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Tag: Business Process

  • Venture Capital 101: A Comprehensive Guide for Startups Seeking Investment | Entrepreneur

    Venture Capital 101: A Comprehensive Guide for Startups Seeking Investment | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Every day, dozens of startups go through the Vibranium.VC funnel; some don’t pass the first scoring, while others move to the next stage towards potential investment. Drawing from my entrepreneurial background, I can confidently say that advice I received in the past from professionals in specific fields helped me be well-prepared and aware of the nuances that come along with the entrepreneurial journey.

    Advice for startup founders is crucial at the beginning of their journey as it provides invaluable insights and guidance from experienced individuals who have navigated similar paths. This advice can help founders avoid common pitfalls, refine their strategies, and make informed decisions, ultimately increasing their chances of success. The early-stage startup founders are often filled with uncertainties, and seeking advice from business role models can offer clarity and direction to set a solid foundation for the entrepreneurial journey.

    Related: Why Investors With an Entrepreneurial Past Are Crucial to Startup Success

    Secure your runway

    Begin your search for investments at least six months before your funds run out, ensuring your runway remains at 6-8 months. If you are raising seed, anticipate that this funding will sustain your runway for two years. Approximately a year or 1,5 years, you can move towards the Series A fundraising process. This timeline implies that you should attain Series A metrics within one and a half years, providing a six-month buffer while concluding the round with the next-level investors.

    Series A financing refers to an investment in a startup after it has shown progress in building its business model and demonstrates the potential to grow and generate revenue. It often refers to the first round of venture money a firm raises after seed round and angel investors.

    A healthy runway, representing the number of months a startup can operate before running out of cash, demonstrates financial stability and responsible financial management. Investors are more likely to be interested in companies that clearly understand their financial standing and can sustain operations over the mid to long term.

    A longer runway enhances your negotiating position: It reduces the urgency for immediate funding, giving the startup more negotiating power when discussing valuation, terms, and other aspects of the investment deal. This can result in more favorable terms for the startup.

    Additionally, a sufficient runway provides the startup with ample time during fundraising. This time is essential for due diligence procedures, negotiations, and other steps involved in securing investment. It allows both the startup and investors to thoroughly evaluate the opportunity without the pressure of an imminent cash shortage.

    Be prepared for a lengthy fundraising process

    As you initiate active fundraising, the second point is to prepare for an extended fundraising process from 3 to 6 months at best (sometimes even more). This is particularly crucial in the early stages, considering all due diligence procedures, negotiation processes, and other factors. The size of the funding round can influence the timeline: larger funding rounds often involve more extensive due diligence, negotiations, and legal processes, potentially extending the duration. For example, one of our longer deals took almost five months, while the shortest one was sealed after one month.

    Negotiating the terms of the investment, including valuation and other deal terms, can take time. The back-and-forth negotiations between the startup and investors contribute to the overall duration. And don’t forget about legal processes: finalizing legal agreements and paperwork can add time to the timeline.

    Related: 3 Alternatives to Venture Capital Funding for Startups

    Create a database of investors

    Build a database of 100 or more warm contacts with investors. Initiate conversations with them and strive to convert these interactions into closed deals. Have as many contacts as necessary to achieve the crucial milestones for the next round.

    Having a database of investors is a strategic asset for startups. It streamlines communication, facilitates relationship-building, and allows startups to make informed decisions throughout the fundraising process and beyond.

    The database is also crucial when it comes to your pitch. By understanding different investors’ preferences and investment histories, startups can tailor their pitches more effectively. This personalized approach increases the likelihood of capturing investor interest and aligning with their investment thesis.

    Related: Why Strategic Venture Capital is Thriving in a Founder’s Market

    Transparency is everything

    Be transparent, avoid fabrications, and don’t lie. We all know “Fake it till you make it ” cases, which have made investors more cautious about startups. Transparency is a way for startups to demonstrate accountability and lower the risk of investment for VCs. By providing clear and accurate information, startups show they take responsibility for their actions and decisions, reinforcing a sense of trust. Be truthful because, trust me, distorted information will surface during the Due Diligence process and can become a deal breaker. This could lead to losing investors, and more importantly, it will discourage them from engaging with you.

    Always remember that transparency is not just about sharing information; it’s about fostering a culture of openness, trust, and accountability.

    Zamir Shukho

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  • Why You Should Learn New Skill Sets This Winter | Entrepreneur

    Why You Should Learn New Skill Sets This Winter | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Here’s a harsh truth: unemployed people are having a hard time finding a new job because many companies halt their recruiting efforts during the last quarter of the year. This is not new – it is a well-known fact that big companies often do a headcount at the end of the year, and they often significantly slow down their hiring process.

    Instead of unsuccessfully searching for opportunities when there is little to no hiring, many look to expand their arsenal of skill sets, which can propel their pursuit of better, bigger opportunities in the few months to come.

    For those looking to embark on the journey of acquiring new skill sets during the slower pace that winter months often offer, I’d like to delve into five unique avenues to discover inspiration for skill sets that can benefit your life and career in the near future.

    Related: Master New Skills From the Comfort of Your Home With This Bundle, Now Less Than $175

    Exploring LinkedIn job applications

    One valuable resource for finding inspiration for new skill sets is right at your fingertips: LinkedIn job applications. Start by identifying professionals with positions similar to your current role, your desired career path, or roles with the title of the person you used to report to in your last job. Take a closer look at the job description for those roles, paying close attention to the skills and qualifications they require.

    For example, if you’re in marketing and aspire to move into a leadership role, analyze profiles of Marketing Managers or Directors. Note the skills they require or those with that job title have honed over the years, such as data analysis, digital marketing or project management. These insights can guide your skill acquisition journey, helping you align your skill set with your career aspirations.

    Mentorship and networking

    Seek out mentors who can offer guidance on skill acquisition. If you are still close or have a great relationship with the last person you reported to, you may seek them for advice, asking which skill sets would be valuable for you to acquire if you intend to continue to pursue growth in your current career path.

    Conversations with mentors and industry peers can provide valuable insights into skill sets that have contributed to their success. These personal anecdotes and recommendations can steer you toward acquiring skills that align with your goals and aspirations.

    If you’re not in touch with them anymore or would rather avoid contact with them, engage in mentorship and networking activities to discover skill sets that have proved valuable for others. Attend industry events, webinars, or virtual conferences where you can connect with experienced professionals who may have a similar career path to the one you’re pursuing.

    In my experience, I found people I highly admire and invited them to step into a virtual group call once every other month. In our one-hour meetings, we discuss what’s been working for each of us and provide valuable guidance for everyone in the group. I like to call this exercise “Business Therapy,” in which we often discuss our past experiences and challenges and how we overcame them.

    Learning from the experiences of others may end up saving you years of continuous hustle. Never rely solely on your experiences when you can learn from the experiences of others.

    Related: Looking for a Mentor? The 7 Best Places to Start.

    Personal interests and hobbies

    Sometimes, inspiration for new skill sets can emerge from your personal interests and hobbies. Consider activities you’re passionate about outside of your professional life. These interests can be a foundation for acquiring skills that bring joy and fulfillment.

    For instance, if you’re an avid photographer, you may explore photo editing or digital marketing courses to promote your work effectively. Blending your passions with skill acquisition can lead to a well-rounded skill set that enhances your personal and professional life.

    Fun fact: that’s how my journey in the technology industry began. I am an Architect by profession, but I am such a tech nerd that I always sought to acquire technical skills, which is how I came up with the business idea that ended up becoming Replay Listings, the company I’ve led for over seven years now.

    Related: How to Turn Every Adversity You Face into an Advantage

    Tapping into industry trends

    As industries evolve, new demands arise, creating opportunities for individuals to acquire relevant skills. For instance, if you’re in the technology sector, consider the rise of artificial intelligence and machine learning. These cutting-edge technologies are shaping various industries, from healthcare to finance.

    By understanding industry trends, you can pinpoint relevant skill sets and future-proof your career. Stay updated with the latest industry trends and advancements. Explore industry-specific publications, blogs, or podcasts to gain insights into emerging skills in your field.

    Online learning platforms and courses

    Online learning platforms offer various courses on various subjects, making skill acquisition more accessible than ever. Platforms like Coursera, Udemy, and LinkedIn Learning provide various courses, from technical skills to soft skills like leadership and communication.

    Browse these platforms to discover courses that align with your career goals or personal development objectives. The flexibility of online learning allows you to acquire new skills at your own pace, making it a convenient option for the winter months.

    The bottom line is the slow winter months often present a unique opportunity to embark on a skill-acquisition journey. Whether you draw inspiration from LinkedIn profiles, industry trends, mentors, personal interests, or online courses, acquiring new skill sets can enrich your life and open doors to exciting possibilities. Embrace the season as a time of growth and discovery, and you’ll emerge with valuable skills that can shape your future success.

    Rodolfo Delgado

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  • How to Navigate the Pitfalls of Trust in Business Relationships | Entrepreneur

    How to Navigate the Pitfalls of Trust in Business Relationships | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Across all industries, from new startups to companies listed on the New York Exchange, companies now fly their flags as being committed to building lasting relationships with their customers. They claim that their business is centered around building authentic relationships, which places high value on building customer relationships. Indeed, one of their most prominent selling points is that they claim to prioritize long-term connections with the hope of encouraging customer engagement, building trust and sparking feelings of loyalty.

    Sadly, these claims couldn’t be farther from the reality. Many businesses’ practical behavior shows that they decidedly remain transactional or, worse, predatory. This begs why companies pretend to be relationship-focused when their behaviour suggests otherwise.

    The promise of relationship business

    Perhaps the first thing we should discuss is why businesses try to paint themselves as a relationship business even though they’re mostly all about transactions. Companies understand that the concept of existing as a relationship business entices potential customers. By giving this impression, companies appear to care about their customers genuinely. It paints them as a body willing to go the extra mile not just to understand the needs of their customers but that they are also intentional about fostering long-term connections with their customers. By presenting this image, customers are enticed by the promise of a sense of belonging and personalized recommendations.

    Related: How Entrepreneurs Can Fuel Innovation and Push Societal Limits

    The reality of transactional behavior

    In an ideal business world, building and maintaining business relationships can be a deciding factor in determining the long-term success of a business. Yet many businesses turn a blind eye to business relationships and instead focus on the short-term benefits of transactional behavior. In many instances, businesses’ efforts end the moment they collect customer data or a sale. While one would imagine that such data would be used to personalize and deliver relevant experiences, many businesses simply fall short.

    A common real-life example many consumers have experienced in their relationship with businesses is getting generic responses to their inquiries. Another transactional behavior common with businesses is outsourcing support to reduce their costs. Although there’s nothing wrong with them trying to reduce costs, this move cannot come at the expense of the consumers. How? Outsourcing support often means consumers relate with people who are not very familiar with the business processes. The support offered then shifts focus from attending to consumer issues to just closing case tickets raised by the consumers. Actions like these point to one truth: the business prioritizes short-term gains over long-term customer satisfaction.

    Why the discrepancy?

    Naturally, businesses vary in their approach when delivering customer experience. Some companies emphasize personalizing interactions and invest in customer service training, while others employ cost-cutting measures; here, business is strictly transactional.

    Typically, in businesses, there’s usually a discrepancy because of the following reasons:

    1. Neglecting relationships means transactions are straightforward to manage because they don’t involve human feelings. The summarised process is simply a buyer getting what they need from a seller, made available through a quick exchange and rarely any human interaction. This business model can be successful depending on the industry and business goals. However, it’s a limited model if relationships are key to your existence.
    2. Pressure to deliver immediate results due to the fast-paced business environment is another reason businesses focus on transactional efficiency. Thus, they focus on quick transactions rather than building relationships that pay off over time because they’re in a race to meet target earnings and satisfy investors.
    3. Strictly transactional businesses tend to generate more profit in the short term. This makes it a more enticing approach as companies prefer to focus on individual transactions and thus accommodate more customers in a shorter time frame.
    4. Companies that put up a front as a relationship business sometimes stop at just collecting customer data because of a lack of understanding of what the data says. Although they have the data, translating the data into actionable insights is something they don’t understand and thus neglect.
    5. Businesses sometimes lack the understanding to justify allocating resources to building relationships. They don’t understand the long-term benefits of customer relationships, such as customer loyalty, brand advocacy, and sustainable long-term repeat business.

    Related: How Your Entrepreneurial Spirit Can Lead The Way in Crisis

    The impact of transactional behavior

    A transactional behavior model might seem appealing and like a fast route for businesses, but it comes with risks. Relationships are important to customers, and they quickly notice when the company’s actions don’t align with the initial promise. It’s only a matter of time before they switch to alternatives that offer more genuine engagement. Other risks associated with adopting transactional behavior include:

    • Limited growth potential because of failure to cultivate customer loyalty. Such businesses miss out on repeat business and referrals, thus limiting their growth.
    • Creation of a negative perception among customers
    • Reduced job satisfaction and morale for team members in the business as they are just focused on pushing sales.

    Embracing authentic relationship-building

    All said and done, to bridge the gap between promise and disappointing reality, it is clear that businesses need to adopt the habit of authentic relationship building.

    Here are some tips on how to become a relationship business:

    1. Foster a culture where customers’ interest is ingrained in every decision.
    2. Train, coach, and equip your employees with the tools to build customer relationships. The goal should be to prioritize long-term values instead of quick wins.
    3. Invest in data analytics to better understand customer preferences and behaviors. This knowledge should be used to deliver personalized customer experience.
    4. Implement metrics that show customer satisfaction and retention indicators to inform your staff about the importance of genuine relationships, not only for the business’s good but also for every team member’s personal benefit.

    Businesses must stop selling themselves as relationship-focused when reality tells a transactional tale. Companies should be ready and willing to commit to understanding customers intimately to achieve a shift towards authentic relationship building. Only with a dedication to delivering value over time can companies claim to be relationship businesses, and they’ll be rewarded with their customers’ trust and loyalty; your customers know when you are faking it.

    Take the decisive next step: Forge, a culture brand that embodies authenticity and galvanizes a workforce dedicated to fulfilling its core promise unwaveringly. Act now to intentionally transform your vision and reap the benefits in the ever-changing marketplace.

    Jon Michail

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  • Why Strong Collaborations Will Change Your Business | Entrepreneur

    Why Strong Collaborations Will Change Your Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    My entrepreneurial journey, marked by a series of ventures ranging from innovative startups to strategic industry alliances, has continually emphasized a crucial principle: the power of collaboration far outweighs the benefits of competition. Embracing the philosophy of ‘sharing is caring,’ I have witnessed its transformative impact firsthand in business.

    In one of my key ventures, I ventured into uncharted territory by collaborating with a partner from a different industry. Together, we combined our unique market insights, enabling us to penetrate a new market segment previously inaccessible to us individually. This collaborative effort expanded our reach and significantly enhanced our venture’s profitability and market standing. This experience, among many others, has been a testament to the fact that sharing knowledge and resources leads to exponential growth and new avenues for innovation.

    I once worked alongside a technology startup, offering my marketing and client relations expertise. This partnership resulted in the development of a groundbreaking product that addressed a gap in the market, leading to substantial growth for both entities. Through these collaborations, I have learned that sharing insights and resources can catalyze growth in ways that working in isolation cannot achieve.

    Related: 10 Simple Ways to Build a Collaborative, Successful Work Environment

    These experiences have shaped my approach to business and equipped me with a wealth of knowledge and a diverse network. I’ve realized that in sharing, we not only give but also receive in abundance — this reciprocal nature of sharing fosters a supportive business environment, where collective success is celebrated.

    For readers embarking on their entrepreneurial journeys or looking to elevate their existing ventures, embracing this ethos of collaboration can be a game-changer. The willingness to share knowledge, resources, and expertise with others can open doors to unexpected opportunities, new market insights, and stronger business relationships. It can transform competitors into allies and solitary struggles into shared triumphs.

    Moreover, the ability to forge and maintain collaborative relationships is invaluable in today’s interconnected business landscape. It enables entrepreneurs to leverage a wider range of skills, experiences, and perspectives, leading to more innovative solutions and a more robust approach to business challenges.

    In conclusion, my journey has taught me that a mindset geared towards sharing and collaboration is not just an ethical choice but a strategic one. It paves the way for collective growth, innovation and long-term success. For entrepreneurs and business leaders, adopting this mindset means opening up to a world of possibilities where sharing knowledge and resources leads to mutual growth and lasting impact. Remember, in the dynamic world of business, the act of sharing can indeed lead to thriving.

    Related: How Collaboration Can Help Drive Growth and Propel Your Business to New Heights

    The power of sharing in business

    In my experience, sharing within the business community lays the foundation for mutual growth and success. It’s a value exchange that benefits all involved, fostering trust and building robust business relationships. Be it sharing insights from my startup adventures or resources from my network, each act of sharing has multiplied opportunities, not just for me but for my partners as well.

    Networking and relationship-building

    Effective networking, a vital skill I’ve honed over the years, goes beyond collecting contacts. It’s about forging meaningful connections. Providing valuable information or introductions without immediate expectations of a return has reinforced my reputation as a generous and reliable partner, and this generosity has often circled back with new opportunities.

    Overcoming the ego

    In my early days, the hesitation to share stemmed from a fear of losing my competitive edge. But I quickly learned that this ego-driven approach was counterproductive. Opening up to collaboration allowed me to access diverse perspectives and expertise, enhancing my own business acumen and offerings.

    Strategic alliances

    Throughout my career, I’ve actively sought strategic partnerships. These alliances have been crucial for scaling businesses, entering new markets, and fostering innovation. They’ve also provided a support system during challenging economic times, proving that shared burdens are easier to bear.

    Encouraging innovation

    Innovation thrives in a collaborative environment. Sharing ideas with partners has sparked new concepts and accelerated development processes. In my ventures, pooling resources and knowledge has consistently led to faster and more effective innovation.

    Related: Connected for Success: 4 Crucial Values of an Interconnected Organizational Culture

    Conclusion

    Throughout my entrepreneurial journey, I’ve learned a pivotal lesson: the true essence of growth and expansion lies in a sharing mindset. This approach goes beyond the traditional concept of guarding trade secrets. Instead, it’s about leveraging the collective power and diverse strengths that come from partnerships and collaborations. In my own experiences, from kickstarting ventures to forging alliances, the act of sharing – be it knowledge, resources, or opportunities — has been instrumental in expanding my professional network and cementing enduring relationships built on mutual trust and respect.

    Sharing in business is a strategic move that fosters a culture of openness and mutual support. It encourages ideas, opens doors to innovative approaches, and paves the way for collaborative problem-solving. By embracing this mindset, entrepreneurs can tap into a wealth of resources and perspectives they might not have access to individually. This collective approach leads to more robust, sustainable business models and strategies that are well-suited to the complexities and dynamism of today’s business landscape.

    Moreover, sharing cultivates an environment where learning from one another becomes a continuous process, enriching everyone involved. It promotes an ecosystem where successes are amplified, and challenges are met with combined strength and wisdom. The synergy created through sharing can lead to breakthroughs and achievements that might have been unattainable in isolation.

    In conclusion, as we navigate the ever-evolving terrain of business, embracing a philosophy of sharing is not just about being caring or generous; it’s a strategic choice that can lead to remarkable growth and enduring success. It’s about recognizing that in the vast tapestry of the business world, the threads of collaboration and sharing strengthen and enrich the fabric of entrepreneurial success. Remember, in the business world, sharing is a strategy for thriving.

    Henri Al Helaly

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  • How to Shorten Your Sales Cycle With 9 Simple Steps | Entrepreneur

    How to Shorten Your Sales Cycle With 9 Simple Steps | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    A shorter sales cycle not only boosts revenue but also enhances overall business efficiency. And the more you focus on shortening your sales cycle, the better your results will be over time. It’s certainly an investment – but it’s a worthwhile investment to consider.

    Identify High-Value Prospects

    Identifying high-value prospects requires you to analyze past successful sales and pinpoint common characteristics among your best customers. As you do this, consider demographics, behaviors, pain points, and purchasing habits.

    For example, if your data shows that certain industries or company sizes tend to convert more, focus your efforts on prospects fitting these criteria. Or maybe you find that you have a much higher rate of success when you reach out to prospects on a Tuesday or Wednesday, rather than other days of the week. All of this information is valuable and useful for improving your sales cycle from start to finish.

    Refine Target Audience Segmentation

    Segment your audience based on specific criteria like location, age, interests, or buying behavior. For instance, if you’re a clothing brand, segmenting based on gender or clothing preferences helps tailor your marketing messages effectively. You can then craft different content or offers for each segment to cater to their unique needs and preferences.

    Employ Personalized and Targeted Communication

    Personalization goes a long way in engaging prospects. Use their names in emails or communications and reference their previous interactions with your brand.

    Suppose a prospect has shown interest in a particular product or service. In that case, send them targeted content or offers related to their preferences, showing that you understand and care about their needs. While it may seem more time-intensive on a macro level, you’ll find that taking the time to personalize your approach leads to faster overall sales cycles when you zoom in and analyze deals on a micro level.

    Leverage Technology for Automation

    Utilize Customer Relationship Management (CRM) software to automate routine tasks, such as sending follow-up emails, scheduling appointments, or managing leads. Automation streamlines your workflow, saving time for your sales team to focus on building relationships and closing deals. There are tons of helpful tools on the market that you can use – many of them low-cost or free. Take advantage of these and constantly be on the lookout for ways to smooth over the points of friction that slow you down.

    Implement a Well-Defined Sales Strategy

    Create a structured sales strategy that outlines each step of the sales process, from lead generation to closing the deal. Establish clear goals and milestones for each stage, ensuring your team has a roadmap to follow.

    Another important element of a well-defined sales strategy is regular review processes that allow you to adapt your strategy based on performance and changing market conditions. This level of adaptability ensures you don’t get stuck in ruts that hold you back.

    Related: How to Craft a Bulletproof Sales Strategy That Will Survive Any Economy

    Provide Educational and Informative Content

    Educational content positions your brand as an industry expert and helps prospects make informed decisions. For example, a software company might offer blog posts or webinars explaining how their product solves common industry challenges. You may want to involve a PR agency or specialist here.

    A savvy public relations strategy can shorten the sales cycle by moving potential customers further down the sales funnel with content that educates. This content, when it solves industry problems, guides buying decisions and influences change.

    Optimize the Buying Experience

    Simplify the purchasing process on your website. This might look like doing the following:

    • Ensure that your website is user-friendly, with clear navigation and easily accessible product information.
    • Streamline the checkout process, offer multiple payment options, and provide clear instructions to reduce any friction in the buying journey.

    Foster Trust and Credibility

    Build trust by showcasing positive customer experiences. This may involve the use of testimonials, case studies, or reviews to demonstrate the success stories of satisfied customers. Highlight any certifications, awards, or partnerships that validate your brand’s credibility, making prospects more confident in choosing your products or services.

    Follow Up Promptly and Consistently

    After initial contact, follow up promptly and maintain consistent communication throughout the sales process. Respond to inquiries or requests for information promptly. Consistent follow-ups nurture relationships and keep your brand top-of-mind, encouraging prospects to move closer to making a purchase decision.

    As important as consistent follow-up is, versatile follow-up is also helpful. You know your sales process and audience better than anyone, but this might include a combination of phone, SMS, email, and social media.

    Always Analyze and Adapt

    To be successful over the long-term, remember to regularly monitor key metrics like conversion rates, time spent in each sales stage, and customer feedback. (You can use any number of analytics tools to make this happen.) In doing so, you’ll always be in a position to improve over time.

    Kimberly Zhang

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  • Use This Framework to Transform Your Sales Team and Drive Steady Growth | Entrepreneur

    Use This Framework to Transform Your Sales Team and Drive Steady Growth | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Predictable revenue is the number one goal for sales leaders. It is the ability to consistently generate a steady stream of revenue, month after month, without relying on unpredictable spikes or one-time deals. Why is this more important than ever? According to Ebsta, sales cycles were 32% longer, and 25% more stakeholders were involved in the process this year. In Q4 of 2022, a mere 29% of salespeople made quota, down 14% YoY. Selling is fundamentally getting harder, and businesses must re-evaluate their strategy if they want to drive consistent growth.

    As an agency, we’re using the predictable revenue framework as a foundation for client success. Here’s how it can transform your sales team, as well as some strategies and tips for mastering it.

    Related: The 4-Step Process for Building a Scalable Sales Machine

    What is predictable revenue?

    Predictable revenue is a sales strategy that creates a consistent and repeatable sales process. It is about building a system that generates a steady revenue stream rather than relying on sporadic deals or one-off sales.

    The concept of predictable revenue was popularized by Aaron Ross, who used it to help Salesforce.com grow from $5 million to $100 million in annual recurring revenue. In his book of the same name, Ross outlines the critical components of predictable revenue and how it can be implemented in any organization.

    The two types of revenue:

    According to Ross, there are two types of revenue: predictable and unpredictable. Unpredictable revenue results from intermittent deals, one-time sales or relying on a few key clients. This type of revenue is not sustainable and can lead to a rollercoaster of highs and lows.

    On the other hand, predictable revenue results from a consistent and repeatable sales process. It is the bedrock of a successful business and allows for steady growth and scalability.

    The predictable revenue framework

    The predictable revenue framework comprises four key components: specialization, lead generation, qualification and closing. Let’s look closely at each of these components and how they contribute to predictable revenue.

    Specialization:

    Specialization is the process of dividing your sales team into specialized roles. This allows each team member to focus on their strengths and responsibilities, increasing efficiency and productivity.

    The two main roles in the specialization process are the sales development representative (SDR) and the account executive (AE). The SDR generates and qualifies leads, while the AE is responsible for closing deals.

    By dividing these roles, you can create a more efficient and effective sales process. The SDR can focus on generating a high volume of leads, while the AE can focus on closing deals and building relationships with qualified leads.

    Lead generation:

    Lead generation is the process of identifying and attracting potential customers. This can be done through various methods, such as cold calling, email marketing, social media and content marketing.

    A targeted and consistent approach is key to successful lead generation. This means identifying your ideal customer profile (ICP) and tailoring your lead generation efforts to reach them.

    Qualification:

    Qualification is determining whether a lead is a good fit for your product or service. This is where the SDR plays a crucial role. They are responsible for qualifying leads and passing them on to the AE for further nurturing and closing.

    Qualification involves asking the right questions and understanding the needs and pain points of the potential customer. This ensures that the AE only spends time on leads with a high chance of converting into paying customers.

    Closing:

    Closing is the final step in the predictable revenue framework. This is where the AE takes over and works to close the deal. By this point, the lead has been qualified and nurtured, making the closing process more efficient and effective.

    The key to successful closing is building relationships and understanding the customer’s needs. This allows the AE to tailor their approach and address any objections or concerns the potential customer may have.

    Related: The No. 1 Reason You’re Not Experiencing Consistent Revenue in Your Business

    Tips for mastering predictable revenue

    Now that we have covered the key components of the predictable revenue framework, let’s dive into some tips for mastering it.

    Implement a scalable sales process:

    A scalable sales process is essential for achieving predictable revenue. This means having a process that can be replicated and scaled by your sales reps as your business grows.

    To create this, you need to have a clear understanding of your target market, ICP and the steps involved in your sales process. This allows you to identify areas for improvement and make adjustments as needed.

    Focus on lead quality, not quantity:

    While it may be tempting to focus on generating a high volume of leads, the key to predictable revenue is to focus on lead quality. This means targeting leads that are more likely to convert into paying customers, which means understanding who your target audience is, where they are and what they need at each stage of the buying journey. This will result in a higher conversion rate and a more efficient sales process.

    Leverage technology:

    Technology plays a crucial role in achieving predictable revenue. There are various tools and software available that can help streamline your sales process and improve efficiency.

    At the bare minimum, a customer relationship management (CRM) system can help you track and manage leads, while a sales enablement platform can provide your team with the resources and tools they need to be successful.

    Continuously train and coach your sales team:

    Training and coaching are essential for mastering predictable revenue. This involves providing ongoing training and communication that covers messaging, objection handling and competitor insights.

    By doing this, you can ensure your team is equipped with the knowledge and skills they need to win.

    By implementing the predictable revenue framework and following these tips, you can transform your sales team and achieve consistent growth month after month.

    Whether you are a small startup or a large enterprise, mastering predictable revenue can help you reach your sales goals and drive the success of your business. So, take the time to implement these strategies and see the results for yourself.

    Related: 10 Ways to Maximize Your Sales Team’s Performance

    Paul Sullivan

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  • How to Work With These 4 Different Kinds of Influencers | Entrepreneur

    How to Work With These 4 Different Kinds of Influencers | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The landscape of influencer marketing has undergone a great transformation in recent years. No longer tethered to the allure of celebrity endorsements and macro-influencers boasting millions of followers, brands are now gravitating towards nano- and micro-influencers, armed with smaller but fervently engaged audiences.

    The key to forging authentic connections with consumers lies in partnering with content creators who deliver visibility, genuine endorsement and effective advocacy. Marketers have shifted their focus, acknowledging that the quality of engagement trumps the sheer size of an influencer’s following.

    Navigating the influencer marketing world to find the ideal match for your brand can be daunting for marketers. Let’s delve into the intricacies of selecting the right influencer for your business needs.

    Nano-influencers: The community connectors

    With follower counts typically below 10,000, nano-influencers excel in fostering genuine connections within tight-knit communities. Unlike mega-influencers, they prioritize personalized interactions, responding authentically to comments and messages. Their recommendations feel like friendly advice, often collaborating with local businesses to provide relatable reviews.

    Nano-influencers stand out for their authenticity, as they haven’t yet reached the celebrity status that can dilute genuineness. Brands are recognizing the power of micro-communities, shifting towards targeted influencer marketing. These community connectors bridge the gap between brands and specialized audiences, proving that in the era of authenticity, smaller followings can have a more significant impact on community building and trust.

    Pros:

    • High authenticity in engagements.
    • Cost-effective and affordable partnerships.
    • Direct and personal communication channels.
    • Easy-to-reach influencers.

    Cons:

    • Limited audience reach.
    • Potentially less polished content.
    • Primarily organic growth, with a slower scale.

    Best for: Localized promotions, niche products, and community-driven campaigns.

    Related: Influencer Marketing 101: A Blueprint for Running a Successful Campaign

    Micro-influencers: The engaged enthusiasts

    With 10,000 to 100,000 followers, micro-influencers are niche experts, captivating dedicated audiences with their specialized focus. Balancing reach and engagement, they provide in-depth content, connecting intimately with followers through valuable insights.

    Collaborating with brands aligned with their niche, micro-influencers offer authentic endorsements, leveraging their perceived expertise. Their recommendations carry weight, making them influential tastemakers within their specific domain. Micro-influencers blend trust with a substantial reach, offering a strategic middle ground for brands seeking diverse yet engaged audiences. In a content-saturated digital environment, they stand out as trusted guides, showcasing the impactful role of a focused and knowledgeable approach in shaping consumer trends.

    Pros:

    • Easy-to-reach influencers.
    • Strong connection with their audience.
    • Higher engagement rates.
    • A balance of reach and authenticity.

    Cons:

    • Still limited to mid-tier reach.
    • Platform-specific influence.
    • Varied content quality standards.

    Best for: Brands targeting specific hobbies, emerging products, and authentic narratives.

    Related: 5 Things You Should Know Before Collaborating With An Influencer

    Macro-influencers: The broad spectrum voices

    With followers ranging from 50,000 (or 100,000 sometimes) to a million, macro-influencers act as bridge figures, connecting reach with niche expertise. Positioned between micro and mega-influencers, they bring a unique dynamic to influencer marketing. Macro-influencers offer a balance, possessing a significant following while often maintaining a specialized focus. Their content resonates across a broad spectrum, capturing the attention of diverse audiences while still catering to specific interests.

    This tier of influencers collaborates with various brands, making them versatile partners for companies seeking a mix of reach and targeted impact. Their content often reflects a polished and professional image, adding a touch of aspirational appeal to their recommendations.

    Pros:

    • Broad exposure to varied audiences.
    • Professional approach to collaborations.
    • Established reputation in their domain.

    Cons:

    • Relatively higher collaboration fees.
    • Potential for a diluted personal connection with followers.
    • More pronounced competition among brands for partnerships.

    Best for: Established brands, diverse audience campaigns, and larger product launches.

    Related: How Influencer Marketing Took Power, and What the Future Holds

    Mega-influencers: The digital titans

    With over a million followers, mega-influencers stand as digital titans, commanding vast territories of influence across social media platforms. Their reach is extremely high, making them key players in shaping trends, opinions, and consumer behaviors. These influencers often transcend specific niches, appealing to a broad and diverse audience. With a celebrity-like status, mega-influencers can turn products into trends and shape the cultural zeitgeist. Their endorsements can lead to widespread recognition and catapult brands into the mainstream.

    Mega-influencers collaborate with major brands and participate in high-profile campaigns, leveraging their massive following to amplify messages. While their content may exude a polished and aspirational vibe, the challenge lies in maintaining a genuine connection with such a large audience.

    Pros:

    • Extremely high reach across regions.
    • High-quality content production.
    • Amplified brand visibility.

    Cons:

    • Premium collaboration costs.
    • Time-consuming collaboration (can’t deliver results right here and right now)
    • Hard-to-reach influencers (sometimes it involves communications of different levels)
    • Potential disconnects from individual followers.
    • Scrutiny and higher public relations considerations.

    Best for: Luxury and global brands, mass audience campaigns, and trendsetting initiatives

    Influence marketing is a great tool in the strategic marketing strategies of companies and brands of varying sizes. Collaborating with bloggers and opinion leaders facilitates the conveyance of information about goods and services and the spreading of business values. However, the success of an entire marketing campaign involving influencers hinges on the meticulous selection of the right social media blogger.

    Dmitrii Khasanov

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  • 50 Questions to Ask Your Business Before the New Year | Entrepreneur

    50 Questions to Ask Your Business Before the New Year | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    We naturally begin to review things as our focus shifts to the new year (or a new fiscal year in any season). Assessing, lamenting, dreaming, dreading… Maybe it’s a big initiative that someone in your leadership is spearheading, or maybe it’s something entirely your responsibility to steer.

    Regardless, I wanted to create a set of comprehensive prompts, written in plain language, that hopefully stir up some fruitful reflection, as well as a way to summarize and prioritize them into goals at the end. I’ve collected the prompts into categories to keep us focused.

    The goal isn’t to have a thoughtful response to every prompt but to pay attention to which prompts resonate most with you — and why. Every stone you turn over won’t uncover a gem, but one of them will, and that’s all that matters.

    Brand identity

    1. As our brand leaders, what do we value most in the world?

    2. How would the world be different if our brand grew to become a household name?

    3. If our brand were a person, how would we describe its personality?

    4. How would an outsider describe what makes us unique?

    5. Does our brand reflect the needs and aspirations of our target audience?

    Competitive brandscape

    6. Which of our competitors do we want to become more like? (Think of these as a “north star.”)

    7. Which of our competitors do we want to become less like? (We call this a “south star.”)

    8. Has our market position changed over the past year? How so?

    9. What aspects of our company truly differentiate us from our competitors? List everything that comes to mind.

    10. Are there any emerging trends in our industry that we should consider embracing in the year ahead?

    Last year’s brand performance

    11. What achievements are we most proud of in the past year?

    12. Which strategies or initiatives were most successful?

    13. What were some of our most frustrating setbacks or obstacles?

    14. How have our customers’ perceptions of our brand changed?

    15. In the last year, have we received helpful customer feedback?

    Related: Your Most Burning Questions About Personal Branding, Answered

    Customer insights

    16. How would you describe our ideal customer? Get granular.

    17. What does our customer want? And what do they want more than that? (Keep asking that second question until you run out of responses.)

    18. Where do our customers tend to hang out?

    19. How do our customers prefer to interact with us?

    20. What’s the health of our touchpoints with customers? (Think customer service, support, etc.)

    Talk tracks and messaging

    21. Are we speaking our customer’s language?

    22. Are we offering enough consistency and variety in our messaging?

    23. When did we compellingly tell our brand’s story last?

    24. Does content marketing play a role in our communications strategy? Should it?

    25. Are there words or phrases we consistently use that we should rework?

    Digital presence and social media

    26. In the last year, how have we tried to improve our SEO?

    27. Is our website effective in converting visitors?

    28. Which social platforms seem most beneficial for our brand to interact with prospective customers?

    29. Do we have a content calendar or rhythm to posting on socials?

    30. How can we be more consistent on these platforms?

    Product and service evaluation

    31. How would you rate our product/service’s ability to meet customer expectations?

    32. In the last year, what feedback have we received about our offerings?

    33. How can we enhance our product/service quality?

    34. Is there anything we can wrap-around our product/service to delight our customers?

    35. Are there opportunities to flex from predominantly service into a product, or vice versa?

    Internal culture

    36. Does our internal culture reflect the diversity of our customer base?

    37. How aligned is our team around our brand values?

    38. Does our team feel engaged and motivated, or perhaps lacking in certain areas?

    39. What professional development opportunities can we provide in the next year?

    40. How can we actively improve our recruitment and retention?

    Financial health

    41. What is the current financial health of our brand?

    42. Are we charging enough (or too much) for our product/service?

    43. Are there any creative ways to reallocate our budget to improve our operations next year?

    44. Which new revenue streams could we explore?

    45. What are our financial goals for the upcoming year?

    Related: How to Ask Yourself Better Questions in the New Year

    Innovation

    46. What new cultural trends should we prepare for? (Think AI, Web3, etc.)

    47. How can we promote a culture of innovation within our company?

    48. Are there any strategic partnerships that could benefit our brand?

    49. How will we measure success in the coming year? Should we schedule quarterly reviews of these questions?

    And lastly — read through all of your responses to the previous 49 prompts and:

    50. Dream up a list of five goals for the next year. Get specific.

    Take the guardrails off your mind momentarily and allow yourself to dream big. We often overestimate what we can get done in a week but underestimate what can happen in a year. Dream dreams that your future self might thank you for. Be specific. Use measurable language.

    Related: Setting Measurable Goals Is Critical to Your Strategic Plan (and Your Success). Here’s Why.

    After you have your five goals, prioritize them, listing them in order of significance and how impactful they’ll be to your brand’s growth over the next 12 months. Then, cross out the bottom two.

    This will provide focus and keep three primary objectives at the front and center for you. Now that you have your top three, write the first actionable step under each. What’s the smallest — but most apparent — step you can take towards each goal?

    And look at that: You’re already on your way to a brighter year ahead.

    What’s the best that could happen?

    Related: 16 Powerful Quotes to Unlock Change in the New Year

    John Emery

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  • Employees Check Their Emails 36 Times An Hour — Here Are 5 Proven Tips to Get That Time Back. | Entrepreneur

    Employees Check Their Emails 36 Times An Hour — Here Are 5 Proven Tips to Get That Time Back. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    A recent study says the average worker receives 304 business emails a week. The average employee checks their email 36 times an hour, and 80% of workers simply resort to working with their inbox open all the time. Thereafter, it takes them around 16 minutes to refocus.

    We live in a world full of different ideas, people and businesses all vying for our attention. Nearly every app, website and company wants the same thing: your email address. This has turned our inboxes into a battleground between time-sensitive emails, valuable information and occasionally fun but useless messages.

    For entrepreneurs, effective communication is vital to the success and livelihood of your business. Receiving a torrent of emails is the new normal. Trying to read each one might feel like trying to drink water out of a fire hose.

    Productivity expert Merlin Mann saw this coming in 2006 when he coined the term “inbox zero.” Some have erroneously thought this to be advocacy for constantly checking and going through your emails every time you hear that distinctive ping. But according to Mann, the zero isn’t about reducing the number of emails in your inbox, but the amount of time your brain is in your inbox.

    Let’s look at how to reduce the stress brought on by the near-constant onslaught of emails in our modern world.

    1. Create a system

    The goal of “inbox zero” is to increase productivity. There are few more deadly productivity killers than the practice of constantly checking and replying to emails all throughout the day.

    An estimated 62% of all emails are unimportant. Therefore, increasing productivity is a matter of reducing the amount of time you spend sifting through the unimportant. Creating a system for how and when you view your emails is crucial.

    Set specific times that you view emails. Perhaps once at 8 a.m., once again at noon and one more time at 4 p.m. You could even designate certain contacts as VIPs to ensure that you receive their critical email ping at whatever time of day it comes in.

    As Stephen Covey wrote, “The key is not to prioritize what’s on your schedule, but to schedule your priorities.”

    Related: 3 Reasons Entrepreneurs Struggle When Building Business Systems

    2. Prioritize

    No one knows better what your priorities are than you do. The average worker spends 28% of the workweek reading and responding to emails. As you peruse your emails at those designated times, take note of important emails that require your instant approval or sign-off, and those heftier emails that require thoughtful input and analysis. More on those later.

    But then there are the emails scheduling meetings, sending promotional content or simply cc’ing you in. Either move them to another folder, delegate them to your secretary or just delete them. Make the firm decision. Differentiate between what deserves your attention and what is stealing it away. In that same vein, unsubscribing from useless newsletters can make a world of difference.

    3. Defer

    “It’s not enough to be busy; so are the ants,” says Henry David Thoreau. “The question is: What are we busy about?”

    Effective communication boosts productivity. When emails have to consume your time, ensure that it’s worth it.

    As we’ve already established, the majority of emails aren’t worth your time. Some are important but don’t need to take up much of your time. But there are a few that demand and deserve your attention. You can usually tell when you receive it. Instead of allowing that sinking feeling to settle and dominate your thinking all day, move them into a designated folder for your most important emails. Reply to them when you can dedicate the mental bandwidth they desire and deserve.

    And remember what Dwight D. Eisenhower said, “What is important is seldom urgent, and what is urgent is seldom important.”

    Related: Don’t Let the ‘Urgent’ Overtake the ‘Important’

    4. Eliminate waste

    I’ve alluded to this already, but here it is plainly: Many newsletters and subscriptions are a waste of time. It’ll take a while initially to achieve it, but going through your inbox and unsubscribing from useless newsletters will go a long way in decluttering your inbox.

    One useful way of ensuring that your important mailbox remains unsullied would be to create a spam email address to ensure that all your spur-of-the-moment sign-up emails are redirected to an unimportant email address. An estimated 245 billion emails are sent every day. Make sure you only have to deal with the important ones.

    5. Be flexible

    “Inbox Zero” is about reducing mental clutter and stress to increase productivity. But only you know what optimum productivity looks like in relation to your business. If the quest to declutter becomes a drain on productivity, then it’s just as bad as a packed mailbox.

    Don’t obsess over the minutiae. Instead, create good habits that allow you to be flexible. Create your own schedule, set of labels, criteria for delegation and deletion, and inbox management system that allows you to focus on productivity, eliminate pressure and a false sense of urgency. Set goals for yourself and for your business.

    Follow these five tips, and you’ll be well on your way to focusing on the most high-priority tasks, staying organized and managing your mail efficiently. And most importantly, you’ll reduce the amount of time your brain is in your inbox so it can be on other, more important things.

    Lucas Miller

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  • 5 Crucial Mistakes to Avoid for a Successful Business Sale | Entrepreneur

    5 Crucial Mistakes to Avoid for a Successful Business Sale | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    After the culmination of years, if not decades, of hard work and perseverance, the process of selling a business will bring many opportunities. But there will also be plenty of challenges, including emotional ones. In the excitement of a sale, many entrepreneurs make critical mistakes that can cost them dearly. Let’s explore five things you should never do when selling your business to help ensure you get the greatest possible deal and protect your interests.

    Related: 10 Mistakes I Made While Selling My First Startup (and How You Can Avoid Them)

    1. Neglecting proper valuation

    One of the biggest mistakes business owners make when selling their businesses is failing to conduct a thorough and accurate valuation. It’s essential to have a clear understanding of your business’s worth before entering into negotiations. Relying solely on intuition or an arbitrary number can lead to selling your business for less than its true value or overestimating its worth, scaring potential buyers away.

    To avoid this mistake, consider hiring a business appraiser or valuation professional. They can analyze your financial statements, assets, customer base and industry trends to determine the fair market value of your business. This valuation serves as a crucial reference point during negotiations and helps ensure you don’t settle for less than you deserve.

    2. Keeping poor financial records

    When selling your business, meticulous financial record-keeping is paramount. Buyers want transparency and reliability in financial data to make informed decisions. Unfortunately, some business owners neglect this aspect, which can lead to suspicion and doubt from potential buyers or even cause deals to fall through. Unfortunately, keeping accounting records on the back of a pizza box won’t instill confidence in the potential buyer.

    To avoid this pitfall, maintain accurate and up-to-date financial records. This includes organized income statements, balance sheets, tax returns and cash flow statements. Make sure your financial records are audited or reviewed by a reputable accounting firm to provide assurance to potential buyers. If your accountant has no experience in exit planning, it’s time to hire a new CPA to work alongside your current accountant. Transparent financial records can instill confidence in buyers and expedite the due diligence process. Keeping these records in a digital vault can speed up and create more confidence with the potential buyer.

    Related: You Sold Your Business. Now What? Embracing a New Chapter with Care and Purpose

    3. Ignoring due diligence

    Due diligence is a critical step in the business sale process, and it works both ways. While you’re evaluating potential buyers, they’re also assessing your business thoroughly. Failing to conduct due diligence on your potential buyer can lead to unpleasant surprises down the road.

    Don’t rush into a deal without conducting due diligence on your prospective buyers. Investigate their financial capabilities, track record and intentions for your business. Are they well-funded, experienced and committed to maintaining your business’s legacy? Engaging with a buyer who lacks the resources or intent to run your business successfully can lead to a disastrous outcome for you and your employees. In addition, many of the purchasers are professional buyers. So be careful not to take on these potential buyers alone! It’s important to get professional help.

    4. Keeping the sale confidential

    Maintaining confidentiality during the sale of your business is vital. Leaks or rumors about the sale can disrupt operations, create uncertainty among employees, suppliers and customers, and potentially harm the business’s value.

    To preserve confidentiality, limit the information shared with employees and only disclose details on a need-to-know basis. Similarly, communicate with potential buyers under non-disclosure agreements (NDAs) to protect sensitive information. Your investment banker or business broker can help you manage the confidentiality aspect of the sale.

    Related: The Secret to a Successful Sale — Expert Tips to Navigate Common Deal Derailers

    5. Neglecting a well-structured exit plan

    Selling your business isn’t just about the transaction itself; it’s about ensuring a smooth transition for all stakeholders involved. Neglecting a well-structured exit plan can lead to chaos, disputes and a loss of value.

    Before entering negotiations, have a clear exit plan in place. This plan should outline the timeline, responsibilities and expectations for all parties, including employees, suppliers and customers. Consider how you will handle the transition of ownership, the retention of key employees and the integration of the business into the buyer’s operations.

    Additionally, consult with legal and financial advisors to address tax implications, estate planning and asset protection strategies. Think about what you’re going to do after your exit, because neglecting this could be your biggest mistake. A well-thought-out exit plan not only safeguards your interests but also helps maintain the business’ stability during and after the sale.

    Selling your business can be a life-changing event, and it’s essential to navigate the process wisely. By avoiding these five common mistakes, you can increase your chances of a successful and lucrative business sale.

    Remember that seeking professional advice and guidance from professionals in the field, such as business appraisers, attorneys, Certified Exit Planning Advisors (CEPAs) and financial advisors, is crucial throughout the entire selling process. With careful planning and attention to detail, you can maximize the value of your business and ensure a smooth transition for all involved parties.

    Mark Kravietz

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  • This Is the ‘Discovery’ Gen Z Wants to Make In Your Store | Entrepreneur

    This Is the ‘Discovery’ Gen Z Wants to Make In Your Store | Entrepreneur

    Last week, I saw the sad news that one of my favorite shops was closing its doors after 22 years of business. Lulu’s Cuts and Toys, which sold kids’ toys and haircuts, was a mainstay in the Park Slope neighorhood of Brooklyn. I don’t have any children of my own, but Lulu’s was always go-to destination for my nieces’ and nephew’s birthdays and last-minute baby shower foraging. The place was stuffed with soft, surprising things — a cozy haven for unique and nostalgic discoveries: cute vegetable pun onesies, the classic whoopie cushion, stretchy rubber rainbow-colored ramen noodles, assorted Harry Potter wizard wands, etc.

    The business announced its closure with a note taped to the window (and its digital counterpart, a post on Instagram), signed by the owner Brigitte Prat, and her daughter Lulu, the store’s namesake. It read, in part:

    As a single mother and first-generation American, this community is not only where I grew my business’s roots, it is where I raised my daughter. Given the continued growth of big-box online shopping (Amazon, etc.), it is sadly no longer viable to keep our small business thriving with a storefront.

    We hope this serves as a reminder to support small businesses in the community. Their products may be $1 or $2 more than Amazon (but often, they are cheaper!), and in exchange, you get personalized customer service, more local jobs, more income circulating within the community (and out of multi-billionaires’ hands), a shopping experience that is better for the environment and a neighborhood that feels like a neighborhood and not a corporate strip mall.

    Frances Dodds

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  • Are You Ready to Ditch Your 9-5 for Your Side Hustle? | Entrepreneur

    Are You Ready to Ditch Your 9-5 for Your Side Hustle? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Ask yourself, why do you need to quit your 9-5 to go full-time into your side hustle? How will quitting help you and what is your motivation to do so? In the U.S., 28% of people state that becoming their own boss is their top motivator to go all into their side hustle.

    Maybe you have another reason for wanting to leave your job for entrepreneurship. You could want to make more money or spend more time working on your own business. If you think you’re ready to leave your 9-5, ask yourself these three important questions honestly.

    Related: 44 Side Hustle Ideas to Make Extra Money in 2023

    Do I have a proven business model that’s been tested?

    Nearly 50% of businesses fail within their first five years of operation. This isn’t to discourage you and in fact, can be used as motivation instead. Knowing this and learning from other businesses can help you minimize risks and figure out what your competition will be like.

    Making about two-thirds of your full-time job’s salary for about a year at your side hustle is a good place to start on deciding if you’re profitable enough to quit your job. You should also be using the money from your job to put money aside for emergencies. Running out of cash is one of the top reasons businesses fail so by having a cash cushion you’ll be able to give your side hustle the time and attention it deserves to succeed. Everyone’s expenses are different, but for me, I would want at least 6 to 12 months of savings.

    If it’s one thing I’ve learned, owning a business affects you mentally, emotionally and physically. And on the days that don’t go as planned, you’re going to have to stay strong and positive. By becoming bogged down with a few bad weeks here and there, your productivity will slide and you’ll lose your motivation. That’s why I preach business is less about motivation and more about consistency. Anyone can be motivated for a short period of time. But putting in constant effort even on the hard days, will separate the side hustlers from the full-time business owners.

    Do I have support?

    It’s important to remember starting a business isn’t just hard on you as an entrepreneur, but it’s going to be challenging for your whole family. At least at the beginning, you may have less time and energy to spend with your spouse or kids and you’ll need your spouse’s support to do that and to get through business challenges. If you’re spending more time on your business, your spouse may need to do more work at home or even have to work more hours to offset the financial responsibilities temporarily. Have you thought about how else quitting your job would affect your family? How would you deal with things like healthcare and benefits or daycare?

    Getting support from people who’ve been in your shoes can make all the difference on your entrepreneurial journey. Whether you’re in a course and leaning on your teacher and peers for advice or other business owners in your industry, it’s important to be open to feedback and to handle criticism with an open mind. When I was younger and didn’t want to ask for help, I quickly learned how leaning on others for support was so important, especially when starting.

    Related: Can You Turn Your Side Hustle into a Business? Consider These 3 Things.

    What’s my backup plan?

    This one is controversial and can be a hard pill to swallow because many entrepreneurs see it as allowing yourself the option to fail or quit. But I think it’s important to be realistic especially when you have other people counting on you to be the provider. That’s one reason I always suggest not to burn bridges with former employers.

    Tell senior management about your plans first so they don’t receive the news from one of your peers. Give your full two weeks’ notice, or whatever your contract states. If you’re in a management role, you may want to give more notice and let the company decide what they would prefer. Continue to show up and do your work to the best of your capability. Now isn’t the time to slack. It not only says a lot about your character if you continue to show up with integrity, but it also ensures you’re not putting extra pressure on your team. And avoid gossip and avoid speaking badly about the company or any employees. Doing this will also help keep your leave on a positive and friendly note.

    There are no real rules to follow when you’re ready to go full-time into your side hustle because we’re all different and so are our situations. I’m just giving you guidelines so you can start asking yourself the important questions to know if you’re ready to leave your job. But if you think you’re ready and you have a proven business model that’s been consistently bringing in cash, have the right support, and have a backup plan, you’re on your way to successfully quit your job and go all into your side hustle.

    Jason Miller

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  • From Idea to Delivery: How Upwork is Changing the Way We Work | Entrepreneur

    From Idea to Delivery: How Upwork is Changing the Way We Work | Entrepreneur

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

    In the dynamic landscape of entrepreneurship, adapting and scaling are imperative. A crucial element in this journey involves forming a team of top-tier professionals capable of transforming vision into reality. Upwork stands as a catalyst for entrepreneurial growth, offering access to unparalleled talent and cultivating an environment conducive to business flourishing.

    The Global Talent Hub

    At the core of Upwork’s appeal lies its expansive Talent Marketplace, featuring a diverse array of skills and expertise. Serving as a global talent hub, Upwork connects individuals navigating the intricate business landscape with top-tier freelancers skilled in Customer Support, design, marketing, AI and cutting-edge technology. This diversity empowers entrepreneurs & business owners to curate a team tailored to the unique demands of their projects, providing a competitive edge in the ever-evolving business terrain.

    Agility Through Efficiency

    In the fast-paced entrepreneurial world, success often hinges on speed. Upwork revolutionizes the hiring process, enabling users to post a job today and receive quality proposals from top-tier freelancers as early as tomorrow. This efficiency is transformative, allowing people to rapidly assemble teams and initiate projects without the delays associated with traditional hiring processes.

    Trust and Transparency

    Trust is fundamental to successful collaborations, and Upwork places a premium on transparency. Clients can explore verified work histories, gaining insights into the professional backgrounds of potential collaborators. Peer reviews offer a real-world perspective, providing glimpses into freelancers’ track records. This emphasis on trust ensures that Upwork’s clients can make informed decisions when selecting freelancers, laying the foundation for strong partnerships.

    Precision in Talent Acquisition

    Upwork empowers their clients to fine-tune their talent acquisition process with advanced search filters. The platform’s intuitive interface enables users to navigate a vast pool of freelancers, filtering based on skills, experience, and other crucial criteria. This precision allows entrepreneurs to assemble a team with the exact expertise required for their projects, eliminating the guesswork often associated with traditional hiring.

    Collaboration Beyond Boundaries

    More than a transactional platform, Upwork fosters collaboration without geographical constraints. The platform’s collaboration tools establish a virtual workspace where clients and freelancers interact seamlessly. Communication is streamlined, milestones are tracked, and ideas flow freely. This borderless collaboration not only expands the talent pool but also injects diverse perspectives into projects, fueling innovation and creativity.

    Upwork’s role as a catalyst for entrepreneurial growth is evident through its provision of access to unparalleled talent and the cultivation of a collaborative environment. Entrepreneurs leveraging Upwork find themselves equipped with the agility to swiftly navigate the business landscape, the trust and transparency necessary for fruitful collaborations, and the precision to assemble teams tailored to their project’s exact requirements. Upwork transcends being a mere platform; it is a dynamic partner in the journey of entrepreneurial success, where innovation knows no boundaries.

    Entrepreneur Deals

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

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

    Adding a human touch to AI content creation

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

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

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

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

    Teamwork makes the dream work

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

    1. Don’t say ‘yes’ to a hard no

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

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

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

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

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

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

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

    3. Don’t forget about KPIs

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

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

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

    Kelsey Raymond

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  • 3 Proven Strategies for Law Firms to Boost Efficiency | Entrepreneur

    3 Proven Strategies for Law Firms to Boost Efficiency | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s highly competitive legal landscape, law firms are constantly seeking ways to optimize their operations. Efficiency has become more than just a buzzword; it is a requisite for staying ahead and delivering top-notch service to clients.

    As the complexities of legal practice increase, embracing new strategies for improving efficiency can set a firm apart. Let’s delve into some of the strategies law firms can deploy to enhance their workflow and maximize productivity.

    Related: 6 Transformative Methods for Boosting Workplace Efficiency

    Efficiency matters: Time is money for law firms

    In the legal realm, every second counts. Not only do lawyers bill by the hour, but the nature of their work demands acute attention to detail within tight deadlines. For a law firm, wasted time translates directly into lost revenue and potential missed opportunities.

    Efficient practices can drastically reduce operational costs. Furthermore, by minimizing wasted time and maximizing billable hours, firms can enhance their profitability. The ripple effect of increased efficiency not only boosts the firm’s bottom line but also leads to more satisfied clients. In a competitive legal market, the firms that prioritize efficiency are the ones that will stand out and excel.

    The legal industry is characterized by its dynamic nature. With ever-changing regulations, case laws and client demands, attorneys are always on their toes. Efficiency is the secret weapon that can help them stay ahead. It ensures that they can adapt quickly, offer competitive rates and deliver optimal results. After all, a more efficient lawyer can provide faster, more accurate services, which is what every client hopes for when hiring legal representation.

    1. Timeboxing is a must

    The concept of timeboxing revolves around allocating specific blocks of time for particular tasks. By setting clear boundaries for how long a task should take, lawyers can prevent themselves from going down rabbit holes. It’s a method that works wonders in keeping distractions at bay. Ensuring each task receives undivided attention maximizes efficiency.

    By adhering to the time allocated for a task, legal professionals maintain focus and productivity. This method ensures that they are working effectively and efficiently. Timeboxing also ensures that there’s ample time left for other essential obligations. In essence, it’s about working smarter, not just harder.

    2. Provide top-tier technology

    The digital age has revolutionized the way law firms operate. To remain competitive and provide the best service, firms must invest in the latest technological advancements. Among the selection of tech tools available, artificial intelligence (AI) has emerged as particularly transformative for legal research. AI can analyze vast amounts of data in minimal time, streamlining the research process.

    Furthermore, certain AI-driven platforms come equipped with quick summary features. These tools allow lawyers to swiftly grasp the essence of extensive documents. Leveraging such technology aids in faster and more informed decision-making. In a profession where time is of the essence, these tech solutions are indispensable.

    Related: How to Enhance Business Automation and Unlock New Levels of Operational Efficiency

    3. Reduce administrative tasks

    Administrative tasks, though necessary, can be time-consuming. Such tasks can eat into the hours that could otherwise be dedicated to legal work. Outsourcing or automating these tasks can significantly free up a lawyer’s time. Leveraging technology for appointment management or routine paperwork can simplify these operations.

    By reducing manual administrative duties, legal professionals can focus more on their core competencies. This means more time for client consultations, court appearances and case research. Moreover, it allows for more strategic planning and case preparation. Ultimately, streamlining administrative tasks enhances overall efficiency and client service.

    In the world of law, time is a precious commodity. For firms, the goal is to ensure that every minute spent is valuable and contributes positively to the bottom line. Efficiency isn’t just about speed; it’s about making the best use of available resources and time. Firms that successfully harness the strategies mentioned above can expect not only enhanced productivity but also improved client satisfaction. Maximizing the value of time means working smarter, not necessarily harder. When legal professionals make the most of every moment, it results in higher quality work, better client relationships and a more fulfilling professional experience. That makes the legal industry better for all parties involved.

    Related: 3 Key Steps to Make Your Business More Efficient and More Profitable

    Enhanced efficiency has a cascading effect on a law firm’s overall operations. By streamlining processes, firms can serve their clients better, faster and with higher accuracy. This not only bolsters the firm’s reputation but also fortifies client trust. Moreover, this relentless pursuit of efficiency stimulates a proactive environment where attorneys and support staff are encouraged to consistently perform at their peak, leading to a workplace that nurtures success and job satisfaction.

    In the end, an efficient law firm isn’t just about saving time or reducing costs — it’s about creating a culture that values innovation, continuous improvement and, above all, client satisfaction. So, as you move forward, remember that boosting efficiency is an ongoing journey, one that reaps significant rewards for both the firm and its clientele.

    Keri Gohman

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  • Digital Literacy Is a Vital Skill in the Age of Misinformation | Entrepreneur

    Digital Literacy Is a Vital Skill in the Age of Misinformation | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The rise of the internet and other digital technologies has transformed how businesses operate. Along with the inarguable benefits of this age comes a daunting challenge: avoiding falling for or participating in misinformation, which can lead to costly mistakes, damaged reputations and lost opportunities. Fortunately, there are ways of working proactively to avoid such pitfalls, with an embrace of digital literacy as a starting point.

    What is digital literacy?

    The internet broadly, and social media platforms particularly, are breeding grounds for rumors, false claims and inaccurate statistics. These can gain traction at a frightening pace, causing confusion and chaos, and small business owners are uniquely at risk. Digital literacy refers, in part, to effectively accessing, evaluating and using information from digital sources. In today’s landscape, this is not just a nice-to-have skill, but a necessity.

    From marketing strategies to financial planning and customer interactions, every aspect of operations can be influenced by information obtained online, and owners who are digitally literate are simply better equipped to make informed choices.

    The role of continuous learning

    As an owner, it’s your responsibility to stay informed about the latest digital trends and challenges — to actively and regularly update your knowledge — and there are a number of areas to consider when doing so:

    • Evolution of technology: As AI and other digital tools become more sophisticated, so do the methods used to spread misinformation. Business owners need to acquire a basic level of understanding regarding the capabilities of such emerging technologies.
    • Evolving platforms: Social media and other online communication channels seem to be ever-transforming, especially those wielding complex algorithms for sharing content. It’s important to understand how information spreads on these platforms so you can adapt strategies.
    • Cybersecurity knowledge: Cybercriminals are becoming increasingly creative, leaving small businesses vulnerable to phishing attacks and data breaches. Such bad actors could then leverage your own technology and tools and spread false information in the name of your business, unless you stay ahead of the information curve, or engage someone who is.
    • Sharing skill sets: Digital literacy shouldn’t be a skill that rests just with the business owner: Providing training to employees is a great way to add an extra layer of defense, especially when it comes to those staff members authorized to share information via social media or other channels, as well as key decision makers.

    Related: 7 Tips for Making Quality Business Decisions

    Practical strategies for protecting against misinformation

    • Cultivate a fact-based culture: Advancing a company environment that values fact-based decision-making means insisting that employees back their decisions with reliable data. By instilling a sense of positive skepticism — encouraging people to question information they encounter — you can greatly reduce the risk of inadvertently internalizing or spreading inaccuracies or distortions.
    • Create an information-sharing policy: It’s helpful to establish clear and company-wide guidelines for verifying and disseminating data, particularly on social media.
    • Be rigorous in verification: Never share information that’s obscure or which can’t be traced to a reputable source (which can include reputable news outlets, government websites and well-credentialed organizations) — ideally to multiple sources. There are a number of organizations and websites dedicated to such verification, including popular fact-checkers like Snopes, PolitiFact and FactCheck.org.
    • Leverage AI: Although advances in technology have accelerated the spread of misinformation, it can also help in combatting it. Artificial intelligence, for example, can aid in detecting false information by identifying inconsistencies and flagging potential inaccuracies.

    Related: 6 Ways Small Business Owners Can Get Their Employees to Use AI

    Nicholas Leighton

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  • 8 Efficiency Hacks to Boost Productivity and Save Time | Entrepreneur

    8 Efficiency Hacks to Boost Productivity and Save Time | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur juggling multiple businesses, I’ve come to understand the value of time and the necessity to work efficiently. Over the years, I’ve honed some handy techniques that have helped me greatly streamline my workflow, minimize distractions and maximize my productivity.

    Here are my eight favorite hacks for working efficiently, which I’m confident can help empower any entrepreneur to take charge of their time and achieve more with less. I use these methods every single day while running my cat brand tuft + paw, and they’ve worked exceptionally well for us.

    Related: 5 Simple Keys to Greater Productivity

    1. Batch emails to reclaim focus

    Email can easily become a constant source of interruption, stealing precious time from focused work. To combat this, adopt the habit of batching emails. Utilize tools like “batched inbox” to set specific times for email delivery, limiting it to twice a day. I like to dedicate focused time in the morning and the end of the day for email management, which frees up the rest of the day so I can concentrate on essential tasks and projects.

    2. Create email filters for “unsubscribe”

    Maintaining an organized inbox is so important for clear thinking. Set up email filters that direct any email containing the word “unsubscribe” into a separate “newsletter” folder. This declutters your primary inbox and your mind space, allowing you to prioritize and address critical emails more efficiently. When you have time, you can go through your newsletters and pick and choose what you want to read.

    3. Batch similar tasks together

    Context-switching between different types of tasks can be mentally taxing and inefficient. Embrace task batching by grouping like-tasks together in your to-do list or project management tool. For instance, on Asana, I schedule all email marketing tasks for Wednesdays and all my media buying tasks for Mondays. This approach can save you significant mental bandwidth and help you maintain focus on specific activities throughout the day.

    4. Silence Slack and phone notifications

    Phone distractions can be the biggest productivity killers, so for the love of God, turn off Slack and phone notifications while you’re working — there’s nothing like the “knock knock” sound of a Slack message for breaking your concentration and momentum. By silencing these notifications, you create an environment conducive to deep work. If you can maintain a deep work state for, say, 40% longer every day, you can see huge benefits for your business over time.

    Related: 10 Hacks to Save Time and Boost Productivity

    5. Prioritize communication and avoid being a blocker

    Quick, effective communication is vital for smoothly running a business. Structure your day so you’re not a blocker to anyone else doing their job. In my instance, I make it a top priority to address emails, chats and messages from my team at the beginning of the workday. By promptly responding to your team’s needs, you remove potential blockers that could hinder their progress. Once you’ve dealt with immediate communications, you can immerse yourself in deep, uninterrupted work.

    6. Limit meetings and opt for efficient alternatives

    Meeting fatigue is a real thing, so try to schedule as few meetings as possible. Meetings often consume significant amounts of time and, just as often, yield minimal results. Furthermore, most people hate meetings but still suggest them because they feel obligated. If someone suggests a meeting to me that seems unnecessary, I usually respond, “I’ve been trying to reduce meetings — any chance we could do this via email instead?” People are usually more than happy to oblige because they didn’t want a meeting either. It’s a win-win.

    7. Embrace asynchronous communication

    Today’s work world is so interconnected, but more often than not, these connections end up being distractions. To take tip #6 a step further, I recommended implementing an asynchronous communication platform wherever appropriate. Tools like Loom, where you can play back video messages at 2x speed, or threaded discussions in project management platforms are so much more efficient than live Zoom calls or continuous Slack chats. This allows recipients to process and respond to information at their convenience, promoting a more flexible and productive workflow.

    Related: 36 Insanely Useful Productivity Hacks

    8. Reserve Slack for urgent matters only

    Slack can be a fantastic tool for real-time communication, but it can also lead to constant interruptions. Only use Slack for urgent matters, and encourage your team to do the same. By setting this norm within your company culture, you create an environment where everyone can focus on their tasks without feeling overwhelmed by constant notifications. If every little message is urgent, then nothing is urgent.

    As entrepreneurs, time is one of our most valuable assets, and we need to treat it as such.

    By implementing time-saving practices, you can reclaim focus, minimize distractions and achieve higher levels of productivity. Remember, efficiency is not just about doing more work in less time, but rather about achieving better results with the time you have. By incorporating these strategies into your daily routine, you can unlock your true potential as an entrepreneur and, by extension, unlock the potential of your team.

    Jackson Cunningham

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  • How to Know When to Persist, Pivot or Give Up and Pack it In | Entrepreneur

    How to Know When to Persist, Pivot or Give Up and Pack it In | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    This isn’t your standard “persevere and conquer” pep talk. You’ve heard it all — ‘Push through, never give up, you can achieve anything if you set your mind to it.’ Sure, resilience is crucial, but let’s be real: That advice starts to ring hollow when you’re up against wall after wall and you experience rejection after rejection.

    At some point, you’re left wondering if the struggle is even worth it. Most articles don’t tell you that resilience isn’t just about bull-headed tenacity; it’s also about discernment – understanding that there’s a fine line between tenacity and futility. The wisdom lies in knowing when to dig in your heels and when it’s smarter to pivot. Often, a “no” is not a stop sign — it’s a detour sign that says, “Adjust course.”

    Related: Why Saying ‘No’ Can Actually Help Your Business or Startup

    The case of the unwavering pursuit

    In the mid-90s, my young and struggling advertising agency grappled with the constant challenges of an upstart company, such as personnel, cash flow and client acquisition. We were small but ambitious, armed with a unique approach for helping large companies market and sell their products to consumers through resellers, such as dealers or retail outlets.

    Undeterred by our size and confident in our approach, we had our sights set on the big, national players. One of those big players on my radar was Troy-Bilt. For two relentless years, I pursued them with the confidence that we had a unique marketing solution they couldn’t afford to ignore

    Given that they were just a two-hour drive away in Albany, NY, I took the liberty of making several unscheduled visits. To say the reception was lukewarm would be generous. At one point, I flat-out asked their V.P. of Marketing if I was becoming a nuisance and should just go away. His answer never wavered: “No need to leave; always good to talk, but we’ve got nothing for you.” Then, two years into this dance, the phone rang. It was them. “Scott, we’re ready to give you a shot.” That shot transformed into a multi-million-dollar annual program that sustained for several years.

    Related: 5 Ways to Master the Persistence That Makes a Great Entrepreneur

    The psychology of ‘No’: Your mindset dictates your response

    Rejection is far more than a bruise to your ego — it tests your emotional intelligence and resilience. Often, what hurts us most is not the rejection itself but our emotional response to it. We ruminate, second-guess and eventually let that “no” settle into our mindset as a prohibitive obstacle. But if we can shift our perception and see rejection not as a blockade but as feedback, we turn the tables.

    Mindset matters. A resilient mindset interprets a “no” as a “not yet” or “not this way.” It’s an invitation to revisit your strategy, adapt, change course and charge forward. Your next victory is as much about your mental calibration as it is about the external opportunity.

    Related: Never Underestimate the Power of Adversity: How Hardship Builds Resilience

    When to push forward and when to pivot

    Ah, the million-dollar question: When is a “no” really a “NO,” and when is it a “try again, but differently”? Even the most tenacious of us need to recognize that some doors are meant to remain closed. Perhaps you’re chasing a deal that isn’t the right fit or sticking to a strategy that’s clearly not working. In those moments, the wisdom to pivot is invaluable.

    The key here is data and intuition. Collect and analyze data on your efforts. Are you getting closer to a “yes” or further away? Your gut feeling, informed by experience, will often be your best guide. And remember, redirecting your energy doesn’t mean defeat — it means you’re savvy enough to focus on battles you can win.

    Related: The Art of the Pivot — 6 Steps to Reengineer Yourself for a Career Change

    Rejection is often not about you

    We often internalize rejection as a fault in our personality, skills or ideas. That’s rarely the entire story. External factors — economic downturns, corporate restructuring or internal politics — often contribute to that “no” more than you might think.

    So, when you hear that dreaded word, take a step back. Separate your personal attachment from the situation to objectively analyze why you were rejected. Was it the wrong time for the company? Were there budget constraints? Perhaps a change in leadership? If the rejection involves factors out of your control, don’t let it weigh down your self-worth or deter your progress. Instead, revise your strategy, recalibrate your pitch, and knock on the next door with renewed gusto.

    After you’ve paused to analyze the rejection, knowing full well that many variables could be out of your hands, it’s time to look forward. Start by refining your game plan. There’s an art to taking a “no” and letting it sculpt you into a better, more prepared individual. Pivot your approach, retool your game plan and consider “no” a constructive critique on the road to “yes.”

    Now, you’ve got to build some mental muscle. Rejection stings, but resilience is the salve. Put rejection in your rearview, as your focus needs to be on the road ahead. Every setback is just a setup for an even greater comeback.

    And please, for your own sake, don’t get tunnel-vision chasing one opportunity. Diversify your approaches; it’s like having multiple lines in the water when you’re fishing. One might not bite, but another will. Keep your connections fresh and your network dynamic. Your next opportunity could come from the most unexpected conversations.

    So, as you continue on this unpredictable path, never lose sight of your dream. Every great story — from Edison’s thousand attempts to create a light bulb to J.K. Rowling’s twelve rejections before Harry Potter saw the light of day — includes an anthology of “no’s.” Yours is no different. The ‘yes’ you’re searching for, the one that changes everything, could be just around the corner. And the lessons learned from each “no” along the way? That’s your roadmap, filled with detours that make the journey richer, not just longer, but only if you dare to persevere and the wisdom to pivot when needed.

    Scott Deming

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  • 5 Strategies for Building Your Business Quickly | Entrepreneur

    5 Strategies for Building Your Business Quickly | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    If there’s one thing I’ve learned working in tech and PR, it’s the grave importance of speed. Competitors are always on the lookout, and modern advancements are dropping left and right at a lightning-fast pace. Resting on your laurels is no longer an option — you need to think, act and move fast.

    Moreover, the modern customer has grown accustomed to instant gratification. In a nutshell, speed is their norm: They want their problems solved, their needs met and their desires fulfilled with a tap of their smartphone screens. In a world where ecommerce delivers products on the same day; where food can be ordered and brought to your doorstep in minutes, and where streaming services provide instant access to a vast library of entertainment, patience has become an alien concept.

    This shift in consumer expectations has made speed an invaluable currency for businesses. Those who can deliver their products or services faster, more efficiently and with a superior user experience have a distinct advantage. They not only attract more customers but also retain them.

    Here are some strategies and tips for building your business quickly:

    Related: 10 Tips That Will Help Launch Your Startup Faster

    1. Start your business now

    The first tip is simply to start your business right now. Why? Competitors are always on the move. If you want to dominate your category or lead an existing market with a new innovative offering, it’s important to stray from the waiting game

    “Time is money” is a cliche for a reason, and that’s because it couldn’t be truer. Keep in mind that if you’re not moving fast enough, your direct competitors will overtake you, capture the same market share and attract the same customers you’re targeting. The “first move advantage” is always substantial to establish authority and become the preferred choice of clients.

    Here’s a pro tip: Leveraging technology to speed up your business launch is always an advantage. Investing in business builders like Tailor Brands will exponentially increase your chances of success. This is a must-have, all-in-one solution that will simplify all the complexities of starting and running your business in one single platform.

    2. Crowdfunding and accelerators

    Raising capital is always a challenge. If you ask any entrepreneur about the biggest blocker of turning their entrepreneurial ideas into reality, it’s funding. But if you have the confidence that your product can disrupt an industry and solve a pressing problem, seeking investment through crowdfunding platforms or applying to startup accelerators might just be your next best move.

    Here’s a pro tip: When exploring crowdfunding, platforms like Kickstarter and Indiegogo can help you raise capital directly from a community of backers who believe in your vision. Make sure your campaign is well-prepared with a compelling story and clear value proposition to attract potential investors.

    For startup accelerators, research and select programs that align with your industry and goals. From financial support and mentorship to resources that catalyze growth, joining an accelerator can be a transformative experience for any up-and-coming entrepreneur.

    3. Networking and partnerships

    No man is an island when it comes to business building. You will need all the help you can get — from business advice, strategic partnerships, joint ventures and mentorship programs, to PR collaborations. You need to treat the business ecosystem as an interconnected web where you can get invaluable insights and guidance from seasoned entrepreneurs, business opportunities from more established players and fresh perspectives on your business ideas.

    Here’s a pro tip: Look beyond traditional boundaries. Attend industry events, seminars and conferences, both in person and virtually, to connect with like-minded professionals. Online platforms such as LinkedIn can also be powerful tools for expanding your professional network. Seek out mentors who have experience in rapidly growing businesses, or find opportunities for co-creating solutions with complementary businesses.

    Related: 5 Steps on How to Start a Business and Get It to Market, Quick and Lean

    4. Outsource and delegate

    Once you’ve built your business, it’s now time to build your team. Outsourcing roles and delegating tasks can significantly accelerate your business’s growth. Identify non-core functions that can be handled by specialists or third-party services. This frees up your time and resources to focus on what truly matters for your business’s success.

    While outsourcing and delegating tasks can be game-changers, it’s essential to find the right people with exemplary backgrounds. Consider using online platforms that connect businesses with skilled professionals from around the world.

    Here’s a pro tip: Websites like Upwork or Freelancer can be goldmines for talent acquisition. These platforms are your windows to a global pool of talents with a wide range of skills, expertise and experiences. From web development to content creation, these outsourcing websites offer a cost-effective and fast way to build your team and meet business objectives.

    5. Establish a bulletproof tech stack

    Once your business is running, it’s time to maintain the momentum and ensure that you can continue to operate efficiently and effectively. A bulletproof tech stack can make all the difference between success and failure.

    Treat your tech stack as the backbone of your operations. It can help you scale, optimize and streamline business processes that are often tedious. For example, a trusted customer relationship management (CRM) system tracks your interactions with customers and streamlines your sales processes, while accounting software ensures your financial operations are precise and efficient.

    Here’s a pro tip: When building your tech stack, consider the specific needs of your business while meeting the nature of your operations. Don’t look for overly complicated solutions — the simpler, the better. Asana is one must-have tool to efficiently track, manage and connect your projects across your organization. It’s straightforward, easy and user-friendly — ideal for any type of business of any size.

    Building your own business is not easy, but the rewards are unparalleled — like climbing a steep mountain where the steps are rough but the top view is spectacular. And while the ascent is a challenge, what’s important is to pick up your feet, establish your speed and embrace the elements that come with it. In today’s business world, change is fast and competition is fierce. Your upper hand will always be your ability to make big swings at a groundbreaking speed.

    Related: 4 Ways to Fast-Track Your Start-Up Success

    Omri Hurwitz

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  • 5 Telltale Signs These Outdated Strategies Are Killing Your Business (and How to Get With the Times) | Entrepreneur

    5 Telltale Signs These Outdated Strategies Are Killing Your Business (and How to Get With the Times) | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a CMO in the MarTech space, I am constantly getting outreach about new services and technologies from salespeople. While some might find it a bother — and repeated, non-reciprocated emails are — I do find value in some of the messages. Here’s why: I’m willing to guess that many people in executive go-to-market roles rely in part on email pitches and LinkedIn posts from salespeople to stay abreast of new services and features that are coming on the market every day.

    In today’s dynamic business environment, adaptation is not just a choice, but an imperative for success — particularly for marketing and sales strategies. With the constant evolution of technology shaping how businesses operate and interact with customers, it’s important to advance your own business processes and technologies to yield these benefits and stay relevant.

    Looking ahead, it is predicted that artificial intelligence (AI) will assist in a staggering 95% of customer interactions by 2025. This statistic reflects the undeniable influence of innovation we’re experiencing. Simultaneously, studies show that 86% of customers are willing to pay more for a superior customer experience. Yet, surprisingly, 17% of organizations still report using spreadsheets to manage their customer interactions rather than a customer relationship management system (CRM).

    If change is the only constant, clinging to obsolete methods is a recipe for disaster. A majority of businesses state that their primary challenge involves catering to changing customer behaviors and expectations, so companies must adapt their strategies to effectively engage their target audience in meaningful ways.

    In my role as a CMO at a CRM, I often see robust, profitable businesses operating with an outdated CRM and it is staggering to me. Fostering strong relationships with prospects and customers directly impacts a company’s bottom line and is an experience facilitated most often through CRMs — with 91% of companies with 11 employees or more reportedly managing relationships via CRMs. But, of that large portion of businesses, 79% of businesses report being dissatisfied with their current CRM software. Add to the mix stale marketing and sales strategies and it’s no wonder that many companies struggle to fully capitalize on the benefits of these systems, leaving significant room for improvement in both CRM utilization and the overall effectiveness of sales and marketing efforts. So how, then, does a company determine if it’s lagging behind? It’s time to find out.

    Related: 6 Outdated Marketing Tactics You Need to Leave in the Past (Where They Belong)

    5 signs it’s time for a refresh

    Not only does outdated technology consume additional time, but it can also worsen administrative inefficiencies, leading to the dissemination of inaccurate information. This threat carries substantial risks for customer perception and, ultimately, customer satisfaction. Several telltale signs that it’s time for a refresh include:

    • New hires question the tech stack: Bringing in new talent, whether through growth or backfill, gives you a glimpse into the technology being used in other companies and can help avoid the “we’ve always done it this way” mentality. If your new hires are asking for apps or questioning why your team is not using a certain technology, listen to them and use their feedback to question the status quo.
    • Decreased productivity and poor sales performance: Outdated systems often come with cumbersome processes that impede a team’s productivity. If your team is spending excessive time on administrative tasks rather than valuable customer interactions or prospect engagements, it may be time to update your strategies and/or tech stack.
    • Low-quality customer experiences: If you notice a persistent drop in your customer satisfaction ratings or feedback, it’s an indication that current strategies, and possibly tools, are not meeting customer expectations. Many modern tools offer various ways to enhance customer engagement and satisfaction.
    • Lack of integrations: The most efficient MarTech solutions are those that seamlessly integrate with other tools, streamlining your workflows and increasing efficiency while supporting your business’s capability to grow, scale and change. For example, if your CRM doesn’t integrate well with other tools, it’s undoubtedly a sign of an outdated system.
    • Reliance on manual data entry: Relying on manual data entry in your sales processes not only heightens the potential for errors but also diminishes overall efficiency. If your existing system heavily depends on manual data input, rather than automation and calculated fields, it may be prudent to contemplate an upgrade.

    Related: Hit ‘Refresh’ on That Stale Sales Cycle and Never Miss Your Numbers Again

    Revamping your strategies

    Rather than hastily adopting quick fixes, success hinges on a purposeful, methodical approach to change. Here’s a concise roadmap to help navigate this process:

    • Self-assessment and benchmarking: Start with a comprehensive assessment of your current tech stack, strategies, and processes, benchmarking your performance against industry standards. Analyze customer feedback for insights into areas needing improvement. And, additionally, scrutinize any sales drop-offs for valuable insights beyond customer feedback. Once you’ve pinpointed the key issues that require attention, you can develop a clear and actionable plan to achieve the desired results.
    • Understanding emerging technologies and trends: Research the latest emerging technologies and industry trends, including taking a look at your competitors’ advancements, to assess market positioning. This information can help you make informed decisions about which tools and strategies you need to adopt or incorporate into revising the technology that supports your playbook.
    • Identifying the right technology for your business: Not all technologies (or CRMs) will be suitable for your specific needs. Take time to identify the solutions that align with your business goals and customer expectations while addressing pain points within your organization’s strategy. This means keeping a strong focus on understanding your customers’ needs and finding ways to consistently exceed their expectations with the support of innovative technology.
    • Training and implementation: Investing in proper training for a sales or marketing team is critical to realizing the full potential of chosen tools. Remember to stay vigilant in regularly evaluating the performance, capabilities and strategies your company uses, particularly when it comes to the effectiveness of systems in play, to engage your target audience and provide value.

    Related: Invest in These 5 Technologies to Redefine Your Marketing Efforts

    Leveraging technology for success

    Data-driven insights and customer relationships are the driving force behind success today, making it essential for companies to stay updated with marketing, sales and technology trends.

    Outdated strategies put companies at risk of losing valuable connections and can prevent them from unlocking crucial growth opportunities. Acting on these telltale signs of outdated marketing and sales strategies could mark the difference between stagnation and advancement.

    Companies not only need to recognize the signs of lagging behind, but also act swiftly, capitalizing on the versatility and dynamics of today’s plethora of tech options. Refreshing and leveling up technology solutions is no longer a luxury; it’s a business imperative that demands urgent attention.

    Chip House

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