Insights With Trent Munday

Any time a significant new technology or new platform appears, you owe it to yourself and to your business to explore all possible use cases. Blockchain, Metaverse, NFTs are just a few of the current examples. It may not seem obvious right now exactly how you can leverage these new technologies and platforms in your business. However, if they ultimately live up the hype around them today, they will definitely have significant influence on the businesses of tomorrow...including yours. And if you want to get really strategic, explore use cases for your industry in general. Even if you can't find practical use cases for your specific business, if you can see applicable use cases for your broader industry, then you can stay ahead of the curve. These are exciting times. There are many potential opportunities. There always are. Enjoy the ride! #technologies #platforms #futureofbusiness

In life we tend to spend a lot of time looking back. In business, we spend most of our time looking forward. The next sale. A new product launch. Growing the business. But when we do that, we can lose sight of the opportunities in front of us right now. When we focus on making sure our business is right for the future, we can overlook that maybe it isn't quite right for now, for this point in time. If you have a product, a service, a business that is right for right now...you'll probably get some customers. Sure, maybe all is not quite ready for next quarter, next year, the next cycle. But sometimes, right for right now is good enough...for now. Get right now right first. Then focus on right for tomorrow. #focus #businessstrategies #rightnow

Thanks to the capacity limits forced on many businesses due to COVID-19, customers are these days needing to make bookings in advance. Whenever they make a booking, you, as the business, now have their direct contact details. So use them! Not to try to sell them. Not to market to them. But to create meaningful, thoughtful connections with them. Not sure how to start? Try by just saying something like, "Thanks for your support!" #custoercontact #connection #thankyou

If you have already proven your business model, have sales, have orders, etc then your business is in the Implementation Phase. However, if you have simply identified a gap in the market, but not yet built a solution to address it, them you're in the Experimentation Phase. If your business is Implementing, instead of looking for Venture Capital Money and giving away a slice of your company, try traditional financing options, like a bank loan. Especially if you have purchase orders in hand.  Or, consider raising money from Friends & Family. People often look to raise money from Friends & Family during the Experimentation Phase. Mainly they can't convince banks, Venture Capital and Private Equity to fund them at this stage. But funding during the Experimentation Phase is much higher risk than during the Implementation Phase. And Friends & Family usually have a much lower risk profile. However, if you're Implementing, the risk is generally much lower.  So I'd suggest Friends & Family fund

These days we always seem to be in a hurry. Don't think, Do! Ideas are great, but Execution is what matters. Make your move quickly, before someone else does. And I'm all for that philosophy...to a point. But sometimes the real value lies in doing nothing. Stop. Think. And think deeply. Consider all the permutations. And if you do that, you may just find that in the long run you actually achieve more. Now, go and put that Time Out to good use. #think #achievemore #timeout

Not so long ago, it as the Gatekeepers who set the rules for just about every industry. The barriers to entry were so high that only those with the most resources could enter the market. And once they did, the made the rules. Think any industry you like - Media, Transportation, Banking, etc. Then, over time, largely thanks to technology, the costs of entry lowered.  Now, anybody who wanted to create, who wanted to build, could enter the market. And they did. Clearly, thing because much more open and inclusive. However, that still excluded those who weren't creative or those who couldn't build. But the good news is, with all these new creators and builders, there is now so much stuff out there that people need someone to curate it all for them. And ANYONE can be a curator! Remember, you don't need to be the ultimate authority on the subject to curate it. All you need to do is say, 'Here's what I know. Let me share it with you.' And that's enough for people like you. Still not convinced? Have you

The best way I've found to avoid getting stressed when I face a problem, is to focus on that which I can control. Not influence, mind you. Because even the things we can influence might still not go our way. You may not be able to find a complete solution within that which you can control...but that's ok. Focus on the parts of the solution that you can control. And if you can live with that...that's the best you can do. To worry about the other factors is really quite pointless. If you can't control it, there's zero value in worrying about. Easy to say, perhaps. Harder to do. But try to worry about only that which you can control and I can assure you your stress levels will be dramatically reduced. Good Luck! #problemsolving #stressmanagementtips #worrying

Many companies consider Customer Service as one of their Key Performance Indicators.  They endeavour to measure it, track it and then incentivise it. But I have a different attitude to Customer Service. I don't think it should be a KPI at all. Instead, just make sure you hire people based on their passion for Customer Service. Denying me a bonus because my Customer Service doesn't meet the performance criteria is unlikely to result in me giving better, more genuine service in the future. If I'm just not a customer service kinda guy, no amount of incentive will make me one. Sure, I can fake it if it means getting a bonus. But it will not be sincere. It will not be genuine. And ultimately, your guests and customers will see right through it. #customerservice #KPIs #attitudeiseverything

Well known entrepreneur and VC, Chris Dixon, says we should view NFT art the same way we view Roman statues....as community artifacts. To say a piece of NFT art is just a JPEG is the same as saying a Roman statue is just a piece of stone. NFT art is a representation of a person or a community.  It is a symbol of a moment in time, on the internet, in our digital world. Sure, you could always just buy a Bored Ape Yacht Club NFT, hold it for a few months, then flip it for a profit. But if you do that, you're really missing the point. #nftart #boredapeyachtclub #culture

It's important for every business to understand its breaking point. How far can it go before its systems and process start to crack? Because when that happens, a business starts to fail to deliver on its promise. Most companies tend to approach this from an angle of maximum capacity. How many widgets can we make before the machines burn out? How much revenue can generate with our current sales force? How many customers can we handle in our restaurant for dinner service? But your systems and processes can break at minimal capacity levels too. If you're only running at 35% capacity, chances are you'll have less staff working. Even though that staffing level could be ok based on the demand, it may also mean you have less flexibility if something goes wrong - which it often does. Thus, it's important to consider a minimal capacity scenario when assessing your breaking point. #systemsandprocesses #breakingpoint #scenarioplanning

If you live in a country with a tipping culture, like the US, when you give good service, you'd expect a decent tip. But in a non-tipping culture, like Australia, you may not get an immediate financial reward, but you will get good karma. You'll get positive word of mouth. You'll have good reviews. Over time, all that good karma will generally result in real financial gain. Good Service is just always a good idea. #tippingculture #goodservice #karma

Gary Vaynerchuck says the key to happiness is having zero expectations. Intellectually, I agree. Practically, I just don't think that's possible for most people. It's really hard to go into a situation without having any expectations at all. But I've realised that I often go into a situation with negative expectations. I expect to be ripped off. I expect to not be told the whole story. I expect less than zero. I expect to lose. So, if I don't...that's a win! The end result is almost the same.  The trick is making sure you don't also go in with a negative attitude. If you can go in with negative expectations but without the negative attitude, more often than not...you'll come out happy. #expectations #perspective #happiness

Facebook is rebranding its parent company (not the Facebook app) to Meta...as in Metaverse. Just as Google did a few years back when they created the new 'alphabet' brand for their parent company, Facebook has decided that their name doesn't reflect all the things that they do. Announcing the change, Zuckerberg said, "Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we're building towards". It's a clever move because it now means that this company will effectively 'own' the brand of the 'metaverse' in the mind of the consumer. When you think Metaverse...you will naturally think first of Meta. First-to-Market is nice. But First-to-Mind is everything! #meta #metaverse #rebranding  

Heart-To-Heart have just raised $750,000 to build out their Audio-First Dating App. Great idea! Voice is an intimate way to communicate. To help people connect and form relationships in a dating context via Voice seems to me like a perfectly natural application. It all got me thinking about another great place for a dating application...the Metaverse. Of course, in the Metaverse, the avatars we create are often more about who and what we'd like to be rather than what we actually are in real life...that can be good level to connect on too. I reckon a Metaverse-First Dating Application could be HUGE! What do you think? #datingapps #voicefirst #metaverse

If the pacesetter is on World Record pace and you manage to beat him, you not only win...but you also become a World Record Holder. You achieve greatness. But if the pacesetter runs a slower race, even if you beat him, you may not claim the World Record.  You won't be great. The same is true in business. We benchmark ourselves against the market leader. But is that market leader on the business equivalent of World Record pace? If not, just being better than the best is not enough to be great. Instead, consider benchmarking against what is possible, not merely what the market leader is doing. #pacemaker #benchmarking #achievegreatness

People have a funny relationship with debt. Some live their live in fear of it. The idea of this heavy burden of debt hanging over their heads is simply terrifying. Others embrace debt and leverage it to achieve their long term financial goals. One thing I have learned is that your relationship with debt changes over time. Which also leads me to believe that your Personal Debt Tolerance is as much a factor of your Mindset as it is your Financial Reality. #debt #financialfreedom #mindset

For some time now, supermarkets in a number of countries have held Quiet Days or Quiet Hours. Times when they dimmed the lights, played some soothing music and generally created a sensory friendly environment. The main reason for this was to cater to those with autism, who are otherwise impacted by the bright lights and noises associated with most supermarket experiences. But what they found was, this new, calm environment was actually appealing to a much wider audience. And the same could work for your business. If you have a business with a storefront, where you provide a retail shopping experience, maybe you should try host Quiet Days or Quiet Hours for your store. I have to believe those that come in during these times will stay longer...and probably spend more too. Let me know how it goes. #retailstore #quiettime #wellness

If you can think of multiple ways to describe what you sell, then you can think of multiple ways to package and market that product. Case in point, some disposable gloves that I found recently, were packaged in to look like a condom packet. It was impactful. It made an impression. And it was made possible because their product, the disposable gloves, weren't just selling hygiene...they were selling protection. And what other product sells protection? Condoms. With that connection, you are now free to explore some creative packaging, marketing and branding options for your disposable gloves. Brilliant. So, how else could you describe what you sell? Now, once you have a few ways...unleash the creativity. #packaging #creativity #branding

When companies are hiring, they talk about the skills and abilities they're looking for in the perfect candidate. But because it's often hard to test for those skills during an interview, we tend to defer to someone's work experience. Thus, over time, we become defined by our job roles, not our skills and abilities. The truth is that we all have skills and abilities beyond our job description. When push comes to shove, we are capable of much more. The key to unlocking that next amazing job role is convincing someone that you are capable of more. Easy to say. Hard to do. But it is the key. #jobopportunity #interviewtips #jobapplication

I don't think I've ever met any owner of any business who doesn't want to scale, at least to some degree. This desire to grow is underpinned by the belief that more is better, bigger is better, scale is better. But of course, that's not always true. Your company may not be a better place to work, or make better widgets, or even be more profitable just because you scale. In fact, the opposite can happen. So maybe scaling up is not right for you or your company? And that's OK. NB: Thanks to Seth Godin for that gentle reminder. #scalingup #businessgrowth #goodcompany