Blogs

Are you seeing a dip in your year-over-year product margins? Do you have customers who are not renewing your services? Are you facing price competition with other businesses at an increased level? Are you just starting your business and unsure how to price your market-ready solutions? Or maybe you just want to make more profit for your company? 

If you answered yes to any of these, then we have some great news for you!

P2L is happy to introduce you to Jason Tanner and Luke Hohmann’s exciting new book called, “Software Profit Streams”. 

Software Profit Streams framework is applicable and built for software and software-enabled solutions. It also provides essential tips and tactics for creating sustainable and profitable software strategies. This book covers topics such as road mapping, pricing, and value exchange models. The book is for CEOs, venture capitalists, product managers, sales managers, finance and legal teams, and anyone in a company responsible for increasing margins. Profit Streams can help increase profit, improve customer satisfaction, and create ongoing value.

Businesses are using software in everything now. From smart shoes to automated cars to door locks. It only makes sense that every business must become proficient at creating profit from software. But how many companies can tell you accurately what their profitability is at any given point in time? Increasingly, taking a profitability snapshot once a quarter will not be enough to beat the competition.

The book will help you develop new solutions for different markets and guide you through making the most effective roadmap to achieve your business goals. It will also help you establish an effective pricing strategy and how to maximize your profit. For security and legal agreements, the book also discussed the importance of customer licenses and privacy policies. This will help ensure sustainable profit streams, prevent financial losses, and properly define important terms and factors in software sales. 

Sustainable profits are those that can be maintained over time. This is the key to the long-term success of any business. Software Profit Streams offers guidance on building profit streams that are sustainable and that can help companies succeed for years to come. This book will help companies thrive in today’s competitive and fast-paced business environment.

The Software Profit Streams book will be available on the 4th of April. Sign up to get your copy here. For more information about the Profit Streams framework, you can visit their website here 

What makes a great leader great? There are a lot of skills and characteristics that are required for one to be considered a great leader. Helping others succeed is one of the most important traits of a great leader.

A great leader acknowledges the help that they received from others to get to where they are now. They know that in order to be successful you’ll need the help of others, so they pay it forward and help others become successful too.

Here are a few ways that you as a leader can show your support and help your employees succeed :

1. Find out what’s important to them

First, you need to find out what’s important to them to help them. You can share all the knowledge and resources that you know, but if it’s not what’s valuable to them, then they might not find it helpful or useful.

     2. Share your knowledge

You can share your area of expertise with someone and help them learn something new. The key is to never stop learning so you can stay ahead of the curve.

     3. Let them know when an opportunity comes up

You can help others by letting them know when an opportunity comes up. Think about the people who could benefit from this opportunity. It could be a job opening, an interview with a potential client, or a promotion. 

     4. Advocate for the brands you like

When you truly like and support a brand, let them know about it. The people working behind it will appreciate it and will be motivated to continue doing their best. Don’t forget to share the brands and products that you like with your friends and colleagues.

     5. Volunteer your time

Time is valuable. When you volunteer your time to help out someone, they’ll never forget it. It could be as simple as cooking a meal for them or helping them move to their new home. You can also volunteer your time by helping out in underprivileged communities, or by sharing your knowledge through webinars.

Helping others succeed doesn’t need to be a grand gesture or complicated. You can help others succeed just by being attentive to them. You’ll immediately find out what they need help with and what part you can play in this.

Want to learn more about how you can help others succeed and its benefits?  Contact P2L today!

The world of work has changed a lot in the last two years. Business travel is slowly coming back, offices are reopening as hotel spaces, and working from home has become the norm. What most companies thought would only last for a few months became our present reality. While a lot of companies are thriving in this fully remote environment, the transition hasn’t been easy for others.

A quarter of employees are enjoying the benefits of working from home, but managers are anxious about leading these teams virtually. One of the major problems managers are facing is that because they can’t meet with their employees in person, they are worried that employees aren’t working and maximizing their time, or they could be just doing the bare minimum.

With the future uncertain and the benefits of remote work becoming more apparent with each passing quarter, it’s clear that remote work is here to stay. Your first consideration is whether your company will adopt a fully remote work setting or transition to a hybrid setup. In either case,  it helps to know how some companies did it successfully.

Here are some tips from other businesses that can help you adjust quickly and successfully in a virtual environment:

1. Build trust

Trust is the foundation of any successful relationship. Since managers can’t physically check up on employees, you have to trust that they’ll get their work done without you watching their every move. In return, employees must be able to trust that their managers won’t micromanage and that they believe in their ability to deliver quality work.

     2. Ensure effective communication

Managers of successful virtual teams know that communication is paramount in a remote environment. It is important to plan meetings and provide a variety of communication tools to keep your team in the loop. Be sure to establish “rules” and norms for different types of communication

Body language is also important when communicating and you miss out on that when working virtually. Employees and managers have to work diligently on their tone of communication and learn to be more perceptive of the emotional content of the message being communicated.

     3. Focus on results

Successful virtual teams place very little emphasis on the actual hours logged, and focus instead on the outcomes. If your employees are turning in quality work on time and meeting the goals of the company, then when they do the work shouldn’t matter. To adopt a more results-focused work environment, you must set realistic expectations with your employees from the start.

Learning from others and seeking out support and resources whenever you need them will help your company cultivate all the characteristics it needs to be the best remote team it can be. Sounds complicated and time-consuming to do that? P2L’s Leading Virtually course can help you and your team.

This course is great for businesses that are still unsure of how to start and what to do to successfully lead a team virtually. Contact us for any questions or inquiries about this course.

Leaders have the power to influence and change other people’s lives. Their leadership skills can affect the success of their teams and the businesses they manage.

Author, journalist, and psychologist Daniel Goleman established six styles of leadership. He based this on a three year study of more than 3,000 executives in the USA. They are the following:

• Commanding Leadership
• Visionary Leadership
• Democratic Leadership
• Coaching Leadership
• Affiliative Leadership
• Pacesetting Leadership

Commanding Leadership

Commanding Leadership or Directive Leadership refers to an ordering, autocratic approach where the leader gives orders, and those orders must be followed.

Advantages:

• Clear expectations and rules
• Unorganized teams will have structure
• Decisions can be made immediately

Disadvantages:

• Low employee engagement
• Teamwork and collaboration is nonexistent
• Dependent on leader

Visionary Leadership

Visionary or Authoritative Leadership refers to leaders that are more creative and eccentric. These leaders give general directions and goals their team needs to achieve, but they’re not too concerned how their employees will achieve it as long as they get it done.

Advantages:

• Visionary leaders promote innovation and creativity
• Recognize team’s achievements and make them feel valued
• Temporary setbacks doesn’t dissuade employees from achieving success
• Visionary leaders are proactive and can predict challenges

Disadvantages:

• Visionary leaders can often get their team excited about a project, but oftentimes doesn’t follow-through
• More focused on the future and less emphasis on what’s happening in the present. This means the leader can miss details that happen day-to-day that could lead to setbacks.
• Employees aren’t held accountable

Democratic Leadership

Democractic Leadership is when an employee can participate in sharing Ideas and suggestions can be brought forward by anyone. Anybody can influence the decision-making process.

Advantages:

• Collaboration creates solutions for problems
• High employee engagement
• High accountability

Disadvantages

• Collaboration when deciding can be time consuming
• Employees can lose trust
• There can be some resentment

Coaching Leadership

Coaching leadership works best with employees who are willing to improve their skills so that they can become better in their roles. The coaching leadership style also works best with small teams where strong personal relationships can be developed. It becomes difficult to implement coaching strategies with large groups since it is impossible for the leader to connect on a deep and personal level with a large number of people.

Advantages:

• Employees enjoy working with coaching leaders
• Coaching can identify strengths and weaknesses
• Leads to clear expectations

Disadvantages:

• Coaching requires a lot of time and patience
• Coaching without good chemistry can impede progress
• Coaching can be difficult

Affiliative Leadership – Affiliative leadership puts people first, focusing on creating a peaceful working environment and building emotional bonds. Given the focus on relationships, affiliative leaders can be very helpful when forming a new team or when an existing team is in chaos requiring emotional support.

Advantages:

• Leader cares about their employees
• Tightly knit teams
• Conflicts are easily resolved
• Low stress and high autonomy

Disadvantages:

• Avoidance of criticism
• Risk of underperforming employees
• Avoidance of difficult decisions

Pacesetting Leadership

Pacesetting leadership is when the leader sets an example of high performance and high quality. Employees are expected to follow suit, and the pacesetting leader values results more than anything.This leadership style is well-suited to highly competent and motivated teams working on tight deadlines.

Advantages:

• Goals can be quickly achieved
• Issues are addressed immediately
• High performing and competent teams are utilized fully

Disadvantages:

• Employees receive no feedback
• Work becomes repetitive and boring
• Employees are stressed and overwhelmed

Each business has different goals and needs may differ. Depending on the situation, leaders can adopt any of these leadership styles so they and their team can achieve success together.

Contact us for any questions or inquiries. Check this page for all our course offerings.

In the last few years, the need to invest in your employees has become more apparent. A lot of businesses thought this meant they had to invest in reskilling and upskilling their employees. Yes, that’s needed too, especially during these tough times. But, investing in your employees can also mean investing in their well-being.

Employee well-being refers to your employee’s overall physical, mental, emotional, and economic health.

Research shows that work-related stress disorders, like anxiety or depression are causing employees to take an average of 28.5 sick days a year. Globally, it costs $322 billion of turnover and lost productivity due to employee burnout. Stressed and overwhelmed employees are expensive.

What can you do to help your employees?

1. Identify possible causes of stress

Find the cause of their stress in the workplace. Is the workload too high? Is coworker gossip an issue? Or is the distance and time spent in commute the major stressor? Whatever their reason is, acknowledge it and see what you can do to help them.

      2. Implement mental health programs

There are a lot of ways to help your employees’ mental health. You can enroll them in stress management workshops, grant them mental health leave days, or even just by encouraging them to go see a therapist to help them process what they’re feeling. This may be a huge investment, but 70% of employees who enrolled in mental health programs at work said they had improved job satisfaction. And many of these programs are covered by existing employee benefit programs.

       3. Encourage mindfulness

Mindfulness is being present and becoming aware of your thoughts and feelings as they occur. A study found that mindfulness meditation in the workplace improved productivity and absenteeism dropped by 85%. Ten days of mindfulness meditation has been shown to reduce aggression by 57% and increase compassion by 23%.

       4. Schedule fun activities for your employees

Schedule a game day, happy hour after work, or company outing for your employees. This will help them de-stress and look forward to something that’s not work related. You’ll also get a chance to know more about your employees’ personal lives through these activities.

5. Acknowledge them and their hard work

As human beings, we all want to be appreciated for the hard work we do. The same goes for your employees. 77% of employees say they would work harder if they were more appreciated. This is why it’s important to recognize their hard work. Even small gestures like praising them for a project they did will do.

By investing in your employees’ well-being, you’ll have low employee turnover and your company’s reputation will attract a lot of clients. People want to support businesses who care for not just themselves, but also their employees.

Contact us for any questions or inquiries.

Ineffective meetings can derail people’s productivity even after the meeting is over. Studies show “meeting recovery syndrome” where attendees lose work time while they mentally recover from a bad meeting that happens to a lot of people.

On the other hand, an effective meeting brings a group of people together for a specific purpose, provides a chance for open discussion, and delivers a tangible result. Effective meetings stay on topic and use people’s time and energy well.

Here are some simple ways to help you run an effective meeting :

Define a purpose for the meeting

First of all, think about whether you actually need to meet.. Deciding what does and doesn’t need an actual meeting can be tricky. It’s common to think that we need to check in with people by holding meetings. A meeting also involves reaching a certain outcome.

You don’t need a meeting to broadcast information. You can just send them an email or use a messaging app to let them know of this information.

If you want to resolve a conflict or issue, discuss a company crisis, or want to collaborate on a team project, then a meeting is definitely needed.

Create an agenda

People will feel more comfortable if they know what the meeting is for and the flow of the meeting. To do this, you need to create an agenda. This should include action items, venue, start and end time, and the people involved. 

Invite only the necessary people

Think about the purpose of the meeting and the people who need to be involved. If the purpose of the meeting is related to hiring, invite the head of HR. If the meeting is about data breach and network security, invite the head of IT. 

Only people who are directly connected to the problem and the expected outcome should attend the meeting. This will save a lot of other people’s time and energy. Inviting only the people involved also means less interruptions and distractions.

Use ground rules

Ground rules are set so everyone knows how to act during the meeting and what is permitted for them to do. Ground rules that are properly communicated and enforced will take care of dysfunctional meeting behavior. Customize your ground rules to the meeting at hand. Ground rules should be clearly stated and agreed upon at the start of the meeting.

Review and summarize the meeting

During the last ten to fifteen minutes of the meeting, review the decisions made and actions that need to be done. Summarize everything that was discussed. A clear understanding between the attendees and the purpose of the meeting must be met before ending the meeting. This gives everyone an equal opportunity to express questions, or to share information that is relevant to the topic.

People have a life outside of work and some of them have a long to-do list. They can’t remember everything if it’s not written down or if it’s not visible to them. This is why it is also important to send a follow-up email with the minutes of the meeting to ensure that people will remember what was discussed.

Ask for evaluation

Not a lot of people enjoy the idea of meetings and most of them will not voice their problems when asked directly. Sending an evaluation sheet will allow them to share their opinions, suggestions, and feedback which you can use to improve future meetings.

Does your company need help to improve the effectiveness of meetings? Contact us and we will set you up with the training you need to turn meetings into an area of strength that improves the profitability of your company.

Different countries have different cultures. What may be normal or usual for your country and society may be offensive in other countries. When considering going into international business, leaders need to learn and understand the culture of the country they are partnering with. Knowledge of cultural differences will also help you overcome cultural blind spots.

Here are some core cultural differences you need to know :

Individualism vs Collectivism

Individualism vs. Collectivism refers to the relationship of the individual to the group.

In Individualistic societies, members consider themselves independent from others. Autonomy and independent thoughts are valued and the interests and goals of the individual are prioritized over the group’s well-being.

In Collectivist societies, it emphasizes the needs and goals of the group as a whole over the needs and desires of each individual. Social interdependence and collective harmony are valued. The goal of the group and their welfare outweigh individual goals and needs.

Uncertainty Avoidance

Uncertainty avoidance refers to the degree to which people are uncomfortable with risk, change, and ambiguity

In high uncertainty avoidance societies, members have an emotional need for predictability and stability, thus exhibiting a high resistance to change. Members also hold strict and rigid beliefs. There are formal rules and strong intolerance for rule-breaking or unorthodox ideas or behaviors.

In low uncertainty avoidance societies, members are comfortable with ambiguous and uncertain situations, and they tolerate change well.  Members have multiple ideas and respect different viewpoints. They are contemplative, emotionally stable, and relaxed. Members also prefer fewer rules and rule-breaking is allowed.

Long-term vs Short-term Orientation

Orientation to Time refers to  how a society approaches and manages time.

Members of Short-Term Orientation societies are more focused on the present than the future. They value instant gratification. Members spend now, rather than save for the future. They live in the moment and are not too concerned with past or future anxieties. The downside of this is they may engage in risky behaviors and fail to recognize the negative long-term impact of their actions.

Members of Long-Term Orientation societies have a strong tendency and willingness to imagine future possibilities. They set long-term goals and persevere to achieve their ambitions. Members are also psychologically healthy and socially well adjusted because they feel in control of their lives. On the downside, they may neglect current social relationships and obligations, and can fail to live in the moment.

Power Distance

Power Distance refers to the extent to which a community accepts and endorses authority, power differences, and status privileges.

In low power distance societies, power is seen as a source of corruption, coercion, and dominance. People treat others as moral equals with shared basic human interests. Members care about the welfare of others and cooperate with one another.

In high Power Distance societies,  the less powerful members expect and accept inequalities. Power is perceived to provide social order and relational harmony. High Power Distance societies are divided into classes.

Diplomatic vs Direct Language

People use diplomatic language to protect people’s feelings, avoid conflict and build trust. 

On the other hand, direct language is mostly used to show a sense of urgency and seriousness. It is direct and straight to the point so the listener gets the message instantly without any confusion.  

Contact P2L for any questions or inquiries. To see the list of our course offerings, click here.

Job interviews can be intimidating for both the employer and the job seeker. As an employer, you will receive a lot of applicants, but how do you make sure you employ the best one for your company? As a job seeker, how do you know which company is right for you?

Here are some tips on how you can prepare for a job interview :

As an employer :

1. Have a clear picture of your ideal candidate

Before you start the interview, think about your ideal candidate. Have a clear idea of this person’s characteristics, skills, knowledge and experience, as well as motivation and interests.

       2. Choose your questions wisely

To decide the questions you’re going to ask, use the job description to determine which skills are most important and should be determined during the interview. List specific questions that you will consistently ask each candidate. This is important if you will be interviewing other applicants and want to compare their answers later. 

       3. Have an interview structure

If you come unprepared you will end up wasting your time and the candidate’s time. Prepare a flow and structure for your interview. You can start the interview with a brief introduction and description of the main goals of the position and what your company hopes to achieve, followed by the interview questions.

       4. Take notes and listen carefully

Focus on what the candidate is saying and take note of any positive or negative attributes. Write down notes, comments, and any other follow-up questions you might want to ask them later on.

       5. Give them a chance to ask questions

Applicants should be given the chance both to answer your questions and to ask questions of their own. They should have a chance to determine if the job and company is right for them. This will also give you a chance to see how much they prepared for the interview.

Sometimes, companies bring certain applicants back for second or even third interviews for a number of reasons. Some common reasons are either they want to confirm that an applicant is the ideal candidate for the position, or they may be trying to choose between two or more qualified applicants.

During the follow-up interview, you should ask more specific questions to decide if the applicant is the right one for the job and for the company. You can invite other staff members to join the interview to have different perspectives later on when you are deciding who to hire.

As a job seeker

1. Read the job description carefully

The job description is where you can find the qualifications and qualities the employer is looking for in an ideal candidate. Assess if you have the experience required and qualities listed in the description. The more you can align yourself with their ideal candidate, the more the employer will be able to see that you are qualified. 

       2. Research the company

Doing your research about the company you are applying for is an important part when preparing for an interview. This will help you learn about the company’s goals and what they have achieved so far. You can also use this to prepare for possible questions they may ask you during the interview.

       3. Consider your answers for common questions

Every company will have a different set of questions. While you can’t predict all of the questions, there are some questions that are sure to be asked over and over again. Questions like, “Why do you want to work here?” and “What are your strengths and weaknesses?” are some of the commonly asked questions in any company. 

       4. Practice

Another important step before you go to any interview is practice. The best way to do this is to ask a friend to act as the employer and for them to ask you questions. Ask for feedback after they listen to your answers. See which parts need improvement. Keep practicing until you sound more relaxed and confident. 

       5. Check if you have everything you need the day before

Three things to check before the day of the interview :

        5.1. Printed copy of resume

Nowadays, resumes are sent through email, but your employer might need a reference during the interview. Having copies to present to interviewers shows that you’re prepared.

       5.2. Travel time

Check the travel time before the day of the interview. Think about the traffic, how long the commute is from your house to the company office, and any possible delays that may happen. Always arrive 15 minutes early so you have time to relax and collect your thoughts before the interview.

       5.3. Dress to impress

Even if you have all the qualities and experiences they need, if you don’t dress appropriately, you’re giving the interviewers the impression that you lack respect for yourself and the people you are meeting with. Consider the clothes you will wear for your interview. You want to look clean and polished.

Now you are ready for your job interview. Whether you get offered the job depends largely on how well you perform during the interview, so make a great first impression on your employer.

For more information about all our course offerings, click here.

Self-esteem is your overall opinion of yourself and how you feel about your capabilities and limitations.

Having high self-esteem is important because it can influence your decision-making process, personal and professional relationships, motivation levels, and overall well-being. Employees who are confident and have high self-esteem are typically able to focus better, need less time off, and are likely to get along well with coworkers.

Normally, a person’s job can be a source of positive self-esteem. However, some jobs can be more demanding than others, thus creating unnecessary stress and frustration. Some issues that may lower an employee’s self-esteem are high pressure to always be productive, unending hours of work, and lack of acknowledgement of effort.

Leaders can help boost their employee’s self-esteem by enrolling them to P2L’s Building Your Self-esteem and Assertiveness Skills Course. This course will help your employees to :

• Recognize that they have worth and are worthy of happiness
• Develop techniques for eliminating unhealthy thought patterns and replacing them with supportive patterns
• Learn how to turn negative thoughts into positive thoughts
• Learn how to make requests so that they get what they want
• Set goals that reflect their dreams and desires and reinforce healthy patterns

If you need more tips on how you can encourage them, here are 8 ways for an employee to improve self-esteem :

8 ways to improve your self-esteem

1. Learn new skills

Learning a new skill will not only enhance your skill set, but it will also boost your self-esteem. Pick skills that are relevant and useful to your job now. You’ll feel confident in performing your role when you know and understand what you’re doing. Develop skills that will also help you achieve your personal goals. 

      2. Avoid negative self-talk

We are our own worst critic. Rather than focusing on the mistakes you made, focus on the things you learned along the way. Challenge your inner critic and dispute negative thoughts. Practice speaking to yourself with more compassion and kindness.

     3. Dress for success

Believe it or not, how you dress for work plays a big part in boosting your confidence. Wearing clothes that you feel comfortable and confident in can make you feel more positive in performing your role. Consider your office wardrobe and dress up according to the work attire required.

     4. Capitalize on your strengths 

Research shows that focusing and using your strengths can boost confidence and self-esteem. You’ll feel more confident doing things you already know. 

Learn to identify your weaknesses too. Your weaknesses can teach you a lot about yourself. Develop your weaknesses and turn them into strengths.

     5. Explore outside your comfort zone

This may sound counterintuitive, but trying things outside of your comfort zone can boost your self-esteem and confidence. Leaving your comfort zone can present you with new opportunities that you might otherwise have missed. You’ll also learn and experience new things that will help you improve your work performance.

     6. Ask questions

Don’t be afraid to ask questions. Performing your tasks incorrectly just because you felt shy or scared is not the best way to boost your self-esteem. Be assertive and always ask when you’re unsure of something that was said. This can also encourage your peers and team members who are still building up their confidence to speak up. Managers and leaders will see this as a sign that you are always willing to learn.

     7. Learn from your leaders and peers

Consider your peers and leaders in the workplace who appear confident and observe their habits and traits. You can try and apply their strategies to develop your own self-esteem and self-confidence.

      8. Track your progress

Tracking and writing your progress is a sure-fire way to boost your confidence. It will help you remember all the things you did and achieved already. You can also look at your list whenever you’re feeling down and frustrated. No matter how small your progress is, celebrate it.

Contact P2L for any questions or inquiries.