#AskLiisBeth Archives - LiisBeth https://liisbeth.com/category/askliisbeth/ ¤ Field Notes for Feminist Entrepreneurs Mon, 25 Jan 2021 06:38:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 Are you “giving it away” for the right reasons? https://liisbeth.com/giving-away-right-reasons/ https://liisbeth.com/giving-away-right-reasons/#comments Tue, 30 Aug 2016 13:14:27 +0000 http://www.liisbeth.com/?p=2885 Fall is upon us. Conference and event swag and freebie hunters are on the loose. But when is donating a good move? And when should you say no?

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]]> The talented entrepreneur Casey Morris grew up in London, England with two great role models: her mother and her father. Both were exceptional weavers. Casey’s early memories include looms, threads, dazzling colours and a home studio where her parents taught her to weave at the very early age of three. She likes to say that weaving is in her DNA. Last year, at age 23, Casey decided to “break out of the nest” and launch her own line and business where she could run her own show, express herself as a woman business owner and take the art of weaving and fabric design to a more avant-garde place.

She burst onto the scene with bright orange palettes and quickly grabbed attention. Her work was covered in two edgy design publications. Next month, she is booked to speak at three design fairs in England and the US and has just been invited by The Smithsonian in Washington, DC to submit one of her fabrics for a new museum collection. The attention happened faster than she expected.

Coming with this attention were a swell of requests from promoters and industry specialists asking her to donate pieces and give away product as a “favour” or ostensibly as a way to promote her brand. Inundated by requests, Casey called for guidance. She wanted to know how to decide; when is donating product a good move? And when should you say “no”?

Here’s the skinny on giving it away:

It always feels good to see your name in lights or your product on a display table. Most people experience a momentary high when they’re asked to put their product in front of an audience. Few can resist the temptation, especially when, as with Casey, you’re a young businesswoman anxious to have your name and work become more recognized.

But when the request comes in for “freebie” product, a smart businesswoman does not just automatically say “yes.” It cannot be a willy-nilly decision to dig into the inventory closet to grab leftover merchandise or, better yet, get rid of product you may never need again. She has to determine the value of the product she’s giving away – and the value her business will get in return. A businesswoman should always evaluate freebies based on the following three criteria:

Criteria one: Does the audience for this product have the potential to be converted into a future customer?

The first question to ask is: Who is going to be in the room? The second thing to think about is: Who will see the product and what’s the purpose of the event or display? For Casey, if the room hosts design- or fabric-industry moguls, then showing her product is a smart move. Her product will garner attention and stir conversation. Casey also needs to find out the demographics of the audience to determine if they are potential new customers. It’s fair to ask! It must be part of the decision-making process. If no one can provide information on demographics, chances are giving away product is a waste of your resources and money. If, however, the demographics align with the giveaway, seize on it as a strategic opportunity to build new business.

The next step for Casey is to decide what product she wants to display in order to reinforce her brand, increase the buzz and generate potential new orders. If Casey decides to pass, she has to handle it with grace. Here’s the best way to turn down a request: Always thank the promoter for the opportunity. Make it clear that you took time to evaluate the offer and the audience. Explain that, as your company expands, you may consider participating again and your door is open for future requests. And keep in mind that it’s completely acceptable to say, “No, not now, thank you, as the company is seeking other opportunities that are a better fit.” 

Criteria two: Does the product cost less than the cost of a PR push?

It’s not wise to give away product without looking at the cost, not only of the product, but also of the delivery and potential loss of competing options. If you can determine that the giveaway has benefit (according to criteria one), then first compare it to the cost of a PR effort. Keep in mind that sometimes a small, but very strategic PR push is just the thing a company needs to get attention or entice a new audience. It might be more effective and less costly to place a good story about your brand in trade publications than agreeing to a giveaway. It may be more fun and strategic to participate in a panel discussion at the next industry symposium. Developing and promoting a hands-on workshop might garner more attention. Don’t be so quick to drop product if other approaches might serve you better – and cost less.

Criteria three: Will the product be displayed in such a way that gets due attention?

Display and presentation matter. You should always expect that your product gets the front and centre it deserves. Always ask where your product will be shown, what other product will sit near it, how many other items are being displayed and when the product will be distributed.  Too often, event coordinators are more focused on gathering many items to make a splash rather than thinking about how to curate the giveaway collection. If you’re giving product that will end up at the bottom of a gift bag, don’t do it! If, however, you can supervise the gift bag and be the lead product, then that may serve you well. If you can orchestrate where and how your product will be seen, with proper brand identification, the opportunity can be worth pursuing. Consider having your product custom-boxed, to give your company logo more visibility, a marketing coup!  But, if you ultimately determine your product will only be seen as swag, walk away.

Back to Casey, who was considering an ask from the Summer Design Expo in New York City to put 100 woven table runners into a gift bag. It would be exciting to show in New York, but she had to consider whether the circumstance really was right for her. I told her she’d know the answer once she filtered the request through the three criteria.

We quickly went through the checklist together: Was this a customer-driven expo or a fair that was open to the public with no required entry credentials? How much time and product cost would she be giving up to “play” and could her money be used more strategically to buy an ad? Could she control the placement of her table runners or would the expo manager be in charge of all product placement? As a business owner, Casey couldn’t justify anything on the checklist! She suddenly found it extremely easy to decide and called the expo team to decline. More importantly, she had discovered a newfound freedom in saying “no”, without guilt or regret.

 

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]]> https://liisbeth.com/giving-away-right-reasons/feed/ 1 How To Stop Your Spouse From “Splaining” How To Run Your Business https://liisbeth.com/how-to-stop-your-spouse-from-splaining-how-to-run-your-business-2/ https://liisbeth.com/how-to-stop-your-spouse-from-splaining-how-to-run-your-business-2/#respond Thu, 03 Mar 2016 01:50:01 +0000 https://dummy-domain.xyz/?p=12433 Avoid the power struggle that can create serious problems for your business. Dear LiisBeth, I can’t take it anymore! My spouse, who has no formal role in my business since it was founded before we met, will often show up to my work and talk to staff, specifically my VP of operations, about how to […]

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Avoid the power struggle that can create serious problems for your business.

Dear LiisBeth,

I can’t take it anymore! My spouse, who has no formal role in my business since it was founded before we met, will often show up to my work and talk to staff, specifically my VP of operations, about how to run the company and he’ll commiserate with his concerns. Then, he’ll “mansplain” to me about how I should handle it. How can I get it to stop?

Signed,
Smouldering Volcano

Dear SV,

Sadly, you are not alone. We know it happens a lot. And it’s super frustrating! The kicker is that he likely means well and thinks he is actually helping. But his actions create serious problems for you, your relationships with your direct reports, and the power balance among staff. If you don’t nip it in the bud, your staff will start to think that they need to talk to your spouse, not directly to you, if they want to be heard.

Tell him to stop. Then set clear boundaries. Let your spouse know that while you appreciate his interest in learning about your business, he is effectively undermining your leadership, which is not good for business—or your relationship.

Also, tell your spouse to limit his conversations with staff to pleasantries like the weather when he’s at the office or at a social gathering. In no way should he engage in discussions related to decisions on how to run your company. If someone tries to engage him in that way, he should politely respond, “I think you should talk to Jane about that,” and move on.

If he still doesn’t stop, bar him from company events or visits to the office. The damage created by his behaviour can seriously affect your company’s performance, and hence your ability to create value or even draw a salary.

–LiisBeth

About the Author

LiisBeth

LiisBeth

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]]> https://liisbeth.com/how-to-stop-your-spouse-from-splaining-how-to-run-your-business-2/feed/ 0 Am I Really a CEO? https://liisbeth.com/https-dummy-domain-xyz-just-started-a-new-business-am-i-a-ceo-2/ https://liisbeth.com/https-dummy-domain-xyz-just-started-a-new-business-am-i-a-ceo-2/#respond Tue, 23 Feb 2016 06:29:32 +0000 https://dummy-domain.xyz/?p=12562 Dear LiisBeth, Help! I am about to print up new business cards, but I have no idea what my title should be. I just incorporated my new start-up service business. I have no employees and I work out of my home. I looked at other people’s cards and see everything from CEO to Chief Dishwasher. […]

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Dear LiisBeth,

Help! I am about to print up new business cards, but I have no idea what my title should be. I just incorporated my new start-up service business. I have no employees and I work out of my home. I looked at other people’s cards and see everything from CEO to Chief Dishwasher. What title should I use?

Signed,
Annika

 

Dear Annika,

What people want to know when they receive your business card is who you are, some detail about your company, and what decision-making authority you have. Titles are a kind of shorthand for all this. It’s also important that you demonstrate an understanding of business structures and conventions in your industry when you choose your title if you want to be taken seriously.

Let’s be honest about using the title CEO. Every time you see a three-person enterprise or sole proprietor business card that says CEO, you want to cringe, right? At least we do.

CEO stands for Chief Executive Officer, a title that implies you have other “executive officers” like CFO, CTO, or CMO. These are senior leaders who usually have vice presidents reporting to them, which makes them the chief. It also indicates that the company is a very large for-profit entity, likely incorporated and publicly listed. CEO titles tell others you were hired and appointed by a board of directors, that your operating decision-making power is paramount but corporate-level power is limited, and that you may or may not have an equity stake (usually through compensation or performance-based options).

President is a title similar to CEO, but typically refers to someone in charge of a private, stand-alone company or a separate division within a larger company. The people reporting to them are often functional heads with a VP or Director title (the key here is they have employees). Similarly, a President may or may not have any ownership stake. Again, operational decisions would be up to the President, but larger strategic decisions would involve a board of directors.

In the non-profit sector, the person in charge is typically called the Executive Director (ED) if there are other directors involved. EDs are generally hired by, and report to, a non-profit board of governors. They usually have operational decision-making power, but larger decisions will be made with input by the board.

If you’re a sole proprietor of a newly minted non-profit or incorporated start-up (which generally have at least three board of directors and zero or few employees), pick a title that is in line with your company’s stage and type, your role description, and the level of decision-making authority you have. It’s important to choose a title with credibility and integrity.

With entrepreneurs, we typically suggest using the title Founder, which means you started the company, along with either Owner or Operator (if you have no staff) or President (if you have staff). If you prefer a non-hierarchical approach, you can simply say Founder followed by your main functional role. For example, Business Development, Product Management, Producer, and so on.

You could always forgo a title altogether, or opt for a fun one like “Head Cheese,” which can be appreciated by staff and insiders, but don’t expect your banker or the angel investor you’re courting to be impressed.

In the end it’s up to you and what you want to communicate, as long as you’re aware of what these commonly used—and abused—titles really mean.

–LiisBeth

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]]> https://liisbeth.com/https-dummy-domain-xyz-just-started-a-new-business-am-i-a-ceo-2/feed/ 0 Those Britches are Too Big For You, Young Lady https://liisbeth.com/those-britches-are-too-big-for-you-young-lady/ https://liisbeth.com/those-britches-are-too-big-for-you-young-lady/#respond Wed, 17 Feb 2016 06:34:45 +0000 https://dummy-domain.xyz/?p=12569 Where to look for quality investment and financial advice as a female entrepreneur. Dear LiisBeth, When I was looking to hire Bay Street financial experts to review pro formas for my $1.5-million enterprise, all they did was try to talk me out of it. They said, “What about the impact on your family, ovaries, and work-life […]

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Where to look for quality investment and financial advice as a female entrepreneur.

Dear LiisBeth,

When I was looking to hire Bay Street financial experts to review pro formas for my $1.5-million enterprise, all they did was try to talk me out of it. They said, “What about the impact on your family, ovaries, and work-life balance?” They wondered why I would want to risk my hard-earned net-worth to “chase a big dream.” They couldn’t see that I saw this venture as a terrific investment that was well within my risk tolerance. Besides, it’s my call to make. They even suggested that if I wanted to run a business, I should start a quaint little retail store instead. I could not believe what I was hearing. Where can I find top-notch financial professionals and investors who believe in me?

Signed,
Fed Up

 

Dear Fed Up,

Don’t you just love it? Many of these same players complain women don’t go “big enough” and then refer to statistics that less than three percent of women entrepreneurs in Canada have enterprises with revenues of $1 million or more. Policy-makers see this economic opportunity, but suggest we can close the gap by giving women “more training.” Seriously?

Meanwhile in the real world, when women entrepreneurs are ready to launch a fast-scaling enterprise that needs significant capital, investors and lenders look at them like they’re crazy. In fact, they even try to talk women down into something “more their size” (read: gender).

Can you tell we’ve been there, too?

The short-term solution is to seek out other women entrepreneurs who have founded scalable, larger ventures and ask them to refer you to investors or lenders they’ve dealt with. We also recommend you contact one of the many new women’s venture capital funds like SheEO in Toronto or Women’s Venture Fund in the U.S. and ask them for referrals. Also consider applying for their funds as well.

In the long-term, we need to all work together to change investor and lender perceptions about women entrepreneurs. We suggest you carefully consider whose advice and money you use. It’s very important to find the right financial advisor who is also a strong supporter and believer in your plan, someone who will confidently introduce you to potential partners or angel investors at the early stages. You may have to kiss a lot of frogs, but it will be worth it when you find the right fit.

Take your time. And run far, far away from people who think women entrepreneurs are only investable if they are launching early childhood centres, jam companies, or hair salons. They’re likely to be the ones who question your every move as your business grows.

Good luck and we look forward to an update!

–LiisBeth

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