How To Build A Legacy For Your Business
“Legacy” is a powerful word and aspiration. When entrepreneurs get started, they either want to build their company to have a successful exit and sell out, or they imagine the generations that will come after them and contribute to the legacy of their business. This can be created for a family business specifically, or just a long term vision for the company that spans multiple generations and decades, whether pushed forth by employees or one’s own family.
It’s an impactful consideration, and an entirely new way to approach business. For one, it encourages you as a founder or part of a founding team to look beyond today’s fads and trends and consider how your product or service will continue to be relevant and impactful in the long run. This also may provide for a better infrastructure building of how the company is managed and operated. Building a business for a long term impact is a different type of building entirely.
How to Build a Culture that Leaves Behind a Legacy
“We’re not like the other nonprofits, we’re a cool nonprofit.”
“We’ll throw in casual Fridays! Done. Our nonprofit’s culture ROCKS.”
“Yeah, let’s give them the day after #GivingTuesday off to show them we care. Back to work on Thursday, folks!”
These statements shouldn’t be the norm, but I guarantee they’ve come out of some of your mouths at some point. (Sorry for calling you out, Steve.) While these ideas are a good starting point, company culture is so much more than a one-time activity here and a day-off there, or feeling the need to spend money to try to look fun.
Company culture is the thread that weaves together the fabric that makes up your nonprofit scarf. Er, sweater? Anyhow, you get the idea. Let’s talk about why culture matters, some basic company culture steps your nonprofit can take right now and the things you can do to ensure your organization’s culture leaves a legacy for the future.
Peter Drucker is attributed with saying, “Culture eats strategy for breakfast.”
Is strategy important? You bet it is. That’s why we focus so much on constantly making ourselves better. At Nonprofit Hub, we have weekly strategy meetings and even bigger-picture meetings every quarter to lay out what’s next. But without a solid foundation, the strategy would crumble.
Think about it — culture is about creating an environment and a workspace where everybody feels empowered to do the best they can do. With an encouraging and positive culture, staff and volunteers alike will feel empowered to do their best.
“Please think about your legacy because you are writing it every day.” —Gary Vaynerchuk
The Leader’s Guide to Corporate Culture
Strategy and culture are among the primary levers at top leaders’ disposal in their never-ending quest to maintain organizational viability and effectiveness. Strategy offers a formal logic for the company’s goals and orients people around them. Culture expresses goals through values and beliefs and guides activity through shared assumptions and group norms.
Strategy provides clarity and focus for collective action and decision making. It relies on plans and sets of choices to mobilize people and can often be enforced by both concrete rewards for achieving goals and consequences for failing to do so. Ideally, it also incorporates adaptive elements that can scan and analyze the external environment and sense when changes are required to maintain continuity and growth. Leadership goes hand-in-hand with strategy formation, and most leaders understand the fundamentals. Culture, however, is a more elusive lever, because much of it is anchored in unspoken behaviors, mindsets, and social patterns.
For better and worse, culture and leadership are inextricably linked. Founders and influential leaders often set new cultures in motion and imprint values and assumptions that persist for decades. Over time an organization’s leaders can also shape culture, through both conscious and unconscious actions (sometimes with unintended consequences). The best leaders we have observed are fully aware of the multiple cultures within which they are embedded, can sense when change is required, and can deftly influence the process.
Why Personal Branding is a Must for Every Entrepreneur
Seth Godin, an American Author once said, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Personal Branding is a representation of one’s niche, goals, values and expertise. It helps people interpret what a brand (a person or a business) stands for.Branding also plays a crucial role in boosting the net worth of a business. According to Forbes, consistent branding across all channels increases revenue by up to 23%.
People cannot buy what they don’t know. This is why individuals, groups, businesses and organizations are constantly striving for visibility. In this competitive world, one must be unique and authentic to stand out from the rest. Studies have shown that around 91% of the consumers prefer to buy from an authentic brand. Hence, Personal Branding is a weapon that every entrepreneur can use to grow their business.
If you are an Entrepreneur, you can implement the techniques of Personal Branding by establishing a strong online presence, either through Social Media or other platforms. Statistics show that 77% of the consumers are more likely to buy from a brand, if the CEO is active on Social Media. With the help of an interactive Social Media profile, you can gain the trust of your audience and add more value to your brand. All you need to do is spend some time to create good quality content, specific to your area of expertise.
A good Personal branding strategy can clearly convey why people must choose you and your services over your competition. Personal Branding is highly essential for any entrepreneur looking to capture a large portion of the market. Setting up a personal brand can be tiresome, but the results are worthy of the efforts put in. Here are some reasons why every entrepreneur must invest in personal branding.
“Your story is the greatest legacy that you will leave to your friends. It’s the longest-lasting legacy you will leave to your heirs.” —Steve Saint
The Importance of Understanding the Essence of Branding for a Start-Up Company
The age of the internet and its dominance are today’s most prominent reality both in personal life as well as in business. In the days to come, more and more companies will inevitably be driven towards cloud technologies as a survival strategy. So, there is no doubt that even start-ups are joining the fray. Day by day the competition is becoming gravely fierce. These are the times when Branding gains much prominence in the world of business. Not all start-ups manage to get to the finishing line of the race or even beyond. Strategic Branding is what it takes for a small-scale start-up business to thrive in this ever-growing competitive market.
All processes in business require capital investment. Branding cannot be separated from the list. Evidently, capital is a significant issue for entrepreneurs and small business owners. Thus, the need for loans comes into the picture which is inadvertently followed by debt. Debt is something that cannot be ignored. It hangs around the neck of a company unless it is paid off. Debt management is thus vital as it can save you and your dream business from bankruptcy because of debt.
Branding is one of the pillars of an effective marketing strategy. It is all the more crucial when the business has an online presence. Today, when companies are being confronted with rapidly changing market trends and customer preferences, understanding the essence and potential of consistent branding and the application of it is the call of the hour. Many fail to acknowledge the potential of branding as a result of which they lag behind in the market competition. You surely do not wish to be a lost identity in the market. Who starts up a business to remain invisible? No one, right! So, yes, visibility is one of the much-needed keys on your way to commercial success. Branding is the tool that can make the presence of the business felt in the market. However, whether the impact leads to a positive or negative response is entirely dependent on the strategies that you take up for branding and the implementation of it. Therefore, you better be a stand out brand than just another commodity in a pile. Branding helps a great deal in scaling up the worth of a business start-up.
The Complete Guide To Building a Brand Using Video
Brand building is tough.
With technological trends shifting rapidly, who’s to say that going with a certain strategy will prove itself down the line?
There is, however, one element that by almost all given indications, will be a staple in any industry, for years to come:
Expected to account for 4/5 of internet traffic by 2022, it would be highly-recommended have video play a major role in your branding process.
From customer attraction to customer retention, through analytics and studies, there is much to look out from when forging a brand from scratch.
Video can prove a seminal role in all of the above.
The Real Secret to Entrepreneurial Success (That’s Not What You Think)
Is there “one weird trick” that will serve every entrepreneur well, no matter what their business model or industry might be? Yes, I think there is. But it’s decidedly un-sexy and even unpopular these days.
It’s regular meetings. Yes, really.
The ongoing crisis did nothing to help the cause of meetings. Corralling your employees onto Zoom calls might have made meetings a little more convenient, but most folks still think these events are a waste of time and money, and that they’re excruciating exercises in futility. And, there are even some who say meetings should be abolished altogether if possible.
In my experience, however, the problem isn’t meetings themselves. It’s bad meetings. Inefficient meetings. Meetings that aren’t planned or run well. Meetings themselves are crucial to ongoing business growth, employee engagement and financial success.
What does it take to be a successful entrepreneur?
Starting a business isn’t for the faint of heart. It can be one of life’s greatest experiences, but it is filled with obstacles and potential failure.
Do you have the right mix of leadership, experience, support, planning, and the ability to handle difficult obstacles? Take our entrepreneur quiz to find out.
Do your best to answer as honestly as possible, and we’ll analyze your results. Based on your outcome, we’ll provide steps you can take to follow your dream of becoming your own boss. We’ll also recommend resources to help you each step of the way.
What Makes a ‘Successful’ Business?
While there is no foolproof method for building a business, many aspiring entrepreneurs feel that having a good business plan, the motivation and the capital is all that is required to “make it.” While true, there is more to success than that. Success can mean a myriad of things to different people and businesses. It is likely that when asking 10 individuals what their definition of success is and what defines a successful business, there would be 10 different answers. In this article, New Jersey Business sits down with a handful of business mentors and consultants to dissect the components and characteristics that successful businesses share.
When starting a business, “it boils down to one thing,” says Vincent Vicari, regional director of the New Jersey Small Business Development Center (NJSBDC), based at Bergen Community College in Hackensack. “Is there a market for what you are doing and will people pay you to do it?” What this means is that the product or service that a business is providing has to be in demand, either where the business is physically located, or, where it ships its products to, whether across the United State, or overseas, for example.”
“It’s about innovation and how to create a demand in the marketplace for what’s needed,” says Michael Coletti, partner at WeiserMazars LLP, who handles owner-managed businesses and advises them on financial and business decisions. “A business could have the best product or best service, but if nobody wants or needs it, it is not going to sell very well, or be utilized.”