Category: Business Insights

Effective communication is essential for your business to succeed. Not only does it transform the way your team works together, but it also reduces in-house conflicts and redundancies. If you communicate effectively, your employees will like you and will listen to you. So, what is effective communication and how do you develop it?

What is Communication?

Communication involves the exchange of information and the method used to make this exchange. In a company, whether it’s a small business or a global corporation, communication is the means by which people exchange information about various business operations. Maximum effectiveness of communication within any organization is very desirable. Here are the elements of effective organizational communication. It is necessary for it to be:

• Verifiably factual: Optimal communication is comprised of information that is completely factually correct.
• One hundred percent complete: It must express absolutely every important piece of information that needs to be said.
• Completely accurate: As well as being complete, communication must be completely accurate.
• Well-targeted: The information you are communicating must be aimed at the right group of people within your organization.
• Easy to understand: You must organize the information so that the people who are listening to it do not need to spend a lot of time processing it to understand it.
• Timely: The information you are conveying must be passed on at the right time.

Why Effective Communication is Vital for Your Business

Ineffective communication can cause all sorts of issues within your company. Workplace risks, incoherent policies, and under-performance are just a few. Optimal communication is key for decision-making and for allowing the flow of back and forth communication through your organization’s vertical channels.

A further benefit of effective communication is that it assists with cross-departmental coordination. This enables your organization to not only have a highly efficient system, but also one which is optimally collaborative, so that all your departments, be they marketing, HR, admin or acquisitions, are all aiming for the same goals.

Strategies for Developing the Most Effective Communication

Here are some measures to help you develop more effective communication throughout your company.

1. Make the most of multiple channels

By using more than one communication channel, you can establish exchanges of information that might not happen otherwise.

2. Improve two-way feedback

Nurture a positive environment and a sense of mutual respect by asking for and giving feedback throughout your organization.

3. Keep the steps to communication short

By making it easy for intra-communications to take place at and between all levels, you ensure improved fidelity in the exchange of information.

4. Be mindful of clarity

Encourage an organizational culture that always aims for sensitivity to the needs of the recipient of the information.

Strategies to Make You an Strong Communicator

If you introduce these tactics into your daily routine, they can help you become a more effective communicator.

1. Lead by example

Practicing what you preach goes a long way in the business world. If you always deliver on your promises, people will follow you because they trust you, so it always pays to be genuine and honest.

2. Keep it simple

Don’t over-inform your team. Too much information just causes confusion. Simply say what you mean; in the world of communication, less is always more.

3. Be authentic

Always strive to be the best version of yourself that you can be. Be who you are, and your team will know you are expressing yourself honestly.

4. Be here now

Always be present. That doesn’t mean that you can’t take a break from work from time to time, but when you are working on planning and strategy, be focused and be visible to your team. Make sure your presence does not go unnoticed. Always allow people a chance to see you around the company.

5. Leave your door open

Make sure that your team members feel they can talk to you when they need to. If you can’t leave your door open all the time, then schedule a time at least once a week when you can. That way your team will know that they can count on you.

6. Encourage self-improvement

Every time a member of your workforce learns a new skill, it’s better for your company as a whole. Many companies support continued education within or outside of the workplace. If you can’t support your employee’s self-improvement financially, at least try to maintain a little flexibility with their schedules.

7. Support vacation time

The last thing you need is a workforce that is burned out and unproductive. To make sure this never happens, be supportive of vacation time. Your team will be much more productive and creative if they are well-rested and refreshed.

Remember, improving your communication skills and strategies can make for a more productive workforce and more loyal employees.

Running your own business from home can feel like a dream. You get to make your own rules, you get to pick the background music, and there’s no fear that a co-worker might steal your lunch. However, starting a home business is no simple feat, but luckily there are plenty of tools available to you that might make the road to success a bit easier to manage. The following list of tools have been designed to make your work more efficient and your life easier whether you’re starting a business or currently running one from home.

Google Docs

Not only can you create a document with Google Docs, but you can also easily share your documents with several people at once. You can give them access to edit and make comments. If you’re both working on the document at the same time, there is even a tool to start up a chat. This is a great tool for those who are working from home and need to stay in touch with their teams.

Trello

Trello enables you to manage any project you’re working on. The site allows users to create lists on a card that you can then add to a board. Just like in Google Docs, it is very simple to share with a team. Open a card to add details, comments, or upload files.

Virtual Phone Numbers

When working from home, it can be extremely difficult to separate your personal life from your work life. That is why getting a virtual phone number for your business can be one of the best tools for your growing company. Having a virtual business number allows you to greet customers professionally, set solid business hours, and transfer phone calls with ease. Also, when you have a virtual phone number, you can access the phone calls and messages from multiple devices, including your tablet or computer.

EchoSign

EchoSign was created to free your life from the clutter of paper. It also a great way to get signatures from clients, employees, and other third-parties. Whatever you need to be signed, simply upload the documents to EchoSign and send them over to where they need to go. The third party simply needs to type in their name and initials, and Adobe Sign (formerly EchoSign) will do the rest. You can also keep an archive of your contracts, making it a breeze to find signed documents.

Asana

Asana is a great tool to use in lieu of multiple meetings. Asana is great if you have many people on your team working remotely. You can manage projects, start conversations, see what progress has been made, and create tasks from conversations in real-time.

Slack

Slack is an app for chatting and sharing ideas. It is a good tool for entrepreneurs because it allows you to create multiple conversations in one app. You can have public chats with your team and private conversations with one or two people. You can keep discussions about each project separately in a clean and well-designed app. It is also very simple to find old messages in the archive, and it can be synced on all of your devices.

Canva

Canva is a design website that can help turn anyone into a graphic designer. You can easily create artwork for any advertising you’ll need for brochures, business cards, Instagram posts, Facebook banners, and more. The site is easy-to-use with a drag-and-drop design tool and ready-made layouts.

Haro

Haro stands for Helping A Report Out. It is the perfect tool for small business owners who want to get the word out about their business but do not have unlimited resources to do so. This tool connects you with members of the media who are looking for content to cover. You can find amazing writers and have open discussions with them and read their media pitches. You might soon find your brand getting recognition from high profile publications you only ever dreamed of.

Jira

Jira is a tool that lets you capture data from every aspect of creating and executing your product. Finding the statistics of any product from the beginning to launch and monitoring the statistics after launch is possible with Jira. You can even get feedback from trusted sources. Since production is always changing, edits are easy, and your entire team will be able to see the new changes being added and taken away.

Many companies have expanded globally to great success while others have tried and failed.

The difference between these companies is not what they offer; it is often how they go about providing it. There is much research to be done for a business before considering global expansion and which countries are most suitable.

Simply because one business model works in one country does not mean that the same business model will work overseas in another country. Advertising elements such as slogans could mean completely different things when translated into another language.

The same goes for logos, a picture or gesture that is considered normal in one country may be regarded as disrespectful in another. Not everything a business offers translates into a new country.

You can save yourself some time by putting in research, looking at the success and failures of other companies, and getting help from experienced entrepreneurs.

Considerations When Expanding Overseas

When you decide that your company should be expanded overseas, you have to develop a well-thought-out plan. Looking at companies that have already expanded to other countries is a great place to begin your research.

What are the best practices for global expansion that successful companies follow? What did the companies who failed do wrong? These are both great questions to get you started in developing a plan of action.

A Few Examples

Take Best Buy, for example, the wildly popular electronics store in America failed overseas in places such as China, Europe, and Turkey. Why? Best Buy only took what worked for its US consumers instead of researching what consumers prefer in other countries. Europeans do not like large stores, such as Best Buy or Walmart. They prefer smaller and more conveniently placed shops.

IKEA is another example, having worked tremendously overseas and almost failed in America. When IKEA first opened in the US, it was a small shop like its original European customers prefer, featuring convenient, one-size-fits-all furniture. IKEA began to fail and quickly realized that American consumers like big stores and diverse wares. The Swedish-founded furniture retailer decided to redesign its warehouses and its furniture offerings to cater to Americans tastes.

Not Even Google is Fail-Proof Overseas

No company is safe from failing in an overseas market. Even Google can’t make headway in China because of its censorship laws and its inability to overtake local Chinese markets and its loyal customers. Without a proper long-term team to build brand loyalty and respond immediately to customer demands, Google will never be able to see success in China as it has in other countries.

Top fast-food restaurants that are staples in America have had their share of struggles overseas as well. Places such as McDonald’s, Starbucks, Taco Bell, and Wendy’s have all struggled in certain countries. When Wendy’s tried to move into Japan, they were quickly defeated by established Japanese burger restaurants and American competitors, McDonald’s and Burger King. However, McDonald’s has had its struggles in other countries, too. McDonald’s has seen significant success in places like Japan and the Philippines because of their ability to cater to the tastes of the local people. They were unsuccessful in the Caribbean and Latin America because of the high costs to run the restaurants and the sluggish economies of the countries they chose.

There is no way to know if your company is going to fail or succeed in another country, but you can make the necessary changes to your company to ensure that your business is prepared for the different marketplace and new consumer tastes. Also, never assume that because your idea is different, it is going to work.

Before you move your company overseas, start by purchasing an international virtual phone number in the country of your choice. When foreign consumers have a way of getting in contact with your company, the consumer will feel safe in their decision to purchase from your business.

Always consider the risks and rewards of each country, too. It also helps actually to spend time in the country of your choice. When you travel to another country, you will get a feeling for what their market and tastes are all about. Talk to the local people, even people you meet on the street, and find out what it is that they like and what they are looking for. If they are going to be your consumer, you will need to understand what makes them tick. Finding ways to stay in contact with your consumer is always the best first step to success.

Related: Top International Business Expansion Mistakes to Avoid

Managing a full-time job and finding the time to set aside for the things that you enjoy is a problem for many people. A majority of people believe that their work commitments demand too much time from them. Not every 9-5 job ends at 5. Being successful means having success in both business and your personal life. In order to achieve this elusive success, a balance must be struck.

In order to begin setting aside the right amount of time for work and play, first, you must become cognizant of how to establish boundaries and set goals. Read on to find out how you can get started on achieving harmony in your life today.

Be Prepared

The best way to achieve more in your week is to set up a plan and execute it. Write down every task that you need to accomplish and organize each task by importance. Give each task an amount of time that it will take so you don’t take on too much in one day. Taking one-half hour out of your week to plan the days ahead will save you a lot of time in the long run.

Focus

Now that you have a list to refer to, concentrate on finishing one task before you move on to the next one. Looking at your list, you may start to feel overwhelmed with all of the items left, but as you slowly tick them off, you will begin to feel relief. Try to prioritize harder tasks at the beginning or when you know that your focus and energy is highest.

Create a Morning Ritual

Crafting out the beginning of your day saves on time, too. Having a strong routine that prepares you for the day ahead will create a more productive workday. For example, if you like to enjoy a cup of coffee before work, be sure to set your coffee maker in the morning. You don’t want to end up in a long, stressful line at Starbucks when you’re running late to work. When something goes wrong in the morning, it tends to make people spiral out for the rest of the day. It is best to set up more than enough time to get ready and get to work to avoid any morning mishaps.

Don’t Let Your Vacation Days Go To Waste

So many people let their vacation days expire and disappear. They are there for a reason and you’ll be refreshed and ready to work once you get back. Even if your budget only allows for a staycation or a weekend trip to visit family, make time for it.

Don’t Miss Out On The Holidays

Holidays are similar to vacations because they are a break from routines. Make plans for every holiday and carve out time for the people you care most about. Even if you have to be at work, it’s fun to celebrate with little things like holiday cookies, office decorations, and costumes. Without holidays, how would we break up the months and distinguish one from the next? We all need a moment to sit back and think about the things that we are grateful for because that is where the fruit of our efforts really comes in.

Set Boundaries

At work, be present at what you’re doing at work, and at home, be present at home. Sounds simple? Not really. We live an age where we are constantly reachable by call, text, email, or fax. Set boundaries and designate work hours that work for you. Don’t forget to let your bosses and your clients know the best time to reach you and when you will be out of the office. A great way to make sure you don’t slip back into old habits is to stop staring at your phone. If you can’t resist the urge to check your emails while you walk your dog, then perhaps you should leave it at home. Or remove your email account from your phone.

When you have a full-time job and a full-time personal life, there is always something that won’t get done. However, that’s life and you should not beat yourself over it. The most important thing is that you prioritize what is important and recognize what is good or not good for your health and relationships.

Developing a global mindset and having cultural competency are the fundamental elements of having a successful business in the global and domestic marketplaces. In order to thrive in today’s integrated labor force, employees, expatriates, and their managers must know how culture can impact business practices and everyday communication. The global business market has become very diverse and, as a result of technology, there are no more tangible borders and impossible transportation/ exportation problems. The only intangible border that exists between multiple countries now is the communication barrier.

Differences, even if subtle, are common across all cultures, and are even evident across state lines in the US. There are differences in the ways that people talk, the ways they walk, and even how they eat their pizza. As a person entering into the global business field, you must expand your awareness of multicultural communication in order to take advantage of the opportunities and avoid things that may present challenges when doing business.

What is Globalization?

Globalization has been and will continue to be the creator of a new and ever-changing international business landscape. Globalization has served as the object tethering societies together no matter how far away in the world they actually are. People now work and communicate across cultures daily with immense simplicity, like they never have before.

As great as globalization may seem, it does come with its challenges. Globalization adds work for managers who have to take on the responsibility of handling the operations of not only their local business, but a global business as well. There is a need for managers to not only have the correct amount of education, experience, and competency, but they must also be able to conduct themselves properly in a setting where there are differences in societal norms and beliefs.

The Importance of Observing Cultural Differences

If a manager is not able to understand such cultural differences, then a corporate partnership or business relationship will essentially be ruined. Misunderstandings between different cultures can become costly for businesses if they are not conducting themselves properly in international territories. When the management is effective in different parts of the world it typically means that they have an awareness, respect, and understanding of the way multiple cultures think, act, and do.

In order to communicate in a cross-cultural manner, the management must be highly aware and prepared beforehand of the best ways to communicate with global business partners. Many corporations have become globalized already and the task of management has grown in difficulty and complexity. Furthermore, managers must now make decisions keeping in mind the issues of other countries. They are in charge of informing their employees and training their employees to be empathetic towards cross-cultural issues. If a manager and her team are not sympathetic to another culture’s issues, there will be disastrous and costly consequences that will affect the reputation of the corporation.

If intercultural business can be conducted properly, then a wide range of options become available for a company. Globalization has seen the growth of many companies beyond what any business was capable of before. Businesses that are successful in intercultural communications gain an advantage over their competition because they can more seamlessly flow into global expansions.

To understand the link between communication and culture, you must first understand that it is culture that influences how one communicates. It is not just language; there are also other characteristics, values, and traits that belong to certain cultures that need to be understood and respected. Culture and communication go hand-in-hand because it cultivates the way people interact, not just what they say.

To become successful in an international business landscape, steps must be taken to understand their language, products, and food. Those are givens, but you must also think about their values, such as what is considered right and wrong. Everyday norms must also be understood, such as how one conducts themself at dinners, in the office, and at home? Where people live and how they live is also important to consider when entering a person’s office or home. Each country is different from another, but doing your research on these key components will help you and your business to become successful in any country in the global marketplace.

Corporation, sole proprietor, and partnership are terms that you’ve most likely heard before and understand the concept behind. But what is an LLC?

LLC stands for “limited liability company” and it combines aspects of corporations, partnerships, and sole proprietorships. It has become a very popular business model for small, new businesses. The LLC model works because it is similar to the way a corporation operates, yet the model is more straightforward and adjustable.

An LLC combines the limited liability of a corporation with the pass-through taxation of a sole proprietorship, which is very appealing to many small business owners. This combination means that the business is its own legal entity and separates debts, yet you can still tie them to your own personal taxes. You can either be the sole member of an LLC or you can have multiple members, like with a partnership.

If it sounds too good to be true, it might be. Though the LLC is a coveted business structure, there are certain businesses that are more well-suited to its model than others. Read on to learn about some pros and cons of the LLC.

LLC PROS:

• No ownership regulations: If you’re starting a business from overseas, there are no restrictions to citizenship or residency. Also, if you want to have corporate entities as a part of your LLC as members, you can. However, if the corporation is the only member of the LLC, the LLC will be treated as a partnership for tax purposes.
• Liability Protection: The members of an LLC are separate from the LLC entity itself, so any debts that the LLC incurs, the members will not be liable for. The only personal assets that are at risk with an LLC are those invested in the company by the personal members of the LLC.
• Adjustable Profit Distribution: In a corporation, the percentage amount that is invested is the percentage amount in profit that is returned to each individual shareholder. In an LLC, the members choose how the profits of the LLC are distributed to each member. This can be differentiated by ownership percentage instead of an exact percentage share.
• Pass Through Taxation: An LLC will not usually pay its own taxes, instead, the income would be passed through the personal income of each member of the LLC and would be taxed as personal income. In this way, the LLC is very similar to a sole proprietorship or partnership.
• Adaptable Tax Status: An LLC is usually treated as a partnership or sole proprietorship during tax season, but the members of the LLC always have the option to treat the LLC as a C- or S-corporation for taxes.
• Few Compliance Requirements: While a corporation is required to keep up a strict schedule of shareholder meetings, bylaws, and corporate resolutions, the LLC does not have to do any of that. Instead, the members of the LLC adhere to an “operating agreement.” Members can still call meetings whenever they want and can document meetings and resolutions, but they are not required by law to do so.

LLC CONS

• Personal VS Public: As the owner or member of an LLC, you need to be able to separate your business and personal finances. This will require you to open separate bank accounts and keep track of different cards and spending. There are other things to think about as well, such as cashing checks in the name of the LLC and the fees that come along with the business accounts.
• A Member’s Departure: If a member of your LLC departs the business, then your LLC immediately ceases to exist. Unlike a corporation where shareholders can come and go, the LLC members must be in for a permanent partnership.
• Taxes: Pass through taxation can be a benefit or it can be a hindrance. Sometimes the personal income of the LLC member will have higher taxes than a company, and you will still be paying for personal tax items such as Medicare and Social Security.

If you are interested in flexible business management and taxes, then an LLC might be the best choice for your business. Even those with partnerships, sole proprietorship, or corporations may benefit from a change to an LLC. However, it is important to plan over any change with a corporate financial advisor to examine the personal pros and cons. Also, it is important to note that some companies cannot file as LLCs. These companies include insurance agencies and banks. For those wishing to establish an LLC in their state, all they have to do is research. For example, if you live in California and are seeking the best LLC service in CA, LLC services can provide expert guidance and legal support to make the LLC formation process smooth and easy.

When you go out into the world you meet all kinds of people with different motivations and personalities. Outside of the office, you can choose who you want to interact with, but in the office, it’s often a situation of “you get what you get.” Pinpointing your own personality type can help you steer your career trajectory in the direction you would like it to be going, as well. Along these lines, it’s important to understand how to work with different personality types as this can also help you to succeed in your career.

Some personality types will get along wonderfully and others may come into conflict more often than not. If your conflicts aren’t able to be addressed properly, you could end up becoming miserable at work or worse. Some of your coworkers may have outgoing personalities and want to talk and socialize with you at work, while others will find this behavior rude and distracting.

When conflicting personalities escalate to a problem among colleagues the issues will begin to throw off the office productivity. All problematic situations need to be managed directly in order to keep your office from becoming disjointed. The first step in keeping your office in harmonious working condition is to identify the 5 different personality types that you might find in a typical workplace environment and proceed accordingly.

1. The Solo Player

These people are multi-taskers that like to handle jobs alone. They prefer to not work with a team, but will if they are assigned to one. However, don’t expect them to grab drinks with the team after work or to volunteer to be the leader. These introverts are usually highly skilled and fast workers. In order to manage a Solo Player, try to give them as many individual work assignments as you can and keep team projects to a minimum. Also, don’t try to force the Solo Player into socializing with others; it will come naturally or it won’t, and its nothing to bother yourself about. Be sure to recognize their achievements and to give them extra time to process feedback and negative performance reviews.

2. The Slacker

Whenever work comes up, the Slacker has a reason to miss out on it. If they’re not needed, they won’t be there; and if they are needed, they’ll probably show up late. They have a list of excuses a mile long and won’t hesitate to give you any of them. How many “grandmas who got sick” does the Slacker have, anyway? Working with the Slacker means you need to be very direct in your delivery if you need something done. If they try to bring up more excuses, let them know you’re aware of the number of excuses they’ve previously given and let them know the consequences if they continue this slacker behavior. This person might need to be micromanaged because their productivity requires plenty of check-ins to get any progress.

3. Your Best Friend

Not just Your Best Friend, he or she is everyone’s best friend. This employee is constantly gossiping by the water cooler, cracking jokes in the break room, and can be found at other people’s desks more often than their own. This person is extremely extroverted and has probably gotten to know everyone in the building; let alone just your office. The problem with the Best Friend is that he might not be spending enough time on his work as he is focused on talking to everybody. To manage this person, use their skills to your advantage and get them to build company culture and organize after-work events. This person will need regular check-ups on progress – a lot like our other buddy, the Slacker.

4. The Angry Guy

Or girl, this person is a ticking time bomb ready to go off on a moment’s notice. You have already pinpointed this person because you’ve previously seen him/her get angry a few times since you started working together. These people can be very bad for company morale and they need to be dealt with immediately. The Angry Guy might be affecting your brand if they interact with customers or clients, and they can do a lot of irreparable damage. Try to find out what is making the Angry Guy so angry. Once those emotions are released, a healing process can occur.

5. Debbie Downer

Nothing can go right in Debbie Downer’s life. Whether it’s their awful in-laws, a mean landlord, or a “lazy” coworker, Debbie just can’t catch a break. The one thing you know about Debbie Downer is that none of this is his/ her fault and everything just seems to happen to his/ her. To manage the Debbie Downer in the office, you need to be objective when they lament about how hard their life is. Try offering constructive feedback instead of pity.

6. The Narcissist

The Narcissist loves to take credit and blame others. The Narcissist does not have loyalty to any coworkers, just himself/ herself. To manage the Narcissist, you need to work closely with them and point out where they could be doing a better job. Watch and see if their team interactions and work are tolerable; if not it might be easier to cut your losses and let him/ her go if they really are too much of a liability.

There are a lot more personalities than 6 in the workplace, but these might be the hardest to work with and will need the most managing. At the end of the day, it is up to you to build your team and figure out who can be let go, wherever necessary. As long as all the roads lead to a happy, productive, collaborative workplace, you’re doing the right thing.