Adopting a Social Media Policy for your Company

Social media has changed the way companies do business. There is an extremely positive aspect to this new form of communication. Developing a strong brand identity across various social media platforms allows a company to expand their customer base like never before. Direct messages to millions of consumers can be effectively delivered with a click of the mouse.

On the other hand, that same vast social network can turn against a company if a negative aspect were to go “viral.” The best way for your business to protect itself is to not only understand all the social media platform policies but also to develop a comprehensive social media policy for your employees. Here are some of the basics to social media that will help you deal with your customers online.

 

 

Every social media platform has rules that should be read, understood and followed.

These rules and guidelines cover the expected behavior of the users. If someone on your staff is assigned the task to create Facebook posts or Twitter tweets they need to understand those policies before diving in. Just because they use these networks in their private lives doesn’t mean the same rules apply in the corporate realm.

Essentially, you should strive to always be respectful.

When you open your company up for social media interaction you’re going to find yourself on the receiving end of negative comments. That is just the way it will go. One option would be to scrub those comments as they come in but that can generate even more negative responses on other sites. The best approach is to be proactive. Whenever possible, try to respond to those comments in an affirmative way that puts the company in a positive light. You might not sway the poster’s opinion, but you could be having an impact on all the other readers. Don’t engage in a back and forth defense. State your company’s policy and leave it at that.

Keep company secrets - secret.

This is especially true for the employees. There are many trade secrets and confidential information that a company keeps locked away for good reason. No employee should be sharing that information across the social media network. This aspect of the company is especially important for new staff members to understand. They might not be up to speed on what information can be made public. Make sure every employee knows your company’s “sharing” policy.

Restrict social media at work

As an employer you can’t infringe on your employee’s right to post on a social media network about their private lives. However, you are well within your right to restrict that kind of posting during work hours. Your employees shouldn’t be monitoring Facebook, Twitter, Reddit or Pinterest unless it is work related.

Social media can’t be ignored; it is here to stay. Fortunately, there are many resources and tools at your disposal to keep track of your company’s reputation. Depending on the size of your business you might find yourself hiring staff to exclusively work in the social media realm and that could turn out to be a very smart investment.

Significance of Opening up Top Level Domain Names

Believe it or not there was a time in our postal history when there was no need for zip codes. You wrote out a street address, a city, a country and your letter got to where it needed to go. The same occurred with telephones and area codes.

But, as the population increased, there was a need to find more efficient ways to sort and designate all those calls and letters. That’s what is happening now with the internet as .com domain names have reached their peak.

The Internet Corporation for Assigned Names and Numbers (ICANN) is the entity charged with the task of controlling the World Wide Web’s naming system. Recently, ICANN announced it is taking applications for new generic top-level domains and it has businesses scrambling for a stronger positioning for their company’s interests. These new addressees are called gTLDs and refer to the end of a web address such as .com, .net or .org. There were 1,410 new gTLDs being made available and already companies are fighting with each other to snatch up those names.

The Opportunities for Businesses

Why is this important? It all comes down to a question of being found on search engines. If a company can capitalize on a domain name then they can corner a segment of the marketplace. We’re not talking about brand names such as Nike or Microsoft but instead for things like .show, .llc, .tv etc.

Even the big players are trying to get a gTLD to brand their business such as .google or .apple. This will insure that they can control their interests. Another perfect example is the Vatican which applied for dozens of variations for the .catholic gTLD.

Additionally, there is a possibility for a business to focus into a more targeted domain. For instance, with the gTLD of .ticket a business could set up a web service selling Broadway show seats at broadway.ticket or baseball.ticket or even justinbieber.ticket. All of those entities can be part of a single ticket selling organization but by using the gTLD in this way they are attempting to garner higher search engine rankings by controlling the most variations of addresses.

They still have to fill up those addresses with original content that is attractive to search engines but it’s a proactive step towards maximizing the potential of higher rankings.

The Opportunities for ICANN Entrepreneurs

It’s also a potential goldmine for a fast thinking and clever organizations or individuals to scoop up as many as those domain combinations as possible. This is sometimes referred to as “domain parking.” You register variations of domain names in the hopes that someday a company or even a personality will pay for control of that name.

There have been many instances where average internet users gazed into the “crystal ball” and predicted what domain name would be attractive. Imagine if you could register ATT.com before ATT did? However, the ICANN application fee is considerably high which can dissuade many from applying.

Although we all might be used to a .com world, those addresses just can’t sustain emerging businesses anymore. Opening up the gTLD will allow even more competition in the ecommerce marketplace and that’s a good thing for consumers.

Marketing to Kids in Canada: Things to Watch Out For

Many parents think that when it comes to television advertising aimed at children it’s like the “Wild West” where anything goes. In actuality, there are some very strict guidelines to follow with regard to marketing to kids in Canada. The first consideration is to classify what is meant by children’s advertising. These would be commercials that are packaged before, during or right after any type of children’s programming. In this case, “children” are defined as anyone under the age of 12.

The Canadian Association of Broadcasters established a Broadcast Code for Advertising to Children in 1971. The following are a list of the highlights of this code that the advertisements must adhere to. A commercial for children should:

·         Use age-appropriate language that is accessible to the target audience. 

·         Refrain from any type of content that could inspire children to harm themselves such as wild stunts.

·         Collect only the minimal amount of personal information for a contest that would allow a child to participate in that activity.

·         Restrict the advertiser from dealing with anyone other than the parent or guardian of a child who wins a contest.

·         Require that a child must get their parent or guardian’s permission before handing over any type of personal information.

·         Refrain from using any of the personal information gathered in a contest to advertise products that aren’t age appropriate for children under 12.

·         Refrain from collecting any date from the children about their family’s financial status.

·         Keep third parties out of the equation when it comes to this personal information.

Self Regulation

For the most part, companies are permitted to self regulate their advertising practices. However, when it comes to children’s advertising those ads must be submitted to the CAB for approval before going on the air. Even with those approvals, parents still retain the right to complain about a company’s advertising practices. These complaints would be submitted to the Canadian Code of Advertising Standards. On the average the ASC receives about 1,200 complaints a year for general advertising but only received one complaint for a child-directed commercial. This is an indication that companies who do advertise for children take that role very seriously.

Factual Presentation

In terms of the actual presentation of a product, advertisers must adhere to certain factual considerations such as:

·         Any representation of a product cannot exaggerate its function in terms of speed, color, durability etc.

·         The size of the actual product needs to be established.

·         The words “new” or “introducing” can only be used in context with that ad for up to a year.

Finally, marketing to children can’t involve direct pressure to purchase or use a product. They also can’t encourage kids to tell their parents to “Buy me this!” The general rule of thumb to apply would be what would you want your kids to see in a commercial?

Creating the Perfect Business Partnership

Although the original idea for your business might be all yours that doesn’t guarantee you won’t need a partner to get that business running and keep it afloat. A solid business partnership can actually increase the likelihood that your company will find success. That’s because you’re sharing the responsibilities and expanding your networking potential.

What makes a productive business partnership? Consider the following factors:

 

Set Your Goals

You should already have a business plan with a strong vision and measurable goals. When you go looking for a business partner you want someone who can share in your vision. You need to be honest about your own limitations. Are there some skill sets you need to develop for yourself? What can you learn from a business partner? Suppose you were opening a restaurant and had terrific chef but they didn’t know anything about desserts. Wouldn’t it make sense to hire a pastry chef? You want to find a business partner that can build upon your talents. They also have to be enthusiastic about your vision. You’re not looking for a “gun for hire” but a genuine partner.

Look Beyond Your Circle

As you begin your search for a great business partner, you’ll want to go beyond your immediate social circle. Yes, you might have a friend or family member who could fit the bill but don’t stop your search there. Go to where you might find the most qualified partner. There could be trade shows, industry events or conferences, where you will find like-minded individuals who would prove to be an asset to your company. The last thing you want to do is find a business partner who doesn’t have any experience in your industry.

Manage Expectations

After you’ve narrowed down your candidate list you’ll want to carefully detail the responsibilities for your new partner. Depending on the circumstances, a business partner could become an equal owner in the company because of the investments, skills or ideas that they are bringing to the table.

However, that doesn’t mean they can automatically dictate how things should be run. That should come from you as the controlling owner. Of course, you’re hiring a partner because you want the support so be open to any ideas they might have about management, marketing and production. If you’re both clear from the outset about what you expect from each other than there shouldn’t be any surprises down the road.

Make It Legal

Once agreed upon, all of those responsibilities should be put into the form of a legal contract. This contract should spell out things like compensation and termination of the partnership. Essentially you should cover all the bases. A handshake is a noble way to do business but won’t matter in a court of law if something goes wrong. As with every other aspect of your business, get it in writing and get it signed.

Great interview questions to ask when hiring your first employees

 

Starting your own business is exciting and also challenging… but you’re finally making your dreams come true of becoming your own boss.

You’ve worked out and tested your business plan. You have investors lined up and you’re ready to go. All you need now is the right staff.

There is always going to be a huge learning curve associated with any type of startup. Ideally, you shouldn’t weather that storm all alone. You should find capable workers who can support your plan. Part of the hiring process will involve interviewing your prospective employees. The following questions could become a good guide for the interview.

How are you with customer service?

The correct answer should be, “Awesome!” But don’t take their word for it. Run a few scenarios by them to see how they would handle a particular situation related to your business. Role playing is an effective way of seeing how this employee might handle a spontaneous situation especially one involving an irate customer.

Describe what it means to be adaptable. 

There’s no escaping that with a startup you’re going to have some days of genuine chaos. How will your new hire handle the pressure? Can they think on their feet? Will they need constant supervision? Ask them to discuss a previous work experience when the unexpected happened and how they adapted to that situation.

What was the last project you worked through successfully?

Hopefully, the candidate you’re interviewing will have had some experience relating to your business. They should be able to talk about a previous work project they either initiated or were put in charge of. What did they learn from that experience? What mistakes did they make?

How would you rate your drive to succeed?

It’s easy to find workers who punch in, do their tasks and punch out. They get the job done but don’t go that extra mile. If you’re excited about starting your business then you want someone who is going to share your enthusiasm.

How do you resolve employee conflicts?

Hiring a staff means you’re hiring multiple personalities. In the best case scenario everyone will work in harmony but we all know that is a lofty goal to achieve. Even if the person you’re interviewing is just for a staff position you still want to get a sense of how they’ll get along with the rest of your team. Communicate your goals and then see if they “get it.”

One of the best indicators of a good employee is through their references. Ask the references similar questions about the candidate. Look for consistencies in the responses. If there is any inconsistency, find out why.

Key Components of a Manufacturing Production Plan

If you’re in the business of manufacturing a product then you need to develop a thorough production plan. That applies to everything from making “widgets” to sandwiches. The type of effective production plan depends on your business model. It will help if you can hone in on what type of manufacturing production will be most beneficial to your business. Based on that answer, you’ll be able to make informed decisions about inventory, material purchases and transportation. Consider which of these production plan strategies apply to your business:

The Demand Matching Strategy

This type of manufacturing applies to a company who is only making a product to exactly match the demand for that product. A restaurant only makes a single meal when a customer orders that meal. They have all the ingredients on hand for the meal but don’t go into “production” until the order is placed.

The Level Production Strategy

In this plan, a company will make an average number of products to match a projected demand for those projects. This is a consistent approach based on tangible order numbers. If that restaurant sells an average of two dozen chicken dinners every night then it makes sense for them to prep two dozen chicken dinners every night in anticipation of the orders.

The Stock Making Strategy

This strategy involves making product before a customer would place an order. The benefit of this plan is the ability to make a master production schedule that will determine a specific set of goals per manufacturing run. You’re going to make 100 widgets every day to meet any anticipated demand over the year.

Once you have settled on the type of manufacturing strategy you’ll be adopting, you should plan out a production schedule. Don’t guess as how much time or labor would be involved in making a product. You should conduct test runs of the manufacturing process to get a baseline for those facts. That will help you estimate what a typical run of a product will cost in terms of time and work force.

The test run can also help you develop a schedule for ordering supplies. If it takes a single day to create a product and you plan on having a consistent five day run then you can figure out how much materials you need on hand to complete an order. It all comes down to a matter of organization and scheduling. Don’t leave anything to guesswork.

Your Entrepreneurial Dream - Don't Let Anyone Steal It

From the very moment you had your first job, you’ve probably began the dream most common among workers: how to be your own boss?

Actually, that’s the 2^nd most common dream; the first would be to win a jackpot lottery prize and retire!

But the dream of being your own boss isn’t as farfetched as you would think. If you have an entrepreneurial dream then what’s holding you back from taking it to the next level? Maybe you once had a great idea for a business that you see developed later on by a complete stranger into a successful entity.

That only means your ideas are worth pursuing. Don’t let another entrepreneurial dream slip by.

Consider these insightful tips to help make your dream of being your own boss come true.

1.      Define Your Goal and Vision

Saying you want to be your own boss is a good motivating factor but how are you going to get there? You need to define your goal in terms of a business plan. Suppose the company you’re working for now is an area you excel at. Could you start your own version of that company? That’s usually how many small businesses begin as off-shoots from former employers in the same field.

2.      Keep It Real

The key is to pick a specific goal that you can follow. To say, “I want to make a million dollars profit in my first year,” is not realistic no matter what the business. There is nothing wrong with having lofty ambitions but you have to be practical about the direction your want to follow on your entrepreneurial journey. You might want to own your own restaurant but perhaps it makes better sense to start a small diner and build a clientele. Less overhead and more room for “learning curves.”

3.      Learn the Ropes

If you’re planning to start a business that you’re already familiar with then you should have a solid foundation of how that business works. However, that doesn’t mean you know everything about running that business. You might be adept at sales but how are you at bookkeeping or payroll or property leases? Those are all areas you’ll have to become familiar with as your business expands. To accomplish that it might make sense to learn the ropes either through college courses or working with a mentor.

4.      Take the Leap

Sooner or later all of your dreaming has got to come down to earth, so to speak. This means you have to actually begin to implement your plans. If you have a well thought out business plan then you’ll be using that as a kind of road map for this journey. There will be bumps along the way but at least you’ll be headed in the right direction.

Starting your business means you’ll have to be decisive in your business decisions. That’s what being a boss is all about. No more sitting on the sidelines; it’s time to get in the game!

Why Startups Need a Strong Vision

 Thanks to the GPS we never have to get lost again. All we need to do is plug an address into our phone or car’s navigation system and we can make it to our destination easily. We even get alternate routes to avoid heavy traffic!

Can you imagine going to some new destination in an unfamiliar part of town without directions? Now try to imagine a starting your business without any direction. You wouldn’t know what goals to aim for, when you reach your target or where you see your business in the coming years.

That’s not a good way to start any endeavour.

However, if you can create a well thought out vision for your business, you’ll be able to build upon and execute that vision towards success. Without it, you could quickly get lost.

Dream Big

A startup’s vision is your chance to dream big. The single store you’re opening today could become a major franchise down the road.

That is part of your vision. Will you know how to achieve that goal?

You will when you set forth a specific set of benchmarks to reach in the coming months and years. Your vision is as much about the future as it is about the day-to-day operation. Don’t hesitate to dream big.

Try this simple exercise: In five years, where do you see your company?

The answer to that question is what your vision is all about. Do you think you could achieve that goal without first understanding what it is?

Make the Commitment

The vision for your company isn’t just about those lofty ideas and grand schemes. There has to be a practical aspect to this as well. Your vision needs to have elements of a concrete plan included.

You don’t have to get into the nitty-gritty details of your operation, but you should know the answers to these questions:

·         When is it the right time to rent commercial space?

·         How do you measure the success of a marketing campaign?

·         What is your profit margin for each of your products or services?

·         How many employees do you need to hire and how much are they worth?

Those are tangible aspects of your vision that can be put into action once you make the commitment to do so. Just because you want to bake a cake for the very first time doesn’t mean you can unless you have a recipe to follow.  

Put It in Writing

When you craft a vision for your business you should always put it in writing.

This makes it real.

The best approach to creating a vision for your business is to imagine handing off what you’ve written to a total stranger. Could they follow your plan without asking any questions? That’s how thorough your vision should be.

It will give you the best chance at starting on the right foot. 

Ten Leadership Skills Every Entrepreneur Must Have

Being the boss means you’re the leader of your company. On many levels, the success or failure of your new startup will depend on your leadership skills. If you’ve started a business then it’s a safe bet you have some level of leadership abilities to tap into, but there is always room for improvement.

Consider these top 10 leadership skills that all business leaders must have to be successful in their businesses.

1.      Strong Mission Statement: Why did you start this business? It can’t just be about making money for yourself. Your mission statement defines the purpose of your company and will help inform every decision you and your team will make.

 

2.      Strong Vision: Unlike the specifics of the mission statement, the vision for your business paints the big picture. It tells your employees where you want to take your business and how your staff members can support you.

 

3.      Tangible Goals: As a leader you need to set the “bar” for your staff. You can do this by establishing goals foryour business. Whether its daily, weekly, monthly or quarterly sales figures, there should be a target to shoot for. You might have to adjust these goals to meet the practicalities of your business but without them you could find your company floundering without purpose.

 

4.      Strong Team: The major responsibility of a team leader is to actually pick that team. You need to strike a balance between the prospective employees resume, their interview and your own instincts to build that cohesive team. Just know that a good leader also knows when to make changes. If an employee isn’t working out, it’s better to sever the ties and move on than dwell on a mistake.

 

5.      Know-how: You need to present an image of competency to your employees, investors and customer base. This doesn’t mean you need a PhD in the particular business you are setting up, but all of those folks will be turning to you for answers. If you don’t have an immediate answer, don’t fake it. Take the time to get it right.

 

6.      Solid Communication: Building on the well written mission statement, vision and goals you need to keep those linesof communication open. Don’t just say, “My door is always open.” Seek out your staff to get their input. Challenge them to come up with solutions or new ideas by fostering a productive and open channel of communication. Be the model of how you want your employees to communicate with each other.

 

7.      Relate To Your Staff: This doesn’t mean becoming everybody’s friend. Although it might evolve to that you need to keep the boundary lines well drawn. However, that doesn’t mean you can’t find ways to relate to your staff and visa versa. The perfect example is with any company function that can involve families. The great “equalizer” among any group of people are the common bonds shared by families.

 

8.      Positive Attitude: “There are no problems; only solutions.” Projecting a positive attitude is infectious. Your staff will be looking for you to set the tone. Make it a positive one.

 

9.      Provide Inspiration: Providing inspiration isn’t just about coming in early and leaving late. A leader will often remind his team what they are “fighting for.” That type of affirmation can help drive up productivity in any company.

 

10.  Roll Up Your Sleeves: Every once in awhile you should step out from behind your desk and get into the trenches with your staff. Let them see you’re working as hard as they are and you’ll build extremely high levels of loyalty.

Is An MBA Worth It For Entrepreneurs?

 

There is no denying that adding an MBA to your resume is an impressive accomplishment. It is definitely the kind of degree that can give you a leg up as you enter into the job market, but what if your goal is to be your own boss?

Do you need that MBA to become an entrepreneur? The records show a mixed result of successful entrepreneurs: some have an MBA and others don’t.

If you have both an idea for a business and catalogs for college you might want to consider the following factors before making your final decision.

The Risks

Investing in a startup business is going to take up a lot of your time and money. The same can be said for pursuing an MBA degree. On many levels it will be hard to accomplish both tasks simultaneously. With the MBA there will be extreme limitations on your time. To succeed with that degree you’ll want to give it your best effort without distraction. Are you ready to make a 2 to 4 year commitment of further studies?

If you do go down the path of the MBA, chances are you’ll forge a strong bond with many of your classmates. The pressure will be on to excel out in the real world as a majority of your fellow grads will be snagging those high paying corporate gigs. Would you be prepared to give those up to pursue your business startup? In other words, would your drive to becoming an entrepreneur wane over the ensuing years of your MBA studies? It’s perfectly natural but it’s a good argument for diving into your business first.

One thing you might not learn in an MBA program is probably the most important skillset you can develop, and that’s sales. It’s the ability to persuade investors or clients to come on board your startup. The only tried and true method of that is through trial and error. You’ve got to get out of the classroom to practice your pitch and find the cash.

The Rewards

On the other side of the coin, having an MBA can become a benefit, especially if you focus your degree program on the specific area of business you intend to pursue.

Depending on where you obtain your MBA, you could find yourself surrounded with future captains of industry. That’s an extremely valuable network that you can tap into. You’ll also be able to work out the details of your business plan in a kind of “laboratory” setting. Wouldn’t it be better to run several models of your business by a collective think tank of professors and business experts then going into the venture “blind”?

With the MBA you’ll also have a solid “fall back” position should your business plan come up short. It might be that added level of security could be your deciding factor.