Re-engage-your-contracts

Re-engage your contacts in the new virtual world

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Now is the perfect time to re-engage your contacts and develop new ones!

Re-engage-your-contracts

Due to the global pandemic, a new virtual world has developed, growing organically from the need for social distancing and remote work. However, we have also had to put a temporary hold on most traditional networking events, in-person meetings and even simple coffee get-togethers. 

Whether or not you’re a fan of networking, this has led to many business professionals becoming disengaged from their professional contacts. But this can be a critical—and avoidable—business error.

While we aren’t able to easily connect in-person, how can you keep in touch with your professional contacts? Here are three tips to get you started:

1. Get active on social

The key to being successful at virtual networking is to focus on the platforms where your contacts are most active and make those your priority. But don’t make the mistake of spreading yourself too thin. To follow an effective plan, the key is quality over quantity.

If you don’t already have a premium LinkedIn account, now’s the time to make the investment. LinkedIn premium accounts are offered at four tiers, so you can select one that fits your needs and budget. There are often 30-day free trials available if you’re still unsure about committing to a monthly subscription. If you have included other digital platforms (such as Twitter or message boards) in your virtual networking plan, look into upgrading your account to a premium subscription as well.

2. Participate in virtual networking events

Keep your ear to the ground for the opportunity to participate in virtual networking events such as virtual coffee chats or meetups, industry-specific webinars and online training or workshops. 

Can’t find any that meet your networking needs? Then start your own! Reach out to your close network and offer to organize a virtual networking event. Then encourage your contacts to invite two to three of their contacts to the event to help bring fresh ideas and faces to the event.

3. Don’t cancel your booked conferences

It may be tempting to cancel any in-person conferences you had booked, especially with current travel restrictions in place. But hold onto those conference tickets! With many conferences moving to a virtual model, you may miss out on a great opportunity to access valuable information and knowledge that you can share with your network.

Many virtual conferences are also providing on-demand content, which allows you to access panels, seminars and keynote speakers’ when you want. With this increase in flexibility for accessing conference content, you may even find it easier than ever before to share what you’ve learned with your network.

Up Next: Ready to create a virtual networking strategy that allows you to re-engage your contacts? Get started with our four-step process.

At Liquid Capital, we understand what it takes for small, medium, and emerging mid-market businesses to succeed – because we’re business people ourselves. Our company is built on a network of locally owned and operated Principal Offices, so whenever you’re talking to Liquid Capital, you’re talking directly to your funding source and a fellow business person.

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How an «attitude of gratitude» can be your brightest company asset

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Gratitude matters when running a business, both for your mental health and for the health of your organization.

Gratitude-leads-to-business-success

In late 2019, people sat down to make their New Years’ resolutions for the coming year. Many decided to be more grateful in their daily life.

On the resolutions lists for 2020, some suggested to “repeat an affirmation related to gratitude in the morning” or to simply “look on the bright side” — or the very vague suggestion to “be good, be kind, be better.” While relatively simple to execute in theory, could it really be that simple in reality?

Little did anyone know how the world would soon be disrupted by the looming coronavirus pandemic—making gratitude more important, and even surprisingly more challenging, than ever before.

The wisdom of being grateful

You may be surprised that insights from ancient Greek thinkers could resonate with modern CEOs and business leaders, but the importance of gratitude is timeless.

The Greek philosopher Epictetus tells us, “He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has.” Of course, Epictetus must have meant “wise human,” as 36% of US businesses are women-owned!

Modern psychology research supports these insights, too. In studies at leading universities, participants who focused on gratitude felt more optimistic about their lives and even visited the doctor less frequently.

Gratitude forces us to think about the “now” instead of the past and future. This means our minds become free to focus on what we can control, instead of lingering on regret or anxiety.

Sigh… Why do we focus on the negative?

Wanting to be grateful is easy, but remembering to be grateful is hard. When business and life get chaotic, counting your blessings is probably the last thing on your to-do list.

The human brain tends to focus on the negative. One example of this is “loss aversion theory,” or the idea that people care more about losses than wins. Experiments have shown that people get more upset about losing something than gaining something new.

The key to gratitude is overcoming the natural “survival instinct” that causes us to fear failure and instead learn to think slowly and deliberately.

Nobel Prize-winning economist Daniel Kahneman describes two psychological systems in his book, Thinking Fast and Slow. “System 1” is our unconscious survival mode, while “System 2” is analytical, reasoned thinking.

Business leaders know the importance of having a strategic mindset—in fact, long-term planning is key to being an entrepreneur. When facing problems in your business, leaning into gratitude and “System 2” thinking can help you make the right decisions in the long term, rather than succumbing to fear and negativity.

Try these easy gratitude exercises

So, how can you remind yourself to be more grateful on a daily basis?

One way is by starting a gratitude journal. This doesn’t have to be complicated—it’s enough to just get a notebook and jot down two to three things you’re grateful for each day. Don’t worry about repeating things or using perfect spelling.

You could also incorporate more reflection time into your daily routine. This could mean taking 10 minutes to meditate in the morning or taking a short walk at lunchtime.

The most important thing is to be consistent and make sure the new changes stick.

Becoming a grateful leader

Learning to be more grateful isn’t just helpful in your own life. It can also help you inspire others in your company.

According to the Academy of Management Insights, creating a positive “culture of gratitude” in your business can help reduce turnover and improve employee morale. There are other business benefits, too. A report from the Global Happiness Council tells us “a meaningful increase in well-being” yields on average a 10% increase in productivity.

Business leaders and entrepreneurs can encourage gratitude in a variety of ways. Forbes contributor Karlyn Borysenko has shared some stories of how small business owners have built a culture of gratitude including Indira Hodzic, owner of IMAGE MedSpa, who makes a point to share positive affirmations and quotes with her employees. Likewise, human resources consultant Rebecca Mazin encourages clients to write notes thanking employees for specific actions.

Gratitude means appreciating everyone’s contribution, celebrating even the small wins, and giving praise where it is due. It also means giving suppliers, colleagues and customers the benefit of the doubt—even when the going gets tough.

Up next: Building resilience as a business leader allows you to overcome unforeseen obstacles with ease. Learn how this soft skill is every successful leader’s secret weapon.

When business challenges seem overwhelming, access to working capital can help. For more information about business funding options, reach out and we can discuss your situation.

Ignite your virtual networking so you don’t lose valuable contacts

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Is in-person networking no longer an option? Keep the fire of your professional relationships burning with a virtual networking strategy.

Photo by Ketut Subiyanto from Pexels

Stoke the fire behind your professional network, even if face-to-face meetings are no longer an option. With a virtual networking strategy, you can breathe new life into your contacts. 

If you haven’t leveraged a virtual networking strategy in the past, get started with these four tips:

1. Do your research

If you are relatively new to using a virtual networking strategy, you may want to consider taking an online course. A good starting point is LinkedIn, which is currently offering a free course that introduces the basics of digital networking strategies. Then spend some time exploring how other business leaders in your industry are using virtual networking options.

2. Create a plan

Next, create a plan for the following week, month and quarter so you schedule your virtual networking. Book time in your calendar to regularly connect with your contacts, update your profile and publish engaging content. Set goals to stay focused and drive results. For example, you may aim to connect with three high-value existing contacts and make two new connections every week.

3. Perform a digital personal brand audit

Just as your organization must maintain its online brand identity, your social media and online identity is important for setting the tone for your personal brand. (Have you Googled yourself lately?) Start by updating your email signature, social profiles, bios and headshots. You may also want to consider asking close contacts and colleagues to leave LinkedIn recommendations (and in return, offer to leave recommendations on their profile).

4. Get personal

What are the main ways that your contacts prefer to connect with you? Focus on those first,  and then identify secondary (and potentially tertiary) touchpoints that you can leverage. Audit your contact database and update emails, phone numbers, active social handles and personal notes (such as their birthday, family member names and favourite drink). This will help you connect in the right way and add personal touches to your digital communications.

Relationships take work, and this is especially true with business connections. By leveraging a virtual networking strategy, you’ll be able to keep those fires burning until you are able to once again meet in-person.

At Liquid Capital, we understand what it takes for small, medium, and emerging mid-market businesses to succeed – because we’re business people ourselves. Our company is built on a network of locally owned and operated Principal Offices, so whenever you’re talking to Liquid Capital, you’re talking directly to your funding source and a fellow business person.

Avoid these pitfalls of expanding too fast

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Growth is exciting, but there could be unforeseen issues that pop up when your business is expanding too fast. Here’s what to avoid.

You’ve beaten the odds and despite current market conditions, your business is experiencing accelerated growth. This is a dream scenario and it’s an exciting milestone to see the signs of growth after years of diligently building upon your strategy.

But hold on there speed racer! Even if it seems to be the right time to expand, proceed with a bit of caution. If your business grows too quickly, it could derail everything you’ve worked for. 

Before putting more gas in the engine, here are three potential pitfalls of your business expanding too fast:

1. Making the wrong hires

If you’re having a hard time meeting customer demand, then you’re probably feeling anxious to hire new employees. Payroll will be one of your biggest expenses, so you want to make sure to hire individuals who seem to have the same values as your company.

First of all, you should only hire as many employees as you need. Outline the jobs you are looking to fill and ask yourself whether each one is really necessary at this point. 

Secondly, pay attention to the candidate’s experience and how well they fit with your current staff. Hiring the wrong person is hard on your company, could add turnover expenses and can hurt employee morale.

2. Spreading yourself too thin

This is a common problem that occurs from growing too fast. Owners often find it difficult to keep track of everything and manage business operations when there’s so much happening. When things become too chaotic, it’s hard to step back and get an objective look at your business needs.

Still, a certain amount of growing pains is normal when you’re expanding your business. But if your staff can’t keep up and your processes are breaking down, you should slow down. 

To proactively avoid disruptions, expect certain warning signs of business failure. It’s rare that there aren’t indicators that your business is about to start breaking down, so if you know what to look out for in advance, you stand a better chance of avoiding them.

Look out for these 5 warning signs of business failure before it’s too late.

3. Issues with customer service

When your company expands, the demand for customer service will grow as well. It can be tough to deliver the same level of service as you did when you were smaller and had fewer customers to deal with. 

The biggest sign of customer service issues is a sudden increase in complaints. Whether you have just a few or many coming in, you should always listen to and respond to these complaints immediately. On the upside, you will hopefully create a more positive customer experience in the long-term, and handling these issues will show you areas where your business can improve.

You don’t have to turn down new business

There are times when an opportunity comes along that you can’t turn down, but you need extra working capital in order to take it on. With alternative funding solutions such as Invoice Factoring, Asset-based Lending or PO Financing you can gain increased flexibility towards long-term success.

Ready for help? Access the working capital you need with Liquid Capital’s Alternative Funding Solutions.

At Liquid Capital, we understand what it takes for small, medium, and emerging mid-market businesses to succeed – because we’re business people ourselves. Our company is built on a network of locally owned and operated Principal Offices, so whenever you’re talking to Liquid Capital, you’re talking directly to your funding source and a fellow business person.

Financiamientos Recientes – Octubre 2020

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Lost business funding? 4 tips to quickly recover.

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Take these steps to keep your company running if you have lost business funding from your bank. 

Few events are more unsettling for a business owner than losing the financial support of their bank or lending institution. Yet, part of being a resilient business leader is tackling sudden changes and coming out on top. 

As bank’s lending criteria becomes more stringent, many businesses have had to face the reality that traditional financing options aren’t available. Though there have been government programs created to help business owners, not everyone will qualify — or you may still need additional working capital.

Here’s what you can do to survive if you have lost business funding from your financial institution:

1. Update your financials

To uncover which solutions will be best for your business, update your forecasts and business plan as quickly as possible.

Perform a credit check on your company and identify any problematic areas that you can correct before approaching a new financial institution. You should also conduct a registration search to see if any of these registrations need to be dealt with before talking to a lending partner.

2. Reach out to your network

Once you’re in a position to put your best foot forward to a new lender, start working your network of contacts. Ask them if they have connections with banks and other lenders that may want to do business with you. Discuss this with your accountant, lawyer, insurance broker or anyone else you think can refer you. 

But sometimes conventional banks won’t touch less-than-stellar businesses. If your business is hurting and out of financial covenant, you’re going to have to reach beyond conventional banks and approach non-traditional funders such as invoice factoring partners and asset-based lenders.

3. Don’t overlook your curb appeal

Whomever you approach, preparation is key when looking for a new funding partner. Not having an up-to-date financial statement is a red flag for lenders that can easily be avoided.

Professional lenders will check into your background and it’s wishful thinking to believe that they won’t find shortcomings — or worse, skeletons. And in this era of pervasive social media, examine your online presence, including your personal one, for anything that may cast you in an unflattering light. Any content that shows you behaving irresponsibly could affect your credit rating and, ultimately, your next banking or lending relationship.

Want to learn how to become lender friendly? Get our Lender Friendly Guide here.

4. Stay current with market trends

If your business is shipshape, keep an eye out for changes in the economic climate that may sideswipe you, as the banks tend not to view individual businesses in isolation. Stay current with business reports, as banks will often express concern about certain sectors in the media. 

If the banks announce that they are reducing their exposure in your industry, then it’s time to get proactive. Begin making contingency and continuity plans in the event that your current funding becomes unavailable or limited.

Ready for help? Access the working capital you need with Liquid Capital’s Alternative Funding Solutions.

At Liquid Capital, we understand what it takes for small, medium, and emerging mid-market businesses to succeed – because we’re business people ourselves. Our company is built on a network of locally owned and operated Principal Offices, so whenever you’re talking to Liquid Capital, you’re talking directly to your funding source and a fellow business person.