by MHolland | Aug 8, 2024 | Business Tips
I wrote the following Blog a few years ago and updated it slightly…enjoy!
How much is enough? It is a question we can all ask ourselves, especially when it comes to consumption. The greatest joy in life comes from creating versus consuming.
When we are creating, we are most fulfilled. Whereas consuming is like any addiction – we get a momentary shot of pleasure, followed by a crash, followed by the desire for more, followed by a crash, followed by a gripping addiction…
The beautiful thing is that creating is always available to us. We can create from nothing, or very little.
A Little Boy’s Toy
I remember about 5 years ago we saw a little child in Kenya playing on a dirt road with what I thought was a pull toy (perhaps a discarded Mattel toy from the West). As I got closer, I could see that it was a little truck, and on closer glance that it was entirely handmade!
The body was cut out from a plastic bleach bottle, the axles were re-fashioned from a coat hanger, the wheels were bottle caps, there was a pole and on it little fruits he attached, stones were inside, and he was pulling it with a discarded nylon!
He was so – rightly – proud of what he had built.
I would assert that this boy was much happier, more fulfilled, than a child who just receives a toy, plays with it for a while and then in boredom wants another.
The Fulfillment Curve
Joe Dominguez who co-wrote a book called, “Your Money or Your Life” was a New York financier who became very unhappy living inside the consumption cycle of work hard, spend, and then work harder for more.
He gave it all up to learn how to live on less and be happier.
A Chart in his book really changed my life, and I never forgot it.
On the vertical axis is “fulfillment”, on the horizontal axis is “money spent”. Initially, as you can see from the steep upward curve that there is a lot of fulfillment up to “survival”, and it continues up further to “comforts”.
So, what is this telling us?
It is telling us that if we are starving, with nothing to eat and no shelter, the money we spend on basics really does fulfill us. We need to eat, and we need clothing and shelter, clearly.
The curve starts to taper off – slightly – as we gain some comforts. So, fulfillment is continuing to rise. This may come from having, say a car, or a coffee machine.
To test this, go back in your mind to when you had your very first apartment, maybe out of high school, or after College. It may have been a studio or small 1 bedroom, yet, it was your very own, and it felt great!
Or how about your first old beater when you were 17!
Fulfilling, wasn’t it?
When the Curve Tips to The Other Side
Take a look at the Fulfillment Chart and see how it starts to go down.
What is causing this?
It is happening because – for all of us – at some point, the next purchase brings less fulfillment.
How is that possible?
It goes something like this…
You are living a comfortable life, you have a family, a good business, and all your family’s needs are taken care of. You can send your kids to the best schools and so on.
Then, you decide to buy a bigger, fancier house. You sell your lovely, smaller home and take out a mortgage.
The mortgage is a monthly fixed expense and so you need more income, so you grow your business.
The economy is down and that is stressful, so you end up putting more hours in at work.
You see your family less, and even miss family dinners from working late.
You get the idea…
The Money Workshop Exercise
In a Money Workshop we created 14 years ago we designed an exercise (I have written about this before) that had people go out as a group with a very small amount of money and make sure everyone got fed well.
The creativity of the different groups was mind-blowing. One group convinced a restaurant manager to clear dishes from the tables and they got so much free food they had to box it up and gave the excess to street people.
They were bubbling over with joy when they returned to the workshop after lunch!
They got to experience – to their very bones – the difference between consuming and creating, and also, how little it takes to fulfill us.
The Millionaire Who Lost It All and Then Gained It All
I read a story years ago about a man – a Canadian – who lost it all. It was a public company and he was very rich. His entire personal fortune was, though, tied up in the shares of the public company. When the company tanked, he lost everything, even his principle residence.
So, what did he do?
He was quite a bit older (early 70s as I remember).
He started a small business at home in wood working and furniture building.
What I always remember from the article I read about him was that getting a $5,000 contract to build a beautiful piece of furniture gave as much, if not more, fulfillment and satisfaction than when he was a high roller, closing multi-million dollar contracts!
Hmmm, very interesting…
What Are Your Values?
We each must know what we value and move away from one of the biggest killers of creativity and fulfillment – comparison.
Comparing to our business associates and friends, who may have more, is what can drive many to fight to achieve more, in order to consume more.
And, for what?
So that you can feel like you are keeping up?
How really fulfilling is that?
Thanks for reading…
by MHolland | Jul 30, 2024 | Business Tips, Remote Work, Systems
Recruiting and hiring new Team members – if you are like me – is time consuming, a bit excruciating, and, well, just not fun at all…
Tasks that are not fun, waste time, and hard to manage can drain your resources.
Hiring people is one of those tasks that most people dread!
Just think of the hundreds of applications that have to be sorted out to get to the gold.
Then the dozens and dozens of hours spent in interviews.
Ever have interviews that in the first 3 minutes you KNOW the person is not a good fit?
And then you spend the next 30 minutes in an internal dialogue – how do I escape elegantly?
The exciting news is that software has developed in remarkable ways over the past few years.
There are now multiple platforms out there that help you manage the process of recruiting.
Ever hear of a one-way video interview?
Good, if you said no. I hadn’t either until a week ago.
What is a One-Way Interview?
A one-way interview goes like this….
- You upload some basic, simple key questions, about 5, to the recruiting software platform.
- You email your candidates a link to the software.
- Your candidates answer the questions online using the video recording in the software.
- You review the video answers (at 2 times speed even).
By pre-screening candidates, you will save yourself dozens of hours.
You will narrow the field of candidates to those who:
- Resonate with your company culture.
- Align with your values.
- Can communicate clearly and professionally.
What Are the Software Platforms Offering This?
There are loads now!
Some are very expensive and others less so,
Two popular ones that my colleagues have used are:
- Vervoe
- Sparkhire
These two platforms offer much more than just the one-way screening interview. They are jammed packed with features.
Assessing Candidates
The software will assess your candidates and rank according to the answers to questions you provide, and the time taken to answer.
Here is an example from Vervoe’s website:
“We use a set of algorithmic models that measure the quality and interaction of a candidate’s responses against millions of other similar responses and actions.
If you’re hiring a Call Centre Agent, you might be looking for someone with skills like attention to detail and empathy.
Our models process thousands of responses quickly looking for certain words, sentiments and actions that reflect these values accurately. Candidates that display more of these are graded higher”.
A Lower Priced Alternative
In my research I came across a highly user-friendly alternative, with awesome ratings by their customers.
It is called Hireflix One-Way Interview Software
They seem to only do the one-way interview, yet they do it extremely well, and at a great price-point.
The independent user reviews are running 5 out of 5.
Advantages With a Remote Work Force
With so many people hiring for remote work, interviewing people online is a clear winner.
Here is a blog post from Hireflix explaining in more detail:
The advantage of one-way video interviews for remote workers
In Summary
Full disclosure – I have not yet used any of the above platforms.
I will be shortly and very likely trying Hireflix, as they offer a 30-day free trial.
I will report back on how I find it.
Thanks for reading…
by MHolland | Jul 25, 2024 | Business Tips, Systems
As I have written in previous blogs, I use an app called Freedom to control my app use on my phone…
There are a few things I do to limit my online usage.
First…
Block Your Favorites
What? Block your favorites? Yup.
Why block where you will never go!?
If you have favorite newsfeeds/sites, consider limiting your use to 30 minutes a day as an example.
For me, I only need to block about 6 sites that I habitually go to for good articles and news.
For example, I do not read CBC online. So, no need to block.
Sometimes I go on a complete fast of all sites, all the time for an extended period of time.
Here is a million-dollar question – if you spend 30 minutes scrolling newsfeeds or social media versus 30 minutes reading a classic novel by Dostoyevsky or Flannery O’Connor, which will nourish your mind and spirit more?
After all, we only have one life and only so much time. None of us would spend hours a day in a casino in Las Vegas month in month out. Would we?
Social media is like spending hours in Las Vegas, with no hope of a payout, except a truckload of non-cashable likes.
The way your cell phone is setup to addict you and draw you in and keep you in is frightening.
Check out this blog post from Freedom to discover all their tricks:
What’s Behind an App Design?
Turn Off Your Notifications
Notifications are a major distraction.
I read somewhere recently that it takes 20 minutes! (yikes) to refocus after a minor disruption in your work.
I use Telegram a lot. For business, for setting up community groups, staying in touch with our children, and for friends.
What I do is archive chat groups that are particularly busy and annoying. By archiving I do not see the notifications at all. When I want to know what is going on, I have to physically go to them and find them in the app.
My email notifications are turned off.
Heck, ALL my notifications are turned off. My phone is usually on silent mode (not even vibrate).
I have all my messaging apps blocked using my Freedom app from 9:30pm to 6:30am. No possibility of late night, nor early morning messaging.
I turn my phone off at night and leave it in another room.
All of the above has immensely improved my productivity and peace of mind.
I wish you the same!
Thanks for reading…
by MHolland | Jul 18, 2024 | Business Tips, Cloud-based Accounting, Remote Work
Technology is awesome. I love it…
Our business could not function without it because we are a remote, online business.
We use a dozen or more cloud apps to manage our clients’ finances and our own Team.
Technology, specifically cloud-based software has revolutionized our productivity.
Our clients do not print, sign nor mail cheques. It is all online, done with mouse clicks. (It is also more secure than physical cheques).
Now for the kicker…
Anything, as you all know, that has a light side, has a dark side.
The dark side of technology is that thing stuck to your hand, in your pocket, in your car, next to your computer, on the dining table…your obliquitous cell phone.
You Become The Sum Total of These Five People
There is a saying that claims you become the sum total of the 5 people you hang out with most.
Here is a variation of that one: “May you be covered in the dust of your rabbi.”
The challenge is this – most of us spend more time online reading stuff that is not what I would call high level thinking.
Most of us do not want to be covered with the dust of the people we meet on social media.
The distractions of the cell phone, social media, and the website itself can take us away from productive work.
What is the solution?
Media Fasting
Take extended breaks away from social media, messaging, and internet surfing.
As I have mentioned in these Blogs before, I use an app called Freedom. Great name, isn’t it?
With Freedom, you can set it to block websites that you may be addicted to.
Yes, addicted.
To find out if you are actually addicted, think of your favorite dessert.
Let us say it is chocolate brownies with vanilla ice cream.
Would you rather give up 1 week of social media, including the internet, or one month of your favorite dessert.
I bet most would choose the dessert!
I use Freedom to block certain news sites that I have a habit of going to throughout the day. The app blocks them on all my laptops and my cell phone.
I use it to block messaging (WhatsApp and Telegram) form 9pm to 7am daily.
I turn my phone off before bed.
Increased Productivity
All this extra time you have claimed can now be used to grow your business. To focus for at least two 90-minute blocks per day, with zero distractions.
All this messaging and internet scrolling is destroying our ability to sustain focused attention on ONE thing.
To test this, try reading a classic novel for 90 minutes straight.
Hard, right?
Two Articles from Freedom to Help You Out
Please check out these two short blogs from Freedom to explore this theme more:
The App Diet
Digital Fasting is The New Detox
Thanks for reading…
by MHolland | Jul 10, 2024 | Business Tips, Selling Tips, Systems
This week I am sharing a different kind of newsletter…
Updates, business news, and marketing tips from around the world. Let me know what you think.
Would an AI Boss Be Better Than A Human?
The concept of AI managers is pretty out there, right? This is about a Vancouver, BC company who experimented with AI as a manager of their Team, Fascinating results, especially the hybrid approach!
As in all these cutting edge, new technologies emerging in the AI space, cybersecurity risks are lurking.
The 5 Maverick Rules for Social Media Marketing Success
Social media marketing is not for the faint of heart. Implement these five unconventional techniques into your social media strategy to streamline efforts, reduce stress, and consistently deliver value to your audience.
Tips for Successful Lead Generation (Insights from Experts)
Building a high-quality pipeline is challenging, and Google isn’t making it any easier. Discover nine expert insights from a recent webinar to elevate your lead generation efforts.
Understanding Customer Sentiment: Definition, Measurement Methods, and Best Practices
Customer sentiment measures how customers perceive a company, its offerings, and customer support. When utilized effectively, it enhances customer retention and satisfaction, offers insights for product improvement, and sustains competitive advantage.
Key SEO Metrics That Matter in 2024
Tracking essential metrics is key for maximizing online performance and ensuring sustained SEO success. This article identifies the critical metrics for 2024 that will enhance your SEO performance.
Elements of an Effective Retention Strategy
Amid ongoing reports of the Great Resignation, employers must bolster their retention strategies to avert a mass exodus of talent, which could lead to declines in work quality and operational disruptions.
How Your Email Address Could Be Undermining Trust
Your email address presentation significantly affects how recipients perceive your communications. In an era of cybersecurity concerns and phishing attacks, the choice of email address can either build or undermine trust.
Get in touch
Thanks for reading, and know if you have any questions or want to discuss the next steps for your business.
by MHolland | Jul 5, 2024 | Business Tips, Selling Tips, Systems
Three tier pricing – sounds fancy, what the heck is it for?
I love stealing ideas from other industries and applying it to ones no one expects would fit.
When we had an office in Victoria, BC we ushered clients into our conference room, and presented them with a leather-bound menu. As in a high-end restaurant.
We offered large, organic lattes, and expressos. Organic teas, and organic snacks from the Cascadia bakery up the street. Oh, and fresh squeezed orange juice.
In an accounting office??
Yes! And it blew people away. We had clients who would stop in, order a latte, and ask if they could work in our conference room. They loved it, and so did we…
Okay, back to the topic at hand – 3-Tier pricing.
Which industry are we “stealing” this concept from?
3 Tier Pricing in The Software Industry
The pioneers of 3 tier pricing are software companies. Precisely, companies offering software as a service online, in the cloud.
They did it for 2 exceptionally good reasons.
First, let us define it…
3 Tier pricing (we have all seen it by now) is where a software company offers 3 levels of pricing. The levels can be called anything.
Examples are – Core (level 1), Professional (level 2), and Pro Plus (level 3).
Or, Bronze, Silver, Gold.
I have seen a gazillion labels being used. The labels are less relevant as the simplicity of seeing quickly what is included in each level.
By the way, I have never seen 2 tier pricing, nor have I seen 4 level and above.
Two tier is too basic, and anything above 3 levels is too complex.
Simple choices lead people to decide.
Complex choices stop people from deciding (even when they want what you are offering).
What is The Purpose of 3 Tier Pricing?
First, it gets more people try out what you are offering because they can start at a basic, cost-effective level with your core service.
Second, and most important, it gives people real value and does not mean you reject good, potential new customers or clients.
Third, by giving people a choice you do not need to go into hard negotiations on discounting. You have done the discounting for them.
How to Implement 3 Tier Pricing?
Number one, come up some creative and relevant labels for the 3 tiers you want to create.
Start with your basic level and add features that you are offering in a language that your customers/clients will understand.
Make sure they are benefit driven and what they really want.
In the basic level, do not include too much.
Why not?
Because if you include too many features there will be zero motivation for your clientele to move up to the next level.
Make Sure Level 1 is Profitable
Offer enough features in level one that will delight your clients. (Do not leave them starving for more!)
Set the pricing at a level that will encourage people who cannot afford the higher levels to buy.
Set the price of level 1 at the value you feel your clients/customers will pay.
Do not think of your costs.
Now Reverse Engineer Your Offering
Now that you have tentatively set your price, look at what your costs will be for delivering this bundle of products and services.
Make sure you are profitable.
The beauty of 3 tier pricing is that, even at the basic level you will have clearly defined what is included in your offering.
If your clientele demand more, they have simply moved up to the next level of services.
If they do not want the next level, you simply can add some features and add additional pricing for them.
How to Setup Level 2 of Your 3 Tier Pricing?
For level 2, add new features, unavailable in level 1, that you know many of your clients want and will value.
Many of your customers/clients will choose the middle level.
It has to do with core psychology of us humans.
Many of us, do not want to be in the Basic level. Yet, we may have sticker shock with the premium level. The mid tier level will fit most of your clients.
Therefore, spend more time at this level to get it exactly right.
Include more features than the Basic Level, yet not too much more, or it will cost you too much to deliver the total package.
Your Top or Gold Level Package
For the Gold level, add all the features that will offer a white-glove level of service, and will be priced accordingly.
Once done, you will end up with a kind of bell curve of new clients. 20% may choose level 1, 70% level 2, and 10% the Gold or top tier level.
Once you have set your included features, sharpen your pencil, and see if you can profitably offer the Gold package.
It will do you little good to offer so much and find out it will be costing you even more to deliver to your Gold clientele!
How to Present your 3 Tier Pricing?
If you are doing presentations to your customers or clients either online or in person, then here is how it should proceed…
Start with your Gold level. Go through your Ultimate, Level 3 package with all your bells and whistles.
Why?
In order to create some sticker shock!
If you see your client having difficulty breathing after showing level 3, you are doing good! 😊
Once the sticker shock has passed and your client is breathing again, you can present the other 2 tiers.
Many will choose the Silver Package or Level 2.
It will occur as more affordable and just the right amount of features.
For those with tighter budgets, or just wanting to check you out, they will go with Level 1, or Bronze.
In Summary
If you only offer one size pricing, you force your clients/customers into a negotiating stance.
They may want you to strip out features and reduce the price.
By offering the tiers, you leave your customers with the opportunity to simply choose for themselves.
This leads to more customers, and happier customers, who are getting exactly what you promised.
Last bit of advice – do not offer too much in the lowest package, or all of your prospects will choose that level.
And, also, do not offer too much in the middle package or your costs will be driven up.
Thanks for reading….
