Business: Changes that change
Here are 16 rules that a handful of entrepreneurs decided to break in their approach to business:
1. Break the charts when hiring your staff:
“I've learned over the past eight years that it's best not to hire someone with 'industry experience', especially when both your product and business model deals have a disturbing character. People with experience in the sector have been trained to address the growth of a brand, bring it to market, and sell it in the same way that all large companies have done ”. - Kara Goldin, Founder and CEO of Hint
2. Change the schedule for your team:
“Of a Kind's offices do not officially open until 10:30 am, and we have made the decision to start late in order to protect our mornings. We quickly realized when we started the company that almost every night was full of commitments (meetings with alcoholic beverages! Events! Dinners!), And that if we did not do things like exercise and go to the dry cleaning tomorrow, we would never have that kind of personal time to ourselves.
In this way, one can arrive at the office feeling as if everything was organized, which sets the tone for the day ahead ”. - Erica Cerulo, co-founder of Of a Kind
3. Do a little bit of everything - even dirty jobs:
“In the early days of our company we did everything necessary to save money (cleaning the bathrooms is not our job!). This was really helpful in helping us understand how to operate more efficiently, plus it has generated tremendous respect from our employees. When they see us doing everything and sweating the fat drop, this motivates them to do the same ”. - Chelsea Kocis, Co-Founder and Chief Operating Officer, Swerve Fitness
"Unplug and take time away from your 'baby.' When you start a business, you will most likely play the role of CEO, COO, CFO, CMO, and Director of Human Resources. This leads to long hours and very little separation between work and home. Set aside time to turn off your phone and take time to log off. " - Tracey Noonan, Owner of Wicked Good Cupcakes
5. Be transparent - even in Human Resources:
“Every new employee joins us under a 45-day trial. At the end of that test, the entire company is informed if that person should join the team - in the style of the TV show 'Survivor', where they vote against the person if they are not eligible. The cultural issue is so key to a startup-stage company that spending this extra time hiring someone is key: about 60% of candidates pass the test successfully.
We also don't have many of the traditional hiring levers at our fingertips. With all the salary bands transparent to the rest of the organization, it is not possible to get a potential employee to join simply by loosening them a few thousand extra dollars. The negotiation does not really exist in the salary component, which changes a lot from the normal process ”. - Dane Atkinson, CEO of SumAll
6. Set a limit:
“My company is spread out with most of us working from home most of the time in different time zones. Our rule: No emails on weekends or after 7pm in whatever time zone they are in. This helps everyone to be aware of overworking and ensures that we have meaningful breaks from each other. Besides having general sanity ”. - Sarah Milstein, CEO and Co-Founder of Lean Startup Productions
7. Don't think in annual terms:
“By simply getting rid of staff or resources that negatively affect excellent customer service or quality Your product will end up costing you more in the long run. [At first, you should] look for a better supply chain deal to reduce the cost of goods and extra personnel on performance, so that your salary costs reflect a result in sales or improvement in company income .
[Also] monitor your profit and loss statement on a monthly basis and not once a year - a company typically goes bankrupt 12 months early, so an annual review is considered too little too late. Spend time managing the money you've earned, not just making more money. - Troy Hazard, former global president of the Entrepreneurs Organization, founder and owner of 11 companies and author of the book Test a Future for your Business
8. Splurge on things that are often overlooked:
“Many e-commerce companies make the mistake of only thinking about customer experience in relation to the experience they have with the website. There are a number of touch points that customers will have with your brand, and the experience of transporting your products is a great opportunity to enhance the overall experience that your customers have with the brand.
We have reached the point where we cannot skimp on transportation related expenses and invest in beautiful boxes, ribbons and tissue paper. Our warehouse team puts an incredible amount of care in the packaging of each 'Fix' so that when it arrives it is an exciting and engaging experience for our customers, as well as opening a gift. As a result it is one of the most inherently shareable parts of our service, and thus the beautiful packaging has become synonymous with the Stitch Fix experience. " - Katrina Lake, Founder and CEO of Stitch Fix
9. Get rid of projections - your business is you:
“The new business rules state that a bulky business plan is no longer necessary to get into the game. Everyone knows that your financial projections for a startup are best used for wrapping fish. There is no formula based on silly projections - you have to show that you know your supply and market like you never have before.
While you don't need a big business plan, you will need even more clarity and direction about what you would find in that plan. Under the new business rules, your business is no longer something you do, it is something you are. - Emily Chase Smith, attorney and author of the new book “The Financially Savvy Entrepreneur: Navigate the Money Maze of Running a Business
10. Adopt a hybrid model:
“We put our menswear brand on Kickstarter last year to test our market profitably and we embraced a hybrid model right from the start. Half of our product line is direct to the consumer and exclusively for our online store. The other half is included with the traditional wholesale and retail sales. Our hybrid business model extends from the traditional and direct to the fixing strategies of Prices to the consumer. This allows us to test things and make a turn at any time ”. - Josey Orr, co-founder of Dyer and Jenkins
11. Get rid of offices and bring your own device to work:
“Formerly part of a large agency, we are working to offer the same quality of service with much less overhead. We have reduced the overall infrastructure through telecommuting allowing our employees to work from wherever they are most effective, while still seeing each other for necessary meetings. Along with this, we have implemented in our labor policy that everyone bring their own device, thus reducing infrastructure costs again ”. - Katie Mayberry, Director of Spyglass Digital
12. Say no to ineffective meetings:
“We don't like to have meetings. We have weekly staff meetings that last 30 minutes or less, although meetings that are long or repetitive are not scheduled or planned. Meetings do not achieve what we want and sometimes they waste the time of the parties involved. [Similarly,] we no longer feel the need to involve every single person in all of our tasks; we prefer to do things and not just talk about doing things ”. - Lucas Knowles, CEO of Kinoli Inc.
13. Use CC to replace your old meeting “status update”:
“Claire and I are super fans of“ Con Copia a ”(CC). We make copies of almost everything - we ask our employees to do the same - and this gives us peace of mind.
Yes, this means that you have a ton of emails in your inbox, but you don't have to read them all: they are there for reference when you wake up in the middle of the night and think, “Oh my God, is this? and did the other ever do that? " And, because Claire and I have a general idea about what the other is working on, we can spend our meetings together thinking big. projects and exchanging the best ideas - this eliminates the need for endless state meetings of projects”. - Erica Cerulo, co-founder of Of a Kind
14. Go and ask for favors:
Don't be shy about asking for favors. When you are building something of value, you will be amazed at how many people are truly excited to reach out to you. " - Trina Chiasson, CEO and Co-Founder of Infoactive
15. Don't charge for status - put a reasonable price on your products:
“We assessed the retail landscape and saw that most of the brands abide by outdated standards. Companies that incur mass distribution costs and rely on expensive marketing campaigns have less to invest in their own products.
At American Giant, we decided to bypass those standards in order to build a business that we believe identifies with consumers. By selling directly to the consumer, only online, we avoid the costly practice of opening, maintaining and marketing traditional stores. Represent something your customers care by focusing on creating quality products and selling them at a fair price. " - Bayard Winthrop, founder and CEO of American Giant
16. Be the human face of your company:
“You are your brand and your company. Social media has changed everything! People expect transparency and - to some extent - an element of publicity. Keep in mind that everything you do and say on the Internet can and will be related to your business.
Use this to your advantage! Share your personal story. When people feel connected to you, they will feel connected to your company. Write about your business from your personal social media accounts. Include photos of you and your team in company blog posts. You, your brand and your company are one person ”. - Jody Porowski, President and Founder of Avelist
Original article in: http://mashable.com/2014/06/09/rewriting-business-rules/