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Tag: Business Process

  • When Is the Right Time to Think About Your Holiday Inventory? | Entrepreneur

    When Is the Right Time to Think About Your Holiday Inventory? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s currently summer, so most people are thinking about attending barbecues and buying fireworks — not planning their holiday shopping season. However, if you run a brick-and-mortar store or ecommerce business, this is the best time to begin thinking about the holiday inventory.

    Successful planning in June and July will set you up for profitability in November, December and January. Here are six ways you can successfully plan for increased inventory demand during the holiday season.

    Related: July Is Just Early Enough to Start Planning for Holiday Selling

    1. Come up with a timeline

    The holiday season is the most profitable sales period for most retailers. According to the National Retail Federation (NRF), holiday sales exceeded $964 billion in 2023, a 3.8% increase from the previous year.

    So start by coming up with a timeline of key dates when you can anticipate increased sales and demand. These dates most likely include:

    Think about the shipping cut-off dates for each of these holidays, and add them to your calendar. That way, you can let customers know the last days to receive standard and expedited shipping on their orders.

    2. Determine what you’ll need

    Next, you’ll forecast the types and amount of inventory you’ll need for the holiday season. Having enough inventory on hand to meet customer demand will ensure you don’t lose out on business to competitors. It will also help you avoid overstocking items you don’t need.

    The best way to estimate holiday demand is by looking at previous sales data and taking note of customers’ shopping patterns. Of course, shopping habits can change slightly from year to year, so you also want to look at industry trends. For example, you can see what your competitors are doing and how they’re preparing for the holidays. And if you have an NRF membership, you’ll receive insights into consumer and retail trends.

    Once you’ve done adequate research, you can begin planning your holiday inventory. You can also start to think about when you should begin marketing and how much staff you’ll need to have on hand to manage the increased demand.

    3. Do an inventory audit

    An inventory audit involves regularly reviewing your inventory for accuracy. During an inventory audit, you’ll verify that your physical inventory matches what you’ve recorded in your financial records. An inventory audit can also help you spot inefficiencies in your supply chain.

    To perform an inventory audit, you’ll start by organizing your inventory to reduce the odds of miscounting items. From there, you’ll begin physically counting and recording each item into your inventory management software.

    Once the audit is complete, you’ll reconcile the count with your inventory records. If there are any discrepancies, you can investigate where they came from. You can also begin developing a plan to reduce discrepancies in the future.

    Related: You Should Be Planning Now for Holiday Sales — Here’s How

    4. Check in with your suppliers

    Once you know how much inventory you’ll need to meet the holiday demand, you should begin reaching out to your suppliers. Checking in early with your suppliers will ensure you’re on the same page and you’re not caught off-guard by changes to their order times or pricing.

    It’s also a good idea to ask if any of your suppliers offer pre-sale discounts or promotional pricing. It never hurts to ask, and some may be willing to give you a discount for large orders.

    5. Think about financing

    As you begin planning for your holiday inventory, one of the biggest issues is how you’re going to pay for everything. Many small businesses don’t have the cash flow to pay for a large inventory order, shipping supplies and the unexpected costs that come along with it.

    If you find yourself in this place, financing may be a good solution. Inventory financing is a one-time loan or ongoing line of credit you can use to purchase inventory for your business. The inventory purchased is used as collateral for the loan.

    Financing can help you maintain consistent cash flow during seasonal fluctuations in your business. It will also give you the flexibility to respond to increased customer demand. If you’re interested in exploring your financing options, you should begin looking into this now so you’ll be well prepared come fall.

    6. Place your orders early

    Many customers begin their holiday shopping in September and October out of concern over product shortages and slow shipping times. So you want to place your inventory orders as soon as possible so you can capture those early shoppers.

    However, it’s impossible to forecast exactly how much inventory you’ll need, and you’re bound to run out of items. So you also want to have a plan for how you can quickly replenish out-of-stock items. For example, a good inventory management system will alert you when you’re running low on certain items and need to re-order.

    Related: Keep Calm and Holiday On: How to Plan for the Holidays Year-Round

    Joseph Camberato

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  • The Key to Preparing Your Business for an Eventual Investment or Sale | Entrepreneur

    The Key to Preparing Your Business for an Eventual Investment or Sale | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Crafting an investment teaser for your business each year might seem premature if selling isn’t even on the radar yet. But this important forward-looking exercise does a lot more than prepare your business for an eventual investment or sale. It helps business owners visualize the pitch they would have to be able to give to achieve the business valuation of their dreams. The gap between what you would like to say and what you can credibly say is exactly where to focus your next frenzied period of energy and investment.

    My partner and I learned this the hard way. We sold two consulting firms about ten years apart. The first was to a strategic buyer at the lower end of the cash flow multiple range, while the second was to a private equity buyer at the higher end of the revenue multiple range. Yes, the market conditions were a little better the second time around. But the real difference was that we started focusing on how to maximize our exit multiple on day one. We kept a rolling sales sheet in our heads at all times, and were constantly rethinking investments that didn’t pass the sales sheet “smell test.”

    To get started with your first business teaser, put yourself in the right mindset. Remember, you are writing a forward-looking elevator sales pitch for your company aimed at getting an investment or strategic buyer to chomp at the bit. Visualize bounding into the tenth VC conference room of the day, rattling off the perfect narrative to an awed audience. This should include a deck chock-full of data and trend analysis with recent financial results that make it clear your business thesis is spot on.

    Related: Selling a Business Starts on Day 1: Here’s What Founders Need to Know

    Total addressable market

    Every good pitch starts with the total addressable market (TAM) discussion. You want to be able to showcase the team cherry-picked the fastest growing part of the addressable market in a highly disciplined way. You should have gained plenty of insights during the launch phase to more narrowly tailor this market and make the case for what products and services deserved the highest level of investment. If you don’t have those insights at your fingertips, this is the place to start.

    In our first business, investors yawned during the TAM discussion. We had only two entry points into a public company to buy our expensive consulting services. To make it worse, the number of public companies was in a slow state of decline. Not exactly a growth industry, even though we had grown revenue in excess of 30% annually for several years. In Business #2, we tweaked our service offering to support expanding our TAM from two business titles to eight, expanding our TAM nearly three-fold to $1 billion.

    Growth strategy

    The next section should cover the growth strategy. List and prioritize the business’s most important growth levers. Think of two or three home-run ideas that will really get the buyers nodding, not 12 weak singles. If your list is long and still feels a little like throwing darts at the wall, start narrowing. This is critical because you are going to swing for the fences with these by directing nearly all of your valuable business investments there.

    In our first business, we focused on a land and expand strategy. We made significant investments in external salespeople, custom marketing tools and company-sponsored networking events. It worked. We attracted a few large clients who provided the base of a referral network that is still feeding us today. The downside? It made scaling expensive, and introductory sales meetings became our total existence.

    Business #2 had far lower customer acquisition costs, which investors loved. We cracked the code on using thought leadership to open doors with potential clients and kept fine-tuning what they were most likely to read (real-world how to’s rather than deep strategic musings) to continuously improve our chances. The majority of our marketing money went to web-based marketing to get more eyeballs on our thought leadership. Margins were higher, and we built more inroads into potential clients than simply cold sales leads.

    Related: The How-To: Building An Exit Strategy For Your Business (Even Before You Start)

    Financial model

    The last and arguably most important portion of the sell sheet is the financial model. The model needs to showcase the key metrics that translate great ideas into profits. Before you lead with whatever is the best metric in your operating deck, gather some industry intelligence on the industry metrics that matter most right now. Don’t try and do this in a vacuum. Reach out to recent industry sellers to ask their single most important financial decision. Figure out what multiple businesses are selling at and what metrics drove their company’s actual selling price. If those metrics don’t show your business story in a good light, you may have to make real changes in investment spending, operating expenses or pricing model.

    Business #2 had very low overhead expenses as we spent less on office space and geographic expansion, and more on automation tools. It helped that this was during the pandemic, and our public company clients better understood the lack of a glitzy corporate headquarters. Expenses were lower, and excess cash flow was spent in a very surgical marketing campaign. We maximized our cash flow and margins, and as a result, more than doubled in two years the money that went into our pocket from a sale.

    It may be years before you sell your business, but the discipline of annually writing your own investment teaser can be an important factor in effective investment decision-making. Picture standing before seasoned investors, articulating how your business strategy and concentrated investments are delivering unrivaled growth opportunities. By prioritizing clear, compelling growth strategies and aligning investments directly with them, you position your business not just as a contender, but as an irresistible opportunity.

    Related: 6 Proven Ways to Sell Your Business for 10x or More

    Beth (Saunders) Mazza

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  • How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

    How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    According to Steve Jobs, “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.” It seems obvious that keeping things simple will help your business succeed. And yet, it’s surprisingly difficult to do it.

    If simplicity is this challenging, you need to be intentional to make it happen. That’s why many successful companies actively prioritize it as a value. Ikea’s focus on simplicity comes across in its designs, catalog, store experience and more. One of Nike’s 11 management maxims is “simplify and go,” focusing teams on moving fast to adapt to new technologies and fashions.

    I believe that simplicity is a driver for genius innovation. In fact, my journey as an entrepreneur began with an idea to simplify a complex and bureaucratic process. Today, the success of that idea has created new challenges. We serve millions of customers across over 100 countries, with many different needs — to meet them all, we’d need a ton of different features. So, we have to find the simplest ideas that will improve the experience for the largest number of users.

    Related: Here’s Why You Should Embrace Simplicity as a Strategy (and 3 Ways to Do It)

    Simplifying innovation is a recipe for success

    Some people think that to be an entrepreneur, you have to bring groundbreaking technological innovation to the world. But actually, there’s a lot of room to innovate on top of new technologies, simplifying them and packaging them for specific use cases.

    If you think of two of the technology giants of our times, Google and Apple, neither of them invented their core technologies. Apple wasn’t the first company to create a home computer or cellphone, Google wasn’t the first company to develop a search engine. They made existing innovations simpler and more user-friendly, and it was a recipe for success.

    This is particularly relevant right now in the middle of a revolution fueled by generative AI. There are definitely huge opportunities in creating new AI-driven technologies, but there are even more opportunities in finding ways to package these technologies into user-friendly software for specific use cases.

    To do this, first master the tech, and then put yourself in the shoes of your potential user. Try to understand what is really useful about the innovation and what barriers people might face when trying to use it.

    The key is to find a way to simplify the technology, making it easier for your target users to understand and adopt it. Do this, and you’re onto a winner.

    Work smarter by simplifying communication

    Another part of any business where simplification is super important is communications and processes. As companies grow, it becomes harder to get people on the same page or ensure continuity between departments. Poor communication creates misunderstandings, which can lead to mistakes. The more people involved in a project, the more likely it is that workflows will become complicated. This all slows things down, wastes time and restricts your ability to make an impact on the business.

    Let’s start with communication. Using a single, simple language across the company is crucial for people to be able to understand each other. For example, try to use less jargon and fewer three-letter acronyms, or make sure to explain them if you do. By creating organized archives of historical documents and plans, you help onboard new people and anyone can find important information fast when they need it.

    Create a culture of transparency where different departments share their plans with each other. Create frameworks to facilitate this, like quarterly reviews or roadmap deployments. It’s not possible for employees to be actively involved in everything going on in the company, but by helping everyone take part passively, you’re making sure they’re on the same page and can facilitate ideas and collaborations across teams.

    When you do have to communicate, encourage your teams to do it in the most straightforward way possible. By simplifying communication and making it easy to understand, discussions are more focused and decisions are made faster.

    Related: The Key to Effectively Communicating Important Messages Is All About Simplicity

    Put simplicity at the heart of your product

    A simplification mindset can also be applied to product development. By making small incremental changes, sometimes with test groups of users, you can use the inspect and adapt methodology to understand their adoption, as well as any issues, and innovate further accordingly. Every so often, you can combine all these small changes into a large product update that you roll out for everyone.

    For example: A company added a lot of extra value to its product with new features and releases. In theory, this was great for the users, but some found the UI overwhelming and new pricing options confusing. To use a metaphor, some people are happy to be given ingredients to make their own meal, but most would prefer the chef do the cooking so they can enjoy the final result.

    Having understood this through their feedback, the company introduced a change to its UI that helped users get the end result they wanted, without having to work hard to achieve it themselves. By simplifying, the company maximized the impact of the value of all the new additions to the product.

    Related: Keep It Simple: Why Simplicity Is Key To Making Your Brand Win

    Richard Branson once said: “Any fool can make something complicated. It is hard to keep things simple.” Simplicity won’t come about by accident — you need to be intentional. You have to call it out and make it a focus for the whole company. You need to put it at the heart of everything. And when you succeed, the impact will be huge.

    Itzik Elbaz

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  • How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

    How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Summer is just around the corner, and with it comes an influx of vacationers ready to explore new destinations. As the summer travel season begins, businesses operating within travel and hospitality must adopt robust strategies to manage the anticipated increase in transaction volumes and fraud risks. These strategies must also effectively manage disputes and chargebacks during a peak travel period that’s expected to break records.

    Americans are still choosing to prioritize their vacations despite challenges like international unrest and rising prices. Projections from the Transportation Security Administration (TSA) suggest we’ll see a record-breaking summer travel season in 2024, with officials anticipating the busiest travel season ever.

    52% of consumers say they plan to travel as much in 2024 as last year, with another 40% saying they expect to travel even more. These prospective travelers already have significant budgets set aside for these trips.

    Millennials and Gen Z are the driving forces behind this trend. People in this cohort tend to prioritize experiences over material goods and seek a healthy work-life balance to explore new places and cultures. They’re also heavily influenced by social media, where many influencers showcase travel as part of an aspirational lifestyle.

    This surge in travel drives global business at every level of the economy, but it also creates a heightened sense of risk. For businesses, effectively managing fraud and chargeback risk year-round is crucial to navigating the travel space.

    Let’s explore the best strategies and tactics for managing these threats, whether in-house, hybrid or outsourced, and why asking for help might be the most effective course of action this year.

    Related: How a Bad Billing Descriptor Can Cost You

    The challenges ahead

    While a travel boom is fantastic for businesses and local economies, it poses significant challenges that underscore the necessity of comprehensive fraud and chargeback management. An exceptionally busy travel season can aggravate existing chargeback triggers already intrinsic to the travel space. We may see:

    1. Increased Transaction Volume. The sheer volume of transactions during peak travel seasons makes managing and monitoring every transaction closely difficult. This increased volume can overwhelm internal systems, leading to errors and delays in handling disputes, contributing to more chargebacks.
    2. Fraudulent Activities. Fraudsters take advantage of the busy season, knowing that the high transaction volumes can mask their activities. From fake travel deals to phishing emails, the types of fraud targeting travelers are diverse and sophisticated, increasing the likelihood of chargebacks from unauthorized transactions.
    3. Overbooked Flights and Hotel Shortages. High demand can lead to overbooked flights and sold-out hotels. When travelers are bumped from flights or denied rooms, dissatisfaction spikes. So, too, does the number of chargebacks as customers dispute charges for services they didn’t receive.
    4. Poor Customer Service. Understaffing is common during peak periods, resulting in longer wait times, unresolved complaints and poor service. Frustrated customers often turn to chargebacks to resolve their grievances when they feel neglected or mistreated.
    5. Operational Strain. Handling a surge in transactions requires a well-prepared operational setup. Without it, companies might fail to process payments and refunds promptly, further aggravating customers and leading to more disputes and chargebacks.
    6. Financial and Reputational Impact. Chargebacks result in financial losses due to refunds and fees. However, they also damage a company’s reputation with customers and hurt their relationships with financial institutions. High chargeback rates can result in higher processing fees and, in severe cases, the loss of merchant processing privileges.

    Considering what’s at stake, you can see why it’s incredibly urgent to prioritize effective chargeback management. Aside from saving time and money, it can also help boost customer trust during the peak travel season.

    Managing chargebacks: In-house, hybrid or outsourced?

    Travel operators can adopt one of three chargeback management strategies to handle the increased demand and the potential challenges outlined above.

    First, they can manage everything in-house. This involves maintaining a dedicated team to manage disputes, enhance customer support and refine fraud detection systems. While this approach offers direct control, it can be resource-intensive and requires constant updates and training to stay updated on new fraud tactics and regulatory changes.

    A second option is to outsource everything. This allows travel companies to benefit from specialized expertise and advanced technologies without the burden of maintaining an in-house team. Third-party providers can offer scalable solutions, real-time fraud detection and comprehensive chargeback prevention strategies. However, it can also mean that merchants lack insight.

    As a third option, merchants can try taking a more hybrid approach. Combining internal efforts with external support lets businesses leverage advanced technologies and knowledge from third-party providers while retaining some control over the process. This approach provides a balance between direct oversight and external expertise.

    Related: How to Fight Fraud and Chargebacks Should Regulation Fail

    Industry collaboration

    As we gear up for a record-setting summer, it’s clear that improved industry collaboration could be the key to addressing fraud and chargebacks.

    We could consider the transformative potential of open data and artificial intelligence (AI) within the tourism industry. Combining an open data strategy with AI can enhance decision-making processes, helping to personalize customer experiences and optimize operations.

    By harnessing open data, businesses can gain valuable insights into traveler preferences and behaviors. This insight can be refined using AI to forecast trends and tailor services.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Open data and AI will have a much more symbiotic relationship in the future. The kind of collective effort that open data demands will create a more secure environment for our customers and protect our businesses from the financial strain of chargebacks. These technologies promise to boost efficiency and innovation in tourism, help manage threats and enhance the overall travel experience.

    Ultimately, travel operators need to be proactive. By adopting the right strategies and fostering collaboration across the industry, operators can thrive during this busy travel season and create a better experience for all travelers.

    Monica Eaton

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  • 5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

    5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shortage of examples of successful solopreneurs who have forged their own path to grow ground-breaking businesses. They’re often held up as people who value autonomy and control and who approach business building like it’s a hero’s journey.

    But I believe our culture has blown the “solo” part of solopreneurship out of proportion, leading many would-be entrepreneurs and creators to feel like they have to go it alone. And while solopreneurs are solely responsible for making decisions about their businesses, it doesn’t mean they have toil away independently on every aspect of it. Doing so can actually be detrimental.

    Many successful entrepreneurs find ways to involve others for support and guidance and to create a shared journey. Through my work with creators, many of whom are solopreneurs, I’ve seen how this approach can be transformational. For example, for many years, my company has hosted an event in which women of color within the creator economy have shared their experiences. We found that creating space for these solopreneurs led to record-breaking attendance. It’s all part of a larger movement that has seen solopreneurs come together in real life and on virtual platforms to leverage the power of community and collaboration.

    Related: 5 Ways for Solopreneurs to Sustain Momentum and Thrive

    As a solopreneur, you are part of something bigger

    The growing number of solopreneurs has effectively changed the face of our economy. Today more than 80% of American small business owners operate without any staff. For some, this works well.

    But I’ve noticed that many creators, for example, go into their journey with the mistaken belief that if they can’t figure it out on their own, they’re not cut out for entrepreneurship. The reality is that stoically resisting help or not seeking out support or community can lead to loneliness, burnout and even depression.

    Working with others is powerful, and many brands are tapping into this movement and finding ways to facilitate inspiration and connection by bringing their communities together – whether it’s around e-commerce, crowdfunding, fitness or other aspects of life and business. The cliche really is true: we may go faster alone, but we often go farther together. Embracing a community-based approach can lead to tangible benefits.

    The power of finding your people (and places)

    Broadening your definition of solopreneurship isn’t just about finding people to work with though. It can also be about uncovering solutions you didn’t know existed, getting access to information or guidance from people who have been there, or even just having a place to go when you need a break from your home office. Here are a few of the ways I’ve seen individuals take a collaborative approach to solopreneurship – and reap the benefits:

    Choosing tech platforms that offer community

    We’ve all experienced the rise of online communities – public and private – but consider the unifying force of tech tools that support people in achieving specific goals. Whether it’s launching a course or implementing a payment system, you’ll find people rallied around platforms offering concrete solutions. Choose your platforms wisely, and you’ll end up with more than just tools; you may find new colleagues, collaborators and a wealth of shared expertise.

    Working from a coworking space

    Anyone who’s ever worked from home – or launched a business from their basement – understands the value of a good coworking space. Beyond situating you among peers, they offer rich gathering spaces for solopreneurs who want to network, learn, and enjoy the creative energy of others. Research has shown that people thrive in coworking spaces thanks to the collective boost in productivity and creativity – and that they can also be a great antidote to burnout.

    Attending in-person conferences and events

    Ever since Covid put a pause on live events, it’s been tough for many of us to get back into the swing of it. But there are benefits to immersing yourself in a room full of strangers – particularly the opportunity to forge deeper connections. Sharing new experiences with other people in person can lead to the kinds of bonds you just don’t get over Zoom (and making that in-person investment can open up other ways to maximize your returns there, too.)

    Teaming up with a partner

    Collabs are still having their moment, but they can be more than just a trendy way to build an audience. I get genuinely excited when I see solopreneurs I follow come together because I’ve seen how great collaborations can effectively fill business gaps. Plus, good partnerships can also uncover new opportunities, boost revenue and even fuel innovation. Sure, there can be risks to collaborations too, but as long as you stay true to your goals and your brand, you stand to benefit.

    Related: Solopreneurs are Changing the Face of the Economy

    Finding a mentor

    Much like peers, mentors offer business advice based on their lived experience, but they also bring the wisdom of seniority. But if the intimidation factor of approaching a mentor is holding you back, you can always start more informally. Many solopreneurs give back to their communities by sharing their learnings through courses or live events. Start by following people you admire and see what it can lead to.

    However you choose to expand your definition of solopreneurship, keep in mind that inviting others into your journey doesn’t negate your success; at the end of the day, the buck still stops with you. By piecing together a new narrative about the realities of solopreneurship, we can start to normalize the idea that creators and entrepreneurs don’t need to walk this road alone. And sometimes, just knowing that help – and a shoulder to lean on – is out there can go a long way toward boosting resilience, capacity, and the determination to keep going.

    Christie Horsman

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  • How to Get Beat Out Your Competition by Making a Lasting Impression | Entrepreneur

    How to Get Beat Out Your Competition by Making a Lasting Impression | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    I’m in the public relations space, and as of last count, there are more than 48,000 other PR firms in the United States. A large fraction of these compete with my agency in the five hub cities where I operate. Yet mine consistently ranks among the highest in those cities — Nashville, for example.

    Is it because I know my industry better than my competitors? Because I land more placements for my clients? Because my team is more talented or my network of connections more expansive? As much as I’d like to think that I’m running with the front of the pack based solely on the quality of my services and the effectiveness of my methodologies, it’s far more likely that I earn rave reviews and generate referrals from my clients due to two words: personalized attention.

    More specifically, my team and I go well above and beyond to create an exceptional customer experience at my firm because I’ve learned over the years of running my own business that it’s the client’s impression of you that matters most — that’s what informs all other aspects of customer relations, drives all other client decisions and determines if they’ll stay with you or not (even more so than short-term results).

    Even in the digital age we all inhabit, with so many automated tasks and productivity tools that populate our workplaces, personalizing the professional is a surefire means to client retention and satisfaction. Here are five practices I regularly follow to make the most positive impression on my clients I possibly can.

    1. Get a copy of your client’s org chart

    When you understand the structure of your client’s business, you understand who does what, who reports to whom, and, in turn, you know who to go to for what. Not only is this an immense time-saver — as in not filling people’s inboxes unnecessarily with work that doesn’t pertain to them — but your clients will also appreciate that you did your homework on their staffing.

    It’s so much more impressive to send a note that says, “Would your team like to see this before we send it up to Jeremy?” or “I believe Bettina has the final sign-off here” than “Are you the right person to contact about this?” And note the use of actual names here — learning the first names of everyone you’ll be working with moves you into first place faster than you’d think!

    Related: 4 Ways to Make the Best First Impression With Your Customers

    2. Use proper grammar and punctuation

    Make sure that all your communications to your client — and, far more importantly, all the communications you prepare on their behalf — are written properly. Yes, it takes some extra work to eliminate errors. Still, it’s absolutely worth the effort when you consider how much just one typo can mar an entire project (ever seen “pubic” instead of “public”?) and how poorly faulty grammar can reflect on quality output, education level and attracting the intended audience.

    Though it may be true that language standards are slipping in America, that doesn’t mean nobody’s noticing the shoddy quality of copy. Some people still notice and care. If your client is one of them, you’ll earn bonus points by knowing the difference between “compliment” and “complement” by not allowing both “San Antonio Riverwalk” and “San Antonio River Walk” in the same publication. Use your grammar checker. Always do a spell-check. Re-read everything you produce. And if you don’t have a language maven on staff to serve as your in-house proofreader, hire an affordable freelancer who can provide quick turnaround times.

    3. Choose video over audio

    Whenever possible, schedule video calls and videoconference meetings over phone calls and phone meetings. The day and age of in-person meetings is quickly becoming obsolete. Still, there will never be a replacement for face-to-face interaction, eye contact, observing facial expressions and showing your client with every head nod and eyebrow raise that you’re following what they’re saying and closely attending to your conversation.

    During the pandemic, cultivating one-on-one relationships over Zoom and Teams became the new norm, and most people are entirely fine leaving it that way! Interacting over a screen instead of a conference table is just more convenient, time-effective and environmentally friendly. Nevertheless, we can’t afford to lose the “one-on-one interaction” part of business relationships. Remember the old Bell advertising slogan? Well, video is the modern-day equivalent of “the next best thing to being there,” so leverage your camera as often as possible to “see” your clients, not just talk to them.

    4. Mark your calendar!

    Notate birthdays, business anniversaries, baby due dates. Keep a record of your client’s big meetings and conference attendance. On those days, send a person-to-person text or email. And the more specific, the better, such as “Hope your coffee product presentation in Jersey went well and the traffic wasn’t too bad on the Parkway!” Or “Congrats on baby Elliot. That was my grandfather’s name, and I hope it serves your brand-new son as well as it did him.”

    By incorporating the personal into the professional, which is a pillar of my own approach at my company, clients value your role more because you’ve actively endeavored to become part of their lives, not just an appendage of their business. In other words, when you add personal touches to your communications and conversations, your clients can’t help but think of you on a more human level rather than just a professional contact with whom they can easily cut ties.

    Related: 6 Strategies for Making a Good First Impression During Business Meetings

    5. Observe the line between personal and professional, but use both — often

    On a related but separate note: As much as I’m saying to weave personal connections into your daily dealings with your clients, you never, ever want to go too far. You can use humor, but not off-color humor. You can show vulnerability, but you don’t want to appear weak or indecisive. You can ask questions and admit what you don’t know, but be strategic (not lazy) about trying to resolve issues yourself before coming to your clients with them. And be yourself, absolutely always be genuinely yourself, but don’t expose so much that you cross the line into overintimacy or inappropriate divulgence.

    By speckling your client interactions with individual touches as you simultaneously maintain proper decorum, you will put a personal face on your business name. And that name will leave more of a mark on your customers precisely because of your adept balancing act between the personal and the professional.

    Part of making a meaningful impression on your clients is consciously putting your best face forward every day, in every way. Don’t let them see a messy office behind you on Zoom, but let them vent about their kid’s tonsillitis for 10 minutes if needed. Don’t bad-mouth other clients or finger-point when things go wrong, but get to know them well enough that you’d love to grab a drink next time you’re in town.

    Take every opportunity you can to show your clients — and then remind them often — that “business as usual” to you means being prepared (as in learning an org chart), producing quality output (that’s been proofed), scheduling face-to-face encounters, observing special occasions in their lives and sharing your authentic self, who happens to be a multifaceted, wonderful human being with flaws who’s also an utter professional and a real pro at what you do!

    Emily Reynolds Bergh

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  • Building an Agile Remote Team Is No Easy Feat — But It’s About to Get a Whole Lot Easier Thanks to This Transformative Tool. | Entrepreneur

    Building an Agile Remote Team Is No Easy Feat — But It’s About to Get a Whole Lot Easier Thanks to This Transformative Tool. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In a post-Zoom world, the question, “Are the right people in the room?” persists, even if only metaphorically. However, having all the relevant cross-functional team members present remotely may not eliminate the danger of silos as effectively as everyone being physically present. Yet, there is a solution beyond the old debate about returning to the office. The tools of virtual reality (VR) and augmented reality (AR) have the potential to create fully immersive environments that give business leaders the best of both worlds.

    In my experience helping mid-level and senior managers in the tech industry become better leaders of their teams, I have found that applying agile methodology is the best way to align teams, but it has proven challenging in remote environments. “Agile” is a project-management methodology that grew out of the software development industry in the early 2000s as a means of delivering work incrementally and collaboratively to allow for frequent course corrections. Its lessons are especially applicable to industries where there is a need for adaptability and responsiveness to change, such as e-commerce and marketing.

    However, remote team members with different expertise tend to communicate blindly without fully understanding each other’s capabilities. This is where the metaverse comes into the picture. Those issues could be solved in a digital universe where employee avatars collaborate in a simulated office and interact directly with products and services in this virtual space. By adopting core best practices developed for the agile methodology now, such as more frequent feedback and cross-functional collaboration, business leaders are setting the stage to take advantage of this evolution.

    Related: Exploring How Virtual Reality is Changing Startups

    Unlock efficiency and collaboration

    The metaverse is not the stuff of science fiction. Advocates of the next internet say it is poised to shift our working lives in the same way that social media and mobile devices did in the web’s first iteration. With 61% of managers citing communication as the biggest challenge of remote work, the metaverse promises to re-introduce some of the elements of in-person collaboration.

    In a video environment, extra effort is required to engage directly and transparently about the expectations and capabilities of each person. However, the metaverse could enhance the ability of everyone to continuously move toward a shared goal. Last year, the Ministry of Internal Affairs in Lower Saxony, Germany, piloted workshops in a virtual environment designed and constructed by PwC. In the resulting study, participants wearing VR headsets found the metaverse process far more agile and efficient than videoconferencing, and their sense of closeness with colleagues rose by 58%.

    Customized virtual offices may have a unique role in meeting the agile ideal, where every person on the team, including the product manager, has an equal opinion. But you don’t have to wait for this tech to go mainstream to experience the benefits of agile. The key is to give teams clear visibility into project roadmaps and identify where and why teams are not escalating issues promptly.

    Drive value from being fully present

    The daily “stand-up” is the most important aspect of the popular agile scrum framework. Teams get 15 minutes of daily face time, and it must be quick and easy: Here’s what a person did yesterday, this is what they’re doing today, and these are their “blockers” (obstacles). The team operates as equals, while the single point of contact — the scrum master — can assist in making priority decisions.

    But when teams lose face-to-face time in digital collaborative spaces, they lose the stand-up. Before, if someone stated a blocker, the entire team would be present to discuss a way around it. This system was designed to allow agile teams to solve problems on the spot. The challenge for remote teams is retaining the same speed of agile in an environment where people often aren’t as engaged.

    When the metaverse comes around, “standing up” will again become possible through avatars and a virtual scrum board. Until then, managers need to encourage open communication and ensure the right individuals are empowered to make decisions. I also suggest demonstrating to people, not just telling them, that mistakes are learning opportunities in a blameless culture.

    Break down silos virtually

    If a virtual workspace is well-designed with optimized visibility, teams may find themselves naturally drawn towards breaking down silos through open, transparent communication. That means evaluating whether the team can keep track of what the problems really are as the market shifts, as well as looking at the team’s execution style.

    Begin to experiment with this approach by ensuring that people are not left to tackle problems alone. That is when they tend not to escalate, and everything slows down. If you are not already using daily stand-ups, use these sprint sessions to allow the entire team to know the tasks, the problems, and how the problems might be blocking individuals from completing the tasks.

    People need to feel confident owning their decisions because businesses don’t have the luxury of time anymore. As we head into our brave new future, having all components of a virtual workplace reflect change in real-time will bring everyone up to speed and leverage the values of simulated face-to-face interactions.

    Related: The Metaverse Has Definitely Lost Steam — But Is It Dead?

    Paving the way for confident decision-making

    In an enterprise metaverse environment, asking if everyone is in the room can once again be asked more literally — enhanced by audio-spatial technology that means the person to your right really sounds like they are to your right. Comfort with conflict and confident decision-making may prove easier with everyone more present. To leaders considering experimenting with metaverse platforms, McKinsey suggests adopting a test-and-learn mindset. Start small by integrating select elements, such as virtual whiteboards or project rooms, into your existing workflows to not only see how your team responds — but to gauge the potential of this technology. Where digital collaboration tools pose challenges, an enterprise metaverse promises to help companies build highly engaged remote teams that are quick on their feet and able to swiftly work toward a profitable MVP.

    Mary Hubbard

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  • The Most Successful Entrepreneurs Know When to Say ‘No’ | Entrepreneur

    The Most Successful Entrepreneurs Know When to Say ‘No’ | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    “We’ve said no to Fortune 500 companies,” said Tim Bergler of Percipio Group Consulting during an expert panel session with 50 entrepreneurs in the room. Bergler was sharing the one piece of advice he would give new entrepreneurs in Portland, Oregon’s EO Accelerator program. “Don’t be afraid to say no if you can’t nail the work for your customer,” he continued. His answer rang a bell for me.

    Recognize the power of no

    As I thought about the most successful entrepreneurs I know, I realized they say no to most “opportunities.” When I reflected on my companies, I noted that our greatest successes occurred after we got really clear on what we would not do.

    The overarching issue is that most people say yes too much. When you start a business, you mostly think about what you will do — which is pretty much anything to grow the company. So, you say yes to everything and focus on getting more sales however you can. And while that might work in the short term while you are smaller, it doesn’t work long-term, and may even keep you smaller.

    That’s because as a growing company, resources are finite and can easily be wasted. Saying no is critical because it empowers you to focus your limited resources — people, time, money — on the core elements that drive success best.

    Related: Stop Overworking Yourself Because You Say ‘Yes’ Too Often — Here’s How to Harness the Power of a Simple ‘No’

    Devise your “Won’t Do” list

    While it feels counterintuitive, the most crucial question to ask is: “What won’t we do?” Gather your team and make a thorough “Won’t Do” list. Be thoughtful about it and commit to the result. Watch how this exercise focuses and propels your company.

    Businesses with a narrow focus on delivering only what they can nail for the customer — a product or service not readily found elsewhere — are the successful ones. Think about all the businesses you love. Are they doing everything for everybody, or just one thing exceptionally well?

    Take the grocery business. Standard grocery stores sell an astonishing range of food items in a super-competitive segment with low profit margins. Compare that with Costco or Trader Joe’s, which are high-profit and focused on what will or won’t sell. They only stock value-added items that customers can’t find elsewhere. The top fast-food businesses — McDonald’s, Starbucks, Dunkin’, Chick-fil-A and Taco Bell — all have strong “Won’t Do” lists.

    A recent headline referenced “the most important stock on planet Earth,” which rose from obscurity to a $2 trillion valuation because of its “Won’t Do” list. That company, Nvidia, creates technology that enables AI. Nothing else.

    Related: Focusing as an Entrepreneur Is All About Choosing Opportunities Wisely

    The impact of strategic omission

    I failed to create a “Won’t Do” list for my first company, a commodity business that wasn’t particularly successful.

    The second time around, my self-storage business was way more focused. We shopped our largest competitors — Public Storage, Extra Space Storage and CubeSmart. Then, we thought deeply about what we could provide that they did not, as a way to differentiate ourselves.

    We made a comprehensive list detailing what we did not like about those companies. That list informed our “Won’t Do” list, which includes:

    • Change our prices every day
    • Upsell or push extra products/services
    • Save hidden costs for move-in
    • Route calls through a call center
    • Act like our customer is bothering us
    • Mandate insurance
    • Be a national company
    • Put a customer in a space that isn’t right for them

    That list is simple but magical. It does four remarkable things:

    1. Determines what you will do. Deciding what you don’t like and won’t do is a hack to identify what you will do, which is basically the opposite. Establishing a “Won’t Do” list creates a clear, inspiring answer for what you will be to your customer.
    2. Becomes the ultimate time-saver. By eliminating what you won’t do, you create space to focus on what you will do — and enhance that offering.
    3. Simplifies decision-making. Decisions are either on-brand or off-brand; the list makes it quite obvious.
    4. Clarifies your brand in a way you otherwise couldn’t. When you nail what you will do, your company will be more successful and profitable. You offer something unique that is not a commodity.

    Your “Won’t Do” list is an essential business tool. It doesn’t only limit business scope — it can also help shape how you operate; your business practices, pricing structure and how you will treat your customers. A plumbing company might opt out of electrical work but also exclude practices such as overcharging, pushing upgrades or setting half-day-long appointment windows. Ultimately, a “Won’t Do” list streamlines your focus and helps narrow your niche.

    Related: How to Say ‘No’ More Often: Why Every Entrepreneur Needs a ‘To-Don’t’ List

    Focus your business with boundaries

    Back to Bergler, who ran a management consulting company with a narrowly defined space where they could add significant value. He was as selective about the quality of people on his team as he was with the type of business they would do. The resulting quality of work put them in high demand. Eventually, incoming work opportunities exceeded capacity. He turned a lot of business away and even referred clients to competitors when he felt his company could not truly nail it.

    As a result, clients started to approach Bergler first because they had so many misses with sub-par competitors. It made Bergler the preferred provider for their best clients. When he chose to sell the business, multiple buyers were confident in the company’s durable income because of its 20 years of consistent performance and sky-high customer satisfaction.

    With our self-storage company, we enjoyed a lot of success quickly. Our differentiated brand made us a customer favorite, earning us higher marks than the big-box companies and ultimately making us a great acquisition candidate when we chose to sell.

    When we started a new company focusing on vehicle storage, one of the first things we did was shop our competitors and brainstorm our “Won’t Do” list.

    As I think of the many businesses I know through 20 years in the Entrepreneurs’ Organization, I can tell you there is a robust correlation between success and abiding by a strong “Won’t Do” list. Do yourself a favor: Make your “Won’t Do” list today.

    Barry Raber

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  • How Al Capone Inspired the Launch of a 95-Year-Old Family-Run Company | Entrepreneur

    How Al Capone Inspired the Launch of a 95-Year-Old Family-Run Company | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Creating our show The CEO Series has allowed me to sit down with some of the most innovative and inspiring business leaders in the world to get their insights on what it takes to launch, grow and sustain a meaningful business.

    This episode took us to Ozinga, the concrete and building material powerhouse. They’re based in Chicago and if you’re in the area, you’re surely familiar with their iconic red and white trucks. They have approximately 2,500 employees and I got to have an amazing chat with the guy who oversees it all, Marty Ozinga, the fourth-generation CEO of this 95-year-old company.

    Below are some highlights of that conversation, which have been edited for length and clarity. Watch the full video above.

    His approach to leadership

    “It’s not the people are working for you, they’re working with you. That’s the way I was mentored and taught. We all need each other. We all have different roles and responsibilities, but we’re working with each other.”

    Related: Why Notre Dame’s Football Coach Tells His Team to “Choose Hard”

    Ozinga’s 95-year history

    “Our family came from the Netherlands in 1893, the year of the World’s Fair here in Chicago. The family was always in the delivery business. Then in 1928, my great-grandfather was working with the Cook County Sheriff’s Department during Prohibition and dealing with the hazards of Al Capone and all of that. He had five kids at home and decided, “You know what? I don’t want to fight Al Capone anymore.” So he started a coal delivery business. And then around 1950, ready mix concrete became the era’s disruptive technology. Ready mixed means that it is batched for delivery from a central plant instead of being mixed on the job site. And so Ozinga became one of the first ready mix providers in the region.”

    Related: This Entrepreneur Started Making Short Videos to Share Her Passion for Cooking. Now Her Food Company Is a Global Powerhouse.

    On their iconic trucks

    “We’ve supplied concrete to iconic Chicago landmarks like Soldier Field and Wrigley Field, so it’s fun to be connected to places like that. And we’re really proud of our trucks’ red and white stripes. I think it was a combination of this keen sense of marketing, but also of national pride. But there’s also some joke that they were Dutch and very frugal and those were the two paint buckets in the garage. So I like both those stories.”

    The power of peacefulness

    “Our dispatch office is the nerve center of the business. It’s where all the orders come in from our customers, and then where we dispatch the trucks. It is intentionally very quiet inside. We’ve tried to get it as quiet and peaceful as possible because historically the dispatch office is a very intense, chaotic, loud and crazy place.”

    Building and sustaining a legacy

    “There’s an emotional connection for my family and this company. We’ve been really fortunate that we get to embed ourselves in communities throughout the Midwest. We’re committed to our employees and our customers — we want to be here for the next hundred years and longer. That’s our intention. And while change is necessary so you don’t get disrupted and die and go out of business, there are certain things that you shouldn’t meddle with. Our core principles are the foundation for who we are and why we do what we do — that should never change.”

    Related: How Personal Passions Fuel Business Success for the CEO of Vivid Seats

    Check out more profiles of innovative and impactful leaders by visiting The CEO Series archives.

    Will Salvi

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  • How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Business-minded entrepreneurs are focused on one path to success: establishing a business and achieving sustainable growth. While the direction is clear and the mission is straightforward, the path is full of challenges and missteps — but more importantly, there are opportunities.

    More often than not, the path to sustainable growth requires creativity. For example, a fitness studio that sells class passes and memberships will eventually hit a revenue plateau. This happens when growth stabilizes and income from the core service hits a predictable cadence. While there are still opportunities to sell more classes and memberships, the reality is that other revenue streams — specifically, value-add products and services – are what will truly help scale the business.

    What are value-added products and services?

    Value-add products and services enhance the customer experience, address pain points and demonstrate the company’s commitment to providing exceptional value. These “perks” offer customer benefits that go beyond the business’s core products or services.

    Offering value-added products and services to your existing customer base can create more loyal customers, which in turn can lead to increased revenue, improved customer retention, and a reinforced brand reputation.

    Related: 3 Easy Ways of Getting Value Addition Right During Entrepreneurship

    Here are three value-add products and services that can help your business scale:

    1. Digital cards

    Digital cards are virtual business cards stored in a digital wallet. They can be shared electronically via QR code scans, email, social media or messaging apps.

    Digital cards provide a convenient, digitized way to share your company’s contact information, keep customers updated in real-time, and offer exclusive deals, offers, or other perks. In essence, they help increase a brand’s visibility by always being a few taps away. The cars can also improve customer engagement and enhance the customer experience by providing special discounts or notifications exclusive to those who have the digital card.

    Some platforms can help you create and manage a digital card, and most are affordable and turnkey. The predicted ROI of the investment is tied to awareness and engagement, which, when activated with an accompanying strategy, will boost sales and revenue.

    To launch a digital card initiative, research digital care platforms and identify the providers that offer solutions aligned with your business goals, needs, and budget.

    2. Extended warranties and service plans

    While not always looked at as value-add, extended warranties and service plans provide coverage beyond a standard manufacturer’s warranty. These warranties and plans offer peace of mind to customers and can increase their confidence in your products or services.

    The additional perks and sense of security can increase customer satisfaction. If your company has the capacity and can help resolve customer issues quickly and effectively, these benefits can reduce customer churn, increase customer lifetime value, and enhance the company’s reputation and dedication to quality and satisfaction.

    The investment associated with extended warranties and service plans will vary depending on the product or service and the length of coverage. To determine the viability of this option, create a cost-benefit analysis, which will help determine if this value-added option will be beneficial and worth the investment.

    If you plan to add extended warranties or service plans to your business, evaluate the demand to ensure your customers will appreciate them. Then, find a reputable partner who can help ensure the new offerings are legally sound, competitive, and will meet your customers’ needs.

    Related: If You Want Your Clients to Truly Value You, You Need to Be Their Trusted Advisor. Here’s How.

    3. Loyalty programs

    Loyalty programs are most often focused on rewarding customers for their continued patronage. The programs encourage repeat business and foster brand loyalty by recognizing and rewarding customers based on their behaviors (and the rewarded behaviors can go beyond just the purchase history).

    Whether the loyalty program is perks-based or offers rewards points associated with discounts and coupons, loyalty programs ultimately incentivize customers to keep coming back. They enhance and trigger engagement and offer opportunities for feedback. In addition, loyalty programs launched with the right intentions and an effective structure can provide valuable first-party customer data that will help you understand your customers’ preferences and lead to a higher degree of personalization and targeted offerings.

    To implement a loyalty program, identify the “loyal” audience (demographics, behaviors, etc.) and program goals, and map out the program structure. Then, do some research and contact loyalty program providers that offer a platform and tech stack that complements your existing infrastructure.

    Leverage value-add products and services to scale

    To scale a business, you don’t have to reinvent the wheel. You can add value and create additional revenue streams by staying true to your business and developing complementary products or services that align with what you offer and what customers want. Adding these digital offerings can make it simpler to scale by boosting profitability and accelerating business growth.

    Louis Lombardi

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  • How to Be an Better Communicator in 7 Steps | Entrepreneur

    How to Be an Better Communicator in 7 Steps | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Back in the late 1980s, when I was in the early stages of establishing my advertising agency, an invitation came my way to speak at a Chamber of Commerce event in Upstate New York. I turned it down. At that moment, the idea of declining might have seemed counterintuitive, especially given my aspirations to grow my business.

    The reason? I was afraid. Fear held me back from seizing an opportunity that could have propelled my agency forward. Not long after that failed opportunity, a pivotal moment arrived during a staff meeting. A few days after the meeting, my Art Director approached me with feedback that was both unsettling and enlightening. He said that everyone had been confused about a particular topic I had discussed, yet no one felt comfortable confronting me about it.

    This incident served as a wake-up call, prompting me to confront my fears and recognize the crucial role effective communication plays in business success. It was clear that if I intended to thrive as a businessperson, especially in a leadership role, mastering the art of public speaking was not just an option — it was a necessity.

    Fast forward to today, forty years later. I started and ran a very successful advertising agency for nearly twenty years. I have been speaking and training globally for over twenty years. I can say with 100% certainty that focusing on better presentation skills after that feedback from my employee was the most important career decision I’ve ever made.

    Related: The Complete, 20-Step Guide to Ace Public Speaking

    You don’t have to be a professional speaker to speak like a professional

    Throughout my career, I’ve had the distinct privilege of coaching aspiring professional speakers as well as numerous executives, guiding them toward becoming not just better communicators but compelling presenters. Whether it’s delivering a critical pitch to board members, leading a staff meeting, or captivating an audience at industry conferences, the power to communicate with both passion and precision is paramount. And by precision, I mean far more than just covering bullet points. It’s about hitting those crucial, emotionally charged points that truly connect with your audience.

    Related: What is a Keynote Speaker and Why Are They Important?

    Improving presentation skills is an ongoing process that can significantly enhance a leader’s effectiveness and ability to achieve organizational objectives. Here are seven steps to becoming a better presenter and a more effective communicator.

    1. Understand your audience: Begin by researching and understanding your audience. What are their interests, challenges, and expectations? Tailoring your message to the audience’s needs and perspectives increases engagement and impact.
    2. Master your content: Know your material inside and out. This doesn’t mean memorizing your presentation word for word but being comfortable with the content so you can adapt on the fly, answer questions, and engage in meaningful dialogue.
    3. Practice relentlessly: If possible, practice your presentation multiple times in various settings. This can include practicing in front of a mirror, with a trusted friend or colleague, or recording yourself to review your performance. The goal is to become comfortable with your delivery and refine your pacing, tone, and body language.
    4. Engage with storytelling: Incorporate storytelling into your presentations. Stories are powerful tools for making complex information understandable and memorable. Use personal anecdotes or hypothetical scenarios that resonate with your audience’s experiences.
    5. Hone your nonverbal communication: Pay attention to your body language, eye contact, and use of space. Nonverbal cues can reinforce your message or, if not managed well, distract from it. Ensure your posture is confident, your gestures are purposeful, and you maintain eye contact with your audience to build a connection.
    6. Manage nervous energy: Learn techniques to manage anxiety and nervous energy. This can include deep breathing exercises, positive visualization, or a pre-presentation routine that helps you center yourself. Recognize that some nervousness is natural and can be channeled into dynamic energy that enhances your presentation.
    7. Seek feedback and continuously improve: After each presentation, seek constructive feedback from peers, mentors, or audience members. Reflect on what worked well and what could be improved. Consider working with a coach or joining organizations like Toastmasters International to gain insights and practice in a supportive environment.

    By following these steps and committing to continuous improvement, you’ll become a better speaker or presenter and a more effective communicator, capable of inspiring and leading others with confidence and clarity.

    Related: 10 Public Speaking Hacks I Learned From My TED Talk

    Remember, effective public speaking is essential in leadership — it’s not just a skill. It’s a necessity. Now, let’s delve into the key benefits of mastering presentation skills for any leader.

    1. Influence and persuasion: Effective presentation skills enable leaders to influence their audience’s attitudes, beliefs, and behaviors. Persuasive presentations can motivate teams, sway stakeholders, and drive organizational change. A leader who is a compelling presenter can better advocate for their vision, inspire action and garner support for initiatives.
    2. Clarity and direction: Leaders often need to communicate complex information, strategies, and visions to a diverse audience. Being a better presenter helps ensure that messages are delivered clearly and concisely, reducing misunderstandings and aligning the team with organizational goals. Clear presentations help demystify complex issues and provide a roadmap for what needs to be done.
    3. Credibility and trust: Presentation skills are directly tied to a leader’s credibility. Leaders who present confidently and effectively are more likely to be perceived as knowledgeable and competent. This perception builds trust within the team and among stakeholders, which is essential for effective leadership and collaboration.
    4. Engagement and inspiration: Dynamic presentation skills help leaders engage their audience emotionally and intellectually. By being a better presenter, a leader can connect with their audience on a personal level, fostering a sense of community and shared purpose. This engagement is crucial for inspiring teams and driving them to embrace challenges and achieve goals.
    5. Adaptability and impact: Leaders must be able to tailor presentations to different audiences and situations. Effective presenters can adjust their message, tone, and delivery to suit the situation, whether they’re motivating a team, pitching to investors, or speaking at a large conference. This adaptability maximizes the impact of their communication, ensuring that their messages resonate broadly and drive desired outcomes.

    In conclusion, becoming an exceptional presenter is a personal and professional evolution, marking a leader’s commitment to excellence and influence. It’s a path that amplifies a leader’s effectiveness and elevates the entire organization. For leaders aiming to leave a lasting imprint on their teams, stakeholders, and industry, refining presentation skills is not just a strategy — it’s a mission. As we’ve seen, the benefits are clear, transformative, and within reach for those ready to embrace the challenge and harness the power of truly impactful communication.

    Scott Deming

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  • Are You Underpricing Your Products? Here’s How to Find Out | Entrepreneur

    Are You Underpricing Your Products? Here’s How to Find Out | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Do your customers know what your products are worth? That may seem like a bizarre question at first, but in reality, many businesses routinely fail to convey the actual value of their products. Unsurprisingly, this miscommunication is seldom in a business’s favor.

    More than 20 years ago, experts at McKinsey & Company found that between 80% and 90% of mispriced products are priced too low — and that remains true today. That’s potential revenue lost right out of the gate, and more than you might think. A 1% increase in price without a change in the volume of products sold equates to an 11.1% increase in operating profits, according to this comprehensive study by Harvard Business Review published in 1992 and still widely cited today.

    Related: 10 Questions to Ask When Pricing Your Product

    Where does value go?

    Your products and services inherently create a certain amount of value for your customers. We’ll call this the “actual value.” In the ideal world, everything you sell would be priced based on the actual value. However, we don’t live in the ideal world. Actual value is monstrously difficult to calculate and can fluctuate per customer.

    Not all of your customers will be able to see, or frankly even benefit from, the total potential of any given product. Smartwatches, for example, can track hundreds of unique exercises, but if all you do is run, then the value of those additional features would be difficult to see. Marketing has an impact as well. Sticking with the smartwatch example, if you fail to effectively communicate a useful feature — leaving your potential customers unaware — then that can have a negative impact on this “perceived value.”

    Now, your customers may agree that your product produces a certain amount of value for them, but that doesn’t mean they’re willing to pay for it. Dozens of factors can impact how much a particular customer is willing to pay: urgency, income, brand loyalty, advertising, social impact, etc. Finding this number is tricky, yet highly rewarding. If you can identify the maximum amount your customers are willing to pay, you can maximize your profits while capturing as much value as possible.

    Many companies are unable to determine exactly how much their customers are willing to pay. What that means is that the price your customers typically expect to pay is instead the “target price.” This is the value that you and your team hopefully determined is as close to the actual willingness-to-pay value as possible.

    Finally, if you work in a sales-heavy field you may find additional value being lost to concessions and discounts. In this situation, the final price paid would be known as the “realized price.” How much value was lost between all of these steps? Many think quite a bit. Bain and Company found after interviewing dozens of CEOs, CMOs and other executives at more than 1,700 companies that roughly 85% of those who responded believed they could be doing a better job making pricing decisions.

    How can I capture more value?

    Let’s begin by trying to understand how much our customers are actually willing to pay for our products or services. We can do this by surveying our customers, assembling focus groups, experimenting with pricing or even hosting an auction.

    If we’re not happy with how much our customers are willing to pay, we may need to take a step back and instead focus on their perceived value of your product or service. When we help our customers see more value through activities like branding, outreach and communication we directly increase how much they’re willing to pay.

    Alternatively, we can choose to adopt a different pricing structure entirely. More and more service-based businesses are looking towards metric-based pricing to offer an adaptive structure that better aligns with the perceived value of each unique customer. Some examples of metric-based pricing are usage-based like gym punch passes and cellular minutes, or user-based pricing, which is a popular choice in the SaaS realm. There are great examples of metric-based pricing all around us. Mechanics often charge per hour while bowling alleys frequently charge per game. These metrics work because they’re reasonable, predictable and fair.

    Related: How to Get the Price Your Product or Service Deserves

    Don’t miss out on potential profit

    Let’s look at the math together. Imagine with me for a moment that you own a coffee shop selling lattes for $5 each. These lattes cost you $1 to make, earning you $4 in profit. If you sold 100 lattes, unsurprisingly you would make $400 in profit.

    However, unbeknownst to you, your customers are willing to pay $7 for that same latte. That’s a more generous $6 in profit, netting you an additional $200 per 100 lattes sold — a 150% increase. In fact, even if you wound up selling fewer lattes — let’s say 90 instead of 100, that’s still a 135% increase in profits.

    In short, don’t leave any money lying on the table. If your customers are willing to pay more, now is the time to find out.

    Itai Sadan

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  • How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

    How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Companies often face the most unexpected issues when it comes to growth: The very success that propels them forward can also become their greatest challenge. Rapid growth, while indicative of a business’s vitality, can present complexities requiring business owners to take notice of.

    I aim to help you explore these conundrums and provide actionable strategies for effectively managing rapid business expansion, particularly for those unfamiliar with these often surprising business dynamics.

    Related: How to Identify and Address the Challenges of Excessive Business Growth

    Understanding rapid growth: Key questions addressed

    Rapid business growth can be exhilarating, but a spectrum of challenges accompanies it. One of the most conspicuous signs of overly rapid expansion is financial strain, where the generated revenue lags behind escalating operational costs. This imbalance can lead to severe cash flow problems — a critical issue for any growing business.

    Another significant challenge is the impact on employee morale. As the business expands, the existing workforce may find themselves overwhelmed by the increased demands, often without a corresponding increase in resources or support. This situation can lead to diminished productivity, increased turnover rates and a general decline in workplace morale.

    Customer service, a cornerstone of business success, also suffers under unchecked growth. The existing team, stretched thin by the demands of an expanding customer base, may struggle to maintain the quality of service that clients have come to expect. This decline can harm the business’s reputation and customer relationships, which are essential for sustained growth.

    Effective strategies for managing rapid growth

    At the heart of managing rapid growth is effective financial management. This entails a meticulous review of cash flow and proactive forecasting of future financial requirements. Businesses may need to explore options like refinancing or invoice factoring to ensure adequate liquidity. A robust financial strategy should also encompass budgeting, cost control and investment in growth-enabling resources. Defining clear growth objectives and conducting a comprehensive growth diagnosis are critical components of strategic planning. A well-crafted growth strategy should be based on a thorough analysis of internal resources, market conditions, competitor activities and customer needs. This strategy should not only guide the company through its current growth phase but also lay the groundwork for future expansions.

    Calculating and making decisions is an integral part of entrepreneurship. When we experience our first taste of success, the natural response is to want more, to have a “gung-ho” mindset and to do everything at all costs. However, what separates successful entrepreneurs from the rest is that they make calculated risks and it’s these rapid growths that can get in the way of businessmen and businesswomen from thinking clearly and making sound decisions.

    Moving forward with day-to-day operations, the role of employee well-being in managing growth cannot be overstressed. Fostering a workplace culture that recognizes and rewards contributions, ensures equitable workload distribution and supports work-life balance is crucial. This may include offering flexible working arrangements, competitive compensation packages and opportunities for professional development. Happy and engaged employees are more productive and are the bedrock of a thriving company.

    Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth

    A company that’s rapidly growing is also more vulnerable to economic recessions. Since these companies are growing too quickly, they make big splurges to match their demand without the proper planning behind the company’s operations. Oftentimes, it’s the employees who bear the brunt of the struggle and they become the victims of a company’s operational and financial mismanagement in the form of layoffs, salary cuts and more. It’s important for businesses to leave room for quarterly, bi-annual and annual reviews to make the adjustments necessary to keep up with the demands and the realistic limits of what your business can provide.

    As businesses grow, it’s imperative to maintain — if not enhance — the level of customer service, a mainstay of my policies at the Strategic Advisor Board. This involves regular assessments of customer service processes, addressing any issues promptly and potentially hiring additional staff to manage the increased demand. In my company, we have always made it important to prioritize the well-being of our customers. An example of this would be investing in customer relationship management (CRM) systems and training staff in customer service excellence can go a long way in preserving customer loyalty and satisfaction.

    Firm leadership is necessary in navigating the challenges of rapid growth. Leaders must balance their focus on day-to-day operations with strategic long-term planning. There have been way too many instances of business owners and entrepreneurs who operate solely within their vision and get too liberal with risky decisions. Effective leadership also involves being adaptable, making informed decisions based on real-time data, and leading by example.

    Everyone is always looking to be the next big thing in their specific business. Everyone wants to be the new Amazon or the new Netflix. This ambitiousness can end up biting your business in the back if you aren’t too careful and are too focused on your business’s demands without properly assessing your capabilities.

    Related: How to Navigate High-Growth Environments and Boost Revenue Through Visionary Leadership

    Final thoughts

    Navigating the high tides of business expansion requires a multi-dimensional approach, focusing on financial stability, strategic foresight, employee welfare, customer satisfaction and strong leadership. By addressing these key areas, businesses can transform potential challenges into stepping stones for sustained success and stability. Embracing growth should be a thoughtful, strategic process, where the pitfalls of rapid expansion are acknowledged and proactively managed. This approach ensures that the company not only survives its growth but thrives, setting the stage for continued success in a business landscape that’s constantly changing and innovating.

    While rapid growth presents its unique set of challenges, with the right strategies and mindset, it can be managed effectively. The key lies in understanding the nuances of expansion and implementing a holistic approach that balances immediate needs with long-term goals. By doing so, businesses can ensure that their growth trajectory is not only swift but also sustainable and beneficial for all stakeholders involved.

    Jason Miller

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  • Why You Should Stop Obsessing Over Your Goals to Achieve Them | Entrepreneur

    Why You Should Stop Obsessing Over Your Goals to Achieve Them | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    America harbors a uniquely goal-oriented culture. From our homes to our offices, from our bodies to our minds — a large majority of us are in a never-ending pursuit of measurable results in every aspect of our lives.

    Our wristwatches count daily steps, water bottles grade water intake by volume, and weight scales connect to our iPhones to input calories eaten. Dating is a “numbers game.” Even babies have sleep monitors that output slumber scores. Simply put: Key Performance Indicators (KPIs) occupy an outsized portion of our headspace.

    Nowhere is this phenomenon more present than in a business setting. Corporate offices are filled with executives rushing to read the latest dashboard; social media managers eagerly tally every video view; performance marketers monitor every click. I feel this daily as both a new mom and the owner of a market research company. The last seven months with my daughter have had me losing sleep — and not for the reason that you think. She’s sleeping great! But I’m staying up obsessively tracking her milestones; did she roll over adequately? Has she “cooed” the right number of times today? We use data to help us feel “in control,” but ultimately, the data controls us.

    My industry is guilty of the same crime. Data dashboards offer an illusion of control. Executives stare at statistics inside the boardroom while the real world runs rampant outside the door. I’ve seen it many times: a brand tracker reports a seemingly healthy brand, and suddenly, the business falls off a cliff. Culture shifts, consumer preferences change, and despite volumes of data, business leaders are blindsided.

    We lose out on the grand vista of value by obsessing over a goal, the golden data point at the end of the rainbow. It’s never about one number or one data point. The greatest value and the most interesting lessons come from what we’ll call data wandering: exploring multiple data points, connecting dots and inviting in the necessary complexity vital to revelatory truths. Here are some perspectives that guide how you wander the data landscape – and relinquish single-digit-chasing.

    Related: Why Focusing on KPIs Too Much Can Backfire

    Data is the compass, not the captain

    There’s a reason that KPIs are “Key Performance Indicators” instead of “Key Performance Answers.” This is your reminder that data very rarely has the solution to your question. Data is a barometer, a clue — a critical piece that completes the puzzle. When you shift your perspective and allow data to guide rather than lead, you will become freer to think critically and creatively. As a market researcher, I’m asking you to consider your data an ellipsis versus a full-stop period. In your day to day, practice this mantra by inserting the statement, “That’s interesting, I wonder if…” after every data point you encounter – in work and life.

    Data is a slice, not the pie

    In industry and society, we’ve gotten really good at housing, analyzing and gleaning insight from big data. Still, it can feel like we are drowning in information — information that can be reliable and contradictory at the same time. This is because there will always be more data and a different way to ask the same questions or analyze the same data. And no matter how much data you’ve succeeded at aggregating, you’re often looking at a sliver of reality. If there is a world of truth outside of a metaphorical house, you are looking through a tiny crack in the wall and what you see will always be a partial view. And that’s ok, for now. As our industry stands, there is no pie (cue the Matrix: there is no spoon!). When you realize that all data is a glimpse, it makes wandering that much more fun.

    Related: How to Determine Your KPIs and Achieve Profitability

    Data is strong in its flexibility, not its rigidity.

    In life and in business, novelty and change are the norm, not the exception. When we become too rigid in “how we do things” and the data sets we monitor and track, we lose sight of the world around us. Tunnel vision is the antithesis of exploration, and it’s often the leading cause of a business’s failure to innovate. Kodak was hyper-focused on the success of film photography and didn’t see the digital revolution. Xerox was celebrating healthy sales data around copy machines and chose to stifle innovation in favor of their hero product. Blockbuster overvalued the strength of its brand equity measures, failing to see the rise of the little-known company named Netflix.

    Goal orientation gives us purpose and meaning – but goal obsession makes us psychologically immobile and incapable of seeing the full picture. Consider how 2024 can be your year to embrace feeling out of control – welcoming the idea that despite all the data in the world, you may still not know “for sure.” This will open you to more innovation, evolution, and changes, big and small.

    Maria Vorovich

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  • PR or Marketing? Here's the Difference | Entrepreneur

    PR or Marketing? Here's the Difference | Entrepreneur

    Public relations and marketing go hand in hand and complement each other to achieve a similar end goal.

    Christopher Tompkins

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  • How Customer Success Can Supercharge Your Revenue | Entrepreneur

    How Customer Success Can Supercharge Your Revenue | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Today’s business environment is tough — as such, customer success has become a crucial aspect of generating revenue. It’s no longer enough to simply acquire new customers; retaining and expanding existing customers is equally important for sustainable growth.

    In this article, we’ll explore how customer success can drive revenue and provide strategies for maximizing its impact on your bottom line.

    Related: The How-To: Delivering Great Customer Service

    Understanding customer success

    Before we dive into how customer success can propel revenue forward, let’s first define what it is. Customer success is the process of ensuring that your customers achieve their desired outcomes while using your product or service.

    It involves proactively engaging with customers, understanding their needs and providing them with the resources and support they need to be successful, which in turn increases customer loyalty.

    The importance of retention revenue

    One of the key ways that customer success management can stimulate growth is through customer retention. Retention revenue refers to the revenue generated from existing customers who continue to use your product or service. We all know that net new customer acquisition costs more, yet so many companies insist on following this playbook. However, today’s investors are paying closer attention to retention rates and churn rates than ever before.

    According to research by Bain & Company, increasing customer retention rates by just 5% can increase profits by 25% to 95%. This is because loyal customers are more likely to make repeat purchases and are also more likely to refer others to your business.

    By focusing on customer success and ensuring that your customers are achieving their desired outcomes, you can increase customer satisfaction and loyalty, leading to higher retention rates and, ultimately, more revenue. There is no more compelling reason to introduce a solid customer success strategy.

    The power of expansion revenue

    Another growth strategy is through expansion revenue. This refers to the additional revenue generated from existing customer relationships through upselling, cross-selling and renewals.

    By proactively engaging with customers and understanding their needs, you can identify opportunities for upselling and cross-selling. This not only increases revenue but also strengthens the relationship with your customers by providing them with additional value, so bake this into your customer onboarding processes.

    The key here is ensuring your customer success team is a part of the revenue team, aligning it with sales (and also marketing) and making it responsible for part of the financial targets. Not only does this spread your revenue risk, but you’re also putting the customer experience front and center. No one wants to be chased by a salesperson they haven’t spoken to in a year for a renewal — a sale is far more likely to convert if driven by a trusted advisor who’s built a relationship with the account. According to Forrester research, trust is the most important brand attribute for buyers — so lean into it.

    Related: 3 Pillars of Client Retention Every Brand Needs to Implement

    Strategies for driving revenue through customer success

    Proactive engagement and personalization

    Proactively engaging with customers and providing personalized support is crucial for growth via customer success. By regularly checking in with your customers and understanding how their business needs may be shifting (aka really knowing them), you can identify opportunities for that all-important upselling and cross-selling. The best companies, however, will plan this as part of the customer lifecycle and lifetime value. It can be usage-driven for SAAS companies and service-driven for business services; wherever an opportunity is available, you should have a natural progression plan.

    Additionally, personalized support can help customers achieve their desired outcomes, leading to higher satisfaction and retention rates. This can be achieved through personalized onboarding, regular check-ins and tailored resources and support.

    So much of content marketing is focused on bringing new customers on board, that existing ones often get overlooked. That playbook is dead. It costs more and doesn’t have great ROI — it’s time to flip the script. This is why customer success and marketing teams must work together to build more long-term client relationships and achieve negative churn.

    Utilizing customer data

    Data and the resulting insights are another powerful tool. By analyzing customer data, you can identify patterns and trends that can help you better understand your customers’ needs and behaviors. For example, by tracking customer usage data, you can identify which features are most popular and which are underutilized. This can help you tailor your upselling and cross-selling efforts to offer customers the features they need and are most likely to purchase. It will help you identify what features, additional products or services to develop based on the most desired outcomes of your customers.

    It can also help with churn. We recently implemented a Net Promoter Score process for a client who’d never done one before. When low scores came in from several customers, it was a wake-up call for the team, who had thought everything was ticking along just fine. This allowed them to react, drill into the issues and save the accounts.

    With metrics and insights in place, you become proactive instead of reactive by keeping a regular pulse on your customers. Note: You should implement a 360-view of them across one CRM to facilitate this and achieve the best results.

    Collaboration between customer success and sales teams

    As highlighted above, collaboration between customer success and sales teams is crucial for driving revenue growth and a seamless customer experience. For example, the former can provide sales teams with insights into customer must-haves and behaviors, helping them tailor their pitches.

    According to Gartner, 43% of vendor-related regret happens at the handoff between sales and implementation. Why? Many teams still work in silos, and as such, there tends to be a gap in communication and handover — allowing for buyer remorse and worry about big-ticket investment. By working cross-functionally, you can nip this in the bud and ensure a smooth transition.

    Leveraging technology

    Technology can play a significant role here as well. For example, a customer success platform can track usage data and trigger automated emails or notifications when a customer reaches a certain usage threshold, indicating an opportunity for upselling. You can also build automated workflows within your CRM, ensuring those valuable check-ins and customer satisfaction surveys aren’t missed — achieving a level of personalization at scale.

    Related: How to Measure Your Customers’ Happiness Score (and Why That Matters)

    Times are tougher than ever, and buyers are in the driving seat. Therefore, customer success is even more crucial for nailing those sales targets. You can win bigger and maximize this team’s impact on your bottom line if you, 1) tear down those team silos and start working together and 2) be proactive instead of reactive by using technology, data insights and good old-fashioned relationship building.

    Paul Sullivan

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  • Taylor Swift Strategies Every Tech Leader Should Apply in 2024 | Entrepreneur

    Taylor Swift Strategies Every Tech Leader Should Apply in 2024 | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Some readers, at least, may be relieved to note that they don’t need to be a fan of Taylor Swift to admire her music industry successes. Even a modest glance at the 34-year-old pop icon’s journey reveals masterclass-level business process acumen and strategic planning — to the tune of a $1.1 billion total net worth as of October 2023, according to Bloomberg.

    I can comprehend why one might initially shy from modeling the career of a pop star, but as a person in tech, trust me when I say that she is a true inspiration for entrepreneurs looking to make their mark in a sector that’s just as competitive and ever-changing as music.

    How to remix her strategies into your own:

    Stand firmly for your core values and rights

    Swift took a bold stance against both Spotify’s “freemium” model and Apple Music’s early royalty policy, emphasizing instead artists’ rights. Tech execs, too, can celebrate and advance their core values and rights, even if that means going against our own industry giants. Actions might include advocating for fair practices, speaking and writing pieces that emphasize the importance of data privacy or ensuring equitable compensation for creators on digital platforms. Doing so not only reinforces your brand and its market integrity but also has the capacity to drive significant change.

    Related: Taylor Swift Is Officially a Billionaire — Here’s How She Did It and Where Her Net Worth Comes From

    Master both control and ownership of your innovations

    Swift famously re-recorded her first six albums in order to gain ownership of those new masters — a pioneering move. For folks on the tech side, it’s likewise important to emphasize control and ownership of intellectual property.

    So, secure those patents, maintain control of the source code of your software, and then go ahead and boldly innovate in product design. This degree of ownership has its obvious long-term benefits, but when push comes to shove in any delicate situation, it also serves as a defense against potential takeovers or unfair practices.

    Embrace multiple touchpoints

    Swift excels in both streaming and physical sales, time and time again balancing digital presence and tangible products. Similarly, tech entrepreneurs shouldn’t put all their eggs in one basket but aim for a presence across various platforms. Have you developed a web app? Cool, now create a mobile version, too. Make physical products? Consider offering a digital one that can work alongside them. And yes, this will call for more time, money and resources, but it will also expand market reach and resilience.

    Related: Top CEO of 2023? Taylor Swift and Beyoncé – Here’s Why.

    Own community engagement

    Swift is simply a genius at fan engagement, using social media and personal interactions to build and nurture a community that seems constantly in touch with her in one form or another. And while I’m fully aware that many variables are at play here, tech entrepreneurs can also harness social media, forums and direct feedback channels to connect with users. If you haven’t already, engage in discussions on further personalizing users’ experience to build a broader community — to foster loyalty and enhance brand sentiment and reputation.

    Dive into experiential marketing

    The 12-time Grammy Award winner has also set new benchmarks in live music, most recently evident in the engineering and production of the Eras Tour, along with the resulting concert movie.

    Tech entrepreneurs, particularly those with a sizable marketing budget, know all too well that experiential marketing can be a game-changer. So, if and when possible, look into ways to offer interactive product demos or immersive virtual reality experiences. At the very least, host industry events such as panels or mixers for memorable experiences that are relatively easy to execute.

    Related: How TikTok and YouTube Have Changed the Music Industry Forever

    Work towards becoming a change-maker

    The Eras Tour ticket pre-sale process was intended to be open only to verified Swift fans, but more than 14 million wound up trying to get them — including an untold number of bots, leading to a public dispute between the singer and Ticketmaster. The result was significant reform in concert ticketing broadly, which further solidified her reputation for shaping business practices for the better.

    Most tech entrepreneurs might prefer to work under the radar to encourage improvements, but they can spearhead reforms — advocate for better in-house policies, collaborate in pursuit of fairer rules/laws and tweak products to better solve industry-wide problems.

    Be flexible

    Swift is known to seamlessly transition across music genres — adaptability that keeps her interesting to fans and newcomers alike. Tech entrepreneurs need to be analogously flexible, ready to pivot in response to market trends and the expected needs of customers by tirelessly adapting products for expanded user groups, among other strategies.

    Related: The Benefits of Investing in Talent: How It Impacts the Music Industry and Beyond

    Juice your narrative

    Swift’s fan base has carefully tracked her brand’s evolution through each album phase, from 2006 Nashville newcomer to present-day pop colossus. From a marketing perspective, it’s simply a #chefskiss. Tech entrepreneurs should also focus on their storytelling — be fearless in evolving their marketing to resonate with different audiences via dynamic visual branding and compelling content across numerous mediums.

    Farhana Rahman

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  • How Much Is Too Much Automation in the Workplace? How AI Could Be Hurting Your Employees | Entrepreneur

    How Much Is Too Much Automation in the Workplace? How AI Could Be Hurting Your Employees | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) is taking over the workplace, and employees are still not sure how their companies are using automation tools to boost their productivity or augment specific tasks of their jobs.

    The reality, however, is that many companies have given their all or nothing for artificial intelligence without considering the near and long-term impact these tools will have on employees’ mental well-being. Now the results are in, and it’s not looking very good.

    Several studies have found that employees are feeling more stressed or anxious since their companies have introduced several new AI-focused projects to assist with overall workplace productivity.

    All of this for an extra boost in the quarterly bottom line.

    Related: How to Leverage AI to Supercharge Your Business

    How artificial intelligence is impacting employees’ well-being

    What many thought would become the breakthrough moment of the century is now looking more and more taboo for some workers trying to avoid the topic of artificial intelligence in the workplace.

    One recent study published by the American Psychological Association (APA found that roughly 4 in 10 (38%) American workers are worried that artificial intelligence will partially or completely take over their job duties, leaving them obsolete.

    All of this tracking hasn’t fared well with employees either. In the same APA report, around a third (32%) of employees that know their boss is tracking their activity reported their mental health being “fair” or “poor.”

    In a different APA study, more than half of employees said they are aware that their boss or manager is using some form of AI to monitor their activity while on the clock.

    This isn’t to mention the countless number of employees feeling overwhelmed with all the new learning and training they have to undergo to effectively apply artificial intelligence in the workplace or their day-to-day activities. Fears of being replaced by machines, computers monitoring their activity and the absence of AI workplace policies are only adding more confusion to the office talk.

    Yet, despite all of this chatter going around, a survey by The Conference Board found that 1 in 10 employers are now using generative AI tools daily. However, only 23% said that their company had an AI policy in development and 26% said their organization already had something in place.

    A fear of becoming obsolete

    All over the world, employees are becoming more fearful of artificial intelligence taking their place in the office. In fact, a study by the Pew Research Center found that roughly 19% of U.S. workers were in jobs most exposed to the possibility of being automated by AI.

    While it’s still unclear how many jobs might be slashed in the coming years, because it’s cheaper and more effective to employ machines, some suggest that artificial intelligence has already contributed to roughly 4,000 layoffs in May this year.

    While employees fear that they might be replaced in the coming years, or even more worrisome, in a couple of months at the rate at which artificial technology is developing, many are also concerned over whether they will find a good paying job elsewhere.

    Concerns regarding job fulfillment and work-life balance are all now being questioned as the workplace becomes increasingly automated and the labor market more competitive.

    Related: Don’t Waste Money on AI. Unlock Its True Potential By Treating It Like a New Hire.

    Lack of privacy and security

    It’s no secret that companies are leveraging artificial intelligence to track and monitor employee performance and their day-to-day activity while on the clock.

    While some companies have used this technology to allow their teams to have more efficient and transparent workplace practices, allowing them increased exposure to project progress, and the ability to resolve inefficiencies more effectively — some employers have gone the other route, instead.

    Those employees who know their bosses and managers are tracking their activity have felt that they are often being inappropriately watched; in fact, 81% of employees felt this way.

    Employees are feeling that they are not being trusted by their employers or team members, leading to decreased morale and engagement. Additionally, this only adds to workers’ personal distress and leaves a sour taste in their mouths realizing that their activity is closely being captured by their employers.

    On top of this lack of privacy, many employees often feel that a potential data breach could only further expose more of their personal information to bad actors. Weak cybersecurity infrastructure and a lack of proper security training are often known to be some of the biggest reasons for data breaches in the workplace.

    A continuity of underlying workplace discrimination

    Other issues with automation and artificial intelligence tools in the office are the potential risks these tools pose for workplace diversity and inclusion practices. Hiring algorithms used to train AI models are often responsible for the design choices made during a company’s hiring process and for selecting appropriate candidates for open positions.

    However, many people feel that these algorithms used in the hiring and candidate selection process can influence a company’s wider diversity, equity and inclusion (DEI) standards.

    Already, there have been multiple examples of artificial intelligence being host to cultural and gender bias, only selecting employees based on their race, gender, and age and not necessarily taking into consideration their qualifications or experience.

    Effectively training AI-hiring algorithms to de-bias itself and remove discriminatory actions takes time, often reversing the work employers have already done in recent years to create more equitable workplace policies.

    What’s more, these systems are only learning from the data companies can feed them. Let’s say a company is predominantly male, the system will read that as “Hey, we don’t really hire women around here.”

    Not even companies such as Amazon couldn’t de-bias its hiring algorithms back in 2018, despite having access to the necessary resources and skills.

    Related: AI Is Coming For Your Jobs — Anyone Who Says Otherwise Is In Denial. Here’s How You Can Embrace AI to Avoid Being Left Behind.

    Where do employers draw the line?

    Well, that’s exactly the question many are wondering about. Companies will continue to invest in artificial intelligence, and employees will have to deal with what comes afterward. Finding a balance would require employers to take more actionable steps to effectively integrate AI within the workplace, allowing employees to grow alongside it, instead of being fearful thereof.

    Pierre Raymond

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  • How to Plan Your Q1 Marketing Strategy | Entrepreneur

    How to Plan Your Q1 Marketing Strategy | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Whew! Another (hopefully) successful year is in the bag. But don’t rest too easy because the best time to set yourself up for success in 2024 is right now. The beginning of the year is a perfect opportunity to reflect on last year’s wins and losses and use them to refresh your strategy heading into Q1.

    Read on as I reveal how you can develop a cohesive plan that focuses on your audience, goals and budget.

    1. Nail your quarter-one marketing plan

    Every new year brings new opportunities for brands to grow their profits and keep those customers smiling. Now is the perfect time to conduct an annual reflection on your marketing and deeply dive into how your strategy performed.

    The year’s busiest season is over; now it’s time to plan for an even better coming year. That said, here’s how to develop a cohesive plan focusing on your audience, goals and budget.

    Related: How to Create a Successful Marketing Plan: 5 Steps

    2. Reflect on the previous year

    Now isn’t the time for business as usual. The goals you set for this quarter will set the pace for the entire year, so it’s the perfect time to reevaluate what you think you know about your brand and audience. If you want to see success this year, it’s time to question everything.

    That means taking stock of your past achievements and mistakes (key word there). Analyze your previous years’ KPIs and metrics. How did last year compare to the years before it? The answers to these questions hold the secrets of success and should be the light that guides you throughout the new year.

    Start by gathering these key things: your annual website traffic, engagement rates, conversion rates and customer acquisition costs. Identify the patterns of your consumers’ behavior by studying the social media engagement flow, website behavior and sales data to use for your next batch of creative ideas.

    3. Audit and optimize your online presence

    Every business strives for a strong online presence, and while some of you may have seen that come to life, others may not. Regardless of your performance last year, it’s time for a full online brand audit. Pull together all the metrics from every community you are a part of and determine whether critical elements such as brand message, social content, ad campaigns and website visits are working or need adjusting.

    Remember, you should always go into your audit with a plan in mind, so here’s how you can work your magic:

    Firstly, take a look at your website design and content. Is it making you want to explore what’s on the page or click away immediately? Is it user-friendly and easy to navigate where the customer needs to be? Can your website be easily viewed on mobile? If not, it needs a refresh.

    Additionally, take a quick look through your social media profiles. Update your bio, banner and profile picture to reflect your current brand and target audience. Keep your profiles consistent with one visual aesthetic, and optimize using keywords in every content posted.

    These small steps make the most significant difference in the world when it comes to attracting a new audience and keeping your current one.

    Related: How to Grow Your Brand’s Digital Presence from 0 to 100,000 Followers in Just 6 Months

    4. Clean up your communities

    If you want to stay in your audience’s good graces, you need a solid plan to tell them about your products and provide something valuable that keeps them coming back. This includes everything you post online, including blogs, social media, emails, networking groups, etc.

    The answer to this? It’s simple: every quarter, you should be going through and cleaning up all of the communities your brand has been involved in within the last year. Identify your messaging, content types and aesthetics across all platforms to be sure your brand is represented consistently and cleanly.

    Online communities are vital for any brand, but too many communities can often lead to slip-ups.

    Most importantly, remember your email community. Take a look at your subscriber lists, as they’ve likely changed a lot in the last year. Reevaluate your content, and make sure it’s written to speak to your audience as it is today, and not the audience you had a year ago. Remember, it’s not about you.

    5. Adjust your paid advertising plan

    Advertising is truly an art form and with each campaign comes new insights into how you can continue to improve. The beginning of the year is the perfect opportunity to look at the annual overview of how your ads performed over each month or quarter. So, to refine your ads, here are the top things you should be looking for when analyzing the previous year’s results:

    First, take a close look at how your ad campaigns over the full year performed individually. Look at each campaign’s numbers and analyze the specifics. Looking at details such as ad spend, engagement, and ROI, you can figure out which campaigns did well and which ones didn’t, determine why, and going forward you won’t waste time and resources on things that don’t work.

    Next, make some changes to how you fund your ads. This could mean moving money around to the campaigns that did the best or making small adjustments to how much you’re willing to pay for certain demographics or geographic areas.

    Finally, something we marketers know all too well: adjust your campaigns based on changing trends. There are always new places to show ads and new ways to make them. So, be on the lookout for new opportunities, like trying out video ads instead of carousels.

    Christopher Tompkins

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  • How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

    How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    I’ve been fortunate to work with small businesses for more than a decade and have seen firsthand the impact they have on those around them — from the people they employ, the communities they serve and how they fuel our overall economy. One such small business (and, disclaimer, a QuickBooks customer) is High Five Events in Austin, Texas. High Five Events started with one small event and has since built a team that puts on large, key events like the Austin Marathon that brings the community together.

    I’m not alone in recognizing the importance of small businesses. In a 2022 survey of 8,000 Americans, 73% said small businesses make their community a better place to live. This isn’t surprising when small businesses make up 98% of all U.S. businesses, and more than a third (36%) of all workers in America are employed by small businesses.

    And while small businesses continue to be formed rapidly, they’re creating fewer jobs than before. Despite the number of new business applications skyrocketing, surpassing 5 million in 2022 compared to 2.1 million in 2005, the number of new businesses with employees during this same time period fell from 10% to roughly 8%.

    Why? I believe one of the primary reasons we’re seeing this shift is due to the unique strains entrepreneurs face when it comes to accessing financing, with record inflation and high interest rates creating an even more challenging environment.

    Related: Here’s the Secret to Growing Your Small Business, According to Execs at UPS, Airbnb, Mastercard, and Other Big Brands

    New findings in the Intuit QuickBooks Small Business Index Annual Report ultimately show that these macroeconomic issues and business growth are intrinsically linked.

    We typically look at inflation through the lens of the consumer, but its impact on small businesses shouldn’t be overlooked. Small business growth and stability are early indicators of the economy’s health, and right now, small businesses identify rising costs as the number one challenge they face. With small businesses’ cash reserves 20% lower today than before the pandemic, and credit card debt 15% higher than before the pandemic, businesses have less cash on hand and more debt accumulating, hindering their ability to create jobs and hire workers.

    In addition to inflation, business owners are contending with an increasingly difficult financing landscape. Small businesses are currently twice as likely to use their own savings to fund their business as they are to use loans from banks or other commercial lenders, with more than half (58%) of U.S. small business owners surveyed indicating they have self-funded their business — often by working other jobs.

    How entrepreneurs are adapting

    For business owners to navigate these headwinds and achieve growth — from both a revenue and workforce perspective — it’s essential they take advantage of the many resources and tools available to them.

    It’s critical to be smart and savvy when it comes to business banking. New data shows that finding the right banking partner can mean being able to access capital or not, as small businesses that worked with well-financed banks before 2022 interest rate hikes got more funding than those working with less well-financed banks. Understanding this, it’s important to be informed and ask a few basic questions when looking for the right bank.

    For example, is the bank FDIC insured? Does it offer a competitive annual percentage yield? Are there fees or a minimum balance required? Can the bank support other business operations — from payroll to credit card processing, automated bill pay or instant payments? You’ll want to get clarity around all these questions before making a decision.

    Businesses also need to tap into the power of digital tools. According to our recent Annual Report, more than half (55%) of small businesses that manage eight or more areas of operations with digital technology report revenue growth. However, this drops to 31% among those who use digital tools for up to two areas only. And high adoption of digital technology isn’t just supporting revenue — it’s supporting employment, too. Twenty percent of high adopters report workforce growth, but fewer than 1 in 10 low adopters report the same. Many digital tools are also increasingly leveraging AI to drive efficiencies, automate operational work, inform decision-making and reduce human error, which can have incredible benefits for small businesses.

    Related: I’ve Served Small Businesses for More Than 10 Years — Here Are 3 Investments to Consider That Will Help You Succeed

    Finally, working with an accounting professional can be an incredible resource in helping businesses navigate the current macroeconomic environment. Our report found that more than 80% of small businesses agree that their accounting professionals have helped them reduce the impact of inflation on the business. From keeping up-to-date and accurate records updated on everything from income to expenses and deductions, hiring an accountant and outsourcing bookkeeping can save small businesses time and money: on average, small businesses estimate having an accountant saves them $39,000 each month.

    As we face a year ahead where economic challenges may persist, it’s imperative that we foster an environment that is conducive to economic growth and small business resilience.

    Rich Rao

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