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ROI

3 Reasons the Boldest Investments Have the Biggest ROI

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Starting a business is an investment of cash, time, and self. When I launched Audacia Strategies last December, I wasn’t sure if I would see a positive ROI. Afterall, I thrived in the corporate world! I never, ever saw myself as an entrepreneur.

But after traveling around Nicaragua, I realized that there is an entrepreneur inside all of us. From the coconut stand owner on the corner in San Juan del Sur, to the owners of an amazing island restaurant in Lake Nicaragua, to the artisan working in his hammock workshop in Grenada, it seemed that everyone around me was boldly investing in themselves.

So, I took a chance on myself and on my passion for building this business. After a year, I can happily say, I have seen a positive ROI.

Here are my biggest realizations and returns from the past year:

1. Businesses don’t just happen.

In business, a positive ROI results from nurturing relationships, gaining trust, and building credibility. Landing clients requires hard work and innovative thinking…and closing the deal. One of biggest challenges for me has been putting myself out there. I mean, people sometimes say “no.” Can you imagine?

I realized that success does not simply arrive at your doorstep. Like a well choreographed dance, success is the result of planning, practicing, and making the right adjustments along the way. At times I feel out-of-step with the music, but I remind myself that this comes with the territory whenever you are learning something new.

2. I can’t be all things to all people.

In talking with both new and seasoned entrepreneurs, one of the toughest parts of owning a business is figuring out who to work with and gaining the confidence to act on that decision. It has been especially hard for me to turn down potential clients who are simply not a good fit.

Even though I would really love to help everyone who crosses my path, that’s just not realistic. If you are looking for someone to help you come up with a creative corporate team-building event, you really should ask someone else. Trust me!

I learned that even if it doesn’t make sense for me to help someone directly, I can often refer them to some very talented partners. There are so many ways to be helpful besides directly taking on every potential client.

3. It takes a village to build a business.

I couldn’t have done this all on my own. I have an amazing support team from my accountant who enforces rigor in my bookkeeping, to my website team who built a website that truly reflects Audacia’s unique style, to the friends and colleagues who have spent countless hours talking strategy, offering support, and connecting me with others. I am damn lucky to have found this incredible network of people!

I am paying it forward by talking strategy, offering support, and helping other new entrepreneurs make connections. I am proud to be part of a real community of people who are passionate about business and using their talents to make a difference in their corners of the universe.

So, happy first anniversary Audacia Strategies! And many thanks to my amazing clients who I have had the privilege of working with this year, from helping them better communicate with their stakeholders to surviving complex corporate transformations of all types.

During that exhilarating trip to Nicaragua, I also discovered there is no magic dust that makes someone an entrepreneur. You just have to want it and work at it. I wrote my initial business plan as I flew home from Nicaragua and officially launched Audacia Strategies on December 3, 2015.

If you would like to see for yourself why I’m so proud of Audacia Strategies, let’s talk! I would love to schedule a FREE consultation and discuss how I can help your organization take your next audacious step forward.

Photo credit: dinozzz

business relationships

5 Important Business Relationships to Be Grateful for

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One of our company values at Audacia Strategies is “Relationships Matter: It’s not ‘just business.’ It’s about people working together toward a common goal. We bring respect, honesty, and candor to the table every time.” This week, as we pause to reflect on everything and everyone that make us feel grateful, let’s specially consider the business relationships that too often go unrecognized.

In business, as in life, it is relationships that are the most important. While it is easy to be grateful for business relationships that are simple and especially lucrative, when it comes to those relationships that take a little more effort, feeling the appropriate level of appreciation can be difficult.

What are the benefits of being grateful?

Expressing gratitude makes you happier.

The next time you are having trouble mustering up appreciation for clients who treat every project like it’s an emergency or investors who question every piece of advice you offer, keep in mind that a little bit of gratitude can go a long way.

Research shows that being grateful makes you happier. Having an attitude of gratitude really is a choice we can make. And while there’s more to genuine gratitude than saying a distracted “thanks,” we often do underestimate the value of a heartfelt “thank you.”

Expressing gratitude can affect your bottom line.

Given that feeling grateful makes you happier, it’s also not surprising that others are more likely to want to work with those who adopt a habit of expressing gratitude. There is also research showing that being truly grateful can have a meaningful impact on your bottom line.

According to one survey, 90% of financial advisors who made an effort to regularly thank clients experienced greater success than those who were less consistent in expressing appreciation for their business relationships.

Expressing gratitude brings others to the table.

Beyond the personal benefits of expressing gratitude, it also uplifts those to whom you express gratitude. We all know how nice it feels have someone else acknowledge the effort and work we put into a project. This is no less important when you are working toward a common goal with your team.

Being grateful for the work that others do is especially important in cases where you know you will be interacting with the same individual or group multiple times, which is in most cases. Thankfulness invites others to the table and engages them as a vital part of the team.

So, in the spirit of feeling gratitude during the season of reflection, let’s take some time out to remember those business relationships that we sometimes take for granted:

1. Your financial planning and analysis (FP&A) team.

This team works hard all year to crank through your business data, strategize, and manage your corporate forecast. In addition to creating your organization’s extended financial plan, FP&A departments also generate management reports, analyze financial trends, calculate the monetary effects of potential business decisions, and advise company leaders.

When it comes to getting your budget done, managing earnings, and reporting on whether you are hitting your goals, where would your company be without this team of individuals?

2. Your most challenging client.

We all deal with difficult clients from time to time—when you see his number on the caller ID, you have to take a deep breath and review the meditation methods your yoga teacher taught you.

Even if worrying about this client keeps you up at night and makes you question your career choices, this client also pushes you to work harder and provide more value than you thought possible. Challenges are what keep us on our toes and keep things interesting. So, send that client a special note expressing your appreciation.

3. Your most challenging investor or analyst.

Being stuck in our own perspective for too long can give us tunnel vision. In these situations, anyone who can help us see our company in a different way is a huge asset. This is the value that a challenging investor or analyst can provide.

These individuals might not always express their feedback in the most constructive way, but if you have a tough skin, you can really learn a lot from them. As long as you remember that the criticism isn’t personal, this kind of challenge can help you and your extended team better articulate your messages and evaluate your business strategy.

4. Your spouse, significant other, best friend, etc.

All of those who listen as you talk through your work “dirt” are crucial to helping you stay grounded. When you have a hard day at the office, nothing is more comforting than being able to come home to someone who loves and supports you unconditionally. Hug your loved ones and tell them how much they mean to you whenever possible.

5. The Service Professionals Who Make Our Lives Easier.

Last, but not least, there are service professionals and other support personnel who work extra hard to give you the time to focus on what is important to you on a daily basis.

I’m talking about the local barista who knows you take your triple-shot mocha latte with soy milk and extra whipped cream. Or the waitress at your favorite lunch spot who makes sure your dressing always comes on the side. When was the last time you took an extra second out of your day to make eye contact and say “thank you?”

At Audacia Strategies, we make a special effort to live up to our company values and cultivate strong business relationships. I want to extend the deepest gratitude to all our clients (who are never challenging), friends, and family for their continued support over the past year.

Photo credit: kritchanut / 123RF Stock Photo

authentic voice

Drop the Buzzwords. 3 Ways to Find Your Authentic Voice.

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If there’s one big lesson to learn from last week’s Presidential election, it’s never underestimate the power of an authentic voice. For months, political pundits called the 2016 Presidential election the “authenticity election.” And the Trump team can largely attribute their win to developing an (at least perceived) authentic communications strategy that resonated with millions of Americans.

Candidate Trump never missed an opportunity to remind voters that he was “from outside the Beltway.” Additionally, he used social media to speak directly to his constituency without the media’s filter. In other words, the Trump campaign successfully managed to capture their candidate’s authentic voice.

In corporate communications, just as in politics, the power of authenticity can go a long way. So what is a good strategy for capturing your organization’s authentic voice?

Skip the Buzzwords

While it’s tempting to get caught up in business jargon when talking to other experts in your industry, just consider how stale industry buzzwords sound when you hear them used constantly in messaging. How many times have you heard someone refer to a budget item as “mission critical” or an industry leader as a “change agent” or a “thought leader?”

While insider industry buzzwords might make sense to us, they are rarely informative for investors or customers. Imagine how frustrating it must be to make financial decisions based on such empty, generic talk.

To differentiate yourself from your peers, as well as persuade both customers and investors to give you more of their hard-earned dollars, it is crucial that you eliminate buzzwords from your communications. But this is the easy part.

How to Capture your Company’s Authentic Voice

Once you have eliminated the buzzwords, it’s time to get proactive in finding your company’s authentic voice and incorporating it into your messaging. Here are some tips to get you moving in the right direction:

1. Pay attention to the voice of your leadership team.

The key to developing an authentic voice when communicating is for the talking points to align with the actual language and tone of the speaker. This is Communications 101: If the voice of the message is completely foreign to the one presenting it, the message will sound artificial and insincere.

This means if you are the CEO or CFO of a business developing messaging to present to investors, make sure the voice you use is your own. Don’t get bogged down in trying to sound like someone you think investors want you to be. Speak to the values that motivate you and be genuine.

Alternatively, if you are charged with the task of developing messaging for your leadership to present, remember that tone is important. A similar message presented in a cautiously optimistic tone can achieve radically different results from one presented using a cautiously pessimistic tone. So consider what tone best represents your leadership.

2. Find a voice that accurately represents the culture of your company.

Beyond making sure that your communications reflect the authentic voice of leadership, it’s also important to consider the unique voice of the company. For example, even though Coke and Pepsi offer similar products, their public personas are very different.

Don’t think of your branding and voice as simply a matter for the marketing department. If you want your customers and investors to immediately connect your company with a perceived culture (for example, innovative engineering with a global reach) that message needs to be consistent in communications across all departments.

3. When responding to questions, take a step back and consider the big picture.

Often the scariest part of communicating with investors are the off-the-cuff remarks. It’s one thing to develop precise language and practice with your team before a presentation. But when it comes time to answer questions, do you revert to vague jargon or hide behind your quantitative models?

During these times it’s especially useful to take a step back and simply talk. Don’t be afraid to “get real” with your audience. Yes, being honest requires you to be vulnerable and potentially face tough questions, but avoid the mindset that these circumstances are necessarily bad. No matter who your audience is -Investors, customers, employees- they want to hear your real thoughts on your business otherwise why would they listen? To take the pressure off, learn to approach these conversations from a position of collaboration, rather than confrontation. It’s an opportunity to share and educate.

At Audacia Strategies, we’ve seen it all and we can help you sort out your authentic voice. We know which questions to ask and how to help you zero-in on what matters most. Contact us today to discuss how we can help you develop a corporate communications strategy to address your needs.

Photo credit: rawpixel / 123RF Stock Photo