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Op/Ed

How to keep your business partner on your same page during COVID-19

(EDITORIAL) COVID-19 has a lot of people worrying about themselves, their families, and their friends, but one that doesn’t get brought up much is business partner.

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Business partner

In the age of COVID – we are all having conversations about our personal wellness. Story after story, we are encouraged to be reflective about our self-care to ourselves, our families, and our employers.

Our business partners, while being in the same storm as us, are not always in our same boat.

They have unique situations, perspectives, and needs. To maintain that business relationship, you need to start thinking about how you can communicate your situation to them.

This is a critical piece of communication. You should be mindful of this beyond a simple “I’m at home and may be delayed in answering email” kind of message.

Honesty and openness are essential to good business partnership, but you want to craft the right message to assure your business partner and protect yourself. Here are some thoughts to keep in mind for the content of your message:

  • Identity your primary message. What are you trying to do? Why is it essential for them to know? What do they need to know to keep the business afloat, and manage their expectations. You may need to refresh yourself on any existing structural agreements or roles. We often pick business partners for their skills sets in relation to our own – if you’re doing all the numbers and purchasing, explain to them how the current situation will impact your ability to do that.
  • Say “why”. You do not need to dump all the things you have going on to your business partner – but rather explain things in a way that is relevant to them. This will keep your conversation brief and to the point. A good example of this is to say “We normally have morning meetings with clients, but since my kids are being homeschooled in the morning, I need to have them in the afternoon”. This gives a clear explanation of what you need, and why your business partner should care.

Before you get on the meeting:

  • Recognize differences and see where you can compromise and where you cannot compromise. Your health should be number one. This is not the time to endanger your health or radically disrupt the things you do to stay healthy. But also, if there are places where you can adjust or be flexible, be willing to do that. This is useful when you and your business partner are in different time zones or life situations. The situation around us is changing every day – and is different by region, state, or even city. Communicate changes or challenges promptly and with clarity.
  • Set up the conversation. When is the best time? Is it in evening with an informal “Zoom happy hour?” When does your partner prefer communication? Are they morning people? Are they better after a few hours and coffee? Timing is everything. Especially if the conversation is tough.

Number one? Keep communication open. Nothing makes people more anxious than a partner you can’t get in contact with. There are lots of tools and technology we can utilize. Have a regular check in – and communicate frequently. This will keep heads cool and ensure that the relationship you have is protected.

Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.

Op/Ed

How to win every argument from now on

(EDITORIAL) If you have to start arguing then you need the right understanding of what is convincing and what can be dismissed out of hand.

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Freelancers and entrepreneurs working together in a meeting room, two men and two women, discussing over a laptop.

Take a look at your Facebook and Twitter feed or the comments on any news post. If there’s one thing it would seem nobody has any trouble with these days, it’s arguing.

There’s arguing for fun and frustration … OG/prequels! Cake/Pie! Over the roll/under the roll! Yelling, trolling, poking with a stick.

And then there’s ARGUING… reasoned, productive, and substantive discussions that get you somewhere in the real world.

No, wait, hear me out!

More than 10 years ago, tech entrepreneur Paul Graham laid out a “hierarchy of disagreement,” attempting to sort out the various levels of argument into a tool that could turn those arguments into something useful. Lately – just in time for 2020’s inevitable fracas, right? – the infographic makers at Adioma have laid that hierarchy out in a simple visualization that aims to make disagreement simpler to navigate and agreement easier to reach:

Essentially, the easiest arguments to toss out there are the ones you post without a pause. The inflammatory “YOU SUCK” (level 1) and “whaddaya expect from an over-the-roll bro?” (level 2). The reactionary “oh YEAH?” and “well WHAT ABOUT” (level 4). They add nothing to the discussion, change nobody’s mind, and pretty much keep the hostilities simmering.

Back in 2008 when he wrote the essay, Graham pointed out “a danger that the increase in disagreement will make people angrier. Particularly online, where it’s easy to say things you’d never say face to face.” Welcome to the Thunderdome. The most innocuous comment can be taken completely the wrong way (level 3), and this toxic shift in tone spills more and more often into offline interactions as well.

But here’s where the real-life benefits to this hierarchy come into play. Leaving Facebook and Twitter and the news comment sections aside – because let’s face it, all pretty much black holes where reasonable people can be sucked into nothingness – there is value to constructive argument.

Constructive argument – levels 5, 6, and 7 – deals with an issue at hand, not personality. It keeps civility on the table. It allows for back-and-forth, for discussion. Put it to work in the office, and it smooths the way in staff interactions and negotiations. Put it to work in the marketplace, and it creates stronger client and customer bonds. And yes, put it to work online in a company feed, and it strengthens customer service and can even help you build relationships based on respect for your open communication.

Coming at a disagreement with an eye towards understanding the other point of view and reaching agreement, rather than an eye towards scoring easy points, isn’t painless. The years since Graham pointed out the peril of online anger have not been kind to public discourse, and the person you’re arguing with may not be there right away for your empathy and bridge-building.

But as one of the great (country and) Western philosophers once asked, what would you be if you didn’t even try? You’d be stuck down on level 1 of Paul Graham’s pyramid with the trolls and the cranks, that’s what. Level up.

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Op/Ed

Inflation: Where you should invest your emergency fund to beat it

(EDITORIAL) Inflation is at an all-time high, so where can small business owners and entrepreneurs stash their emergency funds to come out ahead?

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Glass jar of coins labeled House Fund.

Inflation has been no mystery over the past year to those in the U.S., but many are questioning how long it’s here to stay and the impacts it will have on the economy.

According to The Consumer Price Index that measures the average change of prices over time estimated a year-over-year gain of 5.4% in September, an all-time high for several decades. Also, the core personal consumption expenditures price index, the preferred method of inflation measurement by the Federal Reserve’s reached a shocking 30-year high in August, when it was up 3.6% over the previous year.

Presumably, the hardest hit of all in the last year or two has been small business owners and entrepreneurs, where 67% feel that inflation will damage their ability to recover. If you’re still holding on to an emergency fund or in the process of building one and you’re looking to stay afloat the rising costs, you’ve come to the right place!

Don’t have a designated emergency fund but your interest is peaked? Let’s break it down: An emergency fund is a type of savings account, aside from checking, that you should set aside for well…an emergency! This could be for that rattling noise in your car you’ve been avoiding or to help bridge a gap between jobs while searching.

We suggest an emergency fund of at least $1,000, then building it up to 3-6 months of expenses. The purpose of the fun is to have a reasonable amount of cash set aside that is liquid, or in simpler terms, available immediately if necessary.

Magnifying glass and toy house representing searching for a home with a piggy bank in the back.

Our top picks for stashing an emergency fund are high-yield savings accounts, money market accounts, or CDs.

First, high-yield savings accounts (HYSAs) are similar to a regular savings account but with the perk of higher interest rates. The current average percent yield (APY) for these accounts is around .50% though the national average is a measly .07%.

Second, money market accounts (MMAs) are a hybrid of checking and savings, but sometimes with more restrictions such as transaction fees or a balance minimum. Due to these requirements, the APY tends to be on the higher side and you may also receive a debit card linked to the account for ease of access.

Third, certificates of deposits (CDs) generally offer the best interest rates of the 3 options, but are the least liquid, as your money is tied up for a set time period. The longer you don’t have access to the money, the more interest will be paid.

As you can see, interest rates aren’t that notable, at least for now. Don’t stress too much about maximizing ROI on an emergency fund as it’s meant to be a safety net if you need it. If you have an emergency fund, you’re already ahead.

Notes the Federal Reserve, 59% did not have emergency savings that could cover 3 months of expenses in late 2019, and nearly 4 out of 10 either could not pay all of their monthly expenses in full or did not expect to be able to do so if faced with a modest emergency expense.” A global pandemic didn’t help.

Stay in front of it now so inflation doesn’t cut your future funds short.

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Op/Ed

How can you prevent deepfake trickery?

(EDITORIAL) It’s hard enough to get a complete story about anything, but the use of deepfakes makes that process harder. How can you prevent from being tricked?

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facial recognition deepfakes

Deepfakes are some the latest content entering social media and digital news outlets. Deepfakes are false photos and videos created by artificial intelligence, that at first glance, can pass off as authentic imagery.

Deepfake content appears as a person in a real picture or video that is replaced by someone else’s appearance. The deepfake can then go on to pose as the real person doing or saying things that never happened. As one can imagine, it’s possible the Internet can take one joke too far and unleash a deepfake with insidious motives.

So what are some ways to spot one of these fake videos? One of the telltale signs is the mismatched lighting or discoloration on the person’s face. Another tip is to check for blurring edges around the lips, jawline, chin, and neck where the AI is trying to superimpose the fake image atop the real one. Lip-synching can be tricky, but it helps to watch and listen to how the audio is matching up.

To some, these tips may be pretty obvious, but not everyone is familiar with editing techniques and deepfakes can pop up many places online. As of now there are no reliable programs available to catch these inconsistencies so it’s up to us to pay attention to the media we consume (the zoom tool is a BFF). With AI and software development, this fake content will only become more convincing. Fortunately, companies and even states are taking action to ban deepfakes online.

Some companies are tiptoeing the line of normalizing this kind of technology, and many people seem to be fine with that, so long as it’s for a laugh. The problem with laughing at something that looks real, but is fake, is that that can conversely cause someone to minimize something that is real because the viewer thinks it’s fake. This mentality helps no one, and can only hurt our understanding of the events that happen around us.

Ultimately, and for now, viewers should keep our heads up while online to spot the seams in our reality.

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