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A New Leadership Style Emerges

By Bigg Success Staff
06-09-08

Leadership Skills

leaders

If we’ve learned anything from the explosion of social media, it’s that people want to connect with other people. They want to be a part of something. They want to contribute. They want to build relationships with like-minded colleagues.

It calls for testing old leadership styles. Leaders still need the same skills they had, but they need to apply those skills in a different way.

At the risk of over-generalizing, men tend to charge in and demand the most (e.g. the cheapest price from their vendors, the most output from their subordinates).

If you’re doing a one-time deal, that may be fine. But if you seek a long-term relationship, men might learn something from women.

Women tend to collaborate. To seek a consensus. They want win – win.

This may be less fruitful in the short run, but in the long term, it often pays bigg dividends.

People don’t do business with people who have burned them. Fool me once, shame on you … fool me twice, shame on me.

So creating an environment around collaboration, where everyone feels like they’re part of the team is productive. Building an organization that allows everyone to win is good business.

And “everyone” means employees, customers, vendors, and more!

It’s a very inclusive organization seeking to create the best opportunities for all the parties involved.

As more and more women obtain leadership positions, this style will become more prevalent. It behooves all of us, man or woman, to get on board the collaboration train!

Hear today's lesson and laugh on The Bigg Success Show. 

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Share Your Goals for Bigg Success

By Bigg Success Staff
06-05-08


Life Skills

share 

Setting a goal is easy. Getting it is much harder. There’s a very simple technique you can employ to make getting them much more likely …

Share your goals.

When you tell other people about your goals, your “skin in the game” increases. Now other people can watch your progress.

You’ll feel some pressure that you may not feel otherwise. That’s the point. By sharing your goals, you run the risk of failing. More importantly, you run the risk of failing in front of others.

It’s a mental thing. We’re okay if we don’t live up to the commitments to make to ourselves. But we don’t like to let other people down. We want their respect. So we work harder to gain it, and keep it.

So if you want to succeed bigg, stick your neck out … share your goals with other people. People who you know will help you reach them.

Hear today's lesson and laugh on The Bigg Success Show. 

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Success in Your Own Business Requires a Good Pit Crew

By Bigg Success Staff
05-22-08

Bigg Success in Business

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Every driver in the Indy 500 realizes the importance of a great pit crew. A pit crew can mean the difference between victory and defeat. As the owner of your own business, you also need a good pit crew. You’re the driver, but your crew gives you the edge you need.

Your professional advisors are:

Your accountant
Your accountant will help you determine the best entity for your business, along with your attorney, for tax purposes. They will also help you set up your books so you know how you’re performing. They can help you determine your best tax strategies. They can refer you to other advisors and capital providers.

Your attorney
Your attorney will recommend the best entity in which to hold your business to minimize your liability and accomplish your goals. They will also help you understand the formalities that need to be maintained to protect your personal liabilities. They will advise you on your business dealings and help you when the unexpected situation arises. They can also refer you to other advisors and capital providers.

Your insurance broker

Your insurance broker will help you maintain adequate coverage for your assets and will also help you manage your risk. They will recommend the types of coverage you need as well as the level of coverage you should maintain. They will help you understand where your unexpected losses might occur and help you develop programs to reduce the risk of loss.

Your financial planner

Your financial planner will help you plan for your retirement. They will help you determine which plan is right for you, your company, and your employees. They will help you set up and maintain this plan. They can also help you determine the best allocation for the assets in your portfolio so you achieve the greatest return given the risk you’re willing to accept.

Your coaches

Your coaches will prod you on when you’re up and lend support when you’re down. They will give you someone to be accountable to so you accomplish what you set out to do. They will give you an outsider’s perspective – an objective look – at this business to which you’re so close. They will help you get to the next level of success.   

Hear today's lesson and laugh on The Bigg Success Show. 

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Don’t Fear the Banker!

A lot of us are very uncomfortable talking about money, whether that means negotiating your salary, asking for a sale, or asking for a loan. So the thought of going to the bank to get a loan can be very intimidating.

The loan process seems somewhat mysterious. Wouldn’t it by nice to know where bankers are coming from? Then you would be better positioned to get the money you need.

3 things to understand about your banker

#1 – Banks can’t afford to lose money.
A lot of people don’t realize that banks operate on relatively thin profit margins. So, contrary to popular belief, they don’t make that much money on every loan.

The biggest question every banker has when looking at every loan proposal is …

Will we get paid back?

They’re more concerned about the return OF their investment than the return ON their investment. That comes later.

#2 – Banks don’t fund start-ups.

This is perhaps one of the biggest misperceptions in the business world. People think the bank is the best place to go for money they need to start a business.

To which we say, reread our first point! Bankers are relatively risk averse for the reasons stated above and more. So banks don’t tend to lend money to new, unproven firms.

You might be saying, “But I know people who got money to start their business from a bank.” Here’s the distinction – the bank wasn’t loaning money to their BUSINESS; they loaned them money as individuals FOR their business. If you look deeper, you’ll find that, in almost every case, they secured the loan with equity in their house or some other asset.

#3 – Banks need to lend money.
That’s their business. So if you need money, and you can prove that you can pay it back, and you have some assets to secure the loan, go to the bank with confidence!

Your bank is just like your favorite video store.
Video stores rent DVDs for a fee. Banks rent money for a fee. So going to the bank is just like renting a movie. You have to return the movie and pay a fee. And hey, unlike video stores, bankers don’t charge their fees upfront!

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Our bigg quote today is by the great Stephen Covey:

“Seek first to understand, then to be understood.”

Understand your banker’s needs so you stand to get your money needs. 

Next time, we’ll discuss how to offer criticism without being critical. Until then, here’s to your bigg success!

 

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