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Tag: Business Process

  • Harness These 4 Effective Strategies to Succeed in Untapped Rising Economies

    Harness These 4 Effective Strategies to Succeed in Untapped Rising Economies

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    Opinions expressed by Entrepreneur contributors are their own.

    Before the global economy can recover and stabilize market patterns, the focus must be placed on dynamic markets where costs are lower and production is higher, over industrialized countries.

    In emerging markets, there are generally fewer rules and regulations than in developed countries. Governments are more willing to trade with other nations and conduct business as long as their people and companies see economic prosperity.

    Emerging markets are integral to any company’s growth strategy, but what factors make it so? This article answers that question and discusses strategies for entering one.

    What do rising economies look like in 2023?

    Emerging markets are the growing economies of developing nations that have become dynamic enough to increase participation in global trade. These markets have many characteristics similar to already developed markets but with a much lower cost and a higher enthusiasm for new products.

    • Integration — Welcomes investment, focuses on barter and supply rather than manufacturing, and engages more with global markets.
    • Liquid equity — Increased local debt and equity in both domestic and foreign markets, with easy cash flow.
    • Increased trade — Lower transportation, storage and labor costs result in higher profit margins that help increase trade for both domestic and international investment.
    • Enhanced legislative support — Foreign investment taxes and regulations are less stringent in emerging nations, allowing for an easy flow of goods and investment.

    Related: Is Now the Right Time to Take Your Company Global?

    Best strategies for winning in rising economies in 2023

    Opportunities in vibrant markets need to be pursued aggressively. The right plan can aid in generating higher revenue owing to population size alone. Investors can increase their chances of success and return on investment by utilizing one of four strategies when entering these markets:

    1. Understand the political and commercial environment

    It’s crucial to be aware of the political situation in any country you want to invest in. The political forces that govern emerging markets can have a significant impact on your ability to generate profits.

    Foreign policies that are conducive to investment and a vibrant economy can be strengthened by stable governments that are receptive to such efforts. Having an understanding of shifting political environments and having the assistance of local political forces can make investments safer.

    Stability is a prerequisite for prosperity, and prosperity requires an open economy where money and goods can move freely across national boundaries. Emerging markets embrace good business practices and investment to boost their economies and bring them up to speed with those of developed nations. In some circumstances, emerging markets may even offer significantly larger returns due to the environment.

    2. Hire local teams

    The major purpose of investing in developing markets is to expand your business and capitalize on local opportunities. Hiring local people and resources is more logically efficient because they are more familiar with indigenous scenarios, which in turn can boost investment opportunities.

    Local hiring also increases the economy of the community and strengthens emotional attachment among locals, motivating them to work harder and support long-term objectives in these markets. Additionally, the lower wages result in cost savings that don’t just boost earnings but also support local economic development.

    For example, emerging economies like Saudi Arabia allow massive investment but make it compulsory that the board have local members. They also fix a percentage of local employees to be hired against the foreign workforce. In the long run, this also sends the political message that foreign companies bring business and prosperity.

    Related: The Benefits and Risks of Launching New Products in New Markets

    3. Let go of assumptions

    CEOs and businesses believe they can conduct business in emerging economies and marketplaces in the same way they do in developed countries; yet, infrastructural quality varies by country. For instance, political officials or pragmatic leaders often enforce contracts in developing economies instead of the legal system.

    4. Utilizing extensive distribution to reach customers

    Utilizing extensive distribution helps raise product awareness and ensures that the company reaches the maximum number of people. It enables businesses to expand their reach and gain the best possible market coverage and when done right, this strategy has the potential to generate millions of loyal customers.

    There is a lot of untapped potential in emerging markets. If investors can combine local practices with their expertise and technical innovation, the opportunities are virtually limitless.

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    Pritom Das

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  • 5 Marketing Strategies That Work Even in Uncertain Times

    5 Marketing Strategies That Work Even in Uncertain Times

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    Opinions expressed by Entrepreneur contributors are their own.

    The startup world is in disarray as I write this, and the economic outlook is not great. Many companies are performing mass layoffs, scaling back on initiatives and rethinking their entire approach to sales and marketing. It won’t always be this way — it’s a cycle — but that doesn’t make it much easier while you’re going through it. The big question every marketer seems to have is, “What can we do?”

    Start with these five startup marketing moves. They make a great foundation for any marketing strategy, even in the best of times, but they’re particularly prudent in the worst. Implement these, and when the cycle comes back around, you just may find yourself head and shoulders above your competitors.

    Related: 5 Marketing Mistakes Startups Must Avoid in Order to Survive

    1. Talk to your customers!

    When in doubt, talk to your customers. What are they going through, what do they need, and what do they anticipate happening over the next three, six, 12 months? What’s troubling them may be news to you, and what’s troubling you may not matter to them at all. Here are a few questions to get the conversation going:

    • How are things now compared to this time a year ago?

    • Are you looking to spend more, less or about the same in this area?

    • What’s your biggest challenge right now?

    • What do you think the biggest challenge will be in six months? 12?

    • What would make you buy this thing or upgrade your account?

    • What would keep you from spending money on this?

    • What are we doing that you particularly like? That you don’t?

    Use these customer interviews to shape your marketing.

    2. Create frictionless buying experiences

    The best customer experiences remove everything that stands in the way between the customer and making a purchase. “Frictionless” is always a good target, but uncertain times like these are when you need to look for over-the-top ways to remove friction.

    A few ideas to get your gears turning:

    • Build a migration tool that enables customers to switch their data from competitors to you.

    • Offer something incredible for free or at a massive discount to get people in the door — your lowest tier plan, onboarding, shipping, a managed service, etc. Hubspot did this incredibly well during the Covid-19 pandemic.

    • Show the product or pricing, and put the control in the buyer’s hands.

    • Do the work for customers — create templates, packages, widgets or something similar that they would normally have to invest time and energy into.

    Through this, you can turn a nasty landscape into a great opportunity for both you and your customers.

    Related: 7 Free Steps to Market Your Bootstrapped Startup

    3. Communicate clearly and consistently

    The companies that are present are the ones that are remembered. This is especially true in times of uncertainty, volatility and crisis. The caveat is that you cannot simply repeat what everyone else is saying. You must lead.

    Take a stance on a topic, flesh out your positioning and messaging, and communicate it. If there’s so much volatility that you don’t yet know what your position is or don’t have the data to make a decision, share that. Bring people into the loop. Become the go-to brand or thought leader. Getting all eyes on you creates significant leverage for your sales and marketing.

    4. Bet bigger where you can

    A knee-jerk reaction in uncertain times is to cut back, but think about it: All of your competitors are cutting back. This is the perfect time to double down on what’s working. You can increase the gap between yourself and your competitors. Then whenever the cycle rights itself, you’ll be so far ahead with so much momentum, no one will be able to catch you.

    You still need to be responsible with your resources. If you can invest actual dollars into projects and channels that are already working or that you know your customers need, great. If you don’t have the money, invest your time.

    Options that take more time than money include:

    • Building your presence and brand on social media

    • Content creation for your blog and other channels

    • Public relations and earned media — find outlets and ways to tell your story

    • Refreshing your existing content, website and workflows

    • Search engine optimization

    • Strengthening your customer or follower community

    Note: If you’re under pressure to increase revenue yesterday, account upgrades and repeat purchases are likely your lowest-hanging fruit. Otherwise, invest in creating a larger gap between you and competitors.

    Related: 7 Paid Marketing Steps to Fuel Your Startup’s Growth

    5. Audit your operations

    Operations tend to fall in the bucket of “we’ll worry about that later.” You typically have enough fires to put out trying to create and capture demand, among other tasks, that operations get pushed to the side. But these times when everyone is pausing and reevaluating are perfect opportunities to review your operations and metrics, like:

    • Cost to acquire a customer

    • Customer retention and repeat purchases

    • Annual contract value or annual spend

    • Workflows

    • Automations

    • Customer personas and buying journeys (see section 1)

    • Quarterly objectives and key performance indicators

    “That which gets measured gets improved.” Audit your operations and other metrics to determine how good or bad of a situation you’re really in, where you can improve and where you can afford to bet bigger (see section 4). Use this data to inform your marketing strategy.

    Don’t react too soon

    All things come in cycles. No matter how daunting the current situation is, there are sunny days coming when your business can thrive. Be careful not to make such hasty decisions — you don’t want to suffer long-term in exchange for temporary relief. Watch your metrics, take care of your customers, communicate clearly and consistently, and take a few big bets. You may be surprised by how well things can turn out for you.

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    Kenneth Burke

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  • 3 Things To Automate In Your Airbnb To Achieve Passive Income

    3 Things To Automate In Your Airbnb To Achieve Passive Income

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    Opinions expressed by Entrepreneur contributors are their own.

    Automating your Airbnb listing means being hands-free with the business. And this is the first step towards the location freedom you’ve always wanted. Location freedom is having the ability to go anywhere in the world and still earn money despite not being physically present. So when it comes to managing your Airbnb, how do you automate the process, and what strategies do you need to implement?

    Ask any Airbnb host about their goals in the business, and you’ll probably get a standard answer in return, “We all want passive income and location freedom.” And who wouldn’t want to continue earning money wherever they are, right?

    However, operating an Airbnb business is like any other full-time job — you’ll feel excitement and exhaustion during your run. But there’s a bunch of smart hosts who know how to manage their Airbnbs, remove the stress from the equation, and continue enjoying the fruits of their labor. You can be one of them. You can use their strategies and automate these three essential things in your Airbnb listing so you can work ON your business and not in it.

    Related: How To Create 7 Streams of Income for Passive Wealth

    1. Cleaning

    This is probably the most important aspect of running a short-term rental business. However, as vital as it is, you also shouldn’t try to save money by cleaning your property. If your goal is to be truly independent with your business, you need to automate it.

    For this, you can hire a professional cleaning company, or you can hire people you know. And there should be a system for your crew because for your business to be truly automated, it needs a process to follow. For example, your crew needs to be there right after the guests leave at a specific time window (for example, from 10 AM to 3 PM).

    When you put this on autopilot, your team will automatically pick up where the guests left off, clean during the window, and you don’t have to clean the place yourself.

    2. Maintenance

    The next thing you need to automate is maintenance. Hiring a maintenance person will ensure that anything broken will be fixed as soon as possible. This person ideally will work on call, and you should let them know that you have a window and that if there’s ever any handy work that needs to be done, they should do it during that window.

    As for the compensation, it is recommended you pay both your maintenance person and cleaners on a case-by-case or per-project basis.

    3. Communications

    And last but not least, the communications.

    This part of the operations is vital because it will make sure that you’re streamlining the tasks needed to be done and that you’re not doing all the work yourself. For this, you can use Slack, a communication platform that’s easier to manage.

    With proper communication, you must add the owner, the cleaners, the maintenance person and everyone involved in maintaining that property. For example, you can ask your cleaning crew to post pictures of the property after each cleaning. They can also visually inspect the property to see if anything’s missing or needs repairs.

    If there is, you can then tag your maintenance person so they can come over and handle it during the cleaning window. This will make everything easier for you.

    We recommend you do the communications for the first three properties you launch so you can experience it first-hand. Plus, it’s also difficult to delegate communication when you haven’t done it and don’t understand it yourself.

    The most important thing to remember during these operations is that you don’t do the cleaning or the maintenance yourself. Delegate those things or hire somebody else. This way, you’ll be able to start working on the business and not in the business.

    Related: 4 Powerful Tips To Create A Successful Airbnb Business

    Passive income through Airbnb short-term rentals

    As you know, Airbnb is a home-sharing platform where you can list your property so that guests worldwide can book your place for a brief time. But this is more than just a place made for visitors who like comfortable stays. It’s also a good business venture for people looking for passive income.

    So if you own a property, you can launch your listing and use the automation strategies we just shared with you. If you’re a newbie just looking around for tips for getting your Airbnb business started, then you tuck these tricks away for future use.

    Related: How to Start an Airbnb Business Without Owning Property

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    Jorge Contreras

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  • 5 Things All Successful and Profitable Media Productions Need

    5 Things All Successful and Profitable Media Productions Need

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    Opinions expressed by Entrepreneur contributors are their own.

    Great television shows and films have staying power, which means they capture and keep the viewers’ attention and often motivate them to action. For some shows, this could mean tuning in week after week for each new episode.

    For documentary films, it could mean changing a lifestyle or habit to help effect change. Successful media productions have several qualities that help encourage viewership, inspire action and leave viewers satisfied. For the producer, successful productions mean an increase in profit. These essential qualities cross genres, locations, production lengths and much more.

    A structure to fit the genre

    There are various ways to develop a storyline, but certain expectations exist for particular genres. Many television shows follow the three-act structure that tends to define literary works. The beginning, the middle and the end divide a storyline across an individual segment and an entire series. The characters, settings and plot unfold differently through these periods, giving the viewer a way to follow the show without getting lost.

    It’s also important to remember how the audience will watch the production. Productions developed for television must account for commercial breaks or other interruptions, such as programming changes. Building up tension with dramatic elements or omitted information can keep viewers engaged with the show and keep them from changing channels during a commercial. In a film, think about where to insert some comic relief or how to bring an audience down from an intense moment of action.

    Related: 10 Ways Producing Television Taught Me to Succeed

    A clear but unique point of view

    For a production to receive the attention that will (ideally) make it successful and profitable, it should stand out and be distinct from other shows or films in its genre. There is an audience for every type of production out there, but chances are, someone else is already filling the market with a product.

    Viewers want a fresh new take on something familiar. Changing how you host a talk show or incorporating elements you need to become more familiar with gives you a way to present something different. The newness of your presentation and idea needs to make sense while generating the necessary curiosity to see more.

    A storyline containing meaningful conflict

    Whether you’re filming a sports theme, documentary, talk show or comedy, it’s imperative to include significant conflict elements to generate viewership and satisfy your audience. Conflict can take many forms and add to the development of an idea, such as with a talk show. Healthy conflict involves reasoning between two or more ideas to inspire dialogue. It could also include situations that test a particular character, whether physically, intellectually or emotionally.

    If you’re developing a television series, incorporate conflict that spans the entire series or across several episodes. The desire for resolution helps attracts viewers over the duration, but working in shorter periods of conflict within an episode can attract and hold their attention over the short term. In longer films, it’s crucial to keep conflict from playing out too long, at least with brief moments that offer some sort of resolution. An audience needs hope when watching characters they can trust and relate to.

    Related: 5 Steps to Craft a Story That Hooks Your Audience Every Time

    A screen full of believable characters

    Your storyline and presentation engage more viewers when the characters are interesting, relatable, and believable. This is important whether you produce a daily talk show, mini-series or full-length film. Your audience wants to be captivated by those they are watching, whether it’s their interactions with one another, how they respond to situations or how they handle emotional or physical challenges. While not everyone can relate to being a superhero, the drama and friction inherent in unconventional relationships are something many can appreciate.

    If the media production is a newscast, keep the audience in mind when selecting anchors for a particular story or segment. Seasoned anchors may appear more sympathetic and understanding when discussing sensitive information or social problems. Characters developed for a comedy shouldn’t abandon all maturity and seriousness, especially in real-world scenarios where subtly is necessary.

    Related: Top 10 Horror Movie Entrepreneurs

    A dialogue that enhances character perception

    Whether it’s a rom-com, sports talk show or marketing production, the audience knows the importance of less is more when it comes to dialogue. Unnecessary, filler conversation is unappealing and creates the perception that the production is slow or out-of-touch. All dialogue or discussion should work to draw the audience into the storyline or segment, often done through humor, honesty, passion and more. Make sure the dialogue fits both the show and the character. When a character is known for a sense of humor or the inability to be discreet, it helps bring the characters to life and causes the show to stand out from others in the field.

    These are just some of the critical factors to consider when planning your next media production. While it’s important to have your idea and vision for the work in mind, it’s how the audience will perceive and engage with the end result that matters. Their loyalty is what makes it successful and profitable.

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    Eric Weinberger

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  • How To Raise Money For Your Startup

    How To Raise Money For Your Startup

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    Opinions expressed by Entrepreneur contributors are their own.

    Raising money for a brand-new startup idea can be challenging, especially in a tough economy. However, with the right approach and preparation, you can find the funding required to realize your vision. Let’s explore some of the most effective methods and tools available to entrepreneurs who want to raise money to create their own new businesses.

    Have an “investors pitch”

    An investor pitch is usually a PDF with around ten slides. It tells a story about who the company is, the service or product they offer, the problem in that market and the solution your company presents. It also shows your company traction and includes more information about your team, your staffing projections, and the potential revenue an investor can get if they back up your idea.

    I recommend the book “The Lean Startup,” by Eric Ries to anyone starting a new company. It is a great starting point to understand some essential terms you’ll need to know, such as “minimum viable product.”

    Related: 13 Tips on How to Deliver a Pitch Investors Simply Can’t Turn Down

    A business plan

    A strong business plan must be in place. Your business plan should concisely describe your concept, target market, sources of income, and projected financial results. A thorough explanation of how you intend to use the money you raise to expand your company should also be included. Potential investors will have an easier time comprehending your vision and developing confidence in your capacity to carry it out if you have a well-written business plan.

    I commonly get a question: “how many years of projections should my business plan include?”

    My recommendation is to include at least five years. I usually pay close attention to the first three, and year number four and five can be a little more ambiguous or focus on the bigger picture. Why? Because so many things are expected to happen within the first three years, years four and five are likely to include changes, evolutions, or pivots.

    Grow your network

    The next crucial step is to network and develop connections with potential investors. A wide variety of investors, including venture capitalists, angel investors and crowdfunding platforms, are likely available in any city. Even if they’re not, recur to virtual platforms to connect with them (think LinkedIn or Zoom meetings.)

    Get to know your connections and nurture those relationships. By establishing connections with potential investors, you can learn more about their investment preferences and modify your pitch to better suit their needs. Additionally, you can get insightful criticism and guidance on enhancing your business plan and raise the likelihood that you’ll get funding.

    When considering investors, I often tell them I’m looking for “strategic partnerships,” which means I’m looking for an investor who will not only provide capital but also leverage their knowledge in the matter or their connections to push our plans further.

    Related: Five Ways To Raise Money To Launch Your Own Startup

    Attend startup events

    Startup events and pitch competitions are excellent places to meet and develop relationships with potential investors. Attend as many events as possible where interactions with investors may occur. Get to know like-minded individuals who are also doing the same, and exchange ideas and what has worked for you.

    Platforms for crowdsourcing are another method of raising money. Through websites like Kickstarter, Indiegogo or GoFundMe, crowdfunding enables business owners to raise money from many contributors. Crowdfunding can be a great way to attract investors for your startup and create a network of people who share your vision.

    Related: 6 Steps to Planning a Free Startup Event and Making a Splash

    Think outside the box

    You can also request loans and grants from governmental or nonprofit organizations for a more conventional strategy. Chances are the city where you live offers opportunities or services that may help push your business forward.

    For example, the New York City Economic Development Corporation provides a range of services and tools for business owners looking to establish or expand their operations in the city. Additionally, they offer Small Business Services (SBS), which facilitates access to funding and other resources for small businesses.

    Consider all options available

    Consider equity crowdfunding, for instance, which enables you to raise money in exchange for company equity. Alternatively, think about bootstrapping your company, which entails self-financing your start-up by reinvesting profits and reducing expenses.

    Preparing for different outcomes and being open to new opportunities is important because raising capital is a process. Not all startups will raise the same amount or in the same way. My biggest advice is to approach meetings fully knowing and understanding your business plan. But most importantly, approach all meetings with enthusiasm and positive energy. More often than not, investors vest in a team or a person before they invest in an idea.

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    Rodolfo Delgado

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  • Apple Violated Labor Laws, NLRB Says

    Apple Violated Labor Laws, NLRB Says

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    National Labor Relations Board (NLRB) officials said Monday that a complaint Apple violated laws related to employee rights has merit, according to Bloomberg.


    Alexi Rosenfeld / Contributor I Getty Images

    Apple store in New York in June 2020.

    The NLRB oversees labor disputes and complaints in the U.S. After a complaint over unfair labor practices is filed, it is investigated by area attorneys and examiners. If they find “probable merit,” then the company can either settle the issue, or it will receive a formal complaint from an NLRB regional director.

    Now that NLRB officials have found merit, Apple will receive a complaint, an NLRB spokesperson told Bloomberg.

    It’s not the company’s first tussle with the board of late: The NLRB found merit in complaints related to the company’s anti-unionization efforts in Atlanta in December, per Quartz.

    This particular case originates with Ashley Gjøvik and another former employee and their right to speak out publicly about workplace issues.

    Gjøvik started at Apple in software engineering in 2015, according to her website. She is now outspoken about issues she had with the company and has filed complaints with the NLRB and other government agencies.

    As part of this complaint, she gave the NLRB company files, per TechCrunch. These included an email from CEO Tim Cook that issued a harsh warning about speaking to the media after a reporter tweeted a detailed summary of an Apple meeting.

    “I want to reassure you that we are doing everything in our power to identify those who leaked. As you know, we do not tolerate disclosures of confidential information, whether it’s product IP or the details of a confidential meeting,” Cook wrote in the memo, per the outlet.

    “We know that the leakers constitute a small number of people. We also know that people who leak confidential information do not belong here,” Cook wrote.

    Workers have a protected right to share information about job conditions on social media, but the rules are slightly murkier when it comes to their right to speak to journalists.

    Another former employee, Cher Scarlett, said the company had rules that “prohibit employees from discussing wages, hours or other terms or conditions of employment,” which was also included in this investigation, per Bloomberg.

    Apple’s policies around these issues “tend to interfere with, restrain or coerce employees in the exercise of their right to protected concerted activity,” the NLRB spokesperson said, per TechCrunch.

    The NLRB has not released a decision on Gjøvik’s complaint that she was unlawfully terminated in retaliation for speaking out about the company, according to TechCrunch.

    Gjøvik discussed her feelings about the decision Monday, per Bloomberg.

    “My hope is that for the first time Apple is told by the government that this culture of secrecy is not okay… I also hope that this sends shockwaves through other corporations that even Apple can be held accountable,” she said.

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    Gabrielle Bienasz

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  • 8 Tips for Overcoming a Business Slump

    8 Tips for Overcoming a Business Slump

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    Opinions expressed by Entrepreneur contributors are their own.

    Slump. Bust. Dip. Whatever you call it, it happens to all businesses at some point. And that means you need a solution so you can avoid the slump when it happens to your business and grow faster when it does happen.

    The first thing you need to know is that it’s okay to slump. We’re going to get into the nitty-gritty of what a slump is, why your business might be slumping and how you can overcome it. But first, I want to start with a little bit of context: You are not alone in this. Slumps happen to the best of us, even to Elon Musk a few years back. In fact, they happen all the time — to everyone from newbies just starting out to corporate giants who have been around for decades.

    So, if we’re all in this together, why do some businesses come out of slumps stronger than ever while others crumble? The answer is simple: Those who have mastered the art of overcoming slumps are able to grow even when times are tough and learn from their mistakes so they don’t fall into them again.

    That’s not to say a slump can’t be the time to do some deep soul-searching. If you’re suffering from a slump and you’re wondering how to get out of it, don’t worry. We’ve got you covered.

    Related: Slumps Are Part of the Game. Winning Requires Knowing How to Get Back on Track.

    What is a slump?

    A slump is a sudden business downturn that can be caused by a host of factors, including an economic downturn or changes in technology. Sometimes a slump just happens for no reason at all, but the good news is that there are ways to overcome them and get back on track.

    While it’s true that slumps are never fun and they can feel like they last forever (I promise they don’t), it’s important not to let your mind go down that path because it will only make things worse. Instead, take some time to reflect on what’s working well right now and what isn’t working so well — and then make some changes!

    So, how do you get back on your feet?

    You’re in a slump. It happens to every business at some point. And if you don’t know how to get out of it, you’re going to end up being stuck there for months or even years.

    But we’re here to tell you that it doesn’t have to be that way! Slumps are temporary by nature — and they can usually be fixed by implementing a few simple tweaks to your current strategy. Here’s how:

    1. Ask yourself, “What is the cause of my slump?”

    If you’re in a slump, it’s important to ask yourself what caused it. Did you have an uncharacteristic drop in quality? Did you change up your pricing and not get the results you were hoping for? Did something happen in the industry that affected your bottom line?

    Whatever the case may be, it’s important to figure out what went wrong and why so that it doesn’t happen again. You can even try to get some help from business strategic consultants and assess your whole business.

    2. Is your business model broken? Look at your competitors’ strategies.

    Businesses are built on competition, and with the advent of the internet, that competition is more fierce than ever. If you’re not nipping at the heels of your competitors, you’re falling behind. With so many businesses vying for attention, how do you stay ahead of the curve?

    As the old saying goes: “If you can’t beat ’em, join ’em.” That’s right — look at your competitors’ strategies, and see what they’re doing right. What can you learn from them? How can you apply their ideas to improve your own business model?

    We’ve all seen it before: One company comes up with an innovative new idea that catches on, and suddenly everyone else is doing it too. It’s no longer enough to just have a good idea — you need to be able to execute it better than anyone else. So, if your competitor is doing something that works well for them but not for you, try changing things up!

    If nothing else, this will give you some insight into why some ideas work for certain companies but not for others, and that kind of knowledge can only help you develop better strategies for your own business in the future.

    3. Are you connected with your customers?

    In a world where people are spending more time online than in person, it’s more important than ever to ensure that your customers are happy with the services that you provide. If they’re not satisfied, they will leave and take their business elsewhere.

    If you’re looking for ways to improve customer satisfaction, then it’s time to start asking them what they think about the products and services that you offer. This is the only way that you can determine what needs improvement and how those areas might be improved. It also gives you an opportunity to ask questions about new products or services so that they can help shape what’s next for your company.

    Related: Use Slumps to Your Advantage

    4. Have you failed to save for a rainy day?

    The unexpected can happen at any time, but how will you handle it? The best way to prepare for a downturn is to get ahead of it.

    Think of your business as a car and the rainy day as an accident. You want to be able to pay for repairs without going into debt, right? So, why wouldn’t you want to save up money in case something like that happens?

    You don’t want to be caught off guard, so make sure that you’re prepared for all kinds of scenarios. If you’re not, it could put your whole business at risk!

    5. Have you failed to innovate?

    You must bring new ideas to the table. In business, there are two kinds of people: those who innovate and those who don’t. The innovators are the ones who succeed in times of slump. They’re always looking for new ways to bring their business back from the brink of failure.

    Remember Nokia? If you’re on the other hand … well, maybe it’s time to start thinking outside the box!

    6. Are you not looking into the future? Try predictive analytics

    Not looking into the future? If so, you’re missing out on a lot of opportunities.

    Predictive analytics is a tool for predicting the future by using data about previous actions and outcomes. This can help you avoid problems before they even happen. It’s a great way to ensure that your business remains strong and stable, even in times of slump.

    If you’re not using predictive analytics, though, don’t worry — you can still turn things around now!

    7. Don’t look for “quick hits”

    If you’re in a slump, it’s tempting to look for “quick hits” that will bring your business back to life. The problem is, these quick-hit solutions often lead to more slumps.

    For example, if you hire a new team member and expect them to fix all of your problems, you might be disappointed when they don’t turn things around fast enough. Or if you launch a new product and expect it to pull in tons of revenue, but then it doesn’t perform as well as you’d hoped, you’ll be disappointed again.

    The truth is that there are no “quick hits” when it comes to overcoming a slump. The only way out is through deep engagement with your customers and an openness to change that’s supported by data-driven analysis and experimentation.

    Related: 4 Tips To Keep Your Business Afloat in a Downturn

    8. Ditch the fluff

    Don’t you hate it when you’re reading something and suddenly you’re like, “Wow, this is really fluffy.” Like, “I’m not sure what I was expecting here, but it wasn’t this.”

    It’s like, what are you doing? You’re wasting my time! And I don’t have a lot of time to waste. I’m too busy trying to save up money for my retirement so that I can buy a house in Florida and spend my days on the beach sipping margaritas.

    But seriously, we all have our own lives to live and our own problems to solve. So, let’s cut through all the bullsh*t and talk about how we can work together to get through this slump together.

    So, don’t wait another moment. Take action now! It’s time to stretch, listen to your body and rally your team for one last push. And if taking action doesn’t work, you might need to make some changes. But until then, before the critical moment hits and you’re left with no other choice, don’t forget to use these ideas as a way to fight through rough patches and get back on track.

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    Chris Kille

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  • Why Age Is the Most Overlooked Piece of the Diversity Puzzle

    Why Age Is the Most Overlooked Piece of the Diversity Puzzle

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    Opinions expressed by Entrepreneur contributors are their own.

    Generational diversity is diversity. Diversity is broader than just race and gender. We often oversimplify diversity to attributes we think we can see — like race and gender, yet the richness of diversity goes beyond our skin color and gender identities. Most attributes of diversity are fluid — gender, race, ethnicity and age — they can change over time or people may associate along a spectrum or identity with multiple categories within a dimension.

    Age is a fluid dimension of diversity as it’s constantly changing.

    Our workforce currently has four generations participating in it. Although there is no formal authority to define generations, generations are commonly defined by birth year:

    • Baby Boomer Generation: People ages 56 to 75 (born between 1946 and 1965)
    • Generation X: People ages 41 to 55 (born between 1966 and 1980)
    • Generation Y (millennials): People ages 25 to 40 (born between 1981 and 1996)
    • Generation Z: People ages 9 to 24 (born between 1997 and 2012)

    Related: Diversity Starts at the Top: Embrace Different Perspectives for Maximum Success

    Gen Z is the most diverse generation of all time

    Because Gen Z grew up in a time of peak immigration in the U.S., they had more exposure to other racial groups and ethnicities. They also grew up in a more welcoming and accepting environment for the LGBTQ+ community.

    Neurodiversity is also a key dimension of difference for Gen Z. Rates of diagnosis for autism, ADHD and other neurodivergence have increased significantly in recent years. With exposure comes a broader acceptance of differences. People have not changed; it is the awareness that has. For organizations that want to attract top talent, addressing the unique aspects of generational diversity is key.

    Gen Z expects inclusion

    In a recent study by Monster, 83% of Gen Z individuals stated an employer’s commitment to diversity and inclusion is significant when choosing where to work. Another poll found 75% of people in Gen Z said they’d reconsider applying to a company if they weren’t satisfied with their diversity and inclusion efforts. It is common for younger generations to ask about diversity efforts at organizations during the interview process. They want to know if it’s simply window dressing or if it’s authentic and is quick to decipher authenticity.

    Related: 6 Ways Multi-Generational Workforces Lead to Business Growth

    Age bias is the biggest area of bias

    According to Project Implicit, the most common bias people have is age. Most people have more positive associations with younger people than older people and 93% of older Americans have experienced age bias, one study said. As with many dimensions of difference, there are common stereotypes about age:

    • Older people are poorly skilled with technology (and younger are better)
    • Younger people are entitled (and older people work harder)
    • Older people are more conservative (and younger people are more liberal)

    These are just a few commonly held beliefs about people based on age. While biases and stereotypes can be rooted in some truth, it is important that we don’t apply a stereotype about a group of people to an individual. Here are some problematic ageist statements/actions with potential corrections:

    • Giving the social media project to a young person vs. Delegating the social media project to a person with the most expertise/passion, regardless of age.
    • “I don’t want to hire them because I am afraid they won’t work as hard” vs. “Let’s have objective criteria to determine fit rather than using outdated stereotypes.”
    • Thinking “I know who they voted for” based on their age vs. Getting to know the person and their beliefs.

    Related: Why You Need to Become an Inclusive Leader (and How to Do It)

    One of the biggest challenges with ageism is that we have a primal fear of getting old. We discriminate against our older selves. In Ashton Applewhite’s Ted Talk, they discuss why we fear getting old and how the stigma of being “old” manifests itself in our culture. This fear can lead to unhelpful behaviors that discriminate against older employees.

    In fact, ageism does not make sense. Most research shows that we are the happiest at the beginning and end of life given the data on the U Curve of Happiness. Happiness bottoms out in the mid-40s and often increases with age. Coupled with research on Blue Zones, studies find having a strong community as you age has the biggest influence on longevity.

    Ageism is real. It’s often the biggest source of bias. Let’s be careful not to be biased against our younger, current or older versions of ourselves. As conversations on diversity and inclusion continue, expect them to intensify with Gen Z demanding more diverse representation and inclusive behavior in organizations. If generational diversity is not addressed, organizations stand to lose out as younger generations vote with their dollars and feet.

    Generational differences are a part of the diversity conversation, yet often overlooked or not included. By including generational diversity in the overall diversity, equity and inclusion conversation you bring more human experiences and potential allies into the work.

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    Julie Kratz

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  • Most Entrepreneurs Miss Out On This Crucial Step to Success

    Most Entrepreneurs Miss Out On This Crucial Step to Success

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s not hard to imagine this scenario: An entrepreneur experiences a problem and decides to build a solution to solve it. It works well, they love the solution and choose to start a business around it. The entrepreneur puts in a lot of energy, time and money to bring the new business into the world. Then they launch the business. And nothing happens. They simply can’t sell their solution.

    Whether you’ve launched a new small business or a high-growth startup, you’ve got an uphill battle before you. About 20% of startups won’t survive past their first year in business. There are many reasons why a new business won’t make it, but the one thing I see consistently as a fractional CMO is that the entrepreneur in charge hasn’t done their research.

    Doing market research in the early stages of building a company — and regularly after launching — is essential to validate a business idea and build something your market wants to buy.

    Yet, this essential step is often overlooked or simply ignored by many business owners. Why?

    First, it can be a lot of work. Furthermore, according to Vernon Research Group, you can expect to spend anywhere from $4,000 up to $50,000, depending on your research.

    Put those two factors together, and it becomes clearer why entrepreneurs are skipping this step. The truth, however, is that market research can be easy and cost-effective for small business owners. Here are four strategies for running effective market research on a budget.

    Related: Why Applying Constant Pressure on Yourself Can Significantly Improve Your Productivity and Success

    1. Interviews and surveys

    My favorite way to gather information for market research is to write down the questions I want answers to and have the answers documented through video interviews or surveys.

    The more people you can get to give you their insights, the better. To get the most responses for your survey or interviewees to meet with you, you’ve got to start asking. This can be done by posting on your own social media channels, identifying your target customer on LinkedIn and sending them a message asking for help, or even running ads on social media.

    The key here is to get scrappy, don’t be afraid to put yourself out there and keep going until you have enough information documented to make an educated decision about how to move forward.

    Related: The Best Ways to Do Market Research for Your Business Plan

    2. Competitive analysis

    Although it is often undervalued, there is a lot to be said for conducting a thorough competitive analysis to inform the next steps to take in your business.

    Researching your competition means stepping beyond comparing your business to one or two others. Find eight to 12 companies that could be considered your competition and analyze everything they do, not just their product features. Who are they identifying as the target market? What are they highlighting in their messaging? What are their price points? How are they showing up on social media?

    A strong competitive analysis will help you to identify more clearly how your market is currently being served and how you can fill the gaps.

    Related: How To Spy on Your Competition With Social Media

    3. Tap into the communities of your target market

    We are now connected online more than ever before in human history, and people gather in digital spaces over the things that connect them, from their love of pets to their personal challenges. Find the communities where your target market spends their time, follow their conversations and start engaging.

    Facebook groups, Twitter and LinkedIn are ideal platforms for identifying and joining communities where your ideal customer might connect with others around a problem you are solving.

    4. Start asking questions publicly

    Arguably, Quora and Reddit could also be called communities where your target market lives. However, the way people engage and interact on these platforms is fundamentally different. On Facebook groups, Twitter and LinkedIn, you need to spend time engaging and building rapport with others in the community.

    On Quora and Reddit, it’s a bit easier to join an existing conversation or post a question and get a direct response from the community at any time, as long as you have a thoughtful, non-promotional question to ask.

    These two platforms will likely be the quickest way to start your market research.

    The big problem with skipping market research is that you risk building a product or service that no one wants. It’s essential to spend the time — before you start building — to identify your target market, find them, and get feedback on what you’re trying to create.

    You simply can’t afford to overlook it or assume you know what the market wants or needs.

    Market research is a key component to successfully launching any new business. With a little time and effort, you can successfully confirm that your product has a spot in the market and move forward confidently.

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    Shauna Armitage

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  • 8 Ways Traders Can Manage Their Emotions and Achieve Success

    8 Ways Traders Can Manage Their Emotions and Achieve Success

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    Opinions expressed by Entrepreneur contributors are their own.

    Short-term trading can be a thrilling and potentially profitable endeavor, but it also requires a deep understanding of not only the markets and strategies but also of one’s own trading psychology.

    The fast-paced nature of short-term trading (scalping, day trading, and to some extent, swing trading) can lead to significant stress and emotional turmoil, which can negatively impact a trader’s performance if not properly managed. In this article, we will explore some key aspects of trading psychology and discuss strategies for managing emotions and achieving success in the trading arena:

    Related: 6 Important Tips for Improving Your Emotional Control

    1. Detachment

    One of the most challenging things about trading is the ability to remain emotionally detached from our trades. This means that you should strive to separate your emotions from your trading decisions and focus on the facts and data. This can be difficult to do, especially when the market is moving against you or when you’ve already experienced losses. But this detachment is crucial for maintaining a rational perspective and making sound trading decisions.

    At all times, you must get into the habit of asking yourself the question, “Am I just projecting onto the market what I want to see happen or not see happen, or am I looking at things objectively?”

    This is a very powerful way to notice when you’re getting carried away in rash emotional decisions.

    2. Attitude

    Another important aspect of trading psychology is having a positive attitude. Attitudes are different than emotions in that they’re the mindset you decide to cultivate day in and day out, in the face of challenges and difficulties.

    Trading can be incredibly challenging, and it’s easy to get discouraged when things aren’t going well. So, traders must be able to stay positive and maintain a long-term perspective, even when faced with short-term losses.

    This can include things like focusing on the lessons that can be learned from losing trades, rather than dwelling on the losses themselves. It’s also crucial to have realistic expectations — not expecting to become a millionaire overnight, but being patient and consistent in your approach while keeping an open mind to learn and evolve with time.

    3. Discipline

    It’s also crucial for traders to stay disciplined. Even the most successful traders can fall into the trap of getting caught up in the hype of a new trend. There’s nothing wrong with onboarding a new trend, but generally speaking, traders need to learn to think for themselves and not blindly follow what’s hot at the moment.

    To avoid these trading psychology pitfalls, traders should focus on a well-researched strategy and stick to it, even when things aren’t going their way. This can be achieved by developing and following a trading plan, which outlines your risk management, entry and exit criteria, as well as other important elements of your approach.

    Additionally, traders should also set specific goals and hold themselves accountable for achieving them.

    4. Self-awareness

    One of the key elements of a winning trading psychology is self-awareness. This includes being aware of your own strengths and weaknesses, as well as your emotional triggers and tendencies. By understanding these things about yourself, you can take steps to manage your emotions and make better trading decisions.

    The best way to develop self-awareness, on purpose, is via meditation. It takes 10-20 minutes per day. That’s it. Observe your thoughts and your feelings objectively and non-judgementally, and when you notice that you get carried away by thinking, mentally detach yourself from the thinking process and observe it objectively again.

    Doing this for 10-20 minutes per day is enough to begin exercising your awareness muscle. This greater level of awareness will positively impact the way you trade, guaranteed.

    Related: How Mindfulness Can Help Traders Succeed

    5. Confidence

    Having confidence in yourself, your abilities and your strategies is crucial to being a successful trader. However, it’s also important to recognize the difference between confidence and overconfidence. The latter could lead to taking unnecessary risks and not managing the risks properly, while the former allows traders to make the right decisions even in adverse situations.

    The best way to develop confidence is by practicing it. Be decisive when you trade. Good or bad, when you make a decision, stick with it. And whether the outcome is favorable or unfavorable, keep practicing that decisiveness muscle, and your confidence will grow.

    Always remember: Be flexible in what you expect, but be decisive about what you do.

    6. Adaptability

    One of the biggest obstacles that traders face is fear and greed. Fear can lead to missed opportunities and profits, while greed can cause traders to hold onto losing positions for too long, hoping for a rebound that may never happen.

    To combat these emotions, traders must first recognize them and then take steps to manage them by acknowledging the fact of uncertainty. Markets are constantly changing, and what works today may not work tomorrow. Traders must embrace that fact and constantly adopt a mindset that adapts to these changes. This requires flexibility and an open mind, and the willingness to learn and evolve over time.

    One technique to embrace uncertainty is to journal about it. Examine the patterns you revert to when something unexpected happens in the market. Do you get emotional and impulsive? Do you worry? Understand what you do and why you do it, and you’ll have an easier time changing those things.

    7. Preparation

    Preparation is essential for trading success. This includes setting clear trading rules like stop-losses and profit targets, as well as having a plan for how to exit a trade in the case of a black swan event (an adverse event that is completely unexpected). Ideally, this preparation should be done outside of market hours when traders are at their most rational.

    Preparation also includes doing certain exercises that promote focus, concentration and equanimity under pressure. Traders can prepare mentally through mindfulness, visualization or another form of mental training.

    8. Rest

    Finally, it’s important for traders to take time away from the markets to relax and recharge their trading psychology. This can include things like taking occasional breaks from trading and engaging in activities that are unrelated to trading altogether. This can help traders stay focused and refreshed, and it can also serve as a reminder that there’s more to life than the markets. Taking care of physical, emotional and mental well-being will help traders to have a healthier mindset while approaching the markets.

    Related: What Kind Of Trader Are You? An Introduction To Trading Behaviors

    In conclusion, short-term trading requires not only knowledge of the markets and strategies, but also a deep understanding of one’s own trading psychology. By recognizing and managing emotions, maintaining a positive attitude, staying disciplined and taking time to relax and recharge, traders can improve their performance and achieve greater success in the trading arena.

    It’s also important to remember that as traders, you are in it for the long term, and you need to be patient and persistent. Successful trading requires consistent effort and learning over a period of time, and you should be prepared to put in the time, energy and dedication required to build your skills, knowledge and perspective.

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    Yvan Byeajee

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  • 12 Things I Learned Working at Uber, Instawork and Intro

    12 Things I Learned Working at Uber, Instawork and Intro

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    Opinions expressed by Entrepreneur contributors are their own.

    My entrepreneurial journey began when I was 12. I decided to take a shot at greatness with Shovel Squad, a snow removal business in the suburbs of Chicago, IL. I set out to make my mark in the world, and not only did it turn out to be quite lucrative (all cash mind you) but retention was through the roof.


    sarayut Thaneerat | Getty Images

    My experience with Shovel Squad at such a young age gave me the confidence to push myself to gain new experiences and knowledge. Over the years, I have been fortunate to work at Uber, Instawork, and now Intro, where I am the Head of Business Operations. Each new job has helped me evolve into the entrepreneur I am today, and I’d like to share with you all the lessons that have shaped my professional journey.

    So, let’s get into it.

    1. Integrity first

    Operate with strong morals. You can be intelligent, hardworking, and also humble. Brilliant jerks might deliver short-term results, but crush long-term culture. Be honest and never fudge your metrics.

    2. Time is a finite resource

    Just because someone asked you to do something, it doesn’t mean you should. Remember that for every request you say “yes” to, you’re saying “no” to something else. Is that trade-off worth it?

    Related: Book a one-on-one video call with top business leaders

    3. Be adaptable and positive

    Startups change. All. The. Time. You need to be willing to pivot to higher-impact work. Sometimes you learn you are sprinting straight in the wrong direction and need to turn around. Learn to disagree and commit. Don’t be afraid to kill your baby.

    4. Close the loop

    Don’t wait for people to follow up (that goes for peers and managers). When you commit to something, write it down. If you can’t follow through on your commitment, communicate early and tell them why. Be proactive.

    5. 10x yourself

    If you are getting paid $150k, how do you deliver value in excess of $1.5m? $15m? How do you automate 20% or even 80% of your current workload to focus on higher-impact projects? Impact is everything.

    6. Handcraft, first. Scale, second.

    Don’t obsess over scaling an initiative before you know if it works. Test your hypothesis in a small and controlled manner to prove the impact.

    Handcrafted: The founders of Airbnb took photos of the first listings in NYC

    Scaled: Airbnb builds user flow to upload listing photos with best practices

    If it works; then, break your back to scale!

    Related: 12 Ways Entrepreneurs Can Sharpen Their Leadership Skills

    7. Keep things simple and execute

    Don’t overcomplicate things.

    Distill your big vision into stages, break those stages into groups of smaller tasks, and start executing. It’s better to make 10 decisions per day with 80% accuracy instead of 2 decisions per day with 100% accuracy.

    Move fast.

    8. Own your metrics

    You should know your OKRs and all sub-metrics.

    If this doesn’t come naturally to you, I recommend taking out a piece of paper and physically writing down your metrics every morning and afternoon (I did this and it helped tremendously).

    It is absolutely critical to spot when things are moving in the wrong direction.

    9. Make some magic

    Obsess over your customers. Deliver insane value so they want to shout on the rooftop about you. You need customers to refer two people, that refer two people, that refer two people, and so on. Referrals are critical for exponential growth.

    10. Constraint breeds creativity

    Imagine you had 1/10th of your budget. What can you accomplish? What automation can you build to avoid the extra hire? What skill can you pick up on Youtube? How do you do more with less?

    Every dollar invested is a dollar you need to pay back.

    Related: 6 Habits of Effective Entrepreneurial Leadership

    11. Always be learning

    What you did to get to this point does not guarantee your future success.

    Go deeper into your function or expand your breadth of skills. Find podcasts, Youtube channels, Medium articles, Substack blogs, and mentors that will help you grow. Reinvent yourself constantly.

    12. Hustle hard and laugh often

    Tragically, some of my teammates passed away from freak accidents and terminal illnesses. I’ll never forget them and am so grateful for my time with them. All of our days on this planet are numbered. If you are going to spend 8-12 hours per day working… don’t waste it. Do great work and treat people well. And have some fun.

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    Brad Klune

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  • How to Adjust Your Marketing to Survive a Recession

    How to Adjust Your Marketing to Survive a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

    With the economic slowdown of 2022 still fresh on everyone’s minds, the possibility of a deeper recession in 2023 is a daunting thought for businesses everywhere. Analysts at Bloomberg suggest there’s a 100% chance of a recession in the coming year, and any business that isn’t prepared could be put in jeopardy.

    However, with the right marketing strategies, companies can not only prepare for the worst but also come out on top. Marketing budgets account for up to 40% of a firm’s expenses from revenue, so it’s essential to be strategic about how you allocate your marketing dollars. Here are five tips to ensure your company stays afloat during a 2023 recession:

    Related: 6 Recession-Proof Business Marketing Strategies

    1. Focus on long-term ROI

    During a recession, it can be tempting to cut expenses that don’t show an immediate ROI. Content marketing, for instance, takes time to show results because it can take weeks or even months for content to rank, for your website’s authority to grow and for people to start trusting your brand as a thought leader.

    Once your content gains traction, however, the rewards can be long-lasting. Put your marketing budget into creating quality content that will still be relevant a year from now. It’s the best way to ensure you have a steady stream of leads long after the recession has ended.

    Interactive content is one strategy that is especially effective in this regard, as it can be easily shared and often creates long-term engagement. My company, involve.me, makes it easy to create interactive content with no technical skills needed.

    In comparison, advertising spend can bring immediate results, but it might not last. Like a faucet, if you reduce advertising spend, or as ads simply become less effective over time, you’re going to lose leads and sales. If there’s little organic traffic to make up for lost advertising, you may find yourself in a worse situation than when you started.

    2. Take advantage of low-cost channels

    While it’s valuable to experiment with different marketing channels, they can have wildly different costs. In the last Super Bowl, for instance, 30-second commercials cost around $6.5 million and reached an average of 106 million viewers.

    That’s a CPM (cost per mile, or cost per thousand views) of around $61. That could be an effective investment for some companies, but it’s not practical for most. The CPM for TikTok ads, in comparison, ranges from $0.50 to $10, and it’s possible to reach a large audience without ads at all.

    Organic TikTok videos, from dance challenges to creative product demonstrations, can go viral and create a massive amount of impressions. This is a great option for companies that don’t have the budget for expensive ads but want to reach a large audience.

    3. Go local

    During a recession, it’s important to focus on your local area. Local businesses are more insulated from the volatility of the stock market and international trade wars, and they generally have more loyal customers.

    Make sure your website and other marketing channels are optimized for local search, and consider running hyper-local campaigns for your products or services. Also, look for opportunities to partner with other businesses in your area. This can help you get your message out to a larger audience and build trust with potential customers.

    You can also use your marketing budget for physical campaigns, such as sponsoring a local event or running a cost-effective ad in the local newspaper. This will help you reach potential customers in your area and build a base of loyal customers that will stick with you even when the economy recovers.

    Further, local search engine optimization (SEO) is becoming increasingly important. Investing in local SEO means you can reach potential customers who are actively searching for services in your area.

    Related: Why You Should Never Skimp on Brand Marketing in a Recession

    4. Focus on reducing churn

    Even in the best of times, customer churn can be a major issue. Like pouring water in a leaky bucket, it’s hard to keep customers if you’re constantly losing them.

    During a recession, when businesses are struggling for customers and revenue, it’s especially important to focus on reducing churn. Invest in customer retention strategies such as loyalty programs, customer feedback systems and personalized offers. This will help you keep your existing customers and build relationships with them so they are more likely to stay with you in the future.

    In practice, these systems don’t need to be complicated. For example, you can track customers who haven’t used your product or service in a certain amount of time, and then email them with a personalized offer or reminder. In that email, you can also include a feedback survey to help you understand why they haven’t been back and what you can do to win them back.

    5. Double down on automation

    Finally, consider investing in automation and process optimization. During a recession, it can be tempting to cut costs and staff, but automation can actually help your business become more efficient and increase your profits.

    Invest in automation software for your marketing, sales and customer service teams. This can help you save time and money by automating repetitive tasks, such as email campaigns and lead qualification. This will free up your team to focus on more important tasks and help you get better results from your marketing and sales efforts.

    Popular tools such as Zapier and IFTTT can be used to automate tasks and workflows, and they’re very low-cost.

    Related: 3 Strategies to Reach Customers in an Economic Downturn

    The 2023 recession is almost inevitable, and many businesses will struggle to survive. However, with the right marketing strategies, you can not only make it through the recession but also come out on top. By focusing on long-term ROI, taking advantage of low-cost channels, going local, reducing churn and investing in automation, you can ensure your business is well-positioned for success in the years ahead.

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    Vlad Gozman

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  • To Succeed in 2023, Consider These 10 Business Strategies

    To Succeed in 2023, Consider These 10 Business Strategies

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    Opinions expressed by Entrepreneur contributors are their own.

    As we enter 2023, it’s clear that we are entering an altered business paradigm driven as much by new technology represented by electric vehicles and the metaverse as it is by anachronistic conflicts such as the one instigated by the Russian Federation. The global recession, ongoing war in Ukraine and increased credit rates have all presented new challenges for businesses looking to grow. However, it’s important to remember that adversity can also present opportunities for growth and innovation. With that in mind, here are 10 strategies that businesses can use to navigate these challenges and come out on top.

    1. Diversify your product or service offerings

    By offering a wider range of products or services, businesses can hedge against market fluctuations and ensure a steady stream of revenue. This can be especially effective in times of economic uncertainty, when customers may be hesitant to commit to a single product or service offering. Consider Amazon and Google — both technology giants have expanded into multiple markets relying on organic growth, innovation and strategic acquisitions of profitable businesses. Google originally launched with search and dominated that space (or to use wunderkind tech investor Peter Thiel’s argument in his book, Zero to One, monopolized it). Amazon was an online bookstore. Enough said.

    Related: 5 Questions to Ask Before Diversifying Your Business

    2. Expand into new markets

    Expanding into new markets, either domestically or internationally, can also help businesses diversify and mitigate risk. This can be especially relevant for businesses that are heavily reliant on a single market or industry.

    3. Focus on customer retention

    In times of economic uncertainty, it’s more important than ever to prioritize customer retention. By offering excellent customer service, businesses can create loyal customers who are more likely to continue doing business with them even in tough times. In 2023, excellent service means personalized service if you are catering to higher dollar customers, because many successful people feel snubbed when their first line of customer interaction is bots, algorithms and ultimately some untrained call center worker who reads from a poorly constructed script.

    If you are catering to the masses, great customer service is predicated on community feedback, interaction and algorithms that are designed to empower the customer rather than further marginalize that person. There are systems in place that look to metaverse and community models to achieve these objectives and allow customers to provide feedback that’s truly meaningful to them rather than to the enterprise.

    4. Embrace digital technologies

    The Covid-19 pandemic has accelerated the shift toward digital technologies, and businesses that embrace these technologies will be well-positioned for the future. From ecommerce platforms to remote work tools, there are numerous ways that businesses can leverage digital technologies to streamline operations, improve efficiency and reach new customers. Artificial intelligence will become the ace card in 2023 with natural language processing, smart media, PR products and machine learning leading the way. Artificial intelligence will write articles, press releases, books, essays and speeches. It is also safe to assume that 5G will impact the way we live and work in 2023.

    5. Invest in employee training and development

    Investing in employee training and development can help businesses stay competitive by ensuring that their workforce has the skills and knowledge they need to succeed. This can be especially important in times of economic uncertainty, when businesses may be hesitant to hire new employees. Forward-looking corporate enterprises will need to consider management of a workforce that will be working from home or remote locations. Business leaders will need to consider adopting what Silicon Valley has pioneered — a health-focused communal work environment driven by deconstructed management that empowers its employees. The days of rigid corner office hierarchies and rituals driven by cultural pressure may be on the way out.

    Related: 4 Big Benefits of Improved Employee Training

    6. Collaborate with other businesses

    Frenemy relationships are in — and not only because they signal good corporate citizenship, but also because competition should not lead to adversity in 2023. As much as the opaqueness of globalism is uncomfortable in geopolitical settings, in the corporate environment, it may have an entirely different effect, and corporate globalism should be welcomed as a way to overcome market entry challenges. Collaborating with other businesses, whether through partnerships, joint ventures or other arrangements, can help businesses tap into new sources of expertise, resources and customers. This can be especially relevant for small businesses that may not have the resources to do it alone. By way of analogy, think of this concept as an open format for expanding one’s markets. Apple may be altering its marketing and technology strategies in the near future where decentralized models and open sources will dominate.

    7. Seek out funding and investment opportunities by leveraging technological innovation

    While the economic climate may be challenging, there are still opportunities for businesses to secure funding and investment. This could come from traditional sources like banks and venture capitalists or from alternative sources like crowdfunding platforms or accelerators. Even conventional businesses should consider adding a technology component to their offerings in order to be more appealing to investors and lenders in 2023.

    8. Stay agile and adaptable

    In times of uncertainty such as the one anticipated in 2023, it’s prudent for businesses to stay agile and adaptable so they can quickly pivot as market conditions change. This might involve adjusting business models, shifting focus to new products or services or exploring new channels for growth. Ultimately, the mantra here is to embrace technology and employee efficiency while empowering customers. For instance, enable customers to process payments and build their products through your web interface, consider closing brick-and-mortar offices and shift to online, or seek out joint venture partners that have proven market success.

    Related: 5 Ways to Adapt to Change and Build a More Resilient Business Model

    9. Emphasize the value of your product or service

    In times of economic uncertainty, it’s more important than ever to clearly communicate the value of your product or service to customers. By highlighting the benefits that your offering brings, businesses can differentiate themselves from competitors and convince customers to make a purchase. This may involve leveraging public relations firms and utilizing AI to communicate your offering through online marketing platforms and social media.

    10. Take advantage of low-cost marketing and advertising channels

    While traditional marketing and advertising channels may be less effective in times of economic uncertainty, there are still plenty of low-cost options available to businesses. From social media marketing to content marketing, businesses can reach new customers without breaking the bank.

    As the Greek philosopher Aristotle once said, “Pleasure in the job puts perfection in the work.” By following these general strategies, businesses can mitigate the economic risks of 2023 and benefit from new tech trends that will likely become the new norm.

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    Yuri Vanetik

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  • Your Cold Pitch Sucks. Here’s How to Approach Prospects the Right Way.

    Your Cold Pitch Sucks. Here’s How to Approach Prospects the Right Way.

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s happened to you. A notification pops up that you have a direct message. Someone wants to connect. You open your DM to see a comment from a stranger about your post on social media or a compliment on your recent win to engage you in a seemingly innocent conversation. Those pleasantries are short-lived when suddenly their offer details start coming at you faster than ninja stars.

    What do you do? I block and delete those messages without batting an eye. Spammy cold pitches are one of my biggest pet peeves and they aren’t welcome in my space.

    Online platforms have opened up opportunities for entrepreneurs to connect with people who wouldn’t have been in their orbits before. That’s a good thing, but that doesn’t mean you should throw manners and etiquette out the window. You wouldn’t walk right up to someone in person and immediately start pitching them your products, so don’t do it online.

    Related: The Fine Art of Client Pitching

    The problem with blind cold pitches

    The copy-and-paste version of your sales spiel that you’re blindly sending to the masses completely lacks personality and sincerity. Worse yet, it shows that you are only interested in selfish gains. If you haven’t done your homework to learn about your prospect and understand their needs, they won’t want to invest their time listening to what you have to say.

    My time is valuable! A cold pitch shows me you don’t value my time. I’m loyal to people who take the time to build a great relationship with me and develop the know, like and trust factors. Those are the ones who will be collaborators with me for life. Your approach is key. You lose credibility when you send a cold pitch without building any rapport first.

    It takes time to cultivate a long-lasting business relationship, but the return on investment is much greater than the “spray and pray” method of broadcasting your wares. Your time is better spent building lasting relationships with someone who will need you in the future and will happily refer you many times over.

    Related: 5 Psychology-Backed Tips for Earning, and Keeping, a Prospect’s Trust

    The right approach

    For the best results, approach connecting through DM the same way you would network in person. At this stage, it’s not about making money from that first sale. Keep brand alignment top of mind, and determine if the person you want to connect with is the right fit for your business. Find the people who vibe with what you’re about, and leave your agenda at the door. This will ensure you’re approaching the relationship with authenticity, not “commission breath.”

    Look for opportunities to develop a genuine connection with them. When you take a sincere interest in others as a human being, that’s when the magic happens. It’s important to know about their business, but also take the time to look at what interests your prospect has outside of work. Do you have hobbies, groups or friends in common? Details like this can be found on their online platforms and make it easier for you to connect with them on a personal level.

    After you’ve done your research, send a message that provides the other person with a benefit. Lead with value! Assert your knowledge in a friendly way to begin building the foundation of your relationship. Recognize also that not everyone will be interested in connecting, regardless of your sincerity.

    A great relationship between me and a (fitness professional?) in my circle began in my DM. This person saw a flaw in one of the yoga poses that I shared on social media. He wanted to help, so he sent me a message. His request was too forward and personal, it caught me off-guard. He’s a giving person and genuinely wanted to help me, but without knowing him just yet, my spidey senses kicked in. Luckily, he pivoted from that first comment and took the time to build my trust in him.

    Over the next few months, he was active on my social media, cheering me on through my yoga journey and contributing to my page engagement. He provided value by sharing pointers with me that I could use to improve my poses. Pretty soon, I was reaching out to him with questions. He invested time in developing our relationship and showed me that he was an authority in his area of expertise.

    Related: The 6 Worst Opening Moves for Starting a Business Relationship

    Pursue quality over quantity

    Always pursue quality over quantity. You don’t need to spam everyone with a thoughtless message that will likely be ignored or get you blocked. Spend time making real connections with people you align with to form lasting relationships and create effortless business for the long haul.

    People work with others they know, like and trust — regardless of where they meet. Technology and online platforms provide valuable advantages to grow our network and work faster, but authentic relationships will always be key to lasting success.

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    Jessica Dennehy

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  • Why Founders Are Hiring These Two Coaches to Supercharge Their Business

    Why Founders Are Hiring These Two Coaches to Supercharge Their Business

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    Ankita Terrell and Emily McDonald are the women behind My Founder Circle, a community designed to support female founders while they start, grow and scale their companies. They sat down with Jessica Abo to talk about how they’re helping female founders supercharge their business and how you can too.

    Jessica Abo: Ankita, let’s set the stage for a second. How many female founders start their own business every year and how many of those actually make it to year five?

    2.6 million businesses are started by women every single year. Now, of course, the actual number is probably way higher because a lot of solo entrepreneurs never register themselves as a business. And of those, 50% fail by year five. So only about 1.3 million make it to year five and beyond.

    And why do you think that is?

    The timing of their launch often isn’t right, the product-market fit isn’t right, or perhaps they just don’t have the right tools or a community to help them in their success. Entrepreneurship is a lonely journey, and we want to change that.

    Emily, when women come to you, what are some of the challenges that they’re facing?

    Women come to us typically when they already have a business, they already have revenue, and they already have customers, but they’re really confused about how to scale their business. They’re often feeling overwhelmed. And I actually built a seven-figure fashion business myself and I faced those same problems, so I totally understand. They don’t know what to try and what works. And there are so many options in front of them that they feel alone and overwhelmed by how to get from where they are now to a scaled, more successful, more profitable business.

    Ankita, when you say you helped top founders supercharge their growth, what does that look like?

    Emily and I have very unique experiences. She built a seven-figure company. I previously worked in venture capital, worked for a startup and in a nonprofit, and I went to business school. So between us, we’ve both done and studied what we teach. So we help founders supercharge that growth through very tactical support. We act as their co-founders. We provide a lot of support with mindset growth as well. So both tactical support in group and one-on-one settings, and also a small group community they can lean on.

    I recently heard that we have more than 6,000 thoughts a day, and 85% of those are negative. So how do you help your clients and your students who are in that negative mindset? How do you help them shift?

    We want to remind our founders that having negative thoughts is really common. It’s really common to encounter bumps along the road as you’re growing a business and as you’re growing as a human. We support founders very deeply, both in a group setting and one-on-one, and help them overcome their limiting beliefs. We want to hold up a mirror to you and help you be the best you that you can be. We heavily invest in learning different modalities and techniques to be better founders and now better coaches. Often, these techniques and modalities have taken us years to learn and we continue learning from them and bringing in outside support to help our founders.

    And like Em said before, we have a lot of experience. She built a seven-figure business and overcame a lot of these challenges. I worked across nonprofit and venture and in funding B Corps and have absorbed a lot of what makes a business successful. And having a plan in place and having coaches that really believe in you as a human goes a long way.

    And to add to that, we like to remind founders that some of the things that you perceive as negative that happens in your business actually end up being some of the biggest growth moments and some of the things that lead you to some of your biggest successes.

    Speaking from experience, I think every time I’ve hit a low, climbing out of that process has always led me to my next offer or my next program. So that brings us to growth. How do you advise people when it comes to growing their business?

    What I want to encourage founders to do is invest in help, join a community or hire a coach, or get an advisor who can really be there in a more effective capacity, someone that you can bounce ideas off of, someone that you can be extremely honest with when things are going wrong. You need that support. You can’t build the business alone. And it really takes a combination of mindset and strategic work. So when we work with founders, we build a strategic roadmap while we also work on this mindset and in their professional growth. We believe that you cannot have a successful company without both pieces of the puzzle.

    What do you want to say to the women out there who are listening to this and just feel bad that they might need help?

    Here’s what I say about juggling it all, is that, think about it as if you’re juggling balls, and some of the balls are glass and some are rubber, and your clean house is a rubber ball and your health is a glass ball. So make sure that the balls that you’re dropping are rubber and not glass. You’ll always be dropping balls. And the other thing is everyone needs help. Even male founders aren’t nervous about asking for help from their friends or their business advisors. You are more successful, you’ll make more money faster, you’ll make fewer mistakes, and you’ll save time when you actually enlist help with your business.

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    Jessica Abo

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  • 6 Steps To Follow When Choosing a Real Estate Agent

    6 Steps To Follow When Choosing a Real Estate Agent

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    Opinions expressed by Entrepreneur contributors are their own.

    Due to higher home mortgage loan interest rates, many homebuyers are sitting on the sidelines, waiting to purchase a home. The high-interest rates have also reduced the homebuyer’s purchasing power making a once manageable monthly mortgage payment an unaffordable expense.

    However, homes that show well, are priced well and are in a highly desirable part of town will sell very quickly with multiple offers. If not, your home may be on the market for 30-plus days before you receive an offer.

    If you’re thinking of calling an agent, like me, to purchase or sell a home, here are a few ways to prepare yourself for the journey ahead; have all of the money matters taken care of. What I mean by that is to be pre-approved for a mortgage loan if you’re purchasing a home and know how much you’re going to net off the sale of your current home if you’re planning to sell it. Assuming the home is presentable, we’ll be ready to show it within a few days.

    You already know buying or selling is not an overnight task, but how much time it takes depends on the layout of your home and your budget. Don’t take the chance of making a bad first impression in real estate.

    Related: 7 Secrets Luxury Home Buyers Need to Know

    To decide on an agent, first complete the following:

    1. Get a mortgage pre-approval

    To begin, research your mortgage choices before signing a contract with a real estate agent. The mortgage you can afford depends on several factors, including the length, price and interest rate of the mortgage you choose.

    Getting pre-qualified for a mortgage is not the same as getting pre-approved. Both pre-qualification and pre-approval need a thorough examination of your financial situation, but only the latter requires a formal mortgage application.

    Related: The Property Line: What’s With the Surge in Mortgage Rates?

    2. Research the market

    Your search for a new home should be limited to properties within the price range established by the mortgage for which you have been pre-approved. However, if you plan on selling simultaneously, you should research comparable homes in the neighborhood. Remember that the asking prices listed in real estate ads, whether online or in print, are all you will learn. A real estate agent can provide information on how long a home has been on the market, if there have been any price reductions and, most crucially, how much you may expect to pay at closing.

    While studying the real estate market is crucial, avoiding falling in love with any particular property is essential. If you need to sell your current house before buying a new one, there’s a good possibility the property won’t still be available when you’re ready to purchase. Offers contingent on selling another property, known in the real estate market as “yes, but…” offers, have a lower likelihood of being accepted by the seller than those with a stable financial background.

    Related: Single Home Purchase Error Gives Woman Entire Neighborhood

    3. Remove clutter

    Many of us have seen “Trading Spaces” and feel confident in our home-staging abilities. You probably already know that making a good impression on your real estate agent is crucial. If you want your real estate agent to see the full potential in your home, you should have an open house before they come over.

    • Extra shoes and coats should be stored. Keeping these items in plain sight indicates a closet or storage area deficiency.
    • Take off your belongings. Potential buyers want to envision themselves living in your home, and seeing photos of your family reunion can soon dash any hopes.
    • Empty the fridge. The home’s appearance of order and tranquility is ruined by the accumulation of alphabet magnets, postcards, and receipts.
    • Clear out the clutter. Larger homes with more open floor plans give visitors more room to move about and think creatively about how they may use the property.

    Related: 5 Essential Tips for Networking in Real Estate

    4. Clean

    If you’re trying to sell your property, a spotless look will get you far further than you think. A neat dwelling indicates a sense of ownership and pride. The entrance, for example, should be given as much care and attention as the rest of the building. Clean up the area around your entrance, mailbox, mat and trim. While you might not give much thought to dust and insects living in your light fixtures and shades daily, prospective purchasers who do their due diligence might be put off by such slovenly maintenance.

    Window cleanliness is directly proportional to the amount of natural light let in and the degree to which one can take in the scenery outside. It’s a good idea to change out the furnace filter once a month to keep the air flowing freely and to keep the air quality high in your home. Finally, make sure the restroom is spotless. The ancient rule of bathroom etiquette that states you shouldn’t touch anything other than the toilet, the bathtub and the tiles suddenly becomes extremely important. Do not stand on the toilet seat.

    Related: 5 Ways to Sell Your House Fast

    5. Replace, restore or resurface

    Many long-term residents have come to accept the need for constant maintenance and the presence of outdated or broken fixtures. Walls, for instance, need to be patched and painted. Neutral paint colors make it easier for potential buyers to picture themselves in your home (like a blank canvas), and a fresh coat of paint on an undamaged wall shows that you take pride in maintaining the property.

    Consider the home’s street charm as well. Are the weeds pulled and the grass cut? Most potential buyers will form their first impression of your home based on its outside, so give it its best face forward.

    A pre-sale home inspection might be helpful if your property is older or you suspect there may be surprises that would cause potential buyers to back out of their offer. An estimate of the repairs needed will let potential purchasers know what they’re getting into.

    6. Search for prospective brokers

    Try not to settle for the first agent that pops up in a web search. Find an agent who is a good fit for your needs by doing some research. Referrals from recent movers are an excellent place to begin, and there are also many online resources for researching and evaluating real estate agents. Also, it’s important to find a real estate agent who has experience selling properties in your area since they will know how to set a fair price for your property.

    A real estate agent with years of expertise will know how to market your home effectively and where to look for a new one. Remember that real estate brokers can take as much as 7% of your home’s sale price at closing, so choose carefully.

    Related: Signs You are in a Bad Relationship With Your Real Estate Broker

    In conclusion

    The first things to do when selling or purchasing a home are the same as they would be for any other large purchase: research and planning. Before you call in a real estate agent, you must make your house look desirable. Keep in mind that if you don’t get an offer, your real estate agent can’t help you sell, and if your home isn’t in good shape, it won’t be in high demand.

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    Chris D. Bentley

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  • It’s Impossible to Succeed Without Encouragement. Here’s Why.

    It’s Impossible to Succeed Without Encouragement. Here’s Why.

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    There are several underlying factors that cause success, but encouragement from those around you is among the most important.

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    Jonny Caplan

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  • 5 Traits Fast-Growing Companies Have in Common

    5 Traits Fast-Growing Companies Have in Common

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s marketplace is increasingly competitive. Every entrepreneur and company strives to be an industry leader and develop the latest and greatest innovations to disrupt the market and best position themselves. The road to success is often not straightforward, and many companies fail to achieve the necessary goals. But why do some ventures realize strong success and rapid growth while others do not?

    Common traits are shared among many of the world’s fastest-growing companies that others can adopt to help increase their growth and differentiate themselves from the competition.

    Here’s how they excel within the market:

    1. Innovate new products and services with clear strategic intent

    In a constantly changing environment, it is essential to understand and adapt to new consumer trends. The most successful companies understand the firm’s strategic purpose and effectively develop an innovation agenda, often with strong novel combinations of products and services. They go to market with the latest “must haves” for their customers, often establishing a competitive advantage.

    Studies have demonstrated the positive impact that product and service innovation can have on a company’s top and bottom line trajectory. Hopper, a travel booking site, has focused on innovating and developing their app and cloud technologies. Now, you can book flights, hotels, rental cars, and homes in one seamless transaction. Hopper complements their travel products with peace-of-mind services, such as price reductions, freezes, cancelations and a premium VIP experience.

    The company’s strategic intent is clear — to be the most seamless, convenient, and price-competitive travel portal on the market, especially for first-time users. This committed effort has attracted a $96 million investment from Capital One Travel “to accelerate the company’s growth on several fronts,” following $170 million in fundraising garnered in 2021.

    Related: Continue to Innovate Your Products, or Die a Slow Death

    2. Thoughtfully explore new business arenas beyond their core

    Companies need to reinvent themselves and expand into new arenas to grow. Consumers’ needs are constantly changing, and high-growth companies excel at identifying new markets to move into based on new consumer behaviors. However, new business arenas are inherently more risky and costly to explore because of the distance from their core. Hence the common question: How much attention should one devote to speculative areas while also maintaining and improving core business? The answer is a thoughtful exploration through sequential steps that build on each other and accumulate to drive real transformation.

    Roku Inc.’s business strategy illustrates this. Twenty years ago, Roku became an add-on for existing television HDMI ports. In 2007 Netflix chose not to build its own hardware and instead invested in a partnership with Roku, setting in motion Roku’s path. The company then launched a service allowing advertisers to serve ads to Roku users, followed by the launch of the Roku Channel, and in 2014, they released their first Smart TV. This is a progression of incremental well-sequenced steps, stretching the company beyond its core yet setting the foundation for real transformation.

    3. Invest in their people wholeheartedly

    Employees are the engine of any business. They represent your brand to customers often better than anyone else and express the company’s culture in a critical way for attracting new talent. Leading companies provide their employees with opportunities to learn new skills and further their professional development, foster an inclusive environment of respect and collaboration, and provide flexible working arrangements. This translates to high employee retention, increased productivity, and a strong reputation for the firm.

    This is why companies like ClickUp invest in their people. They prioritized new workspaces with employees front of mind. New offices include open floor plans, standing desks, rooftop terraces, and gyms. Meanwhile, Airbnb has experienced over one million new prospects visiting their job portal since announcing their “permanent work from everywhere” policy. Additionally, LinkedIn offers a $2,000/year wellness benefit for people to expense on activities related to physical or mental well-being.

    Related: To Grow Your Business Start Focusing on Your Employees

    4. Carefully monitor and adapt to new technologies

    Every company must have the capacity to adapt to new technology or be left behind. Furthermore, companies can raise productivity and cut costs by tailoring technology to their needs.

    Campbell Soup, the iconic brand that has brought its soup products to American dinner tables for nearly three centuries, is leveraging Artificial Intelligence (AI) to inform its product development better. According to FoodDive, Campbell’s “Insights Engine” uses AI to scan billions of data points that their innovation team then uses to predict where a strong trend is emerging, if it will last, and if any of their brands are positioned to exploit it. This process has informed the launch of oat milk-based soups and FlavorUp, a cooking concentrate that enhances food flavor, pushing new products to account for 2% of yearly net sales with a line of sight to reach 3.5% by 2025.

    Related: How to Get Your Company to Adapt to New Technologies

    5. Focus on customer experience and truly understand their customers

    According to Forrester, companies that lead in customer experience outperform laggards by nearly 84%! With the rise of digitization, the most innovative companies are providing more tailored support with 24/7 customer service. Both parties benefit by surpassing potential or existing consumers’ expectations: customers have a positive experience, and companies grow.

    L’Oreal dialed up its focus on people with limited mobility by launching its novel HAPTA make-up applicator at CES 2023. The applicator uses “built-in smart motion controls” and “customizable attachments” to increase the user’s range of motion, helping the customer open product packaging and self-apply make-up precisely.

    Companies that continue to innovate their products and services, explore new business arenas, invest in their people, adapt to new technologies, and focus on the customer experience place themselves in a position to succeed in 2023 and beyond.

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    Francesco Fazio

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  • 4 Things All Small Business Owners Should Know in 2023

    4 Things All Small Business Owners Should Know in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The beginning of a new year often comes with a laundry list of goals and to-dos, which can quickly become overwhelming if you try to tackle too much, too fast. I’ve always approached resolutions by setting short and long-term goals spanning the entirety of the year — after all, we have 12 months to accomplish our goals, and there’s a reason they’re not called January Resolutions.

    Now is an important time for business owners to reflect and set a course for the year ahead, but it’s easier than ever to get bogged down worrying about the challenges facing the economy.

    I would encourage all small business owners to tackle 2023 with a splash of empathy and realism. Don’t bury your head in the sand — be mindful of the economic headwinds we’re facing, but don’t let them monopolize your attention. Instead, devote your time and energy to the challenges and operations that do fall within your control.

    Here are four trends shaping the small business landscape to be aware of — and take advantage of — as you implement your plans throughout the year:

    Related: 4 Success Tips From Small Businesses That Are Doing It Right

    1. The big picture: Business owners are prioritizing marketing and hiring amid recession concerns

    We conducted a national survey of business owners late last year, which found 78% expect a recession would impact their business initiatives. Despite this, business owners are actively investing in their businesses, with a priority on marketing and promotion, hiring and increasing wages and investing in new equipment and technologies.

    The best defense against customers tightening their wallets is a proactive offense. If your marketing efforts could use a refresh, consider these best practices:

    1. Keep it simple: A streamlined strategy that ladders up to your overall business goals will help keep you on the path to success.

    2. Identify your target audience: Begin with your end goal in mind. With whom are you communicating and what are you trying to tell them?

    3. Choose the right platform: Once you know where to find your audience, you’re ready to pick your preferred marketing channel(s). When kicking off, I’d recommend focusing more heavily on one or two specific marketing channels, at least at first.

    4. Measure your success: In the age of social media, marketing is no longer a one-way street. A successful marketing campaign is now a multi-platform, multi-interactional way to engage with your customers. Set your goals and KPIs early, and examine and reevaluate them often to see if your message is resonating with your target audience.

    2. Don’t get left behind on the latest business technology

    Over the past few years, small businesses have widely adopted new technology to make their operations and customers’ lives easier. At this point, incorporating the latest tech is no longer a nice-to-have — it’s essential to the future of your business. Even in the face of a potential recession, 68% of business owners plan to upgrade or incorporate new technology this year.

    Implementing new tech and services has the potential to be confusing, if not downright intimidating, for many of us. If you’re looking to integrate new tech but don’t know where to start, here’s what you might consider prioritizing this year:

    1. Investing in an automated payroll or people management (HR) platform to reduce complexities and streamline operational costs.

    2. Accepting new forms of cashless or peer-to-peer (P2P) payments, such as Zelle, at your business’ point of sale.

    3. Modernizing your customer relationship management (CRM) system with enhanced omnichannel capabilities that can communicate with your customers, regardless of whatever platform they might be on.

    4. Enhance your cybersecurity measures to protect yourself against hackers and the latest cyber threats. Unfortunately, small businesses are becoming increasingly popular targets for hackers and scammers.

    Related: 3 Things to Consider Before Investing in New Technology for Your Small Business

    3. Business owners are taking advantage of free educational resources

    It’s never too late to learn. Free educational resources for business owners have greatly improved and proliferated over the past few years, and many entrepreneurs (at various stages of their business journey) are seeking them out. Last year, we learned that the majority of business owners wish they were more knowledgeable about business finances — including 75% of women business owners — so if you’re looking for tips, here are some resources you can consider:

    • Educational resources like SCORE and Bank of America’s Small Business Resources site provide answers to many common questions and are great to keep handy.

    • If you’re interested in pursuing more formal education, organizations like LinkedIn and the SBA have online learning platforms. Bank of America also offers a free online program for women to earn a certificate in business from Cornell.

    • Your local small business banker can also be a key asset to your success and make your life much easier.

    4. Business ownership can be lonely — don’t go it alone

    Starting the new year with the weight of running your business on your shoulders can be beyond stressful. If only one piece of advice from this article sticks with you, I hope it’s this: Find someone to talk to who has been there before.

    Explore organizations like the National Association of Women Business Owners (NAWBO), Luminary, your local Small Business Chamber of Commerce, Entrepreneurs’ Organization, Business Networking International or similar groups. The return of in-person networking events has also created opportunities to meet other local entrepreneurs and collaborate with mentors who can support you along your journey as an independent business owner. Less formal ways of networking such as LinkedIn groups or coffee/drinks with like-minded individuals can be equally beneficial.

    Prioritize building relationships with people and communities you trust, and you’ll reap the benefits for years to come.

    Setting out to accomplish all of the goals you’re dreaming of for the year can be daunting, but by adding the above tips to your game plan, you are actively positioning your business for continued success in 2023 and beyond.

    Related: 7 Networking Groups Every Small Business Owner Should Join

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    Sharon Miller

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  • Expanding to China? Don’t Do These 6 Things.

    Expanding to China? Don’t Do These 6 Things.

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    Opinions expressed by Entrepreneur contributors are their own.

    According to the American Chamber of Commerce in South China’s 2022 report, foreign companies are quite optimistic about their China expansion plans. As many as 72% of the companies surveyed intended to expand their China operations over the next three years.

    However, even with a large number of companies interested, foreign investments in China were down by 2.1% in 2022. This can be attributed to restrictions imposed for Covid shutdowns, along with the complexity of expanding into a huge and complex market such as China for small and large enterprises alike.

    Not being aware of the laws of the land can result in serious complications along with loss of money and time. For instance, AstraZeneca, the global pharma giant, found out the hard way that it needed government permission to transfer citizens’ genetic material to third parties even within China’s borders, resulting in criminal arrests of the company’s employees.

    Avoid these six mistakes to ensure you don’t fall victim to a similar unfortunate incident when venturing into the Chinese market:

    Related: 6 Tips for Doing Business in China

    1. Not researching business registration laws

    Building a subsidiary in a new country, especially one as legally complex as China, is a massive undertaking both in terms of time and money. You can either choose to hire individual consultants and law firms to guide you in different steps or complete the entire process on your own.

    While the government incorporation costs to register a Wholly Foreign-Owned Enterprise or WFOE isn’t much, and you’d be tempted to do it yourself, a single mistake can set you back thousands of dollars in legal fees.

    For instance, when registering a WFOE, you need to ensure that the scope of your business is broadly defined in the application to accommodate future changes but specific enough to be approved by the authorities. Getting this crucial element wrong can create legal issues for your company down the road.

    On the other hand, Professional Employer Organization (PEO) services allow you to have a legally approved presence in the country without getting bogged down by protracted registration cycles. This is because a global PEO such as INS Global deals with legal compliance, payroll administration and other legal benefits globally on your behalf.

    2. Missing essential certificates and licenses

    China has strict laws regarding the products and services that can be sold within its borders. Multiple government departments require your products to be certified and licensed before distribution.

    Your business and products should also be compliant with the Foreign Investment Negative List, Market Access Negative List, and the Unreliable Entity List. Correctly completing these additional requirements is time-consuming. Thus, many companies partner with a local entity well-versed with all the necessary certificates and licenses to reduce these legal hassles.

    3. Not studying local tax regulations

    Tax laws for businesses in China can differ from those in many western countries. Enterprise income tax, business tax, import duties, value-added tax and more need to be closely studied before commencing operations in the country.

    Legal and tax advisors can help you assess the impact of all relevant taxes on your China operation. Hence, it’s essential to know them in-depth during the initial phase of your expansion.

    Related: 3 Steps to a Successful International Expansion

    4. Ignoring local labor laws

    Chinese labor laws can differ significantly from what you might be used to in your home country. Strict employment contracts are required by law, and they’re limited to only fixed-term, open-ended and project-based contracts.

    When hiring in China, additional clauses like a non-compete can also differ from, say, American contracts. For instance, compensation is required to be paid to an employee during the non-competition period.

    Severance pay calculation in China is also something you should be aware of. In short, companies owe employees one month’s salary for every completed year of service.

    Employment contracts can be tricky if you’re unfamiliar with China’s labor landscape. Leveraging the services of a local PEO can ease the process for you.

    5. Not having airtight dispute resolution contracts

    Dispute resolution clauses are heavily negotiated when doing business with Chinese entities. Companies need to get into airtight arbitration clauses when partnering with local vendors. The U.S. and China are both parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York” Convention).

    But the arbitration clause needs to be properly drafted: deciding which arbitration institution and rules to choose, the location of the arbitration, the language to be used and the governing law that’ll govern any disputes.

    Arbitration clauses have the potential to drag your company into years-long court cases and huge financial losses. Hence, it’s always better to consult with a trusted partner that knows the ins and outs of dispute resolution in the Chinese context.

    6. Not protecting your intellectual property

    China’s IP protection laws have improved drastically over the years, offering foreign companies much more legal protection to safeguard their IP. But the onus still lies on the company to obtain copyright protection before launching operations in the country. Global trademarks are not automatically protected in China, so you’ll need to register them again. And with the first-to-file trademark system, it needs to be done as soon as possible.

    China’s National Intelligence Law also affects how you manage your core IP. Moreover, China’s Cybersecurity Law determines how your organization can collect, store and transfer customer data.

    Related: Considering an Overseas Expansion? Avoid These 3 Mistakes.

    Flexibility and partnerships to unlock success in China

    Companies mulling expansion to China stand to unlock increased and sustainable growth in one of the largest economies on the globe. But diving headfirst without the necessary homework can quickly kill your expansion dreams and tarnish your brand for years to come.

    Besides legal compliance, it’s also incredibly important to take your time to study China’s cultural and socio-political landscape to be able to adapt your products effectively to the market. Chinese businesses also differ from their western counterparts in terms of corporate hierarchies, compensation structures, distribution channels, advertising laws and more. Being flexible and open to partnerships is the way to go if you want to tame the Chinese dragon.

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    Wei Hsu

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