ReportWire

Tag: business advice

  • Mark Cuban says he doesn’t do calls and prefers email because ‘if we do it by phone, I’m going to forget half the stuff that we talked about’ | Fortune

    [ad_1]

    “No, I don’t do calls,” said the former Shark Tank star and Dallas Mavericks owner in a TikTok video posted by Masterclass. “You know, I’ll engage with you via email, and trust me, I do this all the time. I’m really good at it.”

    But Cuban’s logic for his proclivity toward email over the phone is very different from younger generations. He said conversing over email gives him more time to craft a thoughtful response. 

    “I’ll give you more comprehensive responses than if it was via phone,” said Cuban, who’s worth an estimated $6 billion. “And if we do it by phone, I’m going to forget half the stuff that we talked about because I’ve got so much going on.” 

    While Cuban is no longer starring on Shark Tank and sold off his majority stake in the Mavericks, he’s still plenty occupied running Mark Cuban Cost Plus Drugs Company and serving as an investor and advisor to the dozens of companies he invested in during his time on the show.

    Meanwhile, Gen Zers prefer email or text because they are anxious about talking on the phone. A 2024 study shows nearly a quarter of the generation is so hesitant about talking on the phone that they never answer calls. A college in the U.K. last year even launched a class aimed at helping Gen Z overcome its fear.

    While it’s always easy to poke fun at younger generations for their professional-life quirks, the hesitancy for some is actually a deeply rooted fear called “telephobia.” This form of phone anxiety can lead to increased heart rate, nausea, shaking, and trouble concentrating, according to Verywell Mind

    “It speaks to a broader fatigue with immediacy and urgency, where people have grown tired of the hassle culture and obsession with efficiency,”  Zoia Tarasova, an anthropologist with consumer insight agency Canvas8, previously told Fortune. “People are quietly rebelling against this immediacy by taking their time to respond to those calls.” 

    Other business leaders even told Fortune that this telephobia trend has hurt their bottom line. Casey Halloran, CEO and cofounder of online travel agency Namu Travel, said in the 25 years he’s been in business, management has “never seen anything quite like the generational divide” between older and younger travel agents in how they make phone calls. He also said combating telephobia has been a “frequent, uncomfortable topic” at his company, as management has recognized that his younger travel agents register fewer than 50% of the calls compared to older employees.

    “As to solutions, we have been doing extensive training, incentives, call observing with our veteran reps, and even hired a business psychologist,” Halloran previously told Fortune. “After more than two years of this struggle, we’re nearly to the point of throwing up hands and embracing SMS and WebChat versus continuing to fight an uphill battle.”

    Still, for his own business purposes, Cuban says he prefers emails over phone calls because he can go back and reference what he’s said. 

    “If we do it via email, I can search for it, always,” he added. 

    What research tells us about communication styles at work

    Just like most business approaches, emailing instead of talking on the phone has its pros and cons. 

    Research by recruiting firm Robert Walters shows more than half of younger-generation professionals find instant messaging or email, instead of calls or meetings, is the best way to “get things done,” showing how they believe talking over the phone can be inefficient. That’s the “it could have been an email” mentality.

    “Younger generations are less inclined to spend hours in a restaurant or cafe when they can have a quick discussion online,” Emilie Vignon, associate director of Robert Walters California, wrote in the 2024 study. To be sure, Vignon also said there are also “downsides” to only conversing via email or text.

    “Face-to-face interactions allow for meaningful connections and provide an opportunity for non-verbal communication cues, building trust and rapport with clients and colleagues,” Vignon added. “The subtleties of body language, facial expressions, and tone of voice contribute to a deeper understanding and connection that often cannot be fully conveyed through text or even video chats.”

    To be sure, other research from the University of Texas at Austin (UT) and the University of Chicago, as well as studies by McKinsey & Co., show calls can help resolve issues more quickly than an email, especially as workers spend nearly one-third of their time on email. A 2022 study from DePaul University researcher David J. Bouvier also shows that email enables easy information sharing and can reduce stress.

    [ad_2]

    Sydney Lake

    Source link

  • Three Ways to Build Client Trust, According to Celebrity Photographer Michael Muller

    [ad_1]

    On a recent episode of The Big Idea from Yahoo Finance, I sat down with Michael Muller, the award-winning Hollywood and environmental photographer behind some of the most recognizable celebrity portraits and Marvel movie campaigns. His work has also taken him into refugee camps and shark-filled oceans, giving him a rare perspective on what it takes to connect with people in every situation. I first met my lifelong friend on Mt. Kilimanjaro, and he later joined me to document refugee stories for the United Nations Foundation. 

    Our conversation on The Big Idea centered on one question every entrepreneur faces: How do you build client trust? According to PwC’s Trust in US Business Survey, 90% of business executives think customers highly trust their companies while only 30% of consumers actually do.  

    The foundation of trust 

    Muller explained that trust often begins before the first project even starts. “I am a vault,” he explained. “I have to earn someone’s trust in 30 seconds or they’re not going to give me the photo I want to get.” 

    For entrepreneurs, those early moments with a client can determine whether it becomes a one-off engagement or develops into something long term. Muller is not intimidated by celebrities and says he treats everyone equally regardless of their job. Building trust, he added, means showing respect, making eye contact, and avoiding starting off with excuses about your business.  

    Avoiding missteps 

    Over the years, Muller has had opportunities to sell photos or salacious stories to make a quick buck, but that isn’t his style. Trust can take years to build and seconds to lose. Muller said the fastest way to lose trust is to lie. “I hate liars and I hate lying,” he said. If you make a mistake, then fess up and move forward with honesty.  

    Muller warned against making assumptions and reminded entrepreneurs that communication is key. He also emphasized the importance of respect. 

    Taking care of yourself 

    You can’t build strong relationships if you don’t have a healthy one with yourself. Muller has a holistic approach to avoid burnout. His self-care toolkit includes ice baths, sauna sessions, meditation, breathwork, and gratitude. He avoids gossip and encourages listening more than talking. 

    Whether you are running a small service business or managing global clients, the fundamentals of trust remain the same: deliver promises, communicate clearly, and show respect for the client’s perspective. Muller’s career proves that when trust is at the center, relationships can grow into something far bigger than a single project, as evidenced by our friendship that has lasted more than 15 years. 

    [ad_2]

    Elizabeth Gore

    Source link

  • Mark Cuban Says You Should Ignore Economic Indicators. Here’s Why

    [ad_1]

    It has been more than two weeks since there have been any official economic indicators. The ongoing government shutdown has paused virtually all reports from agencies like the Labor Department and Commerce Department. (There are reports that the Consumer Price Index will be released on Oct. 15.) When the numbers are normally released, though, they’re scoured by analysts, investors and business owners for hints about the business world. But for founders and entrepreneurs, says Mark Cuban, they’re basically useless.

    While data like jobless claims and retail sales give a good macro look at the economy, he argues, they don’t define what’s going to happen to individual businesses. And planning your company’s strategy around them could send you down the wrong path.

    “When you hear about inflation from the Bureau of Labor Statistics, that has nothing to do with you,” Cuban recently told Inc. editor in chief Mike Hofman at the Clover X Shark Tank Summit in Las Vegas. “We live in a bifurcated world [and] country right now.”

    Macro retail sales might be showing gains, for instance, he said, but business owners who see their customers struggling might wonder how that can be. Cuban blames the widening gap between economic classes, saying “it’s because rich s**t to rich people keeps on going up.”

    The Indicators That Matter

    To get a real sense of the economy as it relates to your business, he says, the secret is to increase communications with your customers. Learn their circumstances and see where they’re struggling and where they’re thriving. That will help you decide the best way to steer your company.

    Talking with customers sounds easy, but Mark Cuban says it’s often not. To learn the truth about where they stand, you have to be willing to honestly discuss where you and your business are as well. And that vulnerability can be intimidating for both parties.

    “No one wants to put themselves in that position, but you have to talk to them and be brutally honest,” said Cuban. “During COVID, when everything was falling apart for everybody, rich or poor, it was a little bit easier to talk to people because we were all struggling. But now, it’s hard to know who’s struggling [and] who’s not. It’s all the more reason, as a founder, you have to communicate more. … if you don’t know what’s in the heart, mind, soul, budget and bank account of your customers, how are you going to know how to price your services, your goods? How are you going to know how they’re going to respond?”

    That communication can take lots of forms. You can reach out via email or talk when the customer comes into your business or when you go to them. Foregoing that communication, though, can breed uncertainty, Cuban said. And that costs small businesses not only more cash than it costs big businesses, but more important cash, since it’s a bigger part of a startup’s total capital cash availability.

    The Importance of Cash

    Broad sector-wide sales numbers don’t impact your business. Your company’s cash flow is much more important, he said.

    As an example, Mark Cuban cited his own Cost Plus Drugs, which, like so many businesses, went on a buying spree, pre-ordering products after the Trump Administration announced its tariff plans. Many companies borrowed money or used all of their available cash to do the same. “So now we have all this inventory, and that’s all your cash,” he said. And that makes sales even more critical than usual—no matter what the broader economic indicators might be saying.

    “It’s not so much what everybody else thinks,” he said. “It’s how are you going to, you know, monetize what you have? And it goes back to the same old thing: Sales cures all. When we have uncertain times from an economic perspective, you have to get out there and hustle more. You have to find ways to move that inventory.”

    [ad_2]

    Chris Morris

    Source link

  • Fractional or Full-Time Help? Growing a Business Requires Founders to Know the Difference

    [ad_1]

    Hiring a team can be daunting for many founders, especially when it’s their first company. It’s like leaving your toddler with a babysitter for the first time. Trust me, I get it. One mistake can be detrimental. If you bring in the wrong person to a team, it can derail any progress made and cost you thousands in the process. That’s why hiring fractional help can be of assistance.

    Think about it like testing before buying. But when should a company seek full-time help and when is it better to go with fractional hires? There are some important factors to consider. 

    How to tell if you need help 

    If any of the following are true, you’re overdue for a hire or more. These are just a few of the main pain points.   

    • You’re replying to customer support at midnight.   
    • You’re spending more time on spreadsheets than on strategy.  
    • Your to-do list seems to be never ending.   
    • You’re managing people and projects that should be done by someone else.  

    As a CEO, when you spend too much time on work outside of your expertise, you know support of some kind is necessary. Many CEOs get stuck in the doing—managing projects, overseeing tasks, and solving immediate problems. They may be the busiest people in the business, but unfortunately that often does not translate to revenue. Hiring experts to fill your gaps is the best way to grow sustainably.  

    A few years ago, a founder contracted me to help with declining profits and “hiring problems.” Within two weeks of discovery interviews, the real picture became clear. He was spending more than 80 hours a week managing his team members and completing tasks far below his pay grade. The interesting part is that he had a team to rely on, but he didn’t have the tools to succeed with the team.  

    Consequently, he had no time to grow the company. That was the real issue. I persuaded him to bring in a fractional chief of staff and that completely transformed his organization. The CEO’s mindset shifted from reactive to proactive, and two years later, he sold the company for $2 billion.   

    Fractional versus Full-time  

    You know you need help, but you’re unsure what type. If you don’t have enough work for someone to fill the role full time, but you need the help of an expert, fractional is the way to go.   

    When I first founded my company, I hired a fractional social media expert. I am a Baby Boomer, so it is the furthest thing from my expertise. Years later, when I had the funds and many more projects to delegate, I hired a social media manager full-time. Another reason to make a fractional hire is when you simply can’t afford full-time help. Expert fractional work won’t be cheap, but it will give you an expert for less money.   

    The long-term effect   

    A mistake I see many founders make is not hiring help soon enough. Although it requires investment early on, it saves a company money in the long run.   

    Imagine you attempt to do it all yourself for the first few years. You will save cash in the short term, but it will cost you in the slowed and possibly stagnant growth of your company. One person can’t effectively do the work of many people. Also, it’s 2025. Everything moves faster than ever before, and without the proper help, you can quickly have a disaster on your hands. Instead, make a small investment now to prevent turning into one of many organizations that operate reactively rather than proactively.   

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

    [ad_2]

    Carol Schultz

    Source link

  • Lifetime Access to Business Advice with This AI-Powered Service is Just $29.99 | Entrepreneur

    Lifetime Access to Business Advice with This AI-Powered Service is Just $29.99 | Entrepreneur

    [ad_1]

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Making business decisions is integral to every entrepreneur and business leader’s life. Of course, you want to make as informed and data-driven a decision as possible every time you’re on the fence about something, which is why so many entrepreneurs hire consultants and specialists. In the age of AI, you can save your money and source the same wealth of knowledge with a properly curated platform like Consultio Pro.

    Lifetime access to Consultio Pro is on sale for just $29.99 (reg. $199) for a limited time only. This platform is described as a software suite that’s run by AI experts with knowledge of finance, lifestyle coaching, tech, and market strategy, among other business-friendly topics. The platform makes it easy to sort through different topics and consult different AI experts on areas where you could use advisement.

    Some of the categories that Consultio Pro can assist you with include:

    • Business
    • Data analysis
    • Financial analysis
    • Risk management
    • Human resources
    • Event planning
    • Copywriting
    • Innovation management
    • Coaching
    • SEO
    • UI/UX design
    • Education
    • Fitness
    • Career management

    The consensus among users seems to be that Consultio Pro is a homerun that helps save time and money while improving operations. One user named Alex Q. — the co-founder of NextGen Innovations — wrote, “Consultio is like the entire expertise of Silicon Valley packed into one platform. Our ROI? Skyrocketed.”

    Do yourself and your business a favor and secure this tool for life while it’s on sale for a remarkably low rate.

    Lifetime access to Consultio Pro is on sale for just $29.99 (reg. $199) for a limited time only.

    StackSocial prices subject to change.

    [ad_2]

    Entrepreneur Store

    Source link

  • Uncertainty On Protection For Some Attorney-Client Communications

    Uncertainty On Protection For Some Attorney-Client Communications

    [ad_1]

    As a general matter, communications between attorneys and their clients are “privileged,” meaning they don’t have to be handed over to the other side in litigation relating to the matters covered in the communications. That process of combing through and handing over (or refusing to hand over) documents is called discovery. Wars over discovery often consume tremendous time and effort in the early stages of major litigation.

    The attorney-client privilege has been part of American law for centuries. It seeks to encourage clients to obtain legal advice as they go about their business.

    In the last few decades, as complex litigation has exploded and with it the importance of the discovery process, a huge body of law has developed on the scope and limitations of the attorney-client privilege. As one theme in that body of law, the courts have often said the privilege applies only to communications whose “primary purpose” is for the attorney to provide legal advice. On the other hand, communications that are merely about tax advice or business advice can’t benefit from the privilege.

    Many in the business and legal world believe the “primary purpose” test is too strict and jeopardizes the privacy of attorney-client communications that should remain private. Instead, those people favor a “significant purpose” test: as long as legal advice plays a significant role in the communication, it’s privileged.

    Federal courts had reached varying conclusions on these issues, perhaps applying varying tests. As a result, the United States Supreme Court agreed to hear a case that would have resolved these issues. The case, In re Grand Jury, involved an unnamed attorney who didn’t want to hand over information from his or her files for a grand jury investigation. According to federal law in the Ninth Circuit (California and some other western states), if a communication relates to legal matters but also business or tax matters, the court needs to evaluate all the purposes of the communication, and then protect it only if the legal purpose is at least as significant as any nonlegal purpose.

    In January 2023, the Supreme Court heard oral argument in the case, with a spirited discussion of what the law ought to be and whether existing law works adequately. Instead of deciding the case, though, the Supreme Court changed its mind about even hearing the case, and dismissed the order that had granted a Supreme Court hearing. That leaves the law where it was: somewhat muddled, but perhaps not so bad that the Supreme Court felt the need to do anything about it.

    The federal courts in some parts of the country will continue to apply the “primary purpose” test. Others will apply the “significant purpose” test. Or maybe the two tests aren’t all that different.

    In any case, attorneys and their clients should continue to watch out for “dual-purpose” business (or tax) and legal advice. If a communication contains both, one cannot assume it is protected just because it has some legal advice in it. Counsel may want to provide legal advice in communications that are separate from other forms of advice or communication. If counsel provides both types of advice in the same communication, even the legal advice should be written with an eye toward how it might look if it ever appeared in litigation.

    Also, clients often think that if they include an attorney as a recipient of any email, then the email automatically qualifies for the attorney-client privilege. Actually, that is not true at all.

    [ad_2]

    Joshua Stein, Contributor

    Source link

  • How Real Estate Agents Are Using QR Code Technology To Simplify The Home-Buying Experience

    How Real Estate Agents Are Using QR Code Technology To Simplify The Home-Buying Experience

    [ad_1]

    The popularity of QR codes have seen many ups and downs over the course of its almost 30-year existence, but with the need for contact-less menus and transactions during the pandemic, barcode technology is coming back in a big way. From 2018-2020, QR code usage has increased by 96% and many of the top real estate brokerages across the globe have taken notice.

    With internet listings now being the primary means for home searches, the ease of use and speed of QR codes have made this once-forgotten technology more valuable than ever.

    Here’s how top agents are using this simple yet effective tool to connect with clients.

    Straightforward Listings

    Previously, one of the main drawbacks of QR codes was entire segments of the population unaware of how the technology worked, but that has drastically changed since the pandemic says Chris Morrison, co-founder of RETSY. “I went to a restaurant with my mother, who is not a tech-savvy person, and I watched her easily scan a QR code to order a drink. I realized then that a lot more people must know how to use this technology than before.”

    It was this realization that helped lead Morrison to start RETSY and develop the proprietary technology that would define the Scottsdale-based brokerage. “We use QR codes on almost every listing. What it does is give the consumer easy access to the information they want without all the extra trouble. No agents nagging you for months, no 1-800 recordings, no empty flier boxes. Just scan and you’ve got everything you need.”

    MORE FROM FORBESHere’s Why The Bahamas Are An In-Demand Choice For Luxury U.S. Buyers

    For Tracey Atkins, a director at Private Property Global, QR codes not only make listings easier to access but also more enticing. By removing unnecessary text from listing advertisements, Atkins says that “we look less like we’re selling a home on the market and more that we’re telling a home to the market.”

    The Melbourne-based marketing specialist added, “all we use is the image, the address and a QR code, and that leads them to a video where they can get a deeper level of understanding and engagement.”

    Tried and True Methods Meet Modern Technology

    Most agents have learned that sometimes traditional means of connecting with clients, like newspaper ads, billboards and cards, can work the best. However, for Catherine Bassick of Bassick Real Estate Advisors, adding a little update to these methods can make all the difference.

    “I send out postcards about properties coming to the market and also those recently sold and I include a QR code to enable folks to get right to the property website instead of having to find it through several steps.”

    MORE FROM FORBESCrypto Real Estate Sales Are Officially Here, But Will They Last?

    Atkins says that PPG utilized QR codes alongside more classic advertising strategies when marketing the renowned Melbourne mansion Namarong. “We did a large campaign that included using QR codes through a national newspaper which was a powerful way to leverage that media and an opportunity for further storytelling.”

    Agent Intel, With Ease

    The ease of QR codes doesn’t just apply to home buyers but to agents as well, says Morrison. “When someone sees a property they like, they can scan the real estate sign and now we, as agents, can show them not only that property but others similar to it. We’re trying to make the perfect ecosystem for our agents.”

    By using technology like QR codes, Morrison says that RETSY has been able to draw in some of “the top performing luxury agents who know that the tools we provide give us an advantage over any type of competition.”

    MORE FROM FORBESHow Branded Residences Are Creating New Standards For Luxury Living

    The head of the Morrison Team added that the data gathered from QR codes is used for real estate and real estate only.

    “A lot of companies give out QR codes so they can scrape your information, but with our system, it’s a closed loop, and it’s designed just for the real estate agents.”

    Creating A Personnel Connection

    In addition to connecting home buyers with listings, Jim Dolan, owner of CDR San Miguel, says the scannable technology also aids in marketing his brokerage and himself.

    “We put QR codes on the back of our cell phones. It’s great, I’ll be at a conference or socializing and someone will ask for a business card and all I have to do is flip my phone over and they instinctively know what to do.”

    MORE FROM FORBESInside A Carpinteria, California, Estate Set Amid An Orchard-And Limitless Guacamole

    The luxury broker continued that, unlike physical business cards, digital cards are more likely to remain in the hands, or phones, of potential clients. “Most of the time you get these cards and they end up in a stack in your closet. But with QR codes, my information goes directly into their phones, and that’s a big thing for us.”


    CDR San Miguel, Private Property Global and RETSY are exclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes. Search the latest luxury listings here.

    MORE FROM FORBES GLOBAL PROPERTIES

    MORE FROM FORBESThese Are The Most Expensive Neighborhoods On L.A.’s WestsideMORE FROM FORBESInside Russell Wilson’s New Neighborhood: Denver’s Cherry Hills VillageMORE FROM FORBESArizona’s Supersized McCune Mansion Asks $16 MillionMORE FROM FORBES$15 Million Oceanfront Bahamas Retreat Can Handle A Party CrowdMORE FROM FORBESLegendary Spelling Manor Estate In Los Angeles Lists For $165 Million

    [ad_2]

    Spencer Elliott, Contributor

    Source link