Author Archive: J.P. Gaston

Top 5 Reasons to create your business a will

The Top 5 Reasons To Make Your Biz Will, Now!

Posted on by

As an entrepreneur or owner, you’ve invested time, money, and energy into building your business. But have you considered what will happen if you’re no longer able to manage it? Having a “business will” is a crucial step in protecting your legacy and planning for long-term success. It isn’t all doom and gloom either. During your normal course of business you could have many reasons to need a clear exit plan, and your business will provides just that.

With that, here are some of the reasons why you should make a will for your biz today:

The Right Will Protects Your Business In Many Situations

business will - knowing your options and scenario planning

If you become incapacitated or pass away without a will, your business may be left in limbo. Without clear instructions on who will take over, your business could be vulnerable to mismanagement, legal disputes, or even bankruptcy. In other words, not having an exit strategy for these scenarios can be the reason your business falls apart without you. In addition to loss of life, there are many other scenarios to plan for when it comes to your business. Above all, creating and reviewing these plans serves to ensure that your business will get the protection it deserves.

You’ve put in a lot of hard work to build it, and you want to make sure that hard work can be passed on. Creating a will helps to make certain that your business will continue to operate smoothly, even after you’re no longer at the helm.

A Will Is A Plan for the Future

Secondly, a business will helps you to plan for the future. You will make decisions about what will happen to your business when you are no longer able to manage it. Still, it’s not a topic that a lot of owners want to discuss; however, it’s critical to an informed long term plan. Key elements will include:

  • Successor appointment
  • Role and responsibility definitions
  • Ownership transfer plans

So, transfer of ownership can be a difficult task even at the best of times. But, having a plan can ease the burden from your loved ones or business partners. As a result, a business plan is especially important to provide certainty in case of a sudden or unplanned transfer. Above all, your actions today can help reduce this stressor in what could be a very challenging time.

Wills Help Avoid Legal Disputes

Creating a will for your business can help you avoid legal disputes among your heirs or business partners. By outlining your wishes and intentions clearly, you can reduce the risk of disagreements and conflicts that could threaten the future of your business.

But let’s face it – not all of our hopes for how the business is handed over will become reality. Those we might wish to take over the business may not be interested or want that responsibility. By running through scenarios for your business, you may uncover these situations. This allows gives you and those around clarity and comfort in knowing the future plans of the business.

Maintain Business Continuity

When a business owner, partner, or executive leaves a corporation, it can have a significant impact on the company’s success. According to a study by the Family Business Institute, only about 30% of family businesses survive into the second generation. Furthermore, only 12% make it to the third generation. With regular review, the legacy of your family business can live on by ensuring it’s ready for any changes.

Provide Financial Security With A Will

Equally important is that a will for your business can provide financial security for your loved ones and business partners. In fact, designating a successor and making a plan to transfer ownership helps ensure your business remains profitable and that your heirs receive the benefits of your hard work. With a clear plan, you help to ensure that the costs and burden of transfer are limited.

In summary, creating a will for your business is a crucial step in protecting your legacy and ensuring the long-term success of your company. Planning for the future with a business will means you can rest assured that your loved ones and business partners can start off on the right foot. It’s important to protect all the work you’ve put into building your business. Even if you have great business documents, a will can save you and your business in the long term.

In case you want to learn more about creating a will for your biz, check out our episode with Jessica Theroux from The Couillard Group . Or, give her a call and ask how you can protect your biz.

Entrepreneur, leader or business owner? Interested in coaching for success? Click here.

References:

Using psychology to be an influential leader

How to use psychology to be an influential leader

Posted on by

As a leader, your role goes beyond just delegating tasks and making strategic decisions. You must inspire and motivate your team to achieve their best performance. To do this, it’s crucial to understand the psychology of human behavior. Knowing what drives people and how they react in certain situations will make you an effective leader. In this blog post, we’ll explore the importance of understanding human psychology to become an influential leader.

Build Strong Relationships

As a leader, building relationships with your team is crucial. When you understand human psychology, you can tailor your communication to each individual team member. This means you can use the right language, tone, and body language that resonates with them. You can also identify their communication style, whether they are visual, auditory, or kinesthetic learners, and adjust your communication accordingly. This helps to build trust and rapport with your team, making it easier for them to follow your lead. It’s all about ensuring you can individualize your approach.

What works to motivate and influence one team member will not work on another.

Motivate Your Team

Understanding human psychology also helps you to motivate your team effectively. By recognizing what drives them, you can incentivize and reward them in ways that inspire them to achieve their best performance. For example, if a team member is driven by recognition, you can give them public praise for their work. If they’re motivated by personal growth, you can offer them training and development opportunities. Motivating your team can lead to higher levels of engagement, productivity, and job satisfaction.

All too often we default to our own preferred method of recognition. It’s important to remember that you aren’t the one being recognized. There is also a long-held belief that monetary recognition is the best form. In fact, some of the best motivators are recognition that connects to personal goals or purpose of an employee. Consider supporting a cause they are connected to, or doing something outside the box that shows them you appreciate them.

One of the best recognitions I have ever received wasn’t even for me – it was for my wife. Her employer sent ME a letter to thank me for everything I do to support her in the background so that she can do the work she does. It was a feel good moment for both of us, and a great way to recognize a team member.

Manage Conflict

Conflict is inevitable in any team, but it’s how you manage it that makes the difference. Understanding human psychology can help you identify the underlying causes of conflict, whether it’s a clash of personalities, miscommunication, or conflicting values. With this knowledge, you can approach conflict resolution in a way that takes into account the emotions and perspectives of everyone involved. This approach can help to de-escalate conflicts and find mutually beneficial solutions.

And it doesn’t need to get to the point of conflict to manage the conflict.

As you hone your observation skills, you’ll become much more aware of some of the indicators that might tell you trouble is brewing. It gives you the opportunity to address the issue sooner and deal with it before there’s any impact at all. Specifically, look for changes in behaviours like showing up late or missing meetings, not talking in social situations where once they would contribute. These are signs something is going on, and is a good opportunity to check in and see where or how to provide support.

Foster Creativity and Innovation

Human psychology plays a critical role in creativity and innovation. By understanding how people think and process information, you can create an environment that fosters creativity and innovation. This includes providing opportunities for brainstorming, idea-sharing, and experimentation. You can also encourage diverse perspectives and approaches to problem-solving, which can lead to breakthroughs and new ways of thinking.

Develop Emotional Intelligence

Finally, understanding human psychology helps you to develop emotional intelligence. Emotional intelligence refers to the ability to understand and manage your emotions and the emotions of others. This skill is critical for effective leadership, as it enables you to empathize with your team, read their emotions, and respond appropriately. Emotional intelligence also helps you to regulate your own emotions, communicate effectively, and build positive relationships.

In conclusion, understanding human psychology is essential for effective leadership. It enables you to build strong relationships, motivate your team, manage conflict, foster creativity and innovation, and develop emotional intelligence. As a leader, investing in understanding human psychology is one of the most valuable investments you can make in yourself and your team.

Entrepreneurship 101: How to love it from the start

Posted on by

Entrepreneurship is a challenging but rewarding journey. It requires creativity, resilience, and a willingness to take risks. But where do you start? In this blog post, we’ll explore the steps you can take to become an entrepreneur, drawing on the experiences and insights of successful entrepreneurs, as well as scientific studies that shed light on the qualities and habits that contribute to entrepreneurial success.

Step 1: Find Your Passion

The first step to becoming an entrepreneur is to find your passion. As Richard Branson, founder of Virgin Group, says, “Entrepreneurship is about turning what excites you in life into capital, so that you can do more of it and move forward with it.”

Scientific studies suggest that passion is a key driver of entrepreneurial success. In a study published in the Journal of Business Venturing, researchers found that entrepreneurs who were passionate about their work were more likely to persist in the face of challenges and setbacks, and were more likely to achieve success.

Step 2: Identify a Problem to Solve

Once you’ve identified your passion, the next step is to identify a problem to solve. As Steve Jobs, co-founder of Apple, famously said, “Innovation distinguishes between a leader and a follower.”

To be successful as an entrepreneur, you need to identify a problem that people are willing to pay to have solved. In a study published in the Harvard Business Review, researchers found that successful entrepreneurs were able to identify a gap in the market and create a unique solution to address it.

Step 3: Develop Your Idea

Once you’ve identified a problem to solve, the next step is to develop your idea. As Mark Zuckerberg, co-founder of Facebook, says, “I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.”

This means starting with a minimum viable product (MVP) and testing it with potential customers. Scientific studies suggest that this approach can increase the chances of success. In a study published in the Journal of Product Innovation Management, researchers found that companies that used the MVP approach were more likely to launch successful products.

Step 4: Build a Team

As your idea begins to take shape, the next step is to build a team. As Elon Musk, founder of SpaceX and Tesla, says, “Great companies are built on great products by great teams.”

Research suggests that building a diverse team can increase the chances of success. In a study published in the Academy of Management Journal, researchers found that teams with diverse backgrounds and skills were more innovative and performed better than homogeneous teams.

Step 5: Get Funding

Finally, to turn your idea into a successful business, you need to get funding. As Mark Cuban, entrepreneur and investor, says, “Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don’t do it.”

Research suggests that there are several ways to get funding, including venture capital, angel investors, crowdfunding, and bootstrapping. In a study published in the Journal of Business Venturing, researchers found that bootstrapping, or funding a business with personal savings, was the most common method of financing for early-stage ventures.

Becoming an entrepreneur is a challenging but rewarding journey. By following these steps, and drawing on the experiences and insights of successful entrepreneurs, you can increase your chances of success. As Mark Twain once said, “The secret of getting ahead is getting started.” So go ahead and take that first step on the path to becoming an entrepreneur!

Top 10 Entrepreneur Tips

Entrepreneur in Canada? You’ll love this top 10 list

Posted on by

Starting a business is an exciting and challenging journey. As a new entrepreneur in Canada, you will face many obstacles and opportunities. It is essential to understand the legal, financial, and practical aspects of entrepreneurship. In this blog post, we will explore the top 10 things that new entrepreneurs in Canada need to know.

Conduct Market Research

Before launching a new business, it is crucial to conduct market research to understand your industry, customers, and competitors. You need to know who your target audience is, what they need, and how you can provide a unique solution to their problems. This guide to market research from the Canadian government is an excellent resource for new entrepreneurs.

Choose the Right Business Structure

You must choose the right business structure for your company. The most common options are sole proprietorship, partnership, and incorporation. Each structure has its advantages and disadvantages, so it is essential to consider your specific needs and consult with a legal professional. The Canada Business Network has an excellent guide to choosing the right business structure.

Register Your Business

Once you have chosen your business structure, you need to register your business with the appropriate government agencies. The process and requirements vary depending on your location and business type. The Canada Revenue Agency (CRA) has a helpful guide to registering your business.

Understand Tax Obligations

As a business owner, you will have tax obligations, including income tax, sales tax, and payroll taxes. It is crucial to understand your tax obligations and keep accurate records. The CRA has an excellent resource center for small business owners.

Obtain Necessary Permits and Licenses

Depending on your industry and location, you may need to obtain permits and licenses to operate your business legally. The Canada Business Network has a comprehensive guide to permits and licenses.

Secure Financing

Starting a business requires capital, and you will need to secure financing to fund your operations. You may consider traditional bank loans, venture capital, angel investors, or crowdfunding. The Canadian government provides several funding options for new entrepreneurs.

Build a Strong Team

As a business owner, you cannot do everything on your own. You need to build a strong team of employees, advisors, mentors, and partners to help you grow your business. The Canada Business Network has an excellent guide to building a strong team.

Develop a Marketing Strategy

Marketing is crucial for the success of any business. You need to develop a marketing strategy to attract and retain customers. The Canada Business Network has a helpful guide to marketing your business.

Protect Your Intellectual Property

Intellectual property (IP) is essential for many businesses. You need to protect your trademarks, patents, copyrights, and trade secrets. The Canadian Intellectual Property Office (CIPO) provides information and resources for protecting your IP.

Stay Informed and Adapt

The business landscape is constantly changing, and you need to stay informed and adapt to new trends, technologies, and regulations. Networking, attending industry events, and reading business publications are excellent ways to stay informed. The Canada Business Network has an excellent guide to staying competitive.

Starting a business in Canada requires careful planning, hard work, and perseverance. By following these ten tips, you can increase your chances of success as a new entrepreneur. Remember to seek advice from professionals, learn from your mistakes, and never give up on your dreams. Good luck on your entrepreneurial journey!

Entrepreneur's guide to market research

How to do market research as a new entrepreneur

Posted on by

Market research is a crucial step for any new entrepreneur in Canada. Conducting market research allows you to understand your industry, target audience, and competition, which is essential for developing a successful business strategy. In this blog post, we will explore the steps involved in conducting market research as a new entrepreneur in Canada and provide links to helpful resources.

  1. Define Your Business Idea: The first step in conducting market research is to define your business idea. You need to have a clear understanding of your product or service and what problem it solves for your target audience.
  2. Identify Your Target Audience: Once you have defined your business idea, you need to identify your target audience. Who are the people that will benefit most from your product or service? What are their needs and wants?
  3. Conduct Secondary Research: Conducting secondary research involves collecting information from existing sources such as industry reports, market research reports, and government statistics. This research can provide valuable insights into your industry and competition.
  4. Conduct Primary Research: Conducting primary research involves collecting data directly from your target audience. This can be done through surveys, focus groups, or interviews. This research can provide valuable insights into your target audience’s needs, preferences, and opinions.
  5. Analyze Your Data: Once you have collected your data, it is essential to analyze it to gain insights into your industry, target audience, and competition. This analysis will help you identify key trends, opportunities, and challenges.
  6. Develop Your Business Strategy: Based on your research findings, you can develop a business strategy that addresses your target audience’s needs and wants while differentiating you from your competition.

Resources for Entrepreneurs:

  1. Canada Business Network: The Canada Business Network is a government resource that provides a wealth of information for new entrepreneurs, including a guide to conducting market research.
  2. Statistics Canada: Statistics Canada is a government agency that provides a wide range of statistics and data on Canadian businesses and industries.
  3. Canadian Federation of Independent Business: The Canadian Federation of Independent Business provides support and resources for small business owners, including access to market research reports.
  4. Canadian Marketing Association: The Canadian Marketing Association is a professional association for marketers that provides resources and training on market research and other marketing topics.
  5. Entrepreneurship Manitoba: Entrepreneurship Manitoba is a government agency that provides support and resources for entrepreneurs in Manitoba, including access to market research reports.

Conducting market research is a critical step for any new entrepreneur in Canada. By following the steps outlined above and utilizing the resources available to you, you can gain valuable insights into your industry, target audience, and competition, which will help you develop a successful business strategy.

Overcome bias and get results for your biz

Bias in business: how to overcome the top 12

Posted on by

In today’s diverse workplace, it is essential to recognize and address different forms of bias that can occur. “Bias definition” is a common search phrase, as employees seek to improve their understanding of what they can do differently. From confirmation bias to hindsight bias, The Biz Dojo has you covered with our top 13 biases found in business.

The best way to address a bias? Learn what it is, spot it, and take action. So, to help you on that journey – here is the list of the top 13 biases you may come across in the workplace.

Top 13 Bias in business

Confirmation Bias

With this bias, we tend to seek out information that confirms our pre-existing beliefs and ignore information that challenges them. To overcome this, it is important to stay open to different viewpoints and actively seek out diverse perspectives.

Implicit Bias

This is unconscious bias that affects the process of how we make decisions. To overcome this, we must become aware of our biases and challenge them through deliberate action.

Halo Effect

In this bias, we form an overall impression of an individual based on one positive characteristic. To overcome this, it is important to evaluate individuals based on a variety of criteria rather than relying on one aspect.

Horns Effect

This is the opposite of the halo effect, where one negative characteristic clouds our overall perception of an individual. To overcome this, it is important to evaluate individuals based on multiple criteria and not let one negative trait overshadow their other qualities.

Affinity Bias

It is natural for us to want to favor individuals who are similar to ourselves. But, that also means we’re often surrounded by those who don’t challenge our way of thinking. It prevents us from exploring new ways of thinking, and ultimately stunts our growth. To overcome this, it is important to actively seek out diversity in our workplaces. We must consider individuals based on their qualifications rather than their similarities to us.

Conformity Bias

This is the tendency to conform to group opinions rather than considering alternative viewpoints, even when they conflict with or own beliefs. This can often occur when we have the same groups of individuals working on a project. This often occurs in politics, where members go along with a particular idea simply because it is desired by the broader group. To overcome this, it is important to encourage diverse perspectives and challenge assumptions. It is important to speak up, this is especially true if your “gut instinct” is telling you something contrary to the group opinion. Explore that feeling with the group to ensure your own comfort level with the decision, and to help eliminate any groupthink biases.

Anchoring Bias

This is the tendency to rely heavily on the first piece of information received when making decisions. This is often used in marketing, especially for high-ticket items. For example, if you’re thinking about buying a new car, the first price you see is your anchor point. The salesperson may then offer you a slightly lower price, and you will perceive it as a deal — even though it may be significantly higher than the true value of the vehicle. To overcome this, it is important to gather and evaluate multiple sources of information. So in this example, taking the time to shop around and compare prices is critical before that sales person gets to you.

Availability Bias

This is the tendency to rely on readily available information rather than seeking out more accurate or relevant data. This is another bias that has a great connection to marketing. When you think of facial tissue, you probably think “Kleenex”. In fact, you probably don’t even think “facial tissue”. There are likely brands out there you may be more interested in, but when you go to the store Kleenex is the first to mind. So, it’s what you buy. To overcome this, it is important to conduct thorough research and avoid making decisions based on assumptions.

Attribution Bias

This is the tendency to attribute qualities of others based on incomplete evidence. In business, one of the greatest examples of attribution bias is in the hiring process. In hiring, we often seek out credentials (i.e. University degree) because we are biased towards higher education. The skills and experience of the team member are often not even considered if a candidate doesn’t have that initial “qualification” for the role. So, we are biased even before the process begins, and as a result will often miss out on truly incredible candidates.

Recency Bias

This is the tendency to place too much weight on recent events or information when making decisions. To overcome recency bias, consider historical data and trends, and strive for consistency in decision-making.

Hindsight Bias

This is the tendency to believe that events were predictable and inevitable after they have occurred. To overcome hindsight bias, consider the information and circumstances that were available at the time of the decision. Focus on learning and improvement rather than blame.

The workplace should be a space where everyone has an equal opportunity to succeed, regardless of their background, race, gender, or any other factor. Unfortunately, unconscious biases can creep into the workplace, affecting decisions and hindering diversity, equity, and inclusion efforts.

Recognizing and addressing different forms of bias is essential for creating a diverse and inclusive workplace. By being aware of these biases and taking deliberate action to overcome them, we can create a workplace culture that values diversity and promotes equality. It is up to all of us to create an environment where everyone feels welcome, respected, and valued.

The Top Career Skill To Master: Understanding Others

This One Career Skill Is The Most Important: Understanding Others

Posted on by

As the world becomes increasingly interconnected, the ability to understand others is quickly becoming one of the most important career skills you can possess. Not only does it help you build better relationships with colleagues, clients, and customers, but it can also help you navigate difficult situations and negotiate more effectively. In this Career Skills blog post, we’ll explore why understanding others is so important, and we’ll provide some tips for improving this critical skill.

The Career Booster & Understanding Others

Before we get into the tips, let’s take a quick look at the science behind understanding others. According to research published in the Journal of Personality and Social Psychology, people who are better at understanding others tend to have higher levels of emotional intelligence (EI). Emotional intelligence is defined as the ability to recognize and understand one’s own emotions and the emotions of others, and to use this knowledge to guide one’s thinking and behavior. Studies have shown that people with high EI are more successful in their personal and professional lives, and they are more likely to be effective leaders.

So, why is understanding others so important in the workplace? For starters, it can help you build stronger relationships with your colleagues, which can lead to more productive collaborations and a more positive work environment. When you take the time to listen to and understand the perspectives of others, you can create a more inclusive culture that values diverse opinions and ideas.

In addition, understanding others can help you navigate difficult situations, such as conflicts or negotiations. When you can anticipate the needs and concerns of others, you can be better prepared to address them, which can lead to more successful outcomes. For example, if you’re negotiating a contract with a client, understanding their priorities and goals can help you craft an agreement that is mutually beneficial.

Tips for Improving Your Ability to Understand Others

Now that we’ve established why understanding others is so important, let’s explore some tips for improving this critical skill.

Practice Active Listening

One of the most important aspects of understanding others is being an active listener. This means giving your full attention to the person who is speaking, and taking the time to fully understand their perspective. Active listening involves asking open-ended questions, paraphrasing what the person has said to ensure you’ve understood them correctly, and providing feedback to demonstrate that you’ve heard them.

Develop Empathy

Empathy is the ability to understand and share the feelings of others. When you have empathy, you can put yourself in someone else’s shoes and see things from their perspective. This can be incredibly valuable in the workplace, as it can help you build stronger relationships with colleagues and clients, and it can help you anticipate their needs and concerns.

Practice Cultural Sensitivity

In today’s globalized world, it’s more important than ever to be culturally sensitive. This means being aware of and respectful of cultural differences, and being mindful of how your actions and words may be perceived by people from different backgrounds. Cultural sensitivity can help you avoid misunderstandings and build stronger relationships with colleagues and clients from diverse backgrounds.

Use Emotional Intelligence to Guide Your Actions

As we mentioned earlier, people with high levels of emotional intelligence tend to be better at understanding others. To improve your emotional intelligence, you can focus on developing your self-awareness, self-regulation, motivation, empathy, and social skills. By using your emotional intelligence to guide your actions, you can build stronger relationships with colleagues and clients, and you can be more effective in your interactions with others.

In conclusion, the ability to understand others is quickly becoming one of the most important career skills you can possess. By practicing active listening, developing empathy, practicing cultural sensitivity, and using emotional intelligence to guide your actions, you can improve your ability to understand others and build stronger relationships in the workplace. So, the next time you’re in a meeting or negotiating

Choosing the right business structure for your biz

Business structure: how to choose the right one for your business

Posted on by

Choosing the right business structure is crucial for any new entrepreneur. It determines the legal and tax implications of your business and affects the way you raise capital. As a new entrepreneur in Canada, it’s important to choose the right business structure to ensure your business’s success. In this article in our Business Support series, we’ll discuss the various types of business structures available in Canada and provide relevant statistics and examples to help you make an informed decision.

Types of Business Structures in Canada:

  1. Sole Proprietorship: A sole proprietorship is the most straightforward type of business structure in Canada. As a sole proprietor, you are responsible for all debts and obligations of the business. According to Statistics Canada, 58% of small businesses in Canada are sole proprietorships.
  2. Partnership: A partnership is a business structure owned by two or more individuals who share the profits and losses of the business. Partners are personally liable for the debts and obligations of the business. Statistics Canada reports that 9% of small businesses in Canada are partnerships.
  3. Corporation: A corporation is a separate legal entity from its owners. It can be owned by one or more individuals or by shareholders. Shareholders are not personally responsible for the debts and obligations of the corporation. According to Statistics Canada, 31% of small businesses in Canada are corporations.
  4. Cooperative: A cooperative is a business structure owned and operated by its members. Members share the profits and control the business through a democratic process.
  5. Limited Liability Partnership (LLP): An LLP is a partnership where the partners have limited liability for the debts and obligations of the business.

Factors to Consider When Choosing a Business Structure:

  1. Legal Liability: The level of personal liability you are willing to assume for the debts and obligations of the business.
  2. Taxes: The tax implications of the business structure you choose.
  3. Capital: The ease of raising capital for your business.
  4. Complexity: The level of complexity and administrative requirements associated with the business structure.

Examples of Successful Business Structures in Canada:

Shopify: Shopify is a Canadian e-commerce company that went public in 2015. It is structured as a corporation and has been extremely successful, with a market capitalization of over $200 billion as of March 2023.
MEC: MEC (Mountain Equipment Co-op) is a Canadian retail cooperative that sells outdoor gear and clothing. The cooperative structure has allowed MEC to prioritize sustainability and social responsibility while maintaining profitability.
Cirque du Soleil: Cirque du Soleil is a Canadian entertainment company that was founded as a partnership. It has since been restructured as a corporation, allowing it to expand globally and become one of the most successful entertainment companies in the world.

Resources for Choosing the Right Business Structure in Canada:

  • Canada Business Network: The Canada Business Network provides information and tools to help entrepreneurs choose the right business structure.
  • Canadian Federation of Independent Business: The Canadian Federation of Independent Business provides support and resources for small business owners, including a guide to choosing the right business structure.
  • Small Business BC: Small Business BC is a non-profit organization that provides support and resources for entrepreneurs in British Columbia, including a guide to choosing the right business structure.
  • MaRS Discovery District: MaRS Discovery District is a non-profit organization that provides support and resources for entrepreneurs in Ontario, including a guide to choosing the right business structure.
  • Business Development Bank of Canada: The Business Development Bank of Canada provides financing and advisory services to Canadian entrepreneurs, including a guide to choosing the right business structure.

Choosing the right business structure is a critical decision for any new entrepreneur in Canada. By considering the factors outlined above and utilizing the resources available, you can make an informed decision that will set your business up for success.

Lead On Laughter and the benefits of humour at work

Lead On Laughter: How to lead better, with massive tips

Posted on by
lots of laughs

As the saying goes, laughter is the best medicine. But did you know that it is also a key ingredient in leadership? Laughter is a powerful tool. It can help create a better work environment, promote teamwork, and grow productivity. In this blog post in our leadership series, we will talk about the benefits of laughter in leadership.

Using humour to create a better spaces at work

Laughter in the workplace

As leaders, we all strive to create the best spaces we can in order to keep our teams happy, healthy, and able to do the work at hand. This is essential to ensure our team feels both at ease and motivated. Laughter helps to create a relaxed and enjoyable atmosphere that encourages both creativity and productivity. A workplace that lacks laughter can feel tense and stressful. This can negatively affect employees’ mental health and well-being. But, leaders who incorporate humor into their leadership style can create a positive work environment that drives employee satisfaction.

Productivity grows with laughter at work

Contrary to popular belief, laughter does not distract from productivity. In fact, it can enhance it.

A study conducted by Wharton School of Business​*​ found that when employees were exposed to humor in the workplace, they reported feeling more energized and productive. Additionally, a study by the University of Warwick​†​ found that happy employees are 12% more productive than unhappy employees.

Incorporating humor into the workplace doesn’t mean that the workplace is less professional or less productive. Humor can be used as a tool to relieve stress, which can add to a more productive and efficient workplace. Laughter can help employees feel more relaxed, which can lead to increased focus and creativity.

A tool for team culture

Laughter can also play a significant role in building a strong team culture. When teams laugh together, they build a shared sense of humor, which can lead to improved communication, collaboration, and team cohesion. A study by the Journal of Managerial Psychology​‡​ found that team building activities that involve humor can lead to increased trust and more positive relationships among team members.

Laughter can also help build a more positive work environment for you and your team. When employees are happy, they are more likely to enjoy coming to work, which can lead to more job satisfaction and reduced turnover. A study by the University of Pennsylvania​§​ found that positive emotions in the workplace were linked with lower turnover rates.

It isn’t just turnover either. There have been several studies that show teams with improved culture also drive a reduction in lost time and wages due to illness. When people feel better about their work space, they want to show up and be there. It becomes a positive experience to come to work every day, and they are much more likely to do just that.

Laughter and the brain

Laughter also has a positive effect on the brain. When we laugh, our brains release feel-good chemicals like endorphins, which can help reduce stress and improve mood. This can lead to increased creativity, better problem-solving abilities, and improved decision-making skills.

A study by the University of Maryland​¶​ found that humor activates the same parts of the brain as other pleasurable experiences like music and food. This suggests that laughter can have similar effects on the brain as other pleasurable experiences.

How to add humour to your style

As we’ve learned, humour can be a powerful tool. Even still, it’s one we often shy away from. One of the fears most leaders have when it comes to adding laughter at work is how to do it right. It’s not always easy to add it into your leadership style, and finding the best time, place and content can be tricky. And of course, let’s face it… not everyone is a comedian (and frankly, some who think they are… aren’t).

So then, how do we turn up the laughter? Research suggests that anyone can learn to be more humorous with practice and by following some guidelines.

Be authentic

Authenticity is crucial when it comes to humor. But you don’t have to be a stand-up comedian to make your team laugh. Of course, it’s essential to find your own style of humor that feels natural to you. Being true to yourself and your sense of humor will make your humor more effective.

Use appropriate humor

It’s important to use the right humor in the workplace. What’s funny to one person may not be funny to another, so it’s crucial to be aware of the sensitivities of your team. Research has shown that self-deprecating humor is generally well-received in the workplace and can even increase likability and credibility.

Timing is everything

Timing is everything when it comes to humor. You don’t want to interrupt a serious meeting with a joke, but a well-placed quip can help diffuse tension and create a more relaxed space for all. Research has shown that humor is best when used to relieve stress, so look for those chances to use humor in stressful or high-pressure moments.

Practice, practice, practice

Like any skill, humor takes practice. Watch comedians or funny shows, and try to incorporate what you learn into your own humor. Keep a record of jokes that have worked in the past and use them when appropriate. The more you practice, the more comfortable you’ll become with using humor in the workplace.

Putting it all together

Laughter is an essential ingredient in leadership. It can help to create a positive workplace, drive team culture, grow productivity, and improve comms. Leaders who add humor into their style help to create more welcoming space for their teams. They see an improvements in creativity, psychological safety, wellness, and more. So, the next time you’re in a meeting or leading a team, try to add some light humor to the mix. Your team will thank you for it!

  1. ​*​
    Wharton School of Business study: https://www.researchgate.net/publication/256015603_Getting_a_Laugh_Productivity_Humor_and_Newspaper_Cartoons
  2. ​†​
    University of Warwick study: https://warwick.ac.uk/newsandevents/pressreleases/new_study_shows/
  3. ​‡​
    Journal of Managerial Psychology study: https://www.emerald.com/insight/content/doi/10.1108/JMP-07-2018-0291/full/html
  4. ​§​
    University of Pennsylvania study: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3263297/
  5. ​¶​
    University of Maryland study: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6123777/
Leader Toolkit: Team Building

How to make team building your best leader tool

Posted on by

Team building is an important aspect of leadership that can contribute to a company’s success in various ways. It involves fostering relationships among team members, improving communication and collaboration, and creating a sense of belonging and shared goals. In recent years, there has been an increasing focus on the financial impact of team building, with studies suggesting that it can improve productivity, reduce employee turnover, and increase profits. In this article, we will explore the benefits of team building and provide references and citations to relevant studies that support these claims.

Benefits of Team Building

Improved Communication and Collaboration

Team building activities can help improve communication and collaboration among team members. When employees have a better understanding of each other’s strengths, weaknesses, and communication styles, they can work more effectively together. In a study conducted by ClearCompany, it was found that companies with effective communication were 50% more likely to have lower employee turnover rates and 17% more likely to have higher profitability.

Increased Productivity

Team building can also increase productivity by improving motivation and engagement among employees. In a study conducted by Gallup, it was found that engaged employees are 21% more productive than disengaged employees. When employees feel motivated and connected to their work and their colleagues, they are more likely to put in extra effort and work more efficiently.

Team Building to Reduce Employee Turnover

Employee turnover can be costly for companies, both in terms of time and money. Team building can help reduce turnover by improving employee satisfaction and creating a sense of loyalty to the company. In a study conducted by Harvard Business Review, it was found that companies with strong cultures had a turnover rate of just 13.9%, compared to a rate of 48.4% for companies with weak cultures.

Increased Profits

Finally, team building can lead to increased profits by improving productivity and reducing employee turnover. In a study conducted by Deloitte, it was found that companies with a strong focus on employee engagement had a 19% increase in operating income compared to companies with low levels of engagement.

References and Citations

ClearCompany. (2017). The true cost of poor communication in the workplace. Retrieved from https://blog.clearcompany.com/the-true-cost-of-poor-communication-in-the-workplace

Gallup. (2013). State of the American Workplace. Retrieved from https://www.gallup.com/workplace/238085/state-american-workplace-report-2017.aspx

Harvard Business Review. (2017). The Impact of Employee Engagement on Performance. Retrieved from https://hbr.org/2017/03/the-impact-of-employee-engagement-on-performance

Deloitte. (2016). Global Human Capital Trends. Retrieved from https://www2.deloitte.com/global/en/pages/human-capital/articles/introduction-human-capital-trends.html

Conclusion

Team building is an important aspect of leadership that can have a positive financial impact on a company. By improving communication and collaboration, increasing productivity, reducing employee turnover, and increasing profits, team building can contribute to a company’s success in a variety of ways. Leaders who prioritize team building and create a culture of collaboration and engagement are more likely to see positive results and achieve their business goals.