Know When to Hold ’em and When to Fold ’em

“You’ve got to know when to hold ’em, know when to fold ’em, know when to walk away, know when to run.” This iconic hook from the song “The Gambler” is about more than just playing cards. It’s also a metaphor for many circumstances that we encounter in life and business. Knowing when to end a dead-end job or a toxic relationship is critical to maintaining a happy life.

Likewise, understanding when it’s time to quit a product you love, but that is not providing you with the gains you want, can mean the difference between success and failure, or even fulfillment and frustration.

In 1976, 23-year-old Don Schlitz wrote “The Gambler.” After pushing it around for a few years, eventually, it was picked up by Bobby Bare and later, Johnny Cash. Despite the talent behind the lyrics and performers, the song never really took off. That is until Kenny Rogers picked it up and launched it to the top of the charts. Schlitz knew he had a song worth pushing and didn’t give up. That perseverance paid off in spades (pun intended).

Knowing when to keep going with a product or service is not always so straight-forward, though. It’s a difficult decision to give up on your “business baby” that you created and nurtured, especially when revenues are “ok.” Sometimes, though, it’s necessary to give up an “ok” thing to make room for an extraordinary thing. So, hear from some of the top founders in the country about how they know when to hold em’ and when to fold em’.

Is It Profitable?
This question is probably the easiest to answer when you take into account: (1) revenue, (2) time and money investment, (3) emotional investment and (4) company goals. For Elisa Doucett, Founder of CraftYourContent, it’s a no-brainer – “if it costs more fiscally and mentally to maintain than it makes, then it is no bueno.”

For Matthew Newton, Founder of TourismTiger, his approach is similar – “if the return on time or money invested isn’t worth it and you can’t find a clear solution, it’s time to kill the product.”

Is It Providing Value?
Just creating a product because you want to make money or achieve a personal goal may not be the best for your product’s success. Likewise, if your product is too similar to your competition or doesn’t add more value than a competing product, it’s time to move on to something else.

Micheal Ericsson, Founder of Search Scientists, looks to the founder’s mindset in determining when to kill a product: “Everyone I know with a truly successful product…[is] not creating a product to create a product, they’re moving forward with the goal to change a piece of the world.”

Is It Feeding Your Passion?
While passion may not be the best reason for creating a product, it certainly should be a factor in keeping it going. According to Brandon King, Founder of SmartInternChina, “You should kill a product when it is killing you. If you go through an extended period of time working on a product you hate…that drains your energy, that is a good sign that it is time to move on.”

Continually working on a product that you hate will erode your ability to put your best efforts into it. Nobody wants to put their name on a mediocre product.

Phil Ivey, (a.k.a. Gambler) always quits for the night when he’s no longer at his best. The same holds true for running a business.

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Inspiring Company Cultures: A Great Place to Work

How often do you dread coming to work in the morning? Even for business owners who love what they do, sometimes getting out of bed and coming to work can be a chore. Putting a priority on developing a company culture that inspires your employees to have fun at work can help take the dreariness out of the everyday mundane. While not all businesses have a budget to implement all of these ideas, you can find some creative juice from what these companies have put in place to make their workers enjoy the workplace.

What Makes a Great Place to Work?

Sparks, a marketing company, creates activities that make work fun for their employees. Some of the activities they have implemented include:

*Mix & Mingle – A program that coordinates employees from different departments having lunch together.
*Food4Thought – Focuses on lunchtime presentations from various departments and what they are doing.
*Events – Creating parties for holidays and other occasions.

Encourage Staff to Get Up Out of Their Chairs

Limeade, an employee engagement platform, tries to get their workers out of their chairs by using standing desks, walking meetings, puzzle stations, coloring stations, fitness challenges, and even Nerf wars.

Let Employees Play Games

TinyPULSE, a performance review company, has office games that the staff play together to relax and de-stress throughout the day. Two of their favorite games are Werewolf and Eat Poop, You Cat. These games can be played by the entire staff at short intervals one at a time. Team members can take a few moments away from their job to have a bit of fun. You can find instructions for the two games at the links below:

*Werewolf – Who is the werewolf that has been killing off the sheep? https://www.tinypulse.com/blog/sk-3-team-building-games-organizational-culture
*Eat Poop, You Cat – Similar to Pictionary, people make drawings and try to figure out what they are. https://www.tinypulse.com/blog/sk-work-icebreaker-games

Create Activities that Employees Can Enjoy After Work

SnackNation, a healthy snack company, designs activities for employees that they can do after work or on weekends. Most of those activities involve fitness at some level. Activities include going offsite to nearby parks such as Big Bear, scooter races in the parking lot, yoga in the office, boot camps, and Friday Happy Hours.

How Can You Develop Your Company Culture?

Even small companies can develop their business culture to bring employees together and make work more enjoyable. It doesn’t take a large budget to implement some of these ideas. While you may not be able to sponsor a weekend trip, you can certainly add some games into your day that only take a few moments away from the stress of work. You can find a lot of unique team-building games on the internet with a quick Google search, many of which take minimal money to run. Some take only a piece of paper and a pen. These types of games help your staff solidify by laughing together, and they will feel more comfortable working together later on. Additionally, work can be stressful. Taking the stress away will help staff become happier at work which will give them the incentive to stay with your company longer.

You can implement team lunches to share employee recognition or talk about what is going on in the company. You can also help employees build camaraderie with lunch-time sports. Think about how you can make small changes to create a positive, fun atmosphere in your workplace. If your staff is having fun, that attitude will translate to your customers who will enjoy coming into your office.

There Are No Pointless Meetings, Only Wasted Opportunities

If you ask any business professional what they dread on their calendar the most, many of them would tell you the same thing: all of those pointless meetings. You’d be hard pressed to find someone who hasn’t been pulled away from their desk at the most inopportune time, only to sit in a room and hear people convey information that they either already knew or that they didn’t need to know in the first place.

The dirty little secret here is that there are NO pointless meetings in the world of business – only wasted opportunities to get things done. If you want to make sure your meetings are justifying their existence, you’ll want to keep a few key things in mind.

Know When to Schedule a Meeting and When Not To

The first step on your road to a more productive meeting schedule involves coming to an understanding of what type of information should be conveyed in a meeting and what would be better left for some other delivery mechanism. One of the reasons why meetings tend to fall into the “pointless” category for many people is that they don’t require input or collaboration. If a team leader wants to draw everyone together to talk about updates to a project, but they don’t want the advice of anyone else, what they’re scheduling is not a meeting at all. It is an email at best.

Collaboration and the input of everyone involved should be a requirement for any meeting to justify its existence. If a particular problem has cropped up with a project and everyone needs to come together to solve it, that’s one thing. However, if the purpose of the meeting can be accomplished by just sending a memo or some other form of communication, don’t waste everyone’s time by gathering the entire team together to talk about the work they are already doing. Instead, let the team just get on with doing their jobs.

It’s All About Solutions and Focus

Another one of the reasons why more meetings tend to be less than productive is because people come with ideas, not solutions. One sure-fire way to make sure that nothing gets done is to allow people to come to a meeting and say off the top of their heads whatever is on their minds, firing off ideas that may or may not work.

In a perfect world, everyone at the meeting would know that you have a problem and would come prepared with X, Y, and Z suggestions for how to feasibly solve it. You wouldn’t waste the meeting time searching for an answer to your problem. Instead, you would be able to pick the best solution available to you from what the team members came prepared with and brought to the meeting. Far too many meetings lack this type of targeted focus, which is why so many of us can walk out of a meeting and feel like it accomplished nothing.

At the end of the day, there are no pointless meetings in the world of business or, at least, there shouldn’t be. Getting everyone together for a meeting can be a great thing. Everyone is in a room together, feeding off of everyone else’s energy and building a solid foundation of creativity that will carry your business forward. Meetings that are little more than lectures (or worse, freestyle sessions) have no place in a productive organization. If you want to have a meeting, by all means, do so – just make sure it has a clear focus before you schedule it.