business expenses. And, if you ever need to apply for a Small Business Administration loan, having business credit will improve your chances of getting approved. Building your business credit is not difficult, but it does take some time and effort. 5 Benefits of Building Business Credit We’ve already established that business credit is important for getting loans and other forms of financial assistance. But what are some other benefits of building business credit? Here are five benefits that building business credit brings:
How to Build Business Credit How do you build business credit? It’s a question that many small business owners ask, and for good reason. There are a number of things you can do like watching your credit utilization, but here are 14 of the most effective strategies: 1. Establish Your Business Entity This includes incorporating as a limited liability company or other corporate entity, obtaining an employer identification number, and setting up a business phone number ensuring it’s used as a dedicated business phone line. 2. Register Your Organization As a business owner, one of the best things you can do to build business credit is to register your organization with a business credit reporting agency. This ensures your business credit file is established and that your payment history is reported to the business credit agencies. 3. Set up a Business Bank Account Setting up a business checking account is another way to build business credit and have a good-looking business credit file. When you have a business bank account, be sure to use it for all of your business-related transactions. Business bank accounts help build a strong payment history and improve the chances of getting approved for loans and other forms of financing. 4. Apply for a Free DUNS To help establish credit for your business, you can apply for a free D-U-N-S number. This D-U-N-S number is used by business credit reporting agencies to identify your business. Any business credit bureau will require a D-U-N-S number before they will begin reporting your payment history. 5. Report to Business Credit Reporting Agencies Your business credit report is one of the most important factors in determining your creditworthiness. Therefore, it’s important to have a positive payment history in your business credit reports. 6. Establish Trade Lines with Vendors and Suppliers As a business owner, it’s important that you’re establishing business credit with vendors and suppliers. Trade credit allows you to purchase goods and services on credit, which can be especially helpful when you’re just starting out or if you’re experiencing cash flow problems. 7. Get a Business Credit Card Business credit cards are a great way to establish credit in your business’s name. When you use a credit card and make timely payments, you’ll build a positive payment history. This helps improve business credit scores and potentially results in a credit limit increase. 8. Apply for a Line of Credit Credit lines are one of the most common types of financing for small businesses. When you have a business line of credit, you can borrow money up to your credit limit when you need it and only pay interest on the money you borrow. 9. Make Timely or Early Payments When you pay your bills on time, it shows up on your credit report and tells creditors that you’re a responsible borrower and can be trusted to repay your debts. 10. Connect with Other Businesses in Your Industry Connecting with other businesses can be a great way to build business credit. When you’re connected with other businesses in your industry, they may be more likely to extend trade credit or offer other financing options. 11. Join an Entrepreneur Group or Networking Organization Doing this can help you connect with other small business owners who can offer advice and support. These connections can also potentially lead to financing opportunities. 12. Request Trade References from Suppliers and Customers When you request trade references, it shows that you’re actively working to establish business credit. These references can be helpful in building your business credit report and score. 13. Borrow Responsibly Don’t max out your credit cards or take on more debt than you can handle. When you borrow responsibly and make timely payments, you’ll improve your business credit score. 14. Monitor Your Credit Scores Always track business credit score changes so you can identify any potential problems early on. This will help you make the necessary changes to keep your business credit score strong. FAQs How long does it take to build business credit? When learning how to build credit for business, it’s important to remember that Rome wasn’t built in a day. It takes time to build business credit, usually about 6-12 months. But, the effort is worth it. Can a personal credit card help with building business credit? No. You need to use a business credit card to establish business credit. However, your personal credit score may go down since a hard inquiry will be run when you apply for your credit card. Can you establish company credit if you don’t have any debt? Yes, it is possible to establish business credit without incurring any debt. One way to do this is to get a business credit card with a $0 balance. Another way to do this is to join a business credit monitoring service. Source: https://smallbiztrends.com/ Image Credit: Envato Elements
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