Do You Need A Degree?

In 2008, I was working for a prestigious financial institution at an executive level position and then the financial crisis hit.  I was laid off along with most of the other staff and thought my experience and education would all but guarantee me a new position.  It did... sort of.  I got a new job, but one month later we lost our only contract.  After that I stayed unemployed.  The financial crisis was a bad time for a lot of people, but it was a lot harder on those who, like me, did not have a university degree.

I once heard that college graduates start-up more businesses than university graduates because they "learn more practical skills" (at least that's how I think it went).  That's bull shit.  The truth is this: college graduates have a harder time finding jobs and are therefore pushed harder towards starting up their own businesses then university graduates.

Technically, I didn't start up my business after I became unemployed.  I already had the business up and running on a part-time basis.  Being unemployed allowed me to explore more options and the rest is history, but it was a lack of job offers that gave me the extra push.

A degree is a huge asset.  It makes you much more competitive and much more secure.  If starting your own business is something you want to do, then you should do it because you're ready, not because you don't have any better options.

Thanks for reading.

- L

Tips for Building Client Relationships

In my last post I explained what the difference is between customers and clients and recommended that any entrepreneurs out there should develop client-based consumer strategies whenever possible.  In this post I will provide some tips on how to create and maintain client relationships.

1) Share your client's problem.  If a client comes to you for a product or service you should view their need as a shared event.  You should take an interest in their problem, make recommendations on how to resolve it, and follow up with them to see if it was resolved to their satisfaction.

2) Keep in touch.  Stay connected with your clients.  Some people find it forward and are discouraged from asking if they can do anymore business with their clients.  It's not.  But if you feel that way, I suggest you develop a personal relationship with your clients and regularly meet for a coffee every quarter.  That way it's less formal and it doesn't feel so "businessie"when you get together, but you still have the opportunity to touch base.

3) Keep informed.  More often than not, your client is counting on you to be an expert in your field.  They rely on you to have the capabilities that they don't and keep them competitive.  What that means to you is that you have to stay at the top of your game.  You can't expect your client to keep doing business with you if you're skill level hasn't kept up to date over the years.

Thanks for reading.

- L

Customers vs Clients

Some people think that clients and customers are the same thing, but they're not.  They are both consumers of a businesses goods or services, but the difference is in the relationship they have with you.

A customer is a consumer that doesn't value a relationship with the company beyond receiving the good or service.  They view a business's offering as a solution to a problem. (I need a round peg for this round hole problem I have).  They aren't particularly well informed, loyal or forgiving.  For these reasons, a lot of companies have love-hate relationships with their customers.

A client is a consumer that has a primary interest in the product or service and a secondary interest in maintaining a relationship with the company over time.  They view the company as a partner that provides a solution to a certain need.  They value the relationship almost as much as the product or service and will often keep informed, give referrals to others, and would rather work with companies to resolve problems rather than break ties with them.

If you are thinking of starting up your own business, I highly recommend you structure a client-based consumer strategy whenever possible.

Thanks for reading.

- L

Strategic Alliances

I mentioned the importance of forming strategic alliances in my Networking post, but I think it's worth speaking about in more detail.  A strategic alliance (SA) is a mutually beneficial arrangement you have with a business that provides related or complimentary products or services to your own.  By creating SAs with other companies, you can greatly expand the line of products or services you offer without taking on any additional cost.  In my line of work (Document Scanning), I have the SAs  with other companies to provide the following services:

Outbound Mail Services - A lot of large companies outsource their mailing services to other companies and as my services fall under the "document management umbrella" it's important to have links to companies that offer these services.

Document Shredding Services - After I'm done scanning documents, I can offer shredding services through one of my SAs.

Image Management System (IMS) - Once documents are scanned, they often go into an IMS to regulate access, searches, and security.  This is out of my area of expertise, but I can refer clients to one of my SAs to satisfy this need.

Remember that SAs go both ways.  Your SAs will often call you when a need for your product or service is identified.  Make sure you are paying a competitive commission and regularly meet with your contacts to ensure you are always keeping each other in mind.

Thanks for reading.

- L

Totally Obvious Tips for New Hires

I thought it would be fun to share some stories of new hires that didn't work out despite showing a lot of promise in the interview.  These are absolutely true stories of college/university students or recent grads that seemingly used up all their good judgment and common sense in the interview.

Captain Sweatpants - If you are hired to provide document scanning support in a prestigious financial institution downtown, don't show up looking like you're ready for a Halo tournament with your bro.  Captain Sweatpants was sent home to get changed into something more appropriate and never returned.  (Side note: he was properly attired for the interview and was informed of the dress code ahead of time).

Chong - Don't assume that because your employer looks professional and well grounded that he doesn't know what pot smells like.  Also, don't assume that because you sit at the far end of the room it's safe to spark one up at lunch and no one will notice the smell of Cheech's van follow you in.

Don Juan - If you choose to brave the many complications that can arise by entering into an office romance, Don has some advise for you:  Don't make out with a colleague in the stairwell that your boss takes to get to the office on your lunch break.  It can be all kinds of awkward.

Thanks for reading.

- L

Staying Mobile

One of the biggest keys to success is staying mobile.  There are many ways stay connected to people and your documents through smart phones, tablets and computers, but few ways to do other essentials like printing and scanning.  If you are going to be on-the-go a lot, I suggesting getting these two products:

HP 100 Mobile Printer - It's about as big as lunch box and you can print via bluetooth.  It has a battery on the back which also allows you to print constantly for about an hour or have standby capability for about three weeks.  It's a great way to give someone a hard copy of something if you need to.

ReadIRIS Wand Scanner - It's about as long as a paper towel roll, but would fit in the cardboard tube.  You run this little scanner right over the surface of area you want to scan.  It's very useful for scanning books or labels of boxes.  The newer models are bluetooth enabled and scan documents right to your phone, iPad, or computer.  It's way better than using a smartphone camera.

Thanks for reading.

- L

Don't Burn Bridges

You've held back your true feelings about someone at work for the benefit of your working relationship, but one of you resigns and you finally get to tell them what you really think of them.  Should you?

Well, being the better person feels good, but I'm not recommend you don't do it for any of that hippy garbage.  Here's why you don't do it: you never know who you are going to cross paths with again and you never know what friends or contacts will have in common with people.  Bad news travels faster than good news and if you resume or proposal ever crosses their path, it will never get any farther along the chain.

People feel more comfortable about making import decisions when they have a lot of other people backing them up.  Make sure you always leave on a good note and you never know who can help open a door for you in the future.