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Tolerance is not inclusion. Here are 3 tips to help you create a workplace that is inclusive for LGBTQIA + employees by @Colleen_Batch

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by Dr. Colleen Batchelder

Imagine, if you will, a neighborhood brimming with people. The community is vibrant with vivid landscapes and joyful smiles, but each resident remains cloistered in their home. They wave to one another through the glass panes and enjoy the morning breeze from their own front yard. But they never leave their welcome mat. They refuse to venture outside of their box. Now, this picture might look familiar because the majority of us are still living within this reality of social distancing during Covid-19. But, what if this type of behavior became the norm for the next fifty years?

Many within the LGBTQIA+ community have been a victim of social distancing and segregation within the workplace for eons. However, it didn’t always come in the form of outright bias. Often, it was masked under the guise of tolerance. When the movement towards tolerance became popular, it seemed like a quick-fix solution for corporations. However, it didn’t necessarily create a culture of inclusion. If anything, it birthed organizational discrimination based on assumption.

Brynn Tannehill, a board member of the Trans United Fund, describes her own journey with tolerance and explains, “You aren’t a threat to them, but you are alien, you are other. People smile and nod, but they don’t see. Living in a tolerant but not accepting workplace means walking on eggshells, talking around your history, and being surrounded by people who keep conversations and relationships strictly professional.” For Tannehill and countless individuals, tolerance failed to provide inclusion for LGBTQIA+ individuals because it solely deferred to the lens of heteronormativity. This deferment not only stripped certain people groups of protection. It also removed their ability to protest. Jump forward a few years, and justice for all is still waiting to come to fruition.

According to a recent report from USA Today, “About half of LGBTQ people in the U.S. – 52% – live in states where they could be fired, nixed for a promotion, refused training or harassed at their jobs, all because of their gender identity and sexual orientation.” It’s 2020, and less than half of all states have any form of legal protection for 11 million people who identify as LGBTQIA+. These statistics should lead everyone to repulsion, but more than that, they should compel business leaders to action. Tolerance isn’t working. However, inclusion could create a lasting solution. So, how do business leaders go from tolerance to inclusion? Here are four tips to get you started on the right path:

Inclusion Means Leaving the Welcome Mat and Getting on the Dance Floor

Verna Myers said it best, “Diversity is being invited to the party; Inclusion is being asked to dance.” There is a strict difference between these two ideas. Dancing requires trust. It’s a conversation between two people that weaves back-and-forth. Inclusion, as a dance, requires leaders to take the lead and follow. If business leaders want to create a culture of inclusion, then they have to change the music and make it danceable. When they shift in their interaction and enter into a conversation with their LGBTQIA+ employees, they present them with the opportunity to respond and react. This means that companies need to make the first move and ask for input. This requires a willingness to listen and a readiness to change. It requires business leaders to get on the dance floor and to learn a new rhythm.

Inclusion Means Flagging Discriminatory Comments; Not Just Flying the Pride Flag Annually

Repeat this with me and post it on every mirror that you have in your home: inclusion is not branding. LGBTQIA+ discrimination cannot be changed through artsy merchandise or a rainbow logo during June. Inclusion is more than showing up for a march. It requires business leaders to operate from a place of respect, representation, and reconstruction. One of the easiest ways to develop these aspects of inclusion is to form committees that are diversified. This presents LGBTQIA+ employees with the opportunity to educate and lead the conversations of inclusion. When business leaders provide space for people to be educated, they not only create a more inclusive work environment. They also present a united front of support for their LGBTQIA+ employees.

Inclusion Means that Pronouns are Learned and Gender Identity is Respected

One of the most basic ways that companies can create an inclusive environment is to learn an employee’s pronoun. This requires business leaders to take on the stance of a student; not a teacher. When companies take the time to interact and understand gender identity, they operate from the position of inclusion; not assumption. In order to prevent gender biases, companies must implement this standard within mandated policies and hold all levels of employees accountable.

Intention is imperative for change. However, when intention only manifests as idealism, it leaves vast amounts of people at risk for discrimination. Inclusion has to go beyond idealism and mission statements. It must be greater than branding and tokenism. If business leaders desire to create a culture of inclusivity, then they have to be willing to take the risk, learn the language, and enter into collaboration with their LGBTQIA+ employees. After all, inclusion, much like a vehicle, has to be run––it has to leave the garage once in a while and venture onto the roadway.

 

Every love story is unique, so is a business story

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by Abimbola Balogun

Recently, I watched a television program that got me mushy mushy all through, with a lot of awww…. in between, absolutely cool stuff, oh the love stories shared were quite good, engaging, fun, sweet, romantic, inspirational and beautiful. What I found particularly fascinating was that there were some stories that resonated with my love story, so similar BUT not exactly the same, they literally brought back good old memories that made me fall in love with my hubby in a special way again. This love matter sweet eh…

Anyways, back to the main gist.

Likewise, a good business story should have the same impact: It should inspire, be original and authentic enough to excite your audience (TEAM) and pull them closer to you.  Your business story should give your team a glimpse of who you are, and help you gain an emotional buy-in from them. Just listening to your story should make them feel assured that working with you will be worth their time.

I believe every business has a good story. You simply have to dig deep to find the key elements that makes yours unique and craft your mission around these elements.

You can transform your company mission statement from boring to inspiring and write it to make it attract the right talents that can build meaningfully with you.

 

How to write a simple but powerful mission statement

  1. Determine the main reason for starting or running your business?
  2. Let your reason be more than just making money. It should be bigger than that. It should be about a problem you will always be delighted to solve even if you are not paid for it.
  3. What would you like you and your company to be remembered for 25 years from now?
  4. What feeling would you like customers to have for doing business with you?

Then finally, complete this statement:

I want to contribute to making the world a better place by providing…

Weave all these elements together and create your secret sauce to building a company with purpose, clarity and mission. With this  mission, you can significantly increase your chances at attracting the right people to work with you for the long-term.

 

Regards,

Abimbola

Three Tips African Women Entrepreneurs Can Teach Us About Navigating Shocks like COVID-19

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by Aziza Isaack Godana

I train women to start businesses in Northern Kenya and find new ways of earning livelihoods. In recent years, Northern Kenya has been devastated by climate change. We’ve experienced one of the worst droughts ever to hit the country. The drought was followed by severe flooding. Favorable breeding conditions were responsible for two swarms of locusts that moved at over eighty miles per hour and ravaged local grazing lands.

It’s fair to say that the women in my part of the world know a thing or two about navigating extreme shocks like the COVID-19 pandemic. They’ve weathered one shock after another. They’ve not only survived. They’ve also evolved into leaders in their communities.

Only a few years ago, many of the women weren’t allowed to own businesses in our patriarchal communities. Today, over 40% of traders at a livestock market are typically women, many of whom employ men!

Women entrepreneurs trading livestock at a market in Northern Kenya (Image credit: David DuChemin for The BOMA Project)

What can these incredibly resilient women teach us — no matter where we live — about coping with change? In my experience, there are three things that are a must have for anyone navigating a profound shock:

1. Be flexible

Our women entrepreneurs have a primary business. But they also have a backup plan. By diversifying businesses, entrepreneurs ensure that their businesses will not be affected the same way by a single market event.

After her convenience store business was impacted by COVID-19, Grace Naker Endnog started baking and selling donuts to survive the pandemic.

I had the pleasure of meeting Grace Naker Endnog recently. Before becoming a businesswoman, Grace was dependent on menial labor like washing clothes and burning charcoal for income. Money was unpredictable. Her children often went to bed hungry.

My team worked with Grace in setting up a convenience store. Business was good and life was on the upswing. Grace was able to make more than enough income to feed her children with nutritious food. She was able to send them to the doctor when they fell sick and pay for their school fees.

However, COVID-19 struck. Grace began to see reduced foot traffic at her store. Her income fell drastically.

What did Grace do?

She started baking donuts and delivering them to her customers. Any parent stuck with children at home can testify to the power of donuts in maintaining calm. With this pivot, Grace has managed to keep her family afloat, send her children to school and keep them healthy.

2. Make definite plans for the future

There’s a song by John Lennon where he says: Life is what happens to you while you’re busy making other plans. There’s truth to that statement. Our lives rarely proceed in the directions we have planned.

However, it still helps to make plans all the same.

All of the women entrepreneurs I work with have a clear set of objectives. They want to save money to feed their children and send them to school. They want to put food on the table. They want to become owners of even larger businesses. When the times are tough, this vision of the future keeps them going. The remember why they started a business. They stay focused on the end goal – which is building a better future for themselves and their children.

 

A clear vision of their children studying at school motivates women entrepreneurs to stay resilient.

How can you plan for the future at a practical level? One of the best things you can do is put money away in a savings account. The very act of saving forces you to think about the future in a positive way. The act of saving builds resilience.

3. Lean on your friends, colleagues and family

Women I mentor typically start businesses in groups of three. Women in Northern Kenya – as is the case for women around the world—have many demands on their time from running a business to household work and taking care of children. Leaning on each other help our women entrepreneurs manage time better. For example, women in a group can take turns going to the market to buy inventory from wholesalers, which frees up time for personal and family responsibilities.

Group members also help each other in times of need. During the COVID-19 pandemic, we see that women are also loaning money to each other to help them get through tough times.

Financial capital is important. But don’t discount the value of social capital. Your friends, families and colleagues at work can help you get through the worst of times.

To see a person tap into their inner resilience and achieve their potential in times of crisis is a thing of joy. I hope you find these tips useful as you connect with your own inner resilience and experience this happiness for yourselves.

Aziza Isaack Godana is a resident of Northern Kenya and a Field Officer with The BOMA Project. The BOMA Project works in the drylands of Africa to empower women impacted by climate change to start new businesses, build a better future for their children, and evolve into respected leaders within their communities.

How to Overcome Impostor Syndrome by @dance_maryellen

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by Maryellen Dance

Most entrepreneurs have heard the term imposter syndrome. If you are anything like me, you’ve been living with imposter syndrome.

For those that aren’t familiar with this term, imposter syndrome just a bunch of negative, uncomfortable, and inadequate feelings that occur even despite success. Imposter syndrome can look different in all of us and maybe you have your own name of what we call these feelings. For me, it looks like discounting my success, fear that my success will suddenly all go away, and thoughts such as “Why are people coming to me to ask this? There’s so many other smarter, better, well known people out there they should go to instead, what do I really know?”

Here’s the thing about imposter syndrome, all the experts out there, say that it’s normal. They say that imposter syndrome is all part of the process of growing as an entrepreneur. They say that imposter syndrome can be a good thing. Great, I’m glad it’s a good thing, but how in the world is that supposed to make me feel better when I am going through it? How is that supposed to help when I have a client sitting in front of me and thinking “I have no clue what to say or how to help this person”.

I’m just going to say it: Imposter syndrome sucks. For me, it takes away all my self confidence, it takes away my ability to trust myself and my judgment, and it just in general feels horrible. But, those experts are right in that imposter syndrome can be really beneficial. There are just a few things we need to do to make imposter syndrome work for us instead of work against us.

First thing’s first, imposter syndrome is normal. As much as hearing that doesn’t change or fix anything, it is an important fact to remember.

Now that we have all accepted that it’s normal…what do we do about it?

 
1. We recognize it. We call it imposter syndrome. We suck it up and tell our friends/colleagues/mentors/therapist whoever is a support system that we’re feeling like an imposter. That we have some days where we’re confident and feeling like we can take on the world and there’s no way our business won’t be successful, and then we have some days where we feel like we’re just faking it all and it’s going to come crashing down on us. I’m a therapist, so this may sound a little cliché, but awareness really is key.

A few years ago, I was talking to a mentor and I made some off hand comment about how I’m “really bad at anything accounting related” in my personal and business life. This person looked at me and said “Right, because you’ve built and sustained a business for over three years and grown every year, you must be really bad at accounting.” Now, I still don’t believe that I’m the greatest at accounting, but this person was right, I must know something! I didn’t even realize that I was chalking my business up to dumb luck and that’s a form of imposter syndrome, until I had this conversation. Which leads me to my second point:

2. Recognize how you’re talking to yourself. Again, maybe this sounds a bit cliché, but we tell ourselves so many stories that aren’t true (ie: “I’m bad at accounting” “I just got lucky” “It’s not a big deal if this all falls apart tomorrow, it’s just a hobby”)…these ‘stories’ we tell ourselves keep us stuck. They keep us stuck in not trying anything that is outside of the story, that doesn’t move past the narrative of the story. They keep us taking actions that fit within the story so we keep the story going and never growing…we have to change our stories.

3. Keep your ego in check. At the end of the day, it’s all about the ego, which isn’t necessarily a bad thing. We all have egos, and they exist for a reason. But we need to keep these egos in check, or they get out of control. Egos can make us do some weird things, like I don’t know start businesses (one of those aforementioned good things about egos) but they can also make us self-sabotage, lash out at others, and turn us all into anxious messes. All of our egos need to be kept in check so that they don’t secretly turn against us.

4. Lastly, remember those things that make you feel like an imposter? For me the most common are: “I’m too young, I don’t have enough experience” “There’s way more qualified people out there” or “Who am I to try to counsel people when my life is often a mess?” Those things, as much as they don’t feel like it, are actually huge strengths. Those are the things that probably make you amazing at what you do and make you stand out because those things show that you’re a human, that you have overcome adversity, that you are humble in knowing that you don’t have all the answers, nor should you have all the answers. Those are the things that draw people to you. The things that help others trust you. Those things are pure gold.

 

If we can use our imposter syndrome for us, rather than against us, then we’ve completed one of the most important steps to grow.

3 Steps To Help Build Your Confidence

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by Bernadin Bridges

Step 1 – Know Yourself

Most importantly, you first need to build a strong sense of who you are. God has made all of us beautiful in a unique way. Find out what makes you unique. Take time to think about your strengths and passions. Write them down and remind yourself of the things you’re good at. We are usually the most critical of ourselves and our self-talk is sometimes so negative. Ask yourself, “Would I speak to a friend or loved one this way?” If not, then you shouldn’t speak to yourself that way either.

Schedule time to do the things that you love and allow yourself time to develop those skills. Maybe take a class to learn more about a subject you’re passionate about. Or learn something new that you’ve always wanted to do.

Make yourself a priority. Get to know yourself better. You need to love yourself first, so you can love others well.

Step 2 – Know Your People

Just as we are all unique, every relationship is unique. There are different levels of friendship. People you may trust more and people you may trust less in opening up about your dreams and goals. Identify which people encourage you, support you, and are completely truthful (not brutally honest) with you when needed.

For the most part, we get to choose the people who remain in our lives. We get to set boundaries in our relationships. People can only treat you the way you allow them to treat you. When you know your value (see step #1) you can better select your circle.

Step 3 – Know Your Purpose

What is it that you’re trying to accomplish? Are you an artist who enjoys your craft? Maybe you are business-minded and want to start your own company. Or you are a philanthropist and want to change the world. There is not a right or wrong answer here. It’s a question you ask yourself simply to get clarity on your goal. When you identify your purpose you can set realistic expectations.

If you are an artist for instance, then it doesn’t matter if you profit from your art. Because your objective is mainly your personal enjoyment. However, if you are business-minded, then you will take a more logical approach and study metrics to ensure you make a profit. Additionally, if you want to change the world, you may sacrifice your own time or comfort to get your message out to people and help as many as possible.

Each of these purposes have different expectations. When you identify what you want to accomplish you can be more purpose-driven, rather than results-driven.

Ultimately, when you build your confidence you empower yourself and those around you.

So go ahead…Be fabulous, beautiful, unique!

Hashtags; Networking in Quarantine by @lorisica #launchandfounders

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by Lori Sica

Hashtags; Networking in Quarantine by @lorisica #launchandfounders

The Quarantine Trend

Most folks in the United States indicate the month of  March as a turning point in the Covid19 pandemic. Other countries were already locked down in quarantine. Schools were closing. Public parks and beaches were off limits.  Some states went into full lockdown, some were in partial lockdown. In the absence of social gathering, women who connect and inspire always find a way to shine.

Enter Twitter

Seeing a need, an insightful and fully caffeinated entrepreneur connected a diverse group of women on Twitter. Tweets among the group were posted daily, sharing ideas and creative strategies. Some posts offered gardening and baking tips. Others included at-home work out routines and recipe shares. The twitter stream filled with supportive messages for a mom awaiting the birth of her child. Some even asked for advice to improve content for a new website. The views from windows, local neighborhoods and landscapes in participants’ home towns, provided a “local” backdrop. Posting photos of newly crafted work spaces inspired new ideas. The tweets became a 24 hour, daily check in across several time zones. It was amazing.

Real Connections

This was a time of hardship and real people get real about their feelings. Many folks were facing difficult issues, and needed a place to chat about it. Everybody was uncomfortable with the level of uncertainty of the future. Folks opened up about loved ones suffering from the virus, or businesses facing bankruptcy. Moms tweeted about the stress of having children at home, and on computers all day. In the same vein, people living alone, shared about the lack of contact and connection in quarantine.  In what felt like vast hopelessness, this thread provided good company, with  listening ears. It was a healthy outlet to share and express real feelings.

After three months of daily engagement, Jen Vallina, a photographer who possesses great branding skills, suggested creating a unique hashtag. After that, content marketer, Canva expert, and creative super star,  Nicky Pasquier drafted a logo to brand the hashtag. And just like that, a network of brilliance was born. Welcome to social media, #launchandfounders.

 

All Are Welcome

On any given Friday, multiple tweets and retweets invite people to follow folks. For example, one particular #FridayFollow challenge was to mention five people worth following. The tweet thread lasted six days, encompassing hundreds of tweets. Pretty powerful. It is not a members only club. Anyone can tweet and respond, using the hashtag.

Join The Conversation

In an era where social media is spreading fear and exclusion, #launchandfounders is spreading hope and inclusion. It is a hub of creativity and inspiration. There is no judgement. Thereby, it is safe place to share what matters. Also,  participants  support each other by engaging in twitter chats and live events, hosted by #launchandfounders. They are actively commenting on each other’s blog posts and subscribing to their podcasts.  The support is gracious and inclusive. Networking is happening every day. In conclusion, hashtags can be everything, or just one thing that brings the world a little closer together. Much like a great cup of coffee.

 

3 Successful Cold Email Marketing Examples by @DonnaAmos

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email marketing examples

by Donna Amos

Being successful with cold email is tricky business and in a lot of cases you may not be successful right from the start. The good news is that there are cold email strategies that you can use that will allow you to start strong, and give you the opportunity to generate leads as you continue improving your campaign. In fact, there is one strategy that’s always been a favorite of solopreneurs; email marketing templates.

When to Use an Email Template

While email marketing templates are a powerful tool, they shouldn’t be used in every situation. A good example of this would be if you’re sending out a small number of cold emails that would be better off if they were 100% personalized for each recipient. On the other hand, if you’re sending out a large number of emails, then templates are almost always a necessity since it would be unrealistic to fully personalize them all.

That said, a good email template should also leave room for some degree of personalization, such as addressing each recipient by name at the very least. Just saying something like “Hello friend,” or using a similar generic introduction shows a lack of caring on the part of the sender, and will negatively impact conversion rates.

Now that we’ve gone over when to use cold email templates, let’s take a look at three powerful examples that are widely used for a reason. Each of these examples is situational, but have all been proven to preform well when used intelligently.

1. The Problem/Solution Template

This style of template revolves around using one of the most powerful approaches in all of marketing; the problem/solution approach. Basically this template will identify the recipient’s problem, then present the sender’s product and/or service as the solution.

This is typically a very short email, and the template would be something like this:

  • Introduction
  • Identify the Problem
  • Present the Solution
  • Call to Action

Why it Works

If you can identify a legitimate problem that someone has, then selling them the solution is simple in most cases. The key is to have a strong CTA that tells the reader exactly what they need to do to get more information on solution, rather than trying to sell it to them right then and there in the email itself.

2. Case Study Template

This email marketing template only works if you’ve had success with previous clients and customers, but if you have, then you can leverage that success to your advantage in the form of social proof. As you may have guessed, this type of email is all about showing the recipient the results you’ve gotten for others, and telling them that they can expect similar results from your services and/or products.

A case study email template is also very short and will flow like this:

  • Introduction
  • What You’ve Done for Another Client
  • State That You Can Do The Same for The Recipient
  • Call to Action

Why it Works

The reason this works is because humans operate on a herd mentality. If you can convince the recipient that you’ve helped a previous client, they will be more likely to believe that you can help them. Two things you need to keep in mind is that the bigger the name of the previous client you’ve worked with the better, and that you also want to try and show the best results you’ve gotten.

3. Offer Value Upfront

While all cold email templates should offer value, this particular template will go above and beyond by directly offering the recipient something for free. This could be a free guide, an invite to a free webinar, or something of that nature. It could even be just a free video as long as the video is all about value and not just trying to sell to the recipient.

Something that you need to remember when it comes to using this kind of template is that you have to be careful about the language you use or the spam filters will throw your email into the spam folder before your recipients even see it. The word “free” is a major spam word, as are many other words associated with free offers.

In any case, a value based cold email template will look like this:

  • Introduction
  • Present the Offer
  • List the Benefits of the Offer (optional)
  • Call to Action

Why it Works

Once again this is just basic human psychology. People love getting something for nothing, it’s how we’re wired. If you can convince your recipients that you are truly offering them value with no strings attached, you should get a lot of clicks. Of course the biggest hurdle to overcome here is the skepticism that they will have. This is natural since there usually isn’t anything truly free in life.

Understanding an Email Template’s Place in Your Sales Funnel

When it comes to email marketing many people get it wrong and end up going for a hard sale right there in the email itself. While this may work in some rare cases if you’re marketing to a list of loyal subscribers, it’s a very bad idea when it comes to cold email. This is because when you first approach someone, be it through email or any other method, you need to build up trust before anything else. Trying to sell to someone you haven’t build up trust with using cold email will likely get your messages thrown in the spam folder, deleted, or even reported.

A cold email is the very first step of your sales funnel, not the last, so save the selling for later. Instead look at your emails as a way of getting a person from Point A to Point B so that you can lead them further down your sales funnel. Build trust, credibility, and prove to them that you have true value to offer. If you can do this, you will get the click, and you will get the chance to sell to them when the time is right.

Keep it Short, Keep it Simple

Another fundamental rule of cold email marketing is the fact that you need to keep your messages short. The recipient doesn’t know you and has no reason to give you any of their time. This being the case, respect their time by keeping the email short. Also, if an email is long enough that it looks like it would be a pain to read, then no one is going to read it.

Your CTA should also be simple, and focused. Don’t ask the recipient to watch a video, call you, and/or email you all in the same message. In most cases all you need to do is tell them what they need to do to get more information on what you’re offering. If for some reason they want to contact you, they can use the contact info that should be in your sig at the end of your message. Just remember to load your CTA with value, and use a “do something simple, get something amazing” kind of approach.

If you can follow these guidelines and convince your recipients that you’re offering them something truly useful, then you’ll be successful like the other solopreneurs using email marketing templates. Keep it short, keep it simple, and don’t oversell. Do this and your email campaign will be off to a great start.

 

How to Run a Collaborative Brainstorming Meeting by @ceotwit

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by Allison De Meulder

What do pasta and brainstorming meetings have in common? They can both be sticky. Brainstorming in my company was focused on leading others in a way where collaboration was key. We needed to accomplish various goals, including: bringing new products to market, surviving during economic downturns, and creating revenue generators. I recommend doing this together, and that means, whether you are in the shipping area or IT department, you’ve got ideas, and they need to be heard. So how do you collaboratively brainstorm and throw pasta at the wall and see what sticks? 

Bring together a mish mosh of people.

Group staff together in a room. Bring together 1-3 representatives from each team or department, so you only have a few from each area and together you have one melting pot of people from all areas of your company. A good mush pot includes, production, design, accounting, IT and management. The various vantage points of the company are sure to come out when idea generation kicks in. The more varied the teams are, the more varied the ideas will be. You don’t want groupthink, you want the creative juices flowing. You need a problem solved or a revenue generating idea, you don’t want everyone in the room regurgitating the same thing.

Be simple and to the point, don’t get saucy.

State what the meeting is about. For example, if the meeting is about bringing in more revenue for the holiday season, state just that. Don’t give too much background as this leads to appropriate or the right answers. At this moment, you want mostly viable but out-of- the-box ideas. Once ideas have been generated you can get down to the nitty gritty of those details. Sometimes knowing less is giving you more to work with. 

Start placing the pasta.

Have a white board, mine is floor to ceiling and after I have stated the problem or question at hand, I call for staff to call out ideas. No idea is too small, too big, too intelligent or too silly. Everything goes. So, proceed to write absolutely everything on the board. You are haphazardly placing your pasta pieces, filling up the board with words placed vertically and horizontally. Throw in that creative flair.That is what is so amazing about the process, is that there is no judgement. The person at the board gives nothing away, keep that poker face on! Just keep writing. What you will find is, one person’s idea leads to another idea and another one, and they feed off of each other for an amazing brainstorming session.

Now it’s time to pull out the special sauce.

Now you are going to navigate through all of the ideas. In the room, go one by one, you can wait for a collective “yay” or “that’s not going to happen” or you can cross off some answers yourself and do others as a group. Feel free to apply judgement at this point because the initial creative process of the idea generation is over and now it’s time to turn on the “MOADIS” hat, made up of management, operations, accounting, design, IT, sales and marketing, and see how the ideas fit in with the reality of “MOADIS.” Always be kind and respectful.  It is essential not to be overly critical of an idea but rather give reasons it could or could not work. Idea generation should be a safe space.

Once the process of throwing pasta on the wall is over, and you and your team have gone through the list, it is a good idea to narrow down to five viable options. Take these finalists away from the meeting by circling them and giving a round of applause not only for these sticky ideas, but to everyone who participated in the brainstorming. For many, this was out of their comfort zone. So their efforts should be applauded. Mull over these finalist ideas on your own, with management, or with key decision makers. See what sticks and utilize collaborative brainstorming to keep your organization delicious!

What Entrepreneurs Need to Know Before Selling a Business by @DeborahSweeney

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by  | Featured Contributor

Thinking about selling your small business? Now may be the right time to contemplate selling — or at least considering an exit strategy.

Amid COVID-19, studies have shown that the majority of advisors see today’s market as a seller’s market for businesses valued between $2 to $5 million. Small businesses in essential industries, such as delivery and eCommerce, are also considered to be in high demand and may be ripe for a sale to interested buyers.

No matter how confident you are that it’s time to sell, the process of selling a business can still be very overwhelming. Here are some key considerations to keep in mind that can help make the process less stressful and rewarding.

Do you know how much your business is worth?

You may think you know the worth of your business, but rather than guesstimate it’s important that you first conduct a business evaluation. Get a realistic idea of what the company is worth from an objective and outside source.

A professional evaluation gives you the basis for gauging offers and determining which ones are viable and what you can expect from the sale. You may get an evaluation of your business from a number of sources including accountants, busines brokers, and investment banking firms.

Consider how prepared you are to sell your business.

Many entrepreneurs will sell their businesses for a variety of reasons. Some entrepreneurs may feel as though they were able to lead their business to great success and are ready to go out on top. Others may be anticipating serial entrepreneurship and plan to start another business after they sell this one.

Aside from mentally preparing to move on, it’s critical to prepare your financial paperwork. Your business should be in good shape to attract buyers with solid balance sheets and an understanding that the company may be run without you present.

Recognize that it takes time to sell a business.

Selling a company, regardless of how profitable it may be, does not happen overnight.

Typically, it takes about six to nine months to sell a business. For the purposes of planning, it’s best to think at least a year out. You’ll need to use this time to think strategically about all aspects of the business from whether or not the company is in good standing with the state to its intellectual property to communicating with your team as well as the buyer to make sure everything is in order.

Will you sell the business completely or keep a portion of the percentage?

When selling a business, entrepreneurs may choose to sell their entire company and liquidate 100% of their equity.

However, not all entrepreneurs choose this option. There is also the option of recapitalization, which changes a company’s capital structure. In this situation, the owner likely retains a minority share in the business’ interest — usually around 10 to 40%. This gives the existing owner of the business an incentive. They can sell a portion of the business and earn a bit of money. They receive the added investment, and a bit of freedom to enjoy more flexibility.

So, should you sell the entire company or keep that portion of the percentage? Ultimately, the answer has a lot to do with the ongoing viability of the business and how invested you, the entrepreneur, is in the growth of the business. Much of the decision will tie in with your plans for an exit strategy. In the event that you plan to completely move on, you may decide to fully sell the company. There may also be a scenario in which you sell a portion of the business and have interested investors or buyers with management expertise. These may be possible competencies that your business does not yet have that will allow it to grow in the long run. Many entrepreneurs may see that as a fantastic reason to stay partially invested in the ownership of the business. They are able to maintain some ownership interest and remain involved in the business for the opportunity to see the business grow and thrive.

Are you incorporated as an LLC or corporation?

What does a business formation have to do with selling a business? Quite a bit more than you may realize! As mentioned earlier, it will be critical for buyers to examine if your business is in good standing with its state of incorporation. You’ll need to make sure your corporate documents are in order well before discussing whether you’ll sell the business.

A few due diligence essentials to take care of include the following:

  • Have you incorporated as a corporation or formed a limited liability company (LLC)? Incorporating a business essentially allows the business to become separate from its owner. Buyers will be more hesitant to buy a business for sale that is incorporated as a sole proprietorship. This entity does not provide limited liability protection and may be more of a risk than that of an incorporated business. They are seeking out entrepreneurs that have incorporated businesses that are all set up with a structure in place.
  • Does the business have its proper state IDs and business licenses? Depending on the type of business you run, it is critical that you have the proper licenses to run the company as directed by your city, state, and industry laws. Buyers will want to know what kinds of licenses you have in place so they make sure that these business licenses are all set up. If you need to provide additional information, like certificates or doing business as names (DBAs), you may need to show these as well. Create a folder to store all of these documents both physically and in a cloud storage system.
  • Did you file for any trademarks and/or copyrights? If you have filed for federal registration of these marks with the Secretary of State, make sure you have documentation regarding this intellectual property available for review. In the event that you needed to register a patent, this information should be organized and available to show potential buyers as well.

Are you ready to draft a letter of intent?

A letter of intent is often abbreviated as LOI. It is a document that outlines between the buyer and seller the key terms and conditions of the sale in a legal agreement.

Once the business is in good standing, you feel confident it is successful and ready to sell, and you have agreed on general purchase prices, you will then put these items into your letter of intent. Additionally, your letter of intent must be able to include information about assets sold to the buyer as well as assets the seller will keep and terms of the seller’s noncompete agreements.

A well-drafted LOI will help buyers get the sales documents right on the first draft to prevent from being subject to further negotiations. Without the LOI, you may end up negotiating the business deal and legal language at the same time. This requires multiple drafts, more time and money spent on legal fees, and may frustrate all legal owners involved in the process. By getting the agreements settled early on, you’ll be ready to be off and rolling with an assigned LOI that allows the business to be officially in a motive sale.

Let She Owns It Promote YOU! Bloggers Wanted. Open Call For Featured Contributors.

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by Melissa Stewart

We are looking for a few amazing women (and men) to share their inspiration and expertise with the She Owns It community. Featured contributors will be selected based on their level of expertise in their particular fields. Featured contributors must be able to commit to partnering with She Owns It starting in September and writing a minimum of 6 posts over the next 6 months.

-> APPLY HERE! <-

 

Here are some subjects we are interested in:

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…or tell us your expertise & we

can create a category just for you!

 

Featured Contributors Bloggers Wanted

 

Here’s how it works:

Featured Contributors will commit to six months with She Owns It.  Each Featured Contributor will provide six unique posts during their six month commitment.  They can be written articles, infographics, or video posts.

Our Featured Contributors will receive:

  •     Listing under Featured Contributors on the She Owns It site
  •     Bios and pictures on every post submitted.
  •     Exposure through our social media networks on Facebook, Twitter, etc.

Here’s what we’re looking for:

  •     A woman who is an expert in her industry or field.
  •     A woman who has excelled in a specific area of business.
  •     A woman who is committed to helping others.
  •     OPEN to men with the same qualifications!

If  this sounds like you, we encourage you to apply.

Have questions? Reach out to Melissa Stewart, at melissa (at) sheownsit (dot) com

 

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Application DEADLINE is Friday, September 11th.