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Tag: Business Strategy

  • How to Leverage AI to Supercharge Your Business | Entrepreneur

    How to Leverage AI to Supercharge Your Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Artificial Intelligence: What was once a seemingly passing buzz phrase has now become an accepted and enduring technology reality — set to only increase in speed and application.

    But, as a society, and especially among those focused on business solutions, there are divides on modes of response. Some feel nervous, even frightened, but certainly concerned about the impact AI could have on their jobs individually and the job market as a whole. Others straddle the fence, unconvinced as yet about its true potential. Then there is the corps of the savvy — those who harness its capabilities and recognize its limitations.

    I heartily recommend you take your place in that last group.

    I’m lucky to work in an ecosystem of individuals committed to harnessing innovation, one that embraces inventions and improvements and then learns how to redirect workflow energy accordingly. One such individual is Chris Winfield, founder of Understanding AI. His career path has flowed through various markets and verticals but has centered on giving entrepreneurs what he likes to term an “unfair advantage” by leveraging everything from relationships to PR and social media to mentorships. Now, he’s turned his attention to AI and has identified key ways entrepreneurs can gain another unfair advantage by leveraging it.

    We sat down and discussed this pathway to more robust 21st-century business and various other related topics, including how to soothe associated anxiety.

    Related: Elevate Your Personal Brand with AI

    You can’t avoid reality

    According to Winfield, the most glaring mistake entrepreneurs make is avoiding the subject altogether. In a rapidly evolving business landscape, reluctance can leave you stranded while others sail smoothly into new opportunities. “The key,” he said, “is to understand that AI is a tool like any another: its effectiveness depends on how you wield it.”

    Early steps

    To assess the applicability of AI in a work setting, Winfield typically has clients go through a simple exercise: Figure out what your hourly wage is (everyone has one: how much your company made last year divided by the hours you worked). Then, write down everything you do for one week — tasks, meetings, minutia, calls… everything. Once that list is complete, identify tasks you wouldn’t be doing if you could pay someone else to, then ask whether ChatGTP (or any other AI tool) could handle them.

    Consider one example: Imagine how an entrepreneur who also manages writing and social media for her company might leverage AI during a typical day. She has a morning video call with an interviewer and applies vidyo.ai, an AI-assisted editing platform that transforms longer-form videos and podcasts into shorter clips suitable for TikTok, YouTube and Instagram. It also generates a snippet-ready video of the call and a transcript of everything discussed. She then engages ContentFries, which chops that video into social media-ready tidbits.

    Finally, she makes productive use of the transcript using another AI tool to write blog posts and social media captions. She has done all of this — truly maximizing output and content creation — essentially without lifting a finger.

    Related: 4 Ways This SEO Expert Uses AI to Create Content — and How You Can, Too

    The importance of smart input

    To be sure, polishing and cleverly market-applying content is still up to you. One common pitfall, Winfield pointed out, is the assumption that AI can work wonders without you, but it can only be as good as the prompts you provide, which require creativity. He recalled mentoring a chiropractor who asked an AI tool to “write good newsletters.” That was it… that was the prompt. The results, not surprisingly, were lackluster. So, Winfield coached him, including imparting the effectiveness of “laddering.”

    Generally applied in marketing realms, laddering also works with prompts. Think of it as peeling back an onion — moving from understanding features to values to the emotions that make us tick. We have to do this when using AI to help it understand our foundational and creative needs and the emotional payoff we’re looking for. Once it has all of those inputs, it can create useful and valuable content for consumers.

    Enter ChatGPT, a tool developed by Open AI that can truly revolutionize our work. In addition to crafting and focusing prompts, you can use it as a brainstorming partner, a search engine and a versatile outline creator. Applied thoughtfully, it can save oceans of research time and busy work, leaving more hours for tasks only your creative brain can handle.

    Another quick exercise: Have ChatGPT build a target market persona for your company, which could help you understand the current market better and/or identify one that a unique product or offering could reach. Be specific with your prompts, though: Ask it who may like your product, what competitors for it there might be, and lastly, have it present a demographic that you may not have thought about. Examine critically the resulting information, and don’t be afraid to make mistakes (or recognize AI’s mistakes) along the way.

    Related: What We Can Learn from the OpenAI Governance Crisis to Drive Ethical AI Leadership

    Keep AI work-related

    As artificial intelligence continues to evolve, new tools are seemingly released daily, and it’s easy to get caught up in the excitement and lose focus. So, Winfield advises that entrepreneurs designate AI tools for work-related tasks only (avoiding using them for unrelated matters during office hours) to prevent time-wasting distractions.

    The better you get at leveraging AI, the easier it will be to identify which tools you should and can integrate. Handled strategically and capably, you’ll find that productivity increases, creativity expands, and time is created for the kind of multidimensional thinking that really helps move the success needle.

    Randy Garn

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  • Nvidia CEO Jensen Huang says his AI powerhouse is ‘always in peril’ despite a $1.1 trillion market cap: ‘We feel it’ 

    Nvidia CEO Jensen Huang says his AI powerhouse is ‘always in peril’ despite a $1.1 trillion market cap: ‘We feel it’ 

    Nvidia is on a tear. It is also, according to its billionaire CEO Jensen Huang, in peril.

    The semiconductor maker, whose processors are used in gaming, data centers, and autonomous vehicles, plays a key role in the artificial-intelligence boom that has rejuvenated Silicon Valley. Tech giants compete to buy up its expensive AI chips. This year it joined the select group of companies with a market cap of $1 trillion more.

    But “there are no companies that are assured survival,” Huang warned Thursday at the Harvard Business Review’s Future of Business event.

    Nvidia in its 30-year history has faced several existential threats, which helps explain why Huang recently told the Acquired podcast that “nobody in their right mind” would start a company. For example, it almost went bankrupt in 1995 after its first chip, the NV1, failed to attract customers. It had to lay off half its employees before the success of its third chip, the RIVA 128, saved it a few years later.

    “We have the benefit of building the company from the ground up and having not-exaggerated circumstances of nearly going out of business a handful of times,” Huang said this week, as Observer reported. “We don’t have to pretend the company is always in peril. The company is always in peril, and we feel it.”

    But Huang thinks it’s important to avoid getting too stressed about it. 

    “I think the company living somewhere between aspiration and desperation is a lot better than either [being] always optimistic or always pessimistic,” he noted. 

    One challenge the Santa Clara, Calif.-based chipmaker now faces is the tightening of U.S. rules on tech exports to China. That could result in Nvidia losing billions of dollars after canceling planned deliveries to Chinese companies.

    “The restriction is a capability restriction,” Huang said. “It’s not an absolute restriction…The first thing we need to do is to comply with the regulation and understand what the limits are and, to the best of our ability, offer products that can still be competitive.”

    But trying to sell chips with decreased capabilities in China leaves Nvidia more exposed to competition from local rivals. “It’s not easy, and competitors are moving quickly,” Huang said. “It’s like anything else that you gotta stay alert and do the best you can.”

    Meanwhile despite Nvidia blowing past expectations in recent quarters, many analysts warn that competition from rival AMD and others is sure to intensify. Among them is David Trainer, chief of research firm New Constructs.

    “The rest of the world won’t just roll over and let them dominate AI,” Trainer told Fortune in August. “They’re facing the same curse as Tesla. Nvidia benefited like Tesla from being first to market. But when Tesla got profitable, loads of competitors entered the EV space, cutting its margins and slowing sales. The same will happen for Nvidia.”

    Huang told Acquired that he’s read the business books by former Intel CEO Andrew Grove, calling them “really good.” Among those is Only the Paranoid Survive.

    Huang seems to have taken it to heart. 

    “If you don’t think you are in peril,” he said this week, “that’s probably because you have your head in the sand.”

    Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up for free.

    Steve Mollman

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  • Why Saudi Arabia is The Goldmine for Global Entrepreneurs | Entrepreneur

    Why Saudi Arabia is The Goldmine for Global Entrepreneurs | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Nestled in the heart of the Middle East, Saudi Arabia has long been synonymous with oil wealth. Yet, as we move deeper into the 21st century, it is stepping into a new light, presenting vast and varied opportunities for entrepreneurs.

    1. Beyond oil: A diversified economic landscape

    Saudi Arabia’s Vision 2030 is a clarion call for diversification. The nation is proactively steering away from its oil-dependent past, investing heavily in entertainment, tourism, technology and sports sectors. ‘NEOM,’ the futuristic city project, is a beacon of this transformative journey.

    For budding entrepreneurs, this evolution translates into a broader spectrum of business avenues, a more varied market and an ever-evolving consumer base.

    Prince Mohammed bin Salman Al Saud once asserted, “Vision 2030 is all about the future. It’s about more life, it’s about more energy, and it’s about more excitement.” And in this unfolding future, entrepreneurs are the vanguard.

    Related: A Look At How Saudi Arabia’s Vision 2030 Has Spurred Entrepreneurship In The Kingdom

    2. The growing consumer spending of millennials

    Saudi Arabia is young. Over half its population is under 30, making it a vibrant, tech-savvy, digitally connected consumer market. This burgeoning demographic is increasingly global in its outlook and consumption patterns. For businesses, this translates into a potent market hungry for innovative products, new-age services and novel experiences.

    Related: Attracting and Retaining an Engaged Millennial Workforce

    3. Global crossroads and a growing business ecosystem

    At the juncture of Asia, Europe and Africa, Saudi Arabia is more than just a regional hub; it’s a global convergence point. Entrepreneurs setting up in Saudi enjoy easy access to multiple continents, offering an ideal launchpad for truly global aspirations.

    It’s not just about the market; it’s about the support. Recognizing the value of entrepreneurial ventures, the Saudi government has initiated numerous incentives, grants and funding opportunities. With tech hubs, incubators and a growing investment community, Saudi Arabia genuinely welcomes innovators with open arms.

    Related: The Middle East is Emerging as a Serious Startup Hotspot — Here’s What Entrepreneurs Worldwide Can Learn

    4. The tourism and cultural renaissance

    Gone are the days when Mecca was the only draw for international visitors. With its recent foray into the tourism sector and the rejuvenation of cultural festivals, Saudi Arabia is quickly becoming a hotspot for global travelers. This shift provides many opportunities for businesses in the hospitality, travel, arts and culture sectors.

    5. Sustainability coupled with training a young workforce

    Saudi’s diversification drive has led to a growing demand for a skilled workforce. While the demand is vast, the supply, in many sectors, lags. This mismatch offers a golden opportunity for ed-tech platforms, vocational training institutes and professional upskilling courses.

    Saudi Arabia’s move towards sustainable energy and its commitment to environmental initiatives is another realm burgeoning with potential. From clean energy solutions to sustainable agriculture, Saudi Arabia is on the lookout for green ventures that align with its Vision 2030 goals.

    Related: How Entrepreneurs Can Keep Up With Industry Demands While Nurturing a Skilled Workforce

    6. Embracing youth and empowering women

    Saudi Arabia’s demographic is a unique blend of tradition and modernity. With nearly 35 million residents, Saudi Arabia boasts a median age of just 27, making it one of the youngest populations globally. This youthful dynamism naturally begets innovation, a fact borne out by the soaring numbers of Saudi entrepreneurs. Recent years have witnessed a startup explosion, with young Saudis taking the entrepreneurial plunge, driven by passion and the promise of a supportive ecosystem.

    But perhaps the most heartening aspect of this entrepreneurial surge is the rise of female founders and business leaders. Historically, the Saudi business realm was a male-dominated landscape. However, the winds of change, heralded by policies promoting women’s education and empowerment, have reshaped the scene. Today, women are not just participating in the business sector but pioneering it. They’re establishing startups, helming corporations and breaking barriers in previously deemed off-limits fields. According to a report by the Global Entrepreneurship Monitor, nearly 35% of all Saudi startups are now led by women, a testament to their tenacity and the evolving societal norms.

    This dual wave of youthful enthusiasm and female empowerment is more than just a demographic trend; it’s the heartbeat of the new Saudi Arabia. As young entrepreneurs bring fresh ideas and perspectives, female founders infuse the ecosystem with diverse insights and resilience. Together, they represent Saudi’s progressive future, one where dreams are not bound by age or gender.

    Saudi Arabia’s metamorphosis is a tale of vision, ambition and the future. For entrepreneurs, this narrative presents a chance to tap into a new market and be part of a historical transformation.

    By aligning their aspirations with Saudi Arabia’s vision, entrepreneurs can co-create a future where innovation thrives, businesses flourish and dreams take flight. The Saudi horizon is vast, and it’s gleaming with golden opportunities for the discerning entrepreneur.

    Henri Al Helaly

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  • The Secret to How Businesses Can Fully Harness the Power of AI | Entrepreneur

    The Secret to How Businesses Can Fully Harness the Power of AI | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Generative AI — when harnessed correctly — has the potential to revolutionize the way companies operate, innovate and compete. But one question still remains: How can businesses effectively tap into this potential? The answer lies in setting up an AI center of excellence that combines IT with learning and development to serve the needs of business operations.

    Any company can set up an AI center of excellence, large or small — and smaller ones can be more nimble and flexible in setting one up, allowing them to get ahead of their larger competitors. And that center of excellence itself requires a two-pronged approach to establish what it means to be excellent at using AI: observing the application of generative AI in other companies and understanding its use within their own ranks.

    Related: What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

    Learning about AI best practices

    The first step in the journey towards effective use of generative AI is to look outward. Companies that have already integrated AI into their operations can serve as valuable case studies. These pioneers have navigated the challenges of implementation, and their successes and failures provide a roadmap for others to follow.

    For instance, a number of companies report having marketing teams using AI to generate creative content, while the sales team uses it to predict customer behavior. By identifying these practices, companies can consolidate their efforts and create a unified strategy for AI usage.

    The second prong of this approach involves looking inward. Companies must understand how their own employees are already using generative AI. This internal audit can reveal surprising insights about the company’s current AI capabilities and areas for improvement. This internal exploration is not just about finding existing uses of AI, but also about encouraging employees to come forward with their ideas and experiences. This can foster a culture of innovation and make the integration of AI a company-wide endeavor.

    However, it’s at this step that I most often see problems in companies for which I consult on integrating AI into their workflow. Initial evidence suggests that AI can significantly boost personal efficiency for individual employees by anywhere from 20% to 70% for many tasks, with the quality of output surpassing that of tasks completed without AI assistance. This is a testament to the transformative power of AI when used as a personal productivity tool, especially when operated by someone within their area of expertise.

    However, it’s important to note that the current state of AI primarily enhances individual productivity rather than organizational productivity as a whole, as highlighted by Ethan Mollick, a professor at the Wharton School of the University of Pennsylvania. This is because AI, in its current form, makes for rather unpredictable software. It can be inconsistent, prone to error and generally doesn’t behave in the way that traditional IT is expected to behave. As a result, AI doesn’t scale well in its current state.

    But don’t let this deter you. The key is to recognize the potential of AI as a personal productivity tool and to harness this potential within your organization. By doing so, you can empower your employees, improve efficiency and pave the way for the future integration of AI on a larger scale. As AI technology continues to evolve, we can expect it to become more reliable and scalable, eventually becoming an integral part of organizational productivity.

    Establishing an AI center of excellence

    Once a company has gathered this information, the next step is to establish a center of excellence for using Generative AI. My clients found the most success when this center was co-led by a team from IT, who can handle the technical aspects of AI, and HR, who can oversee learning and development.

    The center of excellence serves as a hub for AI-related activities within the company. It provides guidance, sets best practices, and ensures that all departments are aligned in their use of AI. This centralized approach ensures that AI is used effectively and ethically throughout the company. Moreover, the center of excellence can also serve as a platform for continuous learning and development, keeping the company up-to-date with the latest advancements in AI.

    But what makes a center of excellence truly successful? There are several guiding principles that underpin its operation, each of which can be applied specifically to the integration of generative AI.

    Firstly, the center of excellence should have a clear vision and mission. This includes defining the strategic objectives of the center and how it aligns with the overall business strategy. For instance, if a company’s strategy is to leverage generative AI for content creation, the center’s mission could be to develop and implement best practices for using AI in this area.

    Secondly, the center of excellence should foster collaboration and communication across the organization. It should act as a bridge between different departments, facilitating the sharing of knowledge and best practices. For example, if the marketing team is using generative AI to create content, their insights and experiences could be shared with other departments through the center of excellence.

    Thirdly, the center of excellence should focus on continuous improvement. This involves regularly reviewing and refining its processes and practices to ensure they remain effective and relevant. In the context of generative AI, this could involve staying abreast of the latest AI technologies and updating the company’s practices accordingly.

    Lastly, the center of excellence should be committed to promoting a culture of learning and development. This includes providing training and resources to employees to enhance their AI skills and knowledge. For example, the center could offer workshops on using generative AI tools, or provide resources for self-learning.

    Establishing a center of excellence is a critical step in harnessing the power of generative AI. By adhering to these guiding principles, companies can ensure that their center is effective, relevant and capable of driving AI integration across the organization.

    The ultimate goal: Serving business operations through an AI center of excellence

    The ultimate goal of this two-pronged approach and the establishment of a center of excellence is to serve business operations. Generative AI has the potential to streamline processes, improve efficiency and drive innovation. By learning from others, understanding internal usage and establishing a centralized hub for AI, companies can harness this potential and transform their operations.

    The center of excellence plays a pivotal role in this transformation. It serves as the nerve center of the company’s AI initiatives, guiding the integration of generative AI into business operations. Whether it’s using AI to automate routine tasks, generate creative content or predict market trends, the center of excellence ensures that these initiatives align with the company’s strategic objectives and adhere to best practices.

    For instance, if a company wants to use generative AI to streamline its customer service operations, the center of excellence could develop a roadmap for this initiative. This could involve identifying the best AI tools for the job, training customer service staff on how to use these tools, and setting up a system for monitoring and improving the AI’s performance.

    Moreover, the Center of Excellence also plays a crucial role in fostering a culture of continuous learning and innovation. It keeps the company up-to-date with the latest advancements in AI, encourages employees to explore new ways of using AI, and promotes a culture of experimentation and risk-taking. This culture of innovation is key to harnessing the full potential of generative AI and staying ahead of the competition.

    Related: AI Can Make Some Jobs More Difficult and Time-Consuming — Here’s How

    Conclusion

    The journey towards effective use of generative AI may seem daunting, but with the right approach, it can lead to unprecedented growth and success. So, take the leap, look outward and inward, establish your Center of Excellence, and watch as AI propels your business into the future. Remember, the future of business is not just about adopting new technologies, but about understanding them, integrating them effectively, and using them to drive operational excellence. The Center of Excellence is your guide on this journey, leading the way towards a future powered by generative AI.

    Gleb Tsipursky

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  • How to Grow Your Business When You Have No Idea What You’re Doing | Entrepreneur

    How to Grow Your Business When You Have No Idea What You’re Doing | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business, let alone growing one, is not for the faint of heart. It takes time, patience and a lot of humility. In 10 years of owning my own business, our growing pains have had their own growing pains, but at this point, I can safely say they have transformed into gains.

    I’ve learned the hard way that expansion is a necessary step in growth, but doing so in a manner that doesn’t feel like two steps back for every one step forward has been the most challenging part for me. Growth should be an exciting process that couples a thoughtful approach with some creative bootstrapping and an unwavering “go get ’em” attitude.

    Sometimes growth proceeds only one slow step at a time, but that one step may be critical to the future of your business, so dedicate yourself to making each advancement as “right” as it can be, followed by another and then another. This will likely take some fine-tuning and adjusting. You couldn’t learn the ropes of first grade until you’d mastered kindergarten (yes, as a mom of five, parenting analogies consistently make their way into my writing!), and the same philosophy applies to business.

    Here’s how to identify focused steps to take to grow your business.

    1. Careful planning and strategic decision-making

    The importance of careful planning and strategic decision-making cannot be overestimated but is often overlooked when you’re running full steam ahead toward business growth. The last thing business owners need is wasted time on unnecessary work that could’ve easily been avoided with a little thoughtful preparation. Speaking from my own experience at the helm of R Public Relations, I decided to embrace one instrumental but utterly simple expansion strategy: finding my firm’s service niche area and sticking with it.

    The truth is, my firm and my team can do more than we actually do, but we had to start saying no to services we didn’t really want to focus on so that business growth would be in the right direction. Mine is a PR company, and yet at one point, I had more content writers and editors on staff than publicists. So I had to shift that imbalance, stay hyperfocused on our service niche and then use that very service to promote ourselves, brag about ourselves and show our potential clients how good we are at shouting the good news from the rooftops.

    Related: Why You Should Never Treat Your Business As A Side Hustle

    2. Finding your client base

    Just like I had to narrow my circle of employees and contractors to those who would most directly contribute to business growth goals, I had to zero in on the client base I wanted to feed my business by offering products and services that would most appeal to them. This step involves understanding your customers’ needs and wants — both current and future — and conducting market research to determine them. You don’t have to have a degree in data analysis; you just need to be a good listener when speaking to your clients. If you ask and show genuine interest, they’ll tell you exactly what they want from you that will keep them on your roster and, in turn, keep your business growing.

    Related: The 7-Step Guide To Finding the Right Clients and Avoiding the Ones Who Waste Your Time

    3. Setting pricing and service offerings

    I’m frequently asked, “How much should I charge for so-and-so?” You can’t stay in business if you don’t get paid appropriately for what you deliver, but just expanding your menu of offerings to bring in more revenue isn’t always (or even usually) the best route to growth. Diversification and specialization can make all the difference, so when you’re reassessing your service line, make tweaks where needed and, in some cases, eliminate some services altogether.

    In my firm’s case, we took inventory of all the feedback we received from our clients, and guess what we found out? We were providing not only more than they were asking for but much more than they were paying for! Not good.

    When we raised our prices to keep in line with costs, client demands rose in kind. I ended up with a burnt-out staff and clients with unclear expectations until I eventually realized that the trick was to scale back on extraneous services without disrupting client satisfaction. In other words, we stopped overdelivering and instead set definite and finite targets that could track both client growth and our own. We defined and set a value for our services so that we could price them properly and better manage client expectations.

    4. Understanding your market landscape

    This step could just as easily be labeled “stalking your competitors,” and there’s no shame in that. In fact, you can learn a lot from scoping out what the competition is doing and then figuring out ways to do it better or differently or with more personalization. When I was just starting out in the hospitality market, there was a “cool kid” on campus, and we wanted to be cooler. So we’d pitch to the same clients and often win — maybe based on price or our extreme commitment or a combination of both; but the point is, we learned how and what to pitch precisely by following the lead of our competition and then putting our spin on their moves.

    Continually assessing where you can stand out in your market and how you can actualize your exceptionality keeps your current clients from jumping ship and attracts new clients to the buzz you’ve created around yourself. And you can achieve this with a small team and a small budget. When I had limited amounts of both, I prioritized deepening my relationships with my clients through active listening and customization. In the process, I gained valuable insights into market preferences that allowed my firm to tailor strategies to current market trends, strengthen existing client bonds and foster new ones.

    Related: Starting a Business: How to Start a Business in 12 Steps

    5. Being passionate about what you do

    Clichéd as it sounds, truly loving your business — thriving off what you do — is the single most valuable key to business success. Clients want to work with you when you’re enthusiastic, energized and fun. When your passion for what you do is visible, it becomes a viable path to growth because people want to join you on that path, follow you on that path and share in the rewards that come from an enjoyable journey to a set destination.

    I’ll keep walking that path, recruiting fellow travelers wherever and whenever I can, because we’re all aiming for the same thing: successful, blossoming businesses that stand the test of time and evolve with an ever-evolving marketplace.

    Emily Reynolds Bergh

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  • Free On-Demand Webinar: How to Lead a Company Through Multiple Times of Uncertainty

    Free On-Demand Webinar: How to Lead a Company Through Multiple Times of Uncertainty

    Previously a trader and an investment banker, Glenn Fogel joined Booking (then known as Priceline.com) in Feb. 2000 as a young manager. Two weeks later, the stock market peaked and the dot-com bubble burst. Soon after, the Sept. 11 attacks happened, hampering people’s desire to travel. And the industry was shattered again when the 2020 pandemic hit. How did the world’s leading provider of online travel lead through these uncertain times?

    Find out in the next episode of our Leadership Lessons series with the CEO & President of Booking Holdings (NASDAQ: BKNG) – parent company of Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK and OpenTable – chats with series host Jason Nazar about how he leads more than 20,000 employees across 300+ offices in 220 countries around the world and the greatest lessons learned in his 30+ year career. Topics include:

    Complete the registration form to watch now!

    About The Speakers

    Glenn Fogel is CEO & President of Booking Holdings (Booking.com, Priceline, Agoda, Rentalcars.com, KAYAK, OpenTable), a position he has held since January 2017, and CEO of Booking.com since June 2019. He previously served as Head of Worldwide Strategy and Planning for six years. He was also EVP, Corporate Development for over seven years, responsible for worldwide mergers, acquisitions, and strategic alliances. Prior to Glenn joining Booking Holdings in Feb. 2000, he was a trader at a global asset management firm and an investment banker specializing in the air transportation industry. He is a member of the New York State Bar (retired). Glenn is a graduate of Harvard Law School and earned a B.S. in Economics from the University of Pennsylvania’s Wharton School.

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

    Jason Nazar

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  • Subscription Fatigue: Overwhelmed Consumers Push Back Against Monthly Fees | Entrepreneur

    Subscription Fatigue: Overwhelmed Consumers Push Back Against Monthly Fees | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Streaming services have become essential and have yet to lose their luster in the “gotta have” category of entertainment essentials. People increasingly stay home with overworked exhaustion and the ever-popular working-from-home options. The resulting popularity of streaming services has led to a significant increase in subscription costs and usage of many streaming services.

    Related: Hustle Culture ‘Sucks’ — But One Entrepreneur’s ‘Laziness Principle’ Can Make You More Money With Less Work

    The trends in great programming and high demand for these streaming services catapult its popularity — but, as with all things, there is another side to the coin. For example, there is growing concern that the sheer number of such services could cause consumer fatigue and rejection. But is that true? We’ll look in-depth at subscription fatigue, how it affects the media industry, and what mistakes companies make that could end their sweet ride.

    The Secret of Subscriptions

    The concept of subscriptions goes beyond regular payments. It becomes essential to understand how it differs from other recurring revenue models like leases, rentals, and memberships. A subscription is a payment for the future delivery of a product or service that includes some variation.

    Related: How to Identify and Launch a Subscription Model in Your Existing Business

    While many businesses may use the term “subscription” to describe their model, it’s vital to distinguish it from other types of recurring income. For example, loans, leases, and monthly payments provide people access to a predictable product or service that doesn’t qualify as a subscription. A true subscription model can only garner success depending on the habit strength and usage pattern it creates in its customers.

    Nir Eyal, a writer who has studied habit-forming products, has identified four key steps that successful companies incorporate into their customer experience, which he calls the “hooked model.”

    • Trigger: encourages people to use the service
    • Action: habitual behavior
    • Variable reward: satisfies the users’ need for the service
    • Investment: makes the service more helpful when used.

    Mistakes of Companies

    Upon closer examination of the “hooked model,” it becomes clear that many companies make common mistakes when launching subscription services.

    1. Too many steps

    A subscription service that is more complicated than other solutions is likely to fail. For instance, people are often deterred from such platforms and apps because it can take time to find a suitable movie. Sometimes, the time it takes to search for a film exceeds the time it takes to watch it. Netflix, for example, has a vast selection of options, which is quite different from the DVD rental service that initially brought the company success.

    In the early days, customers had to open the red envelope, remove the disc, and insert it into the player. There was no need for decision-making or choice since you watched what you had already selected. Netflix has since capitalized on ease of use as a competitive benefit and is now experimenting with a “Play Something” feature that allows users to start watching something quickly. The service also allows you to line up shows in a queue saving valuable thought processes.

    Related: Man Sues Netflix For $1 Million After Seeing His Photo in a Documentary Describing a ‘Stone Cold Killer’

    However, Netflix differs from offering a curated selection that meets the viewer’s preferences. Ultimately, consumers want to watch content that appeals to them, and anything that makes it difficult will negatively impact the subscription service’s success. That’s why they should combine quality content with maximum ease of use to avoid provoking user fatigue from subscriptions, which we’ll discuss later.

    # 2 Reduced variability and lack of novelty

    The primary reason people discontinue subscription services is a reduction in variability. When the number of exciting offerings declines and mundane options increase, customers lose interest and seek alternative services, often cheaper ones.

    The good news is that a solution exists to maintain interest in a subscription service and increase the variability ratio. It can be achieved by encouraging users to enhance the service through their usage, which brings us to the investment phase.

    # 3 No accumulated value

    Although many companies neglect this step, it remains crucial to the subscription service success. During this phase, users add something to the product that enhances it. This increases the likelihood of returning to the platform repeatedly. This principle is known as retained value and can manifest in various forms, depending on the nature of the service.

    Examples of how subscribers can add value to a product over time include providing data, publishing content, attracting new users, building connections, and establishing a reputation. In addition, many platforms and apps leverage the “hooked model” to ensure that their subscription service continues to improve as users engage with it.

    What is subscription fatigue

    Subscription fatigue is when consumers become overwhelmed by the number of platforms they subscribe to. As a result, it becomes difficult for people to track them all. Plus, the constant stream of monthly payments can adversely affect their finances.

    In some cases, such fatigue can lead to what’s known as customer churn, where users unsubscribe and switch to other services. It can be especially problematic for subscription-only companies, as it can lead to a loss of revenue and customer loyalty.

    Subscription fatigue in the media industry

    While subscription fatigue is a problem for all companies operating on this principle, it is especially true in the media industry. In addition to the sheer number of entertaining platforms, you can also encounter the problem of content fragmentation. It means that users must subscribe to multiple services if they want access to all the shows and movies they are interested in.

    For example, you must subscribe to Netflix to watch shows like Stranger Things, The Crown, and Orange is the New Black. If you want to watch shows like The Handmaid’s Tale, subscribe to Hulu. And if you’re going to watch The Boys, you need to subscribe to Amazon Prime Video. And this doesn’t even cover the problematic issues when a person is watching a series on Netflix and the continuation of the additional series’ shows (after years) is now on Hulu. What??

    Combined, this can lead to high monthly costs, especially if the user wants access to multiple streaming services, as mentioned above. As a result, subscription fatigue has led to several new trends in the media industry. For example, some streaming services now offer packages where consumers can subscribe to multiple services at a discount.

    Others are experimenting with ad-supported models, where people get free access to content in exchange for watching ads to ensure a better customer experience. This may eventually serve as a great solution to the current problem. But what more can companies and consumers do to improve this situation?

    Solution of the Problem

    To fight subscription fatigue, companies can offer bundles and other discounts to make access to several of their products more accessible to interested users. They should likely take time to experiment with several different business models and test these. The business model could include ad-supported models or pay-per-view options to give users more flexibility in accessing content. And if you’re one of those users, it’s essential to be mindful of the subscriptions you sign up for and regularly review whether they’re worth the monthly fee.

    Consider which options to subscribe to and prioritize those that benefit you the most — and consider dropping those you use infrequently. However — you’ve already found this out — getting rid of a subscription can be challenging. If you are no longer interested in BET Plus or another streaming service, you can find out how to cancel your BET+ subscription on the Howly consulting service website.

    Subscription fatigue is a growing problem for consumers and companies alike. While subscriptions offer many benefits, their sheer number can be overwhelming — leading to decreased customer loyalty.

    Subscription fatigue is particularly relevant in the media industry, as content fragmentation across multiple streaming services can frustrate many users. However, by working together, businesses and consumers can find ways to make subscriptions more manageable and sustainable over the long term.

    ReadWrite.com

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  • How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

    How to Think Outside the Box and Revolutionize the Customer Journey | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Traditional industries often change slowly, but they have a considerable market share and continue to succeed despite this because they are what customers are used to. They may hope for a more innovative product, but they have been content to settle for what the industry giants offer.

    However, in a post-Covid world, consumers are interested in something other than the same old tired products and services they’ve always dealt with. Instead, they’re demanding newer, better solutions. To stay alive, companies must rethink the customer experience and offer the public something fresh.

    Well-established industries can be slow to adopt new solutions, but there are a few ways to build a disruptive tech product and shake things up.

    Related: The Post-Covid Leader — How the CEO’s Role Has Changed in the Past 3 Years

    1. Build detailed customer profiles from scratch

    It’s time to toss out everything you think you know about your customers and start with a clean slate. A recent report from WeTravel found that travelers are increasingly looking for more personalized experiences, but how and why they travel has shifted in a post-Covid world.

    So, the best way to get to know your customers again is to throw away your notes, roll up your sleeves and figure out who they are and what they want. McKinsey recently found that there are more nuanced customer segments post-pandemic, so you might discover new categories of travelers with unique pain points and preferences.

    For instance, premium travelers are now more interested than ever in feeling like they’re part of an exclusive community. Meanwhile, boomers are looking for more hands-on human assistance when booking trips.

    The things that are most popular with your audience outside of your industry are the same things that will draw them to your product.

    As an example, millennials are a “subscription lifestyle” generation. They like products and services that allow access with a simple subscription fee. That’s why brands like Dollar Shave Club and Hello Fresh remain popular with that age bracket. Travel brands like Inspirato and Bidroom use this subscription-style model to provide better, customer-focused service.

    Gen Z, on the other hand, is more interested in the YOLO (you only live once) lifestyle and gamification. They’re spontaneous, experience-driven and attracted to things with fun game mechanics like the ability to unlock achievements or “level up.”

    Travel booking app Hopper has leaned into this, creating daily login streak bonuses, dropping surprise destination deals and offering “loot crate”-style rewards to use in-app.

    Related: 3 Books to Help Business Leaders Discover Innovation and Growth

    2. Look to other industries to find ways to disrupt your own

    Remember that you’re not the first to try to win against big players. Thousands of startups in dozens of industries are playing the same underdog game. Many are succeeding, so it’s worth considering what they’re doing right.

    Always monitor new emerging products and business models in related industries. The most popular models with different demographics in other areas, such as dating, dining or entertainment, can give you insights about what to incorporate into your disruptive product.

    This strategy is already working for companies like Turo, which utilizes an Airbnb-style model of peer-to-peer car sharing for short-term and long-term rentals. This was a truly disruptive idea. It opened up the car rental industry, allowing owners to earn money and renters to access vehicles at lower prices.

    Dating apps like Tinder and Bumble have long been popular with Gen Z, so travel app OfftheGrid decided to capitalize on that trend to create a brand-new travel experience for the younger generation of travelers.

    The brand allows users to “swipe on” and chat with travelers who share their interests while discovering new destinations. The result is a unique travel product that breaks away from the traditional model of sites like Expedia.

    Related: #Digital Nomads: Unraveling the Millennials’ Way of Working and Living

    3. Follow the tech trends

    It’s important to follow where technology leads you to maintain a competitive advantage. If your company can get ahead of the curve, it sets you up to control a huge market share once the tech you’ve already adopted starts trickling down to your competitors.

    For instance, once the internet became widespread, online travel agencies suddenly became popular. The logical progression that followed was moving from web browsers to phones as mobile internet overtook the telecom industry.

    We’re now in the early days of the era of big data and generative AI, so it’s natural for innovations like ChatGPT to start changing everything we know about travel. Big names like Expedia and Kayak have already begun leveraging ChatGPT to allow customers to build trips through natural conversations with their chatbots.

    By keeping abreast of technology trends, you can ensure the product you build is cutting-edge and can catch travelers’ attention.

    4. Think beyond your product

    Disruption won’t happen overnight. It usually has to be incremental because customers and competitors have to get used to the idea of being outside of what they already know.

    Because of this, you need to think about more than just the disruptive product you’re creating. Remember, if you succeed, you’re essentially turning your sector upside-down. Other brands will want to follow in your footsteps.

    So, ask the big-picture questions while you create: How will this change the market in the long term? What will the ripple effects be?

    For example, AI and ChatGPT are taking over nearly every industry (including travel!), even though they started as tech industry ideas. Now, we’re seeing companies that aren’t willing to jump on board with AI get left behind while the ones that dive in are finding success in unprecedented ways.

    We’ve figured out that a total overhaul of the customer journey is the key to successfully disrupting a traditional sector. If you’re looking to start a revolution in a well-established industry, you have to be willing to admit what you don’t know, get down in the trenches and figure out ways to make every customer segment feel like they can’t live without your product.

    Ivan Saprov

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  • How to Tell Your Bullying Client to Get Lost | Entrepreneur

    How to Tell Your Bullying Client to Get Lost | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s late in the evening, and while watching a sports game, the news, a movie or spending time with the family, a client suddenly calls, demanding their full attention. They call repeatedly and send endless texts, emails and even voicemails. They want something done — now.

    Then they claim you are not paying full attention to them for their last-minute deadline. They question your teamwork and dedication as a ploy to get their way. They say: “Hey, are you not part of the team? When did you stop caring?”

    These are all ploys. Counterpoint: Why did they not call you during business hours if it was that important? This scenario and many like it are familiar to public relations firm owners.

    In fact, business owners of any kind will encounter the same narcissistic bullying tactics repeatedly. Bullies and narcissists aren’t just career obstacles; they permeate all walks of life. You’ll have met them as early as the schoolyard. And just like how acquiescing to a schoolyard bully’s every demand would do you no favors back then, it’s the wrong decision now. You have to stand up for yourself.

    Succumbing to clients’ unreasonable demands and tantrums is an easy mistake for business owners. After all, they have the money. And we’ve all heard the adage, “The customer is always right.” But taking a stand against narcissistic behavior will help your business in the long run. And the best part is you can tell them to back off — politely and professionally — to ensure that you keep their business while ditching the toxic power dynamics festered by meek surrender.

    Related: 3 Lessons a Toxic Client Taught Me About Entrepreneurship

    What to do when a client is too demanding at the last minute

    In a perfect world, there is a strong line of communication between yourself and the client from the get-go. Managing client expectations and establishing an agreed-upon project timeline is integral to an amicable relationship. But, no matter how clear you have been on what can and cannot be done, you will have an unreasonable client who is too demanding at the last minute. Bending to accommodate last-minute excessive demands will shift the relationship dynamics into an unsustainable place — they are presumably not your only client, and they will feel entitled to be treated as such if you are too accommodative. This will hurt your business in the long run.

    Instead, remain firm on your previously established boundaries. Don’t simply ignore the request; instead, listen to it and propose an alternative timeline. Gently remind them of the agreed-upon terms, and explain why their request will not work in the form in which it’s been proposed. Ensuring the client feels heard and establishing a workable timeline to fulfill their wants will go a long way in retaining their business.

    How to take back control when a client is bullying or manipulating you

    As tempting as it may be lose your cool with a bully client, confrontation and arguing will only exacerbate tensions and likely lead to losing their business altogether. But this doesn’t mean you can’t take control of the situation with a more measured response.

    To take control of the situation, you must remain laser-focused on the situation. A bully will likely cast aspersions and blame and pitch a fit involving all kinds of unpleasantries. Remain calm and cut through the noise. Focus on the business end of their concern and what they want. Ignore everything else.

    You will lose if you get into a mudslinging contest with a bully. They’ve got too much practice; they’ve been slinging mud since the schoolyard. You regain control by steering the conversation toward what they want and how you will achieve it.

    Related: Why Empathy Is One of the Most Overlooked Skills in Business

    Best approaches in collecting payments for invoices on time

    The best way to ensure payments are received in a timely manner is to communicate expectations at the start of the client-business relationship. Offer the client a personalized invoice schedule and follow up with polite reminders if they lag on payments.

    If the client fails to pay or escalates the situation, you may be forced to withhold services until a resolution is reached. A contract with terms and boundaries is a great place to start. Follow a uniform approach and stick to it. Also, include a termination clause in your contract, like a 30-day notice of termination.

    Related: 6 Strategies for Dealing With Unpaid Invoices That Get You Paid Sooner

    So, how do you really deal with unreasonable and even narcissistic clients?

    Narcissistic clients are a handful from day one. But other times, clients become unreasonable simply because they have lost track of the process and become overwhelmed. In either case, reminding them you are on their side is essential.

    Use inclusive words like “us” and “we” when addressing their concerns. Remind them you are all on the same team. Reply to their concerns promptly and develop a plan with action items to resolve their concerns. This doesn’t mean dropping everything and giving in. Stand your ground, stick to your principles and the terms of your agreement but remind them you are on their side and willing to take reasonable steps to address their concerns.

    The client is not always right, and there is a nice way to call them out on their behavior

    Whether the client is making unreasonable demands or being an outright bully, it’s important to let them know their behavior is unacceptable. While you may fear losing their business, their problematic behavior creates a toxic environment for you and your team. This ultimately hurts your reputation and business in the long run.

    Be specific about the inappropriate behaviors when it comes time to put your foot down. Many people defer to generalized and accusatory language in the heat of an argument. For example, an unconstructive reply may be, “you always make last-minute demands.” Instead, isolate and address exactly what happened in a specific instance and explain why this will not work.

    Related: Customers Are Not Always Right. They Are Just Never Wrong.

    Act like you don’t care: The best tips on dealing with bullies and narcissistic clients

    The temptation to argue with bullies will always be there, but it is unlikely to pay dividends. Act like you don’t care when a client like this throws a tantrum. Focus on actionable items to address their genuine business concerns. What’s good for them is good for you.

    Rather than argue, reflect your client’s words to them without vocalizing support for their point of view if it is unreasonable. Let them know they are heard. Don’t be afraid to put your foot down on toxic behavior. You can also spend time ignoring them all together for a few days, as playing silent with a narcissist or bully drives them crazy and drives your point home. It’s all about respect, right?

    Stand up for yourself no matter what and watch your business grow to new heights

    Be yourself, call people out, own conversations and projects and don’t wear your clients’ emotions. Sure, you may lose their business, but it’s better for your health and business operations in the long run. Stand your ground, and you will be richer on every level. Remember that when you call out bullies, you will gain a firm reputation, and most start-ups and businesses will admire this now and in the long run.

    Paul Fitzgerald

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  • How to Create a Relationship with Anyone You Meet | Entrepreneur

    How to Create a Relationship with Anyone You Meet | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    As a business owner, one of the most powerful resources you can build is a network. The stronger your relationships with people around you, both inside and outside of your field, the more opportunities you’ll have.

    Life becomes truly powerful when you understand this concept. Connections are what allow you to get anywhere in business. You can’t navigate the world solo, and the stronger your net of relationships is, the easier life will become. They are your biggest piece of leverage.

    When you meet someone new, there are two possible reasons for doing so: You need them to help change your life, or they need you to help change theirs. Those changes can be major or minor, but they are always important. Every interaction has the potential to have a lasting impact on either you or them. So, when it comes to building relationships, it’s important to keep a sense of curiosity about the other person to determine how each of you may be able to assist the other. Then be as generous as you can with your time, resources and knowledge.

    The benefits that come to you as a result of these efforts not be immediately apparent, but trust me: They pay back in multiple ways — perhaps soon, perhaps at some point in the more distant future. So, mentor generously, and give generously. Be curious about people… listen to them — all will make people remember you and say positive things about you.

    Whether or not relationship-building comes naturally, just about everyone could learn to do it better. One trick to finding out how you can help each other is asking thoughtful questions. These are the foundation of communication and are the method through which you control a conversation and build connections.

    When you meet someone new, here are a few things to keep in mind to ask excellent questions.

    1. Express care to establish trust

    To create any kind of connection, trust is necessary. You cannot have open communication without some level of it, and the key to establishing trust quickly is expressing care. That often means engaging in small talk, which plays an important function in relationship building: It gives us safe ground on which to learn about each other and helps determine whether we want to continue a discourse.

    Communication, of course, requires an exchange of information, and it’s important to do so with relatively equal sensitivity, and participation. If you give away something extremely personal too early on, for example, it can make a conversation partner uncomfortable. This can be applied the other way around, too: someone might divulge something personal early on to project vulnerability. Be careful when this happens, because without doing the groundwork of establishing trust, interconnections built too quickly easily fall apart.

    Instead, find points you have in common and offer information that’s personal, but not overly revealing. It’s also important to express that you care about the other person’s comfort by being nonjudgmental.

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

    2. Learn what’s important to people, and what stands in their way

    After you’ve established trust, things can begin to deepen. At this point, the best questions will help identify what’s important to someone, including what their pain points or problems are. Ask about their goals, plans and perhaps (to a degree) about their personal life. Pay attention to displayed energy: What do they focus on? What makes their eyes light up or what do they go on about at length? By paying attention to verbal cues and body language, it’s easier to grasp the essentials.

    When you’ve identified what’s important to someone and the problem they need to solve, you’ll begin to see areas where you may be able to help, or how they may be able to help you. Remember, in this process, that you must offer something in exchange, and without overly drawing the conversation toward yourself. Perhaps what you can offer, for example, is simply information, and/or connecting them with someone in your network.

    Related: How to Meet Customers At Their Pain Points

    3. Embrace curiosity

    There is always something you can learn from every person, and you’ll gain the most out of every interaction by simply being curious. This requires a sense of humility, but by focusing on others rather than yourself, you’ll build connections more quickly and learn more than you thought possible.

    4. Keep asking questions, even when you think you know the responses

    Oddly enough, people who think they have all the necessary information are often those who know the least. By continuously asking questions, even when you think you know the answers, you’ll dig deeper into topics and find underlying motivations, problems and other factors at play in any situation. The takeaway will be arriving at solutions you never would have thought of otherwise.

    When you learn what motivates someone, it gives you the unique power to steer a conversation more easily. While questions may focus the conversation on your partner, they also put you in the driver’s seat — giving you the chance to steer the topics.

    Related: The 4 Keys to Asking Better Questions

    5. Give information and help generously

    Through asking great questions, you’ll be able to internalize the problems, interests and motivations of those around you, but don’t stop there. Offer help whenever you can, and think of ways of connecting a new contact with other people in your network. By doing this consistently — being open, curious and generous — you’ll become known as a helpful and kind individual, and people remember that.

    Jason Hennessey

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  • 8 Secrets to Business Success

    8 Secrets to Business Success

    Opinions expressed by Entrepreneur contributors are their own.

    Yearly small business growth takes a vision and a plan. You need to envision where you’re going and develop a step-by-step guide to get there. Most of the time, growing your business requires doing things a bit differently.

    Many entrepreneurs get so bogged down in day-to-day operations that their growth goals become a distant memory. You may look back in Q3 and realize that what would have been possible if you started in Q1 may not be feasible this year at all. Avoid this scenario by understanding your goals and setting a path toward growth.

    Here’s what you should do differently to catalyze small business growth.

    1. Set 3-5 goals for the year

    Always start with goals. Set three to five overarching goals for the year with detailed steps on how you will achieve each one. Break down the plan by quarter. Assign due dates and add them to your calendar. Make room in your schedule to prioritize each step.

    Building a digestible structure helps you achieve your goals systematically instead of having them all on your plate at once, which might end up overwhelming and demotivating. Allow your team to assist with bringing your goals to completion. Share due dates on when each step will be finalized each quarter.

    Related: 7 Steps to Achieving Any Goal in Life

    2. Be transparent with your team

    Bring your team into the process. Be transparent about what you aim to achieve this year and how you plan to get there. By sharing your vision, your team gains visibility into their roles in accomplishing each goal. This enables collaboration and helps your team feel involved in what the business achieves.

    Further involve them by asking for input and ideas. You might be surprised by how helpful their perspectives can be. Stay open to recommendations as long as they point to more efficient strategies or better solutions.

    Related: 5 Things Preventing You From Being Transparent

    3. Get to know your customers or clients

    Be creative in getting to know your customers or clients. Send surveys and check in personally. Share in their wins as often as you can. Go beyond merely following them on social media and reposting content. Surprise and delight them by sharing their goals, growth and other exciting news they may share.

    Offering special attention to your clients enables them to envision a strong, long-term partnership with you. That mindset leads to raving fans who sing your praises and help grow your brand.

    4. Challenge yourself

    Challenge yourself each week to be 1% better. Reaching for that small 1%, even broken down over the year, will enormously impact your success. Think about continuous, mindful and meaningful improvements. Address your weaknesses and fortify your strengths. Make your impact through small wins over time.

    Related: 12 Actions You Can Take to Become a Better Person and a Better Leader

    5. Do what you love

    Determine what you love and do more of it — in business and life. This keeps you motivated and combats burnout. For example, traveling will be at the top of my list this year. With careful planning, a workcation — or an extended stay vacation with a mix of fun and work — is one of my main priorities and a practice worth following.

    Find what you enjoy (i.e., a big city, ocean, etc.) and take a workcation as part of your upcoming plans for the year. You will return re-energized and ready to tackle the road ahead. Plus, you more than likely have new business ideas that you discovered while away from your business’s day-to-day activities and stresses.

    6. Practice listening

    You gain so much more from conversations if you simply learn how to listen. So often, leaders listen to respond as opposed to genuinely listening to what is being said. In doing so, they miss out on subtext and depth in the conversation, especially since much communication is nonverbal.

    When you focus on listening, you gain a more accurate sense of what is being said and why it matters. And truly, doesn’t it feel great when you know you are being heard?

    Related: How to Listen to Your Employees

    7. Find a mentor or coach

    Find a mentor or coach. More specifically, find someone in your industry that you admire because they perform better than you in your space. They will help you develop better strategies and overcome challenges.

    A mentor or coach will provide a learning experience, offer a bird’s eye view of your company and help you reach the next level. Working with someone who understands your challenges and has risen above them can be priceless.

    8. Set your goals high

    Knowing what is truly possible, set your goals high. As an accidental entrepreneur, if you had told me 11 years ago that my business would grow to a more than two million dollar business, it would have been hard to imagine — it would have felt crazy.

    With hard work, delegation, a dedicated co-founder and a team that supports us, it is now our reality. We continue to put goals and systems into place to sustain and multiply this growth.

    Follow these secrets to success to make 2023 a standout year for your business. Remember, success is achieved in your personal life as well as your professional life. Be sure to enjoy the entrepreneurial journey along the way.

    Lauren Gall

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  • To Succeed in 2023, Consider These 10 Business Strategies

    To Succeed in 2023, Consider These 10 Business Strategies

    Opinions expressed by Entrepreneur contributors are their own.

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

    1. Diversify your product or service offerings

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

    Related: 5 Questions to Ask Before Diversifying Your Business

    2. Expand into new markets

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

    3. Focus on customer retention

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

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

    4. Embrace digital technologies

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

    5. Invest in employee training and development

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

    Related: 4 Big Benefits of Improved Employee Training

    6. Collaborate with other businesses

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

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

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

    8. Stay agile and adaptable

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

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

    9. Emphasize the value of your product or service

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

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

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

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

    Yuri Vanetik

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  • Why It’s Time For You To Accept Crypto

    Why It’s Time For You To Accept Crypto

    Opinions expressed by Entrepreneur contributors are their own.

    Cryptocurrency is nothing new. While many people discuss the digital asset as an enigma, it is a medium of exchange worth significant value. True, digital coins do not have the same tangible backing as cash, but the security of design, and the blockchain setup, create (or should create) a level of confidence.

    If your business has yet to embrace crypto as a form of payment, it is falling behind and missing valuable opportunities to thrive. While not all companies yet embrace crypto, those that do experience unparalleled access to otherwise distant consumer pools.

    The number of companies embracing crypto is rising, including such names as Gucci, Paypal and Visa. Permitting crypto payment options can expand your market share and improve your position in the marketplace; it can also demystify this legitimate form of payment.

    The reasons crypto is right for your business model

    It is easy to look at the failings of FTX and lose confidence in the system, but investors and businesses need to review the market’s otherwise successful history. Bitcoin is only one asset out of thousands that continues to outperform investor expectations. The folly of one digital coin should not deter innovative businesses from embracing a payment option that proves time and time again its ability to persevere.

    If your company wants to look toward the future, it must embrace crypto because it isn’t going anywhere. The financial “new normal” demands that businesses adapt and embrace changing structures. Besides the need to adjust, there are many reasons businesses benefit from accepting crypto payments.

    Related: 5 Tips for Using Cryptocurrency in Your Small Business

    1. Decrease fraudulent chargebacks

    Many companies are victims of friendly fraud or mistaken consumers. In the digital subscription age, many consumers don’t remember all their purchases and may report an issue of credit card fraud where there is none. Unfortunately, whether friendly mistakes or criminal, chargebacks cost businesses billions yearly.

    Embracing bitcoin payments can reduce fraudulent chargeback risks. Crypto payments report to an immutable public ledger. The payment method does not allow for alteration, meaning once a transaction is complete, nothing can reverse it, eliminating the false claims of fraud on the purchase end.

    Related: The Benefits of Crypto Education for Your Business

    2. Increase security

    Cryptocurrencies exist within the blockchain — a decentralized, distributed digital ledger. All transactions are permanent, unmodifiable, and impossible to delete. The entire crypto concept is a vision for secure monetary assets.

    A business can improve the security and usability of crypto by partnering with blockchain monitoring services. Some payment processors will offer additional security measures; however, even bare-bones, cryptocurrency is more secure than credit cards and other payment methods.

    Accepting crypto shows your consumers that you care about their security and yours. The additional security and finality of digital coins also provide assurances for businesses providing subscriptions or other services in a techno-focused era.

    Related: Crypto vs. Banking: Which Is a Better Choice?

    3. Lower transaction fees

    Credit card fees present a significant thorn in the side of many merchants. Fees represent a profit loss on individual transactions. Besides the on-top percentage taken from the sale, many credit card processors also charge a nominal fee per incoming transaction.

    Cryptocurrency transactions eliminate any additional fee structures when handled on the business end. If you decide to use a payment processor (recommended), you will need to pay a service fee, typically less than traditional processors will charge.

    4. Improve transaction speed, regardless of country of origin

    Besides transaction fees, credit card transactions take time to process. As a business owner, you do not have time to waste. Most cryptocurrency transactions occur in real-time — one of the many perks of a decentralized system.

    Traditional credit card or debit card payments can take several days, depending on a consumer’s location. Crypto is borderless, so location does not affect or inhibit transaction speed. Also, because the digital asset does not involve cross-country settlements or obstacles, there are no costly currency conversions.

    Related: 10 Ways You Can Learn More About Crypto and Blockchain

    5. Improve growth potential

    The growth potential of crypto is twofold for business owners: financial and market share. Any crypto investor can tell you about the exponential growth of digital assets in recent years. For a business owner, the potential valuation increases for some cryptocurrencies are enough to embrace the payment method. Permitting crypto payments means you can potentially earn greater profits from the same volume of purchases.

    Besides the monetary gains, permitting crypto also opens your business to a wealthier consumer pool and buyers who may not have considered your company before. Crypto allows for a level of anonymity and privacy that other payment forms do not. Newer, more private consumers will appreciate your business’s steps to secure their privacy.

    6. Taking crypto means getting cash

    You get cash, not crypto, for your payment by dealing with a reputable payment platform. Trusted platforms will convert crypto payments into cash. And by taking crypto, you’re making it easy for crypto holders to buy products and services, all while receiving cash in your bank account. It’s a win-win and a great cost-effective opportunity to increase your revenue.

    Crypto is the future and the future is now

    Whether a high-end, established retailer or a small, young business, it is time to use cryptocurrency, permitting it as a payment option. Digital currency is more secure than other transaction methods and allows for growth opportunities while maintaining consumer privacy. Embrace crypto and embrace the future of your business.

    Richard Iamunno

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  • 3 Ways to Tell Your Business Is Ready to Invest in PR

    3 Ways to Tell Your Business Is Ready to Invest in PR

    Opinions expressed by Entrepreneur contributors are their own.

    It happens all the time in the entrepreneurial world: A team builds an impressive product or service, rigorously test it to make sure it functions well and then they launch it. When a few weeks go by and new business leads aren’t what they expected, there’s a collective lightbulb moment: We need some PR.

    If you’ve found yourself in a similar spot, have no fear. You’re certainly not alone. Over the years, I’ve taken what seems like countless calls from business leaders trying to drum up inbounds by getting into public relations post-launch. Sometimes the business in question is only a few months old, while other times the open sign has been hanging on the door for years.

    I always preach that a PR strategy should be built out well before a business’s launch date. If you’re trying to retroactively ignite media interest, starting a public relations program is less about how long it’s been since the business was founded and more about how your business is currently functioning.

    If you’re thinking about taking the PR plunge, here are three ways to know you — and your business — are ready.

    Related: Is Your Startup Ready for PR? Here’s How to Know for Sure.

    1. You have financial resources to invest in the PR long game

    One of the surest ways to end up being frustrated with a PR program is to look at it solely as a revenue generator. Yes, public relations can help drive business leads, but it inherently is not part of the click-click-buy world. Try tracking the specific dollar value of landing a news article. Actually, don’t. Why? Because you can’t. The same goes for speaking engagements, awards and almost every other PR deliverable.

    If your business is cash-starved and you’re in a place where you have to tie every dollar spent to a measurable ROI, hold off on PR. Chances are slim that PR will deliver a sustained and attributable line of revenue. However, if you’re in a place where you’ve got relatively dependable recurring revenue coming in, and you appreciate how investing in things like a halo effect and thought leadership can bolster your organization over the long haul, then you are in a much better position to financially invest in a public relations strategy.

    Related: 4 Tips to Launch Your First Effective PR Campaign

    2. You’re willing to continuously nurture a PR strategy

    While my previous point revolves around monetary resources, this one is geared more toward the resources of time and attention. Many people look at PR as one-off splashes — usually in the form of press releases — and fail to appreciate the many ways sustained public relations efforts can deliver wins for their business. If you’re in the market for someone to simply write and distribute sporadic press releases for you, by all means, that’s better than nothing. But it’s just the tip of the PR iceberg.

    Without fail, the most successful clients I work with — yes, measured by revenue growth — are the ones that continuously cultivate a proactive public relations program. Am I saying PR is the most important factor leading to their business success? No. But it is a consequential element contributing to the good standing of the organization. As you think about public relations, I challenge you to refute the big splash worldview. Instead, draw the lens back and think of how public relations can be aligned with all your efforts over the long haul, enabling you to reach your business objectives.

    Related: What Startups Should Do Differently When It Comes to PR

    3. You know your audience

    Not every time, but many times the folks who only want a big splash out of PR are the same people who aren’t quite sure who their target audience should be. This is problematic for loads of reasons. In the best of the worst-case scenarios, you’ll be fishing where you’ll get no bites. Again, that’s the most preferable bad outcome. It can get much worse. I’ve seen organizations invest in a communications strategy resulting in a deluge of bad leads. They not only invested money, time and energy into a flawed strategy, but also had to allocate resources to sorting through a mountain of bad leads.

    One of the foundational rules of PR is to know who your audience is. Once you know that, you can figure out where their attention is placed — I like to say, where their eyeballs are. If you’ve got a solid handle on those two things, then you can build and execute a plan to get in front of them (and influence them) with the most appropriate form of messaging.

    Related: The Much-Anticipated ‘Great Recession of 2023’ Is Coming. Here’s How To Leverage PR During Economic Uncertainty

    It’s never too late to invest in PR, but it still needs to be the right time

    I’d bet the majority of businesses investing in public relations today didn’t have a PR strategy in place at launch. If you didn’t either, that is perfectly okay. Consider whether you’re ready to think through the above items. If you’ve got each of them adequately addressed, you can feel confident that your business is in a spot to move forward with PR.

    David Martin

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  • How Retailers Can Ensure They’re Setup for Success This Holiday Season

    How Retailers Can Ensure They’re Setup for Success This Holiday Season

    Opinions expressed by Entrepreneur contributors are their own.

    Over the last couple of years, Christmas in July has taken on a new meaning for retailers — what once was an opportunity to offer a summer sale has now transformed into a critical time to prepare for the upcoming holiday shopping season.

    But the past few holiday shopping seasons have proven to be anything but ordinary. The past two years, the pandemic caused supply chain delays resulting in backlogs and undelivered gifts, a challenge for retailers and a lesson learned for consumers. As a result, this year, consumers began their holiday shopping earlier to avoid supply chain bottlenecks and to combat high inflation — with 25% of consumers starting as early as August or September. Additionally, the pandemic accelerated the online shopping trend, with new data suggesting that 24.5% of this year’s total retail holiday sales will come from online orders.

    With all of this in mind, some (myself included) may argue that July may be too late for retailers to start their holiday season planning, especially given that the holiday season can account for up to 30% of retailers’ annual sales.

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

    So, how can retailers adapt their strategies to focus on holiday season planning throughout the entire year (as opposed to just the second half) to cover all their bases, increase revenue and prepare for the unexpected?

    Prioritize cash flow planning

    Consumers are currently facing the highest inflation rates in nearly 40 years and a halt in government stimulus payments, which in turn impacts how they approach their holiday shopping (e.g., how much they’re planning to spend, through what channels, etc.).

    As a result, small business retailers are entering a challenging and unpredictable time. To mitigate this uncertainty, they must look internally and assess their cash flow well in advance of the holiday season in order to be best prepared for what’s ahead.

    The most effective way retailers can approach this is by creating different cash flow scenarios early in the year that map out the business’ best-case scenario, worst-case scenario and most likely scenario for how the holiday season will pan out. Accounting for these three scenarios can help retailers create a plan of action for how they’ll tackle any challenges and how they’ll activate each scenario. Proper planning gives business owners the confidence needed to forge forward by removing ambiguity and unexpected situations (e.g., not having enough cash on hand, supply chain delays) come the most critical time of year.

    Whether you’re a big box retailer or a local mom-and-pop shop, it’s important to have a full understanding of your cash flow positioning year-round in order to make key business decisions and plan for various scenarios. For small businesses, leaning into technology such as Xero, a cloud-based accounting software platform, allows small business owners to keep track of their cash flow across the customer journey. Keeping track of this data in real-time can help retailers see their full cash position at any point in the year, which can help contribute to their holiday planning strategies.

    An important question all retailers should be asking themselves early in the planning process is: How will my product/service make out if the economy dips into a recession and budgets get tighter? Where does my product/service sit on the hierarchy of needs? If you’re a retailer selling non-essential items (e.g., jewelry, home decor) your planning strategy may look different than if you’re selling essential items like groceries. Having an understanding of your product and consumer purchase patterns will allow you to assess strategies such as how to price your product, how to manage the supply chain, how to effectively market the product/service and beyond.

    As retailers start their holiday planning earlier in the year, what factors should they consider during the planning process?

    Return policies

    According to the National Retail Federation, $218 billion worth of online purchases were returned in 2021 — more than double the year before. The uptick in returns is likely due to retailers offering more lenient return policies during the pandemic as they sought out creative solutions to address in-store closures/restrictions.

    Two years later, retailers (especially small businesses) are now facing higher costs for labor and shipping due to persistent inflation, requiring them to look inward for alternative ways to reduce costs (which for a lot of retailers is shaping up to include changes to generous return policies).

    My advice: Retailers should continue to offer lenient return policies around the holidays, including keeping the return window at least 30 days (in-person and online) and allowing for online-only purchases to be returned in stores. Keeping the window shorter (but still allowing for returns) can help alleviate the impact returns have on the beginning of the year’s cash flow.

    Supply chain

    Worldwide supply chain constraints have had a lasting impact on retail operations. If we’ve learned one thing from these challenges, it’s the importance of planning.

    Having an adequate supply chain strategy in place will reduce the risk of overspending on unnecessary items and the risk of running out of supply for highly sought items. Ordering inventory early in the year can ensure you have adequate stock for top-selling items when the holiday season rolls around. Not having a bestselling product available often means the product will get substituted by the best alternative.

    My advice: Consumer data is your best friend. Properly tracking and utilizing this data can help you have a better understanding of your consumers and their purchase patterns, and which products will likely be in high demand during the holidays (for inventory planning purposes).

    Related: Think It’s Too Early to Strategize for Holiday Ecommerce Sales? Think Again.

    Labor market

    A tight labor market and rising labor costs continue to cause challenges during the holiday hiring season. Failing to meet hiring goals can eventually lead to a loss in sales due to not having enough staff to help ensure shipments, inventory and in-person sales are accounted for.

    My advice: Retailers should consider revamping recruiting strategies, raising wages, offering flexible schedules and extending benefits in order to attract new or seasonal hires. For retailers who are rethinking their reliance on seasonal workers, consider more appealing offerings for regular staff to take on extra hours.

    Consumer behavior

    The current economic climate has impacted the way consumers approach brand loyalty, with many looking to shop for the best deal, even if it’s not through their preferred retailer. As economic uncertainty persists, consumers are experiencing behavioral shifts.

    My advice: Retailers should focus on loyalty strategies to reward customers for shopping at their stores (e.g., offering exclusive deals to loyalty members or offering a point system for each dollar spent rewarding customers down the line with credit or a gift). Retailers can also draw in new customers by offering bonus rewards for signing up for the loyalty program that encourage them to return to the store. Creating a connected omnichannel experience where the physical and online stores sync is also a big draw for consumers.

    Adequate planning and forecasting throughout the year is the foolproof way to ensure your business is best positioned for the most wonderful time of year. By preparing for the upcoming holiday season year-round as opposed to just in the second half of the year, retailers can directly apply lessons learned from the previous year, effectively plan for various scenarios based on different external factors (i.e., inflation) and get a head start on competitors.

    Ben Richmond

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  • Scale or Fail: 4 Ways to Run a Successful Social Impact Business

    Scale or Fail: 4 Ways to Run a Successful Social Impact Business

    Opinions expressed by Entrepreneur contributors are their own.

    One of the first lessons I learned as founder and CEO of Truly Free is that meaning well does not guarantee success. Years ago, when we were a startup, I had it in my mind that all I needed to be successful was an unshakeable vision to make a positive social impact, a must-have product, not a nice-to-have product and an easy-to-use website. Reality dispelled that notion quickly.

    Anyone new to ecommerce learns quickly that having a website doesn’t mean website traffic just appears. Basic logistics, however, forced us to reconsider everything — the cost to ship our natural laundry detergent costed as much as the product itself.

    We went back to the beginning. This didn’t mean simply finding a solution to the immediate problem, although that was central to our effort. We started with our business’s core goal: providing a safe product for families, especially children and those with specific allergic reactions from chemicals and harsh ingredients. The outcome was us completely re-envisioning the modern laundry room and how we did business.

    Four key elements emerged as we scaled our business into a successful social impact brand. These critical components required more than good intentions and a website, but the journey — and more importantly, the results have generated a positive social impact far beyond our original vision. Here are four ways social impact businesses can boost their brand’s purpose and bottom line

    Related: How to Know When to Give Up, When to Pivot and When to Persist

    1. Make relationship building a core competency

    To us, customers are family. This approach is more than simply a way of thinking — it is our way of doing business.

    With every decision, we challenge ourselves to reflect on whether we would do this for our family. Would we want our family to use a product with these ingredients? Would this offer or price be fair and something we would recommend to our families?

    Every detail matters. Attention to detail may be a well-worn idea. Still, when customers actually witness the attention and energy put into every detail — from their experience on the website to the ingredient list on the product — they begin to see your company not just for the products you generate but also for the values and mission you are putting out into the world. These efforts result in authentic transparency and trust, the foundation for a solid and long-lasting relationship.

    For example, we put every ingredient on products, so our customers can research for themselves. Based on customers’ feedback, it has played a major role in creating the long-term relationships we aim to establish with them.

    Relationship building may be a unilateral initiative, but it goes a long way with every customer. We understand transactions pay bills, but our experience proves that relationships build companies.

    2. Connect humans to humans

    Our non-toxic fabric softener dryer sheets are handmade by women rescued from poverty and trafficking. Our customers know this and resonate with this. Our customers also know the money they spend with us goes towards helping free women and children from trafficking, shelter and feed orphans and even a village in Haiti that is hearing impaired.

    We make it a priority for our customers to know the power of their purchase and how it positively impacts other people’s lives.

    Transparency combined with purpose makes for good business. Amplifying the human element of your business right out of the gate can rapidly communicate your mission statement and strengthen your position as a social impact business.

    3. Prioritize convenience

    Everyone’s busy. We don’t want hassles, and neither do our customers. We may have the best intentions, but people won’t subscribe to our offerings if we are hard to do business with.

    Brands must always prioritize convenience for every customer interaction. For example, as an ecommerce, subscription-based business, we thrive on subscriptions. If brands can make a customer’s life easier by automating an offer, like a subscribe and save model, then they should integrate that into their website, promotions and upsells. At the same time, we also recognize that a new customer may not be ready to make a recurring commitment after the first brand interaction. To ensure you’re presenting options that will enable potential new subscribers to familiarize themselves with the brand, businesses should offer a way to buy single transactions at checkout and a compelling offer or bundle that will further entice them to try out the subscribe and save with no strings attached.

    At first, some brands might think this model reduces subscriptions when it results in a “dating” opportunity, where a new customer can get to know the brand without the total commitment upfront. As a result, and if done correctly, your subscription base will likely continue to grow.

    By prioritizing convenience in every customer interaction, you are empowered to reduce friction and ultimately meet every existing and potential customer’s unique and situational needs.

    Related: 4 Suggestions to Improve Convenience for Consumers

    4. Reimagine the business model

    As noted at the beginning, logistics forced us to reimagine our business model for the better. Shipping for laundry detergent costs as much as the product itself. Our original plan was a surefire way to go out of business fast.

    What was the problem? Weight. What could be done about it? This question challenged us to approach laundry detergent in a whole new way.

    Water makes up the bulk of detergent. Removing the water would solve the problem and help us fulfill our mission of eliminating millions of single-use plastics. This solution led us to pioneer an entirely new vision of the cleaning and laundry space for homes. Today, we sell refills, not giant plastic bottles that end up in landfills.

    Business doesn’t have to be business as usual. Taking a closer look at operational challenges introduces opportunities to reconsider product development completely. And when you take a hard close look at the details, you can completely reimagine the direction of your business for the better.

    Related: 8 Ways To Pivot Your Business To Kickstart Growth

    Stephen Ezell

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  • 4 Ways To Create and Sustain A Recession-Proof Business

    4 Ways To Create and Sustain A Recession-Proof Business

    Opinions expressed by Entrepreneur contributors are their own.

    Being a boss is hard, and it can elicit overwhelm and stress daily. This overwhelm is exacerbated when economic instability is looming. If you are an entrepreneur (in good times), you understand the map to success is stitched together with rejection, innovation and inspiration. My tenure as a business consultant and coach has given me an eagle-eye view of the fumbles and missteps of emerging talent. Let’s peek behind the curtain, which offers a glimpse into entrepreneurs‘ biggest enemies.

    The enemies of entrepreneurship are aligning energies with promises of instant gratification, the inability to build relationships, and a hyper-focus on the bottom line. The words “easy” and “instant” are nowhere in the definition of entrepreneurship. Most importantly, in times of flux, the foundation of business building is consistency.

    I see entrepreneurs who are brainwashed by the glorious algorithms of social media. Many entrepreneurs believe that TikTok and Instagram are their paths to riches and fame. I have walked with brilliant small business owners who focus on the bottom line and fail to understand the power of relationships. And I have been privy to the wave of overwhelm when business owners are faced with rejection. The energy that we align ourselves with is a make-or-break deal. And when we attempt to elevate our business to the next level alone, we are often banished to an island of stagnancy.

    Related: How to Recession-Proof Your Business

    Flexibility is the key to being recession-proof

    Experiencing fluctuations as a business is a norm. Adaptability is the cornerstone of an agile company that can withstand blips on the radar and experience steady growth. With the recession looming and the stock market volatility on the tips of everyone’s tongues, it is time to think outside the box and become recession-proof.

    When challenges are lobbed at us, it is often an innate response to turn inward, spend less money, and recoil from opportunity. Many entrepreneurs hunker down and wait for the juicy markets of yesteryear. I learned the lesson of reacting to spikes in global instability the hard way. When the pandemic ebbed its way into global consciousness, my immediate response was to go into overdrive. I amped up marketing strategies with phronetic energy. I did this because I connected with the news media’s deafening cadence, which proclaimed imminent economic doom. I attached my energy to the panic — and went into overdrive. This frantic attempt at trying to stay relevant led to burnout.

    When I took a step back to analyze my value proposition during an economic downturn, I recognized that my services could align in a new way with the new needs of potential clients. It is imperative to understand the needs of potential clients, no matter the economic or social climate. For example, if you are a coach or consultant, you must have your finger on the pulse of what your people need from you now.

    Staying stagnant in your brand messaging is perhaps the worst path for any entrepreneur. Being relevant, flexible and understanding your value in times of calamity can be your biggest strength. To become recession-proof, you must audit the fluctuations of your clients’ most significant needs. A savvy entrepreneur will adjust and fulfill their client’s new needs.

    Asking for help is a strength

    One of my most successful clients, who has withstood the fluctuations of an ever-changing market, recognized that she must be proactive in her success. Mika Altidor, the founder of the acclaimed vegan bakery, V&M Bakery, knew instinctively that the pandemic could be the downfall of her restaurant business. With a fail rate of 80%, many restaurants folded under pandemic pressure. Altidor knew she could not transition this wave by herself. The pandemic forced a significant shift in the restauranteur paradigm, and Altidor reached out to a coach and the expertise of mentors on Score.Org.

    Altidor firmly grasped the guidance and mentorship of her team and recalibrated her approach to serving delicious food to the masses. She wrote a cookbook, teamed up with local restaurants, and commanded a collective powerhouse in her local area.

    Related: 6 Proven Business Marketing Strategies to Grow During a Recession

    Join a community

    To be a recession-proof business, you must lock arms with individuals navigating the same space. Joining a networking community or mastermind group that is adequately moderated can groom your business’ growth. Professional communities are incubators for innovation, fresh ideas and new connections. There is an abundance of communities on LinkedIn that offer advice and networking that can change the trajectory of your business.

    Often entrepreneurs are offered the illusion that working harder will increase their returns. Yet, the truth is that working smarter and surrounding yourself with people who have traversed your journey successfully is the most ingenious way to elevate your business plan.

    Take a glance at your original business plan and make modifications. Modifying your original game plan is the only way to survive the turbulence.

    Related: 9 Smart Ways to Recession-Proof Your Business (Fast)

    Stop chasing shiny objects

    To be a victor in the recession, you must stop chasing shiny objects. Shiny object syndrome is defined as the insatiable desire to follow the newest trends in the hopes of attracting undue attention. Chasing fads and trends is only a temporary band-aid on entrepreneurs’ wounds. All businesses’ tried and true foundations are built on creating sustainable relationships that stand the test of time.

    Julie Lokun, JD

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