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Showing posts with label Business Advice. Show all posts
Showing posts with label Business Advice. Show all posts

Cyber Insurance and Why it is Important for Large Businesses

Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a type of insurance coverage designed to protect organizations and businesses against losses and damages resulting from cyberattacks or data breaches. It provides financial support to help cover the costs associated with managing and recovering from such incidents.

In today's digital age, organizations rely heavily on information technology systems, networks, and digital assets to conduct their operations. However, this dependence also exposes them to various cyber risks. Cyberattacks can lead to data breaches, unauthorized access to sensitive information, disruption of business operations, financial losses, legal liabilities, reputational damage, and more.

Here are some reasons why cyber insurance is important to large organizations and businesses:

  1. Financial Protection: Cyberattacks can result in significant financial losses. Cyber insurance helps mitigate these losses by covering costs related to investigating the incident, notifying affected individuals, managing public relations, legal expenses, regulatory fines, and potential lawsuits. It can also cover the expenses associated with data recovery, system repairs, and business interruption.

  2. Incident Response Support: Dealing with a cyber incident requires specialized expertise and resources. Cyber insurance often provides access to incident response teams who can help assess the situation, contain the breach, and minimize further damage. These experts can guide organizations through the recovery process, helping them get back on track as quickly as possible.

  3. Legal and Regulatory Compliance: Data breaches and cyber incidents often trigger legal and regulatory obligations. Organizations may be required to notify affected individuals, comply with specific breach notification laws, and face potential lawsuits. Cyber insurance can cover the legal costs and liabilities associated with these incidents, providing a safety net and ensuring compliance with applicable laws and regulations.

  4. Reputational Protection: A cyber incident can have severe reputational consequences for an organization. Customers, partners, and stakeholders may lose trust and confidence if their data is compromised or if the organization fails to respond effectively. Cyber insurance can provide public relations and crisis management support to mitigate reputational damage and help rebuild trust.

  5. Risk Transfer: Cyber insurance allows organizations to transfer a portion of their cyber risk to the insurer. By paying insurance premiums, organizations can shift some of the financial burden of a cyber incident to the insurer, helping to manage and mitigate the potential impact on their bottom line.

  6. Vendor and Supply Chain Requirements: Many large organizations work with third-party vendors and suppliers who have access to their systems or sensitive data. In some cases, these organizations may require their vendors to carry cyber insurance as a condition for doing business. Having cyber insurance coverage can help demonstrate an organization's commitment to managing cyber risks and meeting contractual obligations.

It's important to note that cyber insurance is not a substitute for implementing robust cybersecurity measures. Organizations should strive to have strong security practices, risk management protocols, and incident response plans in place alongside cyber insurance to effectively mitigate cyber risks.

What are Business Insurance and Commercial Property Insurance and how do they differ?

Business insurance and commercial property insurance are both types of insurance designed to protect businesses, but they serve different purposes and cover different aspects of a business's operations. Here's how they differ:

  1. Business Insurance: Business insurance, also known as commercial insurance, is a comprehensive type of insurance that provides coverage for various risks and liabilities associated with a business. It is typically tailored to meet the specific needs of a particular business and may include several different types of coverage bundled together. Business insurance typically includes general liability insurance, which protects against third-party claims for bodily injury, property damage, or personal injury caused by your business operations. It may also include coverage for business property, business interruption, professional liability, product liability, and other specific risks.

  2. Commercial Property Insurance: Commercial property insurance, on the other hand, is a specific type of insurance that focuses on protecting the physical assets and property of a business. It provides coverage for the building(s) and the contents within, including equipment, inventory, furniture, fixtures, and other physical assets. Commercial property insurance helps protect against risks such as fire, theft, vandalism, natural disasters, and other perils that could cause damage or loss to the business property. It typically covers the cost of repairing or replacing damaged property up to the policy's limits.

In summary, while business insurance is a broader form of insurance that encompasses various types of coverage to protect a business against different risks and liabilities, commercial property insurance specifically focuses on protecting the physical assets and property of a business. Business insurance is more comprehensive, covering liability risks and other aspects of the business, while commercial property insurance primarily addresses the protection of the physical property itself.

It's important for business owners to assess their specific needs and consult with an insurance professional to determine the appropriate coverage for their business, as the required coverage may vary depending on factors such as the nature of the business, industry, size, and location.

 

LEARN MORE ABOUT INSURANCE

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  • Life Insurance and Generational Wealth: A Disparity Between the Rich and the Poor
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  • Insufficient Coverage for Home Insurance: Understanding the Importance and Mitigating the Risks
  • Why is it Harder to get Home Insurance for a Historical Building?
  • Navigating Deductible Confusion in Home Insurance
  • 3 Crucial Considerations for Home Insurance
  • Home Buyers Insurance
  • Unveiling Non-Covered Perils in Home Insurance
  • Average Homeowners Insurance Losses by Causes 2006 to 2010
  • Watch out for Homeowners Insurance Scams
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  •  

    The Pros and Cons of Multitasking

    Pros of Multitasking:

    1. Increased Productivity: Multitasking may allow you to work on multiple tasks simultaneously, potentially increasing your overall productivity by accomplishing more in less time. (However sometimes this can backfire and lead to you wasting time or procrastinating on important projects.)

    2. Flexibility: Multitasking provides the flexibility to switch between tasks based on priority or urgency, allowing you to adapt to changing circumstances and manage unexpected demands effectively.

    3. Variety and Stimulation: Multitasking can provide mental stimulation and prevent boredom that may arise from focusing on a single task for an extended period. It allows you to engage with different activities, keeping your mind active and potentially fostering creativity.

    4. Handling Routine or Simple Tasks: Multitasking is well-suited for handling routine or less complex tasks that require less concentration or decision-making. By combining such tasks, you can efficiently complete them in a shorter span of time.

    Cons of Multitasking:

    1. Reduced Focus and Concentration: Switching between tasks frequently can lead to a lack of focus and decreased concentration on each individual task. This can result in errors, poor-quality work, and the need for additional time to correct mistakes.

    2. Decreased Efficiency: Multitasking requires mental context switching, which can consume time and cognitive resources. Constantly shifting attention between tasks can lead to inefficiencies and slower progress compared to dedicated, focused work on one task at a time.

    3. Increased Stress and Overwhelm: Trying to juggle multiple tasks simultaneously can create stress and feelings of overwhelm. The constant pressure to keep up with various demands can lead to heightened stress levels and a reduced ability to manage tasks effectively.

    4. Lack of Task Completion: Multitasking can lead to a higher likelihood of leaving tasks incomplete or partially done. When attention is divided, tasks may not receive the necessary time and effort to be completed thoroughly, potentially impacting the overall quality of work.

    5. Impaired Decision Making: Multitasking can compromise decision-making abilities as the brain switches between different tasks rapidly. It becomes challenging to give each decision the proper consideration it deserves, potentially resulting in suboptimal choices or missed opportunities.

    6. Reduced Memory Retention: Rapidly shifting between tasks can affect information processing and retention. It becomes more difficult to encode and recall information effectively, leading to potential gaps or errors in your work.

    7. Increased Risk of Burnout: Multitasking can contribute to increased mental fatigue and exhaustion, as constantly dividing attention and energy among multiple tasks can be draining over time. This can lead to decreased overall well-being and an increased risk of burnout.

    It's important to note that the impact of multitasking can vary depending on the complexity of tasks, individual abilities, and the specific context. While multitasking may have its benefits in certain situations, it is generally advisable to prioritize focused, single-tasking approaches for important or complex tasks that require concentration and quality outcomes.

    The Art of Effective Time Management in Business

    In the fast-paced world of business, time is a precious resource. How effectively you manage your time can significantly impact your productivity, efficiency, and ultimately, the success of your business. Mastering the art of effective time management is crucial for entrepreneurs and professionals alike. This article explores key strategies and practical tips to optimize your time management skills in the business realm.
    1. Set Clear Goals and Prioritize: Start by setting clear, specific, and measurable goals for your business. Break down these goals into smaller, actionable tasks. Prioritize these tasks based on their importance and urgency. By identifying priorities, you can allocate your time and energy more effectively, ensuring that you focus on the tasks that drive meaningful progress.

    2. Plan and Organize: Develop a systematic approach to planning and organizing your work. Use tools such as calendars, to-do lists, or project management software to structure your day, week, and month. Create a schedule that includes dedicated time for crucial activities like strategic planning, client meetings, and focused work. Regularly review and update your plans to adapt to changing circumstances.

    3. Avoid Multitasking: Contrary to popular belief, multitasking can hinder productivity and increase errors. Instead, embrace single-tasking, where you focus on one task at a time. By giving your full attention to each task, you can complete them more efficiently and produce higher-quality work. Resist the temptation to switch between tasks frequently, as it can disrupt your flow and waste valuable time.

    4. Delegate and Outsource: Recognize that you can't do everything on your own. Delegate tasks that can be handled by others, especially routine or administrative work, to free up your time for more critical responsibilities. Consider outsourcing certain functions or hiring specialized professionals when it makes financial sense. By leveraging the strengths of others, you can achieve better results and optimize your time.

    5. Optimize Meetings and Communication: Meetings and communication can consume a significant portion of your time. To make them more efficient, establish clear agendas for meetings and stick to the allotted time. Whenever possible, opt for concise and focused meetings, avoiding unnecessary discussions. Use technology to streamline communication, such as email templates or project management tools, to minimize back-and-forth and enhance collaboration.

    6. Embrace Time Blocking: Time blocking is a powerful technique that involves dedicating specific blocks of time to particular tasks or activities. By scheduling uninterrupted periods for focused work, you can minimize distractions and increase productivity. Communicate your availability to colleagues or team members during these blocks, ensuring that you have dedicated time to complete critical tasks.

    7. Manage Distractions: Identify and minimize common distractions that hinder your productivity. This may include turning off email notifications, silencing your phone, or using website blockers to avoid time-wasting websites or social media platforms. Create a conducive work environment that minimizes interruptions and promotes concentration, allowing you to make the most of your time.

    8. Practice Self-Care and Work-Life Balance: Taking care of yourself is essential for maintaining productivity and avoiding burnout. Prioritize self-care activities such as exercise, proper nutrition, and sufficient sleep. Strive to achieve a healthy work-life balance by setting boundaries and establishing designated time for personal activities and relaxation. When you prioritize your well-being, you can approach your work with renewed energy and focus.

    Effective time management is a fundamental skill for success in business. By setting clear goals, planning and organizing your work, avoiding multitasking, delegating, optimizing meetings, and managing distractions, you can make the most of your time and enhance productivity. Remember, time is a finite resource, so it's crucial to invest it wisely in activities that drive your business forward and contribute to your long-term goals.

    Avoid Wasting Time on Cheap Clients

    Focusing your time and resources on clients who are on a limited budget or have a "cheapskate" mindset may not be the best business decision. Here are several reasons why it makes good business sense to avoid wasting your time on such clients:

    1. Profitability: Clients with limited budgets often prioritize cost over the value of your products or services. They may be unwilling to pay fair prices or adequately compensate you for your expertise and efforts. As a result, working with these clients can lead to reduced profitability, making it difficult to sustain and grow your business.

    2. Resource Allocation: Your time and resources are valuable assets. By investing them in clients who have a limited budget, you may miss out on opportunities to work with higher-paying clients who value your offerings and can contribute to your business's financial success. Focusing on clients who appreciate and can afford your services allows you to allocate your resources more effectively.

    3. Quality Expectations: Clients with limited budgets often have lower expectations when it comes to quality, personalized service, or attention to detail. They may demand more for less, making it challenging to meet their expectations without compromising your standards or undercutting your own value. Serving clients who don't appreciate or respect your expertise can lead to a decline in the quality of your work and reputation.

    4. Scope Creep: Clients on a limited budget may try to squeeze additional services or features without additional compensation. This can lead to scope creep, where the initial agreement expands beyond what was originally agreed upon. Scope creep can strain your resources, erode profitability, and negatively impact your ability to deliver value to other clients.

    5. Relationship Dynamics: Business relationships should be built on mutual respect, trust, and a shared understanding of value. Clients who constantly negotiate and push for lower prices may not demonstrate these qualities, making it difficult to establish a productive and positive working relationship. Investing your time and efforts in clients who align with your business values can lead to more fruitful, long-term partnerships.

    6. Reputation and Brand Image: Working with clients who are consistently focused on getting the lowest price can impact your brand image and reputation. If you consistently offer discounts or compromise your rates to cater to such clients, it may devalue your expertise and position your business as a low-cost provider rather than a high-quality service provider. This perception can deter potential clients who are willing to pay a fair price for quality work.

    7. Opportunity Cost: By investing time and resources in clients with limited budgets, you may miss out on opportunities to invest in your business's growth, develop new offerings, or explore collaborations with strategic partners. Focusing on clients who value your work and are willing to invest in your services can provide greater opportunities for expansion and development.

    Of course, there may be exceptions where working with clients on a limited budget can still be beneficial, such as building relationships, gaining experience, or creating a portfolio. However, it's crucial to strike a balance and assess the overall impact on your business's financial health, growth potential, and reputation.

    Clients Vs Cheapskates

    So far this morning I have answered (or archived) 5 emails.

    Two of them are from what I would describe as Cheapskates - the people who try to get a bargain or barter their way to a lower price.

    Three of them are clients - the people paying the base price (or more because they offered more money than the base price).

    When selling advertising it is important that you know what your advertising is actually worth, and the amount of time required to both place the advertising (and eventually remove it*).

    * No advertising is 100% permanent. Anyone in the marketing industry knows that. It disappears over time. Webpages get deleted. Whole websites become defunct and eventually deleted. Some websites might be sold to a new owner and get redesigned, and the new owner doesn't have any deal with the advertiser to keep the advertising.

    How individual websites set the base price for advertising varies on a variety of factors:

    1. The type of advertising being shown. Eg. Banners, side links, links within content, sponsored guest posts, etc.
    2. How popular the website is. More popular websites = more money.
    3. The type of thing being advertised. Eg. Many websites charge a premium to advertise online casinos or gambling, and the online casinos can afford to pay the higher rate for quality links.
    4. The mood of the individual person. Eg. Some people might be willing to barter/bargain with the cheapskate, but other people might find the attempts to barter annoying - which means attempting to barter is just wasting time for both parties.

    We fall into the latter category of people who get annoyed by people attempting to barter. We have a base price for advertising on our websites for a reason. We KNOW what our websites are worth. We KNOW what our time is worth. We're not interested in wasting time with someone who wants to barter.

    Another thing we don't like is when a client shortchanges us the amount that was agreed upon.

    Eg. Let's say we agreed upon $60 USD for the cost of advertising on the Art History Archive for 1 year. That is our non-casino rate for that website. Then when it comes time for the client to pay for their advertising they only send us $55 USD.

    Hmm.

    What is the proper response to that?

    Delete the advertising? Keep it? Make a mental note to overcharge the person an extra $5 next time?

    Here's what we do... The agreement was to keep the advertising on AHA for 1 year for $60 USD, but the client only paid for 11 months worth. So when 11 months go by we remove the advertising.

    They still got what they paid for, they just didn't get the full year because they didn't pay for the full year.

    Makes complete sense.

    It also means we don't bother contacting the person to renew their advertising because we know they're a cheapskate who shortchanges us on the agreed upon amount.

    Someone who is starving / needs more money wouldn't care so much, but for us, well, we're running a profitable business and we're not starving.

    Answering Emails

    So as I said earlier, I received 5 emails so far this morning. 3 from clients and 2 from cheapskates. Knowing this, guess whose emails I spent time answering? The clients.

    Guess whose emails I archived, marked as "Cheapskate" and didn't even answer?

    The people trying to barter.

    No point wasting time on them.

    But I did apparently feel like venting by writing this blog post.

    ...

    If you're looking for advertising bring your wallet. Advertising isn't cheap or free. Quality or Quantity is always going to be more expensive.

    If you don't like it, go bother somebody else.


    Designer Hourly Rates Versus Package Rates

    Years ago I used to be a freelance website designer and at the time I charged an hourly rate of $20. However since many clients would want a "package rate" I would need to quote a specific price for a job based on a time estimate of how much time I thought it would take to do the job, assuming they didn't ask for any changes which added up to extra time.

    So for example if I thought a project might take 30, 40 or 50 hours I would quote them $600, $800 or $1000 respectively - bearing in mind that if a project goes overtime, I don't get paid anything extra. So if I quote 30 hours to complete a task and it takes 40 or 50, I don't get paid anything extra because it was my fault for not quoting a more accurate price.

    So when a client then asks for a "discount rate" or $300 or $400 for a $600 job, think about how much I get paid per hour if the job goes overtime?

    At $400 for 40 hours I am suddenly getting $10/hour, which is less than minimum wage in Ontario.

    At $400 for 50 hours I am now getting $8/hour, which is ridiculous. I got paid that much when doing heavy labour in a welding shop 20 years ago. This shows you how much minimum wage has improved in the last 20 years.

    At $300 for 40 hours I am now getting an awful $7.50/hour.

    At $300 for 50 hours I would be getting a pathetic $6/hour.

    So when a client asks for a discount rate, the proper response is:

    "That is the discount rate."

    Also I later jacked up my hourly rate to $25, then $30, and eventually to $35/hour - which is my current rate for doing website design.

    Also I now explain to clients when they ask for a website design that we agree to the design of the website in advance and any "changes" they want to the website after it is completed is billed separately. I am not doing endless edits for people who cannot make up their mind about what shade of blue they want for their website.

    "Oh, I don't like that new blue. Can you make it more like a sky blue, but like greyer?"

    Yes. Yes, I can. But I am not changing it again unless you are paying me for my time.

    Cheapskate Advertisers offering Discount Subscriptions

    Meetup.com is a valuable place to advertise.
    By C.M - June 2nd 2017.

    Earlier today I received an email from a person wanting to become a sponsor for a Meetup group I manage.

    However she wasn't offering money (the standard fee is $30 to sponsor a meetup group - some groups charge more), instead she was offering:

    • A discount on subscriptions for a publication she was selling - to meetup members - which means zero of that money goes towards the meetup group.
    • A monthly contribution to the meetup group based on the percentage of meetup members who sign up - which for a club with 2,427 members, which means at least 24 people would have to sign up to her publication just for the club to receive a 1% contribution.

    Plus there would be no way for me to determine how many people signed up and I would have to take her word that she was telling the truth that only 23 people signed up and therefore that did not warrant her paying a single cent.

    So the only way money goes into the club's coffers is IF people sign up for her publication and only IF she is honest about the number of people signing up and only IF she actually pays up as agreed upon.

    As opposed to paying the $30 standard fee for 1 year of sponsorship.

    So here was my response:

    Hello Natalie!

    The $30 is a standard advertising/administration fee - money paying for the meetup groups annual fee + paying for my time used to implement the sponsorship advertising by adding:

    • Link and image to the sponsors section.
    • Sending members a notice of a new sponsor.
    • Changing the layout template for events so that every new event mentions the sponsor at the bottom.

    Your sponsorship will last one year for the fee discussed. After which you will be expected to renew the fee at a cost of $30.

    Whether or not you get subscriptions, how you track subscriptions, how you report subscriptions, etc is all beyond my knowledge or control. I will have no idea of how many subscriptions you may or may not receive. There is no way for me to track the fidelity of such transactions and their reporting thereof. Therefore it makes logical sense that we take a hands off approach to that method and instead use a method that works: The standard fee.

    Personal Note

    As a parent, my time is precious to me. I do not give it away. Anyone who has children will understand this.

    As such the standard fee is non-negotiable, because as a parent I don't waste my time with people unwilling to pay for service. If the service is worth money then it deserves to be paid, and any form of for-profit-advertising thus falls into category.

    Have a nice day!

     It irks and annoys me that I have to even explain this.

    Advertising = Money.

    People should not be giving away advertising to another person unless that person falls into one of the following categories:

    1. You really love their product/service and you are being a Maven*. (A Maven is a person who freely promotes a product/service they already know and like. eg. I love Chocolate Milk and I enjoy promoting chocolate milk as a milk product.)
    2. The product or service or organization you are promoting is for a non-profit charity or proverbial good cause. eg. The TakeYourShot program for Princess Margaret Cancer Research.
    3. You are promoting the business / organization of a friend or family member. eg. Check out my friend's new compostable clothing / fashion line by visiting her Facebook page Havah Designs.
    4. Political Cause or Politician. I honestly cannot think of any politician I would endorse, so I will skip giving an example for this one.
    Anything else, they should be paying you. Especially if you are going to be doing any of the following:

    • Using your time -which is valuable!
    • Using your money for their benefit. Because money = time = valuable.
    • Using any resources which cost money. Because resources = money = time = valuable.

    I was listening to CBC Radio two days ago while the wife and I were out driving / shopping (we got a new air conditioner) and on the radio they were talking about how Ontario recently raised the minimum wage to $15 per hour - which will gradually phased in. It was a call in show, so people in Ontario were phoning in and talking about how the minimum wage increase would effect them.

    At present the minimum wage is $11.40. The new minimum wage will become $14 per hour on January 1, 2018, and $15 per hour on January 1, 2019, followed by annual increases matching the rate of inflation.

    One woman who works minimum wage part time 20 hours per week will be going from $228 per week to $280 per week, and eventually $300 per week. However for her the biggest change for her will be how she monetizes her time.

    For example if she goes to Tim Hortons and buys $5 worth of coffee and food, at present that is almost an hour worth of work for her. If we do the math it is 26 minutes of her time spent away on coffee and food that she could make herself at home.

    However with a $15 per hour minimum wage, suddenly that $5 is 20 minutes of her time instead. Suddenly having the option to buy coffee/food and let someone else do the work seems more reasonable.

    Speaking for myself, I value my time to a higher standard. $30 per hour is the MINIMUM that I will work for. On a regular basis I am working for $40 per hour, $60 per hour or even $100 per hour - because I have a job which allows me to do so.

    Because I am providing a valuable service and people are willing to pay $40 to $100 per hour for the services I provide.

    Having that higher wage also affords me more free time - which is still valuable to me - which I can spend as I see fit with family, with friends, exercising, making artwork, writing, or even blogging about why time is valuable.

    Which brings me back to the point I made to Natalie up above. I am a parent. I would rather spend an hour with my son than spend an hour doing work for free for some person who just wants free advertising and is apparently too cheap to pay for it.

    And if you just spent an half hour reading this blog post and you have kids, you should by now realize the same thing. Your time is precious. Spend it wisely on the people and activities you love. Anybody else should have to pay for your time.

    Why the Kingsway Theatre Manager is a Social Marketing Moron

    Awhile ago, a local Toronto actress (a minor celebrity) went to the Kingsway Theatre (located at 3030 Bloor Street West, Toronto) to see a film - and was singled out because she was dark skinned and she was asked to leave her backpack with staff.

    However the backpack contained her phone and other valuables. It was ostensibly her purse.

    Now imagine if you were a black man and you went to a movie theatre - and you were told you were not allowed to take your wallet in to the movie theatre. Meanwhile white men are walking by, getting let in with their wallets just fine.

    That is basically how ridiculous their demands were. Nobody in their right mind is going to hand over their wallet, car keys, cellphone, purse or other valuables - whether they are stored in a backpack or not.

    Plus why target only black people carrying backpacks?

    So then the manager gets there. (He is also the owner.)

    Now a smart manager would realize that not letting people into the movie theatre because they have a backpack is a ridiculous and stupid policy, because many young people these days use backpacks like they would purses and satchels. They are basically fashion accessories that are handy for carrying your valuables in.

    The problem is that movie theatres want people to buy popcorn and soda pop - they make most of their money off selling food, not the movie tickets themselves. They don't want people sneaking in extra food or drinks.

    The manager's logic behind the policy - and the targeting of only black people - suggests that he believes that only black people sneak in food and drinks. So he only enforces it for people he suspects are not following the rules - primarily by judging them by their skin colour as to who he thinks might be sneaking food in.

    So to them having a no backpacks policy makes a bit of sense - but they don't have the legal right to search people's backpacks - because they are not police and they also do not have a warrant. They also legally should not be telling people to abandon their belongings with staff, who frankly are paid minimum wage and just as likely to steal your phone, wallet, etc. And if not staff, what is to stop other patrons of the movie theatre to just steal other people's backpacks?

    So yes, the manager. Rui Pereira.

    He gets there and he is the dumb fellow who created the whole no backpacks policy in the first place. So he doubles down on the policy and calls the police, claiming that a black woman is threatening him (which she was not).

    The police get there, they basically apologize for the woman and explain that they get called there regularly because the manager is a moron who calls the police constantly whenever there is anything that his little brain cannot comprehend that requires more social skills.

    So the young woman leaves and she posts about her experience on social media.

    And it goes VIRAL.

    Seriously, Rui Pereira should be paying her for all the free advertising the Kingsway Theatre got after the whole thing went crazy viral on Twitter, Facebook, etc. Lots of white supremacists started going to the movie theatre thanks to this incident - that is not a good thing!

    It also caused a slew of interesting reviews on Google Maps.

    Lots of people posted 1 star reviews, basically condemning the Kingsway Theatre and its moronic manager Rui Pereira.

    So what does Rui Pereira do?

    Instead of deleting the Google Maps listing (which is what he should have done), he doubled down again and posted responses to all the people leaving negative reviews. Some of his responses were longer.

    Example:

    "Response from the owner3 months ago
    The truth is astounding! You and your back pack will be much happier some where else. Do not come back.

    The Kingsway is a licensed BAR with a movie theatre in it. Signs are clearly displayed that indicate NO OUTSIDE FOOD or DRINKS. Signs also clearly state NO BACKPACKS or LARGE BAGS in the auditoriums. If you are not willing to follow the rules a ticket will not be sold to you. There are no arguments and no abuse of the staff.

    ps you and google go f**K yourself."

    And he didn't do this just once or twice. Oh no.

    Of 82 reviews (as of April 19th 2017), he has posted 27 responses in which he more or less swears at people (and at Google).

    Which brought on responses like the following:

    a month ago-
    Just by reading the owners responses to people, I will NEVER patronize this place. I feel sorry for people that work for him."

    On the list of things not to do, arguing with the general public on the very public Google Maps' business reviews - let alone cussing at them - is definitely a big no no.

    Rui Pereira, Racist Theatre Manager
    I would not be surprised if a year from now Rui Pereira ends up burning the Kingsway Theatre down so he can collect the insurance money. Or sells the property to someone else.

    Plus there is the subtle racism. He only invokes the no backpack policy for black people or other people he doesn't like. White people apparently walk in with backpacks, purses, satchels, etc and get in to the movie theatre just fine.

    So clearly the policy is only there so that Rui Pereira can openly discriminate against black people.

    Judging by the reviews Rui Pereira also hates people in wheelchairs. The old theatre isn't particularly wheelchair friendly and according to at least 1 review he and his staff are deliberately rude to people in wheelchairs.

    And when people social media learn that, they share it. Hence why this story went viral.

    THE VIRAL MARKETING LESSON

    In theory, if a less reputable (and highly unethical) company wanted to promote themselves and get lots of free press in the media and social media they could do the following:

    #1. Hire a really racist prick to be the manager.

    #2. Allow the racist manager to make various policies that allows him to discriminate / segregate people at his/her leisure.

    #3. Set up a situation in which a minor celebrity goes to the business and is treated rudely by the racist prick manager.

    #4. The celebrity then tweets on Twitter or posts on Facebook, and it goes crazy viral.

    #5. The owner of the company investigates and fires the manager - for damaging the companies reputation. The owner then issues a public apology for ever hiring that manager in the first place, but by that point the company's infamy has already gone viral, and there is a 2nd viral wave when people learn the manager has been fired.

    So yes. That would be highly unethical for a company to do, but the resulting infamy equals free marketing. Only the most unscrupulous and desperate of companies would pull that kind of nonsense.

    Lets take for example United Airlines.

    This is rather recent news, but the effect is similar.

    What happened was (in case you haven't heard about this case) United Airlines sold out all the seats on a place and decided that they needed more seats so they could transfer more staff to a different location.

    So they asked for volunteers to give up their seats and take a different flight later.

    Nobody volunteered.

    So instead they picked a random Asian man (a doctor who needed to be at a certain city by Monday so he could perform surgery) and decided to forcibly remove him from his seat. They physically assaulted him and dragged him from his seat because he refused to move, explaining that he had patients to get to.

    So they dislocated his jaw, broke two of his teeth, gave him a concussion, and numerous other injuries.

    He is now suing United Airlines for having employees assault him and for their idiotic policy of forcing people off a plane for no good reason.

    He will no doubt win the lawsuit. I estimate he will get at least $4 million USD.

    If United Airlines' lawyers are smart they will try to settle out of court, because if the judge decides the amount then the judge can also add Punitive Damages as an extra punishment to the airline.

    To make matters worse, the CEO of United Airlines, Oscar Munoz, claimed that the Asian passenger was belligerent and violent - which was not true, as the whole incident was caught on video. That compounded problems and Oscar Munoz later had to backtrack on that, during which he admitted culpability (in legal terms this is like admitting that the company did something illegal and is guilty).

    So that makes the lawsuit so much easier now. The video. The witnesses. Company staff who say they were just following orders. The CEO who tried to blame the victim and was proven he was a big fat liar.

    All of this blew up in the media and on social media.

    Let alone the stock price, which dropped over $10 in value, and even after posting strong earnings for the past quarter is still down $6 compared to where it was before the huge scandal.

    LESSONS LEARNED FROM KINGSWAY THEATRE + UNITED AIRLINES?

    #1. Don't insult your customers (past or present or future) on social media websites.

    #2. Don't do it in emails either, as they can later get leaked to the press / social media.

    #3. If your company has a policy that is bad for the company's public image, scrap the policy because it is bad for business overall.

    #4. Fire all your staff who do racist/sexist stuff. Rui Pereira cannot be fired because he is the owner, but the idiot who picked the Asian doctor as a good person to be removed from the plane should definitely be fired.

    #5. Do not have any policy that calls for assaulting customers and making the company open to lawsuits.

    #6. When people post tonnes of negative reviews on Google Maps because you did something wrong, don't argue with them. Just delete the listing.

    #7. The same goes with a Twitter account, Facebook page, etc that becomes bogged down by bad press. In those cases the person managing the account can also just deactivate it (and it can later be re-activated).

    #8. Make a Plan, hire a social media consultant for all your online reputation management. Or in the case of a big scandal, hire a Public Relations consultant.

    #9. Do not interact with the general public during a reputation scandal unless you absolutely have to. No Tweets is good Tweets.

    #10. Learn from other people's social media marketing mistakes. A scandal can be turned into an opportunity if the company chooses to Do the Right Thing. If they do not, it only makes the scandal worse and they end up paying more for it in the long run.

    Guest Posts Do Not Equal Free Links, + How much to charge?

    Or WHY YOU SHOULD BE CHARGING $30 EACH TIME SOMEONE ASKS FOR A LINK

    Back in January of this year I wrote a post titled "Guest Posts, Free Links, and Why it is Bad for your Business".

    In the post I explained the following key points in more detail:
    • Guest posts should contain zero links.
    • "Guest posts" that contain links are not "guest posts", they are advertising.
    • Giving away free links = charity that is hurting your business.
    • People should be paying for links, because links = advertising.
    But I did not explain how much people should be charging for links when they accept a guest post.

    The basic price = $30.

    This is the minimum price you should be charging just for your time and effort of adding a guest post containing links to your website. You have to edit and format everything on the page, add images, add the link(s), and you deserve to be paid for your time, effort, and the value of the link advert.

    If you are charging less than $30, then you are not getting paid enough for your time.

    Plus guest posts are presumably permanent advertising. Until the website is eventually deleted, the advert will be there for years. So $30 is a bargain when you consider the duration it will be there.

    The premium rate = $60.

    This is when your website is more popular. You can demand the higher rate because of the following reasons:
    1. Your website is more popular and therefore worth more to advertisers.
    2. Your website is more exclusive. Less outgoing links means the few outgoing links there are are considered to be more valuable. (Thanks to Google's "less is more" algorithms.)
    3. You might also simply want to discourage advertisers by charging a heftier price, this then enforces the notion of value and exclusivity - while allowing you to present a website less bogged down by copious amounts of advertising.
    The expensive rate = $100

    This is when your website is super popular. It is probably your full time job working on this website / the business you have associated with it. Like above you benefit from the following factors:
    • Super Popular.
    • Super Exclusive.
    • Possible Brand Name Recognition.
    The website in question probably also has a social media presence on YouTube, Facebook, Twitter, etc - and therefore is worth more to advertisers if they can be promoted on those too.

    The super expensive rate = $200 or more...

    The sky is the limit when it comes to popularity. Some very expensive / super popular blogs might be charging $400 for a single blog post.

    This is sometimes the result of being a niche topic, the pseudo-celebrity status of the writer of the website, or just the sheer ridiculous popularity of a particular website.

    What about sponsored content?

    Now not every website accepts guest posts. Some websites might prefer that they write / make their own content, but they are still accepting sponsors for said content.

    An example of this is video blogger Hanna Hart - best known for her "My Drunk Kitchen" YouTube channel. In the video below she has a guest on her YouTube channel, Seth Rogen, who is promoting the animated film "Sausage Party".

    At which point you have to wonder, how much was Hanna Hart paid to be sponsored by "Sausage Party"?  Good question.



    Well...

    Hanna's YouTube channel is insanely popular. Over 2.5 million subscribers.

    She has hundreds of videos. So many I was unable to find an actual statistic.

    And she has access to working with companies selling both food and alcohol, and evidently films about food or alcohol.

    So clearly she can make lots of these videos for sponsored clients if she so wished, and presumably charging a lot for her services and time.

    Never Annoy a SEO Expert

    Here is a good SEO tip...

    Not just for advertising your business, but also for life in general.

    Never annoy or piss off a SEO expert.

    Let us pretend for a moment that you are running your business, whatever it happens to be - for the sake of the sheer boring-ness of it, lets say you are an accountant.

    And for whatever reason you get into a dispute with a SEO expert.

    And the SEO expert knows:
    • Your Name
    • Where you live
    • Your occupation
    If you manage to annoy or piss off the SEO expert they might decide to do the opposite of Reputation Management and instead deliberately ruin your reputation.

    This happened to a recent potential client of mine. They pissed off a different SEO expert, who then proceeded to leave nasty comments all over the internet, post fake news stories about the person, making up all sorts of nasty stories about the person, and so forth.

    And they didn't just post such things. They made links to those articles and comments, and SEO-ed them so that they would be boosted up in the search rankings. They used websites, social media, posted in directories, blogs, discussion forums - they honestly did a really good job of ruining his reputation. Respect.

    The client then came looking for a different SEO expert in order to fix their now damaged reputation.

    And I said:

    "Honestly, it would be easier and cheaper for you to just legally change your name."

    Well, they didn't like that idea.

    So I quoted a price for what I felt would be required to write enough positive comments / articles to drown out / dilute all the bad ones, but honestly, it is not going to be cheap.

    And the client didn't like that either. Too expensive. Can I do anything cheaper?

    Nope. Not really.

    Plus consider this.

    What happens if the SEO expert who hates you simply goes back and does more damage? Again and again?

    You could end up spending thousands of $$$ or even tens of thousands over many years trying to fix your reputation, and if the hater keeps posting more it will just be a constant battle that will never be won.

    You could try to sue them in court, claiming defamation, but since the things are being posted online anonymously, you would never be able to prove who is saying the bad things about you, and it would never stop. Defamation is super hard to prove when the person posting it is anonymous.

    So the best thing to do when it comes to Reputation Management is to never annoy someone who is internet savvy - and definitely don't piss anyone who is a SEO expert.

    But if you do, we can help you. It won't be cheap. It will cost a lot and it may take years, but we can fix it for you.

    Or alternatively, you could always legally change your name.

    The client mentioned above is still mulling over what to do. They want to keep their name, but they are unwilling to pay the costs needed to fix this problem. If they do nothing their reputation will be permanently damaged.

    Another option would be to move further away and switch careers. I imagine they don't like that option either.


    Running a Business, Not a Charity

    Worth reposting...

    I am running a Business, Not a Charity

    It is a common saying but some people do not seem to understand it. If you are running a business, you should not be giving your time and resources away for free. This is why barter is so often not a solid business model because many people don't actually

    How about the following sayings?

    "A real business should have a realistic business model."

    A business should not be built with the idea of making everything free and their long term goal is to "get bought by a giant tech company for lots of money." That might have worked for YouTube getting bought by Google, but do you honestly think your business model compares with YouTube?

    If your business model doesn't have a solid revenue stream that turns a profit, it is not a business that you are running.

    For example if your plan is to invent a perpetual motion machine that creates energy for free and your plan is to give your designs away for free, that is not a business model. Anyone smart enough to invent such a machine should guard that secret.

    If your plan is to open a new bank, accept people who want to store their money or valuables with you, offer loans and mortgages where you turn a profit off interest and fees, and lets say to make your bank unique that it also accepts gold, bitcoin and Canadian Tire money - that is a business model. The Gold and Bitcoin Bank. It could happen.

    "Have a well defined revenue plan."

    You are selling a service or a product, or both. You can have discounts, coupons, Canadian Tire money (which is basically a reward coupon), whatever so long as what you are doing turns a profit and causes revenue. If your plan is to give away free things to people who are not customers - that is a great way to feed the homeless, but does nothing for your revenue.

    "Get paid upfront."

    A smart person gets paid upfront, preferably in cash.

    Beccles26 on childmindinghelp.co.uk says:
    I am so so mad, I am a new child minder so haven't got full numbers, in fact only 2 children for 10 hrs a week, I did have a school drop off and pick up but I think mum thinks I am running a charity and not a business with over heads and bills to pay, she hasn't paid me and owes me nearly 4 weeks fees!!!!!! Each time I have asked for payment its a different excuse after excuse!!!! I cancelled her contract and have passed it on to the NCMA legal team!!!! So back to just the 2 children, and with xmas coming up its not going to pay the bills! xx
    Rant over, feel better now! 
    So clearly Beccles26 forgot the whole get paid upfront concept.

    She accepted what was essentially a babysitting gig and didn't figure out when and how she was getting paid on time.

    She even used the words "running a charity and not a business" which goes back to my point at the top.

    Think of callgirls (or whatever the male equivalent is) for a second. They always get paid upfront. Because otherwise they might not get paid at all. And it probably didn't take them that long to realize they need to enforce that rule.

    Some businesses it makes more sense to require a deposit.

    Like a 30% or 50% deposit. In which case the deposit is there to make sure that the person doing the work gets paid something, even if it is only a smaller amount in case the deal goes south. Basically the deposit is usually a requirement if the contractor is doing some work and wants to make sure they get paid, or if they are supposed to meet someone somewhere and they want to make sure the person shows up.

    Think of a wedding photographer. They get booked for a date and show up. But if the wedding is cancelled last minute, they get paid nothing. So a 30% deposit or prepayment makes sense.

    Think of dentists. If you make an appointment and don't show up, they charge you for it anyway. There is no deposit in that situation, but maybe there should be. And if you refuse to pay the fees for not showing up? Probably not a good idea to annoy your dentist.

    "Time is Money."

    Really money should be measured in how much time and effort people used to make it. If you work 2 hours and make $30, then you just spent 2 hours of your life making that money.

    And when you consider if you live to be 75 years old and work full time (40 hours per week) from the age of 25 to the age of 55...

    40 hours x 52 weeks x 30 years = 62,400 work hours in your life.

    If you work 62,400 hours your whole life and only get paid $15 per hour... that is a measly $936,000.

    So no million dollar home for you. You could work over time and still never afford that home, because you have other costs to worry about.

    The cost of renting before you eventually buy a home, university tuition, clothes, food, bills, transportation, gasoline... lets face it, $15 per hour is barely a living wage.

    So now imagine someone asking you to work for free - for their financial benefit. I am not talking about a charity. Some loser who doesn't know you and is asking for freebies is not a charity. They are just a cheapskate who doesn't want to pay for your time.

    The proper answer to such a request is to explain you charge a fee for that service. Because time is money, you get paid upfront, and you are running a business - not a charity.

    Guest Posts, Free Links and Why it is Bad for your Business

    Let's imagine you are emailed by someone asking to add a guest post to your website or blog.

    They write the post and then insist that you include a link or two (or more...) in the post to websites that they own / work for by building advertising.

    In other words they are looking for free advertising via free links.

    While you gain content in this deal, your website ultimately loses because you are giving free links away and it damages the SEO quality of your website.

    I don't have to imagine because it happened to me recently.

    I posted the guest post, removed any links, and sent her the URL. I also explained that for that particular website it was $60 per link if she wanted any links added.

    Her response:

    Thanks a ton. Could you please add one clickable link to my site?

    Beth

    Hey Beth!

    Certainly. Which link do you want added?

    You can pay the $60 fee via PayPal or Interac Email Transfer.

    I only want a clickable link to my website in the author bio. I would really appreciate if you do it without a fee. I am currently low on budget and cannot afford to pay for it.

    I wrote the article with much of my efforts, I will consider it a kind favor from your side.

    Beth

    Hey Beth!

    #1. I am running a business.

    In order for my business to be successful I need clients to be able to find my website and contact me.

    In order to find my website and contact me I need to ranked highly in Google searches.

    If I am not ranked highly in Google then I need to spend more money on advertising.

    My Google rank is dependent on having lots of quality links coming into my website and very few going out.

    If I add a link leaving my website, my rankings go down and my business suffers financially.

    If my rankings go down then I need to spend more money and time on advertising.

    If someone pays for a link on my website, I take that money and spend it on advertising.

    If I give a free link out, then I actually LOSE money because my business suffers and to fix the problem I have to spend money on advertising. So either way, in that scenario, I lose money.

    #2. I am married and my wife has a baby on the way.

    If I start running a business that is losing money because I am giving away free links to people, I go into financial ruin, my wife divorces me and I rarely get to see my child in the future. Not a guarantee, but why risk it by wasting time and money giving away free links?

    While I like the idea of being nice to people, where are the benefits for me and my family? None. I would be losing money and that is money that should be spent on diapers / baby food / clothes.

    #3. I am in the SEO business.

    I know how the link business works.

    Here is some free SEO advice. You will find it very useful for growing your website:

    http://www.designseo.ca/SEO-Advice.html

    Pay special attention to the SEO Checklist, as it is particularly important.

    http://www.designseo.ca/SEO-Checklist.html

    If you want free links check out WebRing, StumbleUpon and similar websites for sharing links.

    You should also check out online newspaper style publications which allow authors to write articles for them and post links within those articles. eg. http://www.thecanadiandaily.ca/

    Have a nice day!



    So yeah...

    In the future when people ask you for free links, send them a copy of this page and hopefully they will understand why they are wasting their time and yours asking.

    Also for those who don't know, the character shown below is called "Link". Not Zelda. Zelda is the princess he is trying to rescue. Understand the difference? Good. Stop calling him Zelda. His name is LINK.

    Link from Legend of Zelda

    Nothing is Free in the World of Advertising

    By C. Moffat, October 2015.

    Nothing is free in the world of advertising.

    Think about that for a moment.

    Even if you do your own advertising, it still costs Time. So Time becomes the unit of measurement for determining the value of the advertising you are doing.

    If you hire someone else to do the advertising for you then it costs Money. Cash. Dollars. Moolah. Clams. Bucks. Whatever the kids are calling it these days. Loonies, if you live in Canada.

    So the concept of free advertising is really a misnomer, because even if you do it yourself it still costs Time and possibly also Materials and/or Fees.

    Lets pretend you are handing out flyers on the street to random people. You will need thousands of flyers, which will need to be printed at a print shop like Staples or Kinkos. So there is the cost of materials right there. You spend Time designing the flyer yourself, you have it printed for a Materials cost, and you spend more Time handing out the flyer on the street.

    Another route is you build a website - which you can get for free, but you still have to design the website and write all the content for the website. So that is more Time right there. If you want the website to look professional you will need to buy a domain name for a Fee so you can have a .com or .ca website and you are not using Blogspot / Wordpress / etc. [You will note we have chosen to make this blog very low budget, it doesn't even have its own domain name. Not yet at least. We don't bother to buy a domain name for a blogspot page until it reaches 100 posts. It is not worth the investment in our opinion until a blog reaches 100 posts of content.]

    So what do we have here...

    1. Time
    2. Money
    3. Materials (Money)
    4. Fees (Money)

    But let us pretend for a moment you have a Lack of Time. How much advertising can you get when you have a Lack of Time? Not a lot as it turns out. You are basically down to the two basic options:

    • Do it yourself with what little time you have.
    • Use the little time you have to hire someone else to do it for you.

    Some people may have noticed the Old Catch-22 in this equation. You have to have money to make money.

    It is a very simple concept. You have to invest money in advertising in order for your business to make MORE money.

    A few days ago a DJ contacted me via email apparently looking for advertising. What was revealed over time however was that they were looking for free advertising. They wanted someone else to do the work of advertising their DJ career, but they didn't want to pay for the advertising. They apparently expected other people to just advertise their career for free.

    Now I should note that this person is not famous. I have never heard of them before. But lets pretend that they were famous - famous people know you have to spend money on advertising if you want extra publicity, otherwise you are really just relying on fans to do the work for you - because in theory fans will provide free advertising - provided you do the basic work of making a product that looks good and you have a loyal fanbase due to years of previous advertising to build up both your fanbase and your career. Which goes back to money again - the people working with the celebrity invested money in promoting their career, they made them a celebrity over time, and then the celebrity reaps the rewards of years of money poured into their careers.

    A non-celebrity trying to become a celebrity therefore really needs that extra boost of investment in their career in order to make things happen. People don't develop a fanbase over night by doing zero work.

    You may be familiar with the concept of artists and musicians being "discovered". That is a false stereotype because what they don't tell you is all the years of training, practice, failure that the artist or musician went through before they became financially successful. They put in the time and effort and their success was result of all that effort.

    Here is a little fact for you. Artists typically don't become financially successful until after the age of 40. So lets take for example American painter Jackson Pollock, born 1912, died 1956 at the age of 44.

    People like to claim that Pollock became famous because art critic Clement Greenberg "discovered" him, but that is wholly untrue. Pollock was already successful as a painter before Greenberg. Pollock's fame did skyrocket after the Life magazine article in 1949, when he was 37. Thus Pollock managed to become famous before the age of 40, which is very rare, but he was already financially successful.

    Oddly enough however his fame didn't add any extra financial success. Once famous Pollock abandoned his drip style of painting and went back to figurative work. His finances never really improved due to the extra fame.

    But Pollock never would have reached that point in his career had he not put in the effort. According to people who knew him he was extraordinarily persistent, hard-working and ambitious.

    And so the moral of the story for the people out there who want "free advertising" is to go work harder. If you want to become successful, you need to work hard at it. Need advertising? Start working on it yourself or hire someone else to do it if you are unwilling to do the work yourself.

    Nothing is free in the world of advertising.

    Marketing Yourself and Your Business

    Let us pretend you are running your own small business. How do you market yourself online and offline?

    Online

    #1. Learn how to do SEO and/or hire someone to do SEO for you. eg. designSEO.ca is a Toronto based company that does both website design and SEO.

    #2. Have your website designed by a professional so it looks chic and very well made. A stylishly designed website brings in more customers.

    #3. Include AddThis codes on every page of your website so people can share the website with friends/etc via Facebook, Twitter, Blogs, etc.

    #4. Don't bother making a Twitter or Facebook account for your company. They're mostly a waste of time unless you plan on offering online coupons via FB/TW.

    #5. The only way you will see a bump in sales from Facebook or Twitter is if you produce quality content on your website, and AddThis will make the difference by having other people promoting your content virally. Trying to artificially create a viral campaign via your own Facebook or Twitter account doesn't work, so don't waste your time. Your time is best spent writing quality/unique content.

    #6. Research which keywords bring in the most customers and what neighbourhoods in Toronto your customers live in. Create AdWords campaigns using as little money as possible (bid very low) in an effort to experiment and see which keywords bring in more customers.

    Offline

    #1. Advertise in appropriate newspapers/magazines that market to your desired audience. Limit your advertising dollars to the target audience in order to maximize your Return On Investment (ROI).

    #2. Get business cards and stationary printed up. Pass some of them out to colleagues and friends.

    #3. Network and find new colleagues, people in similar businesses, people who are both competitors and non-competitors in similar fields.

    #4. Don't be afraid to shamelessly self promote in a funny manner. Heck, record yourself doing so and post it on YouTube so you can reach a larger audience.

    #5. Word of mouth marketing works great, but to do so people need to know your name and your name needs to be easy to remember. Introduce yourself, say your name, use a name that is easy to remember, mention your company's name and say it in a manner so that it sounds like a jingle. Jingles are easier to remember.

    #6. Go outside and socialize. Go to meetups, go to networking events, go to events related to your business, meet new people, learn how to do a proper handshake (firm but not squeezing and don't hold it too long), be polite, follow etiquette, and you will do fine.

    #7. Sponsor events (this can also get you extra links to your business online too) and make sure the organization being sponsored knows who the sponsor is. For best ROI focus on sponsoring events related to your business. Red Bull doesn't sponsor the Toronto Poetry Club because it doesn't make sense for them to do so.



    How to Build a Successful Blog or Website

    Content Magnet
    So you're thinking of making a profitable website? Well, I have some tips on how to do that.

    #1. BUILD CONTENT

    You need to be adding 80 or more new pages / posts per year. This is EXTREMELY important. Building new, high quality, unique content is the bread and butter of any website. The content has to be uniquely yours (not stolen from another source or found anywhere else), the writing should be quality and original, and you should update the site with new content regularly. I say a minimum of 80 pages per year if you want the site to be truly successful.

    80 is the MINIMUM if you want to make the website a financial success. There is no maximum. If you can write hundreds of new posts per year then all the better. More power to you!

    #2. PAGERANK 2 or BETTER

    You want to reach a Google PageRank of 2 or better in the first 6 months. You will need to invest in a SEO campaign in order to do this, either by hiring someone else (eg. designSEO.ca) or you take a Do-It-Yourself approach. Either way it needs to be done.

    Your long term goals should be get a PageRank of 3, 4 and eventually 5. But that will take years to accomplish.

    #3. DOMAIN NAME

    Your website should have its own domain name (as opposed to a free typepad, blogspot, or wordpress page). It will cost you approx. $10 to $20 for the domain name per year, but you will make that back easily in Google Adsense advertising if you actually write lots of blog posts for your website (see #1).

    #4. MONETIZE YOUR WEBSITE

    Many ways to do this. Have advertising on the side. Offer product reviews. Sell eBooks that you've written. Offer a service that is both desirable and profitable. Sell products you've made yourself.

    #5. NICHE TOPIC or BROADER TOPIC

    Depending on the topic of your website it might be a niche topic such as "archery lessons in Toronto" or it might be a broader topic like "Toronto real estate". Both are profitable. The archery lessons bring you cash from local Torontonians looking to learn how to shoot an arrow - whereas the real estate blog will bring in advertising revenue from real estate agents and brokers in Toronto and the GTA.

    The real lesson here is that it pays to be LOCAL.

    Unless of course your topic is more international, such as "art history", which means you are likely advertising to anyone who speaks a specific language and is interested in art history. It is a broad topic which you can build a lot of interest and gain advertising revenue - but it is also a HUGE topic. You might be better off to sticking to one branch of art history such as "DADA" or "Canadian art history", because otherwise you will end up with a website which is half finished and looks incomplete.

    #6. PHOTOS AND VIDEOS

    Make unique photographs and videos for your website. Make your own graphics. Logos, buttons, etc. An unique look and lots of unique content helps. Post the videos on YouTube and Facebook and get a lot more traffic.

    #7. BUILD A SOCIAL MEDIA PRESENCE

    Every time you post a new page mention it on Facebook, YouTube, Twitter, etc.

    #8. PROMOTE YOUR PROFESSIONAL IMAGE

    That means business cards, business listings, official photographs, logos on your photos and videos - remember to keep things family friendly and avoid anything that could draw negative publicity. Maintain a positive reputation.

    How to meet other Business People via Sports

    Yes, you can meet other successful people by hanging out and playing golf. Golf is the standard when people think of business deals and sports.

    However not everyone likes golf.

    And some people from various fields prefer other activities.

    So if you decide to take up a sport or activity with the hopes of meeting new people and handing them your business card here is some helpful suggestions.

    #1. Get lessons. ie. If you take up archery (lots of IT people do archery) then you should get some archery lessons so you don't look helplessly inept since archery is a lot harder than it looks.

    #2. Do not try to hand people your business card at the gym or yoga studio. Its actually kind of creepy and makes you look desperate. Choose a sport that has a more casual and talkative setting.

    eg. Billiards and darts are good sports to talk during.

    #3. Avoid team sports where you can only talk AFTER the game is over.

    eg. Volleyball and gun marksmanship are too busy and noisy to talk during.

    #4. You want a sport which allows you to carry your wallet in your pocket the entire time, that way you can pull it out and hand out your business cards easily.

    eg. Swimming doesn't work because you can't carry business cards in your bikini or swimshorts.

    #5. Always remember to have a good firm handshake (but not try to squeeze their hand like a jerk). A limp handshake makes you seem weak and ineffectual. Make a good impression.

    Archery and Innovation in Business - Balance, Aim, Shoot and Run!

    To some extent, business innovation does not differ much from archery.

    Metaphorically you have your quiver with your arrows by way of ideas, you have your shooting skills in the vein of creative and innovative skills and you finally achieve more or less success depending on the number of arrows that hit the target, that is, the number of ideas that are implemented successfully.

    However, when it’s business innovation we often overlook some things that turn out automatic when we do archery. Things that we take for granted and that we don’t catch when innovating. Being aware of these obvious issues is critical for the success and sustainability of an innovation system. Fortunately, fulfilling them is very easy, just do the following: aim, shoot… and run!

    Balance

    Before you can even aim at a target you need stable footing. In business we sometimes think of this as being location, location, location - but in archery balance also includes attention to details and the quality of your form. For business this means the quality of your business model, the attention to detail with respect to your clients, your products, your services - and paying attention to things that might effect your chances - like wind and rain.

    Aim

    What is the best way to hit the target? It is so obvious that often we don’t even see it… So make sure you have a target!

    Most likely some of you are thinking “What nonsense, of course you must have a target!”. However, how many times do we get down to innovation without having a clear goal? And when I say clear I mean as concrete and specific as a bullseye. Think about doing archery, do you maybe shoot the arrows “over there”? Of course you don’t aim them at a nonspecific area but towards a specific bullseye, with its central circles. Moreover, it makes no sense talking about aiming if there is no target.

    Of course, we can devote ourselves to shoot arrows in an intuitive way without pointing to anywhere in particular. Then, if we shoot a great amount of arrows, a few of them will maybe hit a profitable target (it depends on the circumstances of the company and the market). However, won’t we have many more chances to succeed if, from the first moment, we aim our arrows at the kind of goal that interests us?

    Some people tend to think that innovation arrows are magical and find their own way. That’s not right. It is a question of volume of ideas or goals. The difference is in the percentage of success. What do you prefer?

    You know your company, where the business opportunities are and which the keys to success are, so it can be said that this is your firing range. Set your specific targets there, perfectly quantified, and surprise yourself by checking how your success rate skyrockets.

    Shoot

    Second obvious issue: You have to shoot! It’s not enough to know how important innovation is, or to mobilize people at an exciting event at your company. It’s not even enough having a good handful of ideas (the quiver of arrows). You should do something to make arrows go all the way from the bow to the target. As surprising as it may seem, just at this moment when the quiver of innovation has been filled with a lot of ideas, is when most of the companies that begin with innovation get blocked.

    Omitting this subject is terrible, it’s true, but there is an explanation: very often the company doesn’t know what to do with that heap of ideas; they don’t know the process. If we take the uncertainty because of ignoring the concrete steps to be followed and we add the uncertainty of innovation, what we get is a situation sufficiently uncomfortable and confusing as to paralyze people (and therefore the company). Do dissipate this uncertainty by designing a process with concrete steps, that allows people to know where they are and makes them feel that they have a reliable map to go into the innovation adventure.

    Therefore, make sure to design an agile and clear innovation system. From the moment that the innovation goals are identified, through the generation of ideas, until developing them and putting some ideas into action. Avoid redundancies and unnecessary meetings, quickly detect the stagnation and eliminate or surround the obstacles so that every minute and dollar allocated to innovation is spent to add value.

    Run!

    Unlike archery, where each archer has its own target and archers typically stay stationary, on innovation there are usually several companies aiming at the same target, the window of opportunity. Accordingly, it is not enough to hit the target but to hit it soon in order to exploit that advantage ASAP. All the windows of opportunity get closed sooner rather than later, so being able to arrive quickly can mean the difference between coming across an open or closed window.

    Arriving sooner also means having more time to take advantage of the opportunity and strengthen your position. On the other hand, a poor time-to-market usually means that all the effort of people, time and money spent on innovation has not been useful for anything.

    Once you have chosen your targets, don’t waste time: aim, shoot and run! And when you hit the target, run again to identify other windows of opportunity and set new targets towards which the ideas of your company will be shot.

    6 Tips for getting Startup Funds

    By Charles Moffat - February 2010.

    There are lots of creative people out there who come up with great ideas for a business or a product. I know I come up with several ideas every week, but the key discriminating factors are availability of time and money. Whether the ideas are worthwhile and worth investing time and money in is the next factor.

    If a person is able and willing to set aside their current career to run with their business idea, that conquers the issue of time but the question of startup money is critical.

    Lets say they've made a new type of ant-farm, except instead of ants they used Fireflies. The Fireflies live inside a glass and plastic container, along with the necessary flowers (fireflies eat pollen and other organic material) needed to keep them alive and dirt so they can lay their eggs, reproduce and burrow underground.

    Before attempting to market this product they first need to determine how many fireflies the need, how to build the containers, and which plants work best for feeding them. If their plan takes off it might be difficult to catch/breed enough fireflies to keep up with demand.

    Getting the necessary funds to market and sell such an idea might be difficult however. Some people might just scratch their heads and go "Wait, you want to sell fireflies as pets?" and will evidently think you've lost your marbles. Others might respond with "Wow. I want one!" Some people just really like anything that glows.

    A more reasonable business idea might be recycling gold and precious metals from trashed computer parts. Right now those electronics parts are sent overseas to Asia where they are ripped apart, melted down and then recycled. A single trashed PC contains more gold than 17 tons of ore. Researching how to recycle the metals, melt them down properly and then selling/recycling the gold is a more promising business plan than "selling fireflies" because gold is a highly valued commodity and unlike fireflies gold won't die by accident.

    You could in theory take out a straight loan from the bank, but there are other ways to find financing.

    #1: FAMILY AND FRIENDS

    Often when looking for an investment people will look to friends and family. "Love Money" comes with its own pros and cons. Your friends and family will want their money back eventually and you will have to put up with them occasionally bugging you about how the business is going and even offering advise, whether its wanted or not.

    #2: ANGEL INVESTORS

    There are variety of hard to find companies out there who invest in startup companies, providing capital to pre-screened entrepreneurs. York Angel Investors Inc. in Toronto is an example of one such company. Their goal is to determine which startups are worth investing in and then they help provide their collective wisdom to make certain the company starts on the right foot. These investment groups don't like to advertise however and can be difficult to find.

    #3: TRACKING YOUR BUDGET

    Entrepreneurs often underestimate the costs of bringing a product to market. They don't realize the full extent of their costs, overestimate cash-flow projections and often make assumptions about how big their niche market is and how big they can grow. Keeping track of their budget means having a complete, fleshed-out strategic plan, not just cash-flow projections. Who are you hiring? When and why? What benefits or time off are they getting? What is the overall cost of staff, office supplies, new computers, IT support, photocopier repair, etc? What about emergencies? Does that match up with your spending projections?

    Startup companies have a tendency to overspend, buying the best equipment and materials, thinking "Oh, we'll make it back later." But not immediately. Its a procrastination tactic. As such its important to have other people look over your costs and expenditures and see if you're missing anything.

    "Wait, have you figured out how you're going to transport these fireflies?"

    "Oh oh, I totally forgot about transportation costs."

    "And what about insurance?"

    Stunned silence.

    "And have you determined your packaging?"

    More stunned silence.

    Knowing what your costs are is an important step for getting an investment. If your investors have doubts about your ability to stay on budget they will have serious second thoughts about giving you money.

    #4: KNOW YOUR VALUATION

    How much is your company worth? Don't use projected revenues for the next year or 10 years, how much is your company worth RIGHT NOW. Don't assume that just because you've spent $100,000 on your business that is how much your business is worth. You've got debts, obligations and your cash flow must not be that good otherwise you wouldn't be looking for investments. Its probably worth a lot less, especially if you don't own any patents or copyrights.

    When approaching potential business partners you want to downgrade your valuation in the event that your partnership will become "value added". For example if you have an exclusive deal to sell your product through a major chain store that adds to the value of your company.

    What you want to avoid however is "depleted value", wherein you sign a deal where you can ONLY sell your product to that one business partner. If they already have a competing product (ie. ant farms and fish aquariums) they might decide they don't really want your product and will keep you on the sidelines, your product wasting away in storage.

    Its all about who you want to work with at the end of the day. Some business partners might not fit right or be suitable. Some investors might have a lot more experience with your chosen market and you'd be foolish not to take advantage of that if they're willing to give a more hands-on approach.

    If they don't know much about the market however their offers to help might become quite cumbersome and not really helpful.

    #5. KNOW WHO YOUR BUSINESS PARTNER IS

    If you're meeting with an investor you will want to know more about their personal beliefs. Are they a green company? Are they currently being sued or in litigation? Do they have lots of business partners / clients? How much experience do they have? What is their profit margins? Are they doing any questionable business practices that might result in future lawsuits? Did they lose money in a Ponzi scheme (or worse, are they operating a Ponzi scheme)?

    #6: BE HONEST AND OPEN

    If you start lying about your finances or exaggerating how big your market share is the company you are dealing with might do some background checks and find out you've been covering up some horrible warts (ie. your debts to your family and friends). This could backfire in your face horribly, wasting both money and time.

    An eleventh-hour discovery that you've tried to hide a major flaw will kill the deal.

    Be honest about the challenges facing your company. Investors don't expect you to have all the answers.
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