3 Advantages of Embracing an Informal Company Culture
Official memos. Oxfords and briefcases. Informal chit-chat in flat grey cubicles. If you’ve ever worked in for company with a strictly formal culture, you know just how drastically things have changed in the last decade. Casual dress codes, flat management organizations, drinking and swearing at work — companies have started to let loose a little in an attempt to adapt to the desires of a younger workforce and bring more fun to the work environment. Creating a vibrant culture that attracts top talent, inspires your employees and grows your company is leading many organizations to bring a more relaxed, spontaneous, and collaborative atmosphere to their offices. And yet finding the right balance of informality and professionalism can be tricky. Instead of simply planning happy hours and installing arcade games in your break room, focus on these three areas where a more informal—i.e., less rigid—company culture really count. Transparency & Honesty What does strong leadership look like? For many, it means looking like you have all the answers, navigating change with confidence, and being decisive when it comes to tough choices. 26-year-old founder Nathan Latka pushed against all that when his company Heyo was approached with an acquisition offer. Instead of holing up with his core executive team, he made the entire process public — not only to his employees, but to the one million monthly listeners of his podcast. To say it was a risky move is an understatement, to be sure. The lucrative offer may have gone up in smoke. But Latka points to some compelling benefits of being so open with his team: for one, they came up with ideas he would never have thought of and challenged his assumptions and blind spots. It gave his entire company the opportunity to learn from the process, and it gave him the chance to lead with questions instead of answers. Even when he had already arrived at a decision for himself, he went into meetings to listen and ask questions. The result: his team was more invested in the outcome, having spent time analyzing the situation and solution from all angles themselves. Plus, other people brought up opportunities he hadn’t thought of and often either changed or deepened his perspective on things. Good leaders know that open communication is essential for a thriving business. 85% of employees are unsatisfied with the quality of communication at work, and 81% say they would rather “join a company that values ‘open communication’ than one that offers perks such as top health plans, free food, and gym memberships.” It’s not always easy to let your team behind closed doors and admit that you may not know the best course of action, but the payoff is worth it. In the end, Latka's deal went through — and he even signed the letter of intent live on his podcast. Flexibility & Accountability You have to be willing to let your culture change as your company grows, and that requires flexibility. This doesn’t mean that you simply let your company culture define itself — you have to be proactive and intentional in cultivating the best work environment for your team. But you also have to be adaptable, and with more of today’s employees working remotely or requiring flexible schedules, that means reframing how you approach company culture (including remote work culture) and how you measure your team’s contributions. As many others have pointed out, the term “work-life balance” creates a false dichotomy where your work and the rest of your life are in competition, on opposite ends of a spectrum. Companies that recognize their workers’ personal lives not as an inconvenience or distraction, but as an opportunity to enhance employee performance and satisfaction, are able to create a culture of flexibility that results in truly engaged employees. When allowed to set their own hours, research has consistently found that workers are not only as productive as their colleagues with standard office hours, they’re happier, less stressed, and far less likely to consider leaving the company. With more team members working remotely or non-standard office hours, this can mean significantly less face time with colleagues and managers—and it can be easy for company leaders to tend towards micromanagement to ensure that work is progressing as planned and priorities are clear across the team. But micromanagement actually dampens your team's creativity, motivation, and morale. Making accountability an intrinsic part of your company culture allows employees to take ownership over their work and results, resulting in greater productivity, performance, and work satisfaction. Personality & Fun Southwest Airlines is famous for its personable flight attendants who crack jokes and sing songs during instructions and announcements—and for its people-first company culture. As Southwest’s president and CEO Herbert Kelleher says, “What we are looking for, first and foremost, is a sense of humor.” A fun atmosphere builds a strong sense of community among your employees, and it helps counter-balance the stress of hard work. Among companies noted as “great” in Fortune’s 100 Best Companies to Work For, 81% of employees say they work in a fun environment. A fun work environment encourages free thinking and creativity, helps people build relationships across teams and departments, and encourages productive collaboration. How to Get Company Culture Right We asked business leaders and founders their secrets for creating a perfect work environment, from hiring to match your values to inspiring employees. Read their advice, then hit the comments to let us know what you think is the key to a thriving company culture.
Interview with Nir Eyal: How to Get Your Customers "Hooked"
Facebook, Amazon, Gmail, Spotify, Netflix... what do they all have in common? They all have us hooked on their products. They found a way to wiggle their product into our routines, and as a result, we've formed a habit dependent on their product that we simply can't break. What is so gut-wrenchingly addictive about these products and why can't we seem to shake the obsession? We were able to speak with entrepreneur and investor, Nir Eyal, about his recent book Hooked: How to Build Habit Forming Products, focusing on his acclaimed "Hook Model," and the secret to obtaining loyal customers. According to Nir, building a "hook" or a habit has nothing to do with being the best product out there. [inlinetweet prefix=" " tweeter="" suffix=""]"Engaging products don’t happen by mistake. Facebook, Twitter, Snapchat know this." —@NirEyal [/inlinetweet] A few things you'll learn as you watch the video: Why he wrote Hooked What the Hook Model entails, and how it will help you understand your customers better Why going "viral" isn't always the goal How to create a habit out of a non-habit forming product What trends are up-and-coming that people aren't paying enough attention to Watch the full interview below! Tweet this! [inlinetweet prefix=" " tweeter="" suffix=""]"It's the product that has the "mind monopoly" that succeeds." —@NirEyal [/inlinetweet] Nir defines the "Hook Model" as consisting of these four steps: Trigger Action Reward Investment These steps define the various ways we engage with a product; whether it be reading their content and perceiving them as subject experts, or just feeling so comfortable using the product that you don't want to bother learning how to use a new one. Are you hooked on a product or service? Let us know in the comments what products have managed to hook you!
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Getting a Master's Degree in Project Management: To Do or Not To Do
If you run a Google search for "Master's Degree in Project Management" you will get over 3 million results for schools across the US and around the world. Granted, those results are not solely listings for schools offering programs, but still — scary. If you try to narrow down your search results by going to a site like gradschools.com and filtering by "Business & MBA" and "Project Management" tags you will still get 327 results. Better, but not exactly a walk in the park. Finding the right program is a big venture. There are two questions you really need to ask yourself before you go hunting: (1) Is a Master's in Project Management (MPM) what you really want? Would you prefer alternatives routes, such as your MBA or PMP certification? (2) And if you do decide on the MPM, what are your personal requirements when choosing a program? Want a better project management tool that your team will actually use? Start your free Wrike trial today! The Great "Project Management Degree" Debate There are conflicting views about whether getting a Master's degree in Project Management is worth the time and money. According to a US News article, 43% of project managers in the US have only a Bachelor's degree. If you follow The Great Project Management Degree Debate, you'll know there are varied opinions on the value of the degree at all. Some people say get the Master's in Project Management, some people say go for a general MBA, some people suggest alternative certificates (e.g. PMP) instead — and then there are others who say don't bother with any of them since experience beats all degrees. Confused yet? We browsed through forums and articles and tried to gather a consensus on whether or not people in the field think you should get your Master's in Project Management: The Pros & Cons of a Master's in Project Management Pros: 1. Employability "Through teaching an MPM program at a local university for the past five years, I wholly believe that the students that have come through this program are much more employable once they have completed the program." — JD McKenna, Project Manager, USA "I have my Masters of Project Management and this qualification stands out in my CV when applying for great jobs. I know lots of guys with MBAs who are still in lower management positions. A Master's in this great field is definitely sought after and sticks out more than an MBA." — Anonymous, USA "My recommendation falls someplace in the middle. I would recommend that you get a Master's in Project Management [focused on] your field of expertise or interest." — Dr. Paul D. Giammalvo, Project Manager, Indonesia 2. More Informed Execution "I am now in a PM role (with certification) and I definitely think the MPM has helped me understand with more clarity why we do things the way we do and has certainly helped communicate [decisions].... The MPM is really interesting. You get to meet a range of other students with other PM experiences that you learn from and it is challenging and I think personally rewarding." — Anonymous "I hold both an MBA and an MPM degree. I disagree that these two degrees are essentially the same. My bottom line answer is: advanced learning never hurts, so go for the degree. It may not guarantee you your next job. But it should definitely help you when it comes to executing in that job." — Dave Violette, Program Manager, USA "For those going through a Master's program who have already had more than a few years of work experience, PMP certification, and specific large or complex project management experiences, the MS in Project Management will likely have far more meaning to employers and ROI to you - not just financial ROI, but the ability to get the most out of curriculum.... A Master's in Project Management would be an excellent addition to the journey." — Mark Price Perry, VP of Customer Care, USA Cons: 1. Experience and Accomplishments Count More "Good project managers become such by practicing and continuous self improvement. Yes, they need to know the theory, but professionalism comes from applying, adapting and improving it. For that reason I don't think one-off long theoretical study is what would bring you to the next level." — Stan Yanakiev, IT Project Manager, Bulgaria "The qualification has not really helped me at all in getting a job, its only in combination with experience (how do you get that initially) or certification.... As a way to further your career, I am not convinced that the MPM has quite the aaahhh factor that we would like as recognition of our efforts." — Anonymous "I would look dubiously on a PM candidate that has a Master's in PM but no experience. Advanced degrees are more meaningful after you have been in the field." — Mark Price Perry, VP of Customer Care, USA "I would value experience over master's level certification. I would recommend that you look at practitioner-based courses as well. You can take PRINCE2 without any prior experience, and it will be cheaper than a Master's." — Elizabeth Harrin, Director of the OTOBOS Group, U.K. "I liken project management to riding a bike, you can read as many books on the subject as you like, but until you get on and actually ride a bike you know only the theory and not the practice.... As a hirer of project managers I look for experience, then certification, and finally qualifications. Even for trainees I look not necessarily for project management experience but they should at least have participated as team members in a project environment as this environment is completely unlike a normal operational environment." — Julie Goff, Australia 2. MBA is More Widely Recognized "Experience and accomplishments count more than a degree in Project Management. So I would recommend that you complete your MBA first. If Project Management is a module that's good, but for a major, choose something like Finance, Marketing, Supply chain Management, or IT Management." — Satnam Bansal, Business Manager, USA "I found that project management courses in universities are normally aimed at the construction industry. So all the work examples were for building something. An MBA is more widely recognised than a PM masters and assures the business people you can understand where they are coming from." — Julie Goff, Australia (again) 3. More Important is a Positive, Strong Character "Allow me to add another attribute which, I believe, is more important than experience and certification. The job of a project manager is very dynamic and will require him to handle all sorts of situations; in other words, a project manager is a problem solver by nature. Due to this, a project manager needs to have a positive and strong character to carry the pressure in his job." — Wai Mun Koo, PMO Director, Singapore Other Factors to Consider When Selecting a Program If you went through a long, strenuous, detailed process when applying for your bachelor's program, consider this: graduate school is typically even more competitive. Before you decide which program to select, you need to figure out the potential ROI for completing your Master's degree. Do some long-term planning and roadmap the next five to 10 years of your career. You may be wondering: what can I do with a project management certification? Will a Master's degree help you reach the end of your 10-year plan? What do you hope to gain from the degree? Would you be better off with an MBA or PMP certificate to accomplish your 10-year plan? After collecting advice from forums and articles, here are a few factors you should consider when applying for programs: MPM vs. MBA vs. PMP While we were surfing through the discussion forums based around whether or not to get a Master's in Project Management, we saw a lot of strong business leaders calling for people to get their MBA or PMP certificate instead. Consider all your options; in fact, most people recommended a combination of two or all three. MPM vs. MBA — Both degrees have long-lasting value and show dedication to your craft. MPM is a great choice for people who want to dig into the details and nuances of being a project manager, while MBA is the path you should take if you want to go into higher levels of management that require a wider berth of business knowledge, big-picture mindsets, and the language that comes along with being an Executive. MPM vs. PMP — Both are great for people who want to be better project managers. MPM is a great choice for people who want to stay in project management roles for the next decade. If you don't plan to stay in project management forever, or you want to put off getting a full-blown degree, perhaps PMP certification is enough to give you the knowledge you need for the next 3-5 years of your career. Online or Onsite With the advent of the internet, more and more universities are offering programs online. If you want access to a specific university's resources without the hassle of moving across the country or across the world, consider an online degree. Just remember that you'll lose the great libraries, convenient walk-in access to office hours, and so-bad-it's-good campus food. General or Specialized Some Master's programs give you a general knowledge of project management and all that it entails. Other programs are industry-specific: construction, IT, etc. If you know what field you'll be working in, and you plan to stay in that field long-term, a specialized Master's program might be a better fit. Another tip: some programs offer general MPM programs, but many of their class offerings are industry-focused. Research the course offerings before committing to a program. Theory or Hands-on With the wide assortment of MPM offerings, some universities are theory-based (e.g. write an essay, a term-paper, a detailed thesis), and some are hands-on learning (e.g. create project plans, develop project schedules, learn to track budgets). Don't settle on the first program you find — or the first program that accepts you — make sure they're offering the type of education that suits your goals. Is Higher Education right for you? A Master's in Project Management can be a great asset, or a great waste of time and money. Do your research, read program reviews, and get feedback from your peers before committing to a new degree. At the end of the day, the decision is in your hands, but you don't have to make the decision alone. What made you finally decide to go for your MPM degree or vote against it? Give us your feedback and help out other project managers with your personal recommendations. Sources: http://www.projectmanagement.com/discussion-topic/16656/Should-I-study-a-masters-in-Project-Management http://www.projectmanagement.com/discussion-topic/18467/Need-Advise---Masters-in-Project-management http://www.projectmanagement.com/discussion-topic/6357/Value-of-Master-of-Science-in-Project-Management http://projectmanagement.ittoolbox.com/groups/career/projectmanagement-career/is-swapping-mba-for-ms-project-management-worth-it-5479871 http://www.projectmanagement.com/discussion-topic/19985/Is-the-PMP-a-better-investment-than-the-MBA-
Switching to Wrike: Implementing Change Management Across Distributed Teams
Meryl Johnston, Founder & CEO, Bean Ninjas Bean Ninjas is an online bookkeeping firm that caters to online businesses. They’re not your traditional bookkeepers. Bean Ninjas were named Xero Bookkeeping Partner of the Year (QLD) in 2017 and were finalists in the Bookkeeping Firm of the Year at the 2018 Australian Accounting Awards. Meryl is a Chartered Accountant and entrepreneur. Prior to Bean Ninjas she ran a cloud accounting consulting firm, worked in both commercial accounting roles, as an auditor (BDO), and as a lecturer in accounting and audit. Process is the backbone of productivity. Teams thrive on routines and processes to keep work organized and goals on track. However, sometimes poor processes are detrimental to productivity. If processes are inefficient or ignored, things fall through the cracks and people start pointing fingers. When it came time for us to evaluate our processes, we found a lot of room for improvement. As a team of 12 distributed across six countries, it was extremely important for us to establish an efficient process for getting work done. As the number of managers grew across teams, so did the need for automatic reporting. Since Trello wasn’t able to provide that level for reporting, we decided to look into changing our processes and tools altogether. Coordinating across time zones is a project in and of itself. Requests, approvals, and revisions can take weeks just corresponding back and forth. The three biggest challenges for our distributed team when we considered why work from home pros and cons were: Uniting on communication and culture Finding and accessing important information Rolling out and learning a new tool We needed to figure out a way to streamline our processes so our distributed team could function like a well-oiled machine. Embracing change management It can be a difficult and time-consuming project to change the software that underpins your business. Giving your team the option of using a new tool can result in a less than 30% adoption rate—at which point, there really is no point in having it at all. So it’s very important to get the right buy-in upfront from everyone who will be using the new software. We found there are three distinct phases of change management and key steps to successfully get your team on board with a new software: 1. We involved the team in the buy-in If you fail to prepare, you prepare to fail. Have an open discussion with your team from the start and involving them in the process of evaluating a new tool will increase your chances of adoption and usage. Here are the steps I recommend: Obtain feedback: We had everyone in the loop from the start. We discussed why we planned on changing tools and how we thought everyone would benefit from it. Conduct a survey: We created a survey that asked our team what their biggest pain points are with the current software. What do they like? What would they like the change? Agree on qualifications: We decided what capabilities are a must-have in our new software and aligned on how this tool was going to help us achieve our goals. Rank contenders: We listed out the softwares we were vetting and ranked them based on which ones met the most qualifications. Test software: We chose a couple to test out. Then had a team member check out the areas of the software that were most important to our team. Select software: Once our team came to a consensus on which tool is best, they were motivated and excited to start using their new tool. Our Wrike implementation was easier because we received upfront buy-in on why we needed to change systems. We also understood the pain points of different team members and were able to explain how the new software would solve them. 2. We prioritized implementation Implementation is such a crucial process when changing work management tools. Wrike is a flexible tool and we wanted to ensure we set it up so that we could map it to our goals in the best way possible. Here’s how we onboarded with Wrike Identified our internal Wrike Champion: Scheduled an initial kickoff call with our Wrike Champion and managers to go over goals and expectations. Tested Wrike: Identified an accountant who would be the lead in rolling out the first test. After two months of testing, we rolled it out to the team. Set up training: We set deadlines for everyone on the team to complete the training and created our own training videos on how we want our team to use the software. Once training ended, we had different team members present a screenshare in Wrike so we could make sure they understood the new workflow. Obtain feedback: We frequently touched base with our team and asked for their input on the new setup. They’re much more likely to follow a new process when they’re involved in creating it. 3. We continually monitor & optimize Be patient and don’t expect everyone to learn and adopt the new software in a week. We continue to monitoring our team’s usage and feedback so we’re open to new ways of using the tool. We’re constantly asking ourselves: How can we optimize new features? What existing integrations would be useful for our team? We want to ensure we make the most of our powerful new project management software. This means seeking to review the way we are working and to make incremental small improvements. Key lessons learned Change management doesn’t have to be hard. Here are some key lessons we learned when implementing a new tool. Devote time for trainings. We significantly underestimated how many hours it would take us for implementation which created internal resourcing issues. Diversify trainings. Schedule group training, but also host one-on-one sessions to ensure that each team member is understanding the nuances of the new system. Motivate teams to use the tool. Encourage managers to lead their team with the adoption of the new software or set up some reward for their first completed project to incentivize them. Be patient. Understand that adopting a new tool takes time, but continue to monitor and make sure usage is improving. Be open to feedback. Where there is push-back from the team about the new software listen to their concerns and look into whether there is a better way to organize work by automating repeatable tasks.
Why High Achievers Forget "Someday" and Hustle Today (Work Management Roundup)
It's another Friday of yet another week, and this week, I've decided it's time to get "weird." You may be thinking, "But why?" Well, we discovered this week that being weird is actually a plus for you — especially if it means you're forging a path others have not yet trod. And especially if it means you're creating a life you want to live. Welcome to [inlinetweet prefix="To read:" tweeter="" suffix="via @Wrike"]this week's weird, yet inspirational, edition of the Work Management Roundup[/inlinetweet]! Wake Up and Get Off the "Someday Island" (Entrepreneur): Matt Mayberry talks about how achievers aren't postponing doing the things they love "someday," they're creating their own circumstances in life right now. So if you're not happy with your work, career, or life in general, change it! 7 Things I Did To Reboot My Life (WilWheaton.net): If you need inspiration on changing your life, take a cue from actor/celebrity Wil Wheaton whose essay details both the thoughts and the process behind his personal pivot. Why Being Weird is Your Best Creative Trait (Medium): Ever have moments at work where you're suddenly sharing TMI? That may be a good thing. Because that impulse to share irrelevant information is the same impulse that won't filter out the creative breakthrough ideas. Excellent read on why weirdness is being cultivated and how to embrace your inner weirdo. How the Internet Of Things is Changing Work (Fast Company): Sure, the Internet of Things will connect millions of gadgets around the home and the office. But how will this impact actual human beings doing human jobs? 3 Tips for Future-proofing Your Digital Career (BusinessesGrow): Alongside IoT, self-driving cars, and automation in many work systems, how do you ensure you won't lose your job to a robot in the near future? By emphasizing the human element. Pump Up the Jams and Feel Powerful (Kellogg Insight): Here's something that athletes have known for a long time: the right "high-power" playlist can help you construe information better and help you take initiative. In short, the right background music empowers you to be productive. And yes, this is backed by research. More Work Management Reads Think About This: Mayo Clinic Launches Ambitious Study on How Being Indoors All The Time Affects Us (Fast Company) 6 Ways Work Will Change in 2016 (Fast Company) Warning: Cars’ Voice-Activated Systems Distract Drivers, Study Finds (NY Times) Better Brainstorming in the Workplace (Gorilla Office Supplies) Go Try This: Be Different: Three Unique Ideas For B2B Brands Trying To Stand Out (Inbound.org) The Internet’s Laziest People Share Their Cleverest Life Hacks (BGR) How to Promote Your Flipboard Magazine: Advice from the Pros (Medium) Improve Communication In The Workplace (Employee Scheduling Pro) How to Boost Morale in the Breakroom [Infographic] (Burris Inc) Browse The Work Management Roundup on Flipboard If you use Flipboard on your mobile device, then you can choose to read these links via The Work Management Roundup magazine. View my Flipboard Magazine.
How to Create the Ultimate Wellness Program for Your Company
We spend a significant part of our lives at work, which means our jobs play a significant role in our overall health and wellness journeys. And it’s not surprising that sitting at our desks and staring at computer screens all day isn’t necessarily the best for our health. That’s why many organizations – even big players like Google and Microsoft – are implementing wellness programs to better support the health and wellness of their employees. Companies with wellness programs are going the extra mile to promote employee well-being in fun and engaging ways. And even better? They’re reaping the benefits that come from taking top-notch care of their employees. If your company doesn’t have a wellness program yet, don’t panic. It’s not too late to get started. In this guide, we explore the ins and outs of employee wellness programs, share different types of wellness activities, and outline our best tips to help you get started. Keep reading for the ultimate guide to creating an employee wellness program your workers and your overall organization will love. What is employee wellness? It’s no secret that employees are every organization’s greatest asset. But for employees to perform at their best, they need to take care of their overall health and well-being. That’s where employee wellness, which you’ll also hear referred to as workplace wellness, comes into play. You can think of employee wellness as the overall well-being of your employees. Are they working in safe conditions? Are they maintaining and prioritizing their physical health and fitness? Are they looking after their mental health and emotional state? But when we talk about employee wellness in a more specific sense, it refers to an organization’s method and policies that promote and support healthy behaviors and outcomes for its staff. Put simply, what are organizations doing to ensure that employees can experience and maintain a high level of wellness? To ensure that wellness is a core focus (and not just lip service), many organizations create and execute a formal employee wellness program. What is an employee wellness program? Generally speaking, an employee wellness program refers to a variety of initiatives that an employer sponsors or leads to promote healthy lifestyles amongst employees. This isn’t just about handing out step trackers or putting healthy snacks in the break room. Initiatives might include physical, mental, emotional, financial, or environmental aspects, to name a few. In some cases, an employee wellness program might even extend to an employee’s spouse or dependents, depending on the company’s size. Employee wellness programs aren’t one-size-fits-all and can be customized to the needs of your employees and organization. Many of the best employee wellness programs incorporate a variety of activities and efforts that span all sorts of different dimensions of health. Rather than focusing strictly on exercise, for example, a more holistic employee wellness program might include initiatives around movement, healthy eating, managing stress, and financial planning. You might be thinking, “An employee wellness program sounds like a lot of work! What do organizations get out of programs like these?” Let’s take a look at the benefits of an employee wellness program and why your organization should consider implementing one. What are the benefits of a workplace wellness program? Here’s an even more impactful question to ask: What pitfalls do organizations experience when employees have poor health? According to Kaiser Permanente, poor health increases the risk of chronic conditions. And chronic conditions can increase your health insurance premiums and the cost of workers’ compensation, make it difficult to maintain productivity, and lead to more sick days. Not to mention that you could see increased employee turnover if employees need to leave their jobs and focus on their health. That’s a lot of extra money your organization has to spend. When you have a workplace wellness program in place, you’re working against the long-term impacts of poor health (and saving money simultaneously). In a report published by the U.S. Chamber of Commerce, studies revealed that well-designed workplace wellness programs have an ROI ranging from $1.50 to $3 per dollar spent, in addition to other benefits like increased job performance, improved overall well-being, and happier employees. Employees acknowledge and appreciate the benefits of workplace wellness programs too. In a survey conducted by United Healthcare, more than half of people with access to wellness programs claimed that those programs improved their health. Additionally, three out of four employees who did not have access to wellness programs wanted access to them, which means these initiatives may help boost retention. What types of corporate wellness programs are there? Remember that the most effective wellness programs cover multiple dimensions of health, which means there are many types of programs to choose from. Let’s dig in and take a look at corporate wellness programs through the lens of different health dimensions. Physical Physical corporate wellness programs include initiatives and activities related to movement, exercise, and physical well-being. Any activity that requires some level of movement or deals with the physical body (e.g., biometric screenings) is part of a physical wellness program. Emotional and mental Emotional and mental wellness refers to managing emotions and promoting positive mental health. These programs might emphasize healthy relationships in the workplace, stress management techniques, and overall emotional well-being at work and home. Financial Financial wellness programs are tailored toward activities that promote financial stability and smart money moves. Programs in this area are likely to be more educational, helping employees learn and understand financial literacy and behaviors around money. Social Social corporate wellness programs can help your employees improve their social interactions at work and home. For example, team-building activities are a great way to improve social wellness. Environmental Organizations have a unique opportunity to create environmental wellness programs to help promote sustainable living. In some cases, these programs might start with the immediate environment through sustainable changes in the office space before expanding more broadly. Volunteering Volunteer activities help support other elements of a holistic wellness program, including emotional, mental, and physical wellness. Sponsoring volunteer opportunities as part of your corporate wellness program is a great way to hit several wellness dimensions simultaneously. Your employee wellness program can include as many or as few of these types of focus areas as you’d like. It’s also worth connecting with your employees to find out which ones carry the most weight with them. Employee wellness activities: inspiration to get you started Incorporating employee wellness activities into your wellness program doesn’t have to be daunting, complicated, or expensive. Many activities require little effort and coordination, yet they remain effective and practical for meeting wellness goals. Here are a few employee wellness activity ideas to help you get started: Create a walking challenge. Walking challenges are a simple and accessible way for organizations to encourage more physical activity. The benefits of walking are endless, and this type of activity is perfect for in-office and remote employees. Offer free fitness classes or gym memberships to your employees. On-site fitness classes and covered costs for gym memberships can help your employees incorporate more physical activity into their routines. Additionally, on-site fitness classes give employees a chance to mingle outside of work conversations. Host a heart-healthy lunch for your staff. Hone in on healthy eating by providing a healthy lunch for your employees. Add educational components to teach them about nutritional habits and changes they can make to their diets. Conduct meditation sessions for stress relief. Stress management is an essential part of wellness in the workplace. Encourage and help employees manage their stress by offering coordinated meditation sessions and breaks. Bring in financial experts to discuss planning for retirement. Educate your employees on how to prepare financially for a stress-free retirement. Promote smoke-free lifestyles and smoking cessation programs. Through expert seminars, incentives, and more, you can help employees leave their smoking habits behind and implement more positive habits and routines. When it comes to employee wellness activities, the possibilities are endless. And thanks to the internet, remote workers can participate in employee wellness activities, too. Employee wellness activities for remote workers While many wellness activities can easily be adapted and modified for the remote workforce, here are some specific wellness activities to consider for your distributed workers: Offer subscriptions to on-demand fitness platforms. Remote workers might not be able to attend on-site fitness classes. So instead, consider offering on-demand fitness accessibility so they can exercise at their leisure. Send healthy snacks to your employees to enjoy at home. In place of a healthy in-person lunch, try using a subscription service or curating your own healthy snack box to send to employees. Empower your employees to adopt meditation habits with an app. Apps like Headspace and Calm can help teach your employees wellness skills while being part of a dispersed workforce. Consider offering subscriptions to employees for self-learning. Tips for implementing a workplace wellness program Are you ready to start implementing a workplace wellness program? These tips will help ensure your corporate wellness program is set up for success. 1. Conduct assessments to understand what your employees want Rather than put together an entire program based on what you think your employees want, conduct assessments to figure out how you can best support their wellness needs. Employee surveys and health assessments can help you evaluate and understand your organization's wellness interests and needs so you can tailor your program accordingly. You can also conduct an environmental assessment of your workplace if it feels applicable. 2. Establish a strong wellness committee to support your program Wellness programs shouldn’t fall solely on one person to manage and coordinate. While it may be the responsibility of an individual within your organization to lead an employee wellness program, you should establish a committee to support them. This committee should help to plan and implement all wellness programs, monitor and evaluate wellness activities, empower team members to participate in wellness efforts, and coordinate any post-program incentives. Aim for cross-departmental participation for this committee so you get a well-rounded view of how your program is doing. 3. Determine how to make the most of your budget An effective wellness program should be planned and well-managed, which means you should have a dedicated budget to consider how you’re going to spend that money ahead of time. While some wellness activities have little to no cost, others may require more of your budget. Budgets may need to be used to cover vendor fees, program incentives, wellness subscriptions, snacks, or other essential program items. 4. Divide and conquer different components of your wellness program Consider mapping out your program activities for the entire year. Determine which activities you want to include as part of your program and divide up the planning and scheduling efforts for those unique activities. Then, come back together and create your wellness calendar for the year ahead to share with employees, so they know what will be available to them. 5. Don’t forget to add rewards and incentives Helping your employees change their unhealthy behaviors can be tough, but rewards and incentives can help them see success. In addition to incentivizing employees to participate in a wellness activity or stay involved in your wellness program from start to finish, rewards can boost participation rates. Be mindful of the types of rewards you select for given activities. If an employee completes a healthy-eating challenge, a gift basket full of sweets may not be the best prize to help them stay committed to their changed behavior. 6. Test different activities and adjust your program along the way After implementing your wellness program, continue surveying your employees to understand which wellness activities they like and dislike. Your program should be flexible to reflect the wants and needs of your organization over time. Don’t be afraid to test different ideas and activities to find what sticks. How to organize wellness program for your company using Wrike From understanding the different types of wellness programs to coordinating and scheduling wellness activities, there’s a lot of information you need to organize to best support the health and well-being of your employees. A project management tool like Wrike can help you stay organized and execute your program vision. With Wrike, you can: Lean into cross-team collaboration with your wellness committee Use team calendars to coordinate wellness activities Access our Communication Plan Template for rolling out your wellness program to your company Integrate with other tools you may need to make your wellness program a success Making steps toward improved employee wellness starts today. Sign up for your free trial of Wrike and get working on your wellness program right away.
How to Manage and Support Colleagues Through Bereavement at Work
It’s the situation that nobody ever wants to be in, but take a minute and imagine yourself there: You’ve just lost a loved one. You’re suddenly burdened with shock and grief. You’re overwhelmed by the logistics of honoring final wishes, filling out paperwork, and planning arrangements. In between it all, you manage to find a minute to let your employer know that you’ll be out of office for a bit. Like anyone would, you hope that the message is met with nothing but unwavering support and encouragement. Don’t worry about anything work-related – we have it all covered. After all, the last thing you want is for your phone to keep buzzing, your inbox to fill up with requests and meeting invites, and to feel anxious about the security of your position and your income. Here’s the truth: As a manager or an employer, you’re likely to encounter a grieving employee at some point. It’s a sad reality, but it is crucial to be prepared to support them through the loss of a loved one and guide them through bereavement at work (without adding any stress to their already-full plates). What is bereavement leave? Bereavement leave is a specific type of leave that employees can take following the death of a loved one. Employees might use bereavement leave for various reasons, including making funeral arrangements, attending a funeral, taking care of family members, and working through the grieving process. Many large companies and organizations document official bereavement leave policies outlining the support available to a bereaved employee. A bereavement leave policy outlines and establishes guidelines for providing paid time off to employees for absences related to the death of a loved one. Policies and procedures vary across organizations, but many employers generally offer this benefit to their employees to some degree. Some smaller companies may choose to work with employees on a case-by-case basis and address these situations as they arise in place of a more formal policy. No matter your organization’s size or what your bereavement leave looks like, grief can be challenging to navigate. Conversations around death and loss can be tough to have with your employees, but supporting your employees through these situations is non-negotiable. In this guide, we’ve rounded up some helpful ways to discuss bereavement leave, how to support a grieving employee, and why communication should always remain front and center when times get tough. What should you do when an employee tells you about a death? An employee’s manager and the HR team are key resources when an employee experiences the loss of a loved one. After an employee loses someone close to them, they are likely to reach out to their manager, the HR team, or both to make them aware of what they’re dealing with. Whether you’re the employee’s manager or a member of HR, the first thing you should do when an employee notifies you of the death of a loved one is offer your genuine support and sympathy. Don’t jump straight into the details of how that employee’s workload will get covered or time off logistics. Instead, focus on letting the employee know that you’re thinking about them and that work should be the last thing on their minds right now (much like what happened in this viral LinkedIn post). Once you’ve responded with sympathy, you should then share what bereavement leave options are available. Managers should loop in the appropriate HR team members to explain and discuss the bereavement leave policy and other need-to-know information for taking that important time off. How do you support a colleague dealing with grief at work? Supporting a grieving employee can be difficult. Many of us do our best to leave personal matters at the door at work, but grief is different and usually strikes beyond our control. Acknowledge that grief is a powerful emotion and equip yourself with the skills and actions necessary to support a grieving colleague as best you can. Here are a few ways you can show your support. Understand your company bereavement leave entitlement You need to understand your company’s bereavement leave entitlement to communicate it to your colleagues. Many companies offer bereavement leave as a benefit to employees, but the conditions and guidelines around the leave may vary. As with other company policies, your bereavement leave entitlement should be stated clearly in your employee handbook for you and your employees to reference. Your company bereavement leave entitlement should cover the following: Who qualifies for bereavement leave? Is this benefit offered to all employees? What qualifies for bereavement leave? What types of family members are covered under the policy? For example, do you only provide bereavement leave for the loss of an immediate family member? How many days off are granted under the bereavement leave policy? Is the bereavement time off paid or unpaid? How do employees request bereavement leave? Is there any documentation needed for recordkeeping? Know what to say to a coworker when someone dies If you’ve ever struggled to come up with the right words to say to someone who is grieving, you aren’t alone. Knowing what to say to a coworker when someone they love passes can be challenging for you and your grieving colleague. Keep it simple and show your support. If you’re unsure how to get the wording just right, try one of these simple but sympathetic phrases: “I’m sorry for your loss.” “I’m thinking of you.” “How can I support you through this?” Prioritize sympathy (and avoid relating to emotions) The death of a loved one is one of the top five most stressful life events, and your employee will need your support throughout the grieving process. It’s essential to show up with a level of sympathy for your coworker and be empathetic, especially when they talk to you about how they are feeling after the loss. Express your condolences when the time is right, and try to avoid offering advice unless asked for it. When expressing your condolences, don’t compare your colleague’s loss to one of your own. While statements like “I know how you feel” might seem supportive, a grieving person may not find it helpful or supportive. Instead, when in doubt, be a solid active listener and offer support through empathy. Openly discuss time off work for a death One of the best ways to show your support for a bereaved colleague is to communicate openly with them about taking time off for the death of a loved one. Through these conversations, you can identify how much time an employee might need off and if your company’s bereavement leave entitlement will cover that. Some employees may choose to disclose the soon-to-be passing of a loved one before it happens if it’s expected. In any case, having open, continued conversations around taking time off – whether under a bereavement leave policy or through unpaid leave – can help your employees feel supported and take a weight off their shoulders as they handle personal matters in the aftermath of the loss. Provide ongoing bereavement support Grief and bereavement are heavy, and for an employee working through a recent loss, grief is an ongoing process. No two people grieve the same way or at the same rate, so it’s essential to provide ongoing bereavement support to your employees to help them navigate the days ahead. Some larger organizations offer an employee assistance program (EAP) as part of their benefits plan. EAPs generally offer confidential services and assessments, short-term counseling, and other mental health services to employees. These types of programs are provided by employers at no cost to employees and can be a great resource for delivering ongoing bereavement support. Know if your organization offers an EAP as part of its benefits so you can speak to this as a potential option of continuing grief support. If your company doesn’t offer an EAP, you can talk to your employee about what they need from you as part of the bereavement process. Offer resources where possible to help take the burden of research off them. Work together to have a flexible working environment Sometimes, an employee may need more time off than what’s covered by your bereavement leave policy. You can talk through various other time off options, including unpaid leave and the use of PTO in some cases. However, what happens once an employee is ready to return to work and may need some accommodations to ease the transition? You can work with your employees and put their stress at ease by offering a flexible working environment. Consider allowing your employee to work part-time, adjust their hours, or work remotely for an extended period if they usually work in the office. In many cases, most office jobs don’t require work to be done within a specific time frame except for scheduled meetings, which means you might have some wiggle room to offer to your employee. You can provide flexibility in various ways, so it’s important to talk to your employee about their specific needs. With a flexible schedule, your employee can continue to manage personal responsibilities while transitioning back to work without added stress. Why is it beneficial to work with a colleague through their bereavement? No matter how long an employee has been with your company, you’ve likely invested a significant amount of time and money recruiting, hiring, training, and onboarding them. A grieving colleague may even be one of the best performers within your organization. There’s a large cost involved when it comes to losing your best talent, or any talent within your company for that matter. Not to mention that it wouldn’t make you or your company feel good to lose an employee during their loss and time of grief. It’s beneficial to work with a colleague through their bereavement so you can take turnover costs out of the picture and not cause any more stress for the bereaved. Beyond having to pay to replace a grieving employee, creating a supportive environment will increase feelings of trust and can reinforce and improve your company culture. You can build trust with your bereaved employee by hearing their concerns, working with their schedule, and being there for them as they navigate life after loss. At the same time, when other employees see how you take care of those walking through personal loss, you’re revealing a deep layer of your company culture and boosting morale. When you display a level of compassion for a grieving colleague, you send the message that you care about the well-being and mental health of your employees. How to organize bereavement leave policies with Wrike Wrike is a project management and communications tool that you can use to organize your bereavement leave policies. Using Wrike to help manage bereavement leave, you can: Keep communication at the forefront by centralizing all conversations, files, approvals, and more Use templates, like the Actionable Meeting Notes Template, to help your employees smoothly transition back to work when they’re ready Quickly and easily redistribute tasks to help coordinate coverage while an employee is out on bereavement leave Are you ready to simplify your bereavement leave practices and support your employees in the best way possible? Get started with a free trial of Wrike today.
3 Ways to Better Manage Freelance Creatives
If you're a creative team working with freelancers, then according to the 2014 In-House Creative Industry Report, you're in the 90% of all creative teams that will hire remote freelancers this year to meet peak demand. But as with any remote work situation, there are challenges to making it work. While remote work may be ideal for introverted creatives who perform best in silence and isolation, projects remain collaborative efforts. Feedback needs to go both ways: your freelancers need to proactively communicate with the team for better coordination, and your team needs to support and engage freelancers on a human level to create camaraderie. So how do you make the situation conducive to creativity and out-of-the-box thinking? Take a look at the Slideshare below for advice on how creative teams and freelancers can work better together: 3 Tips for Creative Teams Working with Remote Colleagues Learned something new today? Share this Slideshare on social media, or repost it on your own blog using this embed code: 3 Tips for Creative Teams Working with Remote Colleagues from Wrike Need More Tips on Managing Creatives? Download our free eBook: The Definitive Guide to Building a World-Class Internal Creative Agency. The eBook gives a detailed plan for growing & enhancing your company with an internal creative team, including what support you’ll need to get there.
3 Types of Feedback Leaders Must Give to Develop Their Teams
Most managers think they give enough feedback, but their team members’ opinions prove this isn’t true. Zarvana CEO and founder Matt Plummer discusses different types of feedback productive managers should give and how frequently they should be given in order to raise employee engagement and growth.
What is Employee Wellbeing and Why Does it Matter?
Employee wellbeing is a critical component of a healthy working environment and organization. Companies that promote wellbeing make it easier for employees to manage stress levels while also maintaining a positive and productive environment. Wellbeing can refer to mental and physical health, as well as more complex things such as satisfaction and engagement levels. In this article, we’ll explain what employee wellbeing is, why it matters, and how to create the best employee wellbeing program in a workplace using a project management solution. What is employee wellbeing? Employee wellbeing is defined as the overall mental, physical, emotional, and economic health of your employees. It’s influenced by various factors such as their relationships with co-workers, the decisions they make, and the tools and resources they have access to. Hours, pay, and workplace safety also have a significant impact on employee wellbeing. While it will vary from person to person, employee wellbeing should average out to a level that allows for a productive and healthy workplace. Outside factors contribute to employee wellbeing too. Stress around issues such as housing, health, and family all play a role in performance at work. However, employers can acknowledge they have no control over what takes place after hours while still taking responsibility for what they can do for their employees. According to a recent employee wellbeing study by Alight, less than half of U.S. employees have a positive perception of their overall wellbeing. Overall, there has been a major decline in employee wellbeing from early 2020 to mid-2021, even as employees return to work at the office again. Why does wellbeing at work matter? It is the employers' duty to provide their workers with the necessary support and care for their physical and mental health. Despite this, many organizations still don't have a dedicated wellbeing strategy. A wellbeing strategy can help employees feel valued and supported at work. It can also improve employee engagement and motivate teams companywide to reach their goals. One recent historical example of why it’s important to improve employee wellbeing comes from the United States film and entertainment industry. The International Alliance of Theatrical Stage Employees (IATSE), which represents a wide range of technicians responsible for film and television production behind the scenes, recently considered a strike to improve employee wellbeing. Issues such as inhumane hours, inadequate rest, and inadequate pay are affecting all areas of employee health. In fact, many are now coming forward to explain how a lack of care and action towards improved employee wellbeing is affecting them on a personal level. Clearly, employee wellbeing is a fundamental building block of all organizations. Even if your company is smaller or in a different field, you may still find that there are plenty of meaningful ways to improve the quality of life for everyone involved. Being proactive about employee wellbeing now can improve or even save lives in the future. The advantages of good employee health and wellbeing When employees feel well, they tend to perform better. This increases productivity and helps employees develop better habits. Studies show that workers are 13% more productive when happy. Habits such as healthy and consistent work/life balance policies from management are a good example of how employers can help increase joy. These habits also ensure business continuity, even during busy seasons. Good employee health and wellbeing also leads to higher employee morale. When employees have their needs met, they feel valued and competent as a result. As one corporate wellness program points out, “it’s also about preventing lost time due to absenteeism, stress, and illness. These issues cost many companies far more money than traditional healthcare costs”. Although great employee morale is, in itself, the biggest benefit for companies, preventing foreseeable problems like these is also important. If you’re recruiting or plan to recruit in the next year, creating a plan to improve employee wellbeing can help you attract and retain skilled individuals. For example, 38% of Gen Z job seekers consider a healthy working environment to be their number one factor in choosing a company to work for. Benefits such as increased sick days and mental health services go a long way toward enticing top talent from this generation to apply. Even if you’re not hiring now, an employee wellbeing program can also help you avoid losing talented candidates now. Many companies have learned firsthand that treating employees well is the key to creating a great customer experience. Simply having a happy and satisfied staff has been shown to improve the way clients feel too. As HR Zone points out, this is especially important in the wake of the pandemic, as many customer-facing employees have dealt with extreme emotions and demands from people experiencing prolonged stress from the pandemic. That, combined with safety measures making it difficult to engage in activities most people use to destress, makes it even more important for employers to take responsibility in this area. The challenges of wellness initiatives in the workplace One of the biggest challenges of wellness initiatives in the workplace is setting and measuring goals. Getting a clear idea of what your current employee wellbeing looks like can be tricky. Not only is it subjective, but some employees may not feel comfortable responding truthfully in case their complaints come back to haunt them. For that reason, even anonymous surveys may not give the whole picture. Many traditional incentive programs rely on metrics such as blood pressure and body mass index, but these are often inaccurate too. As a result, many companies are now asking their workers to provide their health information in exchange for insurance plans that are higher-cost. This practice could put older workers and part-time employees at financial risk if they are unable to make up the difference in the cost at their current wage. Another issue is execution. Some companies may not be able to provide the programs that they promised to offer. Or if they do take action, the resources and policies they endorse may not be widely used. Having a constant eye on employee reactions to the program and obtaining feedback can help solve this problem. How to create an effective employee wellbeing program with Wrike Truthfully, there is no one-size-fits-all approach to designing an employee wellbeing strategy. That’s because it should be based on the unique needs and characteristics of your organization. However, if you create a more robust framework to promote mental health, you’ll not only improve the culture surrounding employee wellbeing, but you’ll also improve the lives of everyone involved. That’s where an employee wellbeing program comes in. An effective employee wellbeing program begins with strong communication. To have strong communication, you’ll need to introduce formal project management software for implementing your program. Doing so will show senior leaders and employees that everyone understands the seriousness of workplace health and wellbeing. It’s also a great way to test out, measure, and get feedback on initiatives. Next, you’ll need a project management solution to bring employee wellbeing from theoretical to practical. Even the best intentions fall short when action steps aren’t assigned and carried out. Use Wrike to create a project timeline or to separate employee wellbeing initiatives into quarterly goals. Then, add project phases for program implementation. After, you can begin adding specific tasks such as announcing the program, creating documents explaining the benefits, and facilitating feedback from current employees. Include individual deadlines for each task and assign them to specific managers to ensure that someone is accountable. Wrike can also help you manage and organize goal-related data. Ask for employee feedback and reports from managers directly on the platform. Use @mentions to grab the attention of individuals who need to turn in related paperwork and let them know what’s missing. Once those are collected, you can also securely store documents and manage permission settings within the platform. If your employee wellbeing program is already underway, Wrike can help you manage common health issues employees face at one point or another. For example, if you're noticing signs of employee burnout, Wrike's Workload Charts will help management see and evaluate individual tasks across all projects on one screen to avoid the detrimental effects of assignment overload. Ready to improve employee health and wellbeing? Sign up for a free trial and get started today.
The Human Factor in IT Security: How Apathetic Employees Can Leave Your Business Vulnerable
Employee apathy is one of the biggest security liabilities of a company. So how can IT leaders increase employee engagement around security issues? Read more to learn why employee apathy about IT security happens and ways to improve employee engagement to prevent data loss or theft.
What the Future of Client Management Could Look Like
Collaborative work management software is changing the way we acquire and keep clients. We’ll cover the importance of client management, including six of the most common questions, a brief look into its history, plenty of examples, and nine predictions for the future of client management.
How Big Data Gives You Smarter Insights
As someone once said, the problem with Big Data is that it's... well, BIG. Long before the term exploded into the vocabulary of the general public in mid-2011, industries everywhere have delighted in the fact that Big Data can provide them with much-needed insight. By looking for Big Data both internally and externally, organizations can gain the intelligence needed to become more responsive to customer needs, stand out from their competition, and ultimately, be more profitable. Here's a quick look at the four qualities of Big Data that make it a unique tool for generating actionable business insight: Volume: Why Big Data is Big Everyday, people are spending huge chunks of time working and socializing in the digital world, which generates an enormous amount of data. According to a 2014 infographic by DOMO, every minute there are 277,000 tweets posted to Twitter, 216,000 photos uploaded to Instagram, and 8,333 videos shared on Vine. Now imagine being able to tap into all of that social activity to identify how consumers are finding your website online, or how much time they spend using your SaaS tool on a weekday. That's what Big Data is about — allowing users to access this mind-boggling volume of information and then process it in order to pinpoint actionable items. Variety: Handling Structured and Unstructured Data Generally, structured data is information that's highly organized and easy to search using straightforward search engine algorithms. A concrete example would be spreadsheets — information is presented in columns and rows, making it easy to search and sort. Unstructured data, on the other hand, is the opposite. It usually consists of human-generated and people-oriented content that may not fit neatly into database tables. The best example of unstructured data: email. Let's face it, information in email is chaotic. If you had to force all the data in your inbox into the grids of a spreadsheet, you'd soon understand the problem. And yet, Big Data can do so much more using both structured and unstructured data. There are newer, better machine learning algorithms that can differentiate signal from noise. Look at Google Flu Trends, which is able to predict the number of flu cases in a certain country based on search data surrounding keywords such as "flu," as opposed to relying directly on health reports. It's one example of how Big Data can parse even unstructured data (e.g. web searches), resulting in a useful tool. Velocity: Delivering Insights in a Snap Moore's Law states that the overall processing power of computers doubles every two years. As technology's capacity grows exponentially, it allows Big Data to deliver insight to its users at a greater velocity. Data is generated in real time, so users can demand actionable information in real time. A decade ago, this would have been impossible. But today, it's a reality that is opening new doors. Value: The Goal is Intelligence All this comes back to the fact no organization collects data just for the sake of having data. They're doing it to derive actionable insight. This is the value you want to extract. And it will only happen if all three previous V's are addressed in equal measure: volume, variety, and velocity. How has Big Data helped you and your organization? Hit the comments and tell us.
Which of These 11 Manager Types Are You?
Halloween is coming, and being the project management geeks we are, we've got an idea for you: why not dress up like a character who represents your management style for the office party this year? Are you the Hero, always ready to come save the project? Or are you the Strategist, planning and tracking every move your team makes? Scroll through our 11 types of project managers and their corresponding character representations to plan the perfect outfit this October 31st: 11 Halloween Costumes to Match Your Management Style Have a great idea for a management-inspired costume? We'd love to hear your fun ideas in the comments!
Bootstrapping: Definition, Benefits, and Tools
For some companies, bootstrapping is the first choice when it comes to expanding or innovating. Using funds from the firm's internal operations allows owners to retain their firm's equity while reinvesting profits into more profitable ventures. But you may be wondering, what is bootstrapping? In this article, we’ll help you better understand what the term bootstrapping means, as well as its benefits and challenges. Keep reading to discover tips and must-take steps that will lead your business to bootstrap success at any stage. What is bootstrapping? Bootstrapping is a word that originated in the early 19th century. It became a lasting symbol of success. The concept of being able to pick yourself up by your bootstraps is a metaphor for overcoming the limitations of life. In business, it means overcoming the limitations of traditional financing. Bootstrapped companies are traditionally defined as those that get off the ground without external funding. Google and Facebook are two of the biggest examples of this. The word bootstrapping in business also refers to the process of developing complex software programs in various stages. But for this article, we define bootstrapping as building a startup company with little or no outside support. Instead of starting with a blank check, a bootstrapper uses their own personal savings or loans for initial funding. Bootstrapping is a strategy that involves taking on significant financial risk, which is one of the many threats to startup success. It can be very challenging to get started. The entrepreneur is more likely to have total control over all aspects of the business, which includes but is not limited to sales, marketing, and operations. The biggest appeal to bootstrapping is its ability to establish a safety net for future investments. Entrepreneurs can experiment with their brands and products without the pressure of investors or venture capital. On the other hand, there is a lack of credibility to bootstrapping despite its known success stories. This can prevent a business from obtaining the support of respected investors later on. When it comes to funding a startup, the entrepreneur’s mindset must be different than that of a venture-funded company. For instance, while the former expect to be around for a while, the latter believe they will have high business growth and therefore need outside funding to fund their exit strategy. Entrepreneurs who choose to bootstrap must have a wide variety of skills and experience to succeed. Creating and maintaining a culture of excellence should also be part of their core values. What are the benefits of bootstrapping? For some people, it's a decision about how much they should retain to maximize their gains. Others believe that they should keep all of their capital to maximize their returns. And, there are also some other people who are simply looking for a way to get started without taking on external financing. By paying back these debts, you can start to grow your business and avoid incurring any costly late fees or interest. And after you reach this stage, you can start looking towards future expansion (theoretically) sooner than if you had gone with a bank loan. There’s also the ownership aspect. Some bootstrappers have a desire to retain all of the company's equity and receive all of its profits. Plus, bootstrapping has a much lower barrier to entry compared to the alternative. So it’s an attractive option for new entrepreneurs or people who want to get their idea off the ground as soon as possible. Another advantage is that bootstrapping is not just for startups. It’s a strategy that can be executed later on in the life of your business too. This is true even if you've already held an equity financing round. While some major shareholders might object to the use of company profits for new ventures (unless they receive a dividend payout), bootstrapping can still provide the same benefits as long as everyone is on board. Companies that benefit the most from bootstrapping include: Early-stage companies that do not require large amounts of capital Serial entrepreneur companies, which are typically started by former employees turned entrepreneurs What are the challenges of bootstrapping? Bootstrapping your company requires that you have a strong belief that your business can gain significant value quickly. It also means having an unwillingness as a business owner to give up decision-making powers to outside investors, no matter how tempting it may be down the road. For these reasons, having the right mentality is one of the biggest challenges of bootstrapping. In fact, being a bootstrapper puts you at greater risk than you might think. If your venture doesn't go well, potentially losing the friends and family members who invested can be devastating. When your company needs an extra boost to expand or meet a one-off cost, it might be time to consider alternatives to bootstrapping. There are many types of finance available for businesses, and it's not just one type of loan. Knowing all of this might make keeping your nerve even more challenging, but it’s important to fully understand what you’re getting into before moving forward. How to bootstrap your startup There are quite a few bootstrapping methods to come up with your own business funding. However, here are some foundational steps every business should take. Step 1: Know what stage you’re in You're either a beginner who is doing it on your own while also working another job, or you’re at the stage where crowdfunding and a personal connection with your audience provide most of your financial backing. If you're neither of those, then you're likely at the growth stage, and you can focus on credit or expanding your offerings. Step 2: Create a roadmap It is best to break a big idea into several parts and then execute it piece by piece. Doing this will allow the startup to execute smoothly. This should include gathering your essential tools, your investor pitch deck, and your team if you're choosing not to go it alone. You then need to outline both the practical steps that will get you from point A to point B and your philosophies or mindset behind your approach. The latter will help differentiate you from the dozens of other pitches your potential investors are considering. Establishing a successful long-term strategy is a key element to building a successful startup. Step 3: Consider proactive solutions Bootstrapping assumes a high level of risk, which is why you need to plan ahead and create contingency plans now before something goes wrong. Ask yourselves what problems do you know of that other bootstrap companies have experienced? What about other bootstrap companies in your industry? What will your team do if these come up at any point during your own bootstrap phase? Step 4: Consider building a team Even adding one member can help your bootstrapped business grow faster and more efficiently. For example, having a great co-founder can help you get more funding, spread the work out, and avoid tunnel vision. If you don’t have anyone in mind, try using a startup networking site to meet new people. Remember that our first employees are the ones who will help make your business successful. Make sure that your team is motivated and committed to your goals so you can maintain a high level of standards and business continuity. Step 5: Use a lean model Before you start working on a product, you need to make sure that it is a viable product that can be used by early customers. This is also the time to learn about your product and its customers. This model works seamlessly with the nature of a bootstrapped startup because it requires minimal financing and is typically faster than a traditional startup approach. Step 6: Get real about finances If you're bootstrapping a startup especially, then you’ll need to discuss your financial situation with your co-founders. Don't go overboard with expenses—there are plenty of ways to cut costs that startups have done successfully. For example, if you're not afraid to try new things, then you might want to consider taking on a side job or even buying used office equipment instead of brand new gear. You could also start a home-based business by avoiding renting an office. This is also easier today due to the rise of online communication. Consider applying for grants sooner than later. And keep up the practice before, during, and after launch. Tips for getting bootstrap funding Work with an angel investor. Angel investors are individuals who are able to provide advice on how to start a business or get your products on the market. If you're a new startup entrepreneur, having the expertise and experience of other startup professionals could be very beneficial. Remember, it’s not about you. It's about doing the right thing for your business and your shareholders. That should be the number one motivator you share with partners. Always think big picture. If you can keep up with your cash flow and clear any debts that you owe, you will be able to keep your company running smoothly for the long term. Getting this vision in writing will go a long way towards impressing potential investors. Start small. Even if your business requires a lot of capital, even some small form of investment can help you get started. Follow your expertise. Getting started with a new venture can be challenging if you have little or no experience in the industry or have no idea how to market it effectively. This is why it is important to create a company that’s already established in a certain industry or a specific area. Prioritize creativity. If your product or service is easy to replicate, a larger company with more resources can steal it and scale it much faster. Potential investors will be able to see that from miles away. Do market research. Before you start investing in your small business idea, it is important to validate that your target market will pay for it. Bootstrap and startup tools you can't go without The top must-have tools for bootstrap and startup companies are project management software, website creation platforms, and SEO tools. Project management software Project management software like Wrike is essential for showing potential investors an actionable roadmap they can feel confident about. Wrike is a collaboration tool that works seamlessly across all types of businesses. It has bootstrap-friendly features such as visual project map tools that make it easy for collaborators to see exactly what you have planned and how you intend to execute on it. This allows you to manage the wide variety of bootstrap-related projects you’ll have going on all at the same time. As an added bonus, your team can easily sync and collaborate across all your devices in real-time, so everyone stays on the same page even when working with third parties such as freelancers. Plus, it’s secure and will keep your data safe. Website creation platforms Even running an offline, local business can be challenging without a strong web presence. However, you don’t need to spend thousands of dollars on an expensive web design agency. It’s possible to build a website from scratch using an intuitive website builder such as WordPress or Wix. But either way, having your own domain and website is a must for proving the legitimacy of your business. SEO tools When you can’t afford paid search ads and collaborations, you have to rely on organic efforts to reach the right audience. That’s where SEO comes in. Although it takes an investment of time, a solid SEO strategy and the right combination of tools can land you above your competitors for high-earning search terms on Google. Every bootstrapped entrepreneur should use: A keyword suggestions tool for finding competitive targets A domain analysis tool to see where your strengths and weaknesses lie A website crawler for uncovering technical SEO ideas Getting started with cash flow is an important step in any business. Bootstrapping can help you avoid running out of money and control your debts at any point during your company’s lifetime. Use the right tips and tools like Wrike to get your bootstrap strategy started today. Begin your free trial.
Your Customers Can Help You in Crisis
Today, no company can be immune to the current economic situation. So it is the time for many businesses to analyze their business model and risk profile. Economics experts join their voices stating that the best thing you can do to withstand the crisis is to improve your customer service and be attentive to customer needs. Terry Leahy, the head of TESCO, a British-based international grocery and general merchandising retail chain, noted in one of his recent interviews that staying close to customers is the key to surviving the current, difficult economic conditions. “We learned some lessons, and the message is simple – stay with your customers. Listen to your customers.” For project managers, it’s important that you treat your customers as stakeholders. John Mackey (CEO of Whole Foods) and Kip Tindell (CEO of The Container Store), who drove their companies with a constant growth over good and bad times, explain their take on stakeholders in this very interesting interview. It’s a must-read for executives in the current economic conditions. Lots of companies now will have a closer look at the opportunities offered by Web 2.0 tools. Online communities, blogs and social networks are great sources of information about your customers, their opinions and their needs. Corporate blogging has become a popular trend. Books are written about it. Blogs have become effective in allowing customers to speak to each other. There are hundreds of superb examples on the Web. Take the Starbucks Gossip blog, for example. It’s a powerful communication channel for the largest coffeehouse company in the world. Each post on Starbucks Gossip gets up to 200 comments. This is an endless source of hands-on information and valuable ideas from Starbucks lovers. Blogging is just one example. It’s important to be open to your customers, so in this respect, all means of communication are good -- blogs, forums, e-mail, phone, you name it. This will help you to lend an attentive ear to your customers’ voices and perceive their unmet needs. Companies that are not afraid to be open to their customers reap the rewards of customers’ trust. Yet another advantage is that they can implement ideas coming from their customers’ community to make the product or service better. The closest example to me is our project management software. We prioritize the development of Wrike’s new features, based on our users’ feedback and requests. Every voice counts, as we believe that a happy customer makes our business thrive. We can say that our customers help us improve the product, giving us tips on what direction of development to choose next. So listening to your customers is important for being able to survive in a harsh economic situation. But what’s even more important is being able to change your business based on your customer feedback and to do it quickly. Paying attention to your customers’ needs is the first step. The next one is being agile and adaptive to the changing requirements. Here’s where Project Management 2.0 practices and supporting tools can be of great help. Project Management 2.0, which is based on the vigor of collective intelligence and power of emergent structures, can help you incorporate customer feedback into your tactical plans much faster. First, a project blog, wiki or a project collaboration solution makes your project work more transparent for your clients. Having this insight into how you deliver the product or service your customers can introduce their ideas and thoughts on how it can be improved. Let’s say a customer leaves a comment on your blog or drops you an e-mail with a really brilliant idea that no one from your team had before. Still, it’s just an idea. Only you and people from you team know how to apply it to the project. This idea then can be input into your collaboration system, so that each member of your project team can develop this idea into something bigger and offer a way to incorporate this idea into your project. The project manager can then find the best way to fit the idea into the project development, so that it benefits all the stakeholders. The project then will be a result of the collective work of many minds. Emergent structures employed in the Project Management 2.0 applications will be the engine that makes this work possible. The whole process of incorporating customers’ feedback into the project development becomes much faster and easier. The company becomes truly agile and responsive. This means it will be more resistant to economic downturns. I would appreciate it if you could share your experience of fitting your clients’ feedback and requests into your project work. Have you used Web 2.0 and Project Management 2.0 tools for that? Please leave a comment below.
