YOUR GROWTH DEPENDS ON PUSHING PAST YOUR SETBACKS MAKE WOOD SEXY FEBRUARY 2020
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own company. However, he gathered some of his old employees and launched a new company: NeXT. I’ve witnessed many fellow entrepreneurs face similar battles. To reach 2020, many setbacks and failures have come our way, and we’ve fought them with the help of coaches, mentors, staff, family, and friends to reach this new year, myself included. About two years after I started Kitply Industries, my brother was involved in a serious motorcycle crash. In the following weeks and months, I left my business to spend as much time as I could with him. He never fully recovered and is now a quadriplegic. The family continues to rally together to support him in every possible way, and despite the hardships in his life, my brother has come out stronger than before. It’s essential to reach out for support when you need it, whether it’s to family or employees. Don’t embrace hardships by yourself. If my brother had internalized his struggles, not only would he have had a more difficult time, but the family also would have suffered. As entrepreneurs, if we refuse to rely on people who can support us through some of the most challenging moments in our life, we only suffer from them. However, finding that support you need can be difficult, especially if you don’t know who to reach out to.
All entrepreneurs experience setbacks, but successful entrepreneurs move from one setback to the next without losing their motivation. Steve Jobs struggled with his business as he tried to sell computers and was even kicked out of his own business for some period, but he didn’t let that stop him. Jobs later took a risk in buying Pixar in the hopes of creating a computer hardware company. In the end, he sold Pixar to Disney for $7.4 billion and became the face of Apple and NeXT. A true entrepreneur like Steve Jobs doesn’t let their setbacks stop them. I’ve heard it said before that “a broken rope tied by a knot can never be as strong as a new rope.” In other words, once something fails, it will never have the same strength as before. I disagree. We can build ourselves taller and stronger after overcoming our setbacks. We learn what caused the break and prepare ourselves for future mistakes by knowing what to expect when we encounter them again. More importantly, we learn how to recover from that fall. finding a way to white-knuckle through our problems without letting those around us know we are struggling. But when we lean on others in our times of need, we come out stronger and wiser than ever before. When Jobs attempted to create a new type of computer at Apple, the Macintosh, he was met with weak sales and organizational hurdles that eventually ousted him from his We entrepreneurs have a bad habit of keeping our setbacks to ourselves and
I am a member of Entrepreneurs’ Organization, a global network of business owners who come together to inspire, encourage, impact, and support one another. Business owners have the chance to get together and discuss their business and personal challenges, successes, and opportunities for growth. As a member and part of a forum in this organization, I have an opportunity to talk with like-minded individuals who understand. The people in our lives give us the strength to push forward, just as Jobs relied on those around him to create a new business and just as my brother leaned on his family through his recovery. If you need support, now is the time to get involved with your local support groups, like the Entrepreneurs’ Organization at EONetwork.org. -Ankit Sharma
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CREATE AND MANAGE YOUR ONLINE PRESENCE
Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels, convincing others that your business exists and has value. But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again? It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee-customer interactions, your response to problems, your response time , and your approachability on social media. Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. TURN AMAZING CUSTOMER SERVICE INTO A MAJOR REVENUE SOURCE GIVE LOVE, GET LOVE Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you.
When you hop on social media, what do you see? A few status updates from your friends, a family member who just shared a video of a cute animal, and here and there across your feed, ads from businesses. Social media, or rather an online presence, is immensely important for businesses. In our industry, woodworkers adept at creating and managing social media accounts, websites, and blogs are significantly more likely to increase sales than those who don’t. Online presence increases recognition, strengthens customer loyalty, and ensures company credibility. Why Is It Important? Today, businesses without a website are virtually nonexistent. Years ago, many companies considered having an online presence as an unnecessary and avoidable step. As we move further into the 21st century, however, it is becoming mandatory. But the thought of getting online can be overwhelming. So, where do you start? First Things First The most basic first step is to create a website for your business. A business website gives consumers a chance to learn more about who you are and what you offer. If you choose to, you can build your own website using online tools that are easy to manage such as Doodlekit, Wix, and Weebly. If you can afford it, hiring a developer is an excellent investment too. We have an in-house web development team because our website www.kitply.ca is a fully functional online store. It allows our customers to not only browse products and make purchases but also manage their account by getting order status and printing invoices. Turn to Social Media As two of the most popular social media websites, with over 2 billion users — Facebook and Instagram are a good starting point. Additionally, Facebook/Instagram advertising is completely integrated and easy to set up. Facebook profiles encourage users to share, like, and discuss their interests through online tags, making it easier for you
to target your ideal clients. Tools for Maintenance
In addition to creating a website and social media profiles, you should set up accounts for websites built explicitly for building your woodworking business. Two of these sites are:
Houzz, which gets 5.4 million visits per month, is an ideal place for customers to look for remodels or help with their home projects.
Home Advisor, which gets 2.7 million visits per month, is for customers who are looking for local contractors/woodworkers. They can search by region to find their best fit. At Kitply Industries, I work tirelessly to improve our online presence through our website, blog, Facebook, Instagram, Twitter, LinkedIn, and Google. Each boosts our outreach and credibility. Don’t neglect your online presence any longer; give your company what it needs by using the tools the web provides (often for free!).
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Healthier Habits and Team Collaboration Influence Business
of your mind and body but can also affect overall health. Make sleep a priority, and you’ll be surprised at the change.
While many people are thinking about love for Valentine’s Day, it’s a good reminder that self-love is equally consequential, especially for your businesses. Working late hours, shouldering responsibilities, and skipping meals take a toll on your body and, in turn, begin to impact your performance. As business owners, it is crucial to remain in top shape to ensure you and your business are running as smoothly as possible. What You Should Focus On Your health is important. When you aren’t sleeping enough, giving yourself mental and physical breaks, or eating properly, it starts to impact your work. Make sure to stay sharp throughout the day by doing the following: • Eat healthier. If you don’t have time to create meals during the day, try making lunches or dinners the night before or sign up for a healthy meal delivery service. • Take a break. Overworking leaves you tired, stressed, and your mind sluggish or overwhelmed. Take breaks through the day or go for a short walk to clear your mind. • Sleep 7–9 hours each night. Lack of sleep not only impacts the function
When you’re eating healthier, sleeping better, and giving your brain a break, you’ll come to work energized. You’ll feel more enthusiastic about your goals and achieve better results. Relying on Your Team Being the only person your team relies on for specific information or actions can hurt your business. When the weight of your business lies on your shoulders, it means sick days or vacations are out of the question. Additionally, you will feel more stressed and even short-tempered, which can impact the rest of your team. Hiring a reliable assistant and team allows them to take some of that crushing responsibility off your shoulders, freeing more of your time. Instead of having to do everything in the company, you have the freedom to pursue further business and attract more clients while your team produces quality service. This month, take some time to think about ways you can better yourself and your company by forging better habits and increasing team collaboration. TAKE A BREAK
EASY SHRIMP SCAMPI
INGREDIENTS
• • • • • • • • •
4 tbsp butter 4 tbsp olive oil
1 tbsp minced garlic
1 lb shrimp, peeled and deveined
1/2 tsp oregano
1/2 cup dry white wine 1/4 cup lemon juice 8 oz cooked linguine
1/4 cup parsley
DIRECTIONS
1. In a skillet over medium heat, melt 2 tbsp of butter with 2 tbsp of olive oil. Add garlic and cook for 2 minutes. 2. Add shrimp and oregano, stirring frequently until shrimp is pink. Remove shrimp from skillet. 3. Add wine and lemon juice to skillet and bring the mixture to a boil. 4. Stir in remaining butter and olive oil and cook until butter is melted. 5. Add cooked shrimp to skillet and cook for 1 minute, stirring occasionally. 6. In a serving bowl, top cooked
linguine with shrimp mixture. Garnish with parsley and serve.
Inspired by The Blond Cook
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1 Setbacks and Failures Should Not Hold You Back Get More Love Back From Your Customers (When You Love Them First) Create and Manage Your Online Presence Self-Care Impacts Your Business Easy Shrimp Scampi Products for Better Pictures INSIDE THIS ISSUE 2 3
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