Use these two Google apps to reclaim productive time
“Time is On My Side” was one of the Rolling Stones’ first mega-hits back in 1964. I wonder if anyone could have a hit song with that theme today; if there is one universal dilemma in modern life – and especially in business – it’s that we’re always trying to find enough time to get things done. That makes fertile ground for developing productivity enhancing apps and services, and Google has two that are practical and could help you accomplish more with just a few clicks of your mouse or taps of your index finger: Smart Reply and Find a Time. Smart Reply I don’t think anyone would be surprised by how much time we spend just checking our email (it’s something like 30 hours a week). Geoffrey James did a good job outlining that problem in his Inc. article. But that doesn’t even include the time we spend responding – and that’s where Google’s Smart Reply feature comes in. If you use Inbox by Gmail or Allo on your iOS or Android device, you’ll see that the built-in Smart Reply feature suggests three responses based on the email that you’re reading. Further, the software uses “machine learning” to fine tune its suggested responses over time, so as you enter your own responses you’re teaching the software what to do the next time you receive a similar email. The one downside to this, is that the feature isn’t yet available if you use Gmail’s web browser interface on your desktop or laptop computer. But, as we move to greater dependency on our mobile devices, I suppose we’ll be answering more of our email from our smaller screens. Find a Time There are a variety of apps and services designed to make scheduling meeting times more convenient, such as Doodle. Google’s Find a Time falls into that category and if you work in an environment where people use Google Calendar for their schedules, it could be your best bet. You create or open an event in Google Calendar, edit the event to add guests, select their email addresses, and then click the “Find a Time” tab. If your guests have shared their calendars, you can see their schedules and find a time when you’re all available. If you have people in a variety of time zones, I think you’ll find this feature especially useful. I don’t see the war on our available time ending (ever), so any tool or strategy we can use to win back a few minutes here or there are always welcome. What are some of your favorite time...
read moreBest entrepreneur books for our time: A targeted guide
The quest for the ideal entrepreneur book never ends because all entrepreneurs are wired differently and they ply their trade in different circumstances. Your favorite might not be your partner’s favorite and the entrepreneur books you value today may not be the ones that you value tomorrow. Further, there’s never a shortage of good entrepreneur books because the human desire for building things that result in personal riches will never go out of style. With all of this said, it seems to me that no one needs merely a list of today’s entrepreneurship bestsellers – you can discover those with a few clicks on Amazon – what is needed is a guide that connects entrepreneurs to the books that best suit their personality, needs, and current position in their business development. What I provide here is a carefully curated list of the best entrepreneur books. Lifestyle entrepreneur Lifestyle entrepreneurs are generally “solopreneurs” who want to establish and grow a business that supports their lifestyle or allows them to be their own boss; they aren’t looking to build the next Facebook. If that’s you, here are two sure bets. The 4-Hour Workweek, by Tim Ferriss. This is an Internet-age classic that will inspire you and instruct you on the strategies to turn an Internet-based enterprise into a money maker. However, think that Tim Ferriss’ enthusiasm means that it’s easy to replicate his success. The $100 Startup, by Chris Guillebeau. Let’s face it, not everyone has $50,000 to start their own business or the desire to go deeply in debt to see if their idea has merit. Chris Guillebeau shows, by example, that you can get started on the proverbial shoestring. I understand this book’s popularity; my post on 80 home-based business ideas, is one of the most-read pages on my website. Industry mogul Let’s venture to the opposite end of the entrepreneurial spectrum: Folks who see themselves as the next Henry Ford, Bill Gates, or Mark Zuckerberg. These individuals found a business and then grow it – and themselves – in prosperity, power, and influence. Shoe Dog, by Phil Knight. Since Phil Knight started Nike with about $50, maybe an abridged version of his memoir would make a good chapter in Guillebeau’s book…but probably not. You’ll go on a personal journey with the man who created a sports clothing empire and it’s good to really meet the person behind a multi-billion dollar company. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way, by Richard Branson. While Knight generally stays out of the public limelight, Richard Branson is at the opposite end of the spectrum. A wild, but satisfying, ride. How-to strategies Generally, the two previous categories will help inspire you and open your eyes to what is possible. Sometimes that’s the fuel that tops off the aspiring entrepreneur’s gas tank and gets things moving. However, once we’re going, we often need maps. These titles will help you understand some of the problems you’ll face and give you ideas for solutions. 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More, by Perry Marshall. You may start your company with an idea, but immediately after that point, everything starts with a sale. If you need to get up to speed on...
read moreIs a Promising Future Hidden Inside a Disappointing Small Biz Confidence Survey?
One survey result is a data point. When you get a few consecutive survey results that are all pointed in the same direction it’s a trend – and unfortunately that’s what’s revealed in the results of Capital One’s latest Spark Business Barometer. The survey, which has been giving a Small Business Confidence Score since at least 2009, showed a nine-point drop in the percentage of business owners who say conditions are either “good” or “excellent” compared to the same time last year. Further, the survey has shown an uninterrupted decline since the first quarter of 2014. You can probably chalk up most of the uneasiness to factors such as the seemingly tenuous economic conditions, the unsettled political situation, and the heightened regulatory environment. But if you have a little history in small business, you know that most owners tend to be optimists and even in challenging economic conditions many forge ahead and do quite well. We see these underlying truths in the Capital One survey results as well: 41 percent of small business owners say conditions are excellent or good, and 26 percent say they plan to hire within the next six months, and of those, about half say they will be hiring full-time employees. But there are a couple of statistics buried in the survey results that I think are even more promising for U.S. small business in the coming years: Millennials and women have an extremely positive attitude about the futures of their businesses. Let me set the stage for this just a bit. First, Millennials have taken it on the chin in recent years. The stereotype of Millennials living in their parents’ basement has been the starting point for all kinds of jokes. Further, we know that women have historically had a more difficult time getting funding for their startups. Yet today we see that these two often-maligned groups are displaying more confidence in the future than small business owners as a whole. Here are the results that show this: While only 36 percent of men business owners think their financial standing will be better in six months, 44 percent of women owners are looking forward to better finances. Almost three-fourths of Millennials (72 percent) say they will be in better financial shape in six months, compared to only 24 percent of owners over 50 years old. Let’s hear it for the optimism Millennials and women are bringing to the table! Frankly, I think this positive attitude we see in Millennials today is probably the single most important finding in the survey…at least in the long run. Sadly, our country was going through the worst recession in decades when a good share of Millennials hit the job market. It wasn’t their fault, but they probably suffered the consequences more than anyone. As newbies to the job market and career path, it’s easy to understand how discouraged they must have been. It’s a fact that the future health of our economy – which is so heavily driven by small business – depends on Millennials taking their rightful position in commerce, and I think the Capital One Spark Business Barometer Survey shows that they are ready to take on that responsibility. By the way, there are other indicators that Millennials are beginning to flex their financial muscle in...
read moreHow to use ROBS to get a financial advantage for your business
This is a sponsored post written by me on behalf of 401(k) Business Financing for IZEA. All opinions are 100% mine. The relationship between startups and banks is – more often than not – a tenuous and uneasy one. While many business owners view banks as “too big to fail,” thousands of those same entrepreneurs wanting to get their small business ventures off the ground have been rejected as “too small or risky to bother with.” If only budding entrepreneurs could fund their own business financing, that would be living the dream, right? 401(k) Business Financing: A unique twist. Talking to some of my friends at Guidant Financial the other day, they reminded me of the rollovers for business startups (ROBS) arrangement, more commonly known as 401(k) business financing. With ROBS, you have a tool to invest in yourself using your own retirement funds tax penalty-free; it can eliminate dealing with bank loan officers or asking relatives for money. ROBS is one of the important areas of specialization at Guidant Financial and the last figures I’ve seen from them indicate that they have helped more than 14,000 entrepreneurs finance their businesses to a tune of more than $4 billion. If you’re familiar with financial lingo, the word “rollovers” has probably given you a clue about the nature of this financing arrangement. The way it works is that you use funds from an eligible retirement account – typically a 401(k) or IRA – to invest in your business. You probably know the various penalties for taking money out of retirement accounts before you hit age 59 ½ – those don’t apply to ROBS financing. Further, unlike borrowing from your 401(k), you don’t need your current employer’s approval, nor do you need to pay the rollover back. Debt Free Financing Let me return to the “rollover” part of this arrangement. ROBS is not borrowing from your retirement account. As you’ll see when I list each step in the process below, with ROBS, your retirement money is ultimately used to invest in your small business. Here are the basic steps. You form a C corporation. ROBS cannot be used with S corps, sole proprietorships, or LLCs. You create a retirement plan for your new C corp. This is the recipient of the “rollover.” You transfer funds from your old retirement account to your new company retirement plan. Your C corp’s retirement plan purchases stock in your business. (By the way, you don’t have to use all of your retirement money, nor does this have to be all the money you use for your business. If you want to hit up relatives or apply to the bank, you can do those things too.) Your business can use the funds from the stock purchase. The pros at Guidant tell me that it takes about three weeks on average to complete the ROBS process. And while you don’t have to go through a painful application process like would be required for a loan, you do need to have a minimum of $50,000 in eligible retirement funds and be an active employee of your small business. Also, while the “S” in ROBS stands for “startups,” that’s a little confusing. You can use 401(k) business financing to buy a franchise or existing business, or in many cases to capitalize your existing...
read moreHow to diversify employee benefits for ongoing success
In today’s diverse marketplace, successful small business owners offer products and services that appeal to a wide range of people. You probably know that. But success also requires attracting and retaining loyal employees. Small business owners who offer flexible benefit programs will have a competitive edge in recruiting the strongest candidates for any job. But what does a flexible benefits program look like? First and foremost, it reflects the factors that define today’s diverse workforce, like generation, work style and family life. Generational diversity Right now, four generations (at least) of workers are on the payroll at many small businesses. A smart leader can greatly benefit from a multi-generational workforce. Older employees bring practical experience and stability to the table while younger workers bring a fresh look and a great feel for how today’s technology can be leveraged for greater success. Much has been written about the challenge of marketing to the different generations of consumers. Reaching Millennials, Gen-Xers, and Baby Boomers requires a wide array of advertising and marketing strategies. But less has been said about the need to craft your small business benefits package to fit the needs of these different groups. We know that a “one size fits all” approach to benefits has never been ideal, but frankly, a decade or so ago, it came darn close! Today, however, small business owners trying to skate by with a rigidly designed package of employee benefits are kidding themselves. Let me pull out some examples that highlight this generational diversity. Consider these situations: The health insurance requirements of 20-somethings landing their first entry-level position versus the needs of a Baby-boomer for whom retirement is within sight. The dental insurance requirements for moms and dads with young children versus those of families whose children are in their college years or beyond. The retirement plan options desired by young investors versus those of employees who are in their later years of employment. Customization fits the modern workforce The diversity among the team empowering your business today highlights the importance of being able to custom tailor your benefits package to your employees. Baby Boomers and Gen X-ers are well established in the workforce and to recruit the most experienced and talented in these groups, your benefits need to be competitive. I think every small business owner understands that. With that said, I want to put a little extra focus on Millennials. The popular media has painted a picture of Millennials that I believe is far too stereotypical. The diversity within the group we have labeled Millennials is beginning to emerge and be understood. If you follow real estate news you will have recently noticed that Millennials are starting to drive the housing market, yet we’ve been led to believe that they’re all living in their parents’ basements. And as they buy homes, start families, and plan for their future, being able to customize your benefits package will prove beneficial. It will serve as a foundation upon which you can build a strong team and long-term loyalty. MetLife’s 15th Annual Employee Benefit Trends Study drilled down deeply enough to unearth the differences among Millennials. The study often divides Millennials into two subgroups: younger and older Millennials. Metlife found, for example, that 61 percent of younger Millennials (ages 21-24) were concerned about their...
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