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4 ways to keep busy customers happy (without sacrificing exceptional service)

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Keep busy customers happy

Image courtesy of Pexels

If you own a successful small business, you know what it’s like to have a busy schedule. Your customers are likely just as busy as you are, so it’s important that you find efficient ways to help them out. But not just any service will do when you need to keep customers happy.

To win your customers over, you’ll need to provide an exceptional experience that will keep them coming back. Here are a few simple tricks to make that happen:

1. Save your customer’s time with easy transactions

Since customers are multi-tasking as much as you are, your checkout process needs to be as smooth and simple as possible. In a retail store, that means investing in a terminal that allows you to accept all forms of payment (even NFC payments and chip cards) and then getting your customers through the checkout process in a flash. The Square terminal could be just the system you are looking for to improve your business operations and streamline transactions for your customers. For e-commerce sites, users will appreciate an easy checkout experience as well, so make sure they can fill their baskets and checkout with minimum clicks.

2. Be prompt and courteous with your communications 

As a business owner, you know the value of your time, so place that same value on the time your customers take to connect with your business. Clear customer communication is what can really set a business apart from competitors, so invest time into making your communications a top priority. If your customers reach out via phone or email, be sure to answer promptly with courteous and professional replies. When those touchpoints occur via social media, your responses should be even quicker. Of course, you can decrease the need for multiple emails with a comprehensive FAQ page so your customers know exactly what to expect from your business and products.

3. Address customer questions and issues ASAP

Answering customer questions is pretty simple. Dealing with upset customers, however, can feel like a nightmare for small business owners. But with the right response, you have a chance to turn one negative experience into a point of growth for your business. You may even be able to retain that angry customer if you respond with humility and focus on fixing the issue, rather than fanning the emotional response. Just like other communications, this is an area where being social media savvy can save your business, and help you provide better service for your customers.

4. Realize that different customers have different needs

When dealing with customer issues and communication, it can be helpful to remember the golden rule… Treat your customers as you would also like to be treated. But it’s also important to know that not every customer will think, shop or behave like you. All people have different personalities, varied emotional responses, and diverse needs, so tailor your operations and service to fit your varied buyer personas.

For shoppers and business owners alike, time is precious, so make sure you use the time you have with your customers to build lasting relationships, and keep your most loyal shoppers coming back again and again. Focus on building those positive experiences, and your business will continue to grow and profit.

Smart social strategies that keep your customers coming back

Smart social strategies that keep your customers coming back

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Image courtesy of Pexels

More than 50% of customers part ways permanently following a single poor experience. That’s a lot of pressure to make every interaction count, especially since the bar has been set so high — and people’s expectations are constantly on the rise. And because of new online platforms, namely social media, it’s even easier for customers to voice dissatisfaction — or jump ship altogether.

Whether you’re selling products online or just have a website to market your business, keeping a positive online presence will be a key to success for any modern business. It’s no surprise to find recent statistics indicating that e-commerce is booming in particular, and some experts predict the U.S. will see as much as $600 billion spent via the web in 2019.

Fortunately, there are many ways to capture those uplifting reactions online and showcase your client base singing your praises.

Build a user-friendly experience

As Oberlo points out, offering self-help content on your website can immensely improve your customers’ interactions. Think in terms of FAQ pages and a live chat on your site to allow your customers to quickly and easily find the answers they need.

Another idea is to reward customers when they provide feedback on products, such as offering monthly drawings for e-gift certificates. It’s a chance to show your customers their opinions matter and that you’re listening. Consider using a product review platform if you aren’t already, and respond to customers who aren’t happy with offers to resolve their concerns.

Add a personal touch

It’s all too easy to let technology expand the gap between you and your customers. Look for ways to assure your customers they matter as individuals. For instance, when they sign up for newsletters, make sure it’s a worthwhile experience for them by regularly providing educational articles, sending information on new products or deals, and sharing news about accolades, milestones, and community interactions that matter to them.

If you have more information on your clients, send a special offer during the month of their birthday, or send out personalized messages at the holidays. You might not be able to shake their hand and wish them well face-to-face, but reaching out tells them they are valued.

Be reachable in all ways

With social media, a customer can reach a thousand or more friends in a flash, telling the good or bad about your company. This offers you a huge opportunity to connect with your client base, since social media is a free opportunity to engage with your audience in a comfortable and convenient way for them.

As Fast Company explains, keeping on top of your social media presence means your customers stay interested and engaged. Respond to comments and questions, and share information which is relevant and timely. You can use a social media management app to simplify the task— just read reviews to find one that suits your situation.

Catch eyes and provide interaction

Keeping things lively on social media means you’ll boost attention and brand recognition for your company. There is an overwhelming amount of information on the web competing for attention, so interesting events such as a design contest can generate interest while entertaining your followers and encouraging them to share what’s happening.

To launch a similar online event, think of a product with broad appeal and invite your audience to create their own versions. For instance, if you sell coffee products, appeal to them by asking for unique concepts of an insulated coffee container. You can showcase the entries through various online avenues, in-house, and at events — sharing photos and notes about the entrants. Then let your customers vote for their top choice and even consider selling a limited edition of products in your e-commerce shop.

No matter what your industry or which methods you connect with customers online, ensure you provide excellent service, personalized connections, and create an online presence which is interesting and reachable. You’ll forge a solid foundation of positive feedback, leading to more referrals and keeping your customers coming back for years to come.

5 tips to grow an outstanding referral partnership

5 Tips To Grow An Outstanding Referral Partnership

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Discover these important qualities that will help you develop lasting referrals to grow your business.

5 tips to grow an outstanding referral partnership

Think word-of-mouth marketing is dead? Think again. According to research from Nielsen, 92% of consumers around the world say they trust recommendations from people in their network more than any other source. When applied to your business practices, referral partnerships are essential to continual growth.

Referral networks can bring huge value to your business. You may not know all the helpful connections your business contacts have (here’s how you can check your contacts’ connections on LinkedIn), so cultivating a strong referral network is important. It allows you to reach corners of the market that your business may not have been able to reach otherwise and to break through all the noise in the market.

There are two sides to every referral partner relationship. However, whether you’re recommending a client to another business partner or you accept a potential prospect from a referral source, it can be a daunting task. Your reputation, your business and your future success is at stake. As with any relationship, if you’re entering into a referral partnership, there are qualities that you should look for in a partner.

Here are five tips for finding a great referral partner:

1. Understand their needs (and your own)

At the core of any referral relationship is a mutual understanding of one another’s needs. “Partnership is a commitment to a strong relationship based on mutual regard for mutual success,” explains Nicholas McGill, CXO of Heroik Media. It is crucial that your partner understands your goals, values, mission and business needs for success to occur.

2. Be honest and transparent

A partner who is transparent and honest about their business practices will allow you to be confident and secure knowing that your clients (and most importantly, your reputation) are in good hands.

3. Communicate regularly

Stephen Key, co-founder of inventRight and author of One Simple Idea Series, explains that it is critical to maintain an open dialogue and recommends that “setting a recurring time and date will help facilitate talking about any problems that arise”. He also notes that it’s important to find a partner who knows when a situation requires a phone call, an in-person meeting or an email.

4. Strengths should complement the weaknesses

We can’t be great at everything, and when looking for a potential referral partner Key recommends “seeking out people who have different skill sets from yours.” Selecting a partner whose strengths complement your weaknesses, and vice versa, will make both of your business ventures stronger. Look for people who can connect you to different people than usual. Consider geography, demographics, industry knowledge or memberships, and who they’re already partnering with to ensure you’re reaching into a new territory.

5. Value experience and knowledge

When selecting a referral partner, you want to know that they have the expertise in their field to deliver results. Before entering into a partnership, take time to research your partner. Are they a thought-leader in their field? Do they produce regular content that shows they are at the forefront of their industry? Consider speaking with their current partners or customers to learn more about how their experience and knowledge has helped others.

Taking the next step…

Now that you know what to look for in a referral partner, you might be wondering where to start looking for potential new partners.

Ivan Misner, Founder and Chief Visionary Officer of BNI explains that “successful business people have the ability to select and cultivate mutually beneficial relationships with high-quality people in strategically important business categories, and this ability is a core competency for maximum success in networking.”

Take the next step and begin reaching out to your network. And most importantly, keep an open mind. You never know who your dry cleaner, dog walker, or Uber driver might know.

Read more about how to leverage referral partnerships to increase your sales. And learn more about our Liquid Capital Partner Program if you are a commercial finance professional, a BDO, or a banking professional that is interested in extending your network.

Liquid Capital Referral Program Partner Application CTA

Home office

11 secrets to running a business from home

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business from home

Amazon, Apple, Dell, Disney, Google, Harley-Davidson, Hewlett-Packard, Microsoft, Nike. The names are instantly recognizable because they’re all giants in the world of commerce. But do you know what else these companies have in common? They were all started at home — proving to entrepreneurs everywhere that spending a lot on overhead is not necessary to begin building a successful business.

Starting a business can be intimidating, especially when you’re setting up and running an office from your home. You’re bound to run into some issues along the way, but those can be dispatched with a little foresight. And the troubles will be worth it once you begin to see your empire grow beyond your dining room table.

Nail down the logistics

Establishing ground rules early to help govern your time, space and processes can save you a lot of trouble in the future.

1. Set a schedule

One of the most difficult (and most important)items for running a business from home is setting up a schedule. You’ll likely want to give every waking moment to your business — and when your office is just down the hall from your bedroom, you can start before the morning coffee’s even ready. However, try to contain that urge.

Working nonstop is a short road to burnout and can cause problems down the road. Set up specific hours for working, as you would with an office job, and you’ll conserve your energy for the long haul.

2. Meet the legal requirements

When filing your company’s initial paperwork, it’s important to know the rules and regulations your city imposes upon home-based businesses. You’ll need to obtain any necessary permits or look into the fine print of your lease agreement to make sure working from your apartment is an option.

3. Create a fulfillment process

Finding customers and selling products or services is only half the battle. Delivering those products or services is the other —and it needs to happen in a way that works best for your customers. If you’re not organized with a process in place, it’s easy to waste time and energy dealing with incorrect orders, delayed timelines, damaged products and unhappy clients. Establish a fulfillment process to make sure you’re sending out orders accurately, in a timely manner and to the right buyers.

Set up your space

Creating a designated space to work within your home is not only necessary, but it also offers great peace of mind when your work and life can so easily merge.

4. Make a little, do a lot

A space-saving option for a small home is a floating desk, which mounts straight onto the wall and takes up less space than a typical desk. Or consider choosing a closet to serve as your office. This provides a dedicated working space while still allowing you to close the door and leave the office after working hours. Consider storing anything extra in a storage unit.

5. Keep your space clean

Working in an office building means having a janitor come in after hours to vacuum and clean around workstations. Once you forego that convenience, office maintenance becomes your responsibility.

6. Explore the world of co-working

For the times when you need a place to meet with clients or contractors, consider renting a co-working space. Many offer open floorplans with different “microenvironments” that are suited to holding meetings, collaborating, or working independently without distraction.

7. Bring the outside in

When you’re focused on work, it’s easy to isolate yourself. To bring in the outside world, decorate your home office with house plants. They’re beautiful, provide clean air to your workspace and have been shown to improve your mood. Similarly, remember to leave the house regularly for some fresh air. The fact that you no longer have to commute is not a license to hole up indefinitely.

Take care of your tech

With modern technology, a business owner can do almost anything from a laptop. The trick is not to seem like you’re skimping on overhead, even if you can keep some costs to a minimum. Taking the time to get your technology straight should be among the first items on your to-do list.

8. Troubleshoot cell and Internet service problems

If you run into any communication issues, the service you provide will suffer. Test your Internet speed, WiFi signal and call quality in your home office — and make sure you have a completely reliable tech kit in place. You may want to update your Internet or cell plan to have business-grade service, and compare providers who offer small business packages.

9. Boost your cell signal

If your cell signal is weak, consider buying a microcell unit, which works by using an Internet connection to give it a boost. If a microcell isn’t an option, you could try a cell booster — however, note that you may have to mount equipment outside your home to use this.

10. Increase Internet dependability

Working at home also can mean trying to function with spotty Internet dependability. If you can’t count on Internet access when you need it, the first thing to do is make sure your router is up to date. After that, consider moving it to another location in the house and as close as possible to your workstation. Remove obstacles between your computer and the router, so the signal can travel more easily.

11. Increase WiFi security

The Number One rule for solid WiFi security is to make sure you have a strong WiFi password that keeps strangers from connecting to your network. Make sure to only give the password to those you know and trust. (You can also setup a guest network with a separate password.) Get in touch with your Internet service provider and ask about other options to increase WiFi security. 

Worth the effort

Clearly, establishing your home-based business will be a lot of work — but will come with a lot of rewards if done correctly.

Among other tasks, you’ll need to devise a business plan, address legal and logistical concerns, configure your home workspace to fit your company’s needs and optimize the technology that will help you satisfy clients. With these conditions fulfilled, building a big business in a small space could be the best thing to ever happen to you.

 

Business Gift Guide 2018

2018 Business Gift Guide

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Business Gift Guide 2018

It’s the holiday season, and everyone’s searching for the perfect gift — whether to thank clients for their business, recognize staff for their hard work, or maybe even to stand out from the competition and win new business. If you’re still searching, try one of the memorable ideas from these lists curated by the experts.

15 professional holiday gifts for your clients under $50

Via CNBC

Business gift guide - Personalized fortune cookie

«Getting a present for a client can be tricky. You want to keep it professional but also make a lasting impression.»

This list is filled with practical and memorable ideas including wireless phone chargers, personalized golf balls and fortune cookies with a customized message inside.

Hand-bound pocket notebooks

Whether it be in a meeting or when they have a cool idea, everyone takes notes. Get your client some that are distinguished and can fit into a pocket.

Fun Fortune Cookies

This one’s great especially if you’re gifting a whole office. A box of fortune cookies with personalized messages allows you to thank your clients for their business in a fun, creative way.

A mix of coffee blends

While almost all offices have coffee machines, most don’t offer the most quality stuff. The Bean Box sampler includes four expert-picked roasts from around the world as well as tasting notes and brewing tips for any self-proclaimed coffee connoisseurs.

See the full list here.

21 thoughtful corporate gifts your employees will actually like

Via Business Insider

Business Gift Guide - presents for employees

Skip the tired and cheap corporate gifts and surprise your employees this year with these elevated, thoughtful, and useful options instead. Some come from our favorite startups, while others are just a click away on Amazon. Go the extra mile by customizing them with company colors, a logo, or a personal touch that truly shows your appreciation.

Tumblers from YETI

Whether you’re sipping on a hot or cold drink, YETI’s stainless steel, double-wall insulated tumblers never fail to keep your beverage at the optimal temperature. Employees can keep them on their desk or bring them along to the trails on their days off.

Movie gift cards from Fandango

Everyone loves going to the movies, which is why a Fandango gift card is a no-brainer. You can get bulk discounts for orders over 100 cards so your employees can enjoy the latest summer action movie, surprise indie hit, or highly anticipated animated sequel whenever they want.

Phone grips from Popsockets

Popsockets grips are the small, simple, and affordable phone accessories that your employees will wish you had gifted them earlier. These round buttons stick to the back of their phone and expand whenever they need a grip or a stand. They can take photos, text, and hold their phone without worrying about dropping it, or prop it up to stream content and video chat.

See the full list here.

19 Last-Minute Gift Ideas for Cementing a Business Relationship

Via Entrepreneur

Business Gift Guide - last minute gift ideas

The holidays are rapidly approaching, so you’re probably wracking your brain to think of what to give your boss, your clients, and/or your employees — to thank them for a great year. If you’re like me, I might wait till the last minute to get these gifts. Okay it’s last minute, so I better get going — like now.

While you may not personally know what a person may like — or you may be convinced they already own everything out there — you can still go beyond the expected corporate gifts and select something distinctive from our holiday gift guide for corporate living and giving.

SkyBell

This is a great gift idea for any client or virtual team member who works from home or for the entrepreneur who is always on the go. SkyBell is a Wi-Fi video doorbell that works with your smartphone so you can always see and talk to the person standing on your office doorsteps, regardless of whether the bell is rung.

Tile

If you have a boss or employee who is forever misplacing a wallet, phone, or keys, then this gift is ideal. Tile helps its owner find those items thanks to a Bluetooth tracker and intuitive app.

SnackNation

Everyone could eat better, so this is a great way to send a corporate gift and show you care about your recipient’s health. This is also a great way to show your office employees that you sincerely care about their health all year long.

See the full list here.

Email marketing illustration

4 Steps to Launch Your Company’s New Email Marketing Program

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Part 1 of the “Do-it-Right Email Marketing” series.

email marketing program

Do you have customers who might benefit from hearing from you more often? Inactive customers you’d love to try to re-engage? Prospects who ignore your phone calls? If so, it’s probably time to launch a new email marketing program.

According to the Email Statistics Report from The Radicati Group, there were 269 billion emails sent per day in 2017. By 2021, this figure is expected to rise to almost 320 billion. As much as we love shiny new communication channels like What’s App and Twitter, clearly, email is still an integral part of our lives and isn’t going away. This is even more true in the business world.

A well-developed email program can do wonders for a business. It can enable you to:

  • Increase awareness of your products, services and solutions
  • Share ideas, stories and information your audience can’t get elsewhere
  • Promote upcoming events
  • Keep in touch with buyers and potential buyers
  • Entice prospects to set up a meeting
  • Generate new business

To ensure your email marketing program gets off to a solid start, follow these four guidelines.

1. Get your lists together

It doesn’t matter how compelling your content is or if your template design is jaw-dropping: if you aren’t reaching the right people, all of your behind-the-scenes efforts will be for naught.

Your primary audience should be your customers, inactive customers and prospects. If you can break up these groups further, that’s ideal. Can you split your customer list into regular purchasers vs. those who haven’t purchased in 12 months? By dollar amount? Region? Segmenting your list will allow you to tailor your email campaigns.

Chances are you have access to association and networking group lists. Don’t automatically add those contacts to your database or you will be in violation of spam legislation (CASL in Canada or the CAN-SPAM Act in the United States). First seek the permission of your colleagues, explaining that your emails will be educational and informational. If you don’t, you may end up with a ton of spam reports, opt-outs and potentially even fines.

It is a good idea to have vendors and employees subscribe to your lists, too. The former may gain insights about your organization that ultimately benefit you, while the latter will likely demonstrate more interest in your email marketing efforts if you include them in the process. Here are other ideas for growing your email database.

2. Choose your “email service provider” carefully

The next step is choosing the platform you will use to send your email campaigns – your email service provider.

There are many affordable providers that cater to do-it-yourselfers (such as Constant Contact, MailChimp and Emma) by offering pre-designed, customizable templates or the option of uploading HTML code for a custom design. Be sure to compare platforms and carefully consider factors like features, support and deliverability.

3. Plan helpful content for your audience

One of the biggest challenges for many small businesses is what to say to their audience. It’s natural to want to focus on what your organization offers, and heavily promote your products or services. Unless you’re a behemoth and much-loved brand, however, that’s the last thing your audience wants to read.

To capture – and keep – the interest of your customers and prospects, dedicate your messaging to their interests and needs. Your content should include anecdotes, how-to documentation, case studies, resources, industry news, trends, new product information, and only if appropriate, special offers.

No more than 20 per cent of your material should be promotional or you’ll turn off buyers.

4. Design for email, not for print

Email is a different animal than print. If you’ve ever received an email with fuzzy images or text that was difficult to read, it means the designer didn’t understand the difference.

A typical email template is 600 pixels wide, while an 8.5 x 11” piece of paper is 2,550 pixels wide. That means you can’t take a layout created for print, then drop a picture of it into an email template and expect it to look stellar. Either recreate it at 600 pixels wide or create a complimentary design comprised of smaller images, body text, headings, subheads and multiple links.

Equally important, your email campaigns need to look good on both desktop and mobile devices. Even if you sell strictly to businesses, it’s likely that 25 to 35 per cent of your audience will view your emails on a smartphone or tablet. If your campaigns aren’t easy to view, you will unintentionally encourage your contacts to delete your emails or unsubscribe.

 

Cathy Cain-Blank is President of CC Marketing and Communications, specializing in developing and deploying effective email marketing campaigns for businesses across North America.

 

Smiling businessman

6 Body Language Mistakes You Might be Making & How to Fix Them

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Posture Perfect: Are you unconsciously sending prospects the wrong message? Here’s how fixing your body language mistakes can help you win more opportunities.

Body Language Mistakes

As salespeople, we often focus on our pitch and the carefully selected words we use when speaking with prospects, but what about our body language? Are we making major body language mistakes that are holding us back from closing more deals?

55% of effective communication comes down to body language mistakes

A famous study by UCLA Professor Albert H. Mehrabian found that only 7 per cent of effective communication actually comes down to the words we say. 38 per cent comes from the tone of our voices, and another 55 per cent depends on our body language.

How we stand, where our eyes look, our hand gestures and even subtle movements can all make a difference in the interpretation of our sales pitches. But the most effective communicators will combine all three parts: the words spoken, the tone of voice and the body language.

Related: Do you have this powerful leadership skill?

The professional sales training team at Sales Grail explains that a sales person’s body language can immediately spark customer engagement. “What we mean by posture is not a cocky guy with his feet up on his desk — this is just rude and it suggests a lack of humility in one’s leadership and sales approach. Rather, by posture, we mean one of openness and confidence.”

When genuine, that confidence can help you develop a stronger connection with the prospect, as they describe. “When we’re really behind something, we become an amazing combination of characteristics. We’re relaxed, yet passionate. We’re calm, yet excited. We’re understanding, yet persistent.”

Here are six body language mistakes you might be making, and how you can turn your visual communication and body language into a sales secret weapon.

Mistake 1: Slouching — especially while on the phone

You’ve likely heard that sitting is the new smoking, but has that made you get out of your chair more? At the very least, have you sat up a little straighter when seated? This is one of those body language mistakes that we’re likely all guilty of doing.

“Research has shown that sitting in a slouched position can send “sad signals” to your brain. You are more likely to produce cortisol, a stress hormone, and experience negative thoughts when you slouch. Slouching also can make you feel disempowered and weak compared to the people you’re interacting with – whether in person, on the phone, or even over email.” – Tech.co

Mistake 2: Too little (or too much) eye contact

“It’s good to maintain eye contact 70% to 80% of the time. Any more and you might appear threatening, any less and you may appear uncomfortable or disinterested.

Good eye contact exudes confidence, engagement and concern. Plus, it’ll help you read your customers’ emotions and body language.” – Customer Experience Insight

Mistake 3: Never “power posing” before meetings

“Breakthrough research from Professor Amy Cuddy at Harvard Business School…proves that body language and body positioning directly impact self-confidence and feelings of power. … Professor Cuddy’s research indicates that a salesperson (or anyone about to go into a stressful situation) should assume a high power pose for at least two minutes. Rather than hunch over an iPhone, a salesperson should find a private place to spread their arms and pull their shoulders back.” – Fast Company

Mistake 4: Dressing to blend in, not to fit in

“First impressions get set in stone very quickly. And, like it or not, the way you look is the most important factor in shaping those first and lasting impressions.

“The key is to always dress well enough to fit in with the top people you’re calling on, yet never to blend in with the wallpaper. Think of your clothes as the way you package yourself. Always dress in a way that creates the maximum positive impact on the people you want most to impress – your customers.” – Selling Power

Mistake 5: Talking too much with your hands

This isn’t to say that you should completely stop hand gestures. They are an important part of getting your message across and creating dynamism and charisma in your communication. But overdoing your hand movements can be a distracting body language mistake that can have an undesired effect.

«Avoid chopping gestures … Whole arm karate chop gestures can psychologically cut up the space between you and your interview in an aggressive way … Pointing is often perceived as an aggressive motion and in some cultures is considered incredibly rude. … Any fast, repeated or aggressive hand gestures should be kept to a minimum. … [Instead] you should appear open and approachable, which means your hands should be in front of you and ready to gesture naturally.” – Forbes

Mistake 6: Work the room

Whether it’s a presentation, speech or in-person sales call, making strategic physical moves could draw attention to the right discussion points.

“To bring movement to your speech, use the physical space you have available and walk it. For example, if you’re presenting three points, talk about point A when you’re at your first position; then move out 2 or 3 steps and talk about point B; this way, a movement that includes space will accompany your speech.” – HubSpot

 

Next: Get these 7 new school digital marketing tips to help grow your business.

Illustration - target

Can business failure make you successful?

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Business failure leads to success

No one enjoys failing. When you’ve poured your heart and soul into an effort that crashes and burns, the pain can be excruciating. Yet business failure is a part of running a company at one point or another. So, should you find yourself down and out, focus on the upside. It will help you get back on track quickly, and with newfound strength.

Here are five reasons to dust yourself off and considering any failure a blessing in disguise.

1. It’s an education

Thomas Edison made 1,000 attempts at the light bulb before succeeding. You could say he had 1,000 failures, but with each attempt he learned something more. Following a “failure,” you’re better educated, better experienced and, hopefully, a bit wiser.

The same mindset can be seen in modern business, with much success. For example, at NerdWallet, a company offering tools and advice for managing personal financial decisions, failure is celebrated publicly on the “Fail Wall,” a space covered with Post-it notes memorializing the lessons learned.

Related: Even out the ups and downs of running your business.

2. It can improve investment opportunities

In Entrepreneur.com’s Celebrating Failure article, Jake Gibson notes one big reason to rejoice: “Many founders of failed companies find it easier to raise money for their second company because investors know they are buying experience and the lessons learned from those failed endeavors.”

Conducting a thorough post-mortem is on many a business guru’s short list of things to do following a setback. Collect all the insights and data you can. Learn where the missteps occurred — and how they can be avoided the next time.

3. It’s a bonding experience

When we fail, we often do it in the company of partners, colleagues and employees. They are all affected, and may suffer as much as we do. Let these people know that you value them and care about them. Don’t engage in blaming or any other form of divisiveness.

Focus on moving forward as a team. The shared experience can be transformative, providing for you to emerge from the setback as a stronger, more committed organization. 

4. It provides a determined focus

Jodi Goldstein, managing director of the Harvard Innovation Labs, is one of many experts advising that you not dwell on the past as you pick up the pieces following a failure.

“Don’t waste energy by constantly thinking about how you could have avoided the situation that you’re currently in. If you decide to continue with the venture, this means working to maintain high levels of morale amongst your team, celebrating each win that you achieve as you battle your way back into business.

«If you ultimately decide that you cannot, or don’t want to continue with your startup, it means taking the lessons that you learned to whatever you might do next, while not dwelling on what could have been.”

5. It’s never the end

Finally, remember that whenever you fail, you’re in good company. The most successful people on the planet have all been failures at one time or another. Consider your low point as merely the prologue to your next chapter.

 

Up next: Do you have the ultimate entrepreneur mindset?

Regular day business work table with laptops and gifts

3 incredible business gift guides

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Business Gift Guide

If your holiday shopping list is making you nervous, especially when it comes to clients and colleagues, don’t worry. We’ve got you covered with gift ideas for even the most hard-to-impress business pros in your life.

Part of being an entrepreneur or SMB owner is an understanding that balancing work and life can be demanding. Even if your office closes for a few days, business doesn’t completely stop for the holidays. For many of us, it gets a lot busier. Here’s hoping that this handy gift guide makes your festive season flow a little smoother.

Here are our top picks from three of the best gift guides around. Click through further to see the full lists and peruse their expertly curated suggestions. Best of all, most of these items are available on Amazon with just a few clicks — perfect for those of us on a tight schedule.

1. Thirty Boring Gifts Everyone Secretly Wants by Mashable

The tech bloggers at Mashable really nail it with this list of essential items that will get used all year (as opposed to ending up in the garage after January). Take for example Smartwool Socks, an All Purpose Kitchen Knife, Rainbow Sharpies, a Fold Up Rain Jacket, and Noise Canceling Headphones. These make outstanding gifts for the kid in all of us.

2. Gizmodo’s Gadget Gift Guide

Comprised of “things we’re hoping to receive this season,” the tech experts from popular gadget blog Gizmodo assembled an incomparable guide for all the electronically inclined folks on your list.

Highlights include Outdoor Research Stormtracker Heated Gloves for cold weather outdoor enthusiasts, the quintessential Audio-Technica LP120 Professional Turntable for those looking to get serious about collecting vinyl, and the face-rejuvenating Clarisonic Mia 2 Facial Sonic Cleansing System.

3. Gifts for Entrepreneurs by celebrity Entrepreneur Tim Ferriss

Legendary angel investor, author, social media guru and podcaster Tim Ferriss shares his list of fantastic gift ideas for fast-paced individuals like himself.

Tim’s recommendations are broken down into helpful categories of under $25, under $50, and under $100. Highlights for us include the RAD Roller, which is amazing for rolling out tight muscles in the back, arms, and legs. The Sleep Master Sleep Mask is great for anyone who sleeps on planes or on irregular schedules. And finally the multipurpose casual/athletic shorts Ferriss swears by Myles Everyday Shorts.

Bonus: Other notable gift guides

These include one from The Atlantic for the impossible-to-buy-for, which they crowd-sourced from real readers. Refinery 29 has another very fun interactive gift guide for Moms, Dads, significant others and even your ‘work spouse.’ Generate a custom selection of gifts based on traits like chill, type A, early adopter and fancy.

A successful businessman

This Leadership Skill Can Unlock Growth and Profit

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Can you be a super leader?

Leadership skills

“The top 10 companies on the Empathy Index increased in value more than twice as much as the bottom 10, and they generated 50% more earnings.”

How often do we attempt to understand things from someone else’s perspective? As an entrepreneur or small business leader, this skill is critical in human resources, but it also impacts your bottom line.

Empathy includes everything from how employees perceive you to whether customers are satisfied with your products or services. And while it’s often dismissed as overly “touchy-feely” or “wimpy and emotional,” practicing empathy is linked directly to financial gains, so ignore it at your own risk.

Why Empathy Drives Business Growth as Much as Solid Working Capital

According to the Harvard Business Review, empathy means understanding our emotional impact on others and making a change as a result. “It’s more important to a successful business than ever, correlating to growth, productivity, and earnings per employee,” HBR explained.

Need proof, check out the global Empathy Index, which analyzes the ethics, leadership, company culture, brand perception and public social media messaging of 170 companies listed on major financial indexes. Staggeringly, companies that performed well in “empathy” also had equally high overall business performance.

“The top 10 companies on the Empathy Index increased in value more than twice as much as the bottom 10, and they generated 50% more earnings (defined by market capitalization).”

 

5 easy steps for entrepreneurs to practice better empathy

empathy

Great business relationships, especially those involving growth capital and funding, start with a face-to-face understanding of the client’s needs, fears and goals.

As business partners, we’re always listening for ways to make our services more responsive. Renowned leadership advisors and empathy experts SYPartners recently published a list of 5 Ways to Cultivate Empathy, and it struck a chord. (This cutting-edge management consultancy also created an app called Unstuck that helps people understand what’s holding them back and how to move forward — it’s worth checking out.)

According to SYPartners, empathy enables leaders to “build stronger teams, design more ingenious solutions, and deepen their emotional intelligence, an increasingly covetable skill in the next era of business.”

Try their five proven ways of practicing empathy: 

1. Put down your guard.

“Your ability to feel emotions is what triggers them in others. If you want to connect with someone, you have to let yourself be vulnerable, too.”

ACTION ITEM: It’s easy to dismiss chitchat around the office, but sometimes these genuine interactions can take your business relationships to the next level. When someone asks how you’re doing, be real with them. Share a story from your weekend or a challenge you’re facing right now. SYPartners recommends starting your meetings with a “pulse-check” to invite your team to share what they’re excited or anxious about. By getting real with your colleagues, even for a moment before jumping into business, you’ll be practicing empathy.

2. Help others know they matter

“As Oprah often says: «Every human being is looking for one thing, and that is to be validated, to be seen and to be heard.» Your job as a leader is to help others know they matter.”

ACTION ITEM: In modern business, devices control our lives. Computers, tablets, smartphones and even smart watches. But they can also destroy our attention spans and ability to focus on the people around us. Can you go through an entire meeting without your gaze drifting to your screen? Often, that text or email can wait. When it matters most, give your full attention to the people around you — in face-to-face meetings, client conversations and critical moments with your staff.

3. Pay attention to body language

“Thousands of invitations for empathy cross your path every day. Do you notice them and shift your behavior, or do you let them glide past?”

ACTION ITEM: Your actions speak volumes, especially when you can pick up on subtle cues from your team’s body language — and then respond empathetically. In presentations, for example, notice how the room reacts to your comments. Pause to let key points sink in, allow curious minds to ask questions or shift your tone and topic if the message isn’t resonating. When you sense changes in your coworkers’ body language, these are visual reminders for you to acknowledge the mood and react accordingly.

4. Stand in someone else’s shoes

“It’s not always possible to get all the necessary voices at the table. But that doesn’t mean you can’t summon your imagination and best acting skills to pressure-test your team’s thinking.”

ACTION ITEM: True empathy comes from experiencing a situation from another perspective. SYPartners recommends that you take on personas in your next team meeting or workshop, assigning roles to each team member. By acting as skeptical customers, investors, competitors or a long-term client, they’ll be forced to take on those people’s characteristics — facing the challenges from a different point of view. You can also have the team interview these real people in advance to get a first-person perspective and immediate feedback.

5. Take a field trip

“It’s hard to get perspective when you sit at a desk every day. To better understand whom you’re designing for or collaborating with, go to them where they are and observe their routines.”

ACTION ITEM: Whether it’s a different team, department, office location or your client base, you’ll never get more first-hand experience than visiting where they work. Take your team on a “seeing exploration” to observe their environment, as SYPartners explains. Ask questions about how they operate on a daily basis, the major challenges they face, what they are proud of and even potentially how you can help out.