Take The Time to Build a Great Team

Many entrepreneurs get their start following in the footsteps of their parents. For Toronto entrepreneur Catherine Graham, the apple could not have fallen further from the tree. “I was raised in a very corporate family so I didn’t have any [entrepreneurial] role models, and it was not something that was taught in school at the time,” said Graham in interview. After obtaining her MBA, Graham joined eBay Canada as employee number four, and worked in management consulting before joining the startup space as Managing Director of promotional products company RIGHTSLEEVE, and Co-Founder and President of commonsku.

Commonsku is a customer relationship management, order management and social collaboration tool for the promotional products industry. The company formed out of the experience Graham had building RIGHTSLEEVE with her husband, Mark Graham. “Commonsku is a philosophy – it’s a completely different way of doing business. We had been running RIGHTSLEEVE in this open and transparent way for 5 years before we decided that this approach was an interesting business opportunity unto itself. We feel passionately about making work fun and creating an interface that is more in keeping with what people are used to in the consumer world.”

Graham believes two of the biggest challenges in the promotions industry are competition, and the perception that promotional items are just throw-away gifts. “There are a lot of companies out there that still view promotional products this way and therefore shop only on price. We have built a business around educating clients about the power of how promotional products can create an emotional connection between the brand and the consumer. The challenge is finding companies that understand this and are willing to give us creative license to produce merchandise their customers will love.” Graham learned numerous lessons from building the community around RIGHTSLEEVE, and had to shift gears when building commonsku. “Running a software company was completely different than running a sales and marketing company; getting up that learning curve meant reaching out to others who had already been there. The other lesson was the importance of bringing design in-house when it’s core to your product.”

The decision to build a software suite catered to the promotions industry has paid off for Graham, and she believes the enthusiasm from their community is the biggest milestone for her. “We are starting with commonsku in a very traditional industry and there was always the fear that it wasn’t ready for a totally different way of doing business. Seeing the reaction and excitement when we revealed it was a huge milestone.“

Before her work at RIGHTSLEEVE and commonsku, Graham was a management consultant for A.T. Kearney, and worked with Fortune 100 companies on merger integrations, marketing strategy and operational efficiencies. She describes the work as challenging and interesting, but believed that the lifestyle was not conductive to the kind of parent she wanted to be. “I stumbled into the startup world by joining my partner in crime at RIGHTSLEEVE to help grow it and we then started commonsku together. With three kids under the age of eight, I need the flexibility and the ability to leave at 5:30 every day to pick them up and have dinner together.”

Graham believes the most important aspect of a business is people, and she encourages aspiring entrepreneurs to focus heavily on developing their teams. “Take the time to build a great team and develop your people. If this is not something that you are good at, hire somebody else to do it. If you can’t afford that then find yourself and amazing mentor or coach who can help you.” RIGHTSLEEVE has a history of giving back to the community, including merchandise sponsorships for local charities, and staff volunteer days at non-profit summer camps. Graham encourages start-ups to find opportunities to give back that excite staff, and encourage them to participate. “It is a great way to drive employee engagement when you find something people can rally around. If you can’t afford to sponsor, give your time – it can be equally as valuable.”

Graham currently divides her time between RIGHTSLEEVE and commonsku, and believes that touching base with both teams daily is the key to staying on top. “I have brief, standing meetings with both teams separately each morning which is instrumental in ensuring everyone is on task for the day.” With RIGHTSLEEVE entering its twelfth year, and commonsku expanding its community daily, Graham is excited about the future of both companies. “We’re at an incredibly exciting time in both businesses with each poised for major growth so the next few years are going to be a fun adventure.”

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What to look out for when hiring employees

During many conversation with small business owners, We frequently hear the complaint:

“We really need new employees, but we cannot find anyone good enough. The good ones are all with the large multi-nationals!”

One can appreciate the frustration, but in my opinion, the statement is wrong.

You will agree that especially those entering the workforce are frequently lured by the prestige of working for a large corporation. After all, many large companies have a well groomed image, supported by glossy brochures, brand awareness and well oiled PR departments.

But the reality of daily life in these companies is often something entirely different. Many employees in these companies are distraught by cumbersome decision making processes, nonsensical profit orientation and infighting in the executive suite.

The draw of small businesses

Many small and mid-sized businesses do not seem to be aware of this. Are you among these as well? Do not overestimate the lure of large companies, and do notunderestimate the attractiveness of your own small company! Small companies have much to offer in contrast to most monolithic conglomerates:

• Immediate decision making processes and direct access to the owner
• More decision making authority and judgment calls by the employees
• Customer orientation instead of bureaucracy
• Sustainability instead of focus on quarterly results

And what about the high salaries?

“The best employees are also the most expensive! We could never afford these.”

Nonsense! This statement is equally false! Think about it: Anyone who joins for the money, will also leave for the money! To a good employee, the assignment and the underlying purpose of his work are more important than the size of his income.

Please do not take this the wrong way: The salary must of course be appropriate. In the end, the applicable proverb is:

“If you pay peanuts, you get monkeys.”

But the best employees are by no means the most expensive! The key is the right attitude! Look for employees who are drawn in by your company vision. You are looking for employees who, in the true sense of the word, want to work for your company – employees who want to get things done.

Employee’s attitude is the key!

There are two types of employees: One group is looking for work, the other is looking for a mission! You should only employ people from the latter group. The candidate’s eyes should light up when you tell him about his future assignments.

“Hire for Attitude – Train for Skills!”

What if the candidate does not have the technical skills? So what. This can be overcome. If the future employee has the right attitude and is committed, then he can acquire the technical content of the job. This may take some time. Look at this as an investment. What a person will never ‘learn’ is to have the right attitude!

Give candidates with unusual CV’s the benefit of the doubt. Have the courage to employ candidates that are from a completely wrong field or sector, or have other apparent weaknesses. You will be surprised about the outstanding performance these employees can muster after some time.

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Give Your Employees the Latest Tech Tools, or Else!!

Does your small business have the right stuff to attract qualified employees? Technology stuff, that is. Almost three-fourths (72 percent) of workers in a recent Workplace Options survey say that the better the technology tools a company provides to its employees, the more attractive it is as a place to work. 

That number soared to 92 percent among workers aged 18 to 29.

How important is technology? Half of all workers and 75 percent of those aged 18 to 29 say they assess the level of technology a workplace offers when they’re looking for a new job. A good computer doesn’t cut it, either—employees consider that a given these days. What they really want are smartphones, tablets and presentation tools.

It’s not all about them, either. Some two-thirds (65 percent) of employees in the survey say providing employees with current technology is crucial to a company’s success. But less than half (45 percent) say their employer provides up-to-date technology to all its workers.  More than half (53 percent) say that up-to-date technology is essential in order to do their jobs properly. Interestingly, older employees (in the 45 to 65 age range) were more likely than younger workers to say that up-to-date technology was essential both to their jobs and to their employers, and women were more likely to say so than men.

Employees feel so strongly about technology that more than one in five (22 percent) say they would quit or change jobs if their employers didn’t provide the latest technology. That figure was highest among employees age 29 to 44, with 29 percent saying they would quit for this reason.

Nearly three-fourths of employees (72 percent) say their reliance on technology has increased over the past five years; almost half (46 percent) say it has increased “significantly.” Employees in the 29 to 65 age group were the most likely to say their reliance on technology has grown.

What do these figures mean to you?

 No matter how old your employees are, you can’t assume they will be happy to get by with less than the latest technology. While younger employees in the survey cared more about the latest tech tools, they were also less likely to quit over the lack of them. It’s the workers in their prime years—those who are most valuable to your business—that you stand to lose if you’re making them struggle with inadequate technology.

Today, cloud computing, subscription software and lower hardware prices are all combining to make technology more affordable than ever for a small business. There’s no excuse for not upgrading—not when it can make your employees more productive and your business more successful.

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Could Your Side Gig Help Your Career?

In a world where technology makes it easier to reach new clients and work from home, there is a growing interest in side gigs. Indeed, many people are finding that they can make money on hobbies, or start a web site and make money of the advertising. It’s even possible to start a non-profit organization as a side gig, or buy into a local business as a way to make money.

No matter your idea for making a little more money on the side, it’s possible for your side gig to also help you in your day job — if you do it right.

First of All: Thou Shalt Not Compete

Before you decide that your side gig is a great thing for your pocketbook and your career, you need to make sure that you aren’t competing with your employer. Developing a product that competes with your employer’s, and trying to launch it while you still pull down a paycheck, isn’t exactly showing your classy side. Additionally, it’s not exactly ethical moonlighting to work on your side gig during working hours, when someone else is paying you to do work for them.

While your side gig can be a good thing in your life, and while your employer can’t really penalize you for starting a business on the side as long as staying up past midnight doesn’t affect your job performance, you need to make sure that what you’re doing is on the up-and-up, and that your side business isn’t in competition with your day job, or reducing you ability to perform your day job.

Develope New Skills

One of the ways that your side gig can help you in your day career is by helping you develop new skills. Turning your hobby into a source of income requires that you exercise creativity, and develop other skills and abilities that can translate to your traditional job. These skills might be able to help you improve your performance, helping you land a promotion or a raise.

Other skills that your side gig might help you develop — and that can be helpful to you in your career at another company — can include:

• Networking
• Social media
• Time management
• Communication
• Organization
• Business acumen
• New contacts

Some of these skills can help you improve your job performance for your current employer. In other cases, developing these skills can help you advance your career by helping you find a better job. You can improve your career prospects with a little help from the things that you learn working on your side gig. The things that you have to do to build a successful side business often translate to skills that can be applied in the world of a 9-5 career.

Consider the benefits that can come from a side gig, and consider how it can help you in your career. Whether you are providing more value to your employer so that you are more likely to get a raise, or whether you want to develop a new skill that makes you more attractive for a better job, learn from your side gig experience. Knowledge and experience are always valuable, and a side gig tends to provide both.

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10 Signs You’ve Hired an Unqualified Accountant

Bookkeeping and accounting are core functions of your small business. Yet, they are tasks that few small business owners relish, or that they have the time to handle on their own. For many small businesses, hiring an accountant is the first bit of outsourcing or employee hiring that they do.

Your choice of accountant matters. A good accountant can save you thousands of dollars at tax time, while an unqualified accountant can get you in deep trouble with the IRS or with the state.

Here are some warning signs that the accountant you’ve hired may not be the best choice for your business:

1.) Your accountant doesn’t return your phone calls, or doesn’t return them in a timely manner.
2.) Your accountant returns your phone calls at 3 AM and mistakes you for an ex.
3.) Your accountant blows your tax deadline.
4.) Your accountant lacks certain credentials.
5.) Your accountant makes up credentials.
6.) You’re constantly getting past due notices.
7.) Your accountant doesn’t ask you to review statements and tax returns.
8.) Your accountant asks you to help balance his personal checkbook.
9.) Money starts going missing.
10.) Your accountant has gone missing.

• Qualifications. 
Find out whether they’re certified and where they went to school. Verify both of these pieces of information.

• Experience.
 It’s not enough to look at a list of former employers or clients; you need to verify some of that experience. Be wary of any potential accountant that can’t provide you with multiple references.

• Personality.
 This one is, of course, more nebulous. You need to find an accountant you’re comfortable with, who seems to understand and be interested in your business, and who engenders trust. This is, perhaps, the hardest area of qualifications to meet.

You’re paying your accountant for her time. If you have to leave more than one or two messages to get a call back, you should be worried. We’re not talking about a single incident or two, of course, but rather a pattern of behavior.

While your accountant is as human as the next person, if he’s unable to distinguish between a client and the former girlfriend who dumped him for his boss, you’ve got a problem.

The reason you hire an accountant is to be on top of the aspects of your business that you can’t or don’t want to be on top of. Certainly, there are exceptions; if your accountant has been asking you since January for receipts or other records and you don’t produce them until April, it’s probably your own fault. But if she’s constantly late on your tax filings – it’s time to find a replacement.

It’s easy enough to verify whether someone is a CPA, or some other certified financial professional. If they claim to have a credential that can’t be verified, you should be suspicious.

If he tells you he’s president of the Association of Tax Professionals Association, you should be very suspicious.

If your accountant is responsible for your Accounts Payable, you shouldn’t be getting past due bills. If the past due bill is from the IRS – see #3 above.

Having a trusted employee that can handle your financial tasks is one thing, but that trust has to be earned. If she’s out there making financial decisions without your direct review or approval, you’re in danger.

If he can’t figure out where that $2.68 went, imagine what’s going missing from your business.

A mastermind thief might be able to embezzle money from your business for years before you’re aware of it. Most accountants aren’t mastermind thieves – especially if they’re working for small businesses. There are some that aspire to the title, however. It’s always worth having someone else review your financials from time to time, just to make sure that your accountant isn’t skimming some off the top.

It happens more than you think. Your bank account balance suddenly drops dramatically, and your accountant is nowhere to be found. There are con artists out there that would love nothing more than free reign over your business’ checking account.

Ultimately, it’s up to you to pick the right accountant. When you’re considering an accountant (or any other financial professional) you need to look at three specific areas:

Don’t put your business at risk by hiring an unqualified or unscrupulous accountant. Look for the warning signs, and don’t be afraid to let someone go if they’re not meeting your standards. After all, the future of your business depends, in part, on reliable accounting.

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Entrepreneur x 2! – Four Practical Tips for Managing Two Businesses at the Same Time

The most successful entrepreneurs today are also the best multi-taskers, right? Although the ability to juggle various tasks and requests coming in from every direction is vital to running a business, there’s also tremendous value in being able to focus.

What about the ambitious chef who opens a new restaurant, yet maintains their original establishment as well? No matter what your field, bright and motivated business owners often have ideas beyond the one they get started with.

Operating two businesses at once may seem like an impossible challenge, but with careful time and personnel management, there are many ways to juggle two companies without running yourself into the ground.

1.) Manage (but don’t Micromanage)

Be careful with your hiring process — putting people that you trust in positions of responsibility is integral to success as a business owner.
You can’t do it all yourself, and you shouldn’t want to or need to. Do you think that Ted Turner personally handles the day-to-day decisions at CNN? Of course not! If he did, he would never have had time to run TBS, the Atlanta Braves, or MGM Studios.
Keep a watchful eye to ensure that you’re headed in the right direction, but let your employees do the work they’re hired to do.

2.) Don’t Start Unless You Love the Work

When You make the leap into owning a second business, it should know because you'll I love the challenge and want to get those extra bucks. As a person, decide your primary needs. You can consider opening multiple offices, but the demands of that enterprise would limit your ability to pursue other interests if it takes all your available time.
A different business will feel more like a hobby and a break from your regular job. You can do a lot of work when your wife and children are sleeping. Because you cant be on the computer all day as a another business demands, the task of working numbers and accounts online in the evenings never feels like a chore.
With the first job you'll feel more of a physical labor. You have to physically be there and perform procedures. But with any business supplying bulk products, it’s more of a mental challenge, so you can do the work at night and devote the time that the company requires.
To clarify, it’s not even the products themselves that get me most excited, but the challenge of managing accounts and running sales numbers. I recognize that this kind of work is not for everyone. If you’d rather be surfing, then start a surfboard company, but hire people to manage it so that you still get time on the water!

3.) Recognize Your Progress

After some decades, your regular job may become a bit of a routine. Still, You need to enjoy seeing the product of my work. Whatever your trade, look for your handiwork in small tasks and give yourself credit for a job well done.
Perhaps the new business you opened  just now will grow dull after another 15 years, but for now, check your progress & be persistent. New things pop up all the time.

4.) Don’t Put All Your Eggs in One Basket

It’s an old euphemism, but it’s one of the most important. If you already run a successful business, don’t risk all of your assets to begin a second company. You’ll be left with nothing if it goes wrong.

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