The Co/LAB

Description:

There are so many parts involved when it comes to running a business that it’s possible as an owner to lose sight of one of its most valuable assets: yourself and the value you bring to your brand. In the age of social media, there are endless opportunities to connect with customers both as a business brand and more personally as an influencer. In this episode, The CoLab hosts Megan Marsh and Andres Munar welcome Nicki Maher, a former corporate executive turned brand advisor and founder of Nicki Marie LLC, through which she advises businesses and thought leaders on their omni-channel marketing and communications strategy and integrating influencer marketing.

Show Notes:

Influencer marketing has become a hot trend in business. Companies are paying influencers to promote their products or encouraging their staff to become influencers themselves in order to connect with audiences— and potential customers. As a small business owner, you can join this movement by implementing new marketing strategies that have the potential to put your product or service in front of millions of new customers while sharing your authentic self at the same time.

Integrating Influencer marketing gives business owners an opportunity to connect directly with audiences and purport themselves as real people looking to solve problems, pass on valuable information, or just entertain people—all of which can be leveraged into revenue for your business.

Get our 3 Step Guide to Getting Social Media Influencers to Promote Your Product or Service today!

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

[02:33] Many people want to own a business but often find themselves stopped by feelings of doubt or fear because they recognize that owning a business and being part of one are very different experiences.

[11:17] Everybody wants that management title but do they understand the difference between working on a project and leading the project and the people involved?

[19:15] Marketing is changing, especially as people crave more authentic connections with others (including businesses) during times of social distancing. Influencer marketing is on the rise and it’s not just for twenty-somethings.

[25:51] Social media is a medium you can monetize while connecting with your audience as a business owner or as a company.

[31:36] A key component of using social media for business is your posts are not for you, they’re for your audience. You’re speaking directly to them so be sure the message you want to send caters to them.

[36:55] Thinking about taking a step toward integrating influencer marketing into your business? Maher recommends identifying what type of leader you are and connecting and surround yourself with the opposite type of person—people that can get stuff done that you can’t.

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Guide to Influencer Promotion:

3 Steps to Promoting Your Product or Business

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Description:

Being a woman in the world of business comes with its own set of unique challenges. One of the biggest is the double standard of expressing emotion. The CoLab host Megan Marsh dives into this topic with co-worker Melissa Mueller, loan originator for Keystone Alliance Mortgage.

Show Notes:

Navigating the business world requires grit, tenacity, and passion. How those characteristics and others are interpreted is often defined by gender. Women are often socially penalized in business settings for expressing emotions that are considered masculine. Rather than being seen as strong, passionate, and direct, they instead are called bossy, over-emotional, and intimidating.

Understanding the energy behind emotions and casting their associated gender stereotypes to the side will help make you a better business owner and team leader.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

● [00:47] The topic of emotions in the workplace is often centered on women, but discussing this topic is valuable to anyone of any gender.

● [02:43] In the workplace, women often come under greater scrutiny than men for expressing emotion.

● [06:38] At the risk of being seen as unstable, women have to learn to adapt quickly and control their emotions, the expression of which is often incorrectly perceived as weakness.

● [14:24] A stoic exterior is often the expectation in business, especially in roles that deal directly with clients. But oftentimes, expressing emotions is more about energy leaving the body, not the feelings associated with them.

● [21:48] The perception of emotions in regard to women can negatively affect their advancement in the workplace.

● [30:29] In the moment, it's important to take a deep breath, sit for a moment, and think about the facts of the situation and the emotions they are triggering.

● [33:41] There are resources and strategies you can use while at work to help navigate situations that might trigger an emotional reaction.

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

You’ve started your business and have hired your first staff member. Things seem to be going well and you have lots of new ideas to help your business, but one question keeps resurfacing in your mind: What’s next? The CoLab hosts Megan Marsh and Andres Munar have been there and have a plan to help you and your business reach new heights.

Show Notes:

Each year, more than 600,000 new businesses open in the United States. If yours is one of them, congratulations! You accomplished something great, and it’s time to build on that foundation. Tackling the question of “What’s next?” can seem overwhelming, but The CoLab has tips to help you identify your priorities and turn that work into business growth.

Ready to dive in and know what's next? Here’s what we’re covering in this episode of The CoLab:

● [1:28] It’s time to regroup and talk about next steps for your business. That includes identifying impact areas where you can increase your efforts and improve your business. This episode will focus on four key impact areas that should be your priority.

● [06:20] Impact area: Marketing. No matter what kind of business you own, you need to promote it.

● [13:40] Impact area: Sales. Sales can come from a variety of avenues, but it’s important to use these avenues to stay in front of your current and new customers.

● [21:00] Impact area: Finances. Staying on top of your finances is about more than watching your bank account.

● [29:40] Impact area: Human, community, and business relations. People are what drive the success of any business, so make sure you’re investing in your employees, clients, and partners.

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

Overflowing file cabinets and unorganized piles of documents are the bane of any business. The good news is there are plenty of resources available to help you transform your inefficient paper filing system into a streamlined digital storage system. In this episode, The CoLab hosts Megan Marsh and Andres Munar share tools they’ve used to successfully go paperless in their own businesses.

Show Notes:

Thanks to technology, business operations are no longer confined to paper. You and your employees don’t need to be chained to a desk and hard-line phone to make sales, check inventory, and review receipts. You can do it all from anywhere on a smartphone, tablet, or laptop.

With nearly endless digital storage at your disposal, have you considered cutting paper files from your operations? Going paperless will save your business time and money but also will likely be a big change for you and your team. You need the right tools to help your transition go as smoothly as possible. That’s where The CoLab comes in with resources to help you achieve your paperless goals.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

● [01:05] There’s an old school and new school way of managing your business. Which are you?

● [04:35] There are four questions you need to ask yourself to determine if you truly have gone paperless or if there is room for improvement. The first is: Do you have cloud storage?

● [09:35] How are you converting paper files into digital files? A tool The CoLab enthusiastically recommends is the SnapScan. 

● [18:35] Do you have a software tool that can organize and edit documents on the go?

● [19:55] If you are out conducting business, do you need to return to your office in order to keep your process moving?

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

As a business owner, you need to be efficient, but that doesn’t mean you have to do everything yourself. Instead, you can add a host of tools and resources that not only will help you run your business better but also set it up for growth. To help you, The CoLab hosts Megan Marsh and Andres Munar share recommendations for tools that have helped transform their business.

Show Notes:

Finding the right tools to take your new or small business to the next level can be very overwhelming. A quick internet search or review of your phone’s app store reveals nearly endless possibilities. That’s why The CoLab has curated a list of resources to get you started. A special thank you to Brandy McAulay, owner of Universal Settlement Services of PA, for her help in creating this list.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

[02:20] Trying to find a tool or app that has everything you need is more difficult or expensive than you’d think, leading business owners to put off integrating new systems into their company.

[04:15] In order for a new tool to be successful, you’ll need buy-in from your team. Be sure to explain why you’re adding a new tool to your team’s workflow and to create accountability in terms of its use.

[05:15] Ditch the expense of installing and maintaining a hard-line phone system for your business by adopting tools that utilize Voice over Internet Protocol (VoIP) calling.

[07:15] Try out apps that will transform your cluttered file cabinet into an organized (and paperless) dream. 

[08:45] Invest in a customer relationship management (CRM) system as soon as you can.

[10:20] Project management platforms allow your team to stay organized and updated on project deadlines, action items, assigned tasks, and more.

[12:35] Go virtual with video, from meetings to content creation that you can share with customers.

[14:40] Go digital with your networking and add a mobile business card to your toolbox.

[18:00] Lead generation technology should be a vital piece of your business’ digital presence.

[20:15] Take your presentations to the next level with accessories like learning games.

What tools and resources do you use that helped you and your business?

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

Social media, blogging, and video creation have become part of the marketing essentials checklist for businesses, but is the content you’re producing doing as much as it can for you? The CoLab hosts Megan Marsh and Andres Munar welcome special guest Kate Chernis to the show. Chernis is the founder & CEO of Lately, which uses artificial intelligence to transform long-form content such as blogs, podcasts, and videos into dozens of social media posts.

Show Notes:

Connecting with customers is the key to gaining trust and earning their business. Social media channels offer unlimited possibilities for connection but having engaging content is key for drawing in visitors and converting them into customers. Enter Lately, an AI-driven service that transforms your content in social media posts. In this episode of The CoLab, hosts Megan Marsh and Andres Munar pick the brain of Kate Chernis, CEO and founder of Lately, for steps business owners can take to improve their content output and engagement.

You can download Kate’s writing tips covered in this episode here.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

● [03:45] Introducing Kate Chernis, who founded her own business after realizing she was meant to work for herself.

● [13:00] A lot of people want to start a business when they’re unhappy with a job

● [19:05] Always look for the patterns in your business. Identify patterns of what is working and what is not working. It will help your business grow.

● [27:45] “We know we’ve got a tiger by the tail. We believe in what we’re doing, and we want to do this more than anything else. And that has to be the case.” — Kate Chernis.

● [29:00] Lately gives small businesses the army they need to put their content to work across social media.

● [38:10] If you’re not creating content, it’s time to start.

● [42:15] Everything is in front of you, it’s up to you to figure out what the customer wants and needs and then put your content to work.

Know more about Lately from here: Request Demo

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

Getting your finances together as a small business owner can be challenging, but you need to know your numbers now, this will help your business get to where you want it to be. The CoLab hosts Megan Marsh and Andres Munar welcome special guest Kristine Mehler, CEO of the TLG Financial Foundation, which is an accounting, advisory and consulting firm designed to help businesses create cash flow, job cost, and grow profit.

Show Notes:

Every business owner has dreams and goals for their enterprise. Neither can become a reality unless they successfully manage their finances. It can be an overwhelming process to start, but there are resources out there to help you to know your numbers. In this episode of The CoLab, Megan Marsh and Andres Munar speak with Kristine Mehler, CEO of the TLG Financial Foundation, to uncover ways business owners can tackle their finances and create systems to help them stay on track and reach their goals.

Click here to access resources from Kristine.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

● [03:13] Introducing Kristine Mehler, who uses her background in accounting to help small businesses get their finances on track and help them grow through the TLG Financial Foundation.

● [09:15] People go to workshops or conferences, learn great things, but don’t implement them in their business. A coach or mentor can help change happen.

● [12:50] A lot of business owners are happy to make money with their business, but should also be putting a value on their time and skills.

● [15:50] Knowing your terms is important, such as the difference between cash flow and net profit. Understanding these terms and how they relate to one another will make managing finances less daunting for business owners.

● [21:45] Mindset is huge. Being adaptable allows you to take new ideas and use them to transform your existing business for the better.

● [24:15] When it comes to reducing costs, asking the right questions is key. Do you need it? Can you get rid of it without sacrificing quality of service or product?

We hope this was helpful to know your numbers. If you have more tips, let us know in the comments or on our social media.

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

DOWNLOAD NOW

Description:

If the business you run feels more like a chore than a rewarding experience, it’s time to shake things up. In this episode of The CoLab, hosts Megan Marsh and Andres Munar offer seven steps to business transformation that you can take to totally transform your business into the dream job you hoped it would be when you started it.

Show Notes:

Whether you’re thinking of starting a business, recently took the leap and created one, or have run your own for years, you can always take steps to improve and transform your company. As business owners, Megan Marsh and Andres Munar have learned many lessons along their journey. Now, they’re passing them on so you can take your business to a new level and give yourself more time and freedom to do what you love.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

●[02:30] Many people start their own company to get away from the 9-5 grind or a bad boss, but they end up chained down by the demands of their business.

●[04:55] There are seven steps you can take to transform your business and give yourself more time and freedom.

●[07:19] Before we continue, be sure to download the 7 Steps To Small Business Transformation Roadmap and follow along.

●[08:00] Step 1: Go back to school.

●[09:54] Step 2: Choose the right people for your team.

●[11:19] Step 3: Practice makes perfect.

●[15:40] Step 4: Know your role.

●[20:05] Step 5: Create a game plan.

●[24:30] Step 6 Know your numbers.

●[32:00] Step 7: Create Accountability.

Do you have more steps that can help to transform businesses? Share them with our community!

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

DOWNLOAD NOW

Description:

Not every business needs thousands of dollars in seed money to get off the ground, but if you’re planning to start a company with little to no money of your own, there are a few things and components to starting a business you should know before moving forward. In this episode of The CoLab, hosts Megan Marsh and Andres Munar retrace their steps through starting their own businesses and offer tips to get your new enterprise up and running.

Show Notes:

Plenty of successful businesses have grown from very humble beginnings. It’s possible to start a business with little or no money of your own, but it’s important to understand that money is only one part of the equation. As a prospective business owner, there are factors to consider other than where the money to run your business is coming from.

Four components that you need to evaluate before starting a business with little cash are:

1. Money - If you can’t bring a lot of seed money to your venture, what is your plan for securing enough funding to get your business up and operating?

2. Experience - Whether you’re a fresh college graduate or someone with decades of work experience, you need to evaluate how your experience will shape your future company.

3. Results - Do you have a successful track record of getting results? Having that drive will help you get your business started and may convince others to invest in your venture when they see your past success.

4. Time - How much time can you commit to your new business? If you’re starting out with little funding, are you willing to put in time without paying yourself to grow your business?

The combination of the four components will look different for everyone. Some people may have more time to dedicate to starting and maintaining a business but may lack relevant experience in that field. Others may have the experience and track record of successful results but may not have the time or money to step out on their own. That’s why it’s important to evaluate these four components and understand what you can bring to the table before you start making plans to start a business.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

● [02:00] It is possible to start a business without any money, but you need to be intentional. Start one you want, not one that costs the least amount of money to set up.

● [02:40] Four components you need to evaluate before you start a business are money, experience, results, and time.

● [06:45] As a business owner, you encounter a lot of expenses, so if you don’t have much money to invest upfront, you’ll need to find a way to make enough to cover your operating costs until you can establish a more reliable flow of revenue.

● [13:30] Everyone focuses on what businesses you can start with no money, but you need to think through the other three components to figure exactly what kind of business you want to start.

● [17:45] When you’re sitting down and thinking about the business you want to start, whether it’s your first or fifth, evaluate each of the four components and figure out what you can bring to the table.

Connect with The CoLab at www.thecolablife.com or on Facebook, Instagram, Pinterest, and YouTube.

The Cólab Crush It Action Plan:

7 Steps to Small Business Transformation

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Description:

Employee pay may not be the first thing that comes to mind for a new business owner, but as you add people to your team, it becomes apparent this area requires a lot of thought, research, and strategy. The CoLab’s Megan Marsh and Andre Munar have five questions you should ask yourself as you dive into employee compensation and issues that can arise.

Show Notes:

Your business is booming, and it’s time to add employees to help keep operations running smoothly. Factoring in how to pay them without having to sacrifice your success can seem tricky. In this episode of The CoLab podcast, Megan Marsh and Andre Munar pose five questions that will guide you in creating fair and enticing compensation packages for your employees.

How do determine employee pay?

How do you structure a compensation package?

What are other benefits you can offer?

Are there non-monetary benefits or perks you can offer?

Considering all types of pay and benefits, what is the true cost of an employee?

If you can come up with the above numbers, you can put them into an employee cost calculator (you can use calculators offered by companies such as Intuit Quickbooks and TSheets) to show your total investment into your employees.

For example, consider an employee whose base pay is $35,000 and has the opportunity to earn bonus pay based on their performance.

Base salary: $35,000

Bonus: $5,000

+

Holidays off (13 days per year)

Paid time off (13 days per year)

Paid breaks (30 minutes per day)

+

Workman’s compensation (1 percent of overhead costs) and unemployment insurance ($150 per year per employee)

+

Health insurance ($320 per year per employee)

Life insurance and disability ($10 per year per employee)

———————————————————————————————

Total employer investment: $48,770

These types of costs might not come to mind if you don’t own a business, so be sure to illustrate for employees how much you’re really compensating them to work for you.

Ready to dive in? Here’s what we’re covering in this episode of The CoLab:

[04:48] Running a business means navigating sensitive topics such as losing employees, firings, and compensation.

[05:55] Does this sound familiar? Employees coming to you as an owner with issues about their own or each other’s pay, benefits, and workspace. As business owners, Megan and Andre have heard it all.

[08:45] 1. How do you determine an employee’s pay? Are there other incentives or benefits you can provide to employees? Create guidelines that establish pay standards and map out what factors (above average work performance, total sales, advanced degree, etc.) would lead to a pay increase or bonus compensation. Be clear upfront that bonus compensation can change from year to year.

[15:42] 2. How do you structure compensation packages? Base pay is only one part of a compensation package. As an owner, you also need to consider benefits such as family leave and paid time off. Be sure you research what state and federal laws require you to provide as an employer.

[20:10] 3. Are you going to offer other benefits? Other benefits, in this case, means health insurance (How much of the cost are you willing to cover for employees?), 401(k)s (Are you going to match a percentage of your employees’ contributions?), or offerings such as short-term disability, long-term disability, and life insurance.

[22:15] 4. What about offering non-monetary benefits? There are little things about your business that can make a big difference in employee morale. Are you willing to let employees work from home occasionally, work a half-day on Friday, or enjoy a casual dress day?

[24:30] 5. What is the true cost of an employee? It’s about more than base pay. You can use an employment cost calculator to determine the total com...