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THE EO BLOG

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How Entrepreneurs Can Manage Quiet Quitting in 2023

13 January, 2023

Contributed by Dhiren Harchandani, an EO UAE member who is a transformation architect, speaker, author, and endurance athlete with over 2,500 hours of coaching experience. He’s the creator of several personal development programs designed to transform each area of life: Superhuman Journey, Master Your Inner Game, Guided Forgiveness, and Recode your Thoughts. He’s on a mission to show every human being on planet Earth how to Master their Inner Game.

Why is “quiet quitting” detrimental to an entrepreneur’s growth?

If you are an entrepreneur, you’ve almost certainly come across the term “quiet quitting”. The term has evolved from a TikTok trend to a work culture that has captured the interest of many LinkedIn experts and is currently in practice in workplaces all over the world.

As an entrepreneur, you may wonder what this means for your business or why you should even care. But if your goal is to build a successful business, the quiet quitting trend is definitely a concern.

What is Quiet Quitting?

Unlike the literal definition of “quitting,” quiet quitters do not leave their jobs. Instead, they choose to work strictly within their job description with no desire to work longer hours or display full enthusiasm toward their job. The roots of this trend can be traced back as early as 2009, according to a remark that Wikipedia attributes to “economist Mark Boldger,” but gained popularity after the pandemic. However, Bryan Creely is believed to have used the term “quiet quitting” for the first time on March 4, 2022 in a TikTok video. It has since gained quite a buzz among workers in the corporate world.

Why should entrepreneurs care?

Some common traits of quiet quitters include a lack of enthusiasm toward work and a loss of interest in the company’s success. Big companies with large financials and human resources might not suffer irreparable damages as a result of these toxic work traits, but entrepreneurs with small businesses will most likely feel the negative impact of quiet quitting. Teamwork is key to business growth, and it is difficult to achieve this when some employees are deeply opposed to showing productive commitment toward their work.

How can entrepreneurs manage “quiet quitting” among their employees?

To manage “quiet quitting” as an entrepreneur, you must first be willing to identify its possible causes without bias. There are certain reasons why employees might begin to practice quiet quitting, but the major reason that entrepreneurs might want to consider is the work culture at your company.

Since the pandemic, people are more concerned about finding a balance between their Outer Game (career) and their Inner Game (peace, happiness and well-being). Nobody wants to be stuck with a job that does not offer this balance. Most employees do not become quite quitters overnight, but an absence of balance can force them to practice the trend.

Following are four logical tips to help entrepreneurs combat quiet quitting among employees:

1. Evaluate and review work culture. The last thing anybody wants is to be stuck in a toxic workplace. Research has shown that toxic work culture is the leading cause of quiet quitting. That’s why it’s critical for entrepreneurs to prioritize regular evaluations of workplace culture. Entrepreneurs should also review their leadership abilities and how they contribute to employee morale.

2. Any increase in workload should be temporary. The major reason why most employees are seeking balance between their Outer and Inner Game is that they would rather be happy than burnt out. Increased workload is a major contributor to burnout and quiet quitting. Increased workload in workplaces is unavoidable at times, but it should never become a norm that employees are forced to adjust to.

3. Set honest and clear job expectations. Some employers are guilty of adding more requirements to an employee’s job description. This is not only unfair, but it also reduces productivity. When you set clear expectations as an employer, you’ll be able to properly evaluate the efforts of your employees and easily identify underperforming employees. Many employees are willing to work outside their job description but not when they are coerced to do so. Use your leadership skills to foster joy and productivity in your workplace, and your employees will respond accordingly.

4. Prioritize employee growth. The feeling of being “stuck” is one of the most hated feelings in the world, especially in the corporate world. As an employer, it is important to have performance discussions and identify opportunities for employee growth in your workplace. When your employees understand that you are committed to their growth, there will be an increase in productivity and general workplace growth.

However, there are certain cases that might require you to have a word with the “quiet quitters” at your workplace in an attempt to figure out their exact reasons. These cases might also require you to take serious actions, including suspension or termination of employment contracts to protect your business.

Entrepreneurship is one of the hardest journeys in the business world. In order to walk successfully down that road, you must be willing to detect factors that might stand as threats to your business and address them immediately.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Company Culture PEOPLE/STAFF Productivity WORK-LIFE INTEGRATION

Tags: Dhiren Harchandani entrepreneurs' organization EO UAE Inner Game Master Your Inner Game

4 Ideas for Maximizing Cash Flow in Your Business

11 January, 2023

Contributed to EO by Chris Ronzio, a recent guest on the EO 360° podcast, where Chris and EO 360° podcast host Dave Will discuss $33 Million in Funding.

“Cash is king.” You’ve probably heard this phrase hundreds of times in the business world.

It’s always been true, but cash flow is especially important to think about now as we’re (potentially) heading into a recession. A cash crunch can quite literally be a matter of life or death for your business.

You might think simple stuff like raising prices and pushing sales will boost your cash flow. But revenue doesn’t always mean an increase in cash. So, to help you brainstorm, I thought I’d share some things I’ve done over my years in business to help increase how much cash my businesses have on hand.

Buy in bulk, even if you can’t buy it all now

My first business was a video production and distribution company that I ran out of my dorm room in college. We’d ship literally thousands of DVDs every month. And every month, I’d go to a warehouse to buy DVDs, DVD cases, ink cartridges for the DVD labels, and all kinds of other supplies.

One month I went into the warehouse and the guy who ran it, Wayne — I’ll never forget his name — says, “Hey Chris, you’ve been coming in here month after month. Why don’t you make a bulk order?”

“Well,” I told him, “I don’t have extra cash to buy that much right now. I can’t just buy 10,000 DVDs.”

“Well, how many do you think you’ll buy in the next year?” he asked. “Thirty thousand? If you can commit to 25,000, I’ll give you the bulk price, and you can pay as you go.”

This immediately gave me huge purchasing power, and I ended up saving 30% on my cost of goods sold. So, even if you don’t have cash for a big bulk order, try committing to buying a large amount from a vendor and see if they’ll give you the bulk price. It’s a cash win for them, too, since they’ll have a consistent revenue stream locked in.

Weigh owning vs. renting equipment

That video company required a lot of equipment, and because video technology was changing so fast, I literally needed to replace my gear every year. Because our business was seasonal—we mostly shot videos for students and student-athletes during the school year—I knew when business was about to slow down, so I would plan to sell off that year’s equipment to recoup some of the cost.

That gave us a quick influx of cash to last over the summer, and when jobs came up, we’d just rent equipment. So if you know you have some equipment or technology that’s going to need an upgrade, consider selling it ahead of your slow periods and renting until it’s time to buy again.

Get payments up front

At Trainual, we sell monthly and annual plans. When we started out, I thought there was no way people would buy a year subscription to a training manual service. But fast forward two years, and half our sales are in annual plans because there’s a small discount tied in.

From a vendor’s perspective, this means you get 10-11 months of cash up front instead of one month, which can make a huge difference when revenues are falling. On your balance sheet, this shows up as “Deferred Revenue.” But in practice, putting that cash in the bank helps you fund expenses in the short term. Essentially, it buys you time when money isn’t coming in.

If you’re a service provider, you can also increase cash by raising the amount you charge up front for a project. So, say you’re charging 25% to get started—increase that to 50%. I was able to do this with my consulting business once I’d created enough demand because once you can control the payment terms, you can get a lot more cash from the get-go.

Ask for discounts

This one seems incredibly simple, but just calling your vendors and asking them for discounts can save you a few hundred dollars a month. That can add up to a lot of cash over a year. It costs your vendors considerably more to attract new customers than to invest in existing ones. Use this as leverage, and if you see a vendor offering an introductory sale or promotion, give them a call. Say, “Hey, I saw you’re running this special. I’ve been with you a long time—can I get that price?” Making a few calls can save you a lot of cash as the discounts add up.

None of this is groundbreaking news, but they’re all little things you can do to help your company’s cash flow. By negotiating with vendors, committing to larger supplies, changing your payment terms, and weighing renting versus owning equipment, you can pump some much-needed liquidity into your business. Remember, “Cash is King,” so you should always be thinking about ways you can maximize your cash flow.

Chris Ronzio is the founder and CEO of Trainual, a leading SaaS platform that transforms the way small businesses onboard, train and scale their teams. Chris is the host of “The Fastest Growing Companies” and “Organize Chaos” podcasts, as well as the author of the best-selling book, The Business Playbook— How to Document and Delegate What You Do So Your Company Can Grow Beyond You.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: FINANCES OPERATIONS STRATEGY

Tags: cash flow Chris Ronzio Dave Will entrepreneurs' organization EO360 Trainual

Why I Drove Across India in a Glorified Lawnmower

6 January, 2023

In addition to rethinking business strategies to help your company thrive, the new year is an ideal time to assess your personal journey and decide which bucket-list items to pursue.

If you’re the adventurous type (we see you, EOers!), take inspiration from Matt Haney of EO Minnesota. In 2022, Matt and his Forum-mate, Riley Harlan, completed a Rickshaw Run across India. We asked Matt all about it. Here’s what he shared:

What is the Rickshaw Run?

The Adventurists website describes the Rickshaw Run like this: “Imagine yourself and a couple of mates squashed into a 1 donkey-power rolling cake tin tackling thousands of miles of old-school adventure. There’s no set route, no backup, and no way of knowing if you’re going to make it. The only certainty is that you will get lost, you will get stuck and you will break down.”

Matt: The glorified lawnmower we drove across India was an auto rickshaw (or “tuk-tuk” or “auto” as they are often called). It is an open-air vehicle with three wheels, a 7-horsepower engine and top speeds of around 35mph (maybe faster when going downhill).

The Rickshaw Run is a loosely organized adventure in which teams of two or three people take on the two-week challenge of navigating a tuk-tuk from one end of India to the other, with no set route, relying on the kindness of strangers along the way.

That’s the adventure we signed up for, and we enjoyed (almost) every minute of it.

What inspired your recent Rickshaw Run?

Matt: I discovered the Rickshaw Run during a random YouTube rabbit hole, maybe 10 years ago. And it drove me to obsession! Covid and losing loved ones during the pandemic inspired me to get busy living. Thankfully, Riley Harlan (fellow Forum mate) was willing to join me on the adventure.

Riley: It started out as a way for me to test the business I built to see if it could manage without me for three weeks, while enjoying an awesome adventure. Once I was there, however, we kicked off the trip by meeting some great EO Kerala members, who were incredibly welcoming. Over the course of the journey, we met many wonderful locals who were incredibly generous, as well as other adventurers from around the world who were also participating in the Run. 

Please share the details of the Rickshaw Run.

We started in Fort Kochi, Kerala and finished in Jaisalmer, Rajasthan—that’s more than 4,000 kilometers (almost 2,500 miles). There were no rules, just a starting point and a finish line. It was 100% up to the participants to find the way from start to finish.

We were given a rudimentary tool kit and basic maintenance instructions on the rickshaw that required screenshots for future reference. Issues with the tuk-tuk were common, but we only had one major breakdown: a blown head gasket that sidelined us for the better part of a day. We also experienced consistent, persistent issues such as clogged fuel filters and a clogged carburetor. 

Highlights of our two-week adventure across India:

  • Finding ourselves all alone on the yet-to-be-opened Mumbai Expressway. We drove two hours on a six-lane superhighway with zero traffic!
  • Driving 4,000+ kilometers and only six traffic lights.
  • A harrowing descent into a forest with hundreds of monkeys crowding our rickshaw, quietly staring at us, trying to force us to stop as we slowly and eerily drove by!

The Rickshaw Run is an endurance test—the only winners are the finishers.  There is a Survivors’ Party at the finish line. But the journey along the way is the big win. 

Did you choose the color and design of your rickshaw?

The Rickshaw Run allows each team to pimp their rickshaw by submitting a design that is painted onto it. Since Riley and I are in the same Forum, we thought it would be fun to include the EO Minnesota logo.

The design was a blast to figure out. We chose colors that were an homage to Prince, as was the Prince guitar on the front. Festina Lente is the name of our Forum, which aptly translates to “Make haste, slowly”. The turtle with the sail is the visual representation of Festina Lente.

My favorite part was the name we came up with for our rickshaw: Rocinante—the name of Don Quixote’s horse. Wikipedia describes him best: In many ways, Rocinante is not only Don Quixote’s horse, but also his double; like Don Quixote, he is awkward, past his prime, and engaged in a task beyond his capacities.

Is the Rickshaw Run a fundraiser?

The Rickshaw Run requires that each team have a charity. We raised US$5,200 for local Minneapolis small businesses along Lake Street via the Lake Street Business Council. We wanted to create awareness and show solidarity with the Minneapolis entrepreneurial community, which was devastated by both Covid and the 2020 civil unrest.

What surprised you most about the entire experience?

The people! The local people we met along the way were absolutely amazing. Every single day, people would ask us to pull over for a selfie, invite us for a chai, or even to stop for lunch. Every single day, and multiple times per day! It was unbelievably wonderful. 

We also connected with EO Kerala members, who came out to support and encourage us, which was fantastic. On the night before we started in Kochi, we met Rohan Mammen, Rajeev Tharian, Mathew Mazhuvanchery, Issac Alexander and Sonu Vaidyan from EO Kerala South. Then, after the first day of driving, we were excited to meet new friends from EO Kerala North in Calicut: Vineeth Abraham, Zinekhar Ahmed, Nasly Mohamed, Varghese Alukka, Reshma Varghese, Ashique Tahir, and Vinay Kynadi from EO Kerala North. Our EO connection made the adventure more meaningful.

Along our route, we took advantage of Taj Hotels being an EO sponsor and got a 15% discount at all Taj properties, which coincidentally ended in September 2022 at the end of our Run.  So that worked out.  We stayed at many Taj properties, most notably the Taj Palace Udaipur.

Did you gain any entrepreneurial insights from this adventure?

Matt: Yes! I learned that I can be away from my business for three weeks and that everything was fine, if not better, without my presence or interaction

Riley: There was no option while driving to be anything but focused on the journey, something we rarely do. The evenings were filled with exhaustion, but also great opportunities to get to know people from all over the world.

Would you do it again?

Matt: Yes, please!!! How often in life do you get to shed your calendar, rely on the kindness of strangers, and troubleshoot in the moment—all while open-air careening down roads that were entirely unknown to us for 14 straight days? It was amazing! And it makes all other modes of travel seem boring.  

Riley: I look forward to doing it again—and hopefully involving more EOers via a MyEO Group I plan to establish.

Matt Haney, an EO Minnesota member, is founder and CEO of Universal Network Solutions, which provides Cybersecurity managed services. To hear more about the Rickshaw Run adventure, view Matt’s appearance on Rudy Maxa’s World and check out the Festina Lente Rickshaw Run Instagram account.

Riley Harlan, an EO Minnesota member, is the CEO of Symtec, an engineering firm that designs and manufactures specialized products and components for the marine, powersports, E-bike, agriculture, medical and E-vehicle industries.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Entrepreneurial Journey members

Tags: entrepreneurs' organization EO Kerala EO Minneapolis Matt Haney Rickshaw Run Riley Harlan Symtec The Adventurists Universal Network Solutions

EO Members Share Entrepreneurial Trends for the New Year

4 January, 2023

We asked EO members to look ahead in 2023 and identify trends they see for entrepreneurs and entrepreneurship overall. We asked them to share the skills, mindset or tools that entrepreneurs would be wise to adopt to meet the moment. Here’s what they shared.

Video pitching

I see an uptick in pitching via pre-recorded video. We used Loom to pre-record our pitch and share it with potential investors. It’s a great way to personalize a pitch deck and share it with interested parties. I see this as a new trend that will only grow over time. 

— Maureen Brown, EO Austin, co-founder and CEO, Mosie Baby

Cutting expenses in the wrong place

Economic pressures, supply chain delays and employee issues will cause leaders to look for places to cut costs. The big mistake is if they cut in the areas of customer service and customer experience, leaving them vulnerable to competition and eroding market share.

Unfortunately, if history repeats itself—and I predict it will—many companies and brands will make this mistake. Hopefully, your company isn’t one of them. One of the worst places to cut costs is anywhere the customer will notice.

— Shep Hyken, EO St. Louis, professional speaker and author, Hyken.com

A travel boom

Within the travel industry, we are seeing more purposeful travel—longer stays, with more meetings crammed into those days away. And with lockdowns now a thing of the past, we predict travel to also increase from 2022 levels which is a great sign for the industry and for business. We’ve missed face-to-face interaction for too long; building relationships is key to winning more business in 2023. Travel is going to be one of the biggest investments companies will make, and it will be well worth it.

— David Fastuca, EO Melbourne, CMO and co-founder, Locomote

Conscious entrepreneurship and adaptability

I’m hearing a lot about conscious entrepreneurship, the act of prioritizing socially and environmentally conscious values for the company and its employees, which starts in the early stages of forming a business.

Rapid advancements in technology—including artificial intelligence, IoT technology and blockchain—make it crucial for entrepreneurs to stay informed about technological advancements. Being flexible and adaptable will be key for entrepreneurs entering this climate.

With an increase in remote work and cyberattacks on the rise, particularly ransomware attacks, prioritizing cybersecurity is key.

— Benjamin Katz, EO Los Angeles, CEO, Happy Head

Watch the insect industry

In 40 years as a second-generation insect farmer, I’ve never seen this much interest in insects. Insects will be instrumental in the pending global food (human) and feed (animal) deficit. Hundreds of millions of dollars are being invested in this sector for commercial-scale facilities. There is also a groundswell of small farm startups, especially in developing nations, where farmers such as 2022 GSEA Global Finalist Arnold Shoko can convert biowaste streams into feed and fertilizer.

— David Fluker, EO Louisiana, president and co-owner, Fluker Farms

Stakeholder capitalism

I recently read a report by Alan Murray, CEO of Fortune Media, that top executives in charge of Environmental, Social and Governance (ESG) initiatives show no signs of retreating despite talks of an economic downturn. I, too, believe ESGs are here to stay and will become more—not less—fundamental in the way companies operate.

But, while ESGs are a step in the right direction, they are typically just a side initiative rather than a central part of a business’s operating system. In 2023, I believe that stakeholder capitalism will grow exponentially as it offers a true modern-day business model that can be transformational if properly integrated into the organization’s processes.

— Kent Gregoire, US East Bridge chapter, founder and CEO, Symphony Advantage

Temptation to regress

Entrepreneurs shouldn’t worry about the recession; they should worry about what the recession will tempt them into doing. Slowing sales and dwindling customer bases will tempt entrepreneurs into regressing their businesses and themselves by pouring more of their time back into the business. Or, they may regress into traditional ways of work by mandating employees back into the office, even though so many employees love their new-found style of remote work.

How can you fight the temptation to regress?

  • Prepare for winter—hold some reserve cash to ride out bumps.
  • Tap into the mentality of Leaders Eat Last by Simon Sinek and decide whether maintaining your team is more valuable than your own take-home pay.
  • While employees are there to make your life as a business owner easier, it’s even more important to think about how you can make your team’s lives easier. If they like remote work, maybe you need to evolve as a leader.
  • Focus on creating more valuable offerings to customers by reinventing what you provide.

— Richard Phu, EO Sydney, founder and CEO, Outsourcing Angel

Truth will prevail

As a professional business and society intuitive, I see the following coming in 2023:

  1. More people than ever will start businesses due to the negative publicity of many companies that weren’t telling the truth about past misdeeds or failures. Small businesses will need to mentor others. This will result in community successes.
  • Proactive mental health and spiritual practices that are based on staying calm and accessing the higher truth will be a foundation for success and survival in these tumultuous times.
  • Money will be available for businesses that are able to handle the higher truth of this time, without going into the drama of global events designed to bring out the higher truth. For those that go into fear or that aren’t ready for higher truth, it will be a struggle with money until they are ready.

— Kira Leskew, EO Toronto, Professional Business Psychic, The Eagle Institute

Opportunity for startups

As a fashionpreneur and strategist, I work closely with early-stage entrepreneurs and startups. It gives me immense pleasure to see India emerging as the third-largest ecosystem for startups globally.

The coming year will offer new, innovative avenues to make an entrepreneur’s journey more worthwhile, provided we adopt technological advances while staying rooted in our vision and guiding principles. Here’s what I see:

1. Accelerated digital transformation. Be it a product or service, technology and digital tools add to enhanced reach, innovation and overall customer experience.

2. Continued focus on sustainability. Investors and consumers prefer businesses that prioritize ecological impact and sustainability.

3. Immersive customer experience. Never underestimate the power of social media and its effective utilization to provide rich dividends at a fraction of conventional marketing costs.

— Badal Saboo, EO Pune, CEO and managing director, Pune Fashion Week

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Entrepreneurial Journey members

Tags: entrepreneurs' organization eo austin eo los angeles eo louisiana eo melbourne EO Pune EO St. Louis eo sydney eo toronto EO US East Bridge tips

What Might You Bring Into Existence in the New Year?

30 December, 2022

Contributed by Brian Kight, an entrepreneur, coach, keynote speaker and EO member in Colorado. Brian is the founder of Daily Discipline, through which he shares powerful mindsets and explores personal skills that help accelerate the path to achieving your biggest priorities. In his work as a coach, he helps teams simplify and execute on leadership, culture and discipline.

Today is the most important day of your life.

When you see a beautiful sculpture or hear a moving song, remember that a person made that. It did not exist. They brought it to life. They pulled inspiration, formed a vision, gathered resources, applied their skills, and turned a fleeting idea into a spectacular reality.

People bring things like art, music, books, and even entire nations into existence through personal willingness and ability. They fight through boredom, doubt, and distraction. They apply talent, skill, and determination.

We see and experience the result of those efforts. I want you to consider with whom those efforts began and the creator’s personal experience.

All the people who created the music you love, the products you rely on, and the books that have changed your life have traded conformity for excellence. They discarded certainty to chase opportunity. They exchanged valuable parts of their own lives to create value that impacted the lives of others. They heard the doubts, their own and from others, and stepped forward anyway.

Most importantly, these people didn’t have to do all that work. They didn’t have to devote themselves. They didn’t owe us anything. These people honored their gifts by voluntarily bringing them to the world. In some cases, they were well compensated for their contribution. In other cases, they were ridiculed or ruined, only later gaining the proper recognition for their devotion and impact.

They did not sit idly by believing greatness belonged to other people. They did not hide their talents behind fear, bury their potential behind doubt, or allow their visions to fade into the universe, never to be realized.

They did not possess immediate, flawless, and limitless talent. Nor were they endowed with magical powers or divine intervention. They were like you. They are like you.

They simply chose to put what was inside them to work. And what they didn’t have inside them, they decided to learn. And what they struggled to learn, they struggled with until they understood it. And what they couldn’t learn, they persevered through. And what they couldn’t persevere through, they accepted and worked with instead.

This and more is within you, too.

It has been within anyone who has made a contribution to our world and anyone who has allowed their possibilities to lie dormant.

These decisions explain the history of our world. They will tell our future too. The only unknown is who will be among the courageous creators that author our next chapters and who will simply consume what others devoted their lives to create.

Answer the call. Do the work.

This post originally appeared on Daily Discipline, a free daily message to accelerate your path to your biggest priorities, and is reposted here with permission.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Entrepreneurial Journey Inspirational Make a Mark

Tags: Brian Kight Daily Discipline entrepreneurs' organization eo colorado

Why now is the ideal time to learn from your successes

28 December, 2022

Contributed by Brooke Lively, an Entrepreneurs’ Organization (EO)  member in Fort Worth. Brooke is founder and president of Cathedral Capital, which provides strategic financial advice to drive profit by creating customized teams of financial professionals to analyze data trends and guide entrepreneurs through their numbers so they can predictably scale and grow their businesses. Brooke recently shared 4 Timely Business Lessons to Improve Your Company’s Future Profitability on EO on Inc.

I love what we at my company call the “quiet period”.  That time between Christmas and New Year’s when we don’t schedule client calls or meetings with colleagues. The week that we use to catch up and think. And it’s the thinking that I find most valuable.

What worked this year? And the reverse of that same coin: What didn’t work? What will we continue to do, and what do we need to delegate, automate or simply eliminate?

Note what didn’t work

Let’s start with what didn’t work, because that is where everybody always focuses. Take a step back and look at this year’s initiatives. Which ones didn’t work and why? And don’t just settle on the first why—really dig. Was it the wrong time of year, or did it not have the full support of a really well-thought-out marketing campaign?

Where are the bottlenecks in your company? These are always great places to find efficiencies and therefore leaking profit. My caution to you here is, again, don’t settle for the surface problem. Keep asking what we call the AWE question, “And What Else?” And what else could be causing that? And what causes that? And what causes that? Keep asking until you actually get to the root cause of the bottleneck or problem. Stop treating the symptoms in your business and start treating the actual problems.

Don’t overlook goals achieved

But it’s the things that did work this year that I want you to think about the most. Dan Sullivan wrote a book called The Gap and the Gain after discovering that entrepreneurs suffered from a high level of depression and dissatisfaction. They felt like they were always reaching for, but never achieving their goals—even when they were really successful. Can you guess why? Because every time they got close to a goal, they moved the finish line. 

I remember trying so hard and for so long to hit that elusive US$1 million mark in revenue. I scratched and clawed my way toward it with incremental progress. I felt like I would never get there.

And then one night I was at an EO event, and somebody asked me when I would graduate from EO Accelerator and join EO.  “As soon as I hit US$1 million in revenue, of course,” was my response. They asked how close I was. Close, I thought.

So I pulled up QuickBooks on my phone, and it turns out I had annualized US$1 million in revenue a couple of months earlier. And I had missed it. Why? Because I had already recorded several months over $85K, so I had moved my monthly goal to $100K.

I moved my goal from US$1 million to US$1.2 million so fast that I never noticed I had hit my original goal. I didn’t stop and celebrate. When you do this, goals become like the horizon—no matter how fast you run, how much you sell, or how hard you grind, you will never reach it. And that is demoralizing. 

Celebrate your successes

So take the quiet period this year and look back. What were the milestones you skipped over almost without noticing? What projects went well? What parts of your business are running like a well-oiled machine? Pick those out. Celebrate them! Then dissect them, because they hold the secret to your profitability.

If you can learn the lessons of your success, nothing can stop you in 2023.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Best Practices Lessons Learned WOMEN ENTREPRENEURS

Tags: Brooke Lively CathCap Cathedral Capital entrepreneurs' organization EO Fort Worth

Digital marketing survival strategies for tough economic times

22 December, 2022

As every business owner knows, certain things are outside of your control when it comes to the success of your company. The economy is one example. No matter how hard you work, you can’t control economic trends and market fluctuations, but you can tweak your strategies to accommodate difficult financial times and proactively prepare your business for your customers’ mindsets during these periods. 

With some level of economic recession widely expected in 2023, here are six ways you can prepare for survival in what may be a difficult economic environment.

1. Adjust your business model

Businesses need to be flexible and know how to adapt, especially when the economy dips. You might find that foot traffic slows or people spend more in some areas than others in a bid to save money. Knowing how to pivot your business model to stay valuable to your audience is the key to riding out tough times. Whatever direction you decide to go in, make sure you adapt your digital strategy to suit. For example, make sure to update your Google Business Profile, so customers know what services you offer and so that your website is optimized for new search terms to reflect the way your customers are searching now. 

2. Trim the fat on socials

There’s no denying that social media offers incredible marketing opportunities for businesses, and it should absolutely form part of any digital marketing strategy. But when you want to leverage your position in an economic dip, targeting your focus is the way to go. Look at the results you’re getting from different platforms, and focus your attention on one or two platforms that offer the best ROI for your efforts. 

You want to maximize engagement and profits without maximizing your time and expenditure, so reduce your workload by identifying inefficiencies. When a challenging period begins to ease, you can always reintroduce those other platforms. 

3. Manage your reputation

In a crisis, people want to work with businesses they can trust, so your online reputation makes a huge difference in times of economic difficulty. Trust is incredibly important to any customer, particularly when finances may be tight. Customers want to know that they’re not wasting their hard-earned money and that the companies they work with will deliver on their promises.

To emphasize to your audience that you’re a business they can trust in trying times, update your tone of voice to ensure your company comes across as sincere and genuine. It’s also a best practice to highlight reviews and testimonials on your site that showcase your reputation by staying active and engaged with your customers. 

4. Develop your email content

Email marketing is an ideal way for businesses to develop a personal connection with customers and connect more on a human level. When you’re trying to keep your business afloat during challenging times, having a list of loyal subscribers you can create personalized communications for can make all the difference to your engagement levels. You can automate much of the email process too, which increases efficiency and cuts back on operating costs. 

Nurturing your loyal client base is essential in difficult times, so it is critical to make sure you understand the needs of your customers and respond accordingly. Email marketing offers a platform for learning more about what your customers are interested in and engaging with, but also in providing content that’s tailored to them. It’s a personalized conversation with your customers to build those relationships. 

5. Respond to data

In order to grow your business in any economic climate, rely on data rather than intuition. Smart business owners know that you shouldn’t make decisions without data-driven insights to back them up. Otherwise, you’re relying simply on luck, which is not a guarantee that you’ll beat the competition. Take the time to learn about your customers and any changes that have occurred in your industry, so you can chart the right course of action for your brand. 

It’s essential that you don’t lose sight of your company’s goals or avoid overlooking your current customers. It can be tempting to panic and try to gain new customers, but the ones you have now represent a strong foundation for keeping your business in a positive position. Focus on client retention and developing those relationships, as well as maintaining your reputation to instill trust and loyalty.

6. Optimize your Google Ads

When finances are tight, you don’t want to waste money unnecessarily. One area where that’s a risk is Google Ads. Digital advertising is a fantastic way to generate targeted traffic fast, but it’s also worth reviewing your ads to make sure you’re skipping any keywords that are no longer relevant or that aren’t garnering results. By telling Google you don’t want to show ads for negative keywords, you can optimize your spend and keep that marketing budget for better use today or further down the road. 

Contributed by Annie Button, an established business writer based in the UK who focuses on business growth and development, branding, digital marketing and HR trends to help businesses thrive. You can read her article about

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: PR/MARKETING STRATEGY

Tags: Annie button entrepreneurs' organization Google Ads Google Business Profile

The 4 main types of selling (and when to use them)

20 December, 2022

At its core, sales is the process of convincing a customer to purchase something by using a series of planned and polished communication techniques. Good selling involves helping customers understand what they need and want so that they’re more likely to buy your products.

There is no one-size-fits-all solution for selling products—what works for one company or industry may not work for another. And if sales stagnate, it’s time to ask questions and explore new methods.

The key is to find a distinctive sales strategy that benefits your business. To help you do so, I’ve detailed the four main types of selling along with the right time and situation to use them so that you can determine which would be most beneficial for your company.

There are different sales methods that you can use to appeal to your customer. Interestingly, many people who have been in sales for a long time are unaware of these four main types of selling. They include:

1. Solution selling

In the solution selling methodology, the salesperson takes a comprehensive approach to understand a prospect’s needs and then recommends products based on the client’s problem. The solution-selling method puts the customer’s needs and wants at the center of the selling process, making it more personalized and tailored to them.

In this case, your prospects know they have a problem but are unsure how to fix it, so the most important sign to look for in clients is that the client needs a tailor-made support solution that meets their specific needs. You can use this method for products or services with a slightly longer buying process, where the ROI is high. This is an excellent option if your clients are looking for long-term solutions.

2. Transactional selling

Sales representatives negotiate with customers to promote products or services in transactional selling. The sales process typically involves identifying potential customers, developing relationships with them, pitching them a product or service, and closing the sale. Your ideal prospect knows what their problems are and what possible solutions there are, but they want a custom-made product.

With this strategy, the representative usually gets in touch with the customer and then attempts to negotiate a sale. This method works better when the sales representative and customer have a pre-existing relationship. You can use this method for short sale cycles—retail, real estate or automotive—and one-time purchases.

3. Consultative selling

The consultative selling approach is about creating value and trust with potential customers and exploring their needs. With consultative selling, the salesperson’s primary goal is to establish a relationship with the customer; their second objective is to identify and provide the customer with the product they need. This is a complex sales approach to implement because it requires a highly experienced salesforce who are good communicators that ask the right questions and engage with customers throughout their journey. The end goal of consultative selling is to establish a consulting relationship with the client.

Consultative selling can be an effective sales strategy in any industry that aims to generate long-term revenue and profit rather than simply making a quick sale. For example, purchasing a car. In that case, the car salesperson takes the time to ask the client several questions about their needs and purpose before making a suggestion.

4. Provocative selling

Provocation-based selling targets a problem the customer is not aware of, but that is critically important. Once the customer is informed about the issue, they are willing to take care of it. The salesperson must create urgency and show that the customer’s current chosen method is not a safe option. Sales professionals see these challenges as opportunities to show that their products are not just a nice addition but essential.

You can use the provocative selling method to help increase sales during normal situations and when business is slow. You can use digital marketing services like digital PR, video marketing, influencer marketing services, and many more. It gives your customers an insight into your business and how you can assist them with their needs.

Get ready to market!

Focusing on your goals and expectations helps you figure out the most suitable sales strategy for your specific business and industry. Think about what you want to achieve and what steps you need to take to get there. The answers will help you focus your sales efforts and ensure that you’re on the right track.

Contributed to EO by Greg Walthour, the founder and CEO of SocialSEO, a digital marketing firm that made the 2022 Inc. 5000 list and offers a variety of digital marketing services including SEO, SEM, social media, influencer, email, Amazon, and video. Based in Colorado Springs, Colorado, SocialSEO is a national brand with a diverse client portfolio.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: Sales

Tags: entrepreneurs' organization Greg Walthour Inc. 5000 SocialSEO

EO Members Share Their Favorite In-Person Moments from 2022

16 December, 2022

In 2022, EO members enjoyed a long-awaited return to in-person events at the global, regional and local levels. We asked EO members about their most memorable moments and inspiring in-person encounters in the EO community. Here’s what they shared:

EO Global Leadership Conference (GLC) and MyEO Women Summit

“It’s been great being back together, especially with other leaders at EO’s Global Leadership Conference (GLC), where we learned together in our respective tracks and also learned from great speakers. Daniel Pink’s presentation, The Power of Regret, provided an opportunity to rethink and re-frame my mindset.

“The MyEO Women Summit in Barcelona was also fantastic, with 100 other women and men experiencing the sounds, sights, and flavors of Spain. Winnie Hart‘s presentation on how to Stand Out as a Thought Leader provided great tools that reaffirmed why I do what I do.”

— Katty Douraghy, EO US Central Bridge, president, Artisan Creative

UGG founder Brian’s Smith’s story at EO GLC

“I am happy that in-person learning is back. I get tremendous value from the speakers and opportunities to connect with fellow EOers in our chapter.

“My favorite learning event this year was hearing UGG founder Brian Smith’s story at EO GLC. His story reminded me we’re on an entrepreneurial journey—it’s not a destination. It was inspiring to hear how his perseverance carried him through, and how he discovered new micro-niches that resulted in UGG achieving levels he never thought possible. 

“We have all faced challenges in the last few years. Brian’s story was a prime example of entrepreneurial spirit and determination.”

— Rick Gardiner, EO Minnesota, founder and CEO, iAffiliate Management

Meeting new EO friends at global events

“Meeting EO members from all over the world for the Tomorrowland Music Festival (near my hometown) was an unforgettable experience! We had drinks together, partied together and of course there’s a strong level of trust amongst EO members so it’s very easy to connect.

“More recently, 90+ members were together in Qatar for the football World Cup. There were members from all over—including Ecuador, Argentina, India, and the US. We met up for football games, exchanged tickets, explored the city together and helped each other if needed—because we could easily trust each other as part of the EO family.

“I think that’s the most important thing in both those events: Thanks to EO, you are immediately connected into a network of people whom you can trust and rely on without having to look for it in a foreign country.”

— Shrowen Shah, EO Belgium, owner of Passion Jewels

Skiing and talking business with EO friends

“I went skiing with two EO members in Breckenridge, Colorado. One from Florida and the other from Colorado. I’d never skied with either of them—and they don’t know each other. 

“We talked personal and business. My Florida EO friend shared e-commerce resources, and I sent him two podcasts that pertained to his business. He was in town with family, so I got to meet them. 

“My Colorado EO friend just purchased an iconic zip line and rafting company. We talked strategy and EOS on the chairlift. We thoroughly enjoyed sharing our common love for skiing and business.” 

— Byron Walker, EO Colorado, founder and CEO, Survival Frog

EO Entrepreneurial Masters Program, Year One

“For me, it was EO Entrepreneurial Masters Program (EMP), Year One. It is fascinating to share the experience with 65 like-minded entrepreneurs and learn together for four days of full networking and knowledge.

“The best thing is that we meet every year for three years, which allows us to keep in touch. I even have an EMP Forum aside from my regular EO Forum, which makes the relationship with seven other  entrepreneurs outstanding. I can’t wait for our next in-person session!”

— Alex Kassab, EO South Florida, co-founder, Morelia Gourmet Paletas

Our in-person team retreat

“We held our 2022 in-person retreat in Fayetteville, NC. Why Fayetteville? Because my second-in-command/integrator just had a baby. To make it easier for her, we rented a beautiful home nearby, where we stayed together.

“We cooked and ate meals together, played games, plus of course, we did strategy and planning work. It was incredible. Several team members had never met, and it strengthened those relationships 100-fold.”

“I showered them with love and attention. I cooked for them—bacon, of course!—and created experiences that bonded us. 

“As convenient as it is to work remotely, nothing replaces in-person connections. Laughing with each other, challenging conversations, and just hanging out all make such a difference.”

— Wendy Lieber, EO South Florida, co-founder and CEO, ContentBacon

Reconnecting with my team

“For me, it’s been reconnecting and rebuilding the collaborative and fun environment we once had (you can’t quite build culture over Zoom!). We started with a “come as you please” approach to getting our team used to being back in the office. We had been working remotely for over a year; we needed a grace period.

“We then adopted a hybrid work model where team members would be in the office 2-3 days a week, on the days of their choosing. We finally landed on a more structured hybrid model of being in the office Tuesdays through Thursdays and working from home the rest of the week. This framework has really worked well for us! For teams like ours that require creative thinking and collaborative engagement, it feels like the optimal model. 

“We prioritize team bonding and collaboration during our days in the office. Overall, we’ve had a smooth transition back into the office, and we credit our hybrid approach. Having a structured plan has allowed us to be flexible yet still have collaborative, engaged time together on a regular basis.”

— Zahir Palanpur, EO Atlanta, founder and CEO, Azul Arc

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog.

Categories: international members MyEO Experiences

Tags: Alex Kassab Artisan Creative Azul Arc Brian Smith Byron Walker ContentBacon Daniel Pink emp entrepreneurial masters program entrepreneurs' organization EO Belgium eo colorado EO Florida EO GLC eo minnesota EO South Florida EO US Central Bridge EOAtlanta GLC 2022 Global Leadership Conference iAffiliate Management katty douraghy MyEo Women Passion Jewels Rick Gardiner Shrowen Shah Survival Frog Tomorrowland Music Festival wendy lieber Winnie Hart Zahir Palanpur

Upgrade Your Leadership Skills to Stabilize Your Team and Maintain Momentum

14 December, 2022

The pandemic was the strongest catalyst for workplace change I’ve seen in my lifetime. It disrupted the way work was done, which means it also impacted how leaders operate. Remote and hybrid work became the new normal overnight, and leaders had to quickly transition to new processes and systems.

Why was the shift to remote work so powerful? It challenged leaders to think beyond the status quo. As a business consultant, I saw senior leaders shift their teams to fully remote work when, prior to the pandemic, they only allowed flexible schedules on an individually earned basis. Leaders displayed tremendous adaptability during the pandemic—an outcome my consulting company’s been pushing for years.

Luckily, the change seems permanent even as the world opens up again. Some companies are going fully remote while others have drastically expanded their flexible work policies. In many ways, hybrid and remote work created corporate excitement around trying new things. It’s helped leaders reframe their mindset from why something can’t work to how it can work.

According to Gallup, leaders in this new landscape need to “lean on the leadership actions that are empirically proven to stabilize organizations and help them succeed.”

Here are three action steps to better lead your company in an ever-evolving business world:

1. Be deliberate about establishing one-on-one connections.

Building relationships is important, but some leaders deprioritize team development when things get busy. During the early stages of the pandemic, it seemed leaders made extra effort to connect as employees went virtual. Don’t lose that progress.

Sit down with your employees and have expectation conversations. Share what they can expect from you as their leader (proactive communication, interest in their personal development, transparency, etc.). Ask them what else is important to them from a leadership perspective. Then, share the expectations you have of them (client relationships, quality of work, how they engage and support the team, etc.).

After these conversations, you should schedule regular one-on-one meetings. Work with your employees to figure out agendas and cadences that work for them. For example, some of my team members prefer weekly meetings laser-focused on development, and others prefer monthly check-ins to chat about personal updates. These are meetings for employees, so focus on what they want to talk about. Take time to get to know your people personally, and be willing to let your walls down.

2. Stop communicating on a “need to know” basis.

Don’t filter what communication you give employees. You can help people trust you and the company more by sharing the good, the bad, and the ugly. Paychex reports that more than 84 percent of employees with transparent leaders are satisfied with their employers. If your team doesn’t know what’s going on in the business, they can’t help you solve problems.

Be sure to talk about the health of the company in terms of financials, customer wins and losses, and overall strategy. Position this communication not as a one-way presentation but rather collaborative conversation. By sharing the challenges or problems you encounter, you can leverage the collective group’s ideation power and uncover more solutions. And when you communicate how much you value people’s ideas, they’ll be more likely to make suggestions and work harder.

It’s likely that employees may have questions and concerns when you share information. Even if you don’t have all the answers, that’s okay. It gives you the chance to hear people out and demonstrate that perfection isn’t expected.

3. Boost engagement by relying on your team.

Engagement decreases when employees don’t feel needed or appreciated. Recognition increases employee productivity, loyalty and retention. You must view team members as more than just sets of hands. Their potential extends beyond the jobs they do every day.

There are countless ways to engage workers. For example, Southwest Airlines gives workers control over certain job aspects, such as their uniforms and work-life balance. Encourage your employees to help set department goals, improve productivity, or share hiring responsibilities. When you engage employees, you give them a chance to make a difference. This adds meaning to their work and helps them provide better service to your customers.

Once you’ve engaged your team, you’re going to hear new ideas and recommendations. Whether you consider a team member’s idea good or bad, take the time to listen. Think about what’s truly possible. Instead of saying no off the bat, start asking questions: “How do you see this working? What obstacles do you expect, and how do you plan to overcome them?”

Covid-19 forced businesses to be more flexible—and the workforce responded positively. Now, the onus is on you as a leader to maintain that momentum, hear out new ideas, and believe in employees. Remember: The old way of doing things isn’t always the best way.

Contributed to EO by Gloria St. Martin-Lowry, the president of HPWP Group, which promotes leadership and organizational development through positivity, coaching, and problem-solving. HPWP is driven to create high-performing workplaces by partnering with courageous leaders who value the contributions of team members.

For more insights and inspiration from today’s leading entrepreneurs, check out EO on Inc. and more articles from the EO blog. 

Categories: LEADERSHIP PEOPLE/STAFF

Tags: best practices entrepreneurs' organization Gloria St. Martin-Lowry HPWP Group Southwest Airlines

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