Thanks to ZA and LV we now have a repeatable process for identifying companies that are looking to grow using OndeWorkers on a temporary basis until they find the best people to hire permanently. They will be working through another 300 prospects over the next two weeks and we expected to generate another 45 companies for MM and myself to follow-up with.
Thanks to MB we have significantly adjusted how we focus our time on new individuals signing up on our platform as OndeWorkers. Redefining what an OndeWorker is as well as clarifying the steps we can help people get through to become “engaged” OndeWorkers was refreshing and exciting because we now can see how we will be able to provide individuals with an onramp to permanent employment with companies that are looking to grow. Still a lot of work to be done here but we are definitely moving in the right direction.
Thanks to MB for affirming our strategy shift in onboarding companies and how we can best serve them. Over the next two weeks MB and I will be refining what we do and say to help build a pipeline of companies that will be using OndeWork to help them grow their teams. Still a lot of work to be done here but our goal is to figure out how to create a repeatable process for turning qualified and interested companies into OndeWork customers. We will then show LZ and ZA how do to the same thing while they train the next two people that will prospect for us.
I had some great networking calls with folks in the industry that continue to help me understand how we need to position OndeWork and some of the blind spots we still have. We had hoped to raise some money this month but Lisa and I think it is premature and would like to see the momentum build on a repeatable basis to know that everything is working before looking to raise capital.
Lisa and I had so much fun this week and enjoy working with each of you. We have something special with OndeWork and it is already impacting people’s lives.
Have a great weekend and get rested up for another exciting week!
It was once said: “When life gives you lemons, plant its seeds, grow yourself an orchard, sell it to Sunkist. Carry on.” Negative reviews can be a blessing in disguise for any business owner or entrepreneur who is serious about building a profitable and valuable company. There are two types of negative reviews – negative reviews for your company and negative reviews for your competitors. What many people overlook is that negative reviews can often hold the secret to making your business better. Once you move past the spam reviews and reviews from customers that will never be pleased, you are left with some ideas on how to improve your results. The negative reviews for your company and your competitors reveal what people are expecting and what they are happy to pay for. Whatever problems customers are experiencing and writing about are opportunities to provide solutions and make your business stand out. Lean into negative reviews and add money to your bottom line by exceeding your customers’ expectations.
Finding new revenue streams can be as easy as solving unsolved problems for your existing customers. What does this mean? It means looking at the product or service your company offers the market and examining the process your customers go through to get it. As they make their way through your customer experience, there are probably opportunities to help them solve other challenges. Finding new revenue streams depends upon your ability to remove yourself from your business, place yourself in your customers’ place and examine what they go through in the course of using your products or services. What problems do your customers have that are currently unsolved? Answering this question takes effort, but your bottom line will reward you if you can.
Need new clients? Need to grow revenue? The easiest way to do this is to determine which clients your business enjoys serving and which clients enjoy interacting with your company and then build a plan around finding more of them. A business that focuses on swapping out imperfect clients for perfect clients is a business that is maximizing its resources and is efficiently maximizing its profit. It is challenging for a company to serve different types of customers. Each type of customer a business helps interrupts its ability to run efficiently, effectively and profitably. Adjusting to the needs of different types of customers means a company has to change how it delivers its products and services. The adjustments reduce profitability and limit revenue. The goal is to reduce the variety of customers your business serves and focus on a few that are highly profitable, easy to work with and who enjoy interacting with your company. Growing revenue doesn’t mean expanding your customer base as much as swapping out imperfect clients for perfect ones.
When does it make sense to have employees become shareholders in your business? Many business owners will offer shares to their team as a way to recognize their contribution and as a way to retain them. Many employees want to become shareholders to earn more money and participate in the value they are creating. Giving employees shares in your business will only be meaningful if you have determined what you believe the business’s value will be and how their efforts will help ensure it materializes. In the absence of concrete goals, offering shares to employees is, at best, a token exercise that will not produce the intended effect. If you want to provide employees with shares in your business, spend time and effort to put a plan together that shows them where the company is going and what it will be worth once it gets there. Doing this will make the exercise meaningful and worthwhile.
If you are in business with a partner, the day may come when you need to discuss how to exit the business. Conversations like this can go in many different directions. Generally speaking, the work completed (or lack thereof) when the company was created will directly impact the amount of work that must be completed when the company dissolves or its structure changes. Many small businesses are formed informally without shareholder agreements, exit strategies or written expectations of each participant’s responsibilities. The lack of structure and planning at the onset of a company will result in business partners having to work through details when they decide to buy each other out. Because expectations are often unclear, valuation methods used to determine payout amounts can be biased, and communication can become cordial and frustrating. One of the easiest ways to buy out a business partner is to look back at the history of the business, how the partners were each participating and then have a frank conversation about what is reasonable and fair for everyone involved. This approach doesn’t mean everyone gets what they want, but common sense might enable a speedier outcome than what might have been realized otherwise. Getting caught up in details that were not part of how a company was formed or managed can be challenging to impose when the company needs to change. History can be a good reference point for setting a future course of action.