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You are here: Home / Archives for 2019

Archives for 2019

Where the Attention Goes, The Energy Flows

November 5, 2019 by Asif Nazeer Leave a Comment

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Kyle Maynard literally dragged himself across the stage to give the opening keynote at Nextcon 2019 in Phoenix. And he gave what proved to be one of the most inspiring and motivational keynote talks to a business audience.

Maynard is a quadruple congenital amputee. He was the first quadruple amputee to climb Mt. Kilimanjaro, unassisted. He also climbed Mt. Aconcagua, the highest peak in the Andes Mountains.

For the address to the 1,000-strong crowd at Nextcon, Maynard did not wear prosthetic limbs nor was he in a wheelchair.

It was just Maynard, unplugged, with an inspiring uplifting message as he told his life story and the principles he lives by.

His message: what you achieve in life is based on what you want to achieve. And whether you put your attention on your dreams.

“Where the attention goes, the energy flows,” Maynard said.

His visual presence on stage added weight to his message. The contrast between seeing someone drag himself on shortened limbs across the stage, and imagining him climbing some of the tallest mountains in the world, couldn’t have been more stark. Seeing him, you couldn’t help but think, ‘If he did all of that given his physical limitations, what could I achieve if I tried harder?’

Slow Down to Get Where You Want to Go

Kyle Maynard: "Where the Attention Goes, The Energy Flows"

Maynard told the story of climbing Mt. Aconcagua in the Andes, and being told that his friends would have to leave him behind so they could reach the summit before they all had to turn back. The climbing party was running out of daylight.

Maynard was faced with a daunting 800-foot sheer ice wall to scale. While he understood the others’ decision to go on without him, “I felt bad at that moment,” he said.

“When I looked off in the distance I could see my friends already there on the summit and it looked so far away. But then I realized that if I just looked down 3 feet ahead of me, it seemed easier. I could make that 3 feet. And then another 3 feet. And another.”

So with his own guides, he continued toward the summit at his own pace. He kept his head down three feet in front of him at all times, making progress in 3-foot increments.

“And then I remember that moment when my guide, Guillermo, lifted my head up and told me to look. We were just 15 minutes away from the summit. And I made it.”

Maynard added that at times in his life he felt like he was pulled in a million different directions. “I spent so much of my life going as fast as I possibly could, not realizing that I had overlooked many things. If I just slowed down to see where I wanted to go, I could enjoy it more.”

It’s all on where you place your focus, was his point.

He has had to overcome things the rest of us don’t give a second thought to, such as putting on socks.

The first time he tried to put on his own socks, he had to jury rig paper clips to pull them on. It was a 30-minute production at first. Eventually he learned to do it without paper clips. He demonstrated in front of the audience in seconds, using just his arms to deftly put on a sock. “You learn,” he says.

Likewise, he created his own climbing gear. He started with bath towels, then oven mitts, morphing to bicycle tire rubber and duct tape. For him, that worked better than prosthetics.

Support From a ‘Lioness’ Mother

Kyle Maynard: "Where the Attention Goes, The Energy Flows"

Maynard credits his family with instilling in him the drive to seek adventures and not be limited by his disability.

“I feel lucky in the family I was born into,” he says. He singled out his mother in particular, whom he called a fierce lioness who lovingly protected her cub.  “I couldn’t have gotten luckier to have a mom who fearlessly fought for me at every single stage along the way.”

His grandmother also was a towering figure of support, despite the family not realizing what it would mean to have a special needs child in the beginning. Upon seeing him shortly after his birth with such a severe disability, she told his mother, “You just look at his face, you see a smile, and know that everything will be okay.”

And in time it became true, he added.

In school, Maynard participated in a variety of sports, yet despite losses didn’t give up. “I lost at wrestling 35 times in a row. My parents would not let me quit.”

Today, Maynard has a built a circle of friends he calls his extended family. That circle includes the people he’s come to know from his various mountain climbing and other activities, and the people at K2 Adventures Foundation, the nonprofit he serves on the board of.

“As a kid, I always wanted to go places my wheelchair wouldn’t let me.” He was drawn to K2 because, he said, “I wanted to be part of making experiences accessible for other disabled people.”

He singled out for praise the co-founders of K2 Adventures, Kristen Salcito Sandquist and Kevin Cherilla. K2 led an expedition to Mt. Kilimanjaro that including eight blind people.

He credits the support and love of all of his family and friends with enabling him to live his life to the fullest and not let his disability hold him back from his dreams.

“At the end of the journey there is only one battle you remember. The battle you won getting there.”

Maynard left the audience with this thought, “I challenge you to consider what you want. Focus on it and go for it.”

Nextcon is the annual customer and partner conference for Nextiva. Nextiva is a business communications company headquartered in the Phoenix area.

More images about the event can be found on social channels at the hashtag #Nextcon19.

Image: Small Business Trends

More in: Motivational


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Let Personalized Lanyards Benefit Your Business – Running Your Business

November 5, 2019 by Asif Nazeer Leave a Comment

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Image by Alexander Gounder from Pixabay 

Is there a trade show or business seminar in your future? If so, why not plan now to bring along some personalized lanyards? They can help to promote your company while you’re there and long after the event is over.

How Can Personalized Lanyards Benefit Your Business?

Brand awareness plays a big part in the success of your business. Of course, as an astute business owner, you use online marketing to promote your products or services. However, it’s also important to introduce certain physical elements into your marketing strategy. These physical components will help to develop a more intimate connection between your customers and your brand.

personalized lanyards

Personalized lanyards offer businesses a unique and novel way to interact with their customers. The beauty of lanyards lies in how versatile they can be. For example, you can customize a lanyard to whatever specifications work best for your brand. Lanyards can beautifully and accurately represent your business. They will give you a quick and efficient way to increase brand awareness.

Here are four ways personalized lanyards can be beneficial for your business.

They Give You a Unique Networking Opportunity

Events and seminars are a great way to market your business and its product. At these events, it can be difficult at best to walk up to people and tell them about your company. However, a personalized lanyard with details about your company can gain a lot of attention.

Turn to a professional company such as Digital ID. They will provide you with an attractive design for your lanyard. A colorful and well-designed lanyard, with lots of eye appeal, will attract new customers your way. What’s more, it will be something you can take pride in.

Personalized Lanyards Increase Your Visibility

One of the biggest challenges every business faces is finding cost-effective ways to make their products and services more visible. New business owners, especially, can feel uncertain about which methods to choose. This is natural, because they want to get the highest return on investment.

Personalized lanyards, however, are a great way to market your business without burning a lot of cash. Not only are they affordable, but they are also highly effective. Plus, unlike digital or even traditional ads, lanyards last longer.

RELATED ARTICLE: WHY IT’S TIME TO START OMNI-CHANNEL MARKETING FOR YOUR BUSINESS

They Improve Customer Loyalty

Acquiring customers is one thing. Earning their loyalty is another. But customer loyalty is one of the main factors in the success of any business.

You can use personalized lanyards gifts from you to your customers. On the other hand, what you are giving to your customers is something they can remember you by.

Haven’t you often looked at an ad and forgotten about it the next hour? However, lanyards work as a continual reminder. Your customers won’t forget you.

Personalized Lanyards Strengthen Brand Identity

Brand identity is hugely important to your company. Your brand name, logo, slogan, colors, mascot, and communication style all comprise your brand identity.

When your salespeople and other employees wear lanyards, they create a positive impression. Your personalized lanyards will express what your brand stands for and help to build your company’s image in the market.

The Bottom Line

As we have all heard many times, the first impression is the one that lasts. Build your brand identity and boost customer loyalty with personalized lanyards. They are a great way to create a positive and lasting first impression with your audience. 

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A Hiring Essential – Administrivia Learn What to Expect

November 4, 2019 by Asif Nazeer Leave a Comment

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Feature photo by Kaitlyn Jade from Pexels

Background checks are a necessity, but they don’t have to be a chore. Because of advances in technology, information and records are much more accessible than ever before. Verifying work history and credentials is just the beginning of the results you can expect. Consider these guidelines for the process of running thorough background checks.

Ground Rules

Above all else, your company must follow certain rules when running a background check. These include laws concerning discrimination and fundamental civil rights. Key elements you must know:

  • First and foremost, you must have permission to run the background check in the form of a signed waiver.
  • You are not allowed to discriminate based on race, gender, sexual orientation, age, personal beliefs, or physical disability.
  • You must protect the confidentiality and privacy of the applicant’s data.
  • The Fair Credit Reporting Act (FCRA) governs all background checks, so get familiar with their guidelines.
  • The US Equal Employment Opportunity Commission (EEOC) also provides guidelines to follow.
  • Don’t forget to verify basic ID, aliases, and tax status for a person’s legal right to work, including social security validation.

Always discuss the results in a private one-on-one with the candidate, regardless of your hiring decision. Doing so gives the candidate a chance to speak on their own behalf.

RELATED ARTICLE: 5 THINGS SELF-EMPLOYED PEOPLE CAN DO TO PREVENT LAWSUITS

Criminal Background Check

A criminal records check is a background check basic. The criminal background check includes convictions for felony and misdemeanor offenses. However, these may including pending cases. This background check will scan criminal databases like such as the sex offender registry and terrorist watch list. Some background checks will include mugshots. You should bear in mind that these photos are taken upon arrest and do not prove the conviction of a crime.

Certain things don’t appear in standard criminal records checks. These include:

  • Infractions and civil judgments
  • Juvenile records
  • Offenses older than seven years
  •  Minor driving offenses

Credit Background Check

A credit check is completed through one of the “big three” credit agencies: Equifax, Experian, and TransUnion. Data includes the candidate’s credit score, loan default reports, collections activities, and public records on tax liens and bankruptcy settlements.

It’s important to keep in mind that as many as 25% of the population has a mistake in their credit report history. Take time to share any concerns that arise with the candidate for further discussion and explanation.

Background checks - desk with wallet, coffee, and keyboard
Photo by Lukas from Pexels

Drug Screening

Part of your hiring process may include drug screening for illegal and controlled substances. This is not a part of background checks. In reality, drug screening can be a deterrent to potential candidates. In fact, many candidates bristle at the idea and won’t apply to positions requiring a drug screen. 

Additionally, laws regarding some substances are changing in North America. Cannabis laws are actively changing in Canada, parts of the US, and Mexico. You should consider whether to continue to screen for a legalized substance. Proceed with care!

Social Media Profiles

Surveys claim 70% of employers refer in part to potential candidates’ social media personas. However, the information you gather is less-than-ideal. Online identities can be aliased. As a result, you may never be sure that what you read was, in fact, posted by the candidate. Viewing a candidate’s profile also exposes you to all kinds of information you are not at liberty to consider. In short, it’s better to focus on the background check than on speculation from social media postings.

Nobody’s Perfect

This is a good axiom to keep in mind. The goal of running background checks is to find a candidate in whom you can place your confidence. They do not have to be the perfect model citizen. You are looking for character and sound judgment. Background checks are tools to enhance your ability to find the right candidate for you and your business. Use them well and responsibly as part of a larger process of hiring your best team.

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Business Skills to Master in 2019 – Make the Leap to Success

November 4, 2019 by Asif Nazeer Leave a Comment

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As a business owner, keeping your employees, customers, and clients happy and engaged is your number one priority for success. Whether you have a wealth of experience behind you or you’re about to launch your own startup, here are five business skills that every business owner needs to master in 2019.

Motivating Employees

As the head of a business, all eyes are on you. For employee satisfaction, commit to providing effective motivation to your employees. A paycheck is not enough; employees must be led with enthusiasm and appreciation in order to accomplish tasks and reach fulfillment in their work. Their success directly impacts the success of your business, so this particular business skill delivers exponentially on the effort you provide. Giving your workforce a push in the right direction makes a huge difference in meeting your business goals.

Photo Credit: Cristina Morello on Pexels.com

Planning Ahead

“Fail to prepare, prepare to fail.” – Benjamin Franklin

Every project deserves your best effort. Before any outcome can be realized, your time must be spent in the process of planning. This business skill can make or break a project before the work has even begun! 

Successful planning ensures that the project is completed on time and with excellence. Clients and stakeholders want to trust in your brand, so creating an effective plan for your work is your top priority. You cannot risk starting a project with your eyes shut. Take the time to plan so you may avoid potential risks and pitfalls to allow your project to run smoothly. 

RELATED ARTICLE: 8 QUICK TIPS TO GETTING STARTED WITH YOUR NEW BUSINESS

Marketing Skills

Knowing how to market and promote your business makes it possible for you to find and keep the customers you want. When it comes to your brand it’s important that you take every opportunity to get your business at the top of consumer awareness. Use social media to your advantage; creating branded business pages and ads. Set up a web presence that is easy to find and easy to use. Make sure that your messaging and branding is consistent across all platforms and that they give customers more of an insight into what your company is all about. Utilizing the right strategies can help build up a loyal following.

Networking Skills

The networking business skill has long been a staple of the successful business owner’s toolkit.  Word of mouth can make or break you when it comes to running a successful business. Remember, word of mouth can be positive or negative and customers are more willing today than ever to post their thoughts to your website, search engines, and social media. If you aren’t delivering a quality service, customers are more likely to leave negative reviews, which can tarnish your reputation.

business skills - photo of social media platform icons
Photo Credit: Pixabay on Pexels.com

Being professional, friendly, and attentive to whoever you meet is crucial. Take advantage of in-person and online networking to build your brand. When the feedback comes, knowing how to communicate effectively is key to diffusing difficult situations and attracting return customers. Every touchpoint with a customer or potential customer is important.

Time Management

Stakeholders and clients set the schedule of the work you provide as a business owner. The time management business skill will help you stick to the deadlines and avoid over-promising and under-delivering. Various project management tools are available to help keep you on track and ensure your projects run smoothly and efficiently. Use whatever tool assists you in keeping your commitments so you can build trust with those who make your business a success. 

Small business owners and leaders of large corporations use these business skills to accomplish their goals in business. Let 2019 be the year that you master these skills to enhance your impact and your success. 

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Building Your Brand Is Essential to Your Success – Marketing

November 2, 2019 by Asif Nazeer Leave a Comment

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Photo by explorenation # on Unsplash

Building your brand is more than a one-day task. It requires much hard work, dedication, and teamwork. Moreover, planning to start a business without having a fool-proof idea about how you’re going to build your brand is not a good option.

There are two essential pillars of the modern startup. Those are your company’s recognized online presence and your customers’ experience of your company. When it comes to successfully building your brand, we have identified three powerful tools that can help.

1. TurboLogo Can Help with Building Your Brand

One of the first things you’ll need for building your brand is to create a logo. If you haven’t done that yet, look into the tool called TurboLogo. It’s easy to use, even if you have no design skills.

To create a logo on TurboLogo, follow these four simple steps:

  • Type your brand name
  • Choose colors and icons that are suited to your brand
  • Customize the generated results
  • Admire your splendid new logo

TurboLogo will give you high-quality images and backgrounds for your new logo. Plus, its user-friendly editor allows you a full range of creativity, so your logo design will help with building your brand. Give it a try here.

2. Build Your Brand with an Effective Social Media Strategy

building your brand

The next thing to think about with regard to building your brand is how you’re using social media. This is because a well-defined social media strategy will help you achieve better connections with your target audience.

In order to do this, however, you’re going to need to gain users’ trust. So be sure to post relevant and useful content. Then people will come back for more and eventually become loyal to your company. If you’re having trouble finding compelling content to share, look for other social media tools to help.

RELATED ARTICLE: AFFORDABLE MARKETING STRATEGIES FOR PROMOTING YOUR ONLINE BUSINESS

3. Get Your Team Up and Running

Another important aspect to building your brand is to make sure everyone on your team is on the same page. Team software such as Slack can help you to do this. Additionally, Slack offers cloud-based financial, operational, and workspace management solutions, whatever the size or type of your organization.

Specifically, there are three things Slack offers to any enterprise:

Smart Scheduling

Smart scheduling is an intelligent scheduling tool to help you and your team know exactly who is doing what and when they’re doing it.

Always-On Connection

Get a real-time view of who is clocked in and who is not.

Communication Tools

Communication tools allow you to deliver schedules and site instructions to your workforce.

Overall, Slack software allows for greater productivity and higher quality work.

Greater Productivity and Higher-Quality Work

When your team is running at peak efficiency, your customers will get better service. And top-notch customer service is essential to building your company’s reputation and your brand.

https://www.youtube.com/watch?v=MeLimVJom_0

Take Advantage of These Three Powerful Tools for Building Your Brand

Building a brand takes time. However, if you do it right, you will firmly establish your company in such a way so as to naturally connect with your customers. The three tools discussed here can help to put your company in a strong position.

Additionally, you might want to consider working with other professional agencies. This can help you to reach your goals faster. For example, a marketing agency can conduct research on your behalf and help you to define your goals.

So make building your brand a priority today. Then start using one or more of the three tools we suggest here, and soon you’ll be well on your way to having a strong brand in the marketplace.

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In 2016, the Future of Elon Musk’s Empire Was In Peril. He Had a Desperate Plan to Save It.

October 30, 2019 by Asif Nazeer Leave a Comment

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Elon Musk had a frenzied plan to merge Tesla and SolarCity, according to new documents.


October
30, 2019

10 min read


This story originally appeared on Business Insider

In 2016, the empire that Elon Musk built to conquer Earth and space was in peril, but Musk stepped in with a potentially illegal plot to save it all and stick Tesla shareholders with the bill, shareholders argue in a lawsuit filed against Tesla. 

The lawsuit, originally filed in 2016, claims Tesla’s 2016 acquisition of SolarCity — which saddled Tesla with billions of dollars in debt and liabilities — was a breach of fiduciary duty on the part of Tesla’s CEO Elon Musk and the company’s board of directors. The plaintiffs also claim that Musk and other members of the board did all of this in order to enrich themselves and save SolarCity while hiding the company’s desperate financial condition. They were major shareholders, and SolarCity was helmed by Musk’s cousin Lyndon Rive.

Musk’s lawyers have argued that he didn’t really control the process for buying SolarCity since he didn’t vote on the deal, and that the stockholders who voted on the deal were fully informed of what was going on at the two companies. Tesla did not respond to multiple requests for comment on this matter.

On Thursday, a bunch of the lawsuit’s filings became public, including depositions with Musk, Tesla’s then-CFO Jason Wheeler and more players in the deal. The data dump also includes things like minutes of Tesla’s board of directors meetings, internal emails and presentations that the bankers advising the deal gave outlining issues with SolarCity and the potential for synergy between the two companies.

According to these documents, the merger that Musk called a “no-brainer” appeared to be anything but. No other company was bidding to buy SolarCity — which at the time was helmed by Musk’s cousin, Lyndon Rive — and according to internal emails, it was also struggling to find financing for a $200 million bridge loan that it needed immediately.

“They claim other banks want into the SolarCity bridge,” said Bank of America’s Ray Wood in one July 2016 internal email, “but we have no visibility … the reality of the problem is dawning on Elon.” (Tesla announced its intention to do SolarCity the deal in June).

Here’s why things were looking so bad for SolarCity: In order to maintain the terms of its revolver, the company had to have $116 million in cash on hand at the end of the month every month. But as early as September 2015 there was an awareness that the company was going through a cash crisis, with its balance dropping to as low as $35 million in November, according to internal emails. At the same time, SolarCity also had a ton of capital expenditures, most critically at its Buffalo plant where it had to spend a certain amount or pay the state of New York over $600 million. 

By July 2016, after the deal was announced, the situation appeared more desperate. In one email to an unnamed person on July 9, Rive describes the company as “super low on cash” and said that he was worried about the “domino effect” if the company did not get the money it needs. 

Musk was also very aware of the cash situation before the acquisition. In an email dated Sept. 18, 2016, Musk sent a message to Brad Buss, the former finance chief at SolarCity, in which he said that one of the things SolarCity needs to do to persuade investors about a merger with Tesla was to solve the solar company’s liquidity crisis. 

Dominos

SolarCity’s problems didn’t just matter to Musk because he was a shareholder and a board member of SolarCity, it mattered because the company’s fate was tied to SpaceX, a piece of his empire, according to the lawsuit.

Space X, Musk’s rocket company, had given SolarCity $165 million at the beginning of 2015, according to internal SolarCity emails filed as part of the lawsuit, and it was holding 77 percent of SolarCity’s bonds. In short, if SolarCity went down, it could take SpaceX with it. Tesla did not respond to a request for comment on the state of SolarCity’s finances at the time.

None of SolarCity’s problems had anything to do with Tesla shareholders, though. Aside from Musk, his brother Kimball and a few members of the board of directors who owned SolarCity stock, Tesla shareholders only had to worry about making cars. That’s why inside of Tesla the board of directors and the c-suite knew it could be an uphill battle to get shareholders to approve the deal. Board members were tasked with personally reaching out to individuals from big time shareholders like Fidelity to sway them, according to emails. 

But that didn’t seem like it was working by the fall of 2016, according to documents included in the lawsuit. Major investors like T-Rowe Price were still not backing the deal. 

In an internal email dated September 14, 2016, Todd Maron, Tesla’s former general counsel, described a conversation he had with T-Rowe Price about their doubts regarding the deal.

“They (T-Rowe) said what Tesla is trying to accomplish in the automotive space is very complex and to add SolarCity to the mix raises the operational and financial risk profile of the company, especially given SolarCity’s financial challenges as a company,” Maron said in the email. 

So Musk gave them and other doubtful shareholders a reason to get onboard.

In late October 2016, Musk hosted a massive show on a Hollywood TV set, unveiling a product that didn’t yet exist — Tesla’s solar roof tile.

“Latest feedback from major investors is very negative on SolarCity,” he said in an email to Peter Rive on September 16, 2016.  “We need to show them what the integrated product looks like. They just don’t get it. Needs to happen before the vote, so maybe aim for October 28th for a joint solar roof and Powerwall 2 unveiling.”

Tesla’s then Chief Technical Officer JB Straubel was also included on this email. Tesla did not respond to Business Insider‘s request for comment on its contents.

After seeing the solar tile, Tesla shareholders approved the deal in November.

A lot to lose, a lot to gain

Inside of SolarCity as early as the fall of 2015 there was an acknowledgment that 2016 would not be kind to the company’s business model. In an email to the company’s c-suite Tanguy Serra, SolarCity’s then-president laid it out pretty clearly. 

“Next year we are facing Silveo [SolarCity’s manufacturing plant], more commercial mix — so on a like for like basis it won’t be better,” he wrote. 

That is part of why in June of 2016, the time of this deal’s announcement, Wall Street was scratching its head trying to understand exactly how it would do Tesla any good.

“… We are struggling to see brand, customer, channel, product or technology synergies,” analysts at JP Morgan wrote at the time. “We do acknowledge that the acquirer’s easy access to capital markets might provide a low cost of capital option … but we don’t see another cost synergies that weren’t already available to SolarCity via the close partnership.”

This quote was included in a presentation Evercore gave to Tesla’s board of directors in July.

The board was not yet sold then in part because there were still a lot of questions about how much SolarCity would cost. According to emails between Evercore bankers and Tesla, filed as part of the lawsuit, Evercore founder Roger Altman said Tesla was pricing too generously and in one July 2nd email said directly: “Tesla shareholders might not like this.” Meanwhile, Tesla’s board of directors wanted to see if there would be any other bidders for SolarCity. But there were none.

By October 2016, though, Tesla’s board was singing a different tune. In one October presentation by Tesla to proxy firms included in the lawsuit, it claimed that the deal would create $150 million worth of direct cost-saving synergies within the first year of the acquisition.

Five Tesla board members had a clear financial interest in getting this deal past the finish line, the lawsuit claims. Not only did they stand to lose a lot if SolarCity went under, but they had a lot to gain if it was saved at a premium (as it was), the suit claims. 

From the filings:

Tesla investor lawsuit

In 2015 and 2016 Kimball Musk used his SolarCity shares as collateral on his personal loans, according to his deposition. If SolarCity had gone bust this would be a problem for him. But he testified that his personal loans had nothing to do with his support for the deal to have Tesla acquire SolarCity.

Lawyers for the defendants argued, according to the filing, that personal issues like this didn’t pose any kind of conflict of interest because the defendants are so rich. 

Raise the roof

According to multiple depositions, the solar roof tile that Musk presented in order to wow Tesla’s shareholders wasn’t actually a working product when it was unveiled. In Wheeler’s deposition, he was asked about that directly, and it went something like this:

Q: So I get a sense of timing — I know you knew it [solar roof tile] was a future nascent product by the time it was incorporated. Were you of that view before the merger agreement was signed, that … there was no real project to model.

A: Yes, I think before it [the acquisition deal] was signed that’s what I was thinking. 

In his deposition, SolarCity’s President of Global Sales, Tobey Corey, said that the roof Tesla unveiled in its presentation was not connected to a grid of any kind while it was being presented. He also said he couldn’t remember if Tesla ever sold a roof either.

“I don’t recall selling any,” he said, though he said he recalled that some roof tiles were being installed after the presentation.

“More than five,” asked the attorney questioning him.

“I honestly couldn’t tell you,” Corey responded. “It wasn’t a lot but I recall hearing of installations that were occurring. I know that Elon got his system installed … I believe there were others I don’t remember the exact number.” 

Tesla did not respond to Business Insider‘s request for comment on Corey’s deposition, on how many solar roof tiles have been sold, or on how many have been installed since the presentation.

You can place an order for version three from Tesla’s website if you want, but as Bethanny McLean reported in Vanity Fair last month, some people have done that before only to have their deposits sit at Tesla as their roofs never materialized.

Last Friday, a day after the documents related to this lawsuit went public, Tesla held a phone call announcing that it had developed a version three of the product that would work beautifully. The call, however, was light on details and it was not a live event like the unveiling of the first solar roof tile. No Hollywood set. Tesla did not respond to Business Insider‘s request for comment on whether or not the product was ready for use.

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A Quick Guide – Running Your Business

October 29, 2019 by Asif Nazeer Leave a Comment

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Take any department of a modern organization—be it marketing, human resources or purchasing—and you’ll see how important processes are to the smooth running of the everyday tasks and activities that make up the team’s operations. This is certainly the case for the finance function, where there are many sequences of events that are performed over and over again. These finance processes form the backbone of the whole organization’s business operations and contribute massively toward the company’s effectiveness and efficiency.

Working
with Finance Processes on a Small Scale

The finance function is home to a number of processes. For instance, there are employee expense payments, budget approvals, and capital expenditures. And these are only a few. Companies still trying to coordinate and manage these processes manually inevitably fall into the same difficulties.

First, manual workarounds such as spreadsheets, basic databases, or even paper files aren’t sufficient to the tasks at hand. They don’t have the capacity to harness the unpredictability of the steps in the process, for one thing. What’s more, they cannot automate them to minimize or even eliminate human involvement. This means that employees have to input data, oversee it, analyze it, and even make manual calculations. And this is just so they can carry out a basic task that is performed numerous times a day.

Needless
to say, this is not an effective use of trained, skilled finance team members’
time, time that could be put to much more value-adding use.

RELATED ARTICLE: 5 BUSINESS GROWTH STRATEGIES

Moving
Toward Automated Finance Processes

Utilizing some form of automation within the finance function can be an effective way to streamline and simplify existing processes. Moreover, automation can have the following benefits:

Improved Efficiency and Visibility

Automation helps the finance team to spot blockages or bottlenecks in the process. Then they can take proactive action to address these issues. This reduces delays. What’s more, since the steps in the process are clearly defined, everybody knows what to expect and where each task is. This naturally improves overall efficiency and productivity.

Better Compliance

It is so much simpler to track error rates or potentially fraudulent activity using automation. This usually goes hand-in-hand with in-built permissions and access rights. Additionally, back up processes can be called upon if issues arise. From an employee perspective, the clearer guidelines and policies that result from automated processes often lead to a better understanding of each process. Therefore, all employees spend less time on approvals.

Finance
Processes That Benefit from Automation

Practically any multi-stage activity carried out in the finance function can be moved from a manual to an automated process. Here are some of the most common ones:

  • Purchase orders
  • Employee expense reimbursement
  • Employee timesheet approval
  • Budget approvals
  • Capital expenditure

Financial automation tools can work in partnership with your organization to identify the most value-adding processes in your organization. Then it can help you create personalized automated workflows that match your company’s procedures perfectly.

The
Process of Automation

Implementing automated workflows into your finance team is usually a straightforward task. However, it is one that benefits greatly from being planned out in advance. In this way, you’ll be better assured of getting the best results. Moreover, you will minimize disruptions to ongoing business. Here are the key steps in the planning process:

Lay Out Your Objectives

Before embarking on automation, consider key issues. For example, what do you want to achieve from automation? What is your potential budget? Also, estimate the costs and anticipate any possible issues that might arise as a result of automating your company’s processes.

Plan the Process

It’s a good idea to draw up a road map of each process flow that you want to automate. Among other items, this can include the individuals involved at each stage, as well as the documents or software that will be needed throughout the process. Additionally, involve your team as much as possible during this step. In this way, you will ensure it is as accurate and realistic as possible.

Test the Process

Before going live with a new automated process, run some trials within a test environment to check its performance with no risk. This is a great opportunity to make any adjustments you deem necessary.

Implement Your New Automated Processes

Make sure your team is trained. Moreover, be sure to inform the rest of the business and other stakeholders such as clients about what to expect. Then, put your new processes into action in real-life situations.

Review and Improve

Finally, analyze the performance of your new automated processes regularly, especially immediately after going live. You need to ensure that they are meeting the needs of the business. Thereafter, make tweaks where necessary based on feedback and performance.

Take
the Next Step Toward the Benefits of Finance Process Automation

If your organization is still struggling to coordinate and manage the range of essential processes within its finance function, give automation a try. See for yourself how it can help your business to grow and thrive. At the very least, it will improve productivity and efficiency. Financial process automation is the perfect way to streamline and tighten up your existing finance processes. It will reduce your error rates, improve efficiency, and save you money along the way.

About the Author

Dinesh Varadharajan is Vice President at Kissflow. He leads the product management team that looks after the company’s flagship workflow automation product. Dinesh is a hands-on executive with a wide range of experience working with leading-edge technologies, developing great products, and mentoring highly productive teams. He has profound knowledge in design and technical implementation of BPM solutions.

LinkedIn: https://www.linkedin.com/in/dineshvaradharajan/

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Team-Building Lessons From the British Army

October 28, 2019 by Asif Nazeer Leave a Comment

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There’s plenty all business owners can learn from the English military’s organization and execution.


October
28, 2019

4 min read

Opinions expressed by Entrepreneur contributors are their own.


Presented by

Entrepreneurship is a team sport. It is simply too complex to do on your own and expect to succeed. People who attempt to be “solopreneurs” find themselves juggling tasks as varied as sales, administration, IT and client-delivery. No earthly person could be excellent at all of these tasks, and often they become mediocre at all of them. 

The greatest entrepreneurs know this all too well, and their primary goal is to enroll talented people onto their team. That’s why there is a plethora of quotes from the most famous entrepreneurs extolling the virtues of teams: 

    “By putting the employee first, the customer effectively comes first by default, and in the end, the shareholder comes first by default as well.” — Richard Branson

    “None of us is as smart as all of us.” — Ken Blanchard

    “No matter how brilliant your mind or strategy, if you’re playing a solo game, you’ll always lose out to a team.” — Reid Hoffman

    Related: 3 Ways the Army Prepared Me for Entrepreneurship

    When it comes to managing teams and getting people to perform at their best, entrepreneurs can learn a lot from the British Army, which has almost 400 years of history to draw from and a personnel system designed to scale up and scale back teams quickly. Here are some examples of how the British Army organizes its troops.

    Scout Team: Typically a two-person team designed to make an assessment of an opportunity or a threat. These two people can be of equal rank or consist of a senior and junior member. 

    Fire Team: A four-person team addressing an urgent problem with short-term objectives. There is typically a corporal with three privates. 

    Section: An eight-person team carrying out day-to-day duties. This normally consists of a corporal and a lance corporal managing six privates. 

    Platoon: Normally three-to-five sections with commanding officers and platoon headquarters. A lieutenant and second lieutenant are typically in command and are supported by the section commanders.

    Entrepreneurs can use a similar plan when scaling up their organizations. Here’s how the same team-building principles might apply to your business.

    Founders: This could be two co-founders or a founder with one person supporting. The purpose is to identify an opportunity and prove a concept. 

    Small-Boutique: This team of four should focus on short-term objectives, such as a launch campaign or hitting a 90-day target. 

    Boutique: This eight-person team can establish a routine and generate a consistent stream of business. The founder and an assistant manager work together to organize smooth operations.   

    Performance Team: This team of 35-plus people consists of an executive team that oversees the operations of three-to-five sub-teams. For example, an executive team of four might lead sub-teams that are each focused on different products or markets. 

    Related: 7 Things the Army Taught Me About Running a Company

    Over the past 400 years, the British Army has faced every challenge imaginable and has had the opportunity to test various ways of organizing people into teams. It’s found team sizes and structures that work. The Army never sends one person on their own to do anything. Notably, there’s no solo missions going on, and this should be a lesson to entrepreneurs trying to do everything on their own. For normal day-to-day operations, the Army is built upon teams of eight people, or sections. This is worth noting for leaders who think they can single-handedly run big groups of people. When it comes to scaling up your team, you can learn a lot from people in uniform. 

     

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The Death of Instagram Following Activity Tab and Its Effect on Business?

October 25, 2019 by Asif Nazeer Leave a Comment

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Instagram is a great tool that, if used right, can separate Unicorn businesses from Donkey businesses.

If you follow the news, you know that the app has been dealing out a lot of changes recently, and it seems a new one is afoot.



The Death of Instagram Following Activity Tab

Instagram has eliminated the Instagram Following Activity tab in the app.

The Instagram Following Activity tab, previously located in the Likes section of the app, showed what content the accounts one follows were liking. By viewing the Following Activity tab, you were able to see the activity of all of the other users you followed.

Losing this tab means a few things for business, especially marketers who used this tab for audience insights and competitive content analysis. Read on for my take and replacement Facebook power tools.

Spoiler alert: Expect even more changes ahead.

Who Used the Instagram Following Activity Tab?

Did you use the Instagram Following Activity tab?

According to Insta, the Instagram Following Activity tab was not used frequently by most users.

It’s rather hidden and, compared with the feature that shows a user who is liking photos, probably isn’t that useful or important to the everyday Instagram user.

Starting Monday, users saw their Activity tab without the Following Activity content.

As you’ll read in related news coverage, the Instagram Following Activity tab was a favorite of users who liked to “stalk” the activity of their friends and celebrities.

However, the Instagram Following Activity tab was also used by businesses.

It was a handy tool to see what users were liking, providing insights into the popular social channel’s audience, likes, and best-performing content.

File this feature under “discontinued business insights tool in Facebook products.”

(We learn not to get too attached to any marketing tool after a while in the digital marketing business.)

But the death of the Instagram Following Activity tab is not the end of the world for marketing professionals.

What Can Businesses Use in Place of the Instagram Following Activity Tab?

There are a number of features and tools that businesses can use to replace the Instagram Following Activity tab now that it’s gone.

If you’re looking for insights about what the Instagram audience is liking, there’s another great way to see what audiences are consuming on Instagram — the Explore feed.

The Instagram Explore feed mimics the Instagram Following Activity tab in that it displays content users that one follows are liking.

It will also provide new content to discover based on one’s own Instagram activity.

If businesses pay attention to the Instagram Explore feed in place of the Instagram Following Activity tab, they can gain insights into audience behavior, popular content, and what’s trending.

Additionally, Instagram offers business tools that are far more useful than the Instagram Following Activity tab.

Instagram Business offers in-app metrics and promotion options.

And, as always, a great way to make sure your business is performing well on Instagram is to use the app expertly.

Make sure you have an aesthetically appealing grid of content on your page. Post once a day. Interact with your audiences.

There are a number of social media tools outside of Instagram that will aid in using Instagram to the best of your ability.

What Other Changes Is Instagram Making?

We have to ask why Instagram made this change now.

In an interview with BuzzFeed, Instagram head of product Vishal Shah said, “Simplicity was the driving factor.”

Streamlining the design of Instagram will help focus the app on what is essential.

This is key for the app to foster continued engagement by users.

And it focuses the mission of businesses using Instagram for marketing: creating and supplying the best content and advertising possible to increase reach and engagement for audiences.

The discontinuation of the Instagram Following Activity tab is not the only change that Instagram has pushed out recently.

And it’s not the last change that the app has planned.

In the next year, users can expect more changes for the platform, including a separate Instagram DM app that is live in the internal user testing phase.

In addition, Facebook is integrating its messaging apps including Facebook Messenger, Instagram, and WhatsApp.

Messaging is the fastest-growing method of online communication, and it’s about to be easier than ever for businesses to utilize its benefits.

The integration of Facebook Messenger, Instagram, and WhatsApp will simplify marketing, as businesses will not have to create and use different tools for each of the apps separately. For example, a business will not have to make a separate chatbot for their Instagram, Facebook Messenger, and WhatsApp platforms.

You’re going to need to get familiar with Facebook chatbot marketing STAT.

So while businesses might be losing a handy insights tool in the discontinuation of the Instagram Following Activity tab, the changes add up to a more engaged audience and more platforms for customer engagement and reach.

Stay tuned for what else Instagram and the rest of the Facebook family has in store.

Republished by permission. Original here

Image: Depositphotos.com

More in: Instagram, Publisher Channel Content


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Tips for Students Who Want to Start a Small Business – Business Ideas

October 24, 2019 by Asif Nazeer Leave a Comment

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Featured image from Tim van der Kuip on Unsplash

Whether businesspeople are made or born is up for debate. But being in business means making an impact in the world with your ideas. A business is a long-term investment that requires dedication and constant development. If you are considering starting a small business while studying or when you complete your studies, there are many things to consider. 

Running your own growing empire has its advantages, but it also comes with immense challenges you need to be ready for. However, with the proper tools, your small business can make it to the big time. Here some small business tips to help you hit the ground running.

RELATED ARTICLE: HOW TO PREPARE TO RUN YOUR OWN BUSINESS WHILE STILL IN SCHOOL

1. Get Started with Your Small Business ASAP

Starting as soon as you can, put yourself in a position where you can assess the true value of your small business idea. Nowadays, the business model has transformed immensely. 

For example, it is no longer the norm to present a complete and final product to your market. In fact, some innovators suggest a minimal viable product (MVP). This is a product with the basic functionalities that lacks all of the bells and whistles the eventual product will have. An MVP allows you to grow with your market and make changes according to demand. 

2. Be Ready to Take the Risk

If you are not up for the risk, then you are probably not suited for the cutthroat business world. Taking the leap to get your small business started is a brave step that requires your dedication. Investing money and time into your idea is about focusing on the rewards, yet understanding that it might not work out. 

Get over that fear and operate from a place of reasonable faith. In business, failing is part of the process. It will leads you toward growth. This is because each failure carries a lesson, so don’t let fear deter you from your journey. 

3. Don’t Be Afraid to Make Mistakes

As mentioned in the second point, mistakes are part of the journey. However, fear of making mistakes can debilitate the aspiring entrepreneur. Just remember that many small businesses start off with a series of failures, until they become a success. 

However, successful companies also continue to experience failures dictated by different circumstances. You need to remain true to yourself and your business goals to overcome factors around you that stifle your growth. Anyone from friends, family, and co-workers may disagree with a certain course you are taking. However, whatever happens, always remain true to yourself. 

4. Create and Mold Your Own Life Along
with Your Small Business

Since you are still studying, being a little ahead of your peers with your career might mean you will miss out on some of the fun things young people do in college. Additionally, if you get started right away, you might struggle to balance your studies with running your small business. 

If that is the case, you can get your personal assignment assistant with an online writing service. That will help you to get your dissertation, thesis, college essays, and other writing work done on time.

Additionally, in creating a life for yourself and taking ultimate responsibility for your life and your small business, read business articles to get inspiration from the greats.

Image from Austin Distel on Unsplash

5. Work Hard, Play Harder

Being in business is different from studying or working a full-time job. Mainly this is because there are no holidays, paid time off, or someone to monitor the work you put in. Therefore, working hard is important, but remember to give yourself a break now and then. So take up a new hobby or find other healthy ways to blow off steam. 

As a businessperson, your efforts may not translate into monetary gains immediately. A steady balance allows you to constantly refresh your mind and focus on success. A good idea here is to use business automation apps to stay on top of your work with your small business.

6. Be Open to New Ideas in Your Small Business

Our ideas are like our children. We want to
keep them close to nurture them and watch them grow. Unlike children, however, you
have the option to let ideas go when they are not growing as well as you
expected. So if one of your ideas is no longer serving your small business, feel
free to let it go.

Of course, it is hard to let go of something we are passionate about and it might sting a little bit. However, business is no place for ego or pride. Pay attention to feedback from your clients to continue servicing their needs. From time to time, this might require an entire overhaul of certain ideas and elements of a product or service.

Just remember that when you can let go of an idea that’s no longer serving you, you will make space for a new and better idea to come along.

7. Seek Allies in the Business World

Networking is so important for a growing businessperson. Networking allows you to connect with like-minded individuals who likely face similar challenges in the small business world. Having allies in business will allow you to draw important lessons and find ways to business success.

8. Find a Mentor to Walk You Through the Process

Finally, it is a good idea to identify a mentor in your field so that you can learn from them. Stepping into the world of business requires the ability to be preemptive about challenges you may face. As you create your long-term plan upon entering the business world, a good mentor will help you to have a good understanding of your challenges and your potential growth points. 

There are good mentors out there who will be willing to hold your hand through the process and give you feedback on possible strategies. As an aspiring businessperson, you need to keep your finger on the pulse of development and make sure that you are on course with your goals for your small business, and a good mentor will help you to do that.

About the Author

Emma
Rundle works as a business consultant for small and mid-size businesses and
startups. She has a special interest in startups backed by student entrepreneurs
and has helped them to scale up various companies ranging from organic food to
online writing services. In her free time, she likes to play tennis and try her
hand at gardening and writing blogs.

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