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@markusbiegel-blog
SOCIAL MEDIA STRATEGIES "Followers are expecting their behind-the-scenes look and if you don't deliver this type of content to satisfy their curiosity it's going to cause disengagement." - Markus Biegel PRODUCING BEHIND-THE-SCENES CONTENT The biggest mistake companies make in producing behind-the-scenes content is to create and accept sub par quality. Anything you push on social media should fit within a predetermined quality criteria.
BEING INNOVATIVE "If you create an innovative product then you have to educate people on that innovation. That carries a cost, sometimes a significant one." - Markus Biegel
MANAGEMENT PRACTICES "The professional advice from outsiders can be a great asset in helping you make better decisions." - Markus Biegel
You don't use outsiders to run your company, you use them to make recommendations that your team will evaluate.
If you don't give outsiders enough face-time with decision makers your return on investment (ROI) significantly drops.
Outsiders will lose their freshness over time. Change your outsiders periodically. It's not personal, it's business.
STARTUP STRATEGIES "You can have the greatest idea but if you don't have the people to help you execute that vision then you have a real problem." - Markus Biegel
The right people are expensive, they are hard to pitch. You need to build relationships with them over a period of time before they really take you seriously.
Even the best strategy has no value unless it can be executed. You need the strategy to fit the resources available to you.
The more resources you have, even if they are non-financial, will help you recruit the right type of people into your organization.
STARTUP ENTREPRENEURS "You cannot ever become a great company if you cannot even grow your company profitable." - Markus Biegel
Realizing profits early on in a startup indicates that you are taking the right actions.
Entrepreneurs that focus on the long-term may never get there because they will run out of money.
Without a plan to generate immediate revenues your company becomes a lot less attractive to investors and may be categorized as a high risk.
STARTUP RECRUITING "You need to believe that you cannot do it all by yourself and that there are the right people out there to help you." - Markus Biegel
You have to really believe in people. This is the foundation that will allow you to duplicate yourself as an entrepreneur.
Hiring the right people might be expensive but keep in mind that a business needs to be able to operate without you. How else would you ever be able to go on vacation?
Always quality over quantity. A small team of motivated people can beat a much bigger team of unmotivated people.
RISK MANAGEMENT FOR ENTREPRENEURS "Failure is a part of the startup environment but that does not mean that you should be careless." - Markus Biegel The problem is that entrepreneurs are told that you have to have many failures before you succeed. This lesson is not necessarily wrong but this causes people to try anything without assessing the risks. Some entrepreneurs become active (or busy) in making mistakes instead of being more diligent in making sure that they have more success and less failures right from the beginning.
SOCIAL MEDIA STRATEGIES "Investing into social media when your business is not ready for it can be a costly mistake." - Markus Biegel
Producing quality content on a consistent basis is not easy not is it usually cheap. Your business has to be ready for this.
If you are not able to generate revenues online then your return on investment is probably doing to be pretty bad.
Only if you have built momentum every dollar spent on social media will become measurably more valuable.
PITCHING INVESTORS "Make sure to have a structured presentation and use common sense to make important adjustments for each pitch." - Markus Biegel
Don't try to squeeze a 10min presentation that you have previously prepared into 3min. You will look like a fast-talking fool.
Never pitch alone (if you can) and only pitch with people who are actually going to say something. Don't have partners who are just standing around.
Just because you have a "fancy video" does not mean you should be showing it in your presentation especially not if you have a strict time limit.
HUMAN RESOURCE MANAGEMENT "Don't promote people solely on their past performance but also based on what you expect their future performance will be." - Markus Biegel
Just because someone does a great job in their current role does not mean that they will do good in a new position with added and/or different responsibilities.
A promotion should be planned well in advanced. This will cause a smooth transition and increase performance during this time.
Have people earn their title and pay. Make them do the job and see if they perform well before you officially give them their new title and salary.
MANAGEMENT PRACTICES "You need to get rid of slow working people as they are probably bringing your whole team down." - Markus Biegel
When you hire someone that doesn't live up to the expectations you need to fire quickly and not give the benefit of the doubt.
One "bad" person can affect not just the performance but the culture in your team/company.
Don't make the mistake to confuse slow working people with diligently working people. You should know the difference.
STARTUP ENTREPRENEURS "Daily entrepreneurs face new small problems. It takes discipline to put those aside and to focus on the bigger problems first." - Markus Biegel
There is usually an unlimited amount of small problems. If you focus on those your business will never make any real leaps forward.
If some of these small problems need to be taken care of then you should try to delegate them to others.
If you have to deal with the small problems yourself then prioritize them to fix those that could turn into big problems first.
FASHION STARTUP ADVICE "You need to have a budget for failure otherwise one mistake can cost you your business." - Markus Biegel HAVE ROOM FOR FAILURE If you are running a business with "no room for failure" then your business is certainly going to fall apart. Failure is part of the game and if you don't have a budget for failure then you have not sufficiently funded your business.
DIGITAL STRATEGIES "If your objective is to generate more leads then maybe you don't need to improve your current website but instead should create an entirely separate website." - Markus Biegel IMPROVED TARGET MARKETING Building a separate website does not only increase your digital footprint but it allows you to do better target marketing. They say "if you build a bigger net you can catch more fish" which is essentially the logic behind a digital horizontal integration strategy.
SOCIAL MEDIA STRATEGIES "When companies hire unskilled people to 'play with' their social media it almost always results in disaster." - Markus Biegel
By the time someone unskilled "figures out" how social media works you have already made bad impressions to your followers.
There are huge differences in personal social media and social for business. This requires experience.
You get what you pay for. If you pay nothing or fairly little to someone handling your social media you cannot expect great results.
PITCHING INVESTORS "Investors will only give money to people who they trust. You build trust by being honest, direct and transparent." - Markus Biegel
Share your "Lessons Learned" because they want to see that you are capable of acknowledging mistakes and taking corrective action.
Share the current non-financial problems you face. Investors might be able to help you with a lot more than just money.
Don't try to hide anything. Experienced investors know how to do their due diligence.
LEADERSHIP IN ACTION "Leadership is about taking the blame so people can move forward emotionally and start taking corrective action immediately." - Markus Biegel
Leadership is not about being the boss who is never wrong, it is about being the boss that makes people feel better when they have made a mistake.
When people make mistakes they feel all kinds of negative emotions. These emotions keep them from taking action in a time when action is perhaps needed the most.
If you create a safe environment for people to make mistakes then this will become your breeding ground for innovation.