Each week on DMJ 1 on 1, Kirby Hasseman takes on a different topic to help provide value to those looking to grow a brand or organization. This time Kirby talks about 5 pieces of advice that he thinks are wrong! Watch now!
DMJ 1 on 1: 5 Pieces of Advice That I Think Are Wrong
There’s a lot of advice floating around out there, and while some of it can be helpful, some of it can also be misleading or even harmful. In this article, we’ll be discussing five pieces of advice that are often given, but that I believe are fundamentally flawed. These include the notions that finding your passion means you’ll never work another day in your life, that you should always go big or go home, that high school is the best time of your life, that work-life balance is attainable for everyone, and that you should always work smarter, not harder. I hope that by discussing these pieces of advice, I can help you think more critically about the advice you receive and inspire you to elevate your game.
Find Your Passion (And You’ll Never Work A Day In Your Life)
The first piece of advice we’ll be discussing is the idea that finding your passion means you’ll never work another day in your life. While it’s true that finding something you love can make work more enjoyable, it doesn’t mean that there won’t be difficult or unpleasant aspects of the job. In fact, telling kids that they’ll never work a day in their life if they find their passion can be harmful and set them up for failure. It’s important to acknowledge that there will be seasons of hard work and challenges, even in a job you love. Instead of seeking a passion that eliminates work, we should be encouraging the pursuit of a passion that makes the hard work worthwhile.
Go Big or Go Home
The second piece of advice is the concept of going big or go home. While it’s important to have big dreams and goals, the reality is that many big changes in the world are the result of consistent small changes over time. Setting unrealistic expectations of making a big impact right away can lead to unsustainable efforts and eventual burnout. Instead of going big or go home, it’s more effective to start small and keep going. This approach allows for steady progress and sustainable growth, which can ultimately lead to big changes.
High School as the Best Time of Your Life
The third piece of advice is that high school is the best time of one’s life. While high school can certainly be a fun and exciting time, telling struggling kids that high school is the best time of their life can be discouraging and prevent them from envisioning a better future. It’s important to live in the present and work towards a desired future, rather than dwelling on the past. There are many exciting opportunities and experiences beyond high school that can surpass it in terms of enjoyment and fulfillment.
Work-Life Balance
The fourth piece of advice is the notion of work-life balance. While it’s a worthy goal, the reality is that work-life balance is unattainable for most people. Striving for it can put unnecessary pressure on individuals and lead to feelings of guilt and inadequacy. There will be times when work takes precedence over personal life, and that’s okay as long as it’s temporary. It’s important to find a balance that works for each individual and to prioritize self-care and family when necessary.
Work Smarter, Not Harder
The fifth and final piece of advice we’ll be discussing is the idea to work smarter, not harder. While working smart is important, it shouldn’t be used as an excuse to avoid putting in effort. Successful people often work hard and put in the necessary time and dedication to achieve their goals. Working hard is within an individual’s control and can be a key component of success. So, while it’s important to work smart, it’s equally important to work hard.
Conclusion
In conclusion, while there’s a lot of advice out there, it’s important to think critically about what you’re being told and to consider whether it’s truly beneficial. Remember, what works for one person may not work for another, and it’s okay to forge your own path. I hope that by discussing these pieces of advice, I’ve helped you to think more critically and inspired you to elevate your game.
Delivering Marketing Joy is an award-winning interview show that helps marketers level up. Each week, Kirby Hasseman interviews the best and brightest minds in marketing to help you level up. This time on Lessons from DMJ, Kirby talks with Jonathan Baker about what entrepreneurs who want to sell their business need to know! Watch now!
Lessons from DMJ: Advice on Selling Your Business
This time on Lessons from DMJ, Jonathan Baker, the practice lead and M&A services for Punctuation, shares invaluable advice for entrepreneurs contemplating the sale of their business. The decision to sell a business is monumental and involves numerous factors that need careful consideration. This article will delve into the key aspects that entrepreneurs need to keep in mind, from determining the value of the business, the importance of the terms of the deal, the emotional toll of selling a business, to knowing when to sell or keep building.
Each of these aspects is critical and can significantly impact the outcome of the sale. They are not only about the financial implications but also about the emotional and lifestyle changes that come with it. So, let’s dive in and explore these aspects in detail to equip you with the knowledge you need to make an informed decision.
Determining the Value of Your Business
Understanding the value of your business is the first step in the selling process. Buyers determine the value of a business based on their goals and what they value in the business. This can vary significantly from one buyer to another, depending on their strategic objectives and the specific aspects they value in a business.
Several factors can influence the value of a business. These include the magnitude of profits, the positioning of the business in its market, client concentration, recurring revenue, location, and the extent of the business’s reliance on the founder. Each of these factors can either increase or decrease the perceived value of the business to potential buyers.
The Importance of Terms in the Deal
The terms of the deal can often be more important than the valuation itself. These terms can dictate the buyer’s continued employment, their ability to retain clients, and their post-sale lifestyle. The valuation is a point-in-time number, but the terms of the deal can have long-term implications on the buyer’s financial situation and lifestyle.
It’s crucial to negotiate terms that are favorable and align with your post-sale plans. This could involve clauses regarding your continued involvement in the business, guarantees about client retention, or stipulations about your lifestyle after the sale. Understanding and negotiating these terms can make a significant difference to the outcome of the sale.
The Emotional Toll of Selling a Business
Selling a business can be an emotional rollercoaster, akin to buying a house or dating. The process can be filled with excitement, despondency, and everything in between. It’s crucial to stay focused on running the business throughout the process, as getting too caught up in the sale can distract from the day-to-day operations.
Remember, the sale process can take time, and it’s essential to keep the business running smoothly during this period. This not only maintains the value of the business but also keeps you grounded and focused during the emotionally charged sale process.
Knowing When to Sell or Keep Building
The decision to sell or continue building your business is a significant one. It should be based on revisiting the reasons you started the business in the first place and considering the life-changing amount of money that a sale could bring. It’s essential to weigh these factors carefully and make a decision that aligns with your long-term goals and aspirations.
Remember, selling is not the only option. There may be other avenues to explore, such as partnerships, mergers, or even franchising. It’s crucial to consider all these options and choose the one that best suits your financial situation and future plans.
Conclusion
In conclusion, selling a business is a complex process that requires careful consideration of various factors. It’s not just about the financial implications but also about the emotional toll and lifestyle changes that come with it. Selling is not the only option, and sometimes it may be financially better to not sell the business.
To learn more about these aspects and get professional advice, consider reaching out to Jonathan Baker at Punctuation. With their expertise in M&A services, they can provide you with the guidance you need to navigate the sale process successfully.
Delivering Marketing Joy is an award-winning interview show that helps marketers level up. Each week, Kirby Hasseman interviews the best and brightest minds in marketing to help you level up. This time on Lessons from DMJ, Kirby talks with Adam Callinan on profitability, Shark Tank, and why every entrepreneur is struggling right now. Watch now.
In this insightful interview, we delve into the entrepreneurial journey of Adam Callinan, the founder of Pentan, an e-commerce-focused SAS company. Callinan, who previously co-founded BottleKeeper, a company that achieved a staggering $8 million in sales without a single employee, shares his experiences, challenges, and lessons learned. He emphasizes the importance of leveraging technology, software, and automation in building a business, as opposed to the traditional approach of hiring people.
Through his unique journey, Callinan provides a fresh perspective on entrepreneurship, highlighting the struggles that every entrepreneur faces, and the importance of creating structure and maintaining physical and mental well-being. He also discusses why many early-stage companies struggle with profitability, and shares his experience of appearing on Shark Tank, which significantly boosted his company’s revenue. Lastly, he offers a special deal for listeners to access Pentan for the first 30 days for just $1.
Building a Company with No Employees
Callinan’s journey with BottleKeeper is a testament to the power of technology and automation in business. With a foundation rooted in a previous medical device business, BottleKeeper was built with strict guardrails to avoid hiring employees. Instead, Callinan focused on using technology and automation to build platforms and manage operations.
This unconventional approach allowed him to maintain control over the business, reduce overhead costs, and achieve impressive sales figures. The success of BottleKeeper serves as a compelling case study for entrepreneurs exploring alternative business models.
Challenges of Building Bottlekeeper
Despite its success, the journey of building BottleKeeper was not without its challenges. Callinan faced difficulties with inventory management and the cyclical nature of the business, which resulted in swings in revenue throughout the year. These challenges, while difficult, provided invaluable lessons that shaped the growth and evolution of the company.
Moreover, Callinan also discusses the mental challenges of dealing with the highs and lows of the business. The entrepreneurial journey, while rewarding, can often be a rollercoaster of emotions, and Callinan’s experience underscores the importance of resilience and adaptability.
Struggles Faced by Entrepreneurs
Callinan highlights the struggles that every entrepreneur faces, emphasizing the need for entrepreneurs to create structure and take care of themselves physically and mentally. The entrepreneurial journey can be fraught with challenges and uncertainties, making it crucial for entrepreneurs to prioritize their well-being and avoid isolation.
Creating structure, setting boundaries, and maintaining a healthy work-life balance are essential for long-term success. Callinan’s insights underscore the importance of self-care in entrepreneurship, a topic that is often overlooked in the pursuit of business success.
Reasons for Early Stage Companies Not Being Profitable
Callinan discusses why many early-stage companies struggle with profitability. He points out that the default approach of raising capital can lead to frivolous spending, and the tendency to add fixed expenses without understanding the necessary revenue levels can hinder profitability.
Understanding financial metrics and marketing efficiency is crucial for profitability. Callinan’s insights provide a valuable perspective for early-stage entrepreneurs, highlighting the importance of financial literacy and strategic planning in achieving profitability.
Impact of Appearing on Shark Tank
Callinan shares his experience of appearing on Shark Tank, a platform that provided incredible free advertising for BottleKeeper. The company experienced a significant boost in revenue after the episode aired, demonstrating the power of strategic exposure and publicity.
The ongoing impact of the Shark Tank appearance on the company’s success is a testament to the importance of seizing opportunities and leveraging platforms for business growth. Callinan’s experience provides valuable insights for entrepreneurs seeking to maximize their visibility and reach.
This offer provides a unique opportunity for entrepreneurs to leverage the power of Pentan’s platform to streamline their operations and enhance their profitability. With its focus on solving financial operation problems, Pentan is poised to be a valuable resource for entrepreneurs navigating the complexities of e-commerce.
In January, Kirby was asked to speak at PPAI Live about 4 Tips To Creating a Successful 2024. In this DMJ 1 on 1, we go LIVE to the PPAI Expo from the show floor. Watch now!
As we approach the new year, it’s time to start thinking about how we can make 2024 the most successful year yet. In this blog, we’ll be discussing four key tips that can help you achieve just that. These tips are not just about setting goals, but also about maintaining a positive mindset, continuously learning and growing, and prioritizing deep work. So, let’s dive right in and start planning for a successful 2024.
Be Intentional and Set Goals
The first tip for creating a successful 2024 is to be intentional and set goals. Setting goals is a crucial step toward success. It gives you a clear direction and helps you stay focused on your path. But remember, these goals should be deeply personal. They should resonate with your values and aspirations.
Consider setting goals in five key areas of your life: Finance, Fitness, Family, Faith, and Fun. By setting goals in these areas, you ensure a balanced approach to your life. You might also want to consider setting shorter time frame goals, such as 12-week year goals. This can help you stay motivated and see progress more quickly.
Be Positive and Practice Gratitude
The second tip for a successful 2024 is to maintain a positive attitude and practice gratitude. Positivity can significantly improve your performance, especially in stressful situations. It helps you stay calm, focused, and resilient. But how can you boost your positivity? One effective way is through gratitude exercises.
Gratitude exercises can help shift your mindset to a more positive state. They can help you focus on the good in your life, leading to more things to be grateful for. So, start your day by listing three things you’re grateful for, and see the difference it makes in your life.
Continuously Learn, Grow, and Change
The third tip for a successful 2024 is to continuously learn, grow, and change. Personal growth is a lifelong journey, and investing in your personal development can lead to significant improvements in your life. One way to do this is by reading books and investing in education.
Look for opportunities to learn and grow, such as online courses and certifications. Avoid living the same experiences over and over again. Instead, seek new experiences, learn new skills, and embrace change. This will not only make your life more interesting but also help you grow as a person.
Prioritize Deep Work and Avoid Multitasking
The fourth and final tip for a successful 2024 is to prioritize deep work and avoid multitasking. Despite popular belief, multitasking is a myth. It can hinder deep work and lead to decreased productivity and focus. Instead, focus on one task at a time for better results.
Batching activities can also improve your productivity and effectiveness. This involves grouping similar tasks together and doing them in one go. This can help you stay focused and reduce the time wasted on switching between tasks.
Conclusion
In conclusion, creating a successful 2024 involves being intentional and setting goals, maintaining a positive mindset and practicing gratitude, continuously learning and growing, and prioritizing deep work. By following these four tips, you can make 2024 your most successful year yet. So, start planning now and make the most of the coming year.
At Hasseman Marketing, we work with organizations from all over the map. We have clients in manufacturing, financial services, education, healthcare, retail…and more. But what do all of them have in common? They all need an incredible workforce to deliver their products and services. Without exception, each of these companies needs a great team in order to do their best work.
So how do you attract and retain the best talent for your team, if everyone is trying to do the same thing? It’s the million-dollar question (or for some organizations, the billion-dollar question). And while there are MANY different strategies and tactics to make sure your people want to stick around, one is universal.
Care more.
Employees tend to stay where they are fairly compensated…and they feel appreciated. That appreciation can be shown in many ways. But one way that we have seen organizations showcase their “give a damn” is through Health and Wellness programs. The best Health and Wellness programs not only help employees be healthier but also show that the employer wants them to. As Maya Angelou said, “People will not care how much you know until they know how much you care.”
Why Do You Need A Health and Wellness Program?
While this all may feel warm and fuzzy, a great health and wellness program affects the bottom line too. Many organizations negotiate their healthcare costs based on the health of their employees. In other words, if you are team is healthier, it will save your company money on healthcare costs. But it goes further than that. In a study done on the ROI of employee wellness programs, Harvard researchers conclude that, on average, for every dollar spent on employee wellness, medical costs fall $3.27 and absenteeism drops $2.73. This is a 6-to-1 return on investment.
According to the Rand Wellness Programs Study, the disease management component of the studied wellness program was responsible for 86 percent of the hard health care cost savings, generating $136 in savings per member, per month, and a 30 percent reduction in hospital admissions.
So while you may explore a health and wellness plan because you want your employees to thrive, it can certainly help your bottom line as well.
5 Must-Haves For a Successful Health And Wellness Program
However, there is a challenge with organizations that want to implement a health and wellness program that will move the needle. Where do you start? What do you need to do to make it happen? As with most things, if you just throw it together, it will feel that way. And you won’t get the results or impact you or your organization wants. So here are the 5 things we think your health and wellness program needs to be successful.
Enrollment Plan
For people to make real change they have to be enrolled in the journey. Enrollment is not forced. It’s voluntary. There is a difference between education and learning. Education is forced. Learning is voluntary. We learn faster and grow faster if we WANT to do it. We need to be enrolled in the journey. The goal is not just to get people signed up. You want to get them enrolled! We recommend the 3 E’s to get the program started. Excite, Engage, and Enroll.
Excitement is what you create when you promote the program. This is when you tell the team about the program. You explain the potential results. This is when you talk about the impact on the team and on them personally.
Engage is when you get them to sign up. You give them their first cool branded merch to help them identify as a part of the tribe.
Enrollment is the process of getting their buy-in. They may have signed up, but you need to continue to motivate and inspire them to get started on the right foot!
Design Plan
While you can certainly use your company logo on the merch, we think it works best if you create something special. Make no mistake, your health and wellness design should match your branding guidelines to maintain continuity. But we think having a special design will help to announce to the team who is taking part in the journey. This allows to members of the team to build camaraderie on the journey and to lift each other up. By making a special design for the program, you can make your team members feel special in the process.
Merch Plan
We say all of the time “Friends don’t let friends do bad merch!” And while you might expect to hear that from a company that sells branded merch, we believe it because it’s about affecting human behavior. If you and your organization do trashy branded merch in your health and wellness program it will not encourage people to sign up. And if you don’t get enrollment, you will not affect any change. This does NOT mean you need to break the bank. But you do need to focus on items that will fit the goals and encourage people to jump in. It takes a commitment and a plan.
Communication Plan
If you have ever started a new fitness program, you know that maintaining consistency and motivation is a huge factor in success. We believe that creating a communication (or inspiration) plan that reaches out to participants consistently can help to increase their chances of success. While you may be completely self-motivated, most of us are not. A coach or a voice of encouragement can really help to push people to do their best.
Exercise Plan
A great Health and Wellness plan is not only about exercise anymore. The best plans help your team to focus on mental wellness as well. This might come in the communication/inspiration plan above. But it should include a fitness plan as well. As studies will tell you, your overall fitness will help shape your mental wellness too. So make sure to consider ways to get your team active in a real and positive way!
As you can see, a productive health and wellness program can really have a positive impact on your organization. On the other hand, you can probably see how much there is to run one well. Want help? At Hasseman Marketing, we have a program called Total Wellness. If you want to schedule a call to see how we might help you, click here and we can set it up.
