Building your Business Archives - Small Business Connections https://smallbusinessconnections.com.au/category/building-your-business/ Connect small businesses across Australia Thu, 23 Nov 2023 23:32:18 +0000 en-AU hourly 1 https://wordpress.org/?v=6.2.3 https://smallbusinessconnections.com.au/wp-content/uploads/2022/07/cropped-sbc-32x32.jpg Building your Business Archives - Small Business Connections https://smallbusinessconnections.com.au/category/building-your-business/ 32 32 3 Essential features every ecommerce business needs https://smallbusinessconnections.com.au/3-essential-features-every-ecommerce-business-needs/ https://smallbusinessconnections.com.au/3-essential-features-every-ecommerce-business-needs/#respond Thu, 23 Nov 2023 06:15:08 +0000 https://smallbusinessconnections.com.au/?p=25315 One of the hardest parts of starting an ecommerce business is finding the right tools with all the right functionality for the right price. With the ecommerce software industry overflowing with solutions that promise to cater to your every need and help you grow, finding the perfect solution is easier said than done. This is partly because […]

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One of the hardest parts of starting an ecommerce business is finding the right tools with all the right functionality for the right price. With the ecommerce software industry overflowing with solutions that promise to cater to your every need and help you grow, finding the perfect solution is easier said than done. This is partly because “ecommerce software” is extremely vague. Thanks to years of competing for top search result rankings, vendors have inadvertently (or not) flooded the internet with the keywords “ecommerce software,” falsely deeming may tools that don’t necessarily support an ecommerce venture as entirely capable.

Because of this practice, and the constantly-changing nature of the way we buy, sell, and consume, it’s become nearly impossible to determine what features ecommerce software should or shouldn’t have. So, I’m taking a more flexible approach in this article.

We’ll look at the essential functionality that every ecommerce business needs, and then discuss semi-essential features, and nice-to-have features. Then, to close, we’ll talk about what you should consider before you hand over your credit card to an “ecommerce software” vendor.

An image with a list of all the features discussed in the blog

Essential ecommerce software features

Product directory

I know what you’re thinking. It’s obvious, yes, but it needs to be said. Because if you look through the websites of some ecommerce software vendors, you’ll see more fluff than information about the actual directory. Your platform should have an intuitive interface where you can list out your products, describe each in detail, and add photos and reviews.

Payment processing

Some vendors build payment processing into their systems. This means they will process each transaction that occurs in your store. Other vendors will offer payment integrations that you have to set up. Often, these integrations are easy to implement, but other times you may have to enlist an integration specialist or an ecommerce consultant to help. Either way, ensure that you know what’s expected of you and what the vendor will provide out of the box.

Privacy and security capabilities

By law, every piece of customer data you collect, such as contact information, payment details, and addresses, must be protected. Both Australia and New Zealand have data collection, storage, processing, and transparency requirements that every business* must follow. As an ecommerce business, all data you collect will be stored on your vendor’s servers, which means you need to be confident that your vendor is doing their part properly. Vendors usually incorporate privacy and security mechanisms into their product to comply with various regulations across the world. You can find this information in the vendor’s privacy and security policy, ideally, on its website.

*At the time of writing, Australian businesses with an annual revenue less than $3 million are exempt from the Privacy Act of 1988. However, the government is in consultation with business groups about removing that exemption.

Semi-essential ecommerce software features

Not every business will want (or need) all of the functionalities listed below. But you might, so it’s worth knowing they’re available.

Multi-currency support

This won’t be necessary if you only cater to a local audience. But if, one day, you want to sell to customers across the ditch, it will be essential.

Inventory tracking and updating

Some platforms have inventory management built into their store tool. This can be handy, depending on what you’re selling, whom you’re selling to, and in what quantities. You might get away with a simple database with a spreadsheet view, or you might need a full-blown inventory system with multi-warehouse support.

Mobile-ready website and blog

A website is a lot more than an online store. Although the store is a part of it, your entire website serves as a digital business card, helping you generate leads and establish your expertise. It’s where you house your blogs, user guides, downloadable marketing material, and your contact information. A website is the only medium you’ll truly own as a business, and it’s important to get it right.

Website tracking and engagement

A website is only useful if you know who’s browsing it and what they’re looking for, so you can support them appropriately. Ensure that your vendor provides built-in analytics or integrations with reporting tools, like Google Analytics and Zoho Analytics, as well as monitoring tools with heat maps showing your visitors’ browsing patterns. Bonus points if the vendor offers built-in chatbot functionality to enhance the customer experience and speed up the checkout process.

AI recommendations

Seen the “people also bought” section on popular online shopping sites? It’s powered by AI engines that analyse shopping patterns to identify products that are frequently purchased together or items that complement each other—like a pair of avocado socks and an avocado chair. Some vendors provide recommendations as an AI feature, while others might offer a more primitive version where an algorithm matches products based on the key words you associate with each product. Both have their merits, and which one you need will depend on the size and nature of your business.

Automated emails

At every stage of their shopping experience, your customers expect notifications about their purchases. Most vendors have this functionality built-in (it’s kind of essential), but the number and type of emails may be limited. For example, a vendor might offer emails for account signups and purchase confirmations, but not for drip email campaigns to nurture customers from the sign-up stage through purchases and loyalty program enrolments. If your vendor doesn’t provide a comprehensive email campaign functionality, check whether it offers integration with email marketing software systems, instead.

SEO and SEM

Making content available doesn’t automatically make it accessible. This is where search engine optimisation and search engine marketing come in. Many ecommerce vendors have built-in functionality to verify your online store on Google and other search engines, set up search engine crawling, prevent pages from being crawled, and set up a sitemap. Have a look at Google’s SEO starter guide to understand what functionality you’ll need from your ecommerce vendor.

Point of sale (PoS)

If you have a physical storefront in addition to your online store, you’ll need a point of sale system connected to your online store. A PoS is a software system that records and processes your sales. It connects to your inventory database and automatically updates stock for every sale you make. When choosing an ecommerce system, consider your long-term plans for the business. Will you potentially set up a physical store down the road? If you’re unsure, it might be worth exploring whether the vendor offers PoS functionality that you can enable/disable according to your needs, or if the vendor makes it easy to migrate to a different vendor should you need to in the future.

Nice-to-have ecommerce software features

Invoicing

Most vendors will offer a built-in, free invoicing system with their payment processing functionality. The default option might be adequate for starting out, however, if it isn’t or if you’re running a large-scale business that requires customised invoices, you must verify that your vendor has integration capabilities with the accounting system of your choice.

Shipping

Ecommerce vendors offer integrations with shipping providers. Before you choose a vendor, have a look at the shipping providers they offer to ensure seamless integration with your preferred provider. It’s also worth assessing whether the vendor offers international carriers, should you decide to expand your business overseas.

Understanding ecommerce software pricing structures

Whether a piece of software is worth your time and effort depends on the functionality you get for the price.

When evaluating ecommerce software, consider what’s involved in each vendor’s pricing structure. Some vendors charge for every transaction they process on your behalf, while others charge extra for credit card transactions, and some have different surcharges for online and offline payments. You might also notice vendors that offer a handful of payment gateways by default and charge a separate price for every additional payment option you want to add, such as PayPal, Stripe, Apple Pay, or a buy-now-pay-later system.

Apart from these basic pricing considerations, look at the additional costs of maintaining the platform itself. Ask yourself if you can easily migrate data to another vendor if you outgrow the system or if it’d be more sustainable to expand business operations with the same vendor—and always account for domain registration and website hosting expenses.

Many vendors offer custom pricing for businesses of a certain size or industry. Some vendors offer discounts on specific integrations or functionalities. Investigate these options and use them if you’re eligible. And most importantly, utilise the free trial options that nearly every vendor offers. You can’t really tell if a system works for you until you’ve worked on it. Keep in mind, some vendors charge an extra fee for customer service, so during your trial period, consider chatting with the customer support team to learn about their pricing structure (if any).

Conclusion

There’s a lot to consider before you make your first sale as an ecommerce business. Get your technology systems in order and make sure you’re comfortable with the software tools you’re adopting. Explore every product thoroughly before you make your decision. Take a measured approach to choosing your ecommerce vendor, and before you know it, you’ll be filing your first tax return as a business!

 

Source: Zoho

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How to join the record number of Aussies embracing side hustles https://smallbusinessconnections.com.au/how-to-join-the-record-number-of-aussies-embracing-side-hustles/ https://smallbusinessconnections.com.au/how-to-join-the-record-number-of-aussies-embracing-side-hustles/#respond Thu, 23 Nov 2023 00:07:00 +0000 https://smallbusinessconnections.com.au/?p=25293 With the economic climate being the way it is, wars going on in the world, interest rates causing maximum pain and the cost of living being a constant struggle, it’s no wonder that many Aussies have decided to start up a side hustle. Whether it’s lawn mowing on the weekend, getting crafty with crochet or […]

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With the economic climate being the way it is, wars going on in the world, interest rates causing maximum pain and the cost of living being a constant struggle, it’s no wonder that many Aussies have decided to start up a side hustle. Whether it’s lawn mowing on the weekend, getting crafty with crochet or providing some consultancy advice, the number of Aussies with a side gig is at a record high in Australia.

Key Highlights:

  • Nearly 48% of Australians have or plan to start a side hustle
  • Over 950,000 Australians now work multiple jobs, up more than 10% from last year
  • Coco Hou provides valuable tips on how to distinguish between a hobby and a business based on key criteria
  • Turning a passion into a business can lead to tax deductions and government benefits
  • She warns many Aussies are potentially missing out on tax deductions

A national report released by ING in Australia revealed nearly half (48%) of the Australians surveyed either have or are planning to start a side hustle. New data from the Australian Bureau of Statistics, reveals there are now close to 950,000 Aussies working multiple jobs, up more than 10 per cent since last year.

According to Coco Hou, CEO of Platinum Accounting Australia, a highly respected leading national accounting, taxation, advisory and bookkeeping service, any additional income-earning activity that you engage in apart from your primary source of income is counted as a side hustle. This includes activities like product selling, freelance work, consulting or running a small business alongside your regular job.

With over a decade of experience navigating Australia’s complex taxation system, Hou is an expert in Australian taxation and has come up with some tips for those with a side hustle, reminding them that they can make tax claims on their side hustles as well as their primary jobs.

You must report additional income to the ATO

“Yes, you must report additional income from your side hustle to the ATO. Generally, when you provide labour, skills or goods for a fee, you need to report this income in the tax return. It doesn’t matter what role you fulfil in the side hustle, be it employee or independent contractor. Even one-off payments need to be reported,” Hou said.

“Having a Pay As You Go instalment system in place is a good way to side aside tax payments throughout the year, so that you’ll avoid accumulating a huge liability at the end of the year. The ATO is aware that many Aussies have picked up side hustles since the pandemic and it’s been at the forefront of their minds this tax season, so don’t get caught trying to evade side hustle taxes.”

Hobby or business? 

Hou went on to explain that in Australia, we distinguish between a hobby and a business based on five criteria:

  1. Intention to make a profit
  2. Size and scale
  3. Repetition and regularity of activities
  4. Commercial intent
  5. Knowledge and expertise

“For example, if you make jewellery at home for a few friends who take you out for a coffee in lieu, then under such a private arrangement, there would be no tax consequences. But if you’re regularly setting up stalls at Sunday markets and selling through Etsy, then you would,” Hou explained.

Turning your hobby into a business

“The benefit of turning your passion into a money maker is that you can make tax deductions from your business expenditures, and you could possibly pay less tax. When you formally become a business, you’d also want to register for a website domain, which will then give you access to government benefits and concessions,” Hou continued.

“One question clients often ask me is about Goods and Services Tax (GST). Basically, if your side hustle involves providing goods or services with an annual turnover in excess of $75,000, then you must register for GST. This means that you’ll have to charge an additional ten percent on top of your sales, and also file a business activity statement. However, this also means that you can claim back the GST that you paid on business expenses.”

What you can claim

“You can claim deductions for expenses that you incurred from running your business. Typically this includes supplies, equipment, marketing costs, travel expenses and even home office expenses if you have a workspace set up in your home for this purpose,” Hou added.

“As always, you must remember to keep your records in order and keep your receipts so that you can make these claims. You can use bookkeeping software to track and file your expenses so as to keep it all streamlined.”

Side hustles are worth it

“I encourage Aussies to pick up a side hustle as it adds valuable income to their financial position. Besides this, having a side hustle can really grow your skills, expand your networks and you might even discover a new interest. If your side hustle is already something you love, this could be a lifelong thing that could take you well into retirement and keep you busy,” Hou said.

“However, if you do have a side hustle, then the best thing to do is to get an accountant to help you keep track of the ins and outs of the business end. Having a reliable accountant by your side will always be an asset to you because we’ll have the knowledge of how to reduce your tax liability while helping you save money and avoid tax penalties due to mistakes.”

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5 Key tips for mumpreneurs: start your own business today https://smallbusinessconnections.com.au/5-key-tips-for-mumpreneurs-start-your-own-business-today/ https://smallbusinessconnections.com.au/5-key-tips-for-mumpreneurs-start-your-own-business-today/#respond Thu, 16 Nov 2023 01:58:03 +0000 https://smallbusinessconnections.com.au/?p=25197 While COVID disrupted many parts of our life, it also accelerated others. Consumers flocked to online shopping sending ecommerce soaring. It also did something else – it created a new wave of mumpreneurs. According to Karina Nagel, Australia like many other parts of the world, is amid a mumpreneur surge, with an increasing number of […]

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While COVID disrupted many parts of our life, it also accelerated others. Consumers flocked to online shopping sending ecommerce soaring. It also did something else – it created a new wave of mumpreneurs.

According to Karina Nagel, Australia like many other parts of the world, is amid a mumpreneur surge, with an increasing number of mums choosing to start up their own side gigs or businesses to pursue financial freedom in a more flexible and rewarding way.

“In the past, women who became mothers had very few choices. The overwhelming expectation was that they had to set aside their career goals and dreams and prioritise raising the family. But as times have changed and technology has advanced, there’s been an exciting and welcome rise in the number of women juggling both family and their own businesses and it’s changing the landscape of Australian small businesses,” Ecom Co. founder and CEO, Karina Nagel said.

“Women are good communicators and also supreme organisers. For this reason, we are seeing a significant rise in the number of mums starting up their own businesses or side gigs to generate extra income for their families. Popular business types they are launching include consulting, event planning, home-based manufacturing, retail sales, blogging and content creation,” she added.

Nagel started her own business, The Mylk Society, an online business dedicated to designing and producing breastfeeding-friendly clothing, when she became a mum. These days, after selling off her successful multi-million dollar business, Nagel’s mission is to empower women by helping other mumpreneurs succeed in the online world.

With her background in financial services, Nagel’s company Ecom Co. now sees her consulting, coaching and mentoring other women, guiding them towards growing their businesses.

Nagel has some key tips for mumpreneurs:

Find a good accountant

“Setting yourself up from day one is very important, especially when you start a new business. This is critical in order to ensure you are operating in accordance with ATO and ASIC requirements,” Nagel said.

“A good accountant will also assist with structuring to make sure that you are minimising risk, managing your tax affairs well and also thinking about an exit strategy.”

Secure digital real estate

“I am helping many mumpreneurs to grow their businesses quickly. It is essential to ensure you purchase all of the website domains and social media handles you need related to your name and business so no one else can take them from under your feet,” Nagel said.

“Moving your business or start-up side gig from zero to hero means your digital real estate becomes very important and of significant value. Don’t make the mistake of letting someone else snap them up.”

Protect your assets

“IP everything including your logo and tagline. You can self-trademark by applying a TM on your collateral and public-facing materials,” Nagel said.

“IP Australia has some great information on its website about the options available to you and the processes involved. You can also search the register to find out what has been registered and what may be available.”

Social media 

“Social media is one of the most powerful tools on the planet capable of reaching and engaging with many people. It also offers the ability to target and follow people,” Nagel said.

“The systems behind sites such as Facebook and Instagram are extremely complex and if harnessed correctly have the ability to pinpoint customers with a high propensity to buy.  If not used correctly, a lot of money and opportunities can be wasted.

“Make sure you engage good assistance in this area. Many of my clients have wasted a lot of money trying to do it themselves or engaging low-skilled service providers who promise the world but deliver poor results. Talk to other business owners and seek out referrals for good service providers.”

Digital marketing

“Effective digital marketing is key to success when growing online businesses. It includes a broad range of considerations such as digital shelf management, product positioning and placement, online findability, loyalty rewards and promotions and collaborations,” Nagel said.

“In addition, it must be supported with cost-effective inventory and logistics management. These are issues that must be addressed in order to reach customers, engage and convert and support with superior product delivery, from warehouse to porch.

“The online space is very cluttered so it is important to cut through, ensure the easiest path to purchase for the customer and the best customer service experience. Again, find good help.  Everyone claims to understand online businesses, but few really do. Consumers are complex and pummelled with many options. The key is to consistently be the best and easiest option and this requires experience and industry expertise.”

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The benefits of outsourcing for small businesses https://smallbusinessconnections.com.au/the-benefits-of-outsourcing-for-small-businesses/ https://smallbusinessconnections.com.au/the-benefits-of-outsourcing-for-small-businesses/#respond Tue, 29 Aug 2023 05:40:19 +0000 https://smallbusinessconnections.com.au/?p=24406 Over the last few decades, outsourcing has emerged as an ideal solution for businesses dealing with an overwhelming number of processes, allowing them to continue to innovate and stay ahead of the curve. Because the outsourcing industry constantly evolves to meet and beat geopolitical challenges, not only is it effective, it’s also an affordable option […]

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Over the last few decades, outsourcing has emerged as an ideal solution for businesses dealing with an overwhelming number of processes, allowing them to continue to innovate and stay ahead of the curve. Because the outsourcing industry constantly evolves to meet and beat geopolitical challenges, not only is it effective, it’s also an affordable option for businesses of all sizes.

Business process outsourcing (BPO) refers to contracting with an external agency to conduct certain business operations on your behalf. For example, if you outsource your hiring, the agency will conduct every step involved in the process, including posting job ads, filtering resumes, conducting preliminary interviews, managing candidate expectations, issuing offer letters, and sometimes even onboarding. Alternatively, you can outsource a specific part of recruitment, say resume filtering, to a virtual assistant.

When outsourcing, you can engage with an agency in your country (domestic outsourcing), in a neighbouring country (nearshore outsourcing), or in a more distant country (offshore outsourcing).

Types of business-process outsourcing

Shared service centres (SSCs) refers to specialised teams offering a range of related services for an organisation. If you were to hire an external HR or IT agency, they would manage all processes related to their respective fields. The HR agency, for instance, would handle hiring, onboarding, ongoing employee welfare, and exit processes. According to a 2021 Deloitte survey, finance, HR, and IT are the top three functions outsourced to SSCs.

Global business services (GBS) refers to an agency offering a suite of services ranging across multiple business functions. For example, if you want to outsource inventory, supply-chain management, and contractor finances, you could engage a GBS organisation that does all of those things in a cohesive manner, allowing you to focus on other operations. Deloitte’s 2021 survey (cited above) indicated that analytics, process excellence, program management, reporting, and robotic process automation (RPA) are rapidly growing fields of interest for GBS organisations.

The benefits of business process outsourcing

Outsourcing your business processes to an expert service provider is a great way to divide some of your workload and ensure you have enough time and mind space to focus on growing your business.

Access to better technology and knowledge

Government agencies often outsource infrastructure projects to countries that have high-quality engineering and manufacturing prowess. Sydney’s metro trains, for instance, are manufactured by French company, Alstom, which specialises in train systems for global cities. This gives the NSW Government access to superior technology and industry know-how that it can’t get in-house. If you were a business consultancy, you can do the same—outsource your website management to an experienced web developer, and maximise your website as a lead generation platform—without having to develop the expertise yourself.

More local resources for core operations

When you outsource some of your biggest and most challenging processes to an agency that’s skilled at doing those processes effectively, you’ll be left with a lot of time and people that you can employ to optimise other areas of the business. Many technology companies outsource their customer support operations so they can reinvest their resources into research and development.

Cost savings leading to edge over competitors

Possibly the biggest benefit of outsourcing is the cost savings. In the example above, when companies outsource customer support operations to a country with lower labour costs, it results in additional savings for the business. Admittedly, this also raises concerns of worker exploitation, which we’ll discuss later in this post.

Overcoming risks and challenges in business process outsourcing

Communication gaps and timezone delays

Geography can be a pain sometimes. If you’re outsourcing to offshore agencies, you’re more likely to experience time zone delays and gaps in communication, either because of language or because of a lack of adaptable communication tools.

One easy way to overcome this is to establish clear goals and channels from the get go. Depending on the type of business process you’re outsourcing, you might have to adjust project timelines and expectations to accommodate time differences. If you’re working with an overseas designer to print materials for an event, you may have to initiate the process much earlier than you would with a local designer, giving you enough leeway for back-and-forth feedback.

Security and privacy concerns

Most business processes involve working with sensitive data. As a business, you’ll have privacy and security responsibilities to your customers, especially if you cater to a global audience protected by various country- and region-specific regulations. The agencies you’re outsourcing to may not always follow the same procedures as you.
Shadow IT is also a common problem in outsourcing—it’s the use of unauthorised software systems to conduct everyday business operations. Say you’ve outsourced filtering resumes to your virtual assistant. If your VA signs up for an online tool with their personal account, and uses that tool to filter resumes, then they’ll be potentially sharing sensitive candidate information with the online tool without the candidates’ consent. It’ll also create gaps in your established HR process.

When outsourcing, it becomes your responsibility to ensure that the service provider (or VR) you’re engaging with complies with Australian privacy and security protocols. A good way to maintain established protocols is to outline both parties’ responsibilities clearly in your contract, along with any approved tools and technologies, and follow it up with periodic audits and documentation. To reduce security risks further, you can also provide business accounts to any agencies or contractors you outsource your processes to.

Brand consistency

If you outsource marketing activities, retaining brand policies and philosophies will also be a challenge. To overcome this, establish clear guidelines, including branded illustrations, colour schemes, logo sizes, and language preferences. This gives the agency a framework to work with, eliminating unnecessary back-and-forths.

Regulatory compliance

As we indicated in the benefits of BPO section, outsourcing can also open your business up to potential malpractice and fraud. If you work with overseas agencies, you should ensure that the entire workflow is ethical and free from abuse, exploitation, and malpractice. That said, it can be difficult to oversee activities throughout the process lifecycle. One way to deal with this challenge is to establish transparency throughout your workflow. If you have the resources, consider setting up local representatives to oversee outsourced activities. This is called co-sourcing staff—where you install one or more of your employees within the external agency to support them and ensure compliance.

Parting thoughts

As you’ll have noticed, the biggest benefits of outsourcing can also cause challenges in maintaining smooth operations. This is why outsourcing business processes is a complex decision, and should involve extensive discussion amongst all your stakeholders. Furthermore, what business processes you outsource and how you outsource them depends on a range of variables, including your business’s size, industry, financial situation, competition, material availability, and human resource availability. We recommend starting by analysing all of your business processes, and visually mapping them out. That will help you identify inefficiencies and potential automation or outsourcing opportunities.

 

Source: Zoho

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How to protect your brand with a trade mark https://smallbusinessconnections.com.au/how-to-protect-your-brand-with-a-trade-mark/ https://smallbusinessconnections.com.au/how-to-protect-your-brand-with-a-trade-mark/#respond Wed, 28 Jun 2023 23:50:26 +0000 https://smallbusinessconnections.com.au/?p=23794 A strong brand helps small businesses to establish an identity and stand out from competitors. One way to protect your brand is with a registered trade mark. With only 4% of small business in Australia owning a registered trade mark, many businesses are unaware of the measures they can take to protect their brand. What is […]

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A strong brand helps small businesses to establish an identity and stand out from competitors. One way to protect your brand is with a registered trade mark.

With only 4% of small business in Australia owning a registered trade mark, many businesses are unaware of the measures they can take to protect their brand.

What is a registered trade mark?

A registered trade mark legally protects your brand and helps customers distinguish your products or services in the market. Trade marks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these.

A common misconception is that a trade mark is the same thing as a business name or domain name, and it’s not. A registered trade mark provides exclusive legal rights.

You can check the availability of your trade mark using IP Australia’s new tool – TM Checker”.

What are the benefits of a registered trade mark?

A registered trade mark can help you build a memorable experience with your customers, and lead to brand loyalty and repeat business. Registering a trade mark also gives you exclusive rights to use that trade mark as your brand in Australia, and you have a legal avenue to prevent others from using it for the same goods and services. You can benefit from:

  • Exclusivity: exclusive rights to use the trade mark across all Australian states, for an initial period of 10 years with the ability to renew indefinitely
  • Protection: a legal avenue to stop others from using your registered trade mark on similar goods and services
  • Licensing: the ability to authorise others to use your registered trade mark. This is a powerful tool when you create agreements with producers, distributors, sellers or contractors
  • Business value: a registered trade mark can be bought, sold or transferred which can increase the value of your business.

What are the risks of not having a registered trade mark?

Did you know…

  • 48% of small business have to rebrand due to a contested trade mark infringement (In an intellectual property survey of small to medium businesses with 91 Australian respondents)
  • $130k-$240k is the average cost of small business rebrand, not including loss of search engine optimisation (SEO) (In a US survey of small businesses <$30m revenue)
  • 3 out of 4 trade mark infringements lead to costly litigation, on average costing $100,000 (In a survey of global brands)

Trade mark business story: Tutu By You

Tutu By You was launched in 2020 by business partners and cousins, Steph Young and Emily Murray. Steph and Emily wanted to create a brand for kids and something that would bring much joy and happiness to the world. They considered intellectual property (IP) protection early in their business start-up, with their ‘Sparkle Bands’. Sparkle Bands were a unique item from their business that Steph and Emily protected using a combination of a registered design right and a registered trade mark.

Hear more about Tutu By You and their journey to commercialisation and IP protection.

Ways to use and enforce your registered trade mark

As the owner of intellectual property (IP) rights, it’s your responsibility to ensure you protect them. We’ve listed below some methods you can use to protect your brand:

Using the ‘R’ symbol

Using the ‘R’ symbol next to your registered trade mark to notify others of your protected status will help disincentivise others from misuse.

Online advertising protection

With a registered trade mark, advertising platforms like Google, Facebook, LinkedIn and Twitter will remove any advertisement that uses your protected phrase or word mark.

Australian Customs

If you suspect goods infringing your registered trade marks or copyright are being imported into Australia, you can lodge a Notice of Objection with the Australian Border Force (ABF) with details of your registered trade mark. This gives the ABF the authority to temporarily seize suspected infringing goods.

Monitor your brand

Monitor your brand’s online presence and track any mentions of your brand. This will help you to identify potential issues and act quickly.

Take part online

Participate in digital communities and online conversations by engaging with your customers through social media, online forums and other online channels. This will not only help build your brand and show your customers that you care but will help you monitor negative and/or mis-leading information about your brand.

 

Visit the IP Australia website to understand how a trade mark can support your business’ success, and how to apply for one.

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Psychologically safe workplace is critical for business success https://smallbusinessconnections.com.au/psychologically-safe-workplace-is-critical-for-business-success/ https://smallbusinessconnections.com.au/psychologically-safe-workplace-is-critical-for-business-success/#respond Tue, 27 Jun 2023 04:36:02 +0000 https://smallbusinessconnections.com.au/?p=23758 Much is written and discussed about the importance of diversity, equity, and inclusion in large corporate entities, but did you know that creating a sense of belonging, psychological safety and inclusion in a small business or startup can also lead to greater productivity, creativity, and success?  In today’s post-pandemic landscape we are seeing increased challenges […]

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Much is written and discussed about the importance of diversity, equity, and inclusion in large corporate entities, but did you know that creating a sense of belonging, psychological safety and inclusion in a small business or startup can also lead to greater productivity, creativity, and success? 

In today’s post-pandemic landscape we are seeing increased challenges around staff retention and attraction due to issues such as burnout amid the rise of the wellbeing economy. When workplaces are not inclusive and do not foster a sense of belonging, word gets around and it becomes more difficult to recruit and retain staff. 

There is encouraging data showing that small business entities are increasingly prioritising diversity, equity, and inclusion (DE&I). Recent research reveals that business entities that demonstrate inclusion through diversity perform better. 

This happens when small businesses and startups understand that success is associated with creating psychologically safe workplaces where people feel they belong.  

Small businesses and startups can do this in myriad ways including recruiting and attracting talent to your organisation who are representative of a broad cross section of the community; these are people who might otherwise be excluded or marginalised due to factors such as age, race, colour, sex, sexual orientation, physical disability, or mental illness. The heart of this starts with inclusive design. 

Here are some things small businesses and startups may want to consider: 

  • Review job descriptions so that roles can be shaped in ways to accommodate individual requirements including flexible working, and reasonable adjustments that might be required; 
  • Consider your own pre-existing biases and take time to listen and learn from diverse perspectives and voices; 
  • Blind screen CVs to pre-empt stereotypes and assumptions; 
  • Actively seek and work to create genuine and supported pathways for diverse hiring; 
  • Talk about your commitments to inclusion and what belonging looks like in line with the company values through the role description and on a new employee’s first day; 
  • Update your HR policies to strive for equitable outcomes for all; 
  • Reconsider the language we use in recruitment ads and in the workplace regarding gender and cultural inclusion to ensure all voices are valued and heard; 
  • Celebrate employees bringing their whole self to work. 

In this way fostering belonging and inclusion is a strategy that can help attract and grow a diversity of talent and increase competitiveness to progress your business growth. By actively employing different types of people, you foster innovation and bring a wider pool of experience to your team. In short, it’s good for business. 

Whatever stage of the growth journey your business is on, kindness to other people has never been more important. You might want to consider investing some time in quality, expert coaching and literary training, such as Bambuddha Group’s Coaching and Accelerator Programs – some of which are specifically targeted for startups and small business (sponsored by the HR Dept. Eastern Suburbs Sydney).

At the Centre for Inclusive Design we know diversity is good for small and large businesses. The Diversity Council of Australia’s Inclusion@Work Index 2019-2020  found that workers in inclusive business cultures are three times more likely to indicate their team provides excellent customer/client service and three times less likely to leave their current employer.

By Dr Manisha Amin, CEO of the Centre for Inclusive Design

 

To find out more about coaching and masterclasses on this topic and also whether you may be eligible for a scholarship if you are considered to be underrepresented, please visit: https://www.bambuddhagroup.com/accelerators/

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Creating a more inclusive working environment https://smallbusinessconnections.com.au/creating-a-more-inclusive-working-environment/ https://smallbusinessconnections.com.au/creating-a-more-inclusive-working-environment/#respond Mon, 26 Jun 2023 01:02:59 +0000 https://smallbusinessconnections.com.au/?p=23743 Diversity and inclusion are no longer optional for businesses. To create a healthy work environment and comply with a variety of laws and policies, organisations must prioritise and actively promote diversity and inclusivity. A 2019 study conducted by McKinsey & Company revealed that highly diverse companies are more likely than ever to out-earn their less diverse counterparts. Specifically, companies in […]

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Diversity and inclusion are no longer optional for businesses. To create a healthy work environment and comply with a variety of laws and policies, organisations must prioritise and actively promote diversity and inclusivity.

A 2019 study conducted by McKinsey & Company revealed that highly diverse companies are more likely than ever to out-earn their less diverse counterparts. Specifically, companies in the top quartile for ethnic and cultural diversity were 36%  more likely to achieve above-average profitability than those in the bottom quartile. Although numerous studies have shown the positive impact of diversity and inclusion on both employees and organisations, there is still a lot of progress to be made. In this post, we will explore the significance of diversity and inclusion and discuss practical steps a business can take to create a more inclusive working environment.

What diversity and inclusion mean

Although “diversity” and “inclusion” are often used interchangeably, it is important to understand that they have different meanings. Diversity in the workplace refers to the representation of individuals with different genders, ethnicities, ages, sexual orientations, and other attributes. Meanwhile, inclusion focuses on creating an environment where all individuals feel respected and valued. Organisations that prioritise diversity and inclusion can benefit from numerous advantages, such as:

Fresh perspectives

When employees with varying personal experiences and backgrounds come together to share their viewpoints, different perspectives emerge. For example, if you run a digital marketing agency and hire people in different gender and age groups, your employees may provide valuable insights into potential marketing opportunities, challenges, and solutions that others may have yet to consider. With a range of perspectives, you can create marketing campaigns that address the needs of a more diverse customer base.

Fair decision making

A diverse leadership team is essential for ensuring fairness and unbiased outcomes within an organisation. Diverse leadership reduces the risk of discrimination and unintentional biases, and promotes a more inclusive work environment. When employees see their organisation managed by a diverse leadership team, they may feel more comfortable approaching them and more confident that important decisions are made in the best interest of everyone.

Positive reputation

Today, diversity and inclusion can significantly contribute to an organisation’s reputation. Employees are often more attracted to organisations that genuinely embrace diversity and create a supportive work environment. Even customers prefer to associate themselves with businesses committed to more diverse and inclusive practices.

Practical steps you can take to make your organisation more diverse and inclusive

Embracing diversity and inclusion requires genuine effort and a proactive approach from organisations. Here are some practical steps you can take to be more diverse and inclusive.

Encourage questions 

When running a business, it’s important to create a space for employees to ask questions and voice their concerns without fear of judgement or retribution. One effective way to encourage questions is by providing platforms or channels for open discussions. This could be done through team meetings or dedicated forums where employees can freely ask questions and engage in meaningful conversations. It’s also important to give employees the option to ask questions anonymously, so they can address and seek clarity around sensitive topics. For example, at Zoho, our CEO, Sridhar Vembu, conducts weekly town hall sessions where employees can submit questions and engage in open discussions. This practice encourages transparency and reinforces the value of asking questions within the organisation.

Prioritise employee well-being 

Creating a truly inclusive organisational culture takes more than rules and efforts from leadership. It requires the commitment and active involvement of every employee. Communicate your expectations for employee conduct to any candidate considering joining your organisation. If any instances of discrimination arise, your employees should feel empowered to report it.

In addition to legal requirements, you can establish policies within your organisation regarding employee behaviour and language. Keep in mind, it’s important to review these rules regularly and check in with employees to gauge their impact. By prioritising open communication and employee well-being, you can actively cultivate a positive work environment that encourages inclusion and individual growth.

Organise team building activities

Once in a while, organise group outings, team building exercises, and workshops to create opportunities for your employees to connect and bond. This will promote teamwork and break down communication barriers between employees. You might consider activities that acknowledge and celebrate different cultures and traditions, giving employees opportunities to learn and embrace diversity. When done right, team building activities make employees feel a sense of belonging and show them they’re working in an environment where they are valued.

Measure and track progress

To ensure you’re actively working towards making your organisation more diverse and inclusive, it’s crucial to measure your results and track your progress over time. By tracking metrics like promotion rates, and conducting employee satisfaction surveys and exit interviews, you can gain valuable insights into the state of diversity within your organisation. This data can help you identify areas you need to improve and help you set realistic goals for your diversity and inclusion initiatives. For example, if the data shows that women in your organisation are not given equal opportunities to manage projects, you can take steps to address this disparity. You could create an automated workflow to allocate projects without regard for gender, or investigate whether the leadership team is demonstrating unconscious gender bias. By taking corrective actions based on the data, you can ensure your diversity and inclusion efforts continually evolve for the better.

We hope this blog post helps you understand the importance of diversity and inclusion and encourages you to take effective steps to create an even more supportive working environment.

 

Source: Zoho

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Promoting an employee-first culture to battle tough financial times https://smallbusinessconnections.com.au/promoting-an-employee-first-culture-to-battle-tough-financial-times/ https://smallbusinessconnections.com.au/promoting-an-employee-first-culture-to-battle-tough-financial-times/#respond Mon, 19 Jun 2023 03:12:02 +0000 https://smallbusinessconnections.com.au/?p=23689 It’s no news that the global economy is taking an uncertain turn. Running a business has become costly, especially for those operating from physical office spaces. Adding to the challenge, consumers are spending more conservatively. Thanks to steadily rising interest rates, lifestyle expenses are diverting towards mortgages and rents. Now, businesses of all sizes are taking […]

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It’s no news that the global economy is taking an uncertain turn. Running a business has become costly, especially for those operating from physical office spaces. Adding to the challenge, consumers are spending more conservatively. Thanks to steadily rising interest rates, lifestyle expenses are diverting towards mortgages and rents. Now, businesses of all sizes are taking measures to protect themselves financially by laying off staff and cutting costs.

In a fascinating contrast, many businesses, especially those affected by The Great Resignation are now scrambling to fill vacancies in their work forces. The challenge, then, is that the costs of training and retaining new hires add up fast. With tough financial times on the horizon, businesses are now in limbo trying to decide whether laying off employees would help them stay afloat.

To lay off or not to lay off

The downturn in our region isn’t isolated. Other economies are struggling too. China’s zero-COVID policy caused extensive delays in supply chains. Though the policy has been dropped, its impact is expected to last and reverberate around the globe. As the world’s largest producer of consumer goods, China and its supply chains are incredibly important to all businesses in the pacific. The US is echoing the same problem. As the country marches towards a weakened economy, we’re likely to see an impact on currency values and international trade.

For most Australian and Kiwi businesses, these global events will affect operations one way or the other. It may seem like the most viable solution is to downsize your business and let some of your most valued people go. However, as many businesses have already discovered, laying people off doesn’t guarantee a better financial performance than sticking with your employees. In fact, layoffs can severely affect employee loyalty and diminish the morale of everyone still employed. Layoffs should be a last resort, and even then, they must be handled with proper consideration, communication, and support. Unless you have a genuinely just cause, such as a severe loss of demand that’s resulted in losses, consider alternative measures, like reprioritising.

A largely underrated tactic, reorganising priorities and projects is a good way to evaluate your current situation and plan for the immediate future. Don’t resist change—many businesses choose to lay people off because they don’t want to face the possibility of drastically changing their business process. However, history is filled with the success stories of companies that pivoted to stay relevant. Motivate your staff members to be versatile. If you have a small team, brainstorm ideas about what you can do to restructure effectively. Some people may have to take on more responsibilities, while others will have to take on the responsibilities of a different role or department.

Realistically, interdepartmental change can be frustrating. It’s best to give everyone some freedom to choose new roles and responsibilities. If they decide another team will be a better fit, send them off to their new manager with a positive reference. Offer additional training opportunities to those willing to move to a different department or speciality. Even in a tough situation, giving employees flexibility will reflect well on you. That way, even if employees choose to leave, they will retain their respect for you and your business.

Hiring staff during a recession

If you lost employees during the Great Resignation, you might be looking to hire in the hopes of optimising operations before a downturn. The biggest mistake most businesses make when hiring during a downturn is over-hiring before deciding which projects should truly be a priority. This is why reprioritising is helpful. It’s best to speak to your existing employees first, and determine which roles and responsibilities can be filled by your current workforce.

It’s also worth checking in with your existing team to ensure they’re not overworked. Too often, businesses overload existing staff to avoid hiring. However, that may be more harmful than helpful. During the restructuring process, consider what you will lose by overworking existing staff or by not hiring enough staff. This may help you determine your next steps.

Once you’ve decided how many staff members you need to hire, consider what you’re prepared to offer them in the long-term. In a competitive labour market, hiring the right person is challenging, and it’s easy to over-promise in order to attract candidates. Be realistic about your business situation and what you can offer. Don’t hire with only the short-term in mind.

Retaining staff through a recession

Most businesses can’t afford to lose key employees at any time, least of all in times of turmoil. To retain employees, it’s important to build and maintain an employee-first culture within the organisation. This type of culture could include remuneration, job perks, paid and parental leaves, and opportunities for training and growth. People should be happy to work with each other, and for you, in an environment they’ll want to stay in long-term. The benefits you should offer will depend on your industry, your competitors, and what your business can comfortably afford.

It’s helpful to be flexible where you can be. The pandemic taught us all that employees can still be productive when they’re working remotely and with flexible hours. Be open to negotiating with your teams to find a solution that works for the individual employees as well as the larger organisation. Consider every person’s situation individually and be sure to involve your team in decisions that affect their everyday work.

Parting thoughts

COVID-19 changed the way people looked at work-life balance. While most people work more hours than they used to, they’ve also recognised the value of spending time with family and loved ones. Unlike other social trends, this shift to flexible working will likely remain popular. As global economies slow down, it’s more important than ever to have staff who are loyal to you and want to work for your business. The best way to achieve that is to promote an honest, transparent, and employee-first culture within your organisation.

Source: Zoho

 

Also read: What can you do with workplace incivility?

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What can you do with workplace incivility? https://smallbusinessconnections.com.au/what-can-you-do-with-workplace-incivility/ https://smallbusinessconnections.com.au/what-can-you-do-with-workplace-incivility/#respond Fri, 16 Jun 2023 05:23:48 +0000 https://smallbusinessconnections.com.au/?p=23680 You’re in a meeting, with something important to say. Just as you begin, a colleague sighs and shares an eye-roll with their buddy. And not for the first time. Workplaces aren’t always harmonious. Whether it’s a cafe, factory or parliament, people do and say hurtful things. They may talk down to you, “call you out” […]

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You’re in a meeting, with something important to say. Just as you begin, a colleague sighs and shares an eye-roll with their buddy. And not for the first time.

Workplaces aren’t always harmonious. Whether it’s a cafe, factory or parliament, people do and say hurtful things. They may talk down to you, “call you out” in front of others, make jokes at your expense, gossip about you behind your back, or give you the silent treatment.

This type of incivility doesn’t quite rise to the level where you can complain to human resources and expect a satisfying resolution. Organisations typically have policies against racism, sexism, harassment and other overt forms of abuse. But incivility – being less severe and more difficult to prove – tends to fly under the radar.

Most of us will experience incivility at some point at work. More than 50% experience it weekly. According to a 2022 meta-analysis of 105 incivility studies, you’re more likely to cop it if you’re new, female, in a subordinate position, or from an ethnic minority.

Unkind and thoughtless words matter. As linguist Louise Banks says in the 2016 film Arrival: “Language is the first weapon drawn in a conflict.”

What people say and how they say it affects us deeply. One cruel remark can ruin your whole day. Left unchecked, incivility makes for a toxic workplace.

Why are people rude to each other?

It’s tempting to simply blame bad character. Certainly such behaviour is much more likely from people with dysfunctional personality traits, especially the “dark triad” of narcissism, psychopathy and Machiavellianism.

Narcissists are self-obsessed and dominate social interactions. Psychopaths lack empathy and don’t understand social norms. Machiavellians are manipulative, self-interested and amoral.

But even “nice” people can be uncivil, with the three most common incivility triggers being because they feel let down by their leaders, are under more pressure than they can handle, or someone else was rude first – to them or others.

Incivility can therefore become a vicious spiral that turns victims and bystanders into perpetrators. That’s how toxic workplaces are born, develop, and perpetuate.

Incivility in the workplace

Leadership sets the tone. We’re social creatures and learn what’s expected and acceptable from those we look up to. Our leaders’ behaviour is infectious, and cascades down throughout and across organisations – for better or worse.

Incivility is most harmful when it comes from a supervisor: someone we’re supposed to trust, who’s supposed to look after us.

The power asymmetry means leaders’ inappropriate behaviour is less likely to be challenged. Take, for example, Harvey Weinstein, who for decades abused his position as one of Hollywood’s most successful film producers to sexually exploit women, before finally being held to account.

But managers can be derelict in their duty without being perpetrators. As in the case of sexual harassment, it may be easier to see and hear no evil, perhaps because the perpetrator is favoured as a high performer or a friend. With the capacity for one individual to make life a misery for many colleagues, this leadership failure can lead to a toxic workplace culture.

Authentic leadership ‘in the trenches’

It’s up to leaders to be the first movers against incivility and create positive work cultures with their own behaviour. What leaders will tolerate on their team sets the bar for how everyone else will behave.

With colleagues Stephen Teo and David Pick, I’ve surveyed 230 nurses across Australia about the leadership qualities that help reduce incivility.

Why ask nurses? Because their work is stressful and demanding. The strain of providing critical care for patients creates conditions conducive to conflict, from swearing to physical violence. Workplace incivility is frequent and these stressors increase the likelihood of medical mistakes. So there’s good reason to reduce incivility to improve health-care quality.

Our research shows that authentic leadership promotes workplace cultures with less incivility and better well-being. Such authentic leaders are aware of their own strengths and weaknesses, act on their values even under pressure, and work to understand how their leadership affects others.

What can you do?

Incivility isn’t okay. It should never be excused as “just part of the job”.

If this is happening to you, or others in your workplace, avoiding it won’t help you or your colleagues. Putting up with incivility is emotionally taxing, entrenches feelings of resentment and will likely lead to bigger conflicts down the track.

Responding with more incivility of your own isn’t a good idea. Retaliation rarely deters a person who engages in such behaviour and instead effectively endorses it.

One approach recommended by psychologists when dealing with high-conflict personalities is known as the BIFF technique: be brief, informative, friendly and firm.

When some says something mean, you might respond, as calmly as possible, along the lines of: “Your comments are hurtful and damage our working relationship. Please, let’s keep things professional.”

If the behaviour persists, approach your supervisor. Again, stay calm. Explain what’s happening and how it’s affecting you. You don’t have to go at it alone either, consider inviting colleagues who can support you, and your claims.

Will this fix the problem? Possibly not. Your manager might simply shrug their shoulders, or arrange a “mediation” that resolves nothing. But saying and doing nothing will almost certainly leave you unsatisfied.

If your manager is the perpetrator, contact your HR department first (if your organisation has one) or else your union. The union can offer advice on other avenues to seek redress.

Statutory agencies such as Australia’s Fair Work OmbudsmanEmployment New Zealand and the UK’s Advisory, Conciliation and Arbitration Service have the power to investigate workplace complaints, and to intervene in disputes through formal conciliation or arbitration. But before embarking on such a process, it’s best to get expert advice. You might get justice, but also still need to find another job.

Incivility is unlikely to stop on its own, however. Your voice matters and can help break the cycle.

Source: The Conversation

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Servant leadership: Empowering your team for unstoppable growth https://smallbusinessconnections.com.au/servant-leadership-empowering-your-team-for-unstoppable-growth/ https://smallbusinessconnections.com.au/servant-leadership-empowering-your-team-for-unstoppable-growth/#respond Thu, 01 Jun 2023 05:20:37 +0000 https://smallbusinessconnections.com.au/?p=23415 “The business of business is people. Yesterday, today, and forever. We decided that our internal customers, our employees, came first. The synergy in our opinion is simple: Honour, respect, care for, protect, and reward your employees regardless of title or position, and in turn they will treat each other and their external customers in a […]

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“The business of business is people. Yesterday, today, and forever. We decided that our internal customers, our employees, came first. The synergy in our opinion is simple: Honour, respect, care for, protect, and reward your employees regardless of title or position, and in turn they will treat each other and their external customers in a warm, caring, and hospitable way.” – Herb Kelleher. Co-Founder & CEO of Southwest Airlines

You’ve probably heard the phrase “servant leadership” thrown around a lot in the business world. But what does it really mean, and more importantly, how can it propel your business to new heights?

Servant leadership, as coined by Robert Greenleaf, is centred around serving others rather than wielding authority. At its core, servant leadership is a philosophy that puts the needs of others, your team, first. It’s about empowering, supporting, and nurturing the people who work for you, so they can grow, develop, and contribute their best to your business. It’s about creating an environment where everyone can thrive and succeed, not just the person at the top. We often forget that while we pay employees to do their job, their best is volunteered.

Sounds simple right? But I’ve got to be honest, it’s not always easy to put this philosophy into practice, especially when you’re under pressure to deliver results and keep the wheels of your business turning. That’s why I’m going to break down the key principles of servant leadership and show you how to apply them in your own small business with real-world examples.

The Mindset Shift: From Boss to Servant Leader

The first step in becoming a servant leader is shifting your mindset from being the boss who calls the shots to being a leader who serves and supports your team. This requires letting go of your ego, embracing humility, and recognizing that your success as a business owner is directly tied to the success of your team. Instead of focusing on your own needs and desires, find out what your team needs and wants.

The Power of Empathy and Active Listening

A key aspect of servant leadership is developing empathy for your team members. This means understanding their feelings, motivations, and challenges, and using that knowledge to guide your actions and decisions. Practise active listening: give your full attention to your team members when they speak, ask open-ended questions, and refrain from interrupting or imposing your own opinions. By doing this, you’ll create stronger connections and foster an atmosphere of trust and respect.

The Importance of Building Trust and Fostering Collaboration

Trust is the foundation of servant leadership. To build trust, be open and transparent with your team, admit your mistakes, and follow through on your commitments. Encourage collaboration and teamwork by breaking down silos and fostering a culture of open communication. This will not only enhance your team’s performance but also create a more enjoyable work environment.

The Art of Coaching and Developing Your Team

As a servant leader, your role is to help your team members grow and reach their full potential. Invest in their professional development through internal and external coaching, courses, and providing opportunities for growth. Give regular, constructive feedback, and be willing to have difficult conversations when necessary. Invest in your team’s growth, and you’ll grow your business too.

The Secret to Empowering Decision-Making and Accountability

Empower your team members to make decisions and take ownership of their work. This means giving them the autonomy and authority to make choices within their areas of responsibility, while also holding them accountable for the outcomes. By doing this, you’ll create a culture of accountability and foster a sense of ownership and pride in their work.

 

This is an excerpt from ‘Servant Leadership: Empowering Your Team for Unstoppable Growth’ by Levels Growth Consultancy. Read the article in full here. 

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