For entrepreneurs just starting their business, a virtual office may seem an expense they can forego until they move to an office space. However, as Telsec’s Terry Van Horne explains, “a virtual office takes coworking to a whole new level with the ability to have all work done by a remote workforce” that prefer their freelancing status and shun traditional offices. He also notes that a virtual office (and remote workforce) has its problems — availability of employees with no set hours of work, customer perception, lack of communication and collaboration, and security – but goes on to detail how to overcome each of them.
Summarizing his discussion, he says that overcoming the disadvantages of a virtual office and/or remote workforce comes down to providing employees with the necessary software tools, office procedures, and management oversight.
In the age of self-improvement, we’re constantly barraged with the message that we can be perfect in every area of our lives – relationships, career, physique. As the author says, “it’s pure B.S., of course.” He then shares his choice of a single rule to live by to succeed in life: “always do the hardest thing first.” Whether it’s balancing the books or making a sales call, with practice, “the psychological dread that caused you to procrastinate in the past will have disappeared.” He then shares “three suggestions for taking the beast head-on”: prepare the night before, establish a soothing ritual, and inform someone else of your plans.
Confidence and passion about your business idea are all well and good, but they can lead to reasoning errors. As entrepreneurs, we all subject to “cognitive biases” based on our experiences, training, and mental state. The author says, “The worst case is called the ‘passion trap,’ where a pattern of beliefs, choices, and behaviors feels good and becomes self-reinforcing, but leads to disaster.” He then cites John Bradberry’s book, “6 Secrets to Startup Success”, which identifies five key biases that sabotage passionate entrepreneurs in their startup decision making: confirmation bias; representativeness (belief in the law of small numbers); overconfidence or illusion of control; anchoring; and escalation of commitment (“sunk cost” fallacy).
To counteract your own cognitive biases, he suggests looking “beyond your own minds and actively listen to your customers, your advisors and your team.”
While billing your customers and clients is vital, even more crucial is getting paid for those invoices. The author of this slide show/article says that due “to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business based on how many payments you receive, the type of business you have and your budget.” With that, he discusses 25 payment tools to suit your needs.
“We all know intuitively that differing perspectives create better solutions,” the author begins, continuing “so why don’t more CEOs do what it takes to install unlike-minded people in the C-suite?” Noting that the reality is because it’s difficult to do, she contends that “the prize is real and tangible,” coming in the form of growth, “both for your bottom line and for your employees.” She discusses her experience as the founder of WEX, and the three of the ways her company has been able to build diversity in the C-site: select the best athlete for the role at hand; let conflict create better ideas and solutions; and third, allow people to show up as themselves.
“No matter how well you plan or how far ahead you think, you’ll eventually be forced to pay an unexpected expense,” the author says. And while “emergencies and unexpected developments are part of being an entrepreneur”, it is how you respond to these challenges that “will define you and shape your business for years to come.” He then discusses five durable businesses that were “saved from a risky situation, thanks to quick-thinking and quick-acting leaders”, from FedEx bouncing back after running low on cash to Intuit reinventing itself in 1985.
When your business starts to gain traction and you’re getting more clients and sales, the business processes you have in place may become hindrances. Some may be redundant, and still others may be useless. In this article, the author walks through how to build a business process that is simple, streamlined, and solid so you can increase the efficiency of your business and take on more customers with ease as your business grows.