Welcome in, everyone! It’s your hosts Michele and Karamel here to talk all about what it means to chase your dream and what it means when that dream can become a nightmare. While we do acknowledge that there are lists out there that help you determine how you know that your dream is becoming a nightmare, we point out several different ways to tell, starting with assessing whether or not your personal life and/or business is/are suffering.

Your dream can also, of course, become a nightmare when you’re not making enough to cover your costs, obviously a big one. We discuss the problems that can arise when what it is that you offer is no longer in demand, being burned out and therefore unwilling or unable to keep up with the demands of the business (another really big one), having the skill to do whatever service you offer but not really understanding how to run a business, and more.

We also talk about a few ways to help prevent your dream from becoming a nightmare, such as being open to change, having what Karamel refers to as a “kitchen cabinet,” seeking out advice from people who have been in similar shoes, and, probably most importantly, stick to your plan! 

At the end of the day, there are several ways that chasing our dreams can be become nightmares, and we need to be able to wake up from the nightmare if and when it happens, so if you find that your personal life is suffering, that you're having financial struggles, that demand for what you offer is dwindling, and/or that you're experiencing burnout, then this episode is likely for you! If you enjoy it and get some valuable insight out of it, please feel free to reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:31] - Michele has been realizing that some people are chasing after their dreams while living nightmares.

[1:23] - If your personal life is suffering, then that’s a good sign that you’re living a nightmare rather than a dream.

[4:48] Financial struggles arise when costs outweigh income, potentially leading to business closure or missed payroll.

[7:03] - If your products or services face declining demand alongside other issues, it's time for evaluation.

[7:55] - Another thing to watch out for is burnout!

[9:05] - Michele and Karamel agree that when you run a business, you have to be willing to change along with the times.

[10:40] - Michele discusses the problem of not being passionate for your business anymore.

[13:20] - Learn what Michele means when she says “to make something shake.”

[15:42] - Closing one business doesn't prevent future entrepreneurial endeavors; don't let failure hinder progress.

[18:15] - Karamel argues for the importance of having what she calls a “kitchen cabinet.”

[21:37] - Karamel points out that one way to combat your dream becoming a nightmare is seeking out advice from others.

[23:57] - It is never a good idea for a business owner to bury their head in the sand.

[24:35] - Michele argues that ​​”taking it day by day” is more than a cliché; focusing on daily tasks builds momentum.

[25:25] - STICK TO YOUR PLAN!

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

We are back for a new season, everyone, and we are starting off by catching up on our entrepreneurial journeys, sharing insights, challenges, and triumphs. As brick-and-mortar and e-commerce business owners, we've navigated the ever-changing landscape of entrepreneurship for years, adapting to market shifts and personal growth along the way.

From managing brick-and-mortar insurance agencies to e-commerce ventures and luxury travel experiences, our diverse businesses keep us on our toes, and we discuss the daily grind of entrepreneurship, the constant pursuit of growth, and the importance of strategic planning. We also delve into topics like the intricacies of running online businesses, the power of social media marketing funnels, and the necessity of diversification in uncertain times. Through this candid conversation, we reflect on the realities of being business owners, including the highs of success and the lows of navigating financial challenges.

As we share anecdotes and lessons learned, we hope that you gain valuable insights into the dynamic world of entrepreneurship. From discussing the impact of external factors like economic shifts and industry trends to embracing the necessity of change and adaptation, our conversation offers a glimpse into the multifaceted journey of entrepreneurship!

If you enjoy this episode, please feel free to reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:52] - Karamel asserts that entrepreneurship entails daily challenges, constantly evolving tasks, and occasional uncertainty.

[1:18] - Michele and Karamel reintroduce themselves since it's been a bit since season 2.

[3:00] - Michele reflects on how six years of business evolution has expanded her knowledge and reshaped spending habits.

[3:53] - Karamel argues that business success involves aligning activities with goals, not solely focusing on making money.

[4:26] - Hear how Michele doesn't feel that the 9-5 concept applies to her as a business owner.

[7:28] - Despite minimal social media use, Karamel still leveraged it to successfully launch her training business.

[8:17] - Targeted advertising, when done effectively, builds rapport and authentically boosts sales.

[11:14] - Michele argues that constant growth is essential; failing to grow will lead to decline.

[14:29] - Karamel points out how flexibility allows her to adjust focus and finances to sustain projects during challenges.

[16:27] - Karamel adds that despite challenges, she diligently optimizes her business strategies such as improving website navigation for customers.

[17:23] - Michelle discusses the residual pandemic effects that still persist, causing challenges like rising costs in various sectors.

[18:45] - Karamel firmly asserts that her clients are informed upfront that her training demands personal effort; she will not do the work for you.

[19:13] - Michele refers to the book Relentless by Tim S. Grover.

[20:14] - Adaptation is key in business; like insurance agents, pivot when circumstances change operations.

[21:36] - Michele discusses at length how businesses evolve and how growth plans and daily focus foster improvement despite challenges.

[24:28] - Strategic planning prepares Karamel for future challenges, ensuring preparedness.

[25:40] - Michele argues that strategic scaling is all about using resources smartly instead of just throwing money around.

[26:45] - Karamel recognizes the value of teamwork and involves her team in decision-making for business growth.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Tim S. Grover - Relentless: From Good to Great to Unstoppable

We hope that you will join us today as we discuss the challenges and triumphs of small business ownership! As the year comes to a close, we reflect on our experiences, sharing insights on working in vs. working on the business. Michele discusses her shift from working IN the business rather than ON the business due to rising costs and the need to cut expenses. With a strategic approach, she streamlined operations, making tough decisions like letting go of certain expenses, including a beloved billboard. Embracing an abundance mindset rather than a scarcity mindset, she emphasizes the importance of adapting to business changes and staying vigilant.

Karamel shares her perspective on balancing hands-on involvement and strategic planning, acknowledging the need for energy management and considering an exit strategy. We explore the complexities of leadership, emphasizing the significance of effective communication, building a supportive network, and appreciating the efforts of the team!

Again, we hope that you will tune in to gain valuable insights into managing a successful business while nurturing meaningful relationships within the entrepreneurial journey! If you enjoy this episode, reach out to us with your thoughts because we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[1:23] - Michele says that this has been a very hard year for business.

[1:58] - Why has Michele been working IN the business this year vs. ON the business?

[3:06] - Michele touches upon why she had to cut expenses.

[3:46] - Michele has to let her beloved billboard go next year.

[4:42] - This year has been a year of growth for Karamel.

[5:54] - What does the phrase “making cake” mean to Michele and Karamel?

[7:30] - Karamel argues that you can afford what you make room for.

[9:11] - You have to pay attention; you cannot put your head in the sand!

[9:35] - It’s important to have an abundance mindset, not a scarcity mindset.

[11:23] - It’s so important to not break your own rules.

[14:21] - Business owners might be removed, and not all employers will know you.

[16:43] - Karamel pays experts for help because she acknowledges not knowing everything.

[19:08] - It requires a lot of energy to engage with people on a substantial level.

[21:32] - It’s important for people in your business to feel valued and loved.

[23:57] - Michele gives an example of why she wants to work ON her business rather than IN it.

[26:43] - It can be very hard for some people to step away from making the cake.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

In this thought-provoking episode of the show, we hope that you'll join us as we discuss the intricate process of defining employee roles within our businesses!

As we gear up for the upcoming year, we find ourselves at a crossroads, facing challenges in hiring the right candidates and clearly outlining their responsibilities, so we explore the delicate balance between employee expectations and employer needs, discussing the importance of effective communication and setting realistic goals. Through candid anecdotes and valuable insights, we share our personal experiences of managing teams, emphasizing the significance of clarity and flexibility in defining roles.

We also open up about our individual journeys as business owners. We challenge the conventional definitions of success, emphasizing the significance of aligning our goals with personal aspirations rather than societal expectations. We explore the dynamic interplay between business growth and personal contentment, encouraging fellow entrepreneurs to embrace their unique paths. As we discuss the empowering nature of entrepreneurship, we unravel the essence of gratitude and fulfillment that comes with steering our own ships.

If you enjoy our conversation today, then please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:19] - We are talking today about defining employees’ roles within our company.

[3:13] - Michele considers both employer and employee viewpoints on income challenges.

[4:11] - Employees weigh flexibility and earnings, considering tradeoffs for balance.

[5:35] - Karamel and Michele discuss aiming to enhance efficiency by redistributing tasks.

[7:13] - Michele asserts that defining senior roles requires revisiting expectations.

[9:07] - Michele points out that “elevated” is the key term here.

[9:39] - Karamel argues that efficiency is crucial; define tasks clearly and innovate processes for improvement.

[10:19] - Michele adds that communication is also very important.

[11:39] - Clear communication about job expectations helps ensure pride and productivity.

[13:15] - Michele shares a valuable lesson that she learned, to focus on core responsibilities.

[15:12] - Michele offers an example of how to provide clarity in expectations between employers and employees.

[16:45] - Karamel prioritizes clear communication and preparation.

[18:32] - People need to know and understand what’s expected of them.

[20:01] - Michele doesn't micromanage but encourages team autonomy after morning meetings.

[23:09] - Michele likes straightforward communication.

[24:33] - Michele explains how building a team is like organizing a bus; roles define success.

[26:10] - Defining roles ensures growth, but Karamel prioritizes balance for business sustainability.

[26:41] - Michele aims to scale, delegate, and innovate.

[27:34] - We are encouraged to not allow society to define success for us.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

In this episode of CEO Chronicles, we take a deep dive into the blurred lines between a hustle and a business. We grapple with the challenges of expanding our income streams, sharing personal experiences and candid insights. The conversation revolves around the critical decision-making process, exploring when a venture evolves from a mere hustle to a fully-fledged business.

Discussing the importance of strategic investments, we emphasize the need for experts' guidance and how hiring specialists can elevate a side hustle into a thriving enterprise. We reflect on our own approaches, Karamel's risk-taking attitude and Michele's cautious, calculated decisions. We explore the dynamics of juggling multiple ventures and the significance of diversification.

Throughout our conversation, we touch on the essence of effective time management, highlighting the need for a reliable support system. We share our aspirations for the future, focusing on leveraging our existing successes to pave the way for new opportunities!

Join us as we navigate the intricate balance between passion, risk, and strategic growth in the entrepreneurial world. If you enjoy our discussion this week, please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:31] - Karamel and Michele are talking today about side hustles vs. businesses.

[2:54] - A side hustle is defined as a flexible endeavor pursued at one's discretion.

[3:16] - Side hustles often operate on minimal resources.

[4:59] - Michele invests based on results, not just hearsay or potential.

[5:17] - Karamel takes calculated risks after thorough research.

[7:28] - Michele points to the importance of word-of-mouth in the insurance business.

[8:29] - Michele discusses risk tolerance.

[9:50] - Efficient ventures require expertise.

[10:44] - Karamel shares having hesitated at a large loan and questioned her understanding of numbers.

[12:40] - Michele argues that it's crucial to be a good steward of your money.

[14:17] - Karamel attends diverse meetings to gain insights for the future.

[17:57] - Michele emphasizes that her business is very dynamic by nature.

[18:46] - Karamel advises investing in experts for a second income stream.

[19:36] - A hustle will stay a hustle until you take a reinvestment.

[22:35] - Michele argues that success relies on focused energy on a struggling business.

[24:30] - We are encouraged to stay resilient and adapt to challenges.

[27:58] - Michele admits that she needs to invest in an assistant.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Welcome back to another exciting episode of CEO Chronicles in which we dive deep into the essence of effective communication and time management, both incredibly important when it comes to being CEOs! We share our no-nonsense approach to business dealings, emphasizing the importance of getting straight to the point. Karamel discusses her frustration with unnecessary details and the need for clear, concise information in business interactions, and we both stress the significance of the "bottom line up front" mentality, focusing on what truly matters and making decisions swiftly.

We also explore the balance between urgency and importance in our decision-making processes and highlight the value of planning ahead and understanding the long-term consequences of our actions. Karamel shares her proactive approach to strategizing for the future, ensuring her team is well-prepared for upcoming challenges, and we emphasize the significance of being organized and planning meticulously, especially when dealing with a growing business.

Throughout this candid conversation, we stress the importance of respecting our time and energy, and we discuss the art of saying no, setting boundaries, and prioritizing tasks. Karamel shares her experiences in delegating tasks and making efficient use of resources, emphasizing the value of paying for services that allow us to focus on what truly matters.

We hope that you will join us as we navigate the intricacies of effective decision-making, time management, and prioritization in the world of entrepreneurship. Learn how the "bottom line up front" mentality can transform your approach to business and help you achieve your goals efficiently and effectively! If you enjoy this week’s discussion, please feel free to reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[2:01] - Entrepreneurs with clear decision-making processes swiftly recognize opportunities.

[3:27] – Michele advocates for taking responsibility for decisions.

[3:50] – Karamel describes her leadership style.

[4:51] – When employees leave, it's not about them; it's about Michele's strategy.

[6:00] – Karamel shares how she faced challenges and persevered through setbacks.

[6:32] - Founders are the driving force behind their businesses.

[7:08] - Karamel assesses situations, prioritizes tasks, and makes decisions confidently.

[9:17] – Michele handles constant calls and often delays purchases until the third quarter.

[9:57] – Karamel finally took action on setting up her family trust after extensive research.

[11:12] – Michele asserts that she is direct and no-nonsense and that she values honesty.

[12:39] - It’s so important to find a balance between work life and personal life.

[15:21] - Michele advocates for outsourcing and delegation whenever possible.

[16:39] – Michele being clear about her needs saves time and minimizes frustration.

[18:25] – Karamel prioritizes preparedness and takes her work anywhere.

[19:16] - Meeting important people requires purpose, agenda, and respect.

[21:58] – Michele explains why she paid for a rather expensive course that she never took.

[22:31] – It's important to recognize one’s own work style.

[23:55] – Karamel argues for the importance of planning ahead with a clear vision.

[25:48] – Karamel points out that consulting your team and valuing their input ensures a strong business strategy.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Join us this week on CEO Chronicles as we provide insights into both of our journeys as CEOs! In this candid conversation, we discuss the challenges and responsibilities that come with leading a business, and Michele reflects on her background in radio and sales, emphasizing the importance of never missing work and always achieving goals. Karamel, on the other hand, coming from a startup background, shares her experience of building something out of nothing and navigating the complexities of running a business.

We both touch on our interactions with vendors and the need for clear communication and accountability while also minimizing apologies when they aren't necessary and why that's important as a leader. We delve into the balancing act of leadership, acknowledging that being a boss means understanding when to delegate, setting parameters, and making crucial decisions.

We ultimately explore the dynamics of business ownership and the growth that it demands, and we really hope that you will tune in for actionable takeaways and an insightful perspective on being a CEO!

If you get some insight out of today’s conversation, please feel free to reach out to us with your thoughts! We would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[2:33] - Karamel has been thinking about coming into her bossdom.

[03:41] - Michele use BLUF (Bottom Line Up Front) in customer interactions.

[4:55] - Michele’s ability to escalate conversations to higher levels for resolution is a skill.

[6:06] - Hear how and why Michele prioritizes punctuality and efficient scheduling.

[6:37] - Karamel reflects on when WTA first started.

[7:25] - What is the difference between corporate and boutique?

[9:38] - Due to remote work and time zones, clear communication and swift action are vital.

[10:31] - Michele asserts that she expects prompt responses during paid work hours.

[12:06] - Karamel and Michele agree on the importance of clarity in emails.

[13:17] - Learn why Karamel values admin email.

[14:18] - Karamel asserts that she has a low tolerance for people who don't know their job.

[16:26] - It gets very frustrating when businesses fail to address specific problems.

[18:20] - Michele explains why she doesn't overuse apologies.

[19:49] - There's a difference between a personal attack and addressing policy violation.

[21:24] - We are reminded of a recent episode about whether CEOs are arrogant.

[22:08] - Michele emphasizes the significance of never missing work and achieving goals.

[23:43] - Karamel discusses navigating new challenges in dynamics and business operations.

[25:45] - Michele points out that capacity is also a key factor.

[27:24] - Employees should ultimately prioritize results over perfection.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

CEO Chronicles - “Entrepreneur Arrogance, Competence or Confidence”

Join us today as we get talking about whether employers should consider things like commute times. We believe that you need to set clear expectations up front. We discuss how we are both upfront with our employees - the work needs to get done, even if it means staying late some nights.

We do also talk about how we understand that people's lives change and how showing a little flexibility can build loyalty, but we also do not believe in showing favoritism. Listen in as we also get into how we each manage teams and how our styles are both similar and different. We like to consider their needs, but also, with sales, you have to be there to make your numbers happen!

It's a fun debate around all these changing workplace norms, and we see both sides for sure. At the end of the day, though, it comes down to laying out clear rules while also remembering folks have lives outside the job.

We, as per usual, hope that you get something out of today’s conversation! What do you think - where do you fall on these kinds of considerations? Please reach out to us with your thoughts! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:32] - Do we need to make career considerations?

[0:57] - Karamel explains managing e-commerce vs. corporate jobs.

[2:01] - Commute hours, schedule, and time off impact work-life balance.

[3:21] - Karamel argues that employees ​​should factor commute lengths into scheduling.

[5:41] - Is it the employer's job to look out for you and your needs?

[6:29] - Michele argues that she can’t consider where an employee lives.

[9:33] - Carefully considering job location and compensation before accepting is important.

[10:44] - Hear about the live, work, play approach to deciding where to live.

[13:33] - Michele and Karamel discuss how increasing the minimum wage would affect other pay scales.

[16:13] - Growing a business requires investing in employees, which significantly increases costs.

[17:42] – It's important to clear job expectations upfront, helping to avoid unrealistic assumptions.

[20:16] For Karamel, working from home during the pandemic blurred some work/life lines.

[24:02] – Michele points out how brick and mortar requires set hours but flexibility for tasks.

[26:23] - Michele explains that while policies sound good on paper, career considerations are sometimes required.

[26:58] - Michele aims for fairness but also considers individual needs.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Join us today on a thought-provoking episode of CEO Chronicles as we delve into the complex interplay between confidence, competence, and arrogance in the world of entrepreneurship!

While we acknowledge that as business owners, we certainly exude confidence and certainty, we also explore the distinction between arrogance and competence. Reflecting on our roles as confident leaders with a clear vision, we emphasize the value of humility and the importance of balancing confidence with approachability. We also discuss the challenges of decision-making, the nuances of leadership, and the difference between employees and business owners in terms of responsibilities and perceptions.

We ultimately reveal the journey of self-discovery, understanding, and empowerment that comes with being a subject matter expert and a thought leader in our respective industries, and we hope that you'll tune in for insights on perception, expertise, and the pursuit of excellence in entrepreneurship!

We, as always, really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:32] - Michele does not know everything but feels that some people think that she does.

[1:08] - Karamel remarks that you don't always have to be arrogant to be confident.

[1:40] - What is perceived as arrogance might sometimes be false bravado.

[2:05] - Karamel offers a helpful definition of arrogant.

[2:53] - Karamel gives us a definition of humble.

[4:13] - Karamel recounts an experience when she absorbed information via active listening rather than taking notes.

[6:05] - Karamel argues that people often misunderstand what leading a company means.

[6:52] - While you should empower your employees, there can only be one leader.

[7:25] - Fostering emotional intelligence, coaching, inclusiveness, and people management is crucial in leadership.

[9:15] - Michele discusses the range of attitudes: arrogance, confidence, and competence.

[10:39] - Karamel expects things done her way unless a different approach is discussed prior.

[11:31] - Michele and Karamel agree that the end result takes priority over the method.

[14:23] - Arrogance can manifest when someone inconsiderately dismisses perspectives.

[15:36] - Michele highlights a crucial difference between a business owner facing shutdown and an employee facing termination.

[17:19] - Michele argues that it’s usually employees who are arrogant more often than business owners.

[18:43] - Michele asserts her self-assured confidence, now comfortable with a subtle presence in a room.

[20:12] - Karamel believes that there is a striking difference between confidence and arrogance.

[20:45] - Michele ponders a book's message about understanding personal motivations and relates it to her journey as an entrepreneur.

[22:53] - Karamel explains her reasons for founding Women Travel Abroad.

[24:25] - Michele justifies her reasons for believing that she is not arrogant.

[27:20] - Neither Michele nor Karamel are arrogant but rather are subject matter experts.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Dale Carnegie - How to Win Friends and Influence People

We are talking all about institutional knowledge today, and some of you may be wondering, what is institutional knowledge? Well, listen in today as we talk about what institutional knowledge is and why it’s important, offering personal examples along the way such as something that happened on Karamel’s recent trip to St. Lucia (not Croatia)!

As we explain on the show, institutional knowledge is the sum of information a company and its employees possess, including but not limited to techniques, expertise, policies, data, skill sets, processes, and experiences. We also explain that there is an important difference between explicit knowledge and implicit knowledge and touch upon why that distinction is important.

We also explore the importance of consistency, effective training systems, and clear communication in establishing a successful business foundation. Learn how empowering employees, fostering cross-training, and implementing standard operating procedures can lead to fewer information gaps and smoother operations, the power of embracing shared knowledge and the role it plays in overcoming challenges, how to avoid over-reliance on a single individual's expertise, and so much more!

We really hope that you enjoy today’s conversation and get some great insight out of it! Please feel free to reach out to us with your thoughts; we would love to hear from you! Please also consider subscribing to the podcast if you aren’t subscribed already so that you never miss a new episode when it drops, and don’t forget that we are now on YouTube, so please feel free to follow our YouTube channel if you want to both hear us and see us!

Time Stamps

[0:52] - Karamel was just in St. Lucia!

[1:22] - Today’s conversation is around institutional knowledge.

[2:14] - Karamel offers an example of institutional knowledge.

[3:08] - Hear a definition of institutional knowledge.

[4:49] - Karamel explains the difference between explicit knowledge and implicit knowledge.

[7:04] - Turnover can happen very quickly!

[8:45] - What are the benefits of implementing institutional knowledge?

[10:18] - Michele discusses the difference between practice and policy.

[11:18] - Michele is learning that everyone thinks and operates differently.

[12:30] - Karamel moves toward talking about efficient onboarding.

[13:25] - Continuity of service is another benefit of institutional knowledge.

[14:38] - Hear how Michele brought in institutional knowledge during her banking days.

[17:01] - Having institutional knowledge also leads to employee satisfaction.

[18:47] - Michele argues that children fare better with the truth.

[20:50] - Credibility builds incrementally over time.

[22:39] - Institutional knowledge is required for scaling and growing.

[25:13] - Michele really loves numbers.

[26:44] - Michele emphasizes the importance of your vision and mission.

Resources

CEO Chronicles – Website

My CEO Chronicles - YouTube Channel

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Valamis - “Human Resources: Institutional Knowledge”