Why Personal Branding is Crucial for Entrepreneurs – Brand vs. Branding

I can’t stress enough how important personal branding is for entrepreneurs. You may not realize it, but each one of us is a brand. Type your name into any search engine and the results will show you exactly what your online brand is. Did you make a conscious effort to create and promote your brand? Does it accurately represent you? Is it targeted towards a specific audience?

 

Although the words brand and branding are often used synonymously or confused with each other, they are separate and unique.

What exactly is a brand? A brand is your unique identifier, your market identity. It represents you in the marketplace – who you are, what you do, your reputation, trustworthiness, and the quality of your product or service. Your brand is how your customers perceive you and how they feel when they do business with you.

Sir Richard Branson is the perfect example of a personal brand. Although he’s the founder of the Virgin properties – Virgin Atlantic, Virgin Mobile and Virgin Records among others, Sir Richard Branson’s personal brand is the most powerful of all. People want to do business with the Virgin properties because of Sir Richard Branson. The personal brand drives the corporate brand.

Personal branding has become increasingly important. People trust people, not corporations. They want to do business with people, not corporations. Your personal brand is your differentiator. It creates an emotional connection between you and your customer. Ultimately, it defines the value of your business. In order to stay competitive in today’s marketplace, you must have a strong personal brand.

Branding is the active process that shapes your brand. It requires a strategy and targets your core audience. Branding can include the name of your company, logo, other visual assets, website, communications and media.

 

Entrepreneurs who are more influential pay more attention to their brand rather than just their branding. As an entrepreneur, how can you build your brand? Ask yourself:

  • Who are you? What do you stand for? What do you offer? How are you perceived by others? How do you want to be perceived by others? Be authentic. Your brand should be reflective of who you are.
  • What do you do? What product or service do you offer? What is your value proposition? What differentiates you from your competition?
  • Why does it matter? Define your purpose. This will give you great direction.

 

Evaluate your brand. Your brand should tell people who you are, what you offer and differentiate you from your competition. Is your brand reaching your target audience? Are they responding positively? Are you delivering on your brand promise? If not, it’s time to reassess and make changes.

 

Is your personal brand and branding effort working for you? Want more advice on brands and branding, or general advice from other business owners like you? Find out if a TAB Board is right for you!


How to Become an Agile Business

AgileBusinessPhotoIn today’s competitive landscape, it’s important for a business to be able to rapidly adapt to market and environmental changes. “Agile” is the buzzword associated with this ability to adapt quickly to changing situations; but what is “agile” and how can a business become an “agile business”?

Agile is a philosophy, not a process. Although originally used for software development, it’s now used by companies large and small in any industry. According to the Agile Manifesto, agile refers to:

  • Individuals and interactions over processes and tools
  • Working software over comprehensive documentation
  • Customer collaboration over contract negotiation
  • Responding to change over following a plan

Becoming an agile business is a process that constantly needs work. Is it worth it? According to PricewaterhouseCoopers, agile firms grow revenue 37% faster and generate 30% higher profits.

Here are some guidelines for becoming an agile business:

Create focus. Don’t be distracted. Get rid of a long list of priorities and instead replace it with a short, manageable list of three or four items that are “must dos”. As you complete one item, add another to your list. This will keep you focused.

Communicate your vision. Communication is the key to change and change-worthy behaviour. Communicate with employees often, be transparent and give them clear and compelling reasons to embrace agility and become agile champions.

Hire the right people. The success of your business rests on hiring the right people – employees who are aligned with your vision and your values. In order to be agile, the employees you hire must be results-oriented, not task-oriented. They must be able to work within an organization that gives them the freedom and the responsibility to accomplish their jobs without a step-by-step instruction manual on how to do it.

Create autonomy. You can’t maintain a stranglehold on your employees and micromanage every decision in an agile environment. Senior managers need to lessen their direct control over day-to-day activities and give their employees control over how they do their work. Give your employees the environment and support they need and have confidence that they’ll get the job done.

Be prepared for the unexpected. Although you can’t plan for the unexpected, you can be prepared for it. Agile businesses are flexible, adaptable and expect change. They are ready for all eventualities and can quickly pivot. Changing requirements are the name of the game.

Agile is motivating. An agile environment by nature is motivating. Instead of working on the same project month after month with little change, an agile environment empowers employees to respond to changes, giving them freedom to become more than their job descriptions.

How agile is your company? Want more advice on becoming an agile business, or general advice from other business owners like you? Find out if a TAB Board is right for you!