ReportWire

Tag: Business Growth

  • 5 Ways to Create Content That’s Actually Helpful | Entrepreneur

    5 Ways to Create Content That’s Actually Helpful | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Whether you’re creating content for social media or PR pitches, savvy marketers will give you the same advice: Make it useful and actionable. However, what’s talked about much less often is how actually to do that.

    In the media world, those little bits of helpful information are called “service,” — and journalists are pros at adding it to an article. Editors will often tell their reporters to add a bit of service to a column to make it higher value for the reader. Your company can employ this same strategy in your own content.

    When content is serviceable, your audience is more likely to remember it, share it and return to you for more high-value information. It’s a strategy for building long-term trust and loyalty with your audience (and ultimately revenue as they turn to you, the industry thought leader, for their needs).

    Nearly 70 percent of businesses plan to increase their content marketing budgets this year, per Semrush. If you’re spending a budget on content marketing, here are five things that will make your content more serviceable — and more likely to produce a high ROI.

    1. Tips are realistic and simple to follow

    You may be tempted to give lofty suggestions like “repaint your living room to make it feel more spacious” or “install a home gym to work out more.” But these are quick ways to dissuade your busy audience from engaging further.

    Instead, research to provide tips your readers can follow easily and realistically.

    More practical tips might include “arrange your short furniture against the wall so you can see more of the floor, which makes a living room seem bigger” or “join no-equipment workouts like tai chi or yoga with a group to help you stay accountable with your fitness goals.”

    If a tip takes more than 5 minutes for your audience to complete, you’re probably asking too much.

    Related: How to Showcase Your Expertise and Become a Thought Leader

    2. Following the advice is low-cost or free

    Similarly, your audience shouldn’t have to dig far into their wallets to follow your advice. You want to provide them with something of value for free before you ask them for their business with your company. It somewhat defeats the purpose if your content requires them to spend.

    Both of the examples listed in the previous tip — moving furniture around your living room or joining a free outdoor fitness class — can be done at no out-of-pocket cost.

    The best pieces of service are those that are free, but keep it under $20 if cash is required.

    Related: Why Content Marketing Is Crucial to Your Business

    3. The advice is highly specific

    Provide your audience with specific steps to get started and provide as many examples as possible.

    For instance, if you’re a cookie company suggesting ice cream sandwiches for the summer, provide actual step-by-step recipes your audience can follow. Or if you’re a barista training school, don’t just tell your students that beautiful latte art requires patience and practice — give them a detailed guide on pouring slowly, getting close to the cup and choosing the right milk for a perfectly frothy result.

    4. Your recommendations are vetted by an expert

    Although your brand is speaking as the expert here, it’s even better if you can quote an individual within your company (or a trusted expert outside of it) to incorporate that human element.

    For instance, a skincare company could ask the dermatologist it developed the line with to share tips on a trending topic, like the skin barrier. Whether you’re the expert or quoting an outsider source, note any credentials to establish authority from the get-go.

    Having an expert vet your company’s recommendations is also a great way to get press around your serviceable content since journalists are always looking for high-value sources.

    Related: 5 Things Journalists Wish You Knew About Getting Press Coverage for Your Company

    5. The content is original to your company

    It’s surprising to see how many companies simply repurpose other information found online. You don’t need to do that! You’re the expert in your field, so consult your own experiences to create content that hasn’t been published elsewhere.

    One great way to do this is by referring to the common questions customers come to you with and the answers you provide them with. The more specific you can get, the better.

    Let’s go back to that barista training school example. If a student asks you questions about the specific ratio needed for different types of pour-over techniques, that’s a great piece of content to create — especially if you have a perspective different from the industry norm.

    The bottom line: If you identify pain points in your target audience and provide realistic solutions, you will be able to create quality content for your audience. Keep their best interests in mind, connect with them on a human level and don’t forget to showcase your credentials along the way.

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    Kelsey Kloss

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  • 10 AI Tools That You Should Be Using In Your Business This Year | Entrepreneur

    10 AI Tools That You Should Be Using In Your Business This Year | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We hear a lot about AI, and there’s no question that this technology will have a great impact on our businesses in the next few years. But what about now? Here are 10 AI tools that you can use today to help increase productivity and hopefully profits.

    This is the conversational chatbot created by OpenAI that started the hype late last year and it really does have a lot of things a business owner can be hyped about. Use it to write blogs, suggest better ways to create emails, analyze your website to improve search results, do advanced math, create HR policies and a number of other functions. You should also play with OpenAI’s Dall-E 2 app which can create images using text commands (i.e. “a horse standing by a river.”) that can be used on company communications or your website.

    Microsoft owns 49% of OpenAI (and ChatGPT is hosted by Microsoft servers) so a lot of ChatGPT’s functionality will soon be part of the Copilot app which can already be used with Bing searches but will also be a major part of Office in the next year. You’ll use Copilot to analyze spreadsheets, create templates, update presentations and even have it attend Teams meetings on your behalf.

    Related: The Future Founder’s Guide to Artificial Intelligence

    Bard is Google’s answer to ChatGPT and Duet is the application that will use Bard’s underlying Large Language Model to power Google’s business apps in a very similar fashion to Microsoft Copilot. The release of these features is expected within the next six months, but already Gmail is using Bard’s AI to help write emails and check grammar.

    Very similar to Dall-E, Crayon is an advanced image generator that uses AI to generate art, photos, drawings and other graphics directly from your text descriptions. The quality is excellent and the variety of choices is seemingly endless. Use this for images on your website or other promotional content.

    If your business is heavily into content, Heywire is a powerful content generator that uses AI to glean information from the Internet and automatically turn it into stories, articles and other blog forms. The application uses real-time, journalistically validated data that you can publish. The tool can help further establish you and your company as a thought leader in your industry. It can also establish multiple “personalities” for whoever you want to be seen writing and creating social posts based on the content it generates.

    Ever bump into a really interesting video and then see how long it is and then say to yourself “I don’t have the time.” Eightify solves that problem. This AI app will watch the video for you and then summarize it into specific points of interest. As a business owner, we often have to wear all the hats. Which means we have to be knowledgeable about a bunch of different subjects. There’s so much great content on video that can help us run our business and with this app, we can absorb much more information than ever before.

    I’ve been using Temi for years and, as a writer, swear by it! It’s a powerful AI-driven transcription service. I upload audio and video recordings I’ve made and within minutes, Temi transcribes it into words — and it’s close to flawless. Transcribing a 10-minute recording costs just a few bucks too.

    Need a good, professional form for your business? Maybe a job application? A quotation template? A request form for people visiting your website? Feathery uses AI to create professional-looking forms in just minutes. You can save and edit forms as you create them and customize them for your business. All of this is done through a natural language interface.

    Related: Previous Tech Revolutions Rewarded the Builders — This AI Revolution Will Reward the Users. Here’s Why.

    Want to prepare your prospective employees for a job interview? Or perhaps you’re a freelancer or remote independent contractor that’s scheduled to speak with a prospective client. Interview.ai uses AI to walk you through the conversation in advance. Its mock interviews will help you hone your speaking skills and its algorithms generate interview questions that are tailored to the job and to the industry. The platform promises to deliver customized questions that are both technical and situational, all based on the information you provide beforehand.

    So many of us are using video in our businesses for campaigns, case studies, testimonials or just to generate some buzz. The videos go on our website but of course, we want to do more with them. That’s where Opus Clip comes in. Using their AI-generated platform you can upload a long video and it will break it down into shorter, more digestible clips that can then be posted on social media or included in your email campaigns.

    Pretty cool, right? And I’m just scratching the surface. All of this reminds me of the early days of the iPhone and its smartphone competitors where apps began appearing — and then proliferating. I expect the same to happen during this AI revolution. So there are lots more to come. But in the meantime, play with these tools and I promise good results — and better productivity.

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    Gene Marks

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  • The 4 Most Important Skills I Prioritized When Scaling My Business to Seven Figures | Entrepreneur

    The 4 Most Important Skills I Prioritized When Scaling My Business to Seven Figures | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s fiercely competitive corporate landscape, sales teams are an integral part of a business’s growth and market position. These teams are the frontline warriors who build relationships, close deals and connect with customers. Yet, many leaders mistakenly forget that behind every strong sales team is an effective leader who understands the critical role of clearly communicating and harnessing their team’s full potential.

    At the age of 20, I joined a small wireless dealer that was less than a year old, and within three years, aggressively scaled the company to 28 different locations across four states with a sales force of over 100 people, driving gross commissions of up to $1.6 million a month.

    Reflecting on our rise to dominance, I’ve identified four essential skills that were instrumental in sustaining our high performance. These skills are not only important but an absolute necessity when building a thriving sales team that shatters the results of the average.

    Related: How to Grow Your Sales Team into an Efficient, Revenue-Generating Machine

    Steer the ship, don’t mop the deck

    To build a thriving sales team, you must identify and cultivate great leaders. It’s not merely about replacing yourself but replicating your abilities, your vision and your drive in others. As you scale, your responsibility is not to micromanage, but to empower and delegate. And to do this, you need leaders.

    For example, when a location faced staffing issues, my first instinct wasn’t to rush in and personally recruit sales reps, regardless of how dire the situation was. Instead, my focus was on finding a leader. Why? Because the leader is the one who can turn the tide, who can take the reins, and steer the location out of trouble.

    In sales, every role has its battlefield. As a district manager or regional role and above, your battlefield is not to mop the deck; it’s the broader strategic actions. Steer the ship. If you find yourself too deep into the weeds, getting caught up in recruiting and managing sales reps, you’re not fulfilling your role as a leader; you’re slipping into the role of a manager. This shift can detract from your capacity to tackle larger responsibilities and restrict your ability to influence the broader organizational landscape.

    Related: In the World of Recruiting, 3 Leadership Qualities to Look for

    Communicate directly and more than you think is necessary

    At the heart of strong leadership is clear, consistent and honest communication. Clear communication helps in aligning the team with the organization’s goals and vision. Consistent communication ensures that everyone is on the same page, avoiding misunderstandings and strengthening a unified approach to achieving targets. Honesty, meanwhile, builds trust and loyalty, creating a supportive environment that boosts morale and productivity.

    In the end, the effectiveness of a sales team is a reflection of leadership, and leadership, in turn, is a reflection of communication. The clarity, consistency and honesty of your communication will define your leadership, influence your team’s performance and ultimately determine your success.

    Let’s consider a real-world scenario. Suppose payroll is going to be late — which can cause distress for any team. A leader might be tempted to avoid communicating, fearing the team’s reaction. But stepping up and transparently communicating the issue is far wiser.

    As soon as the issue is identified, call your leaders directly, explain what happened, the steps you’ve taken to resolve it, and when they can expect a resolution. This approach not only shows your team that you respect and value them, but it also demonstrates your ability to handle crises and your commitment to transparency. Even though the news is unfavorable, the strength of your leadership softens the blow, proving that clear and honest communication is an absolute necessity.

    To put it simply, if you want to build a strong sales team, start by taking a good look at how you communicate.

    Related: How Successful Leaders Communicate With Their Teams

    Create a consistent culture of accountability

    Accountability often gets a bad rap, typically associated with blame and penalties. However, in a thriving sales environment, accountability is impartial. It’s about setting expectations, following up on them, and recognizing that good, bad, or no results are all valuable feedback.

    In a sales team, consistency in accountability conversations creates a space for proud report-ups, creating an environment ripe for praise and recognition. So when the occasion calls for difficult conversations, they become much easier to have. The accountability culture is not about being faultless; it’s about creating an environment where everyone is learning, growing, and driving toward collective success.

    Related: 7 Ways to Promote a Company Culture of Accountability

    Be an unstoppable sales force yourself

    Within an aggressively expanding sales organization, the velocity of the operations, the intensity of the competition, and the high stakes of success put a considerable amount of pressure on leadership. As such, the person leading charge needs to embody more than just strategic vision and managerial prowess. They also need to have a deep understanding of sales and a solid track record of success in this field.

    Such a leader, equipped with a proven record of success, not only gains credibility and respect but also brings firsthand insight into effective strategy development. Their expertise becomes a cornerstone for training, helping team members enhance their skills and navigate challenges. When able to lead by example, they can embody the attitudes and behaviors that spur success, setting high standards and inspiring excellence within the team.

    As your sales team grows, you will need to expand your leadership team and delegate responsibilities. At this stage, your ability to attract and retain leaders will depend on your personal growth as a leader, all of which revolve around these four skills. A leader must be equal to or exceed the level of those they lead. Anything less and they risk losing their team’s respect and confidence, which can negatively impact the team’s performance and success.

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    Kash Hasworth

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  • How to Create the Ultimate Virtual Sales Event | Entrepreneur

    How to Create the Ultimate Virtual Sales Event | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s digital age, businesses are harnessing the power of virtual sales events to drive growth. I’ve personally generated over a million dollars in revenue through live virtual events I call challenges on Zoom, attesting to their effectiveness. These types of online gatherings, ranging from webinars to virtual trade shows, offer a global reach, making them an essential part of many businesses’ sales strategies.

    According to Grand View Research, the global virtual events market size was valued at $77.98 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. This statistic underscores the growing importance and potential of virtual sales events in the business landscape.

    Related: The New Opportunities That Virtual Event Are Bringing to Businesses

    Planning and execution

    The success of a virtual sales event hinges on strategic planning and execution. Start by defining the event’s purpose. Is it to introduce a new product, educate potential customers, generate leads, or build brand awareness? A clear objective will guide the planning process and help determine the most appropriate format for the event.

    Next, consider your target audience. Understanding their needs, interests and online behavior will help you tailor the event to their preferences, increasing the likelihood of engagement. For instance, if your target audience is tech-savvy millennials, incorporating interactive elements such as polls, Q&A sessions or virtual reality experiences can enhance their engagement.

    Choosing the right technology platform is also crucial. The platform should be user-friendly, reliable and capable of supporting the features you plan to include in your event, such as live streaming, chat functionality, or virtual booths. Additionally, it should provide analytics tools to measure the event’s success.

    Related: 5 Ways to Keep Engaged During Boring Virtual Meetings

    Engaging customers

    Engaging customers during a virtual sales event can be challenging, given the distractions of the online environment. However, there are several strategies you can employ to keep your audience engaged.

    Firstly, deliver valuable content. Whether it’s a product demonstration, an educational webinar, or a panel discussion, ensure the content is relevant and valuable to your audience. Use storytelling techniques to make your content more engaging and memorable. For example, share success stories of clients who have benefited from your product or service.

    Secondly, encourage interaction. Interactive elements such as live chats, polls and Q&A sessions can make your audience feel involved and maintain their interest throughout the event. You could also consider gamification strategies, such as quizzes or competitions, to add an element of fun and increase engagement.

    A survey by Bizzabo found that 93% of event marketers plan to invest in virtual events moving forward. This statistic highlights the recognition among marketers of the value of engaging customers through virtual sales events.

    Leveraging technology

    In the era of remote work, technology plays a crucial role in the success of virtual sales events. From the platform used to host the event to the tools employed for audience engagement, technology can enhance the event experience for both the host and the attendees.

    For instance, using a reliable and user-friendly platform like Zoom can ensure a smooth and seamless event experience. Zoom offers features like breakout rooms for smaller group discussions, virtual backgrounds for a professional appearance and recording options for those who might miss the live event.

    Tools like chatbots can also be used to answer common queries, freeing up your team to focus on more complex questions. Polling and survey tools can be used to gather real-time feedback, helping you understand your audience better and make necessary adjustments.

    Related: Budget Planning And Execution Tips For Virtual Events

    Measuring success

    The success of a virtual sales event is not just about the number of attendees or the immediate sales generated. It’s also about the relationships built, the brand awareness created and the potential leads generated for future sales.

    To measure the success of your event, consider metrics like attendee engagement (e.g., participation in polls or Q&A sessions), the number of new leads generated and the conversion rate of these leads into customers. Also, consider the feedback received from attendees. This can provide valuable insights into what worked well and what could be improved in future events.

    Conclusion

    In conclusion, virtual sales events offer a powerful strategy for business growth in the remote era. They provide an opportunity to reach a global audience, engage customers in a new and exciting way and generate leads and sales. However, to leverage these events effectively, businesses need to plan carefully, engage their audience, leverage technology and measure their success.

    As someone who has experienced the power of virtual sales events firsthand, I can attest to their potential. With the right approach, these events can drive sales, build stronger relationships with customers and create a sustainable model for business growth.

    In the end, the success of a virtual sales event lies not just in the technology used or the sales techniques employed, but in the value provided to the attendees. As the saying goes, “People don’t buy what you do; they buy why you do it.” You can ensure that your virtual sales events succeed by providing valuable content and a memorable event experience.

    Moreover, the shift to virtual sales events is not a temporary trend but a reflection of the changing business landscape. As more businesses embrace remote work, virtual sales events will continue to play a crucial role in sales strategies. Therefore, mastering the art of hosting successful virtual sales events is not just beneficial but necessary for businesses to thrive in the digital age.

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    Joel Yi

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  • 10 Lessons I’ve Learned In 10 Years of Running My Own Business | Entrepreneur

    10 Lessons I’ve Learned In 10 Years of Running My Own Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2013, I made a life-changing decision. I decided to “take a break” from my dream job, which while amazing, was also fast-paced and demanding. I gained invaluable experience, opportunities, connections and more as a law firm partner, but my personal life suffered.

    I was fortunate to have had financial success that enabled a break, and this difficult decision catapulted me into becoming a full-time entrepreneur. While I miss some things about being a part of a law firm, I love setting the pace of my own life and that I still help others daily, just in a different way.

    Becoming a business owner has revolutionized my understanding of the realities of running a company. I now believe you cannot tell someone else how to run their business if you have never successfully run one yourself. In celebration of 10 years as a fully self-funded female business owner, here are ten things I’ve learned.

    Related: Are You a Business Owner or an Entrepreneur?

    1. You can actually start your own business and be successful!

    I never intended to become an entrepreneur. However, after deciding to pause, I was asked to consult with lawyer friends who had previously been competitors. Unlike work, it sounded fun, and I could do it while “on a break” from law firm life. Ten years later, I manage a team of marketers and work with law firms across the country, helping my team members and my clients succeed.

    Related: 10 Tips for the First-Time Business Owner

    2. No matter how good you are at what you do, some people will still treat you like you aren’t

    You might expect that after over two decades as a lawyer and achieving both legal industry accolades and marketing industry awards, those I talk to and work with would always treat me with respect. You’d be wrong. No matter how many years of schooling, degrees, years of experience and awards you have, some people will always try to make you feel small, treat you as if you do not matter and belittle your skills.

    Don’t work with those people. Don’t employ those people. Don’t allow those people to impact your energy and success.

    3. You cannot control your clients, but you can only control how you respond to them

    Most marketing agencies do not refund client money after being paid. I used to feel the same way — I did the work, you paid me, and I deserved to be paid. Fear of having done a bad job, fear of not being able to afford to refund that money and fear of that client keep owners myopic. Success has allowed me the privilege to evolve.

    I had a client who was negative and abrasive and refused to collaborate. Even though we delivered everything they paid for, the firm was still unhappy. So, I fired them and refunded every cent of their money. While this made my business lose money, the financial price was worth it.

    4. You do not need a physical office to be a seven-figure company

    I spent my legal career working in business attire in a professional setting in office buildings. Once the pandemic hit, the beautiful corner office on the top floor of a building in my neighborhood I had painstakingly searched for and decorated became a source of stress. Our team became remote, not really by choice, and we stayed that way. Now I pay no rent and reallocate those funds. I miss working collaboratively in person, but my team is thriving. We have been able to take on more clients than ever before, all without a physical office.

    5. If a new hire is troubling you early on, they are likely not going to work out

    A successful business owner told me that I would know within two days of working with a new hire if they would work out. I scoffed at what sounded like a lack of care and a lack of willingness to try harder when onboarding.

    After ten years, two days still seems pretty quick, but it does not take long to know if a new hire is the wrong one. The longer you wait to deal with it, the worse things get for the new hire and the existing team. Cut your losses early, allowing that person to move on and you to start looking for the right fit.

    Related: How to Find, Hire (and Fire!) Rockstar Employees

    6. Narrowing services offered means increased expertise

    As a 21-year lawyer, legal marketing is my consulting focus. Because there are a lot of lawyers, and most law firms engage in marketing efforts, I have a decently sized national marketplace from which to obtain clients. One of my strongest selling points is that I have a niche business focused on one industry and am a licensed expert. Expanding into other industries I know less about and have no footprint in would dilute my biggest point of differentiation. Stay focused and grow within your niche.

    7. Saying “no” leaves room to say “yes” to opportunities you don’t know about yet

    It is scary to say no to paid opportunities early in the life of your business but remember, each engagement is a partnership, and you should only partner when it can be mutually successful. Prevent doomed collaborations on the front end.

    Gauge compatibility by paying attention to how they speak to and email you, the “story” of how they came to be in their current position, and more. Every client you choose to work with can come at the expense of being able to take on another, better opportunity you might not know about yet.

    8. Being your own boss is addicting

    Over time, being my own boss has become a commodity worth significant value to me. I greatly enjoy not having to ask permission to spend a full weekend day uninterrupted with my children. The scary part of being the boss is being responsible for yourself, your team, your clients, and many others, but the benefits of determining how to handle those responsibilities are worth it.

    Related: 5 Essentials for Succeeding When You Become Your Own Boss

    9. Set boundaries early and do not compromise

    Boundaries are important in both our personal and professional lives. The legal industry cultivates a culture of constant availability and immediate response, which is stressful. Now, running my own business, I make conscious choices to shape our company culture differently.

    No one on my team is required to work outside of normal business hours. No one on my team has their work email on their mobile device. I no longer provide clients with my personal (and only) cell phone number. Establishing boundaries like these makes work healthier and more productive.

    10. If you can’t pay yourself as an owner, you are not doing it right

    A surprising number of business owners I consider successful cannot and do not pay themselves at all. Their businesses do not generate sufficient revenue to allow the owner to make an income. If you cannot pay yourself (after a reasonable startup time, of course), you are not succeeding. You should reevaluate your financial position, overall business plan, and whether or not owning a business is the right choice for you.

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    Stacey Burke

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  • 7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

    7 Common Mistakes to Avoid When Scaling Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In business, the scale-up phase of a company is where, after you prove your concept and establish a solid base, you’re ready to share your offering with the world — setting the stage for exponential growth and success. But in 2023, the entry criteria for this stage look a lot different, demanding a nuanced approach.

    During a period of higher costs with less capital available, the importance of precise timing and frugality has become paramount. Having scaled four companies by 1,000% — two of them during economic downturns — I’ve learned some tough lessons about what not to do.

    Related: 7 Ways To Scale Your Startup or Business

    Mistake 1: Scaling too early

    Fire, ready, aim. Scaling too early these days can be a fatal mistake. If you’re still figuring out your category, your ideal customer profile (like what specific problems you solve) or your best route(s) to market, it’s not time to scale.

    If your unit economics are wildly unsustainable or the nucleus of your core team isn’t in place, it’s not time to scale.

    If you’re not getting pull (inbound demand and word of mouth) from the market you play in, it’s not time to scale.

    Mistake 2: Scaling too late

    Whoops, missed out on that one. On the flip side, scaling too late can mean missed opportunities. If you’re inundated with demand (leads falling on the floor), in the midst of a buyer platform/paradigm shift or have overly superior unit economics, it might be past time to scale. Don’t let competitors with inferior products steal your market share because you’re under-resourced while they’re expanding — especially if you’re in a winner-take-all or major first-mover advantage market.

    Mistake 3: Hiring the wrong leaders at the wrong time

    They were great at that one company. Hiring is a critical part of scaling. It’s also one of the most difficult. It’s about finding the right people for the right roles at the right time. Avoid the temptation to hire people just like yourself. Embrace diversity, and cover different perspectives. Be wary of hiring leaders from companies that are too big or too small. Document what specific outcomes you need next and what requisite skill sets and experiences will deliver those outcomes. And ensure that hires fit your culture. If you’re hiring a sales leader, be especially alert and consider things like your go-to-market motion, stage and buyer.

    Mistake 4: Not delegating

    I tried delegating once, but it was too much work. As a founder, it’s natural to want to control every aspect of your business. But as you scale, you need to let go. Trust the leaders you’ve hired. It’s why you worked so hard to recruit them. Give them the direction and support they need, then step back and get out of their way.

    Related: How to Know When It’s the Right Time to Scale Your Business

    Mistake 5: Overlooking infrastructure and operations

    We’ll get to that someday. As you scale, your infrastructure and operations need to scale with you. Document your core processes; shared documents, checklists and playbooks work great early on. Invest in HR, including hiring the people/HR manager. Try not to skimp on technology, data tracking or analytics. The same goes for sales and marketing operations. And avoid accruing too much product or architectural debt. These are the foundations upon which your scaled business will stand.

    Mistake 6: Getting stuck on the funding treadmill

    More money, more problems. Funding is a means to an end, not an end in itself. Don’t get so caught up in reaching the next funding milestone that you lose sight of your business fundamentals and economics — especially in today’s market. Ensure you’re consistently improving your fundamentals (product-market fit, customer value creation, distribution, growth strategy) and economics (growth rate, margins and profitability, customer acquisition cost and customer lifetime value). Make sure you can see — or at least paint — a clear path to sustainable profitability.

    Mistake 7: Losing your beginner’s mindset

    What got you here won’t get you there. Things change fast. Stay open to new methods and ways to evolve your business. Don’t overlook things that change quickly, like pricing and packaging, your product roadmap expansion, category expansion, market segmentation and targeting, and second and third growth acts. Keep that beginner’s mindset.

    What’s next?

    Scaling a business is exciting. It’s also challenging and complex. But there’s no reason to repeat the mistakes of the past.

    Listen, learn, and plan to grow your company successfully. With awareness and careful planning, you can avoid these common pitfalls. Remember, the goal of scaling is not just to grow bigger but to grow better — to deliver more value to more customers, create more opportunities for your team and make a greater impact on your market. So take the time to scale wisely, and you’ll reap the rewards for years to come. Remain curious, keep that beginner’s mindset, and stay inspired by thought leaders who’ve done it before — while you pave your own way.

    Related: 5 Pitfalls to Avoid When Growing or Scaling a Business

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    Kevin Marasco

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  • 3 Critical Strategies to Help Your Company Sell | Entrepreneur

    3 Critical Strategies to Help Your Company Sell | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When you’re getting a new business off the ground, selling it is likely the last thing you’re thinking about.

    However, the truth is that it’s much easier (and much less costly) to develop your exit plan from the start than it is to restructure your company to sell. For business owners, the best course of action is to grow a sellable company right from the beginning.

    Not sure how to develop a sellable business? Here are some tips to get you started.

    Related: 3 Reasons You Should Sell Your Business

    How do you improve sellability while building a business?

    Making your business sellable doesn’t only benefit you when it comes time to make a sale. The businesses that command the highest sale prices are also the most profitable, so when you’re building a sellable business, you’re also setting yourself up for success as a business owner.

    One of the keys to building a sellable business is making early investments to improve scalability over time. You can do that by focusing on the following:

    • Implementing high-quality, efficient technology systems
    • Hiring executive leaders
    • Having financials regularly reviewed and audited
    • Building human capital function

    These might sound like obvious investments to make to some. Still, many founders do not want to make the necessary investments in infrastructure to be able to scale the business, instead viewing it as ‘overhead.’

    Investing in infrastructure from the outset may involve a substantial cash outlay, but it will dramatically increase your business’s value when it comes time to sell. Align Business Advisory, a leading M&A advisory for small and mid-size businesses, also points out that a third-party advisor can greatly help businesses to figure out ways to improve their overall scalability with services like business valuation and exit planning.

    If your company has quality infrastructure that can be built upon, potential buyers are looking at a turnkey sale. You’ll be poised to make significantly more from the sale in this situation. If a buyer sees that they will need to restructure the company for scalability after they purchase it, they’ll pay much less.

    Related: Top 5 Mistakes Entrepreneurs Make When Scaling Their Business To 7 Figures

    How do you help your company sell for a higher multiple?

    Even if your company has already been in business for years, there are still several things you can look at to optimize total value. If you want to make sure you’ll make as much as you can from the sale of your company, start with these steps.

    1. Enhance operational efficiency

    Many smaller business owners are owner-operators; their presence is essential for business success. However, when it comes to making a sale, this situation can dramatically decrease what a buyer is willing to pay.

    Why? If the buyer purchases a business like this, they’re taking on considerable risk. Once you leave the business, there’s a possibility that daily operations will suffer or key customers will leave.

    If you can demonstrate that your business functions well without your involvement, buyers will see a purchase as much less risky, so they’ll likely pay more when the time comes to sell.

    Related: Selling Your Business? Do These 6 Things Right Now.

    2. Optimize gross margin and EBITDA

    Not all revenue dollars are created equal. For instance, If a company must spend $99 to make $100, then that $1 of profit is not as valuable. So, regarding profitability, the cash in your business’s bank account isn’t the only thing that matters.

    To ensure your profit margins are high enough to draw in quality buyers, you’ll want to look at your EBITDA (Earnings Before Interest Taxes Depreciation Amortization) margin profile.

    Your EBITDA margin indicates your operating profit as a percentage of your total revenue. In most cases, buyers want an EBITDA margin of at least 10%. Many buyers view businesses with lower margins as too risky.

    3. Diversify your customer base

    Having one or two customers who routinely spend large amounts at your business can give you a sense of security. But buyers want to see diversified revenue. If most of your revenue comes from a few customers and those customers stop patronizing your company, your finances will suffer.

    In most cases, buyers look askance at any business where a single customer accounts for over 20% of the revenue. They may still purchase your business but are likely to pay substantially less.

    If you currently rely primarily on a few customers for steady income, make an effort to diversify income sources. That could mean offering additional products or services or using targeted advertising to draw in different demographics.

    Related: The 11 Rules of Highly Profitable Companies

    Build a sellable company from the ground up

    Creating a business that’s built to sell can be a challenge, especially if you’re wrapped up in running that business from day to day. However, it is vital that entrepreneurs prioritize sellability from the start of their business journey.

    The tips above provide ways to help maximize your business’s total value and attract quality buyers. By proactively working toward sellability, you are not only positioning yourself for a successful sale, but also setting yourself up for long-term business success and profitability.

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    Peter Daisyme

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  • Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

    Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the last several months, I have been deeply immersed in the Goldman Sachs 10k Small Businesses (10KSB) accelerator program. In partnership with Babson College, Goldman Sachs developed an in-depth curriculum that requires small business owners, or “scholars,” as we are called during the program, to take a deep look at each aspect of our businesses and our leadership styles.

    Goldman Sachs developed this program with the belief that small businesses are the economic engine of the American economy and that the stronger those businesses are, the stronger and more resilient the American economy will be. This is particularly important today as we face tremendous economic uncertainty.

    The program curriculum was demanding and required a significant time commitment. The result was a 70-page, comprehensive business plan. The business plan was tangible evidence that my fellow scholars and I completed the program and dug into the guts of our business. We each identified a “Growth Opportunity” and created a detailed plan to capture that opportunity.

    Related: Going Alone in Business? 5 Reasons That’s a Really Bad Idea.

    But to be clear, the plan was not strictly the result of the program curriculum. It was also the result of the invaluable network of hundreds of small businesses from every state in the union in my Goldman Sachs cohort and the alumni of over 13,000 small business owners that now make up my community.

    As I sit at my computer today and pour through my company’s daily, weekly, and monthly financial reports, it is increasingly evident that I cannot do this alone. Like business leaders everywhere, I am concerned about the realities of the economy, the supply chain, access to capital and all the myriad factors that affect my business, which I have no control over. The one fact that is crystal clear to me is that, as small business owners, we need to join forces.

    There is power in numbers. Small businesses are successful when we work together and take advantage of each other’s strengths. Diverting focus from our core business to spend time on our own every internal business process is costly and wastes time. This point was stressed time and time again over the nine months I was in the program.

    If marketing isn’t your core business, find and hire a small business specializing in the marketing type you need to get the message out to your customers. Hire those services you need from another small business so that you can focus. If distribution isn’t your core business, find and hire a business that specializes in logistics. And the list goes on and on. If we are intentional about looking for other small businesses to provide the services we need so we can focus, we can find virtually anything.

    Related: Follow Your Entrepreneurship Path But Don’t Do It Alone

    Spending money is one of the most terrifying things for a small business owner. Like many of you, I look at the bank account and think I can’t afford to hire an outside service to do this. I will do it myself and save money. Here is the rub, how much time and effort am I wasting learning something new? What is my time worth? What if I could spend my time focused on what I do best, on my core business competency? Would that pay for the additional cost of a service?

    I have been forced to take a tough look at my business in a new way. It is not that I suddenly realized that I had better cash flow and could outsource things. I didn’t, and I can’t. But it costs money and lost opportunity when my key employees or I spend time on things that don’t fall within our immediate business and enhance our offerings.

    I will give you a perfect example. I have years of experience in marketing, but marketing is not my core business today. I lead an ecommerce platform for women-owned businesses. The last thing I thought I needed to spend money on was marketing. I have done it for years and know how to identify my target audience and what channels to use to reach them. I have actively resisted my team’s push to hire marketing services. What I didn’t factor in is how much time my co-founder and I spent on marketing execution rather than focusing on building our sales platform.

    Related: Entrepreneurs, You Can’t Handle Everything at Your Startup

    My core business is NOT marketing execution, so why do we have one of the most valuable members of the team spending hours a week focused on it? We need to find a small business whose specific business is marketing execution for direct-to-consumer companies like mine and hire them. I am confident that freeing my co-founder up to focus on building our core offering will enable us to pay for the cost of the outsourced marketing execution.

    The bottom line is that, as small business owners, we can’t do it alone. As the uncertainty in the economy continues, capital is harder to access, and consumers reduce spending, the best thing I can do is surround my business with experts focused on how to grow and invest back into our communities.

    Small businesses have long been the American economy’s growth engine; for this to continue, we need to fuel economic stability and growth by investing and supporting one another. I am fortunate to have been able to participate in an accelerator program that jump-started my network. But there are many places where small businesses can and should connect. Your local Chamber of Commerce is a great resource, as is the Small Business Administration and industry affinity groups with chapters nationwide.

    We can’t do it on our own! And the good news is we don’t have to. Find a hire a small business expert so you can focus on your core business and grow!

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    Kate Isler

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  • Brand Visibility Is the New Currency. Here’s How to Generate It. | Entrepreneur

    Brand Visibility Is the New Currency. Here’s How to Generate It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As the economic climate continues to fluctuate and uncertainty prevails, the only thing startup founders should be doing is ensuring their survival. In a downturn, having solid financials is not enough — you need to be visible. Without effective visibility and publicity, even the most profitable and financially healthy companies may struggle to attract the attention of potential investors.

    In more prosperous times, startups could often capitalize on the market as VCs are flush with capital. However, with funds harder to come by, founders must actively seek ways to create a halo effect, induce FOMO (fear of missing out) and signal they’re a worthy investment.

    Time and time again, visibility has proven to be tied to positive financial outcomes and success. I’ve been asked by many founders how they can generate visibility successfully and quickly, and here are my tips.

    Related: How to Increase Your Visibility Online and Attract More Clients

    Build in public

    Stay connected with your community and consistently update them on your progress. Leverage every single channel in your arsenal (Twitter, LinkedIn, Instagram and TikTok if relevant) to create consistent excitement around revenue traction, noteworthy achievements or milestones and unique insights you’ve gained while building your business. Challenge yourself to post two to three times per week across all channels. Don’t decide between channels — in 2023, you have to execute on all of them. Consistency is key.

    Don’t forget to highlight your team. Investors should be able to see a strong, capable team behind any startup, not only a leader. I most like the combination of seeing practical tips, insights from team building and team celebrations together with transparent metrics that showcase the direction of the business.

    Craft a ‘David vs. Goliath’ narrative

    Who is the incumbent in your industry? Challenging the market leader is a high-reward strategy for generating visibility. By taking a contrarian stance or disagreeing with industry giants, you can get a reaction out of investors and other stakeholders and get them to pay attention. Leverage the power of controversy to differentiate yourself from the competition.

    For example, You.com is an artificial intelligence search engine that’s positioned themselves as taking on Google and Microsoft in the current AI arms race and has gotten a lot of attention as a result of it. Sam Altman’s contrarian tweet on the role of VC generated almost two million views and got the attention of Vinod Khosla, Paul Graham, Alexis Ohanian and others. Elon Musk is marred in controversy every day but the reality is that people care about his actions.

    Work with unexpected niche influencers

    Rather than relying on traditional paid campaigns, which can be expensive and often have limited impact, partner with emerging artists and niche influencers to create more creative and engaging content. Louis Vuitton is a stellar example — its recent collaboration with artist Yayoi Kusama was wildly successful as much as it was unexpected, marrying the fashion house’s iconic LV logo with Kusama’s signature bright polka dots. It was worn by celebrities and enabled both brands to tap into new audiences. I’m surprised tech brands aren’t doing similar collaborations.

    My advice is to find emerging artists and creatives that are relevant to your niche. Work with them on a campaign or co-host events, dinners and other experiences to showcase your company in an engaging way. I recommend that most campaigns combine a strong collaboration with surprising but relevant influencers together with a top media outlet writing an exclusive.

    Related: How to Skyrocket Your Business to the Top With Thought Leadership and Visibility

    Focus on educating consumers

    When you help consumers become smarter, they’ll never forget it. Helping your customers learn and grow will help you create a loyal community that organically spreads the word about your company on social media. Provide educational resources, host workshops and create interactive experiences.

    For example, Skye, a leadership coaching marketplace, recently hosted their Limitless Summit; speakers included the CEO of Myers Briggs, CEO of Handshake, Meta’s director of global L&D, VCs and executive coaches who did workshops on navigating conflict, cultivating culture at scale, the physiology of brain health and wellbeing, building transformational companies and more. By educating consumers and thereby building a meaningful community with high stickiness, this has helped the company attract investors who are not only looking for financial returns but also to support companies that are making a positive impact in the world.

    Dress to impress — Go for an unexpected design

    Go for an unexpected design when it comes to external-facing materials, whether it’s your website, pitch deck, marketing collateral, social media posts and others. Specifically for investors, your pitch deck is often the first point of contact. Alongside a fantastic team and promising traction, a visually striking and creatively designed deck and website are sometimes the deciding factors on whether I take a meeting.

    Consider incorporating bold colors, interactive elements and intuitive navigation to create an engaging user experience that reflects your brand’s personality. Remember, in a downturn, standing out is crucial and an unexpected design can be the catalyst that draws investors and customers in.

    Related: 7 Shortcuts to Build Early Visibility For Your Brand

    Get out of your bubble

    Host events and invite people from unexpected diverse backgrounds to participate in captivating discussions. By inviting speakers and attendees who may not typically be part of your industry or network, unexpected magic can happen. It’s not as hard as you’d think: imagine bringing together artists, scientists, actors, photographers and lawyers all together at the table with technologists for a dynamic exchange of ideas and cross-pollination of knowledge. This can lead to new opportunities for collaboration and growth and, most importantly, for inspiration and insights that you’ll be remembered for.

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    Masha Bucher

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  • A Comprehensive Guide to Fractional Leadership | Entrepreneur

    A Comprehensive Guide to Fractional Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a business owner, I know firsthand the countless challenges that come with running a company. With responsibilities ranging from financial management to marketing strategies, it can often feel overwhelming just to keep your head above water. It’s for this reason that expert support is valuable, and fractional executives can provide a service that addresses challenges and promotes growth.

    As the founder of a fractional leadership firm, I have worked with businesses in various growth stages. From managing rapid expansion to making critical operational decisions, fractional partnerships allow clients to receive executive-level support at a fraction of the cost, time and effort, empowering them to succeed efficiently. While this success is easily attainable for most businesses, having the right team is a crucial aspect of such success.

    In this article, I’ll discuss the role and benefits of fractional executives and how to choose the right ones for your needs.

    Related: Why Fractional Executives Are the Best Investment For Your Business

    What are fractional executives?

    Fractional executives provide cost-effective part-time or interim support for growing businesses, offering expertise in areas like strategic planning, operational streamlining, revenue operations, marketing, finance and sales. They also stay updated with the latest efficient infrastructure for your business, ensuring it’s customized to your specific stage and scale.

    Signs that you may need a fractional executive

    • You need expertise in a specific area.

    • You have ambitious growth goals and require help achieving them.

    • You’re facing a critical business challenge and need guidance navigating and resolving it.

    • Your rapidly growing business lacks the structure to support growth.

    • You need leadership support during a transition or restructuring period.

    • You find yourself working in your business rather than on your business.

    • You want to implement new technologies, systems or processes, but you lack the appropriate resources or expertise to do so.

    • You lack the capacity to stay current with industry and technology trends.

    • You want to improve leadership practices and company culture but need guidance on where to start and how to create lasting change.

    • You lack a cohesive system for connecting outsourced functions and aligning them with your business goals.

    Benefits of a fractional executive

    Cost savings:

    Fractional executives offer a flexible solution for businesses that need experienced executives without the commitment and cost of a full-time hire. Unlike hiring a full-time executive, you can work with fractional executives on an as-needed basis, allowing you to enjoy the benefits of a seasoned executive without committing to a long-term, super-high expense. This can be especially beneficial for small to mid-sized businesses that want to grow but have limited resources.

    Expertise and experience:

    Fractional executives’ exposure to diverse systems, companies, processes, structures and challenges from working with numerous businesses (often hundreds) gives them a significant edge over full-time executives, who typically hold only 5-6 positions in their careers. This extensive experience provides fractional executives with unparalleled expertise and insights, enabling them to deliver faster, more effective solutions for your business.

    Flexibility and scalability:

    As a full-time executive, I found that 80% of my time was spent on tasks that could be done by more junior staff, given the right guidance. This observation reinforced my belief that many companies don’t necessarily need a full-time executive, as the role doesn’t always warrant constant high-level attention. Fractional executives can be hired on a flexible basis, ranging from just a few hours a week to a longer-term commitment over several months. This can allow you to scale up or down as your business needs change, ensuring that you have the right amount of support whenever you need it.

    Objectivity and perspective:

    Fractional executives offer an outsider’s perspective to your operations, strategy and business practices, providing unbiased feedback and advice to help you make informed decisions. This partnership allows for a more even relationship, working at eye level rather than the traditional, more restrictive manager-employee relationship. This approach can be especially valuable when identifying blind spots or areas for improvement, as fractional executives bring a unique perspective thanks to their experience with a multitude of businesses.

    Related: How a Fractional Executive Can Take Your Business to the Next Level

    Types of fractional executives

    Outsourcing specialized roles like CFO and CMO gave rise to fractional executives, now covering roles like COO, CTO, CHRO and more. This approach lets businesses customize their executive teams to match their goals and needs, tapping into the unique skills and expertise of fractional professionals.

    Fractional executives can be:

    • Interim executives: for short-term leadership gaps

    • Project-based executives: for specific project expertise or guidance

    • Strategic advisors: for long-term planning and opportunity identification

    • Ongoing support: for smaller companies needing continuous assistance

    How to choose the right fractional executive

    Identify your needs:

    Identify critical areas, and seek a fractional executive with the right expertise. Consider using their insights to spot gaps and help you refine your search, securing the perfect fit for your business.

    Evaluate relevant experience:

    Choose a fractional executive based on a successful track record, relevant experience, positive references and commitment to fractional work as a career (rather than a side or temporary hustle).

    Assess their style:

    Look for an executive who is responsive, proactive and able to communicate clearly and effectively. Schedule an initial consultation to get a sense of their working style and consider whether it aligns with your own.

    Align expectations:

    Choose a fractional executive who shares your passion and can work collaboratively to achieve your objectives. Keep an open mind, and consider their suggestions, as their experience can offer valuable insights.

    Consider your readiness:

    During the initial consultation, assess your readiness to delegate control. If you’re not prepared to treat this as a partnership and loosen the reins, a fractional executive may not be the right fit. Trust is key, so choose someone you’re comfortable collaborating with, and formulate a transition plan that cultivates that trust.

    By partnering with a fractional executive, you can tap into their specialized skills and expertise, giving your company a competitive edge and positioning it for long-term success. So, whether you’re seeking to grow your business or address critical challenges, consider that a fractional executive could very well be the missing piece that propels your business to success.

    Related: How to Grow Your Business With Intention

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    Adi Vaxman

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  • 3 Key Trends that Can Signal Change | Entrepreneur

    3 Key Trends that Can Signal Change | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs and small and medium-sized business (SMB) owners are typically lauded for their abilities to operate agile companies that flex and grow with changing market conditions, resulting in sustained business success. Whether during times of prosperity or adversity, they are often the trailblazers who forge a path into unknown territory and develop innovative products, services and solutions to swiftly address opportunities or issues, which help pave the way for longevity in the marketplace.

    Savvy leaders understand that operating based on the status quo is not an option but rather adhere to the mantra that change is vital to their existence and success. Due to their size, SMBs have a significant advantage with regard to embracing change because leaders often recognize positive/negative trends within their client base sooner, which typically become indicative of the global marketplace in general. This knowledge enables them to act quickly by making informed business decisions/adjustments to meet the current state of business.

    As entrepreneurs and SMB leaders continue to remain relevant, they should be aware of three key events that can signal a change to business operations — shifts in the economy, deviations in the competitive landscape and fluctuations in the labor market.

    Related: How Agility and Resiliency Help Small and Medium-Sized Businesses Succeed

    1. Economic conditions

    Tracking economic conditions is central to business operations because inflation, interest rates, tax rates, supply/demand, consumer confidence and more dictate numerous aspects of business operations – from product pricing and employee wages to advertising/marketing and company growth – impacting a company’s bottom line.

    When leaders keep economic conditions top of mind, they are better equipped to make informed decisions about increasing profits and reducing losses. For example, during good economic times, expanding product/service offerings, increasing pricing and bumping advertising/marketing budgets can help boost revenues. During a poor economy, a greater focus on controlling expenses, streamlining processes and seizing missed opportunities can help companies weather the storm.

    In both scenarios, people-focused business leaders realize that economic conditions significantly impact employees from a professional and personal perspective, so taking care of their people — a company’s most valuable asset — is paramount, including financial assistance/perks, clear communication, mental health/wellness programs and unwavering support. When employees are treated as valued members of a team, engagement and performance increase resulting in a positive effect on the bottom line.

    2. Competitive landscape

    While business leaders should always be aware of the competitive landscape and make decisions accordingly, there are certain situations that may justify changes to business operations that can be a differentiating factor in the marketplace. Companies can explore opportunities to invest in new programs, such as introducing a new product/service, developing brand ambassadors, forming strategic alliances, boosting industry-related technology and increasing customer service initiatives.

    If there are budget constraints, there are still ways for SMBs to make changes to help them stand out in the crowd, such as positioning themselves as thought leaders for editorial opportunities, speaking engagements at tradeshows and panel discussions facilitated by trade associations. Companies can also become more active on social media platforms to increase their influence in the marketplace. Volunteering in local communities is another way to not only give back, but also increase brand awareness and a company’s reputation.

    Significant changes in the competitive landscape can impact employees who may want to jump ship for perceived better opportunities. SMBS must create and nurture a company culture that encourages employee retention through training and development programs, mentoring programs and defined career paths. They should point out ways that SMBs not only feel like family, but also how they offer greater access to executive leadership and faster advancement opportunities with more responsibilities.

    Related: The Tech Landscape Has Changed and It’s Time Tech Leadership Change With It.

    3. Labor market

    Even before the ramifications created by the Great Resignation and/or the Great Reshuffle, SMBs were no strangers to the challenges of the labor market. Historically, they have competed with larger companies for top talent, but the still-tight labor market continues to add another degree of difficulty to attracting and retaining employees. According to the most recent report by the U.S. Bureau of Labor Statistics, the number of quits was just under 4 million in March.

    Although SMB leaders are conditioned to the challenges, it should inspire many companies to change their recruitment strategies to attract top talent. For example, implementing employee referral programs; using social media to reach qualified candidates; improving the process to treat applicants with respect; and offering internships that lead to permanent employees are ways to fill open positions.

    Of course, one of the best ways to address the labor market is to have a great culture that employees want to be a part of, resulting in increased employee retention and a pipeline of job seekers. When employees are taken care of from an individual and professional standpoint with programs that address health/wellness; financial perks; reskilling/upskilling; career paths within the company; and flexible/hybrid scheduling, it brings out the best in them and leads to a loyal, long-term workforce.

    As entrepreneurs and SMB leaders position their companies for the second half of 2023, they should evaluate their business operations to identify areas where change can be leveraged to address fluctuating market conditions for optimal results, further demonstrating their agility and resilience in the economy.

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    Steve Arizpe

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  • Free On-Demand Webinar: How to Grow With Purpose

    Free On-Demand Webinar: How to Grow With Purpose

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    How does a business grow successfully without losing its ideal mission, vision and values? In the next episode of our Leadership Lessons series, host Jason Nazar sits down with the CEO of a multinational supermarket chain synonymous with the words healthy, local and organic. As one of the youngest CEOs to ever lead a successful retailer, Jason Buechel oversees more than 100,000 Whole Foods Market employees across 546 stores in the U.S., Canada, and the U.K. He joined the Austin, Tex.-based chain in 2013 as Global VP and CIO where he was responsible for all aspects of IT and digital innovation, ushering in large-scale initiatives that played a critical role in the growth of the business. He later served as COO, providing operational leadership over the grocery chain’s 500-plus locations.

    In addition to sharing the biggest leadership lessons he’s learned from his impressive 15-year career, Buechel will dive into other topics including:

    Don’t miss out—complete the registration below and watch now!

    About The Speakers

    Jason Buechel serves as CEO of Whole Foods Market. He previously served as COO, providing operational leadership for over 546 locations across the U.S., Canada and the U.K., overseeing the company’s technology, supply chain and distribution, store real estate and design, and Team Member Services (HR) functions. He joined the company in 2013 as Global VP and CIO where he was responsible for all aspects of IT and digital innovation, as well as ushering in large-scale IT initiatives that played a critical role in the growth of the business. Prior to WFM, Jason served as Managing Director/Partner within Accenture’s Retail Operations Practice, where he worked with leading retailers on strategic business and technology transformation. Jason holds a B.A. from the University of Wisconsin-Milwaukee.

    Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

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    Jason Nazar

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  • Free Webinar | May 16: How to Grow with Purpose | Entrepreneur

    Free Webinar | May 16: How to Grow with Purpose | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How does a business grow successfully without losing its ideal mission, vision and values? In the next episode of our Leadership Lessons series, host Jason Nazar sits down with the CEO of a multinational supermarket chain synonymous with the words healthy, local and organic. As one of the youngest CEOs to ever lead a successful retailer, Jason Buechel oversees more than 100,000 Whole Foods Market employees across 546 stores in the U.S., Canada, and the U.K. He joined the Austin, Tex.-based chain in 2013 as Global VP and CIO where he was responsible for all aspects of IT and digital innovation, ushering in large-scale initiatives that played a critical role in the growth of the business. He later served as COO, providing operational leadership over the grocery chain’s 500-plus locations.

    In addition to sharing the biggest leadership lessons he’s learned from his impressive 15-year career, Buechel will dive into other topics including:

    Don’t miss out—register now!

    About The Speakers

    Jason Buechel serves as CEO of Whole Foods Market. He previously served as COO, providing operational leadership for over 546 locations across the U.S., Canada and the U.K., overseeing the company’s technology, supply chain and distribution, store real estate and design, and Team Member Services (HR) functions. He joined the company in 2013 as Global VP and CIO where he was responsible for all aspects of IT and digital innovation, as well as ushering in large-scale IT initiatives that played a critical role in the growth of the business. Prior to WFM, Jason served as Managing Director/Partner within Accenture’s Retail Operations Practice, where he worked with leading retailers on strategic business and technology transformation. Jason holds a B.A. from the University of Wisconsin-Milwaukee.

    Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

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    Jason Nazar

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  • How to Achieve Business Longevity | Entrepreneur

    How to Achieve Business Longevity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Successful entrepreneurs understand the value of being prepared. As technology and customer expectations rapidly evolve, it’s crucial to be proactive in anticipating what lies ahead. By leveraging forecasts from experts about trends that are poised to emerge over the next decade, business owners can stay on top of their competition – positioning themselves for success long into 2030 and beyond!

    As technology evolves rapidly, entrepreneurs need to keep ahead of the curve when it comes to staying competitive. This means taking advantage of new tools, technologies, and opportunities as they arise. For example, businesses should consider adopting cloud-based solutions that enable remote collaboration and use artificial intelligence (AI) technologies such as natural language processing (NLP). These technologies can help businesses streamline processes and increase efficiency. Additionally, entrepreneurs should pay attention to emerging industry trends such as ecommerce and digital marketing, which have become increasingly important sources of revenue in recent years.

    According to experts, artificial intelligence is set to revolutionize how businesses operate shortly. AI technology can be used by businesses to automate mundane tasks, like data entry or customer service inquiries. This frees up resources and allows companies to focus on more strategic decision-making. Additionally, AI can help businesses save time and money by streamlining processes and identifying areas where efficiency can be improved.

    AI is also being used to detect anomalies in financial records, identify patterns in customer behavior and provide predictions about potential outcomes of marketing campaigns. In addition, AI-based chatbots are becoming increasingly popular for providing personalized customer service experiences at scale.

    Related: How Relationships can Build Business Longevity

    Entrepreneurs should start and continue to get familiar with AI-powered tools to understand their customers better and develop better products and services that meet their needs. By leveraging powerful tools such as machine learning algorithms and natural language processing, businesses can gain insights into customer preferences and trends — providing valuable information that can be used for making decisions about product development, marketing strategies, and more.

    The use of AI is rapidly transforming various sectors of the industry — from finance to retail to healthcare — allowing business owners to drive innovation and remain competitive in an ever-evolving environment. With its ability to automate routine tasks and make sense of large data sets quickly, it’s no wonder experts view AI as a critical enabler for the success of today’s businesses.

    Beyond just the technological side of things, there are several other ways entrepreneurs can prepare their businesses for 2030. As the world becomes more connected through digital platforms like social media and mobile apps, businesses will need to ensure that they have a strong online presence — from providing accurate information about their services or products to engaging with customers regularly. Additionally, entrepreneurs should strive for sustainable growth by developing systematic processes that foster efficiency and savings over time.

    Businesses can use social media in several ways in 2030 — from connecting with potential customers and building brand recognition to increasing awareness of products or services and providing customer support. By leveraging the latest trends and making it a priority to understand the customer, businesses can create meaningful engagement with their fans, followers, and loyal customers — driving sales in the process.

    Related: Why Embracing Chaos is Crucial to Your Success and Longevity

    Another way social media can help businesses in 2030 is through targeted advertising. Platforms such as Facebook, Instagram and Twitter allow advertisers to identify their target audiences more precisely than ever before — allowing them to tailor advertising campaigns for maximum effectiveness. Additionally, by tracking user interactions with ads over time, businesses can gain valuable insight into consumer behavior which can then be used to improve future campaigns. This process will only become easier with time.

    Finally, entrepreneurs should stay connected with other industry leaders and experts who will remain up-to-date on the latest developments in the field. By keeping track of what’s happening both inside and outside their own industry sector, entrepreneurs can better anticipate disruptions before they happen and plan accordingly — whether that means stocking up on supplies in advance or diversifying investments into new markets or sectors.

    Related: How Networking Is Necessary for Effective Entrepreneurship

    Staying connected with other industry leaders can be a key factor in helping businesses succeed. Not only can it help executives get access to valuable information and insight from their peers, but it can also open up opportunities for collaboration and growth. This allows entrepreneurs to stay ahead of the competition and identify areas where they may have an advantage — giving them a chance to capitalize on those areas before others do.

    By preparing adequately now for potential changes over the next decade or so, entrepreneurs can position themselves well for long-term success. Taking proactive steps such as harnessing emerging technologies, using automation tools where appropriate, working remotely if needed, maintaining an online presence and staying connected with customers, the team and industry leaders are all essential components of this preparation process. Entrepreneurs who take these steps now will be well-positioned to tackle any unexpected challenges that may arise in 2030 and beyond — ensuring their success far into the future.

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    Brandon Pena

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  • 5 Steps to Position Your Brand for Maximum Success | Entrepreneur

    5 Steps to Position Your Brand for Maximum Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Building a market share that drives positive margins rarely happens by accident. It requires business awareness, a feasible concept, a team of experts and thoughtful expression of your values — to investors, vendors, customers and employees alike.

    Stakeholders, including the community, will form conclusions and opinions about your organization without your help, so it’s best to proactively put branding messages into the world that reflect how you want to be recognized.

    And above else, successful branding should help you stand out above the rest of the pack.

    1. Principles to help differentiate from the competition

    Let’s start with a definition: Brand positioning is the act of purposefully creating a perception or image of your organization in the minds of investors, employees and other stakeholders. It involves building credibility, projecting values, demonstrating a unique value proposition, differentiating from competitors and cultivating goodwill.

    For example, some differentiated brand positions for entrepreneurs include being a leader in:

    • Operational and financial transparency.
    • Developing companies that generate market-beating returns.
    • Support of and involvement in the community.
    • Protecting the natural environment and conserving resources.
    • Commitment to and development of employee skills, wellbeing and creativity.
    • Managing economic, financial and liability risk.

    A brand position can comprise any combination of differentiators, and it can get complex. If it’s not consciously controlled and developed, it may do more harm than good. A purposeful brand positioning strategy is essential to exercise more control over how to relate to a market.

    Related: The Importance of ‘Positioning’ Your Brand When You’re Just Starting Out

    2. Reframe your brand position to work for your growth efforts (not against them)

    Every brand has a position, whether built intentionally or evolved organically. Some companies manage to reach success without considering how its brand is perceived in the industry. That being said, far more are falling behind in the race for lack of an associated strategy that lets the community and prospects know what it stands for, what it’s best at and if the organization fits the community’s values and preferences.

    Clients and end users are after more than competitive prices and the best benefits. Likewise, investors want more than promises of superior returns. These benefits (e.g. demand drivers for the patronage of and investment in a business) are ubiquitous in the brand messaging of many ventures, but it’s important to go a step further.

    Related: Why an Entrepreneur Needs an Elevator Pitch?

    3. Reflecting on core competencies

    Any plan to learn, improve and grow starts with an assessment. Think of this as akin to enrolling in an educational program, hiring a consultant or visiting a new doctor — all these processes start with determining a baseline.

    Indeed, we can pursue new (possibly divergent) business opportunities, or we can throw cash into marketing and other traditional revenue-generating activities. But the most economically efficient and highest growth results from improving performance in current operations and highlighting those core competencies in branding and pitches.

    Related: Six Reasons Branding Is More Important Than Ever Before

    4. How to adequately measure performance

    Most of us would like to be a leader in our space and magnetically attract opportunity, capital and talent. Fortunately, that’s entirely achievable with good strategic planning, data management and brand development.

    Yet, that sometimes feels like a lofty goal, particularly if we don’t have an objective understanding of where we excel and in which areas improvement is needed. With the complexity of ventures, it can be overwhelming to analyze performance in such a granular and cohesive manner.

    However, when we have the infrastructure and team to collect data in real time from each department or subsidiary in an organization, timely insights are immediately accessible. With such operational and financial data on hand, it becomes obvious where we’re pulling ahead and what we need to do to keep that lead and push further. Pair that knowledge with benchmarks for corporate performance, and the results are actionable insights to create a plan to refine and expand core competencies.

    But how to determine and quantify what you do best?

    • Request the feedback and perspectives of stakeholders.
    • Reflect as a team with leaders and frontline members.
    • Collect and review departmental and enterprise performance data.

    We may know that we’re adept at generating returns, capturing market share and developing needed products and services, however, it’s much more valuable and compelling to know why — what enables us to perform well and how to maintain it. A value proposition backed by well-defined core competencies and supporting data gives dimension, personality and credibility to a brand image.

    Related: 6 Secrets to Writing a Better Brand Positioning Statement

    5. Setting an enterprise ahead of the pack

    After looking at the data, you’ll likely have a good idea why stakeholders choose to work with and support you. If you can effectively articulate the factors that give you a competitive advantage, you’ll win new and profitable business relationships more easily.

    What creates a compellingly differentiated brand position?

    • Sharing your story and the human side of the organization.
    • Highlighting evidence of values and ethics.
    • Demonstrating how you create stable returns for investors.
    • Showing how you create long-term value and make consistently good decisions by leveraging innovative business practices and tech.
    • Creating a memorable visual brand (developing an appealing logo, complete with engaging color and imagery).
    • Tailoring the brand voice according to the target market’s communication preferences and style.

    Prospective and current investors, clients, employees and other stakeholders have many options for lending their capital, patronage, time and expertise. That being the case, consistent and sustainable success demands that you hone abilities and project them with clarity and confidence.

    In pulling together actionable data, determining what an organization does best, working towards it doing even better and expressing strengths persuasively, the outcome is a brand synonymous with reliability and performance. This will inevitably lead to an excellent experience for all stakeholders.

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    Robert Finlay

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  • 5 Compelling Reasons Why Storytelling is Crucial for Your Success | Entrepreneur

    5 Compelling Reasons Why Storytelling is Crucial for Your Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Our stories are the stuff that binds the human race together. As business leaders and entrepreneurs, understanding how to convey your experiences in a powerful way will impact your bottom line. Guaranteed.

    It is your job to understand your story.

    It is your job to articulate your story to a desired audience.

    It is your responsibility to do so with integrity.

    The gift of entrepreneurship offers you a stage to convey your story to an audience hungry to connect with you and then buy your product or service. Without the underpinnings of a quality narrative, your service and product are simply a service or product in the sea of a million others. It does not matter if you are a coach, a real estate agent, a therapist, a clothier or a chef — your business is your story.

    Long gone are the days of flashy jingles and product-driven campaigns — audiences are clamoring for more. The need to connect on a visceral level is where you will capture the attention. Potential clients and customers want a glimpse behind the scenes to understand who you are and why they should trust you.

    Related: How to Use Storytelling to Sell Your Brand and Vision

    Case Study: SPARE, by Prince Harry, Duke of Sussex

    Let’s talk about the “new-ish” book, SPARE, by Prince Harry, that launched in January of 2023. The Duke of Sussex’s story is like no other on Earth. His mother commanded headlines as a jilted spouse and an unparalleled humanitarian. Princess Diana’s fickle relationship with the press became part of her son’s story.

    Harry inherited her rogue pursuit of autonomy and clearly understands the power of the press. With a dash of irony, Harry’s book is a categoric annihilation of his hatred for the media.

    “Spare” is a powerful example of how storytelling can be used to connect with a broader audience and convey a powerful message. By sharing his personal experiences in a relatable and nuanced way, he has built trust and empathy with his readers while also challenging negative narratives and taking ownership of his narrative.

    Prince Harry has created a profound channel many people can identify with by recounting his struggles with mental health, his relationship with his family, and his experiences serving in the military. This has allowed him to build a sense of trust and empathy with consumers, which has helped to further his message of advocating for mental health and social justice.

    Harry understands the power of his story and how it moves people to act and think differently. Without his raw accounts, his book would simply be a historical look at the life of an independent royal.

    Related: Stories Are Entrepreneurs’ Most Powerful Tool. But What Ingredient Gives Them Power?

    The importance of reverse engineering your story:

    Whenever I curate a story for a CEO or brand campaign, I start from the end. Ascertaining your audience, their pain points and their desires help me strategize with clarity. When we understand the desired outcome, we have more clarity on the branding path we must take.

    The art of storytelling is not only a trend in 2023 in marketing and public relations. It is a non-negotiable for strategic growth. Storytelling for entrepreneurs weaves an interlocking connection with your consumers and audience.

    The power of our stories establishes brand identity and facilitates a connection to the people you need in your ecosystem. The emotional nuances of our words help entrepreneurs connect with their audience, build a strong brand identity, and establish themselves as thought leaders in their industry.

    Top reasons why storytelling is changing the landscape in business:

    1. It builds a connection with the audience: Telling a compelling story can create an emotional connection with your audience. By sharing personal experiences, struggles, and successes, entrepreneurs can build trust and empathy with their audience, which can lead to stronger relationships and customer loyalty.
    2. It helps to communicate a message: A well-told story can be an effective way to communicate a message or idea. By using anecdotes, metaphors, and other storytelling techniques, entrepreneurs can convey complex concepts in a way that is easy to understand and remember.
    3. It makes the brand memorable: Stories have the power to make a brand memorable. By creating a brand narrative that resonates with the audience, entrepreneurs can make their brand stand out in a crowded market. A memorable story can help the audience remember the brand long after the interaction.
    4. It differentiates from the competition: A good story can help entrepreneurs differentiate their brand from the competition. By sharing unique experiences and perspectives, entrepreneurs can position their brands as distinct and appealing to a particular segment of the market.
    5. It establishes thought leadership: Entrepreneurs who share their experiences and insights can establish themselves as thought leaders in their industry. By providing valuable information and advice, entrepreneurs can build credibility and attract a following of loyal customers.

    Where to begin

    Start this journey by taking inventory of who you are and why you do the thing that you do best. Dive deep into potential customer’s pain points and use a narrative that relates directly to this demographic.

    Next, start sharing. It is as simple as making a phone call, writing a blog or speaking your truth on national television. Test out your strategy with a valued colleague- and once it is perfected, don’t look back.

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    Julie Lokun, JD

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  • How to Jump the Curve and Get Ahead of the Game During a Recession | Entrepreneur

    How to Jump the Curve and Get Ahead of the Game During a Recession | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Why should you think differently about a recession? When everybody is being cautious and using the down market cycle to consolidate their business, why should you be the person being bold and investing in new products and services? The answer is surprisingly simple. Consider that some of the most significant companies were born amid a depression or a recession.

    Ford was founded during the 1902-1904 recession, while GM started in the aftermath of the panic of 1907, the first global financial crisis of the 20th century. American Airlines was formed during the Great Depression. The 1973-75 recession saw the birth of HBO and Microsoft. Mailchimp sprung into life during this time and is still thriving today. The second Great Recession (2007-2009) saw Airbnb flourish in the market.

    What does “jump the curve” mean?

    Think of a sine wave — starting at the top of the curve, moving down to the lowest point, and then rising back to the highest point. Imagine if you could jump from peak to peak and skip the low point. To do this means having a completely different mindset.

    In general, when the market is bold and optimistic, this is usually the time to be cautious and use it as an opportunity to consolidate your business. When the market is fearful and cautious, this is the time for you to be bold with your new initiatives. This concept is jumping the curve. It is this concept of trying to move your business to the next level and to expand the operations at a time everybody else is downsizing and shrinking to a smaller operation.

    Preserving cash is critical at a time like this; no question of the wisdom of that strategy. But a smart team can find ways to preserve cash and expand the business simultaneously. This means being exceptionally innovative.

    Related: How to Unlock Your Team’s True Potential by Creating a Team of Leaders

    Abundance vs. Scarcity Mindset

    Often in a down market, a company can find its very best opportunities. When other companies are shrinking operations, laying off key people, and even canceling certain products and services, this creates opportunities to gain new customers that are no longer served. New customers become available during down markets.

    There may even be opportunities to acquire other businesses where evaluations of companies are at a lower level, often providing good value. During market upswings, most company valuations are inflated.

    Down markets also offer opportunities to find great talent and expand the business by employing new people.

    Related: This Is How Thinking About Abundance Has Helped Me Build a Success Mindset

    Developing a powerful culture to help jump the curve

    We mentioned earlier the exceptional innovation that a team has to display when trying to jump the curve during a down cycle. This means being innovative with capital and developing new products and services that require very little cash.

    Here, the Pareto principle can be beneficial. Perhaps you can get 90% of the benefit with 10% of the cost? What if there is a way for your team to expand your services and offerings while at the same time preserving most of your capital? This is a different mindset.

    When we flip the switch and become bold and innovative to expand our operations, we can access new customers, markets and increase market share. When the world is shrinking operations and scaling down, you can take the opportunity to jump your business to a whole new level.

    This requires a unique culture. That is why Peter Drucker said, “Culture will eat strategy for breakfast.” For this to work, key elements need to be built into your culture. When the business is on an upcycle, you consolidate your culture and empower every team member to act as a leader.

    This is how you create a team of leaders, not just a team with a leader. Allowing team members to experiment and innovate and even take calculated risks during good times teaches them how to think like owners and to act and function at a different level.

    The challenge is to move people from a “worker” mindset into a “leader” mindset. A worker is someone who manages their outputs. They do what they are told and try to do a good job by following procedures and meeting the required standards. The leadership approach is to teach people to manage their inputs and outputs.

    Related: The Mindset That Sets Apart Great Leaders

    This means people never use excuses like “nobody sent me the email” or “I’ve called twice, and they didn’t answer me.” You are teaching your team to function as a group of leaders in which they lead their own contribution to the organization by managing their inputs (what they need to do their job) and their outputs. You teach people to act like owners in their areas of responsibility.

    When you create a culture in which people are celebrated as heroes when they do something unique, you are investing in a powerful culture that will empower those same heroes to come up with extraordinary innovation and ideas during a down cycle.

    You take on a new mindset in which it is not your job to be the hero for the team but rather to create heroes in your team. This means taking a risk with people. It means giving people an opportunity to innovate and take risks. It also means that you give people a profile who normally would be overlooked or remain unseen in your organization.

    When everyone on the team knows they have an opportunity to have their moment in the spotlight and be celebrated, a new era of innovation and experimentation beings. It is really about you, as the leader, permitting to act like owners and bring innovation to every level of the organization.

    When we create a culture in which ideas have no rank, then every idea stands on its own merit regardless of who proposed it. Once a team learns how to innovate and believes that a certain amount of risk-taking is not just permitted but encouraged, heroes, are born. When heroes are created during the peaks of the market, the same heroes will be the ones who will deliver Innovation and great ideas during a down cycle and help the organization jump from peak to peak.

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    Dionne Van Zyl

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  • How to Effectively Network as an Entrepreneur in 8 Easy Steps | Entrepreneur

    How to Effectively Network as an Entrepreneur in 8 Easy Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Networking is an essential part of building a successful business. It’s about establishing meaningful connections with people who can help you achieve your goals, whether finding new clients, collaborating on projects or gaining valuable advice and insights from other entrepreneurs.

    At its core, networking is about building relationships, which can provide a wealth of opportunities for entrepreneurs looking to grow their businesses. But how can you build these connections in an authentic and lasting way? Here are some tips to help you harness the power of networking as an entrepreneur.

    1. Be intentional about your networking efforts

    Networking can take many forms, from attending industry events to joining online communities. The key is to be intentional about how you approach these opportunities. Rather than simply showing up and hoping to make some connections, think about what you want to achieve from your networking efforts. Do you want to meet potential clients? Are you looking for mentors or advisors? Do you want to collaborate with other entrepreneurs on a project?

    Once you’ve identified your goals, you can focus your networking efforts on the people and events that are most likely to help you achieve them. This approach will not only save you time and energy but will also ensure that you’re building connections that are relevant and meaningful for your business.

    This means taking a genuine interest in others, listening actively to their stories and perspectives, and being open and honest about your own experiences and challenges. Authenticity builds trust, and trust is the foundation of strong, lasting relationships.

    Related: Effective Networking: The Difference Between Access, Opportunity and Being a Part of the Noise

    2. Follow up and stay in touch

    Building relationships takes time and effort, and networking is just the first step. To make these connections last, you need to be proactive about following up and staying in touch with the people you meet.

    Related: 4 Free Ways to Grow Your Social Networks

    3. Be authentic and genuine

    Networking can sometimes feel like a transactional process, where people are only interested in what you can do for them. However, building lasting relationships requires a deeper level of authenticity and genuineness. Don’t approach networking with a “what’s in it for me” attitude; instead, focus on building real connections with the people you meet.

    This can take many forms, from sending a quick email to say thank you after a meeting to regularly checking in with your contacts to see how they’re doing. Social media can also be a valuable tool for staying connected, whether liking and commenting on their posts or sending them a direct message to catch up. The key is to be consistent and genuine in your efforts to stay in touch.

    4. Look for ways to add value

    Networking is not just about what you can get from others; it’s also about what you can give. Look for ways to add value to the people you meet, whether that’s by introducing them to someone in your network, sharing valuable resources or insights, or offering to help them with a specific challenge.

    By being generous and supportive, you’ll not only build stronger relationships with the people you meet, but you’ll also position yourself as a valuable resource and connector within your industry.

    Related: Effective Networking Requires Mastering These 5 Skills

    5. Be proactive about building your network

    Building relationships requires effort and intentionality. Don’t wait for opportunities to come to you; instead, be proactive about seeking out new connections and building your network. This might mean attending industry events, joining online communities, or reaching out to people you admire and respect.

    The more proactive you are about building your network, the more opportunities you’ll have to connect with the right people and build lasting relationships that can help you achieve your business goals.

    6. Focus on quality over quantity

    It’s easy to get caught up in the numbers game when it comes to networking – how many business cards can you collect, how many LinkedIn connections can you make, etc. However, it’s important to remember that quality is more important than quantity when it comes to building lasting relationships.

    Rather than trying to meet as many people as possible, focus on building deep, meaningful connections with a smaller group of people who are aligned with your goals and values. These connections will be more valuable and impactful over the long term than a large network of superficial relationships.

    7. Be patient

    Building strong, lasting relationships takes time and effort. Don’t expect to make meaningful connections overnight; instead, be patient and persistent in your networking efforts. Remember that relationships take time to develop, and it may take several interactions or meetings before you establish a meaningful connection with someone.

    Be patient and stay committed to building relationships, even if you don’t see immediate results. Over time, your efforts will pay off in the form of a strong network of connections that can provide valuable support and opportunities for your business.

    8. Embrace diversity and inclusivity

    Finally, it’s important to recognize that business relationships are not just about meeting people like you. In fact, some of the most valuable connections you can make are with people with different backgrounds, perspectives and experiences.

    Embracing diversity and inclusivity in your networking efforts can help you broaden your horizons, learn new things, and gain valuable insights into different markets and industries. It can also help you build a more inclusive and diverse network of connections, providing valuable support and opportunities for your business over the long term.

    With a positive attitude and a willingness to learn, you’re sure to make great connections and achieve your dreams.

    Entrepreneurship is an exciting journey, and networking can be your secret weapon to reach your business goals. It’s like having a magic wand that helps you make lasting connections, and we at SnapBlooms want to cheer you on. We wish you all the best in your networking endeavors!

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    Murali Nethi

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  • Scaling Made Easy: How Fortune 500 Night Vision Can Help Your Business | Entrepreneur

    Scaling Made Easy: How Fortune 500 Night Vision Can Help Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s noisy.

    If you’ve passed your early years of entrepreneurship, it can be difficult to decide what to do next. There are dozens of new ways to grow now. And how do you know if any of them will work? Especially if you have a small team, if you’re a one-person show, and if you started last.

    But if we look closely, there are timeless ways to scale hidden in plain sight.

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    Thalia Toha

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  • How a Business Coach Can Make You Successful | Entrepreneur

    How a Business Coach Can Make You Successful | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the best pieces of advice I can give to fellow entrepreneurs is to get a business coach. I should know; I’ve had the same one for 12 years. He’s helped me through some of the stickiest challenges I’ve ever faced in my business, and I credit much of my success to his support. Beyond helping me through the tough times, he’s also helped me to identify and lean into my strengths. Here’s how a good business coach should help you do the same.

    They speak the truth

    When you’re an entrepreneur, especially one who gains a lot of traction quickly, you’ll find yourself surrounded by many “yes people.” They’re usually well-intentioned, eager to please you and say the right thing so you’ll view them positively. Often, they’re also your employees, and the power of a paycheck means they won’t want to risk offending or irritating you. This makes sense, and these people shouldn’t be blamed for their staunchly supportive behavior.

    Even so, you’ll sink if these folks are the only ones in your circle. You also need someone who will give their honest opinion, no matter how you’ll receive it. This is a big reason why I strongly recommend your business coach has no agenda or financial ties to your business. They should have a similar level of expertise as you, but their only motivation is to help you become the best version of yourself, so you and your company succeed.

    This honesty means your coach will also tell you the truth about your strengths. Maybe you think you excel at sales, but they’ve seen that you’re far better suited to lead strategically. If you want your skills to be in a particular area, it might be uncomfortable to have your coach tell you they lie elsewhere. But hear them out. Sometimes it takes someone with expertise and an outsider’s perspective to make sure you’re in the role where you’ll contribute the most.

    Related: 10 Reasons Why You Need a Business Coach

    They challenge you to more

    Good business coaches advise you on leadership and strategy, but great coaches also tackle the relational and psychological aspects of being a business owner. They help you discover your fears, insecurities, character flaws, relationship mistakes and more. All of these aspects will affect the business, whether you face them head-on or not.

    As you work through these vulnerabilities, you’ll also encounter your strengths. For example, maybe your coach helps you discover that you tend to get defensive when someone comes to you with a concern. Instead of listening and considering the person’s point of view, you start defending your own, often vehemently.

    While this habit is something to work on to create healthier internal relationships, it also shines a light on one of your strengths: your passion and whole-hearted belief in yourself and your decisions. Your business coach can work with this.

    They can help you smooth over your communication challenges while helping you harness your decisiveness and assertiveness in more positive, productive ways. Since coaches should challenge you to be your best version of yourself, they need to understand your assets and liabilities.

    Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

    They hold you accountable

    Finally, business coaches worth their salt will not just dispense advice and go on their merry way. They’ll also share their insights, discuss them with you, collaborate on the next steps and be there to see them through. If you fail, they’re standing by to analyze why and how to avoid doing the same the next time. If you succeed, they’re waiting in the wings to evaluate why and how to achieve such an outcome again. A coach is with you through thick and thin, championing you while exploring how you can optimize your own growth and your companies.

    This also means they’ll call you out when you don’t hold up your end of the bargain. Maybe your coach helped you discover that you excel in creating financial projections and setting corresponding budgets. But you haven’t followed through on these things because you got busy, and they’re among your more tedious tasks. You can trust that your coach will hold you to your word, making sure you double down on your strengths to make the biggest impact you can.

    Getting a business coach with the right experience and intentions can be one of the best decisions you ever make as an entrepreneur. They’ll not only help guide you through the challenges of owning a business but also ensure you find your strengths and make the most of them.

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    Clate Mask

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