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  • HR Teams Need This 1 Thing to Unlock Organizational Success | Entrepreneur

    HR Teams Need This 1 Thing to Unlock Organizational Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Industry leaders have long recognized HR as the fulcrum of organizational success. It stands to reason, after all, that the department charged with molding an enterprise’s identity and culture should have the most profound impact on how it achieves its organizational goals. It also follows, then, that with generative AI models at the vanguard of business innovation, human resources should be considered a pivotal area of development for leaders seeking to optimize their organizations through digital transformation.

    Current data bears this logic out, with recent research showing that 76% of HR leaders feel their organizations must leverage AI in the next 12 to 24 months to keep up with competitors in terms of organizational success. Yet, while some are embracing applications like generative AI in HR, benchmarking indicates that around 48% of leaders are still not exploring their use. This raises some key questions, namely: Are the benefits of AI genuinely significant in HR? And if so, why aren’t HR leaders taking the plunge to embrace it?

    I’ll explore these questions in this article, shedding some light on how enterprise leaders can confidently leverage AI to best empower organizational success.

    Related: Why Every Company Should Be Thinking About Artificial Intelligence

    Transformative potential

    In HR departments, where there is such a strong administrative focus, the power of AI to automate repetitive tasks and expedite data processing is nothing short of transformative. As such, the potential applications for AI are both extensive and varied.

    One area where AI can have a major impact is employee relations. For instance, enterprises can utilize AI to analyze responses to pulse surveys, allowing them to gain meaningful insights into employee sentiment without needing to invest substantial resources in the process. Additionally, AI can be used for predictive analytics, using massive volumes of current and historical data to forecast changes in employee turnover. In this sense, AI can enable enterprises to be more dynamic and responsive to HR trends to boost employee engagement and retention, even when operating at scale.

    AI can also serve to enhance talent acquisition. Businesses can leverage the power of AI algorithms to scan the resumes of job candidates and shortlist the most optimal matches — a traditionally painstaking task. Moreover, AI applications can help promote better outcomes in the screening process by selecting candidates based solely on objective, standardized criteria, eliminating the possibility of unconscious biases skewing results.

    Were this not enough, AI can also be applied to a plethora of other HR duties, from performance analysis to resource allocation, risk management, and more. So, if the benefits of embracing AI are so considerable, then what’s at the root of HR leaders’ misgivings?

    The AI fear factor

    In my view, the trepidation around AI in HR can primarily be attributed to an aversion to perceived risk.

    Of course, there certainly are risks associated with using artificial intelligence in HR. Utilizing generative applications, for instance, naturally raises concerns about ethics, privacy, and security, as it requires companies to provide large quantities of potentially sensitive data to AI models. In fact, Gartner predicts that by 2025, 70% of all enterprises will rank the ethical use of generative AI among their top concerns, and understandably so. In many cases, however, I believe that the perception of the risks around AI is skewed by a misunderstanding of how such tools should be implemented.

    In essence, it would appear to be a question of adoption. Companies that are leading the exploration of AI in HR are those with a proven track record of successful transformations, such as IBM, who have emphasized the benefits of the technology in improving aspects like candidate selection, hiring cycles, compensation planning and employee support. Those who are more hesitant, then, must be those who are less confident in their ability to adopt the technology.

    When uncertainty prevails around the implementation of new technologies, the potential benefits of using them, however immense, will always be dwarfed by the perceived risks.

    Related: The Top Fears and Dangers of Generative AI — and What to Do About Them

    The thoughtful approach

    To gain the confidence to embrace AI wholeheartedly, enterprise leaders need to carefully evaluate their approach to its adoption. That starts with dispelling misconceptions about the technology.

    AI models are not the all-knowing, ungovernable entities that they are often suggested to be. Quite the opposite, in fact. While modern AI models are undoubtedly impressive in their ability to process, analyze and extrapolate from data, the fact remains that they can only work from the data they are fed. This is why data governance is critical.

    By establishing comprehensive policies and guidelines on how data assets should be stored, updated and maintained, organizations can keep a firm grasp on what data AI models will have access to. Additionally, by designating teams to conduct regular assessments of AI models, companies can prevent erroneous or discriminatory outcomes in HR that might result from machine learning biases.

    In conjunction with proper data governance and regular auditing, businesses should seek to develop more comprehensive onboarding processes for those utilizing AI tools. This should entail the establishment of designated communication channels for employees to provide feedback on AI-powered technologies.

    Moreover, a thoughtful approach to AI adoption should involve the utilization of a digital adoption platform, which can provide employees with personalized, real-time guidance on how to use AI tech proficiently. Such a platform can help mitigate risks associated with user error and enable IT to monitor the use of new tech to weed out shadow AI.

    By employing these measures, companies can create an internal framework that enables the seamless integration of AI tools for HR.

    Related: Watch Out for These 5 Artificial Intelligence Problems in HR

    The future of AI in HR

    While AI applications have enormous potential in human resources, the sensitive nature of the data they will be required to handle is proving a cause for trepidation at many organizations. That needn’t be the case, however, as taking a thoughtful approach to adoption can assuage the concerns associated with the use of generative AI.

    By engaging in proper data governance and auditing and implementing purpose-built adoption solutions to facilitate the transition to AI, you can confidently embrace new technologies in HR. As a result, your enterprise will be empowered to evolve its internal culture, improve overall performance and reach its organizational goals with greater consistency and velocity.

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    Alon Ghelber

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  • Embracing AI Will Make Your Business Stronger — Here’s How. | Entrepreneur

    Embracing AI Will Make Your Business Stronger — Here’s How. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence provides businesses with a way to unclog bottlenecks and execute their value propositions as efficiently and effectively as possible.

    Take the hubbub around ChatGPT, for example. With a simple prompt, AI can craft a script, a blog post or an academic paper with at least most of the necessary components. According to Botco.ai, 73% of businesses they surveyed have harnessed the power of generative AI to produce various forms of content.

    For organizations that invest a lot in corporate communication and marketing, this sounds like a dream come true. Type a few lines and AI does the heavy lifting. No need to break the bank by hiring pricy vendors or setting up an in-house content squad. It’s like a content creation fairytale, right?

    Here’s the catch: Creating truly engaging content takes more than a few clicks in an AI tool. It demands a smart business strategy tailored to your specific goals and objectives. Even as more companies begin to defer some of their efforts to AI, that kind of expertise still needs to be human.

    Related: Writing Content With AI Won’t Help You Win Against Google Search Rankings. Here’s Why.

    Adding a human touch to AI content creation

    Although AI undoubtedly excels in terms of speed and bulk content creation, it’s crucial to recognize the potential pitfalls that can emerge when entrusting the entire content creation process to AI.

    First, there’s the issue of planning. Regardless of your industry, content goes far beyond being a mere collection of words on a page; it’s a strategic endeavor that requires careful consideration. Crafting an effective content strategy involves creating an editorial calendar, which entails much more than just selecting dates and establishing a posting schedule. An editorial calendar takes into account myriad variables, such as content types, timeliness, cadence and more. While AI can assist in certain aspects, it has its limitations in comprehensively managing all of these interlocking aspects.

    Second, if you opt to use an AI tool, quality control is the true indispensable role of humans when it comes to AI content creation. While AI can indeed generate content, it isn’t very useful without a human hand to guide and refine it. This human element provides crucial details related to previous articles published, incorporating timely hooks and ensuring alignment with the preferred tone of voice and in-house style. Speaking of style, there’s also the critical task of reviewing and editing AI-generated content for plagiarism and consistency.

    Related: 3 Principles for Scaling Content With AI Without Sacrificing Quality

    Teamwork makes the dream work

    Generative AI solutions aren’t the enemy; they’re a valuable asset that can streamline aspects of your content creation process. However, to harness their true potential, partnering with knowledgeable humans is key. If you’re looking for a partner to help enhance your AI content creation efforts, here are some considerations to keep in mind:

    1. Don’t say ‘yes’ to a hard no

    According to a survey by Salesforce, AI is making some serious headway in the world of content creation. It found that marketers use generative AI for basic content creation (76%), copywriting (76%) and more. Those surveyed also predicted that generative AI would save them five hours of work every week. So, while AI might still seem like a bit of a wild card in some areas, the pros of teaming up with AI for content far outweigh the cons.

    However, a word of caution: If you come across a potential partner who’s allergic to the idea of AI, that’s a red flag. Whether it’s ChatGPT lending a hand with outlining content or Grammarly performing some baseline editing magic, AI has carved out its spot in the content creation world. So, when you’re chatting with agencies or potential partners, ask them how they’re making AI a part of their workflow. If they say, “We’re not using it yet, but we’re on the lookout for ways to weave it in naturally,” that’s a good sign they’re forward-thinking.

    2. Don’t stop at the what — ask the how, too

    According to the Botco.ai study, nearly half of the people they talked to — 49%, to be precise — said AI had a hand in shaping their final content. How AI helps the content creation process can differ from one company to another, but when you’re considering a potential partner, you’ve got to ask them to spill the beans on how they’re specifically using AI.

    If they’re just starting to dip their toes into the AI pool, throw them a curveball and ask where they’re planning to use it in their content creation process. Alternatively, if they’re already using AI extensively, find out which parts of the content creation journey it’s lending a hand in. And here’s a little pro tip: Pay extra attention if they mention using AI for plagiarism checks. In a world overflowing with content, having AI play detective for copied text is as close to perfection as you can hope for.

    Speaking of perfection (or being far from it), we recently put our team and ChatGPT to the test by having them write the same article. We found pretty quickly that AI had a nasty habit of using hypothetical stats instead of real ones. Fortunately, that’s exactly why the human touch is essential. A human can verify facts and add an extra layer of credibility, which is why your preferred partner must ensure a human touch is included in their content creation process.

    Related: AI Wrote Half of This Article. Here’s Why Entrepreneurs Should Take Note

    3. Don’t forget about KPIs

    AI isn’t just good for the company bank account; it’s a game-changer for your employees, too. A study from the National Bureau of Economic Research found that access to AI increases worker productivity by 14%, and it can help employees multitask and handle more complicated questions faster.

    Now that’s some pretty clear success right there, but success can look different for everyone. So, when you’re teaming up with a company that’s riding the AI wave, you’ve got to speak the same success language. Is it all about keyword rankings? Or maybe it’s all about the clicks and conversions? Or even worse, what if Google wakes up tomorrow and decides to throw a penalty flag on AI-generated content? Are you ready to pivot like a pro if that happens? Fortunately, by keeping a close eye on KPIs, you can be ready to switch gears if you notice your rankings starting to slip.

    Ultimately, the secret sauce to thriving in the age of AI-powered content is teaming up with a savvy, open-minded and results-driven partner who’s got your back. Blend the magic of automation with the expertise of a proven agency, and you’ve got yourself a recipe for content success.

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    Kelsey Raymond

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  • Young Workers Don’t Want to Become Managers — and This Study Uncovers the Reason Why. | Entrepreneur

    Young Workers Don’t Want to Become Managers — and This Study Uncovers the Reason Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a young computer developer, I never had any aspirations of being a manager, let alone a CEO.

    When I started my career some 30 years ago, everybody in my field seemed to be following the so-called IBM model of climbing the corporate ladder — starting at the entry level for a few years and then hopping from rung to rung into more senior managerial roles. It wasn’t for me.

    Luckily for me, I worked for a progressive company that understood the need to create dual career paths. You could remain an individual contributor, sometimes leading technical projects, or you could be a manager. I chose the technical track, rising through my field until there was nowhere left to go but the C-suite. Now that I’m here, I see a huge problem.

    The average person has no interest in being a manager anymore.

    My company recently ran a survey of 1,000 full-time employees across the U.S. who are not already in a managerial position. A meager 38% said they were interested in becoming a people manager at their current company. This problem crosses industries and borders. We’re seeing clients in all lines of work struggling to fill frontline management positions.

    It’s becoming clear that companies have to adapt to fill these gaping voids, and the stakes couldn’t be higher. Picture a Jenga tower — there are only so many blocks you can remove from the middle before the top comes crashing down.

    Related: Some People Aren’t Cut Out to Be Managers — And That’s Okay. Here’s What You Can Do Instead.

    Why management roles have grown less attractive

    There was a time when the title manager meant prestige, respect, maybe even admiration — a chance to lead, a pathway to the top. But that dynamic has been shifting for decades and can now feel out-of-touch and out-of-date.

    This management backlash has roots in several places. For one, trust in leadership has eroded sharply. Only 21% of workers strongly agree that they trust the leadership in their company, and the number has been on the decline since the pandemic.

    At the same time, the “individual contributor” has enjoyed increasing status in many circles, especially in the tech community. A talented developer, for instance, can rise through the ranks of a company without managing people. Ultimately, their pay and perks may end up being comparable with senior people leaders, without ever having to wrestle with the challenges that go along with management.

    Meanwhile, the pressures on managers are only growing. Familiar challenges with delivering results and bottom-line value have been augmented in recent decades with mounting HR responsibilities. For many, the stress and time commitment of management simply outweigh any added benefits.

    Indeed, of all the insights gleaned from this survey, one stood out to me more than any other — people see managerial responsibilities as a non-starter for work-life balance. Among those we surveyed, 40% said their biggest worry with becoming a manager was increased stress, pressure and hours. When we asked people to identify their top ambition, 67% said spending more time with their friends and families and 64% said being more physically and mentally. The lowest priorities were becoming a C-suite executive (4%) and becoming a people manager (9%).

    Related: 10 Myths About Work-Life Balance and What to Do Instead

    How to fill the ‘missing middle’

    This management gap couldn’t come at a worse time. As companies struggle with disruptions from AI, increasing automation and a tight labor market, clear leadership is needed more than ever, but it’s getting hard to find.

    So how can companies fill the “missing middle” — and make management aspirational again?

    One important step is to redefine the meaning of manager. Partly, this is about reconceptualizing the role. The tech industry, for instance, has popularized “player-coaches:” employees who continue to contribute as individuals, while also leading small teams of trusted colleagues. While this balance can be challenging to strike, the upside is sustained engagement with your field and growth of new management skills.

    At the same time, companies are finding new ways to valorize management. When McKinsey asked middle managers what they wanted more of, the obvious answer was bonuses. In a competitive market, many companies are dishing out signing bonuses to attract talent into the pipeline. According to a 2021 survey, 43% of hiring managers were offering more paid time off and 40% were offering better job titles to win the war for talent. It’s not all about perks, however. Middle managers also said they wanted to be rewarded with increased autonomy and more responsibility.

    An equally critical step is to help managers handle those increased responsibilities with better technology — enabling them to extend spans of control while diminishing toil and grunt work. Take the challenge of handing out raises. Traditionally, this process required a manager to manually evaluate every employee and come up with a number and a rationale for each one. But new tools are taking the guesswork and paperwork out of the equation. We use a smart compensation tool to evaluate performance metrics and create a clear picture of what a person is paid relative to their peers, and relative to industry standards. This not only removes risk of bias but also cuts down on time. There are similar tools for goal-setting and skills-mapping, lessening the burden of regular performance reviews while making them more meaningful.

    Related: Here’s How Managers Can Role Model A Good Work-Life Balance For Their Teams

    Behind all these efforts lie advances in collecting and sharing people data. The better we can arm frontline managers with insights about their teams, the faster they can make the right decisions.

    In a world with fewer managers, these steps mean companies can increase spans of control while maintaining productivity, reducing stress and saving people time. In the end, it’s not just for retaining current managers, but recruiting new ones. Consider this: Deloitte found 73% of managers said they should be a model of well-being for their employees, but only 35% of employees could see that in their manager. Until we give them the time and resources to do their jobs effectively and happily, people will continue to have reservations about moving up in the ranks. The Jenga tower will continue to sway — if not collapse.

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    Ryan Wong

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  • Self-Care Isn’t Selfish — It’s Essential. Here’s Why. | Entrepreneur

    Self-Care Isn’t Selfish — It’s Essential. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    What’s your first instinct when you feel the mounting pressures of running a business?

    If you’re like many leaders, you double down on your workload. That means spending more time at the office and less time on your personal health, hobbies and relationships — and that might work sometimes. You may even attribute your business’s success to that instinct.

    The problem is that humans aren’t designed to function at maximum capacity 24/7. Working twice as hard doesn’t necessarily result in getting twice as much work done. Instead, pushing yourself past the point of exhaustion has been shown to lead to less creativity, reduced working memory and capacity for problem-solving and worse business outcomes.

    Unfortunately, “self-care” has become so overused as a buzzword that it has become meaningless other than as a way to sell bath bombs and expensive retreats. But self-care isn’t a self-indulgent luxury for people with more time than you; it’s an essential tool for high-performing leaders who want to excel in their business.

    If you want to maintain high performance and effectively navigate the challenges of leading people and leading a business, it’s time to shift your perspective.

    Related:

    The rise of burnout in leadership

    We heard a lot about burnout during the pandemic and its aftermath. Reporting from Gallup showed that the burnout rate among managers increased significantly between 2020 and 2021, leading to increased quit rates among managers and leaders and unmanageable workloads for those who stayed.

    But, burnout among leaders is a perennial problem — one that existed long before the pandemic, and one that will persist in the future. For instance, Gallup polling from 2018 showed that more than two-thirds of workers were burned out, with managers reporting more stress and burnout, worse work-life balance and worse physical health than members of their teams. And, a recent survey found that even though life outside the workplace has returned to normal for most people, 70% of C-level executives are considering leaving their company and taking a new role in an organization that supports their well-being.

    Self-care: Beyond the bubble bath

    Of course, as an entrepreneur running two companies, I know that understanding the importance of self-care and making time for self-care aren’t the same thing. Here are some practical methods for incorporating self-care into your routine and infusing it into your organization.

    1. Small acts of self-kindness

    Self-care doesn’t require grand gestures. Instead, small investments can have an outsized effect. It can be as simple as slowing down to taste your coffee in the morning or taking a short walk in the fresh air before heading into the office.

    To carry self-care through your workday, you could build a playlist of your favorite songs that plays in the background as you work. Or get a vase of fresh flowers once a week to place on your desk. If you find yourself fading around mid-afternoon, take a walk, take a few deep breaths and reset yourself for the rest of the day.

    There’s no limit to the amount or types of things you can do to take care of yourself at home and work. Finding ways to add elements of self-care to your daily routine is a great way to ensure your mind and body are getting the rest and nourishment they need to fuel the rest of your day.

    Related:

    2. Take extended breaks, too

    Vacation time should be viewed as mandatory, not optional. Completely unplugging from work is linked with increased well-being, engagement and creativity. Going on vacation can also lower stress and reduce your risk of developing heart disease. Don’t believe it? Consider that Lin-Manuel Miranda credits his idea for the award-winning musical Hamilton with taking a vacation.

    But, so many of the entrepreneurs and executives I work with are reluctant to take a vacation. This mindset is not only bad for you — it’s bad for your employees. According to the Pew Research Center, 46% of employees in the U.S. take less time off than their company offers. Many of them don’t want to burden their co-workers with extra work. Some fear they will miss out on career advancement opportunities or possibly lose their jobs if they take time off.

    3. Make yourself less essential

    We all know that entrepreneurs wear many hats, especially in the early days of their business. But if your company comes to a standstill the moment you step away, you’re doing something wrong.

    It can feel gratifying to be integral to your business’s functioning, but ultimately, you’re shooting yourself (and your business) in the foot. A Gallup survey found that companies run by CEOs who delegate have a three-year growth rate that is 112 percentage points higher than companies with CEOs who do not delegate.

    Leadership is the act of setting a vision and then accomplishing that vision through others. Surround yourself with people that you trust and then empower them to do their jobs. That way, you can take a break without feeling the burden of your business crumbling behind you as you walk away.

    4. Lead by example

    As leaders, we need to remember that our employees are watching us and taking their cues from our behavior. When you ignore your own well-being, you send the message that your employees should ignore their well-being, too.

    As a leader, it’s on you to create a permission structure and culture of self-care at your organization. Talk about the importance of self-care at work openly and frequently, especially with your leaders. Encourage employees to set (and keep) boundaries, especially when they are working remotely and the lines between when their workday begins and ends are blurred. When leaders practice self-care, the rest of the organization is more likely to follow.

    Related:

    5. Build self-awareness

    Once you’ve created permission for you and your employees to take care of yourselves, you have to build the self-awareness to know when you’re showing up in an unproductive way and the self-efficacy to take some time when you are.

    For example, I recently had a day that found me spiraling into a ball of stress and burnout. So, I decided to take the next morning a little slower than usual. Instead of rushing to the office, I spent a few extra minutes outdoors, picked a few fresh tomatoes from my garden and made an omelet.

    I knew I wasn’t going to show up in a productive way if I just barrelled into the office all stressed out.

    You need to expect the same from your employees. Forcing your employees to take care of themselves is infantilizing. They’re adults. Set an example and then trust them to follow it.

    Build your surge capacity

    In an interview with the American Psychological Association, Dr. Ann Masten, a psychologist and expert on resilience, talked about the importance of protecting what she called surge capacity — the mental and physical resources we use to survive the stressful situations that are so common to life as an entrepreneur.

    Unfortunately, she said, that capacity can get depleted. Faced with continuous challenges, we get exhausted and overwhelmed. When it does, we need to step back and try to replenish and restore our capacity through self-care.

    As a leader, there will always be days when walking away from work feels challenging or even impossible. The key to taking care of yourself on the days you can is to remember that acts of self-care now will enable high-performance in the moments that matter.

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    Jonathan Kirschner

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  • Succession Planning Is Vital — Here’s What You Need to Do. | Entrepreneur

    Succession Planning Is Vital — Here’s What You Need to Do. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners know a thing or two about working long hours. Without fail, there’s always something to do. But what about putting in the time to develop proper business succession planning? A recent report from SIGMA shows that nearly 1 in 10 leaders believe succession planning is not worth the time and money that it costs. Are you that one? There will be a time when you’ll want to transition ownership of the business to another party, and it may be sooner than you think.

    While seemingly straightforward, succession planning for business owners can take several different forms, each with its own set of pros and cons. You’ll want to understand your options and how they relate to what you hope to accomplish. No matter when or how you transition ownership, your results will be impacted by how much effort you put into planning.

    Related: Succession Planning: It’s Never Too Early to Start Thinking About the Future of Your Business

    Starting with the end in mind

    An important trait in highly effective people is the ability to come into any given situation with a clear understanding of the destination. It allows for better identification of the necessary steps to achieve a desired outcome. That’s business succession planning in a nutshell — or, at least, that’s the goal.

    If you think success planning is as simple as handing over the reins to family, you’d be mistaken. Only about half of heirs want to take ownership of the family business. That’s a stark difference from what business owners actually think, with 67% believing that their heirs want the business. Even if the family member is ready to take over, succession planning for business owners takes time and preparation. Below are five strategies that will help you start planning for succession and the thought that needs to go into it.

    1. Carving out the time necessary

    In our experience, it’s best to start creating a succession planning roadmap at least three to five years prior to the date of the planned transition. Without a roadmap, you might unknowingly create hurdles to a successful transition instead of facilitating a clear path to new ownership. In fact, it could even put into question the financial security you desire.

    Let’s say you’ll be selling the business to an unrelated third party. The financial impact will be significantly different than “gifting” the business during your lifetime or transitioning ownership upon your death by way of an estate plan. You must determine the value needed from the sale to maintain your lifestyle once you no longer own the business — and that’s just the start.

    Related: Most Family Businesses Don’t Have a Succession Plan in Place, But That’s a Huge Mistake

    2. Making sense of a sale prior to the sale

    Selling to an unrelated third party can present several challenges. Identifying potential buyers that are qualified to purchase the business isn’t always easy nor is taking all the appropriate steps to prepare the business for a sale. A great deal of information will be required as part of the buyer’s due diligence process. How long will the process take from start to finish?

    Then, there’s the question of whether to engage a business broker or investment banker to assist in the sale. How will they evaluate potential offers? What potential issues might come up in the purchase agreement? Are there any confidentiality concerns? Is the sales process being done in the most tax-efficient manner? Have you considered what you’ll do after the sale?

    3. Balancing business continuity and succession planning

    We recently worked with an owner who had several separate yet related businesses. They only wanted to sell one of them. The process started with a full valuation and then the determination of whether selling one business would be detrimental to the value of the combined businesses. They also wanted to explore whether they could sell the business to a group of employees and how that might compare to an outright sale.

    We conducted an assessment to identify the business owner’s goals in the ownership transition. Then, we helped them prioritize those goals. After talking with several interested buyers, including the employees, the owner decided to move forward with a large buyer who expressed interest in acquiring the business and real estate.

    4. Arriving at a smart fiscal decision

    The owner’s choice of buyer came down to the fact that it would enable them to achieve the majority of their highest-priority goals. Because of advanced planning, the owner knew what their business was worth, the minimum value they’d need to receive from the sale and the potential issues the buyer would likely raise.

    Ultimately, the buyer did make an offer that was lower than the valuation, but we were able to negotiate a more acceptable offer that provided for full payment at closing. This provided the certainty that the owner sought, and the transaction was closed within a reasonable amount of time. All parties were pleased with the outcome.

    First Business Bank recommends you employ a team of professionals to help you come up with a proper valuation for your business — including “your CPA and business appraiser. You might also include your attorney, wealth management professional, business banker and possibly an investment banker/business broker in the discussion to ensure coordination.”

    5. Putting the pieces together

    Creating a succession plan for your business always starts with defining the goals you’d like to accomplish as part of the ownership transition. It’s for this reason, among many others, that we recommend getting the ball rolling as early as possible. Once you’ve defined your goals, you can focus on arriving at a fair market value for your business today.

    With that in mind, how much value would you need to realize to be financially independent after the transition? Will the sale allow you to live your desired lifestyle? If there’s a gap between the fair market value and what you need to achieve your future income needs, then develop a plan to increase the value of your business within the timeframe you’d like for the transition.

    Related: 4 Lessons on Succession Planning for Entrepreneurs

    Getting what it’s worth

    We firmly believe that the more time and effort you spend on business succession planning can exponentially improve the probability of a satisfactory outcome. The more you prepare and understand what to expect, the smoother the process will go for both you and the buyer. It also doesn’t hurt to have an advisor on hand who can properly assist you through the process.

    Ultimately, preparation is key to successful succession planning for business owners. It will save you time and could even help in building trust with the buyer, which can minimize conflict as the process moves forward. When the buyer has confidence in the information they’re receiving and your integrity, it provides you with more leverage in negotiating the final price and terms.

    In the end, a succession planning roadmap increases the chances that you’ll get what the business is worth and be able to maintain your lifestyle for years to come. It’s all in your approach.

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    Larry Guess

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  • How AI is Predicting the Next Big Trends in Consumer Products | Entrepreneur

    How AI is Predicting the Next Big Trends in Consumer Products | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For decades, identifying the next big consumer trends and products was an imprecise art dominated by guesswork. Companies would spend millions on market research, only to be caught off guard by sudden shifts in public taste. It was like throwing darts blindfolded. But artificial intelligence has transformed trend forecasting from a fuzzy guessing game into a data-driven science. Artificial intelligence algorithms can now predict hot consumer products by analyzing massive datasets — articles, reviews, social media and search trends, for example — that humans can’t process.

    This monumental shift is on par with the discovery of electricity. Companies now have predictive insights once reserved for giants like P&G or Apple. For entrepreneurs, it’s like being handed the answer key before the test. Consumer trends that used to appear out of the blue can now be detected months in advance, allowing startups to launch the right products at the right time. AI turns elusive market intelligence into an actionable advantage open to businesses of any size.

    Related: AI Is Poised to Change How We Shop: Here’s What You Need to Know

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    Ari Goldberg

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  • 3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

    3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The sky appears to be the limit for the ways entrepreneurs and CEOs can incorporate generative AI tools into their workflows. The one thing you can’t afford to do with generative AI is ignore it.

    I recently hosted a workshop for 30 early-stage CEOs to discuss ways to fuse generative AI into their business strategies. Here is some of the intel I shared, plus how you can give yourself an edge by responsibly and effectively incorporating this technology into your startup or business.

    Entrepreneurs wisely using generative AI can strategically implement it into their narrative and general storytelling of their companies to in turn receive higher valuations from investors as well — here’s how.

    Related: How AI Is Becoming a Game-Changer in Startup Fundraising

    1. Expand your product offerings and stay competitive

    I suggest reading up on Microsoft’s collaboration with OpenAI. Microsoft jumped to incorporate ChatGPT’s technology into Bing and its other products. Now, its users can work more efficiently in PowerPoint and its suite of Office products. Google responded by exploring the use of generative AI to expand its search capabilities.

    Software development is another key area getting gen AI attention. Gen AI is helping developers code more efficiently, predicting the next lines of code based on code already written and responding to prompts. There’s a spotlight on generative AI algorithm models like Large Language Models (LLMs) that can craft text based on the user’s input data.

    Every entrepreneur who wants to edge out the competition must find ways to apply generative AI to improve products and develop new offerings.

    My company, Verbit, hosted an internal hackathon to gamify identifying ways to incorporate generative AI. It helped to get greater buy-in and inspire ideas. Our hackathon uncovered 13 ways to employ more AI, including two that we’re commercializing.

    Consider replicating this hackathon idea or encouraging brainstorms. Run them company-wide. Instead of just involving your more obvious teams, acknowledge that generative AI has the ability to impact the roles of nearly everyone. By involving less obvious stakeholders, you’ll identify use cases for generative AI to disrupt processes you weren’t even aware of.

    Engaging your team in these ways won’t just boost morale; it will release apprehension around the “negative” human impact of greater generative AI use. Instead, your team will be inspired by how they can apply it to expand your offerings to deliver better.

    Related: The Secret to How Businesses Can Fully Harness the Power of AI

    2. Drive employee productivity

    AI should be seen as a gateway to make work more meaningful and efficient, not replace jobs. Using generative AI to eliminate dreaded, time-consuming tasks will keep your employees engaged. It will grant them the ability to focus on more creative tasks they’re passionate about. Employee engagement is a metric entrepreneurs can’t overlook because it translates to 23% higher profitability.

    Since newer forms of AI are learning to be intuitive and interact naturally with humans, start by using AI that communicates with your teams and learns from their feedback to boost productivity. For example, generative AI has advanced the possibilities of working with chatbots. Teams can now summarize and pull data from chatbot-powered customer surveys and much more.

    3. Predict market trends more accurately

    For entrepreneurs to make informed decisions about investments, strategies and products, they must understand market trends. Generative AI is helping entrepreneurs gather more quality data than earlier AI forms.

    AI is excellent at analyzing large sets of data, but generative AI can gather insights from unstructured data, like social media posts, audio files, text and other content. To be successful, entrepreneurs must pull in this additional information accessible to them through generative AI.

    Generative AI can also create simulations to determine the impact of hypothetical “what-if” situations. Researchers at the University of Pennsylvania used generative AI to simulate the spread of COVID-19 and the efficacy of different responses. Audi used simulations to model manufacturing strategies and reduce its assembly line cycle time by 30%.

    As an entrepreneur, you can benefit greatly by using generative AI for market simulation. If you don’t use these tools, you’ll be operating with less complete, lower-quality information than your competition.

    Related: How to Protect and Improve Your Business with AI During Challenging Times

    Know where to draw the line

    There are dangers in relying too heavily on gen AI. For example, AI uses data inputs for results. If the data is flawed, it can have consequences. This issue is already appearing in recruitment and hiring practices. Amazon canceled an AI-powered recruitment program after it proved to be biased against women. If you lean too much on AI alone, you could find yourself violating employment laws.

    You’ll need to be aware of ethical concerns to avoid instances of sharing sensitive information or violating data privacy laws as well. Generative AI can also hallucinate, meaning that it might give entirely wrong information, but package it in convincing language and reassuring confidence. Turning over too much responsibility to a chatbot could cause more harm than good.

    For example, experts are warning against relying too much on tools like ChatGPT for search engine optimization (SEO). Google may decide to penalize companies that publish automated content, undermining their past SEO work. Make sure that your team has a process in place to check the outputs of the AI it’s using.

    There was the case of the “ChatGPT lawyer,” who used the tool to draft a motion and ended up citing fake cases in court. The firm faced a fine and public humiliation, but in fields like health care, the consequences of faulty information could be worse and more dangerous.

    Smart entrepreneurs will understand how to intelligently and strategically use generative AI, but they’ll know where to draw the line. My advice is to be as savvy about the technology you employ as you are about the people you hire.

    However, don’t delay. Challenge your teams to use generative AI to work productively. Decide on a few areas of focus to implement it now, whether it’s personalized content creation, marketing efforts, software development, customer operations or data analysis. Trust me, your competitors are already doing so.

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    Tom Livne

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  • AI Is Poised to Change How We Shop: Here’s What You Need to Know | Entrepreneur

    AI Is Poised to Change How We Shop: Here’s What You Need to Know | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I had a conversation with a robot recently, and I have to admit, it wasn’t half bad. Like most consumers, I typically dread automated interactions when I call for customer support, but on this occasion, the bot was surprisingly helpful and my issue was resolved before the urge to hit zero for human intervention took over.

    It got me thinking, for all the legitimate concerns around the rise of AI, as the technology improves it offers a clear advantage to online businesses: It’s leveling up the baseline of the customer experience.

    The AI market size is projected to grow from $86.9 billion last year to $407 billion by 2027. With virtually every industry looking to scale operations through AI, the impact on ecommerce will be staggering. Yet, as the online customer experience improves, I predict we’ll see a return to some of the traditional ways brands have differentiated themselves in the past. Here’s why.

    Related: 5 Ways the AI Revolution Can Help Your Ecommerce Business

    AI is leveling the playing field for customer service

    The integration of Siri and Alexa into our lives happened slowly. It started with simple voice commands like making a call or relaying the weather and stunted when we asked more complex questions that were met with an unreliable response.

    Now, as 300 million American households actively use smart home devices, voice assistants like Siri and Alexa have become an accepted part of our daily lives and as the technology improves we’re seeing businesses from Shopify to Zoom to Alibaba, launch AI-powered assistants to service their clients at scale.

    From an ecommerce perspective, as improved AI assistants and super-powered chatbots rapidly evolve and become more accessible to businesses of all sizes, brands will have to find new ways to differentiate their customer service.

    Traditionally, brands that hire people who are passionate about the products and services they sell and empower employees to go above and beyond to satisfy their customers, experience greater customer loyalty and can even charge up to 5% more for products.

    These old-school principles of customer service could prove as relevant as ever in the age of AI when human capital largely informs the automated customer experience.

    Businesses that focus on their ‘why’ will have an edge

    At present, a brand’s ability to compete on search and have its products or services easily discovered online can make or break a business. Likewise, a frictionless checkout experience gives ecommerce behemoths a strong competitive edge — it’s the reason Amazon had nearly 40% of the ecommerce market share in the U.S. last year.

    AI is poised to change that. Take visual search technology, for example. Once a novelty for ecommerce sites, advanced visual search tools such as uploading an image to find a similar product or virtual try-on features are now becoming more widely adopted by both startups and established online retailers.

    Similarly, Shopify’s Shop Pay is democratizing checkout, making a seamless experience accessible for any business. As these technologies become more mainstream and less of a competitive differentiator, businesses will be forced to rethink their value proposition.

    Even in the current market, studies show consumers are four to six times more likely to purchase from and champion purpose-driven companies. As AI helps equalize the customer experience online, companies that dive deeper into their “why” and integrate intention into every touch point of the customer journey will have an advantage.

    Related: Top 6 Ecommerce Trends You Need to Know in 2023

    Niche businesses will be better positioned

    The success of an entrepreneur used to be widely determined by one’s ability to mount a business financially and manage its logistics. As AI makes it increasingly easier to start and manage a business, companies that narrow in on a niche will set themselves apart.

    American heritage brand L.L. Bean is a great example. The 111-year-old retailer successfully transitioned into the digital age through thoughtful product selection and making investments in technology that brought them closer to their customer. Likewise, businesses that have a deep knowledge of their product and strong connection with their customers will be more successful in the age of AI.

    AI relies heavily on data to develop personalized offerings. Companies with a niche focus are better positioned to understand the unique preferences and pain points of their customers and leverage AI to create tailored solutions for them.

    Similarly, companies that narrow their focus, are better positioned to act on the data collected from like-minded customers to identify trends, anticipate market shifts and pivot based on their customers’ evolving needs.

    Retailers aren’t typically the most technically-sophisticated bunch — many simply don’t have robust budgets to invest in technology. This can be true of leaders in any industry, but as AI becomes more accessible, we’re going to see a democratization of ecommerce tools, which will force businesses to compete in new ways.

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    Ben Crudo

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  • Know a DEI Skeptic? Use These 3 Strategies to Engage Them | Entrepreneur

    Know a DEI Skeptic? Use These 3 Strategies to Engage Them | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The good news is that most people believe in the value of diversity, equity and inclusion initiatives in the workplace — yet the minority, although vocal, is roughly 20% of the workforce. For these DEI skeptics, we recommend a three-pronged approach:

    1. First, learn more about their story and what is holding them back.
    2. Ask for their engagement directly.
    3. Offer up a specific way they can show support and hold them accountable.

    Related: Does DEI Training Work? It Depends How Proactive It Is.

    Learn more about their story and what is holding them back

    Overwhelming people with facts and figures is tempting, but often not helpful in changing perspectives. Instead, meet skeptics where they’re at. Give them time to process their fears, concerns and ideas. This can be helpful information for allies that want to better understand the challenges of DEI work. Chances are some other concerns could be valid. As with any line of work, there are always pros and cons and paradoxes that are more often in between.

    We’re all a product of our lived experiences. It’s hard for people to take on a perspective that they themselves don’t share. This is why storytelling is so powerful as allies. Asking questions to learn about people’s upbringing, caregiving roles they experienced at home and exposure to other races and cultures growing up is key. People’s socioeconomic class has a significant tie to our perceptions as adults. For example, many lower-class white people share the belief in the myth of meritocracy — meaning hard work pays off. Yet, when you compare notes with people of color, they are unique challenges they often face due to the intersections of racism and classism.

    To reach a DEI skeptic, consider asking these questions:

    • What aspects of DEI are you most skeptical about? Understanding their specific concerns can help tailor the conversation to address their doubts directly.
    • Have you encountered any personal experiences or observations that have influenced your skepticism? Exploring their personal perspective can provide insight into their viewpoint and help build a connection.
    • Are there specific examples of companies or organizations where you think DEI initiatives have been ineffective or problematic? What would you like to see done differently? Discussing real-world cases can lead to a more nuanced conversation and provide an opportunity to address specific concerns.
    • Do you think it’s important for all individuals, regardless of their background, to have an equal opportunity to succeed? How might unequal access to opportunities impact society as a whole? Exploring the concept of equal opportunity can help highlight the underlying principles of DEI.
    • Have you ever been in a situation where you felt excluded or misunderstood? How did that make you feel and what steps would you have appreciated to address it? Drawing parallels between personal experiences and the broader DEI conversation can foster empathy and understanding.
    • Are there ways in which you think diversity could be promoted without compromising meritocracy? Discussing strategies that align with their values can help bridge the gap between skepticism and the goals of DEI.
    • How do you think diverse teams can contribute to innovation and problem-solving? Are there examples you can think of where diverse perspectives led to better outcomes? Highlighting the practical benefits of diversity can help counter skepticism with evidence.
    • Do you think there is a connection between workplace diversity and attracting and retaining top talent? How might a more inclusive environment impact employee morale and job satisfaction? Discussing the potential impact on talent management can provide a tangible perspective.
    • What would it take for you to consider DEI initiatives as valuable and worth pursuing? What specific outcomes or changes would you like to see? By focusing on their expectations and potential solutions, you can create a shared vision for the role of DEI.

    Related: 4 Ways Inclusive Leaders Can Respond to the Weaponizing of DEI

    Ask for their engagement directly

    Many times there’s confusion about the role the majority group can play in DEI. For example, older, straight, white men who do not have a disability often say that DEI is not for them. DEI is about inclusion, so it is paramount that everyone is a part of creating an inclusive culture. Rather than wait for the majority group to join the conversation, consider directly asking for their support. Make it clear that you want them to play a role and what specific expectations are for engagement. Consider these ideas to engage them:

    • Collaborative initiatives: Create opportunities for members of the majority group to collaborate with individuals from different backgrounds on projects, committees or initiatives. Emphasize the value of diverse perspectives in problem-solving and decision-making processes.
    • Sponsorship of Employee Resource Groups (ERGs): ERGs are a great way for the majority group to participate and learn alongside members of different groups. For those in positions of power, having them engaged as sponsors can help with resource allocation as well.
    • Lead by example: Showcase visible support from leadership and role models within the majority group who actively champion DEI initiatives. Highlight successful case studies or stories of organizations that have benefited from embracing diversity and inclusivity.
    • Mentorship: A great way for allies to get involved is by mentoring and being mentored by people different from themselves. This could be a formal pairing program of informally setting the expectation that leaders engage in mentoring folks different from themselves. Most allies report learning more from their mentees than the mentees learn from them.

    Related: 10 Ideas to Drive Your DEI Initiatives in 2023

    Offer up a specific way they can show support and hold them accountable

    Lastly, it is important that you set the expectation that they are responsible for their own education as potential allies in training. The burden of education should not fall on folks that are already dealing with the adversity of diversity. As with any cultural transformation, accountability is critical to long-term success. It is important to measure outcomes and hold leaders accountable for diverse representation and perceptions of inclusion on their teams just as you would with any cultural change.

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    Julie Kratz

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  • You Have to Give Your Employees Freedom to See Excellence — Here’s How to Do It. | Entrepreneur

    You Have to Give Your Employees Freedom to See Excellence — Here’s How to Do It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Setting people free to do great work is one of the most important principles for a company leader to embrace. Productive employees who are engaged and inspired by their work are the key to workplace excellence. The real question is: How can companies create the circumstances that give people the freedom to thrive? When your employees are empowered to help impact their own progress, they feel much more valued and capable as contributors.

    This means, in part, ensuring that people aren’t simply assets on a spreadsheet. Companies that focus on building cultures, policies and practices that provide engagement and inspiration are freeing their entire organization to be better at what they do.

    As company leaders, our success ultimately depends on freeing our people to do great things. Here are a few principles that have helped me build supportive, freeing cultures throughout my career.

    Related: 8 Reasons You Should Give Your Employees More Control

    Be inspiring, not challenging

    Leaders must find ways to inspire the people around them rather than simply challenging those they consider underachievers. Storytelling is an essential skill that will help your teams understand both the company’s goals and their roles in reaching them, and is a powerful way to change hearts and minds.

    Highlighting the “why” — especially in a creative, engaging way — is a critical part of your role as a leader. This is clear as company and HR leaders are being called upon to make difficult decisions in this unique environment, including navigating hybrid work, needing to lay off employees in an economic downturn and responding to increased salary expectations. Combine that with a looming economic crisis and you have a volatile mixture that is pushing cultures and policies in new directions and taxing the patience of many company leaders.

    Recent headlines have spotlighted many of the battles some leaders are undertaking in order to bring their vision for the future of their companies to bear, and many of these efforts end up pitting employees against the executives.

    At BambooHR, we are a product-led company, which is tricky and requires a lot of discipline to get right. In order to do that, we maintain a sharp focus on how every single employee can help create products that delight our customers. Although not everyone is a designer or an engineer, we all share a common vision of delivering value, and that helps us see how our work contributes to success.

    At the end of the day, the vast majority of employees want to have a positive impact on the company through their work, and helping your people see the purpose of their efforts is essential to success during these challenging times. Embracing a vision that inspires will have a much greater impact in the long run and help people be free to do their best work.

    Related: To Have an Innovative Company, Let Your Employees Take the Reins

    Invest in creativity across your company

    Along with inspiring people to understand and embrace the vision, leaders need to invest in creativity at every level of the company. This often means dedicating time and resources when teams bring you new ideas that they believe will benefit the organization.

    Taking that leap of faith is rarely easy for a leader to do, especially when budgets may already be tight. And certainly, ideas need to be thoughtfully considered, not just rubber-stamped. But creativity is the lifeblood of any organization, and the potential reward for encouraging it across your company goes far beyond the balance sheet.

    Over the years our investment in creativity has encouraged essential, transformational ideas that address the vision of the company. For example, recently I’ve seen people in accounting, sales, CX, customer support, HR and marketing all finding innovative ways to save money, bring on new customers and improve processes.

    Investing in creativity will also improve how people approach change and embrace new opportunities. Right now, powerful, emerging technologies like artificial intelligence are heralding a new digital revolution, and companies will fall far behind if they are not already seriously considering how to integrate them. The advent of AI means there has never been a better time to harness creativity within a company. Bringing every part of your team along will multiply the number of people you have working on new solutions.

    Above all, enshrining creativity at every level signals to people that their ideas are valued and highlights their positive impact on the company. Leaders can further free people to do their best work by providing time and resources for creative ideas.

    Related: The Best-Kept Secret to Cultivating Creativity and Innovation

    Embrace design thinking

    A few years ago, I was at a professional crossroads after a number of intense years. I was lucky enough to have some options, but I didn’t have any idea what to do for my next step. To clear my head, I went with my wife on a vacation to Mexico. It was there, on a beach, that I read a book titled “Designing Your Life,” which became a powerful catalyst that led me to my current role.

    The book was written by two product designers and Stanford professors and it provides a framework for building a fulfilling life, using a concept called design thinking. It was a lightning bolt of inspiration that led me to think about many aspects of my life in a different way. Our instinct, when we run into a stumbling block, is to immediately jump to finding a solution. The key to design thinking is taking time to understand the actual problem and considering a wide range of possible solutions.

    Your people want to make an impact in their roles at work, and it can feel daunting to even find where to start. Design thinking is a great framework to help your teams uncover the challenges and sticking points they face and brainstorm creative solutions. Your people want to be successful and have a lasting, important contribution to their work. Helping them feel free at work is crucial for achieving this result.

    Ultimately, your people are the most important part of your business. Inspiring your teams, investing in their creativity and giving them tools for problem-solving will let your employees shine.

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    Brad Rencher

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  • The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

    The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Labor shortages across the U.S. are impacting businesses of every size across all industries, with a whopping 9.9 million job openings and only 5.8 million unemployed workers available to fill the roles, according to the latest data from the U.S. Chamber of Commerce. While many factors are contributing to the labor shortage, at the heart, the problem is structural, with declining U.S. birth rates and the drop in net immigration resulting in a lack of available workers.

    Warehouse operations have been hit particularly hard by the labor shortage, complicated further by the extremely high turnover rate in the industry. According to the U.S. Bureau of Labor Statistics (BLS), 216,000 people in the transportation and warehouse industry quit their job in April 2023. With 351,000 hires in the month, this exodus translates to a 3% quit rate, second only to the retail (3.5%) and leisure and hospitality (4.6%) sectors. Figures like these shine a spotlight on the retention and hiring challenges that business leaders across industries are facing.

    Related: The Labor Shortage Is Only Getting Worse. What’s Causing It and How Can I Avoid Losing Staff?

    Focus on happy teams

    In light of the labor supply/demand imbalance and the potentially crippling impact of peak season volumes on warehouse teams already stretched to the limit, meeting the demands of fulfillment operations is dependent on retaining quality workers. But employee retention is a significant hurdle, with an abundance of warehouse vacancies available across multiple industries and low barriers of entry for dissatisfied workers looking to change jobs. How can business leaders cope with this revolving door?

    Keeping existing warehouse staff happy with less stress and friction in their workday is fundamental to retailers’ retention efforts. While labor shortages are forcing organizations to do more with less in the warehouse, streamlining fulfillment workflows to increase efficiency and productivity, savvy business leaders are also looking at ways to optimize warehouse operations with the employee experience in mind.

    By leveraging warehouse management technology to simplify and expedite fulfillment tasks, companies can prevent workload overwhelm, reduce stress and improve job satisfaction for their warehouse teams which, in turn, helps to build loyalty and reduce employee churn.

    Related: 4 Ways to Boost Your Employee Retention in an Uncertain Economy

    Simplifying with tech

    While shipping the right items in the right quantities to the right customer may seem like a no-brainer from the outside looking in, warehouse teams relying on manual, paper-based practices are up against a wall. Given that one of the most common complaints of warehouse workers is unmanageable workloads, it’s a smart strategy to leverage technology that helps employees alleviate workplace stress by completing tasks faster yet with less effort.

    In addition to enabling more efficient workflows to boost fulfillment capacity, the aim of warehouse management systems (WMS) is to simplify and accelerate employees’ day-to-day tasks. When it comes to receiving, merchants without a WMS typically rely on specific staff to determine where to put inventory, which means that, oftentimes, the broader warehouse team does not always know where exactly to go (e.g. floor/area/aisle/shelf/bin) to find what they need for an order.

    With WMS technology that supports barcode scanning, inventory can be registered quickly into locations by scanning the location and the item. Barcoded items can be easily moved to new locations by scanning the item or selecting all items in the location. Armed with a barcode scanner and mobile app — instead of a clipboard — warehouse workers receive a digital pick list and follow guided optimized walking paths throughout the warehouse. Given they can walk several miles every day, reducing “mileage” makes the job easier and less physically taxing.

    In addition, tech-enabled pick methods (e.g. single item batch picking, pick and sort to trolley, multiple orders by item) enable workers to easily handle more volume, faster; for example, multi-order picking can decrease walk time by 85% compared to single order picking.

    Related: Using Tech to Build Supply Chain Resilience in a Changing World

    Job satisfaction linked to better operational metrics

    For businesses in diverse industries, adding a WMS to the tech stack is not just a boon for employee satisfaction, it produces substantial gains on the operational front as well. Organizations can manage their warehouse operations in real time, ensure inventory counts are accurate and synced with online storefronts and marketplaces to reduce the risk of overselling and increase fulfillment capacity with more efficient order picking and shipping. The ability to process more orders accurately and efficiently without hiring more people is particularly valuable in light of ongoing staffing challenges, helping to increase profit margins and drive growth.

    How business leaders are the gatekeepers to warehouse innovation

    For an organization to successfully leverage technology like WMS in the warehouse, top management must realize that supply chain and logistics agility is critical to company performance and take steps to enable innovation.

    Indeed, there’s a clear correlation between the strategies and decisions of top financial performers and those companies whose senior management hold the belief that supply chain and logistics innovation is crucial to success versus those whose senior management feels differently. Ultimately, business leaders across industries are the gatekeepers to technology innovation, and supply chain innovation in particular can make or break a company’s bottom line.

    This is underscored in the research study Supply Chain and Logistics Innovation Accelerates, but Has a Long Way to Go, which surveyed 1,000 global execs in the supply chain arena: “Respondents who said they were better financial performers were 20% more likely to have senior management who believes innovation is important and 16% more likely to have lower employee turnover.”

    In fact, when it comes to warehouse management in particular, 23% of respondents said that WMS technology will be one of the top focus areas for innovation for the next two years.

    In light of warehouse worker shortages, leaders need to prioritize the employee experience in the warehouse to ensure workers are happy, healthy and not looking for the door. They can accomplish this goal — and boost the bottom line at the same time — by opening the doors to innovation in their organization and leveraging warehouse management technology in order to streamline, accelerate and simplify order fulfillment operations. Everyone wins!

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    Johannes Panzer

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  • How to Embrace People With Disabilities In Your Workplace | Entrepreneur

    How to Embrace People With Disabilities In Your Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    People with disabilities face several barriers to entering the workplace and frequently face discrimination and exclusion. To develop an institution of inclusivity, people with disabilities must be represented and embraced at every level. According to the World Health Report, an estimated 1.3 billion people — or 16% of the global population — experience a significant disability today. Unfortunately, people with disabilities face mistreatment and discrimination just for having a disability.

    Based on the United Nations Department of Economic and Social Affairs, a 2004 survey found that only 35% of working-age persons with disabilities are employed, compared to an employment rate of 78% in the rest of the population. Two-thirds of unemployed respondents with disabilities said they would like to work but could not find jobs.

    I have been a disability advocate for several years, and I have the experience of growing up with one. I am currently the co-chair of the disability inclusion network where I work, and I’ve volunteered for many organizations focusing on disability rights. I’ve advocated for people with disabilities at the White House during the first-ever Mental Health Youth Action Forum.

    People with disabilities have more difficulty finding work because they are perceived as less than others or assumed to be unable to work, which is a common misconception. The pandemic’s move toward remote and hybrid was a positive step toward providing more flexibility and accommodations for people with disabilities. Before the pandemic, many people with disabilities weren’t offered a role due to requesting to work remotely. Offering these options isn’t enough, and more changes need to continue to embrace them fully.

    Related: How Hiring People With Disabilities Will Make Your Business Stronger

    Addressing ableism and sanism

    Ableism is discrimination against people with disabilities based on just having a disability, and sanism is the same, except for people with mental health conditions. Other forms of discrimination often dominate conversations about diversity, equity, inclusion and accessibility (DEIA) more than ableism and sanism.

    Based on the Harvard Business Review, only about 4% of DEI programs include disability. Even DEI programs designed to address workplace discrimination still fail the disability community, which is why ableism and sanism commonly perpetuate in the workplace. This statistic is concerning as people with disabilities significantly face barriers in the workforce, like low labor force participation rates, higher unemployment rates and pay inequality.

    On top of that, many organizations don’t incorporate the “A” in DEIA — accessibility — because they don’t view it as an issue of equity. For example, issuing two people the same equipment doesn’t achieve anything if someone with a disability cannot use the technology to perform.

    Invest in accessibility

    It isn’t enough to announce that your organization prioritizes hiring more people with disabilities if your institution is inaccessible. If any practices are inaccessible, people with disabilities must navigate and maneuver additional barriers. It will be substantially more difficult for them to be seen, hired, considered and celebrated. Accessibility is a growing need every organization should invest in to create the best experience for its users, customers and staff members.

    Accessibility transforms information, content and anything else in your business into something sensible, meaningful and easier to use. Are you thoughtfully investing your resources into accessibility or treating it as an afterthought when someone comes forward with an issue? Accessibility should begin before someone requests an accommodation by approaching accessibility proactively. It would help if you devoted a sizeable fraction of your budget to assemble a dedicated team or position to accessibility, e.g. chief accessibility officer. Consider also working with a consulting agency if you want a third-party perspective.

    If you have a team in accessibility, is it being evaluated across the company rather than specific areas like technology and infrastructure? Assessing accessibility at every business function, like recruitment, job descriptions, content, social media, operations and events, will upscale and streamline more remarkable results. An example of this is clearing any ableist language on job applications because that already excludes a talented pool of candidates with disabilities.

    Accessibility isn’t only making work equitable for people with disabilities — it makes it easier for everyone. People with disabilities should be your target demographic for creating the most equitable products for them to enjoy and use. However, if you lead with accessibility in your organizational strategic plan, everyone will systemically benefit.

    Related: How We Can Redefine the Word “Disability” One Superpower at a Time

    Celebrate disability pride

    Based on the National Organization on Disability (NOD), while recently, more people with disabilities are entering the workforce over the last 12 months, self-identification (self-ID) rates have decreased from 4.09 in 2020 to 3.68 in 2021. Supporting people with disabilities must move from only offering accommodations to celebrating disability pride.

    Disability pride is the concept that disability isn’t just a medical condition but a social identity with enriching intersectionality, community and culture. Disability pride affirms that people shouldn’t be ashamed of their disabilities. Disability Pride Month is in July, and the National Disability Employment Awareness Month is in October. Because disability has been stigmatized and shamed for centuries, diverting that shame to pride is the future of disability inclusion.

    These are paramount organizational-wide moments to address disability, tell meaningful stories of their lived experiences and show your actionable commitment to DEIA. While those are noteworthy times to prioritize the disability community, disability pride should be distributed throughout the whole year because people with disabilities don’t stop existing and living outside of those months.

    There are limitless choices to include people with disabilities in the workplace by hosting workshops on disability inclusion, encouraging self-identification, outlining legal resources, facilitating open discussions on disability pride and history, establishing an employee resource group (ERG) to invite people with disabilities, caregivers and allies to join forces and hold the organization accountable and cultivate a more positive culture, work with other networks to showcase the intersectionality of disability and different social identities, appointing board members with disabilities and monitoring how your organization is operating.

    Related: 5 Ways Employees With Disabilities Help Maximize a Company’s Growth

    Diversity without disability is not diversity

    Suppose your organization does not include people with disabilities in your mission, decisions, products and leadership. In that case, your organization will never be diverse, and ignoring a substantial and vital population segment will only negatively influence your performance and impact. People with disabilities have the right to work and belong to an organization valuing their contributions and ensuring they have opportunities to thrive as much as everyone else.

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    Zane Landin

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  • This Is the New ChatGPT Trend That Will Enhance Your Business | Entrepreneur

    This Is the New ChatGPT Trend That Will Enhance Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Just like revolutionary technologies such as the internet, computers/laptops, iPads, iPhones and many more, generative AI is the new technology in the era of 2023, changing everything around us at an exponentially fast pace. Generative artificial intelligence has enormous potential to revolutionize various aspects of our lives even faster than the internet or the iPhone did. It impacts our lives in numerous ways: the way we work online, study and learn, conduct business, communicate, write or express ourselves, create art or videos, analyze data, make informed decisions, discover drugs or conduct research and manage patients in hospitals and clinics, to name a few.

    Similarly, the expectations are changing in terms of how entrepreneurs enhance their businesses and their ability to engage customers using generative AI. This includes using useful and meaningful ChatGPT prompts or getting trained to incorporate ChatGPT into their workflows or business enterprise in the form of a new feature called a ChatGPT plugin.

    While large enterprises like Microsoft, Salesforce, Bain and many more are adopting ChatGPT within their workflows to improve the performance of their workforce, the enterprises that have taken the lead in developing plugins to attract customers include but are not limited to: Expedia, FiscalNote, Instacart, Kayak, Klarna, Milo, OpenTable, Shopify, Slack, Speak, Wolfram and Zapier.

    Related: 2023 Is the Era of Generative AI Like ChatGPT. So What’s in it for Entrepreneurs?

    What are ChatGPT plugins?

    Let’s take a step back and understand what a ChatGPT plugin is and how it impacts the organization, app or product that gets plugged into ChatGPT.

    ChatGPT plugins are new add-ons to an individual’s ChatGPT interactions. These are essentially beta features within ChatGPT developed by OpenAI and third-party vendors (startups/entrepreneurs).

    Designed as an add-on, ChatGPT plugins can be seamlessly integrated into the interactions with the AI chatbot. Its primary purpose is to furnish users with supplementary information on topics that pique their interest during chatbot sessions. For instance, if someone finds themselves in need of a last-minute flight, the inclusion of either Expedia or Kayak plugins within their ChatGPT browser enables them to solicit the chatbot’s assistance in locating a flight tailored precisely to their individual requirements.

    These plugins utilize data from an organization, product or app to generate texts based on customers’ specific needs or inquiries. While ChatGPT itself is trained on a dataset dating back to the year 2021, using data from these plugins allows it to generate responses that are recent and up-to-date.

    Thus, with these recent ChatGPT plugins, data can be fetched from the internet in real-time, allowing users to inquire about the weather in their area on the same day. There are currently around eighty ChatGPT plugins available for users within their own ChatGPT accounts through the plugin store. However, there is a limitation of using only three plugins at a time, as the plugins are still in their early testing beta stage.

    Related: The Top 3 Do’s and Don’ts of Integrating ChatGPT into Your Business

    3 potential ways ChatGPT plugins can be beneficial for business enterprises

    In the generative AI intelligent chatbot and ChatGPT market, the latest trend for entrepreneurs and business enterprises is to develop ChatGPT plugins (add-on features) for their business products.

    1. Enhance business operations and boost productivity. An illustrative example is the implementation of a ChatGPT plugin in the domain of grocery shopping by Instacart. By incorporating a ChatGPT plugin, the process of ordering groceries online has been markedly expedited and simplified. Customers can now enjoy personalized meal recommendations and the add-on automatically generates a new order for the customers. As a result, it ultimately lead to improved business operations and heightened productivity.

    2. Enterprises can effectively engage a larger customer base. Take, for instance, Khan Academy, established in 2006 with the noble purpose of delivering free, world-class education to all students. With the passage of time, their user base skyrocketed to nearly 20 million per month, primarily because of their provision of concise online videos and an engaging and effective teaching approach. Recently, they introduced ChatGPT as an add-on to their platform — a customized AI tutor called Khanmigo. This innovative AI tool not only assists students in efficiently navigating online videos and practicing exams but also actively engages teachers by aiding them in designing new, innovative teaching lesson plans. Consequently, the customer base expanded from students to include teachers.

    3. Give enterprises a competitive advantage in the market. These chatGPT plugins offer significant benefits to business owners or enterprises that encounter fierce competition in the market, particularly in domains like online shopping assistants, virtual assistants, etc. As shopping apps such as Klarna and Shop’s ChatGPT plugins were among the first to be included in the ChatGPT plugin list, there is a higher likelihood that customers will use these plugins, providing these apps with a competitive edge over their market rivals.

    Related: What Does ChatGPT Really Mean For Businesses?

    However, it’s important to note that with benefits, there are also associated risks that can potentially lead to harm. Here are a few to keep in mind, acknowledging that there can be many more that can be added to this list:

    1. If any misinformation, hallucination or glitches occur in ChatGPT, that could give customers a negative perception of the plugins.
    2. There are concerns regarding the safety, privacy and potential bias in the responses generated by ChatGPT plugins as well as the lack of regulation.

    All of the above concerns are particularly relevant considering that ChatGPT plugins are still in their beta version, and there is room for improvement.

    At the end of the day, amid the prevailing stress and uncertainty in life, we all yearn for business enterprises or startups that can simplify and enrich our lives through engagement with generative AI applications. These ChatGPT plugins, even in their beta phase, possess the potential to bring about positive transformations in human lives and thus could lead customers toward a future that is more efficient, convenient and productive.

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    Sahar Hashmi, MD-PhD

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  • How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

    How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The modern business world has become increasingly dynamic, facilitating a remote-first environment that calls for adaptation.

    Therefore, to stay ahead of the competition, business owners need a new approach to their operations that can drive consistent, reliable success.

    Enter agile strategizing — an action-oriented method that exceeds the limitations of traditional business strategy. Here’s how it works and why it’s better than the “old way” of doing things.

    Related: The Key to Every Successful Business is Agility

    The pitfalls of traditional strategy

    Traditional strategy is no longer effective in addressing the complexities of modern business. It relies on best practices and fails to keep pace with disruptive forces.

    One such example of a disruptive force was the Covid-19 outbreak. The pandemic brought unprecedented challenges and changes to businesses worldwide. Traditional strategies that heavily relied on long-term planning and stability were ill-equipped to handle the rapidly evolving circumstances caused by the pandemic.

    Businesses found themselves struggling to adapt to the sudden shift in consumer behavior, supply chain disruptions and the need for remote work. Companies that had rigid plans and processes in place often faced difficulties in quickly adjusting their operations to meet new demands and overcome unforeseen obstacles.

    Challenging the assumptions of traditional strategy

    Traditional planning assumes complete control over the environment and accurate future forecasts. In reality, the environment is elusive and the future is unpredictable.

    Consider a technology startup that solely relies on long-term projections and assumptions about customer preferences. They might invest heavily in a product based on those assumptions, only to find that the market has shifted or a disruptive technology has emerged, rendering their strategy ineffective.

    Introducing agile strategizing

    Agile strategizing offers a refreshing departure from the limitations of traditional strategy. It prioritizes action, progress and quick thinking over excessive analysis. In other words, agile strategizing is always on, always firing on all cylinders.

    Rather than getting lost in detailed planning, agile strategizing advocates for iterative implementation. Its core consists of three principles: understanding the context, developing a strategy and implementing actions.

    This approach eliminates the need for extensive plans, allowing strategists to actively think while doing.

    Related: 6 Ways Leaders Can Make Their Businesses More Agile

    The value and relevance of agile strategizing for entrepreneurs

    Agile strategizing holds immense value for owners of small- to medium-sized businesses. Here’s why.

    • Adaptability in a rapidly changing environment. Entrepreneurs and small business owners often operate in dynamic environments. With limited resources, they need a strategy that can evolve alongside their business. Agile strategizing enables flexibility. It allows entrepreneurs to adjust their plans and actions in real time, based on market feedback.
    • Innovation and competitive advantage. Innovation is a driving force for entrepreneurial success. Agile Strategizing encourages creative thinking, challenging the status quo, and exploring new opportunities. By infusing innovation into their strategy, entrepreneurs can create a competitive advantage and stay ahead.
    • Focus on high-value opportunities. Agile strategizing helps entrepreneurs focus on the most critical challenges and high-value opportunities. With limited resources and time, it’s crucial to invest energy into areas that will yield the greatest return. By identifying these key opportunities, entrepreneurs can maximize their chances of success.
    • Agility and speed in execution. Small- to medium-sized businesses often have the advantage of being nimble and agile. Agile Strategizing aligns with their inherent ability to make quick decisions. It eliminates the need for lengthy planning processes and empowers entrepreneurs to adapt. They’ll respond swiftly to market changes, emerging trends and customer demands.

    Putting agile strategizing into action

    Agile strategizing thrives on ongoing, action-oriented strategy. It’s supported by continuous conversation, reflection and “thinking while doing.”

    Let’s explore two inspiring scenarios that show the power of this approach:

    Scenario 1: Urgency for change

    In a rapidly evolving business landscape, circumstances force us to break the status quo and make quick improvements. Agile strategizing provides a proven solution for implementing change swiftly and effectively.

    To come back to that retail company, imagine they’re facing declining sales and increased competition due to the rise of ecommerce. Agile strategizing allows them to adapt rapidly to changing circumstances and make the necessary improvements to drive growth and regain their competitive edge.

    Scenario 2: Always-on strategy

    For organizations seeking continuous improvement, agile strategizing offers an alternative to long-term planning.

    Businesses should focus on their core challenges and opportunities for the next 12 to 18 months. They should conduct weekly strategy reviews, interventions and adjustments. This will foster a team dynamic based on agility and adaptability.

    Imagine a software development company that understands the importance of continuous improvement. By adjusting their actions, and fostering an environment of constant learning, they are able to maintain a competitive advantage and drive sustainable growth in the ever-evolving tech industry.

    The new rules of better strategy

    After looking at ways agile strategy can be put into action, let’s formulate its rules and core principles.

    • Focus on the most critical challenges and highest-value opportunities, rather than lofty goals.
    • Address challenges in the next 12 to 18 months, instead of creating rigid three- to five-year plans.
    • Put innovation back into strategy. Avoid benchmarking best practices and instead, encourage creative thinking.
    • Embrace an always-on approach to strategy, rather than treating it as an annual event.
    • Think while doing, rather than working behind closed boardroom doors.
    • Engage people in conversations, rather than relying solely on analytics and PowerPoint.
    • Take ownership and responsibility for your strategy, instead of outsourcing it to consultants.

    Related: Go Agile or Go Home: Why Agile Workflow Should Kill the Waterfall Process for Good

    Embrace the journey of better strategy

    Now is the time to challenge the outdated norms of traditional strategy and embrace the power of agile strategizing.

    Adopt an always-on mindset, continuously reflect and think while doing. Navigate disruptive times with confidence and resilience. Forge a strategy that focuses on the most critical challenges and high-value opportunities.

    Engage stakeholders, foster innovation and take ownership of your strategic direction. Step into the realm of better strategy — agile strategy. Here, clarity, simplicity, coherence, focus, adaptability, innovation and action are the guiding principles. Let your agile strategy become a dynamic force that propels your organization forward.

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    Marc Sniukas

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  • 4 Ways to Be Ready When the Supply Chain Heats Up Again | Entrepreneur

    4 Ways to Be Ready When the Supply Chain Heats Up Again | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    To hear the Federal Reserve Bank of New York tell it, all is finally well in supply chains. The bank’s Global Supply Chain Pressure Index has fallen to the lowest level since 2009, during the slumping demand of the Great Recession. But businesses in the United States might not agree with the bank’s assessment — and they’re finding new ways to deal with the pressures that remain.

    Early in the pandemic, supply chains were plagued with tremendous problems: lack of staff, stalled production lines and burdensome sanitary measures, to name just a few. Later, as the economy reopened in earnest, fuel prices began to rise — and they really took off after Russia invaded Ukraine. But by then, things had already started to change.

    Related: 3 Fundamentals for Building a Resilient Supply Chain

    Loosening the chains

    People came back to the supply-chain labor force as wages climbed, with especially rapid job gains in transportation and warehousing. Then, as consumers started to spend more time outside their homes, demand for goods delivered to their doorsteps stalled. By the end of 2022, businesses throughout supply chains had built up unprecedented inventories of products sitting on shelves. Meanwhile, gas prices had fallen significantly and were back in their pre-pandemic range.

    All of these factors helped to loosen the vise on supply chains. Yet all was still not well. In the Census Bureau’s survey of manufacturers for the last quarter of 2022, almost 40% said they were producing below capacity because of a lack of staff. More than a quarter said they couldn’t bring in enough raw materials. About 1 in 10 said logistics were an issue. That doesn’t sound like a big number, but it was four times higher than in the fourth quarter of 2019 before the pandemic began.

    We heard similar complaints from the hundreds of companies we surveyed for our 2023 State of Warehouse Labor report. In 2022, 34% of respondents said they had to pass up business because of a lack of staff. Among these companies, about two-thirds said the foregone revenue amounted to 25% or more of their total business. Both of these figures were up slightly from the previous year’s survey.

    A return to normalcy?

    Clearly, all is not yet well in supply chains, at least in the United States. Yet as we look forward, the economy seems to be stabilizing. Inventories have leveled off and even started to clear at major retailers. The overall utilization of the nation’s manufacturing capacity has come off its highs as demand has cooled. And with less pent-up demand and excess saving among consumers — as well as the possibility of an economic downturn — the balance of spending between goods and services is likely to be much closer to pre-pandemic norms.

    In this climate, it’s not surprising that businesses are more confident in their ability to deal with demand. For 2023, 76% of the ones we surveyed expected to be effective at recruiting workers, and 85% said they were effective at retaining workers. Both of those figures were higher than in the previous year’s survey, where only 59% said they were effective at recruiting and 76% said the same about retention.

    One reason for their confidence has been their improving access to flexible labor, which gives them extra agility in responding to changes in demand. The use of flexible and temporary labor rose from 57% to 69% among these businesses between 2021 and 2022, and a majority said they could fill at least three-quarters of the extra shifts they needed. They also rated flexible workers better in terms of skills, training and reliability than they had in the previous year’s survey.

    Related: 5 Ways of Effectively Navigating Supply Chain Disruptions

    Preparing for volatility

    That’s good news since payrolls are becoming increasingly difficult to manage. The volatility of labor demand in supply chains has never been higher. Two decades ago, employment in transportation and warehousing typically fluctuated up or down by around 2% over the course of the year. Even just before the pandemic, that volatility had risen to about 5%. So swings in employment are more than twice as wide as they used to be, especially at inflection points in the economic cycle.

    How can businesses anticipate this volatility and manage the eventual return of demand? Here are some tips:

    1. Watch what’s happening further up the supply chain. Some of the earliest signs of a recovery will come from orders by manufacturers for raw materials and other supplies. They’ll be preparing for expected orders from wholesalers and retailers. You can track these signs in your industry or at a national level using tools like the Institute for Supply Management’s Purchasing Managers Index.
    2. Put a plan in place that’s not just for the short term. Booms in the United States tend to last a long time, with only four recessions in the past 40 years. When demand returns, it will probably be here to stay — at least barring some unexpected event like a pandemic. So try to avoid high-priced, short-term contracts that play on uncertainty.
    3. Talk to your customers and use your network. It may be obvious, but you don’t have to sit on your hands and wait for new business to come in as if by surprise. You already have good relationships with your long-term customers — you can pick up the phone and ask them what they’re seeing in the market without having to give them a sales pitch.
    4. Diversify your payrolls for maximum agility. Today companies can bring in job sharers, gig workers and flexible shift workers as well as traditional full-time and part-time employees. By diversifying payrolls across these groups, managers can reduce the risks of downtime, overtime and idle hours, as well as the resulting variations in overall pay.

    The pandemic’s disruptions undid much of the fine-tuning that had characterized supply chains over the past couple of decades. But after last year’s cooling-off period, it’s time to regain that agility and look toward the future. Demand could return like a trickle or a tsunami. Either way, it will pay to be prepared.

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    Daniel Altman

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  • Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

    Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Recent tech layoffs have made waves across the industry, but according to research, 63% of tech workers who experience layoffs go on to start their own companies. This tide shift is most apparent in America. According to U.S. Census Bureau data, new business formations are up about 54% from March 2020 to March 2023. For every three startups formed before the pandemic, roughly five ventures have been started.

    Business growth is accompanied by complexity — and risk follows close behind. With any new venture, a time will come when you, as a founder, will find yourself overwhelmed and needing to delegate responsibilities to your team. They’re likely to make mistakes as they develop in their roles, and you may be left wondering why you relinquished the responsibility in the first place.

    You have three options: Abandon any semblance of work-life balance and claim all responsibilities as your own, wash your hands of all decision-making and hope for the best or get ahead of the situation and establish strong procedures. These procedures are often referred to as internal business controls, which are simply about establishing a hierarchy of decision-making authority and any consequences of making a poor decision.

    Related: Laid-Off From Your Big Tech Job? It Could Be The Ideal Time to Pursue Entrepreneurship.

    Prevention is better than a cure

    Crafting effective procedures requires striking a delicate balance between efficiency and flexibility. To illustrate this, consider traffic lights. On the surface, they might appear to impede the flow of traffic. Yet, in reality, they establish a reliable transportation system that provides the conditions for efficiency.

    The overarching objective is to establish the appropriate structures while anticipating areas of potential deviation, empowering employees with the authority to make independent decisions within defined parameters. Thus, if any aspect of the business strays from the desired trajectory, your team can rely on internal controls to swiftly implement the next logical steps. Conversely, ineffective controls can significantly impede or even halt growth.

    Although leadership is the most likely culprit for a lack of effective procedures, mismanagement and structural limitations can also pose significant obstacles. For instance, an inherently flawed company structure may render it nearly incapable of adjusting or even implementing internal controls. Additionally, a lack of corporate culture and direction can create confusion about the desired trajectory, further underscoring the criticality of an unequivocal mission, vision and purpose as the bedrock for sound controls.

    Putting the right levers in place

    Even the most basic internal controls or procedures for small businesses inevitably hark back to the company’s overarching strategy. The logical step is proactively identifying potential bottlenecks and deviations and developing business safeguards and processes tailored to address them. With that said, here are three types of controls strongly recommended for startups:

    1. Authorization and approval controls

    Given the diversity of business operations, leaders could implement various business safeguards and processes depending on the specific enterprise. Nonetheless, authorization and approval mechanisms are widely adopted in the startup landscape, enabling a controlled delegation of responsibilities, informally or otherwise. While the precise form of authorization and approval processes may differ, these mechanisms are a strengthened framework to delineate the conditions under which individuals or teams possess the authority to proceed without seeking further approval, such as in monetary transactions.

    For instance, a procedure might allow purchases under $500 per month without additional approval but require CEO approval for any purchase above that amount. This helps streamline decision-making and responsibility delegation while maintaining appropriate oversight.

    Related: How to Protect and Retain Control Over Your Business

    2. Feedback controls

    Feedback controls are another beneficial safeguard for small businesses. Similar to authorization and approval protocols, feedback controls are proactive and help prevent deviations by enabling the identification of potential issues before they escalate. Feedback controls entail collecting input that can gauge practically any aspect of the business.

    The collapse of the Silicon Valley Bank serves as a cautionary tale of the pivotal role feedback controls play in business success. Despite being a preferred financial partner for investors, the bank’s failure to establish safeguards and procedures around feedback ultimately led to its undoing; these could have helped identify the underlying issues and enabled corrective action before it was too late. By implementing feedback controls that solicit input from various stakeholders, you can gain valuable insights into your business’s performance and identify areas for improvement.

    3. Concurrent controls

    Concurrent or steering controls represent another powerful mechanism for implementing effective procedures. These act as preventative measures that help customer-facing employees maintain quality and consistency. Usually, concurrent controls start with predefined standards to evaluate performance. By adhering to these standards, your employees can adeptly steer interactions even in the face of deviations.

    A sales representative, for example, must have a comprehensive understanding of the products they are promoting, allowing them to steer conversations. This aspect of the interaction is entirely within the sales representative’s control. Standards can help evaluate whether the sales representative is meeting sales goals, thus measuring their performance.

    Related: Strategic Planning Is Essential for Your Business to Succeed. Here’s Why (and How to Do It Right).

    Leveraging internal controls for small businesses

    Navigating the complex world of business requires the ability to manage evolving expectations and diverse personalities. Strong opinions may arise, posing a threat to progress. To overcome this, it is crucial to actively listen and engage in honest conversations to find common ground. Once a shared vision is established, implementing effective business processes and internal controls can commence, ensuring that the team meets the agreed-upon standards.

    However, even the most well-thought-out plans can still fall victim to unforeseen issues. This is why ensuring any procedure is adaptable is also crucial for effective teams. By cultivating adaptability, your business will be better equipped to react to changing conditions swiftly and effectively. This smooths the path toward the continued success of your endeavors.

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    Dan Conner

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  • Why Using AI to Write Content Won’t Help You Rank on Google | Entrepreneur

    Why Using AI to Write Content Won’t Help You Rank on Google | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to navigating times of recent upheaval, few industries have had to navigate change as much as the world of search engine optimization. It’s been chaotic, to put it mildly.

    After surviving the seismic shifts of Google’s Helpful Content Update, rolled out in the fall of 2022, SEO professionals were caught up in the uproar ignited by OpenAI’s ChatGPT program in early 2023. By February, Google was issuing guidance regarding artificial intelligence-created content. Then, in March, it released its first core algorithm update of 2023, followed by a page experience adjustment in April and a significant reviews system update.

    May then arrived, and with it, the annual Google I/O developer conference; it was here that the Alphabet Co. announced the gradual rollout of a new update for its helpful content system. The update is designed to help the company take into account personal and expert points of view, integrating a high value placed on experience when it comes to its search results and rankings system.

    Suppose we step back and consider the myriad changes throughout 2022 and 2023; we sift through the haze of the “AI vs. Human” content creation debate. Clearing out all the confusion, we can hone in on core principles of “people-first content creation” moving forward.

    For a truly impactful user experience, designers must prioritize every part of Google’s E-E-A-T guidance: Experience, Expertise, Authoritativeness and Trustworthiness. When paired with an effective page experience, quality content will satisfy the algorithm and, most importantly, the visitors.

    Related: Small Businesses Can and Should Consider Investing in AI Technology — With a Cautious Approach

    Google’s Helpful Content Update and the emphasis on people-first content

    In late 2022, Google completed its Helpful Content Update rollout, a major course adjustment designed to be a haymaker punch against a glut of SEO-first content. The goal was to better recognize and reward websites that prioritize people-first content.

    The company fights a relentless battle against content with little-to-no value, the meaningless content that clutters up the internet and endlessly frustrates web users searching for — you guessed it — truly helpful content. Google has long been committed to ensuring a quality user experience for everyone that uses its search engine, and rightly so. Website visitors deserve not just high-quality content but easy-to-find resources.

    The company’s Q2 2023 core update in March carried intentions similar to the initial Helpful Content Update. The company explained, “The changes are about improving how our systems assess content overall.”

    First announced in May, the new wave of changes is driven by the same motivation. In addition to a new “Perspectives” filter designed to highlight the relevant experiences of others in search results, the gradual update also aims to find the “hidden gems” often lost in “unexpected or hard-to-find places.”

    Quality content matters, whether from AI or human effort

    In February 2023, Google clarified its position on AI-generated content, clearing up the confusion that had been brewing. The company prioritizes high-quality content, regardless of whether humans or machines generate it.

    On the Google Search Central Blog, the company wrote, “It’s important to recognize that not all use of automation, including AI generation, is spam. Automation has long been used to generate helpful content.” More so, it continued, “AI can power new levels of expression and creativity, and serve as a critical tool to help people create great content for the web.”

    This is the heart of the matter: AI is a tool, not a comprehensive replacement. It is one tool among many in the creator’s toolbox.

    However, it is abundantly clear using automation or AI strictly to manipulate rankings in search results is viewed as a violation of the company’s spam policies. The company has a long track record of prioritizing the integrity and trustworthiness of high-quality content.

    Related: How to Make Great Content — And Get More Views

    Intention is key to Google’s algorithm

    When creating content, it’s important to begin by clarifying your intention. What is the purpose of a website’s content? The search algorithm is finely tuned to identify the markers of generic content designed only to snag the attention of the crawlers that scout the nooks and crannies.

    Operate with the intent to provide “original, valuable content that offers a satisfying experience,” and you’ll set yourself up for success, with the caveat for content creators that any final product “adheres closely to their area of expertise.” In 2023, experience may be a finalist for the SEO industry’s themes of the year.

    Three questions can serve as effective guardrails during the creative process; Google recommends asking: Who? How? Why?

    • Who authored it? Is the byline easy to find? Is further information about the author(s) accessible or evident?
    • Is it clear how a piece of content was created? Is there evidence to substantiate the information given? Was automation or artificial intelligence used in the creative process? If so, why?
    • Why was the content created? Specifically, how is it helpful or useful for visitors?

    Adding an E to E-A-T: the importance of evident experience

    Above all, Google’s ranking systems aim to identify content demonstrating expertise, experience, authoritativeness, and trustworthiness (E-E-A-T). In December 2022, Google added the second E for experience.

    They’ve recognized the importance visitors place on the validity of the information. They want to see evidence of relevant experience that an author possesses. The more the visitor believes in the author’s experience and knowledge, the more they are likely to trust the authority and trustworthiness of the content, and the better their overall experience.

    Related: How to Outrank AI-Generated Content With Expertise, Authoritativeness and Trustworthiness

    Focus on quality content to boost user experience, regardless of how you attain it

    One constant throughout the evolution of Google’s search algorithm is the importance of the user’s experience. Ensuring quality websites populate for any query is the foundation of retaining visitors. A positive user experience encompasses many elements outside of content quality, like a site’s page performance — but ultimately, content is king.

    However you decide to integrate AI technology into your creative process, the quality of and intention behind the content and the level of expertise made evident should serve as your guideposts to the sustained success of your website.

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    Summit Ghimire

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  • 5 Critical Marketing Tools for Fast-Growing Companies | Entrepreneur

    5 Critical Marketing Tools for Fast-Growing Companies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As I can personally attest, working for a company that is quickly expanding has its perks and is an exhilarating experience. The environment is fast-paced, always changing and employees at all levels have opportunities to stretch the boundaries of their current roles to grow professionally. At the same time, setbacks are inevitable for any business — but for fast-growing companies in particular, scaling and resources can be some of the biggest challenges, which is why choosing the right marketing tools is crucial for long-term success.

    Here are the five most indispensable marketing tools that will take your business to the next level.

    Related: 10 Marketing Strategies to Fuel Your Business Growth

    1. Marketing automation software

    What if you had a tool that could help you stay in front of your prospects and customers with content that is both timely and relevant? That is the power of marketing automation, making marketers more efficient and their communications more personalized. A recent survey we conducted found that email marketing was the most common area where B2B marketing leaders utilize marketing automation, though more are beginning to use it in other channels.

    The same survey also found that 87% of respondents now have some or all of their customer journeys fully automated, with many respondents reporting plans to continue to optimize this piece of their marketing strategy. This isn’t surprising due to the host of benefits that can accompany the use of marketing automation — notably, it can help to eliminate mundane, time-consuming tasks for your marketing team, which in turn allows them to focus on the larger strategic initiatives to drive business growth.

    As a fast-growing company, you likely don’t have the time or the resources to get it all done. Marketing automation is essentially an extra hand (or two) that can be a tremendous help. Plus, customers have no idea if something is automated or not because you can still personalize your content as though it was sent especially for them based on their preferences and behaviors.

    2. SEO intelligence applications

    You could be writing amazing blog posts and webpages, but if you’re not hitting on the right keywords, you’re missing the mark. Effective, optimized content continues to be the most long-term, high-value strategy that companies rely on. Without an SEO tool, your team is merely guessing and possibly flying blind. There are many choices available and some have ultra-low and even free entry points, so the message is clear: Pick one and act on it. These tools will help you choose the right keywords and phrases to use and help you monitor the competition to see where you can improve.

    Related: 3 Marketing Tactics Entrepreneurs Should Implement to Improve Their Return on Investment

    3. Middleware/app connectors

    This is about leveraging the application programming interface (API) economy to connect and optimize all of your software tools. In 2022, organizations worldwide reported that they were using an average of 130 SaaS applications. That is a lot of software! It also means that integration is one of the keys to success for fast-growing companies, especially when it comes to applications. If your platforms aren’t “talking to each other,” your customer relationships will likely suffer as a result.

    If you have a sales software program and a separate billing app and they aren’t synced, your customer isn’t going to be too happy when you reach out about a new feature if they were overcharged for something. But you won’t know this if your sales and billing software don’t integrate. By utilizing an app connector, you can create workflows across IT, marketing, HR, finance, sales and customer support to leverage your tech stack to its fullest potential. When the process is seamless, your growing customer relationships and profits will flourish as a result.

    4. A project and task management tool

    Your marketing team is an interconnected group of experts who rely on each other to achieve their goals. For example, when your digital marketers run an ad, they need the content team to write copy, the graphics team to design ads and the marketing operations team to schedule follow-up emails when people engage with ads. These things must happen in a sequence so that everyone meets their deadlines; e.g. the design team can’t design the ad without the copy coming first.

    In short, communication and hand-offs among these team members are vital, and therefore a project management tool is a must. If your team is two or three people, perhaps a spreadsheet and a Slack channel will do. Any more than that, and you’ve got to up your game.

    Related: 3 Marketing Trends to Adopt in 2023

    5. A CRM that scales as you grow

    Customer relationship management (CRM) is one of the most important tools that all companies, especially fast-growing ones, need to invest in. That’s because CRM enables a heightened customer experience by showcasing the status of each relationship in real time, which is critical. When utilized, you have a 360-degree view of each customer at all times across all of your internal teams. One important factor that fast-growing companies need to factor in when choosing a CRM is that it must be able to scale with you as you grow. Legacy CRMs can be limited in their scope as your business grows, but a modern CRM tool will do the opposite — they were built for businesses of all sizes, and the platform is flexible and scalable, which is key.

    Being part of a fast-growing company is exciting and terrifying at the same time, but if you implement these strategic marketing tools into your plan (and budget), you can scale successfully to grow and flourish with the right marketing systems in place.

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    Chip House

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  • Being a Better Leader Comes Down to This One Thing | Entrepreneur

    Being a Better Leader Comes Down to This One Thing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s leaders need more than technical expertise and strategic know-how to thrive. As a global CEO and military retiree, I can speak directly on this topic. Today’s leaders more than ever need emotional intelligence; the secret sauce that sets exceptional leaders apart from the rest.

    Emotional intelligence, or EQ, is the ability to understand and manage emotions in yourself and others. It’s like having a secret weapon that allows leaders to connect, inspire and navigate their work and professional relationships. Let’s explore the importance of emotional intelligence as a leader and share five ways to boost your EQ game.

    Leaders do more than make tough decisions and rally the troops; they must understand the business’s human side. Emotionally intelligent leaders build strong relationships, inspire loyalty and create a positive work culture. It enables leaders to empathize with their team members, understand their motivations and concerns and adapt accordingly.

    A leader with high EQ can effectively manage conflicts, navigate challenging conversations and inspire others to reach their full potential. In a nutshell, emotional intelligence is the secret ingredient that transforms good leaders into great ones. Let me share some ways to increase your EQ from my seat as a CEO.

    Related: 4 Ways Emotional Intelligence Makes You a Better Entrepreneur

    Mastering empathy

    Empathy is the key component of emotional intelligence, and it’s such an underrated skill to have. Developing empathy involves putting yourself in another person’s position and comprehending their feelings and point of view. You can enhance your empathy by paying close attention when someone speaks, inquiring open-ended questions and demonstrating a sincere curiosity in wanting to know their experiences. It’s important to remember that even minor efforts can yield significant results, like establishing trust and cultivating meaningful connections.

    Mastering self-awareness and self-regulation

    Self-awareness is vital to being emotionally intelligent. Take a second to decipher what is going on in your head. Are you stressed, overwhelmed, or anxious? By acknowledging your emotions, you can work to manage them and make conscious decisions rather than indulge in your knee-jerk reaction. Working on this will make sure you seem calm under stressful situations and your team will have more confidence in you as a leader. So, become an emotional Sherlock Holmes and master the art of self-reflection.

    Mastering social skills

    Connect with your employees human to human. To be a true people person, you need to be a great listener as well as a great speaker. Showing you care about what your employees have going on in their lives is one way to connect with them. Offering support is another great way to help create a human connection, and don’t underestimate the power of humor.

    Humor is a powerful tool in the emotional intelligence arsenal. It can diffuse tension, build rapport and create a positive work environment. Making a witty joke or sharing a warm remark can help break the ice, boost morale and build stronger connections with others. Sprinkle some laughter into your interactions but make sure you use humor with respect and that you are sensitive toward others’ feelings. Bring out a few harmless dad jokes and see how your employees react to them.

    Related: These Are the 4 Emotional Intelligence Characteristics All Business Leaders Need

    Mastering relationships

    Pay attention to your nonverbal cues. How you sit, your facial expressions and any eye contact you make (or don’t make) send a message to others around us. Master your own nonverbal cues and body language and pay attention to your employees as well. This will help strengthen your relationships because you will be more aware of how someone is feeling.

    The way you provide constructive feedback is an art form that requires care and an understanding of how that information may be received. Practice giving feedback with empathy and tact. Focus on specific behaviors and their impact rather than criticizing individuals. Use the “sandwich” technique — start with positive feedback, provide areas for improvement and end with encouragement. By mastering the art of feedback, you’ll create a culture of continuous growth and development in the workplace.

    Mastering motivation

    A part of EQ is knowing what makes your employees work hard and reach their goals. Knowing how they want to be incentivized is important because all employees don’t want the same type of motivation. For example, some may be motivated by money and others may be motivated by titles. Cultivate a growth mindset and embrace failure as a learning opportunity in your organization.

    You don’t need to do it all alone either. Sometimes we need motivation from others so we can forward it to the people in our lives. Build a support network of mentors and peers who can guide and encourage you during challenging moments. Remember, being able to motivate your employees is one of the most important characteristics that help leaders weather storms and inspire their teams to do the same.

    Using emotional intelligence for good

    Leadership can be a bumpy ride, filled with challenges and setbacks. It’s easy to see how mastering emotional intelligence can be used for manipulation purposes. It’s important to use these skills for the greater good and not to push your own agenda. Always lead with strong morals and values and your employees will follow your lead.

    As leaders, it’s time to recognize the power of emotional intelligence and harness its potential. Understanding and managing our emotions and cultivating empathy, humor and resilience can elevate our leadership game. Emotional intelligence allows us to connect with others on a deeper level, inspire loyalty and create a positive work culture where everyone can thrive.

    Related: If You Have No Emotional Awareness as a Leader, You’re Limiting Your Success. Here’s Why (and How to Fix It).

    Embrace your EQ, lead with heart and wit and watch your leadership journey take off to new horizons. After all, a leader armed with emotional intelligence is unstoppable in the ever-evolving world of business. I have led thousands of people over my lifetime, and I learned these lessons by failing forward and learning from those experiences. I hope these tips are useful to you in your leadership journey.

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    Jason Miller

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  • This Is the Solution You Need to Both Cut Costs and Go Green | Entrepreneur

    This Is the Solution You Need to Both Cut Costs and Go Green | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Representing more than 99% of all businesses across the country and employing some 60 million people, the success of small and medium-sized business (SMBs) is intrinsically linked to the economy’s well-being. But times are tough for SMBs: margins are narrowing, interest rates are rising, supply chain shortages and inflation remain rampant and to top it all off, stakeholder demands for sustainability have never been greater. Today’s pressures demand new solutions; with clean technologies, SMBs have the chance to not only address and overcome these challenges but also turn them into a competitive advantage.

    While the word “cleantech” often conjures up sprawling images of utility-scale solar arrays and offshore wind farms, this is a fairly superficial depiction of the industry — a stereotype, so to speak. In reality, many small-scale cleantech solutions are quickly becoming a regular part of consumers’ everyday lives and increasingly playing an outsized role in reducing businesses’ operating costs. For many — like locally owned and operated retail business owners — these expenses underscore a majority of their ongoing resource challenges and present a massive economic opportunity to advance cleantech adoption.

    Related: What You Can Learn From the Rise of Sustainability-Focused Entrepreneurship

    Slashing energy bills

    Rising and seldom-predictable energy costs have long been a thorn in SMB owners’ sides. Retail spaces, especially restaurants, for example, can’t turn off — or even turn down — their appliances, cooling equipment or lighting to scale back on operational costs, making them particularly susceptible to volatile energy prices.

    Fortunately, cleantech business models, such as Energy Efficiency as a Service (EEaaS) are enabling new solutions to this problem, allowing businesses to access cost-and emission-saving equipment upgrades through long-term contracts. And within just a few years, these investments pay for themselves through cumulative energy savings. From new HVAC architectures to optimized lighting, temperature and refrigeration controls, IoT sensors and heat pumps, everyday cleantech solutions are proven to drive down operating costs, freeing up time and capital that owners can deploy elsewhere.

    Determining what investments are needed might sound cumbersome, but experienced and trustworthy cleantech partners make it easy. After assessing a space’s energy footprint, EEaaS companies can quickly identify a site’s most pressing upgrade needs, facilitate immediate action and deliver measurable outcomes.

    Driving public and private favor

    Understanding macro forces that are actively reforming the U.S. economy is also key to staying profitable, as it enables business owners to align their core offerings with consumer wants and needs, minimizing commercial friction for a more pleasant experience. In recent years, sustainability, once an afterthought, now plays an often outsized role in consumer choices. Inundated with impactful reminders of climate change, including extreme weather events, rising sea temperatures and declining biodiversity, consumers want to know that the businesses they’re frequenting are aware of their environmental impact and actively looking to reduce it.

    In addition to sizable cost savings, replacing inefficient technologies with cleaner alternatives offers SMBs opportunities to leverage reputational benefits and boost customer satisfaction. From improved indoor air quality and temperature stability to quicker, more reliable service operations and sensory-friendly lighting, the opportunities of sharing one’s sustainability journey are unparalleled. Customers quickly take notice and are inclined to come back.

    And for franchisees, incorporating cleantech into your operations can help drive positive corporate relationships. Showcasing environmental proactivity and improved customer contentment is bound to impress, especially when paired with long-term overhead savings, which cleantech fruitfully delivers.

    Related: The Evergreen Action Path to Reaching 100% Clean Energy

    Getting ahead of the curve

    While the prospect of mandatory environmental, social and governance (ESG) reporting remains distant for some, this attitude runs contrary to existing policy and regulatory signals and will lead to detrimental long-term outcomes. The SEC initially proposed ESG reporting guidelines in 2022 and though it faced delays following regulatory disagreements, it’s widely expected to be finalized in 2023. Recognizing the economic imperative of ESG adaptation, other jurisdictions have also moved quickly to embrace mandatory ESG reporting. The European Union strengthened its existing regulations earlier this year, for example, whereas China, Canada and others are widely expected to roll out their own ESG frameworks by 2023 and 2024, respectively.

    Businesses that are part of a chain, franchise or other corporate structure will inevitably feel pressure from their parent companies to reduce greenhouse gasses in the coming years. Even those that are fully independent will bear some impact as consumers continue to make clear the importance of strong ESG practices. However, getting ahead of the pack by adopting cleantech can preemptively neutralize these pressures, ensuring compliance with corporate ESG policies while positioning oneself as a community leader on the environmental front — an increasingly powerful sales hook.

    Now more than ever, SMBs need real, tangible solutions to rising operating costs and evolving consumer demands. Solutions must be flexible, affordable and long-lasting; cleantech, despite its niche-sounding nature, has broad applications that can help small and medium business owners stay competitive and impress stakeholders with next-generation quality and efficiency. EEaaS companies — as key enablers of the green economy — offer SMBs streamlined access to clean technologies and their many benefits.

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    Al Subbloie

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