President's Update - August 2021

From the President

As I write this update for our newsletter, Victoria clocks up 205 days of lockdown. Apparently, “lockdown” is the word of the year for 2020, according to Collins Dictionary. It’s pretty crazy to think we are going through this again, however, I am supported by the fact that we all belong to a great community of like-minded people where we are ready to lend support to each other.

I think that if we can learn from some of the shortcomings of our current Government, it’s that we need to be transparent in our business dealings and take accountability when things go wrong. Maintaining the trust of those that are closest to you, including family, staff, customers, friends and forum will ensure you remain viable in the long term.

Filling a gap: what is the purpose of your business?

A sense of purpose is what every individual and business chart their path as to where they want to go. Without it, it’s like losing one’s direction in the journey. Businesses thrive because they provide a solution to a problem or responds to a certain demand in society. Many enterprises were established because the founder has experienced or witnessed a particular need that has to be filled in.

Building your team through a strong corporate culture

Having a strong and desirable corporate culture helps attract and retain good talents who perhaps share the same values with you and the people in your organisation. Every company has its own culture, and although not all corporate cultures are perfect, there’s something about it that draws the right individuals to your business.

The importance of succession planning

Recent global events have taken many of us by surprise, reminding us that planning and preparation for the inevitable must be taken into serious consideration. It goes not only for our individual lives but also, and most especially, in business. One of the things that business owners and HR managers must have is a viable succession plan and strategy in place for the longevity and sustainability of the business.

Paying it forward in the entrepreneurial journey

In the challenging entrepreneurial path, where sometimes the roads are unpaved, being on the receiving end of an act of kindness is a huge help. It can often go a long way, especially for those who are just starting on their journey. Even seasoned entrepreneurs have been recipients of a good deed at some point in their lives, and so they are paying this forward to others as well.

President's Update - July 2021

From the President

Welcome, EO family! I hope this Chapter Update finds you and your family well.

Throughout last year, we all had to shift our focus and adapt to the changes happening around us. Shifting gears, constantly making changes to our well-meaning to-do list, and not necessarily meeting our goals are no fault of our own. Yes, the pandemic has challenged us in many ways, so I encourage you all to embrace getting out of your comfort zone, as it will make you better leaders and entrepreneurs.

Realising true entrepreneurial freedom

by Jamie Lingham

As an entrepreneur, I want the benefits of not only being my own boss but also having the ability to do what I want, with who I want, where I want and when I want. After 20 years of running my immigration business, dealing with staffing issues, long nights, long weekends and time away from my family, COVID was the one to push me to take on the ultimate travel, work, and family adventure around Australia.

How do you communicate bad news to your clients?

In every business, there are times when things take a different turn and projects can often head south, may it be due to human error, unforeseen circumstances, or uncontrollable situations. When things go awry, how do you break the bad news to your clients?

There are different approaches to it, depending on your client’s characteristics and your relationship with them. A few entrepreneurs share with us their experience and how they tackle the problem when the situation calls for it.

Budget-saving tips for more cost-efficient work operations

In business, it is important to note the resources coming in and the resources that are going out and being used – may it be in the form of cash, goods, time, and other things. Keeping up with your day-to-day operations may quite be a handful, but with a few tips, you may just be able to have a more cost-efficient day-to-day operation in your workplace.

We gathered some amazing ideas from entrepreneurs on how they budget their resources, lower their spending, and save money, time, and effort.

Essential items in an entrepreneur’s business scorecard

What is a scorecard? It’s a tool or report that monitors the status or success of a project. In business, a scorecard allows teams to set their goals and rate their performance vis-à-vis what they have set for themselves. Every organisation may have different scorecards, depending on their targets, focus and key performance indicators.

For entrepreneurs, what are the most essential items in their business scorecard? EO Melbourne members share with us the important things they put in their scorecards.

Local (Melbourne) leadership quotes for your entrepreneurial journey

Food for thoughts. They are often needed to keep us going, especially in the entrepreneurial journey. And so, we gathered some leadership quotes – either new nuggets of wisdom or familiar motivational pieces you have encountered before – which will help you move forward when things become rough.

President's Update - June 2021

From the President

Dear EO Melbourne,

Work-Life-Changing Your Habits

Hello, EO family. I hope you have survived this financial year and is focusing on thriving. I am using the end of the financial year to re-set my mindset and throw out some of my old habits to achieve my goals. The pandemic has provided me with an opportunity to transform my daily routines. I have cut back my actual working day by about 90 minutes, and I can tell you that I am reaching higher levels of performance and achievement due to being able to focus more, for shorter periods of time. I feel more energised with a shorter workday as I have more time to pursue other activities, such as exercise and family time.

Dealing with unsavoury reviews of your products or services

Feedback is necessary for improvement, especially in one’s business. While positive reviews are always welcome, one cannot avoid getting unsavoury comments as it is not all the time that customers and clients have happy experiences with a service or product. When this happens, how do you deal with them?

How do you retain good employees?

This is a question that many business owners and managers often ask as having good employees and retaining them are important to running a successful business. There are no easy ways to do it, so we sought the help of some members of EO Melbourne on their experiences and best practices that may also be helpful to other entrepreneurs.

Meirav Ambar, Partner at Trendtrade International, Malcolm Bean, Director at Beanmkrgy Pty Ltd., Rahul Kale, Director at Sunpower Renewables, Aaron Smith, Founder of KX Pilates, and Lauren Staley, Managing Director of Infolio Property Advisors shared some of the things they do on how to keep good employees within their team.

Mentorship: Accelerating growth by learning from others’ experiences - The Salt & Fuessel’s experience

We have always come across this quote by Jordan B. Peterson: “Experience is the best teacher, and the worst experiences teach the best lessons.” Although the hard lessons are those you experience yourself, there are ways to avoid the common pitfalls and save yourself from losing time and money by learning from the experiences of others. It can only be done if you devote enough time listening to and learning from the story and lessons of those who are ahead of you in the entrepreneurial path.

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Managing the daily influx of emails – is it possible?

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Email is one of the necessary means of communication, especially in business. With a lot of official messages, personal matters, spam and email threads where you are copied, how do you ensure that you don’t waste too much time going through your inbox without missing out on the more important ones? It may not be too much of a deal but there are repercussions when you fail to read an urgent message, while there are also consequences when you spend too much time on your emails than on other pressing issues.

President's Update - May 2021

From the President

Dear EO Melbourne,

The end of the financial year is nearly upon us, and I can't help but be proud of all of the achievements of our EO Melbourne Chapter members. Every year at this time, I reflect on how the financial year has gone, what accomplishments I have achieved, what worked well and what I could have done better. I have also reflected on our EO Chapter.

Do the universal laws play a part in business?

By Tui Cordemans

A few months ago, I overheard two entrepreneurs discussing holidays. One of them said to the other, “Didn’t you just have a holiday, you always seem to be on holiday. I can’t remember when I was last on holiday.” The other one responded by saying, “That is why you are more successful than me, mate.”

I couldn't help but intervene. I laughed and asked, 'Isn't having a life where you always feel as if you are on holiday a sign of great success?” They both stared at me and then laughed as if to say 'good point' .... made complete sense to me!

Using LinkedIn to promote your business

LinkedIn is a social media platform that has been used by individuals, companies, and organisations to connect, network, and promote their products, services, causes, and brands. Entrepreneurs have also recognised the value of LinkedIn to their business, and EO Members share with us how they utilise LinkedIn to promote their brands and organisations and take advantage of the platform’s network.