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A Guide to Universal Life Insurance
Universal life insurance is a type of permanent life insurance, offering both a cash value and a death benefit. It offers numerous tax benefits and is often considered to be a combination of a life insurance policy and an investment; it can pay dividends, be cashed out, and offers a guaranteed death benefit at the same time. How Does Universal […]
A Guide to Universal Life Insurance is a post from Pocket Your Dollars.
How to Maximize Credit Card Rewards and Earn Cash and Perks
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Wrangler Launches Home Decor with Pottery Barn Teen – Sourcing Journal
Wrangler Launches Home Decor with Pottery Barn Teen Sourcing Journal
How to Avoid Being Surprised by 7 Nasty Expenses
17 ways to use the Amex Platinum’s monthly $30 PayPal credit
5 Credit Cards for the Avid Nature-Lover
[UPDATE: Some offers mentioned below have expired and/or are no longer available on our site. You can view the current offers from our partners in our credit card marketplace. DISCLOSURE: Cards from our partners are mentioned below.] If the great outdoors is your ideal destination, the world is full of opportunities for your next vacation or weekend… Read More
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How to Run a Virtual Brainstorm that Actually Works
Fun fact about pandemic life: Zoom fatigue is real. And not just real, but “widely prevalent, intense, and completely new,” according to Psychiatric Times.
Although we might be avoiding Zoom these days when an email or even a phone call (is it 1986 again?) will suffice, there's one place where video conferencing still shines, and that's the good ol' brainstorm.
Old school brainstorming was creative and connective and interactive—all things difficult, but not impossible, to recreate virtually.
When I picture brainstorms of years past, I see images of big tables full of candy and fidget toys and pens and Post-Its galore. Old school brainstorming was creative and connective and interactive—all things difficult, but not impossible, to recreate virtually.
Today we’ll talk about some virtual brainstorming strategies I’ve seen work really well. And then hopefully, you’ll give one a try.
Choose your occasion wisely
brainstorms shouldn’t be a catch-all for any group conversation.
Back when our biggest workplace woe was a vending machine out of Diet Coke, many of us took brainstorming sessions for granted. But in a virtual world, it's harder to organize, facilitate, and get people engaged.
That's why brainstorms shouldn’t be a catch-all for any group conversation. (Often what you’re looking for is just a meeting.) Brainstorms are a very specific brand of discussion in which a collective of creative voices, ideas, and opinions are necessary inputs to achieve a valuable output.
Because of challenges like Zoom fatigue and burnout, I urge you to be stingy with your brainstorming sessions. They're a fabulous enabler of ideas and solutions, so do use them. But do so strategically and with clear intention.
Because of challenges like Zoom fatigue and burnout, I urge you to be stingy with your brainstorming sessions.
What are some great occasions to host a brainstorming session? Use them when you need to:
- Add or refine product features
- Define a path in a sticky situation
- Solve a complex problem
These and many other scenarios call for a variety of perspectives in which there are no right or wrong answers, but only ideas.
In contrast, many other occasions don’t call for a brainstorm. Like when you need…
- Approval or alignment
- Receipt of a message or direction
- Feedback on a mostly baked idea
These are not brainstorm moments—they're meetings with a much more defined outcome. See the difference?
Figure out the specific problem you want to address
Okay, so you've figured out that your situation calls for a brainstorming session. Now, it's time to make sure everybody who comes to the brainstorm is on the same page before you begin by creating a statement that lays out the specific problem and how you need to tackle it.
Your problem statement might be something like:
We’re losing market share on X product, and we need to define new features to attract Millennial customers.
And here's another example:
This client wasn’t happy with our last deliverable and we need to redefine how we’re engaging with them.
One of your goals is to keep the session short (because fatigue) while maximizing what you take away from it. A clear problem statement allows you to invite your brainstorming participants to get the creative juices flowing ahead of the actual session.
Assign some prework to get things rolling
Now that you've stated the problem or opportunity, it's time to let participants know you’re looking forward to a collaborative discussion and invite them to jot down some early ideas and send them your way.
You can then do some analysis ahead of the session. Did you spot any common themes? Any particular ideas you’re interested in having the group build upon?
Share your findings at the beginning of the brainstorming session. This will give you a strong foundation from which to build.
Get creative with tech
Love it or hate it, video conferencing technology is definitely your friend in a virtual brainstorm. It allows you to create a purposeful connection amongst participants. But you have to understand how to engage them.
When I used to run in-person meetings with leadership teams, I was always intentional about switching up the activities every 30 minutes or so. I’d facilitate a breakout, and then we’d do a quick poll, and then I’d have people plot Post-It notes around the room, and more.
Keeping things changing and moving is a great way to keep adults engaged. According to the Harvard Business Review: "If you don’t sustain a continual expectation of meaningful involvement, [people] will retreat into that alluring observer role."
So take the time to learn the features of whatever platform you’re using, and make the session engaging. Some tactics you might try?
- Use polls to test out early ideas
- Use small group breakout sessions to create mini-competitions between your participants
- Use a whiteboard to replicate a poster board people can plot virtual Post-It notes on
- Use voting to prioritize or stack rank
Of course, talking is part of any brainstorm. But using technology can keep participants from slipping into the shadows without contributing.
Establish norms that serve your purpose
A brainstorm isn’t successful because of how smart its participants are, but because of how much freedom and space their voices are given.
A client once told me this story about a packaging company that was struggling with productivity. Their products had to be wrapped in newspaper before being shipped. But often, as employees were packaging product, they’d accidentally start reading the newspaper, losing precious packing minutes. These minutes added up to lost productivity.
One day the leadership team was brainstorming solutions to this distraction problem and one executive said, “Well, what if we just poked their eyes out?”
Of course, he wasn't serious—the question was absurd and meant to add a little humor. But it triggered a new line of thinking. Eventually, the company established a partnership with a non-profit organization that finds jobs for blind people.
Is this story true? I’m honestly not sure. But it’s a great illustration of the importance of free-flowing ideas.
A brainstorm isn’t successful because of how smart its participants are, but because of how much freedom and space their voices are given.
As the facilitator, what norms can you put in place to ensure that all ideas get voiced without judgment and everyone has a chance to speak?
Here are a few you might consider:
- Use the improv rule of “yes, and.” It means that ideas are never knocked down, only built upon. (Don’t worry, they can get voted down later, just not during the brainstorm)
- Use the two- (or one- or five)-minute rule. Ask people to limit themselves to two minutes at a time, even if they need to stop mid-thought (they can finish on their next turn). This challenges people to be concise and ensures that everyone gets a chance to speak.
- Use a round-robin technique. Circle around the Zoom participants, calling on each person as you go. If someone isn’t ready, they can pass. But this is a great way to prevent introverts from getting overlooked.
What other norms will keep you on track?
Close out thoughtfully
Save a few minutes at the end of your scheduled session to check in on the process. How did it feel for everyone? What worked well and what might you skip next time? Do they have other tactics to recommend?
The best answer to “How do I host a great virtual brainstorm?” is the answer that your own participants give you.
When scheduled for the right occasion and with the right people, brainstorms are a fabulous tool. Don’t be intimidated by them. Just be open to learning as you go.
Retained Earnings vs. Net Income
Companies have several different types of earnings, each of which provide different information about their revenues and insight into their financial health. On a companyâs balance sheetâwhich is a key piece of information in evaluating a companyâs stock valueâit will report details about its expenses and earnings, including retained earnings and net income. Net income […]
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7 Money-Saving Tricks at Grocery Stores
Food is essential to our existence. What isn't essential is paying an arm and a leg for our daily bread. Compared to dining out, buying groceries and cooking homemade meals remains a far more affordable way to eat. But grocery shopping can be even more affordable with these tips the next time you find yourself carting down the aisles.
How to Save Money on Groceries
- Don’t Dawdle in the Aisles
- Price Watch
- Consider the Cost of Convenience
- Know Your Terminology
- A Full Mouth Is a Quiet Mouth
- Go for Day-Olds
- Break Free from Brands
- Use a Prepaid Gift Card
Let's explore each tip a little further.
1. Don’t Dawdle in the Aisles
Shop more efficiently at the supermarket by leaving your cart at the end of each aisle. It’s faster because you’ll go directly to what you need and grab it, plus you’ll be less tempted to purchase extras since you won’t be wandering slowly down the aisle with the cart.
2. Price Watch
When you’re at the supermarket, make sure you keep a close watch while your items are being rung up. A recent study found that 10 percent of items are scanned in at the incorrect price.
3. Consider the Cost of Convenience
Remember the cardinal rule when it comes to saving money on food: If it’s “convenient,” it’s probably costly. For example, pickles cut flat for sandwiches, juice in single-serving bottles, pre-shredded cheese, and “baby” carrots. Think carefully about what you’re buying and decide if the convenience is worth the extra cost!
4. Know Your Terminology
When shopping, know your terminology: Only the term “use by” means that you shouldn’t eat the food after the date indicated. “Sell by” dates are only an indication for the store, and foods will usually keep one to two weeks after. “Best before” is only an indication of food quality, not of food safety, so again, your perishables may still be fine to eat.
5. A Full Mouth Is a Quiet Mouth
If you find you’re making a lot of impulse purchases at the store because your kids are begging for snack foods, keep them quiet by buying them a package of animal crackers or a similar snack right when you get to the store. Most stores don’t even mind if your kids eat the crackers before you pay for them.
6. Go for Day-Olds
Supermarkets often discount their day-old or slightly overripe items in the morning. This is a great way of getting deals on fruit, vegetables, bread, and other foods. At first glimpse, this money-saving strategy may not seem appealing to you, but you can use these items in casseroles, desserts, and other dishes where you won’t even notice the difference. With a loaf of day-old bread, for example, you can make french toast, stuffing, croutons, bread pudding, and much more!
7. Break Free from Brands
When you’ve been buying the same brand-name product for as long as you can remember, it’s hard to make the switch to generics. However, you’ll be surprised when you find many generic and store-brand products taste exactly the same (or better!) for less than half the cost. Always buy generic baking ingredients such as flour, oil, and sugar. These generics are indistinguishable from their more-expensive counterparts. Frozen and canned vegetables are also usually exactly the same. As for products such as cereals, cookies, and crackers, basic is better—we’ve had good luck with plain granola, potato chips, and wheat crackers. No matter what the product, it never hurts to try. If you end up having to throw away one can of soup, you’ve wasted a few dollars, but if you like it, you can save a lot over the course of a year.
8. Use a Prepaid Gift Card
Need a little help budgeting your trips to the supermarket? Many chains now offer prepaid gift cards. Buy one for yourself and think of it as a portable checking account: Put money on the card, then “withdraw” from it every time you shop. With a dedicated grocery “account,” you’ll find it’s easier to keep a tighter rein on your spending.
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Image courtesy of Shutterstock.