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Tag: Growth Strategies

  • Accelerate The Growth of Your Company With This Strategic Lever | Entrepreneur

    Accelerate The Growth of Your Company With This Strategic Lever | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As the world wades through the evolving tides of the post-pandemic era, one thing has become crystal clear: the future of work is flexible, as I tell my clients, who I have helped figure out their hybrid work models. In a recent Flex Report from July 2023, compelling evidence supports a direct correlation between a company’s flexibility in its work model and its rate of growth.

    The flexible advantage

    The Flex Report from July 2023 brought to light some game-changing insights on the role of flexibility in shaping a company’s growth trajectory. According to the data, flexible companies — those categorized as either fully flexible or structured hybrid — are accelerating their pace of growth at an impressive rate. Specifically, these companies are adding headcount at over twice the pace of their full-time in-office counterparts.

    Flexibility in the report’s context refers to companies that either have no physical office space, denoted as fully remote, or those that provide their employees the freedom to decide when or if they want to work from an office. These are marked as Employee’s Choice. This model of flexibility embraces the notion of giving employees control over their work environment, which, as the report suggests, maybe the secret ingredient in the recipe for growth.

    Among the Fully Flexible companies, the Fully Remote category reigned supreme. These boundaryless enterprises, unhindered by geographic constraints, saw a 6.9% increase in their headcount. Compared to a 5% increase for companies categorized as employee’s choice, it’s evident that fully remote companies are setting the pace in this race.

    However, let’s not forget about structured hybrid companies. While these organizations have specific expectations on when employees work from an office, they still offer a degree of flexibility. Their growth was not far behind, with a 4.1% headcount increase, outpacing full-time in-office companies, which only managed a 2.6% increase.

    In a world where talent is the ultimate currency, these numbers tell a compelling story. The more flexible the company, the greater its ability to attract and retain talent. This trend underscores the fact that flexibility is no longer a mere perk or a buzzword. It’s a powerful competitive advantage, a magnet that pulls in talent and fuels the engine of growth. In this new world of work, flexibility isn’t just a nice-to-have — it’s a must-have.

    Related: 68% of Companies Are Making This Critical Mistake in Their Approach to Hybrid Work — Are You?

    The days in office dilemma

    The Flex Report also unveils a fascinating correlation between the number of days required in the office per week and the company’s growth in headcount. It appears that the number of days an employee is required to be physically present in an office has a direct impact on the company’s ability to attract and retain talent. That finding strongly supports the broader idea of the flexibility advantage.

    Companies that mandate employees to be in the office one day per week experienced a robust 4.8% increase in headcount over the last 12 months. However, as the number of mandatory days in the office increased, the headcount growth rate began to show a decline. Companies requiring four days in the office saw this figure drop to 3.8%, and for companies requiring a full five-day office week, the growth rate fell further to 2.6%.

    Consider this scenario. You’re a talented professional with several job offers on the table. One company demands your physical presence five days a week, while another only requires one day of office attendance, offering you the liberty to work from home or elsewhere for the rest of the week. In today’s increasingly connected world, where work is something you do, not a place you go to, which offer would you be more likely to accept?

    This data presents a compelling argument for companies to rethink their office requirements. The findings suggest that a mandate of more days in the office is a deterrent for job seekers. A more flexible approach, allowing employees to work remotely most of the week seems to be more appealing and will likely lead to higher growth rates.

    In essence, the more days a company demands its employees to be present in the office, the less attractive it becomes in the eyes of potential employees. And the drop-off is especially steep after three days. In the end, the data speaks for itself: Flexibility isn’t just an employee perk; it’s a strategic growth lever.

    Size doesn’t matter — flexibility does

    While it’s a common belief that the size of a company can impact its growth trajectory, the Flex Report unveils a different story. No matter the company’s size, flexible work models consistently outperform full-time in-office models in terms of headcount growth. This trend is a testament to the power of flexibility and its ability to fuel growth irrespective of a company’s size.

    The data reveals that this pattern is especially pronounced for companies with 500-5,000 employees. In this category, flexible companies have more than doubled the rate of headcount growth compared to their full-time in-office counterparts over the last 12 months. It’s like watching two runners in a race, with the flexible company swiftly outpacing the full-time in-office company, even though they both started at the same point.

    Even when we turn our attention to larger companies, those with over 5,000 employees, the trend holds true. Fully flexible companies outperformed their structured hybrid counterparts, boasting a 3.7% increase in headcount over the last 12 months, compared to a 2.9% increase for structured hybrid companies.

    Moreover, this trend remains consistent even when the tech industry — a sector known for its embrace of flexible work models — is removed from the analysis. Across all company sizes and time periods, full-time in-office companies lag behind their flexible counterparts in headcount growth.

    Imagine a racing event where cars of different sizes compete, and the smaller, more agile cars consistently outpace the larger, more powerful ones. Similarly, in the race for growth and talent, it’s not the size of the company that gives it an edge, but its agility and flexibility. The ability to adapt and offer flexible working options is what truly fuels the engine of growth. This trend underscores the fact that in the modern world of work, flexibility is not just a competitive advantage — it’s a necessity.

    Related: How Flexible Work Will Give Your Business the Biggest Advantage

    Flexibility: The secret sauce for growth

    It’s clear that companies offering work location flexibility are growing their headcount faster than those requiring full-time in office. Over the last three months, fully flexible or structured hybrid companies have been adding employees at twice the rate of their full-time in-office peers.

    The data suggests that the companies adding headcount are likely also the ones growing sales. The growth in the economy, at least for corporate employees, seems to favor companies offering flexibility. If this trend continues, it’s likely we’ll see a decrease in companies requiring full-time in office, shifting towards hybrid models that better cater to the needs of the workforce.

    So, for the corporations out there still grappling with the concept of flexible work, it might be time to loosen the reins and let flexibility gallop forward. The data suggests that in the race for growth, flexibility isn’t just a nice-to-have — it’s the winning steed.

    The future of work is here, and it’s flexible.

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    Gleb Tsipursky

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  • 3 Crucial Strategies for Sustaining Growth in a Competitive Market | Entrepreneur

    3 Crucial Strategies for Sustaining Growth in a Competitive Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the early days of a business, there is typically one goal: making sales. Most startups don’t have unlimited cash for their operations, so they’ll quickly fall apart if they can’t attract customers. But those who successfully build a client base face new challenges, including scaling their business for further growth.

    Scaling a business for growth isn’t a simple task. For one thing, startups have limited resources. They can handle only so many sales before hiring more employees or increasing their infrastructure.

    Managers must recognize a specific tipping point as the signal it’s time to boost human or material capital. If they fail to see the signs, the results can be just as disastrous for the company as failing to attract sales in the startup stage.

    If you believe your startup organization is nearing the time when scaling is necessary, take the following steps.

    Related: Want to Scale Your Business? Companies are Using These 5 Strategies Right Now to Unlock Sustainable Growth, And You Should Too.

    1. Assess your staffing needs

    One of the biggest mistakes companies make when it comes time to scale is hiring the wrong employees to do the job. They often end up with bad hires simply because they need people immediately and can’t wait for cream-of-the-crop talent.

    The cost of a bad hire is difficult to estimate, but SHRM places it around $240,000. You’ll incur the expenses of hiring, sourcing and training the employees. If they turn out to be the wrong fit, you’ll need to start the process again, requiring more time, effort and money.

    Additionally, a bad hire can impact your organization, like decreased team morale and lost customers.

    When organizations solidify their plans for eventual expansion, they’re less likely to encounter bad hires. They identify the roles they need to hire for well before it becomes time to fill them. They can start their hiring processes early rather than waiting until the last minute.

    Planning ahead gives hiring professionals time to write a thorough job description, conduct lots of interviews and pick the person with the skills to handle the role that best aligns with the company’s values.

    Hiring the right people for your organization is critical in the early stages of a company. They will often form the backbone of the business and set the tone for future employees. A supportive team on board ensures that you start scaling on all four cylinders.

    Related: How to Scale a Marketing Strategy That Works

    2. Make financial arrangements to support your growth

    Scaling a business requires an increase in expenses. There are no two ways around it. You’ll need more equipment, a bigger advertising budget and a larger team.

    If your company doesn’t have the bank account to support all these changes, you’ll need to find the money elsewhere — by taking on debt or finding an investor who believes in your company’s potential for success.

    It’s critical to seek out financial support early. When you know it’s almost time to scale, get your accounting books in order if they aren’t already. If you don’t have a full-fledged accounting team, seek help from a CPA firm that can prepare your financial statements and set up proper internal controls.

    You’ll also want to undergo an audit, as most lenders and investors will want to review approved financials before they provide you with any financing.

    Once you feel confident about your books, you can research funding opportunities. You’ll need to obtain a loan if you don’t feel comfortable bringing an outside investor on board. The SBA provides financing opportunities to small businesses, but you’ll need to prepare the proper paperwork and collaborate with an SBA lender to qualify.

    Carefully consider your funding opportunities and evaluate each to determine which suits your company most. Look for low-interest rates and fair repayment terms if it’s a loan. Business owners who prefer to work with investors should realize that they may need to give up some control in their organization, depending on the terms of the agreement.

    Related: Should You Scale or Should You Grow? (The 2 Strategies Are Not the Same.)

    3. Define your objectives for the future

    Where do you picture your company in six months, one year or five years? Understanding your vision can help you establish the milestones necessary to achieve your objectives.

    You’ll probably need to set several goals, not just one. For instance, you might envision reaching a certain level of revenue, introducing a new product or opening a location in a new region. Some startups aim to grow their company to a specific level before they sell it to interested investors.

    Once you know your goals, it becomes easier to identify what you need to do to meet them. Expanding your revenue will likely require increased marketing expenses, and you may need to bring a few new employees on board. If your goal is opening a new storefront, you must find a property to lease or buy, hire staff and ensure compliance with local laws and regulations.

    The SMART method can help you define reasonable goals to work toward. Under the SMART process, you set specific objectives and a time for meeting them. As you accomplish each milestone, you work toward the next one. It provides a solid infrastructure for your goals that you can easily explain to stakeholders, including employees, clients and financiers.

    Scaling requires planning

    Moving an organization from startup to scaling for growth is possible through adequate planning. Some business owners start the process very early before opening their doors to their first customers. Doing so is a good idea and can help you get on the right footing in the initial days of your business.

    Remember that you’ll likely need to adjust your plan as you learn more about your customers and operations. Remember the two critical considerations in scaling a business: staffing and finances. Start your hiring processes early, and determine the roles you must fill as you grow the organization. You’ll also need to ensure proper monetary backing as you focus on expansion.

    Taking the time to plan thoroughly for the growth of your business will put you in a good position when the time to scale arrives. Your company can avoid many pitfalls when you are prepared.

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    Shawn Cole

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  • 7 Things Companies Should Consider Before Going Public | Entrepreneur

    7 Things Companies Should Consider Before Going Public | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Pursuing an Initial Public Offering (IPO) is something many entrepreneurs will only experience once, and it’s important to get it right. 2021 was the biggest IPO year ever with extraordinary volumes globally. The global IPO market delivered 2,682 IPOs and raised $608 billion. The largest IPO globally in 2021 was the $13.7 billion IPO of Rivian Automotive on NASDAQ. During 2022, the market saw a dramatic decline in IPOs after a year of incredible IPO growth. Despite this, micro-cap and small-cap companies continued to dominate the 2022 IPO market in the U.S.

    To date, there have been 101 IPOs on the U.S. stock market in 2023 raising more than $60.9 billion. It’s a huge amount of money and yet, this is -25.78% less than the same time in 2022, which had 136 IPOs by this date. As you say, the markets go up and down constantly. Companies now have a new host of considerations when it comes to choosing the right time to go public. In today’s current economic climate, most entrepreneurs feel fearful going into this environment wondering, will it be a success? In order to go public, the company becomes very exposed to scrutiny, the costs are high, and the complexities are many. It is important to make the right choices to establish the best chances of success.

    As the CEO of Exchange Listing, LLC which helps micro-cap and small-cap companies list on the senior USA stock exchanges like NYSE and Nasdaq, we have seen it all. In this environment, we advise companies to focus on what we call “IPO readiness,” so that a company can IPO as soon as market conditions are practical for their goals. Whether you are a company founder looking to take your business to the next level, an investor seeking to understand the risks and rewards of small-cap and micro-cap IPOs or a professional advisor helping clients navigate the IPO process, here are the seven things to consider before going public:

    Related: How to Get Your Business IPO Ready

    1. Get committed

    Be clear that this is a direction for you. If you’re not sure, don’t start getting on a roller coaster, because once you’re on it, it’s dangerous if you try to get off in the middle. It sounds exciting to take a company public, and it is. But the evolving landscape and fluctuations demanded along the way can derail you unless you are convinced this is the best course of action for the success and growth of the company.

    2. Prepare before taking action

    Preparation for a micro-cap or small-cap IPO needs to begin well before the IPO date. Ideally, a company should start assessment anywhere from 18-24 months before the actual IPO date. Going public is gratifying, but it requires significant internal and external resources. In addition, the complexities, cross-functional participation and interdependencies of going public require effective management and a clear understanding of the content and process. Therefore, preparation and groundwork are critical to a smooth execution process. Brian Cox, the CEO of SurgePays Inc. which went public in November 2021, attested to the value of having brought Exchange Listing on early in the Nasdaq Uplisting process. The company was able to prepare for its IPO well in advance and ultimately was able to raise a total of $19.78 million.

    3. Ensure the right business model

    One of the most fundamental criteria for success includes having a business model best suited for the public markets. We ensure that a company will be ready to IPO from a regulatory position. Business IPO readiness requires the coherent articulation of the core elements of the business, which will be unique to the company in question. Generally, it will encompass critical areas such as the business’s strategy, markets, products, sales, marketing, operations, financial statements and metrics. You need a company deck, a one- or two-page teaser and a comprehensive financial model.

    4. Tighten your organizational readiness

    For private companies that are planning a micro-cap or small-cap IPO, a strong executive team and a board of directors are critical. A well-positioned team will increase the value of the company and provide confidence to potential investors. The assembly of a management team, advisors and board, including the form and structure of management compensation, is critical. The management team, advisors and board need to be optimally aligned with the company’s strategic objectives and public market expectations so that they can guide the company’s operations successfully and provide public market reporting.

    Related: 5 Things You Need to Know Before Taking Your Business Public

    5. Align with SEC compliance

    The S-1 registration statement may sound unfamiliar. Preparing the S-1 registration statement involves the creation of a basic business description consistent with the SEC regulatory requirements. This involves a summarized explanation of the business, its customers, its competition and other information relevant to investors who want to make an informed investment decision regarding the company and its prospects. It includes business and financial information designed to inform prospective investors and outline all material business risks.

    6. Prepare for scrutiny

    While audits may sound scary, these are a mandatory part of the process of preparing for the IPO, and it’s important to get the details right. Footnotes and schedules are required when compiling the company’s financial statements to ensure that the company’s financial reporting complies with industry standards. The footnotes also provide reasonable assurance that the financial statements are presented fairly, free from material misstatement, and thus can be relied upon by investors.

    7. Get your finances in order

    If the company’s financials have been sloppy, now is the time to track each detail and category to ensure confidence from investors and approval. Prepare two years of profit and loss, balance sheet, cash-flow statements, related footnotes and supporting schedules. It is vital to have your financials in order to present the most accurate and thorough picture of the company’s health and the opportunity to the investors.

    Although the broader IPO market seems to be on pause due to less-than-ideal marketplace conditions, know that these market conditions are not here to stay, at least not forever. Companies that are considering an IPO would be wise to use the current pause period to hustle while they wait and prepare to become IPO ready. Thorough preparation requires that your company not only takes the proper steps and does the right things but also invests in the right partners, resources, technology tools and team. Taking these actions now will set you up for the best chance of success when the time is right to execute your first or next IPO.

    Related: To Be IPO Ready, You Need to Prepare for These 5 Potential Pitfalls

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    Peter Goldstein

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  • 3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

    3 Ways You Can Actually Use AI in Your Business (and Why You Should Still Be Careful With It) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The sky appears to be the limit for the ways entrepreneurs and CEOs can incorporate generative AI tools into their workflows. The one thing you can’t afford to do with generative AI is ignore it.

    I recently hosted a workshop for 30 early-stage CEOs to discuss ways to fuse generative AI into their business strategies. Here is some of the intel I shared, plus how you can give yourself an edge by responsibly and effectively incorporating this technology into your startup or business.

    Entrepreneurs wisely using generative AI can strategically implement it into their narrative and general storytelling of their companies to in turn receive higher valuations from investors as well — here’s how.

    Related: How AI Is Becoming a Game-Changer in Startup Fundraising

    1. Expand your product offerings and stay competitive

    I suggest reading up on Microsoft’s collaboration with OpenAI. Microsoft jumped to incorporate ChatGPT’s technology into Bing and its other products. Now, its users can work more efficiently in PowerPoint and its suite of Office products. Google responded by exploring the use of generative AI to expand its search capabilities.

    Software development is another key area getting gen AI attention. Gen AI is helping developers code more efficiently, predicting the next lines of code based on code already written and responding to prompts. There’s a spotlight on generative AI algorithm models like Large Language Models (LLMs) that can craft text based on the user’s input data.

    Every entrepreneur who wants to edge out the competition must find ways to apply generative AI to improve products and develop new offerings.

    My company, Verbit, hosted an internal hackathon to gamify identifying ways to incorporate generative AI. It helped to get greater buy-in and inspire ideas. Our hackathon uncovered 13 ways to employ more AI, including two that we’re commercializing.

    Consider replicating this hackathon idea or encouraging brainstorms. Run them company-wide. Instead of just involving your more obvious teams, acknowledge that generative AI has the ability to impact the roles of nearly everyone. By involving less obvious stakeholders, you’ll identify use cases for generative AI to disrupt processes you weren’t even aware of.

    Engaging your team in these ways won’t just boost morale; it will release apprehension around the “negative” human impact of greater generative AI use. Instead, your team will be inspired by how they can apply it to expand your offerings to deliver better.

    Related: The Secret to How Businesses Can Fully Harness the Power of AI

    2. Drive employee productivity

    AI should be seen as a gateway to make work more meaningful and efficient, not replace jobs. Using generative AI to eliminate dreaded, time-consuming tasks will keep your employees engaged. It will grant them the ability to focus on more creative tasks they’re passionate about. Employee engagement is a metric entrepreneurs can’t overlook because it translates to 23% higher profitability.

    Since newer forms of AI are learning to be intuitive and interact naturally with humans, start by using AI that communicates with your teams and learns from their feedback to boost productivity. For example, generative AI has advanced the possibilities of working with chatbots. Teams can now summarize and pull data from chatbot-powered customer surveys and much more.

    3. Predict market trends more accurately

    For entrepreneurs to make informed decisions about investments, strategies and products, they must understand market trends. Generative AI is helping entrepreneurs gather more quality data than earlier AI forms.

    AI is excellent at analyzing large sets of data, but generative AI can gather insights from unstructured data, like social media posts, audio files, text and other content. To be successful, entrepreneurs must pull in this additional information accessible to them through generative AI.

    Generative AI can also create simulations to determine the impact of hypothetical “what-if” situations. Researchers at the University of Pennsylvania used generative AI to simulate the spread of COVID-19 and the efficacy of different responses. Audi used simulations to model manufacturing strategies and reduce its assembly line cycle time by 30%.

    As an entrepreneur, you can benefit greatly by using generative AI for market simulation. If you don’t use these tools, you’ll be operating with less complete, lower-quality information than your competition.

    Related: How to Protect and Improve Your Business with AI During Challenging Times

    Know where to draw the line

    There are dangers in relying too heavily on gen AI. For example, AI uses data inputs for results. If the data is flawed, it can have consequences. This issue is already appearing in recruitment and hiring practices. Amazon canceled an AI-powered recruitment program after it proved to be biased against women. If you lean too much on AI alone, you could find yourself violating employment laws.

    You’ll need to be aware of ethical concerns to avoid instances of sharing sensitive information or violating data privacy laws as well. Generative AI can also hallucinate, meaning that it might give entirely wrong information, but package it in convincing language and reassuring confidence. Turning over too much responsibility to a chatbot could cause more harm than good.

    For example, experts are warning against relying too much on tools like ChatGPT for search engine optimization (SEO). Google may decide to penalize companies that publish automated content, undermining their past SEO work. Make sure that your team has a process in place to check the outputs of the AI it’s using.

    There was the case of the “ChatGPT lawyer,” who used the tool to draft a motion and ended up citing fake cases in court. The firm faced a fine and public humiliation, but in fields like health care, the consequences of faulty information could be worse and more dangerous.

    Smart entrepreneurs will understand how to intelligently and strategically use generative AI, but they’ll know where to draw the line. My advice is to be as savvy about the technology you employ as you are about the people you hire.

    However, don’t delay. Challenge your teams to use generative AI to work productively. Decide on a few areas of focus to implement it now, whether it’s personalized content creation, marketing efforts, software development, customer operations or data analysis. Trust me, your competitors are already doing so.

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    Tom Livne

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  • Business Growth Stems From Getting the Right Customer Feedback. Here’s How to Get It. | Entrepreneur

    Business Growth Stems From Getting the Right Customer Feedback. Here’s How to Get It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you seeking to foster growth and achieve better results for your business this year? In a world where customer expectations are rapidly evolving, the importance of creating a customer-centric culture cannot be overstated. One of the most effective strategies in this pursuit is the implementation of a Voice of Customer (VoC) program. However, it’s not just about launching a program; it’s about using it smartly to drive growth rather than just incurring costs.

    What is a Voice of Customer program?

    At its core, a Voice of Customer program is a vehicle through which customers provide their valuable feedback, insights and opinions about their experiences, needs, wants and expectations in relation to your products and services. It serves as a direct line of communication between your business and your customers, enabling you to tap into their thoughts and feelings to inform and enhance your strategies.

    Related: 5 Counterintuitive Ways to Transform Your Customer Care Experience

    The pitfalls of ineffective VoC programs

    Despite the popularity of VoC programs, many of them fail to deliver the intended benefits. CEOs often struggle to justify the ongoing expenses associated with these programs due to a lack of discernible return on investment. What should be a robust tool for insights and growth often turns into a one-dimensional process that merely yields scores and basic insights. So, why do these programs fall short?

    The number one reason for the ineffectiveness of many VoC programs is the failure to ask the right questions in the right manner. A successful VoC program — backed by our global experience over two decades — recognizes that customers are diverse and their interactions with your brand are unique. Therefore, a personalized approach to gathering feedback is essential. Rather than asking every customer the same questions, tailor the questions to each customer’s experience. Keep the feedback process concise, interactive and relevant, allowing for real-time adjustments. Aim to uncover the “why” and the behavioral aspects behind their feedback. Leveraging technology, such as text, audio and video responses, can enhance the depth of insights.

    Take continuous action over passive insights

    To derive value from a VoC program, it’s crucial to prioritize taking action over merely collecting insights. While measuring customer attributes and tracking loyalty drivers are important, they shouldn’t be the end goal. Instead, focus on identifying the most pressing customer-led priorities and addressing them promptly. By honing in on a single priority, it becomes easier to transition from data collection to impactful actions. Measure success based on individual and team improvements, aligning these improvements with sales growth and customer retention. By translating enhanced customer experiences into tangible business outcomes, the program’s value becomes undeniable.

    The role of program leadership

    A successful VoC program isn’t a set-it-and-forget-it endeavor. It necessitates robust program leadership and engagement. Collaboration with experienced partners is key to tailoring the program to your business, from setup to implementation and ongoing management. Software systems alone are insufficient to drive the program’s success; customization is essential to align the program with your specific business needs. A holistic approach, including ongoing management of the customer journey, actionable results and integration with sales KPIs, is the recipe for meaningful change.

    Related: Customer Centricity: What It Is, Why It Matters and How to Improve Yours

    Feedback ASAP: Driving real change

    In the quest for growth through a customer-centric culture, the “Feedback ASAP” program — getting feedback as soon as possible — stands out as a testament to the power of a well-executed VoC strategy. Rather than relying on generic solutions, this program capitalizes on personalization, actionable insights and robust program leadership to deliver tangible results. By identifying missed sales opportunities and offering real-time solutions, it empowers teams to improve their skills and capabilities through targeted eLearning.

    This integrated approach aligns changes with overarching strategic goals, making the entire business ecosystem work in harmony toward growth.

    The road to growth in today’s business landscape is paved with customer-centric strategies, and at the forefront of these strategies is the Voice of Customer program. While its popularity has grown, so has the realization that the key to success lies in asking the right questions, taking continuous action and having strong program leadership. The paradigm has shifted from collecting insights to driving results and the Feedback ASAP program exemplifies this shift. The time has come to embrace a customer-centric culture and unleash the true potential of your business through the power of your customer’s voice.

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    Phil Prosser

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  • Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

    Why Employee Accountability is the Holy Grail of Every Successful Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Accountability is a remarkably dynamic word and so much more than a simple promise to perform. While the concept is rooted in responsibilities, the term also implies continuous action and a healthy system of checks and balances. At its core, accountability is about showing up, claiming ownership of a task, and then accomplishing the things you have committed. And everyone in your organization should do the same – because accountability is not a solo act. Accountability is the kinetic energy that fuels every successful organization.

    Your own accountability as a business owner is a gimmie; as the leader of your company, your word is your bond. And there are also huge benefits in creating a culture of accountability throughout your organization.

    You want employees to be answerable for their responsibilities. You want your team to work toward company goals, maintain certain metrics and meet their deadlines. While these accountabilities might seem rudimentary, you might be surprised how many businesses struggle with them.

    I believe most employees want to do a good job and try hard to be accountable. If they fall short, a glitch in communication is usually at the heart of the problem. Maybe the employee was never clear on expectations. A lack of transparency possibly hobbled achievement. Or, as is often the case, perhaps the employee’s definition of success differed from that of their manager.

    Fostering a culture of employee accountability is key to the success of any business, and the formula almost certainly starts with respect for your team, their strengths and their goals. Best-selling author and TED Talker Daniel Pink says that fostering a spirit of autonomy, mastery and purpose in your employees allows them the freedom and inner drive to develop creative solutions. He is right; by affording them these opportunities for self-direction and responsibility, you create better alignment in an environment where your people feel valued and their talents nurtured. This is to say that you set the stage in your business for a culture of accountability.

    Related: How to Create a Culture of Gentle Accountability in 3 Steps

    Employees crave autonomy

    Autonomous employees are empowered to leverage their own judgment and take ownership of their decisions. Embracing a culture of self-responsibility throughout your business fosters a stronger sense of employee commitment, supports innovation and demonstrates your trust in your team’s capabilities and professionalism. By giving employees more flexibility and responsibility in their own approaches and outcomes, they become more thoughtful in their actions and decision-making processes.

    Accountability and autonomy might feel like conflicting concepts at times. Getting the balance right can be challenging, but it is well worth the effort. It starts with communication and clarity. When you or your management team assign a task to an employee, ensure that the person is clear about what you want them to do and the expected results. Ask the employee to confirm what you are asking them to do. Let them know you are available if they have questions about the task. Then allow them to do their job. You can check in periodically to track their progress along the way.

    Related: Want Elite Performance? Adopt These 5 Practices Of Top Tactical Units

    Employees want mastery

    Mastery is the process of honing one’s skills to a refined level. When you provide employees with development opportunities, they become quantifiably more engaged, productive and fulfilled in their jobs. Mastery boosts employees’ sense of accomplishment, positions them for a more rewarding career trajectory, and seeds the business with increasingly capable people. I talk a lot about win-win in business. Creating opportunities for your employees to master their skills while increasing your company’s competitive edge is certainly one of them.

    Consider investing in your business’s employee development, mentorship and leadership training programs. The ROI for learning initiatives tends to be high from a financial and cultural perspective. And while an increase in accountability is challenging to track with real numbers, it is most definitely positively impacted by employee mastery.

    Related: What is the Caliber of your Company Culture and How Can You Develop It?

    Employees desire purpose

    Now more than ever, employees yearn for a sense of purpose that serves as something larger than themselves in their professional and personal lives. Millennials and Gen Zs are particularly motivated to make a difference in the world around them at both a micro and macro level. By instilling a profound sense of purpose within the vision and mission of your company, you better attract and retain those people who are aligned with similar concerns and causes.

    When employees feel empowered and impactful in their ability to support what they care about, they are more committed, intentional and accountable. Greater purpose inspires ownership in achieving above-and-beyond outcomes.

    Purpose-driven employees also tend to be more adept at tackling challenges. They have faith in their own ability to overcome adversity to achieve a desired goal, so they willingly take on more responsibility and accountability to make things happen. Purpose is a powerful motivator on so many levels.

    When employees fall short on accountability

    What if you have put in the effort to create a culture of employee autonomy, mastery and purpose in your business, but your people are still lagging in the accountability department or are regularly just not meeting expectations?

    Rather than resorting to criticism, I suggest you take a coaching approach. Ask the employee how they felt a glitchy project went. What worked well and what panned out poorly. Ask them to analyze the processes and procedures, then have them share those opinions with you. This will provide you with enormous insight, at least from this employee’s perspective, that you may not have considered.

    While leveraging the coaching approach, you will often find that the employee admits their own culpability or poor performance in the project and makes suggestions for self-correction. Which, when you think about it, really is the definition of employee accountability, isn’t it?

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    Jason Zickerman

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  • 3 Ways To Overcome Rejection and Turn It Into Power | Entrepreneur

    3 Ways To Overcome Rejection and Turn It Into Power | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Throughout the journey of starting, launching and growing a business, you’ll feel like you’re on a never-ending rollercoaster of highs and lows. One day you’re jumping for joy because a big customer says yes to launching your new product in thousands of stores, and then the next day, you’ll be slammed in the face with yet another disappointment or stress-inducing challenge. And so goes life as an entrepreneur… but the good news is, you have the power to decide how to respond to every curveball life throws at you.

    So, to help you become a superhero in business, here are a few words of wisdom to live by.

    As an entrepreneur and an executive with over 20 years of experience in business, like many people, I’ve faced more rejection than I can count. From being ghosted by retail chain buyers to hearing no from customers I’ve worked hard to earn, rejection is an inevitable part of this experience. However, in moments like these, we truly find out what we’re made of.

    But, on the flip side of all these disappointments, I’ve been fortunate to experience great success and amazing opportunities in various facets of my businesses (including working with hundreds of the top brands and retailers on the globe). So I know both sides of the coin and am grateful for all the pivotal moments on my path to success.

    Related: 5 Ways to Turn Rejection Into Resilience

    I believe that we’re drawn to entrepreneurship because we have a vision of a better life — for ourselves, our families and the world around us. That said, my father was one of the men who inspired my entrepreneurship journey.

    My father was a self-made serial entrepreneur and a true example of the “American Dream.”

    As a high school dropout from New York who had to get a job shoveling snow to help his struggling family earn a living, he ultimately ran and launched multiple businesses. In his early years, he served in the military, bussed tables and became a door-to-door salesperson. Ultimately he became the Publisher of the first single-volume African-American history encyclopedia (during the Civil Rights movement) called “In Black America.” This encyclopedia helped thousands of men and women earn a living while empowering their communities and families. My father then went on to run a successful merchandising company. He most recently built Creative Balloons Manufacturing Inc., our family-operated global business celebrating its 50th Anniversary this year, helping millions of people and brands celebrate life’s special moments with fun-filled balloons.

    Over the years, he taught me many valuable lessons in entrepreneurship, especially regarding overcoming challenges and rejection.

    1. Drive, determination and mindset are paramount to what we know

    Since my father never had a formal education, he realized at an early age that he’d have to be more resourceful and hard-working than most, so he became street-smart and ultimately learned what it takes to start and run a global business, one that has proudly been a national supplier to major chains like McDonald’s for over 45 years.

    Don’t let your education or lack thereof prevent you from feeling worthy or deserving of pursuing your passions and becoming successful. Always remember — if all else fails, just Google it (or, for that matter, just read an article by Entrepreneur). Where there’s a will, there’s a way. And as Marie Forleo says, “Everything is figureoutable.”

    Related: 5 Steps Entrepreneurs Need to Take to Overcome the Fear of Rejection

    2. Persistence and resilience are absolutely imperative if we want to make anything happen in life

    As a kid, I vividly remember hearing my father on the phone calling one potential customer after the next, which ultimately helped him land many national accounts (including Burger King, Carl’s Jr., Mrs. Field’s Cookies and more). Whether we dream of developing a prototype for an innovative new product, landing a major client or changing the world with our revolutionary products or services, we have to believe in the purpose behind what we’re doing. Keep waking up each day to reach your goals and win. Even A-list athletes have bad days and losses, so keep striving, working hard and believing you’re a winner. You have to envision success first to achieve it.

    Related: Rejection Is Part of Entrepreneurship. Here’s How to Handle It.

    3. Boldly pursue your dreams, no matter how big or wild they may seem

    Want to land that big chain? Go pitch them! Looking to score a key investor? Send them a presentation deck. While you might not get a positive response from everyone you contact, all it takes is one “Yes” to open the door, leading you toward the next open door. And while you’re hearing no’s, do your best to find out why — was it the wrong timing, do you need to tweak something in your pitch, etc. Look at rejection as a form of redirection or recalibration.

    Just remember that Bill Gates pitched to 1200 investors, out of which 11 said yes. Because of the few who aligned with his vision, he’s now one of the world’s most influential and successful people. So, even if you’re rejected, you can still skyrocket to success.

    Bottom line: Never be afraid of rejection. Yes, you will hear a no, or worse, you’ll get ignored, but unless you try, you’ll always wonder, “What if?!”. And more importantly, you’ll never hear a yes unless you’re willing to ask for what you want.

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    Christina-Lauren Pollack

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  • Elizabeth Chambers of BIRD Bakery on How to Expand in Business with Authenticity | Entrepreneur

    Elizabeth Chambers of BIRD Bakery on How to Expand in Business with Authenticity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Elizabeth Chambers of BIRD Bakery believes that every person entering her bakery’s doors does so with purpose.

    For her, each encounter with someone — online or in-person — is an opportunity to embrace a connection. So every interaction should be treasured as a gift.

    “I believe everything happens for a reason. And I say every single person who walks in that door is meant to walk into your life. So are you going to receive that or are you going to ignore it? And that’s your choice,” says Elizabeth Chambers to Restaurant Influencers host Shawn Walchef of Cali BBQ Media.

    Following three years living in the Cayman Islands, she sought a heartfelt way to extend her gratitude to the local community that provided a sense of peace to her and her family through a rough patch of life.

    This aspiration to give back gave rise to the creation of BIRD Bakery, a venture dedicated to rekindling the love of homemade baked goods in a landscape dominated by mass-produced cupcakes.

    Through her pop-up endeavors, Chambers encountered profoundly emotional reactions from patrons who rediscovered cherished memories in her confections. This journey culminated in a Hulu show chronicling the inception of BIRD Bakery.

    “I always wanted to open a bakery here.” says Chambers of opening her bakery in the Cayman Islands. “People love cupcakes. And because it’s a small island in the middle of the sea, most of the cupcakes that people enjoy are from the grocery store. And they’re frozen or it’s pre-made mixes.”

    She has seen the power of Smartphone Storytelling to connect with consumers while celebrating the importance of family and food. As a successful media personality, Elizabeth Chambers has learned the best way to get your true story told is to tell it yourself. And she does so on her own terms.

    Navigating the evolving terrain of the creator economy and social media landscape, the founder and owner of BIRD Bakery initially grappled with the pressure to maintain algorithmic relevance, a challenge familiar to many entrepreneurs.

    However, her perspective underwent a transformation as she recognized the beauty and authenticity in stepping back from social media.

    Despite the potential loss of followers, she prioritized personal well-being over analytics.

    While Elizabeth Chambers acknowledges the potential for bigger expansion, involving a team and investors, at present her bakery stands as a direct reflection of her values and personal journey. By exercising ownership over her online presence and business, she underscores the profound significance of aligning individual authenticity with entrepreneurial pursuits.

    Of her new approach, Chambers says: “I feel like I didn’t want to force something that wasn’t authentic to where I was at that point in my life. And my bakery reflects where I am.”

    The food entrepreneur’s journey is about genuine connections and intentional encounters, serving as a reminder for others to heed their inner compass when navigating life’s intricacies.

    Her conviction in the purposefulness of interactions and ability to seamlessly integrate personal authenticity into her bakery’s identity exemplify the potency of merging values with entrepreneurial endeavors.

    With multiple stores, BIRD Bakery’s renowned goods are just at the beginning of what it will become. And it will all be on Chambers’ terms.

    “BIRD is me. I am BIRD”

    ***

    ABOUT RESTAURANT INFLUENCERS:

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • The Secret to An Extraordinary Website? It Starts With the Team Behind It | Entrepreneur

    The Secret to An Extraordinary Website? It Starts With the Team Behind It | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Remember when a “webmaster” comprised an entire website team? In the early days of the internet, these folks — who typically took on everything from web development to design to IT and technical maintenance — truly held the keys to the company’s digital presence. Of course, websites were simpler then (the Wayback Machine shows just how far we’ve come), and a single person could feasibly develop and maintain what were essentially digital flyers.

    Fast forward to today and websites are much more complex: business results turbines that drive organizational velocity and performance, integrating everything from brand storytelling and ecommerce to communication, data collection, content, customer communities and more. While some organizations still have brochure websites, most run “essential websites” — an online hub for customer activity. Essential websites drive leads, product trials and purchases. They direct traffic to articles that generate ad revenue, facilitate enrollment for schools and persuade donors to contribute to social causes. Essential websites are core to most organizations’ go-to-market strategy, and while technology has come a long way in facilitating these web functions, so too have the roles needed to support a digital experience with multiple sites and stakeholders.

    Case in point: the proliferation of the WebOps (Website Operations) director, who oversees a cross-functional team that shares responsibility for co-creating a website. As websites have become the center point for an organization’s online presence, building a team that is highly invested in advancing web work is a critical part of the formula for digital progress.

    Here’s what I’ve learned about optimizing a website team (and what other marketing leaders can learn, too).

    Related: How Good Website Content Helps You Earn Potential Customers

    Get the right people doing the right work

    You don’t need a large team to get big results, but you do need the right people doing the right work. This comes down to establishing clear ownership of tasks: getting people aligned and empowered to make the changes they need. For example, content creators need to be able to publish content and campaigns — without having to wait for IT or web developers to give them access.

    I’ve seen this scenario play out numerous times: a new head of marketing needs to boost leads, conversions or sales, but their hands are tied because they can’t make timely changes to the website. This was the case with one of my company’s clients, B2B insurance company Zelros. After its new CMO realized the dev team couldn’t prioritize the changes she needed, she shifted website ownership to her marketing team. Armed with the right tools and tech, they could control their own projects and timelines — freeing them up to create landing pages, campaigns and sales features that helped grow web traffic by 82%.

    So who are the “right people?” The best web teams include people who are passionate about advancing the site and able to take the reins. While three is often the minimum number needed — usually a developer, designer and content specialist — the web team should be the organization’s most inclusive and collaborative team. And these people don’t need to be marketers.

    In fact, a recent survey we conducted revealed 63% of marketing leaders say less than half of their company’s web team is part of the marketing organization. Website stakeholders often come from IT, HR and other departments in the form of subject matter experts, or from external agencies who bring expertise in areas such as SEO, paid ads and app development. The best thing a CMO or WebOps director can do is to give these stakeholders ownership and empowerment. With solid style guides, many stakeholders can be empowered to design extraordinary, on-brand experiences that are executed seamlessly.

    Related: Your Website’s Success Depends on Collaboration. Here’s How to Get It Right (and Make More Sales in Return).

    Leverage tools and partners that alleviate the load

    Web work can be fast and furious, as was evidenced during pandemic lockdowns when many companies were faced with a quick pivot to digital-first offerings — including a web presence that could withstand increased demand. At one Japanese research institute, media coverage of its pandemic shifts caused a spike in web traffic that could have taken the site down. But because the institute had a partner in place to monitor demand, the website kept ticking while its teams focused on other projects.

    The kinds of tools and partners you need will depend entirely on the size of your team — and your site. Our survey revealed that, on average, in-house web teams handle 11 of the 16 most common functions, including data analytics and customer support, but often outsource more technical functions — 53% outsource UI/UX design; 45% outsource infrastructure development; and 42% outsource web development. This allows internal teams to be agile and keep the momentum going while big builds and routine tasks are taken care of externally.

    If your developers or web teams are consumed with tasks like security patching, which can be tedious and time-consuming, they often don’t have the capacity for creative work. But the right tools and partners can support internal efficiencies — and automate tasks like site security — so team members can focus on more strategic priorities like hosting online events or developing personalized customer experiences.

    Related: How to Develop a Great Business Website

    Define and measure success as you go

    The success of your website depends on more than people and tools. The goals you set and track are critical to your team’s understanding of whether they’re hitting the right marks.

    There are many standard web metrics marketers like to track. Our survey respondents favored traffic and click-throughs, but many teams also consider search rankings, leads and conversions. I prefer to divide WebOps success into three categories: credibility (the peace of mind of core website performance), productivity (the ability to deliver on time and within budget) and impact (achieving results that are essential to the business). Too many web teams get caught up in vanity metrics, like the number of visits. But a website’s success is only relevant if the results are meaningful in the context of your business. Focusing on metrics such as form completions, quality of leads and conversions is far more valuable from a business perspective. It can better inform web teams as to where they need to focus their energies.

    There’s no formula for a perfect web team, but the most successful teams I’ve worked with empower their members with clear goals, valuable data and tools, encouragement to experiment and the ability to move quickly. Ultimately your customers will decide whether your website succeeds, but the right web team should be able to respond to their ever-changing needs.

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    Christy Marble

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  • The 9 Power Moves You Need to Find Success | Entrepreneur

    The 9 Power Moves You Need to Find Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Embarking on a journey to start a business is both thrilling and challenging. As a budding entrepreneur, you have a world of opportunities waiting for you, but to succeed, you need more than just luck or passion.

    The secret lies in honing essential skills to help you navigate the dynamic business world. In this article, we will explore crucial strategies that can pave the way for your success, and we’ll call them “Power Moves.”

    Related: Don’t Sit Around and Wait to Be Noticed — Follow These 4 Ways to Be a Standout in Business

    1. Strategize your week ahead

    In business, planning is power. Instead of leaving things to chance, take control by crafting a well-thought-out weekly strategy. Embrace the habit of setting aside time each week to outline your objectives, tasks and priorities. Doing this avoids the chaos of last-minute decision-making and keeps you focused on what matters most.

    Read More: 8 Ways to Harness the Power of Fear for Personal Success

    2. Embrace calendar mastery

    An essential element of planning your week in advance is becoming a master of your calendar. Keep your schedule up-to-date, incorporating meetings, deadlines, and other commitments. This way, you’ll gain a holistic view of your week, enabling you to allocate time wisely and efficiently. Utilize digital tools or traditional planners, whichever suits you best, to stay organized and in control of your business journey.

    3. The early bird gets the worm

    Punctuality is the hallmark of a true professional. Being early to meetings showcases respect for others’ time and portrays you as a reliable and conscientious entrepreneur. Arriving ahead of schedule allows you to collect your thoughts, review your meeting agenda and approach discussions with clarity and composure.

    Related: Are Early Risers More Productive?

    4. Set alarms for success

    It’s easy to lose track of time in the fast-paced business world. To avoid the last-minute rush, leverage your smartphone’s alarm feature. Set reminders well in advance of meetings to prompt you to prepare. Take a moment to gather all necessary documents and mentally align yourself with the goals of the upcoming engagement. You’ll enter each meeting confidently and ready to make a lasting impression.

    5. The prepared mindset

    One of the cardinal rules of business is to be always prepared. Equip yourself with both physical and digital resources. Always carry printouts of essential documents to meetings, as a backup in case of technological hiccups. Simultaneously, ensure your files are accessible on a tablet or laptop. This readiness demonstrates professionalism and safeguards you from potential setbacks, positioning you as a reliable partner in any business interaction.

    Related: How to Create a Growth Mindset as an Entrepreneur

    6. Network with purpose

    Networking is a powerful tool for business success. Cultivate a solid professional network and attend relevant events to expand your connections. When networking, prioritize building meaningful relationships over exchanging business cards. Seek to understand others’ needs and offer genuine assistance. A robust network can open doors to opportunities, partnerships and valuable insights.

    The reasons for being prepared are multifold. Firstly, it gives you a competitive advantage, allowing you to respond promptly to questions or requests. Secondly, it demonstrates your commitment and dedication to the venture. Thirdly, preparedness fosters confidence, enabling you to confidently present your ideas and persuade potential clients or investors.

    Related: Effective Networking Requires Mastering These 5 Skills

    7. Embrace lifelong learning

    To thrive in the ever-evolving business landscape, adopt a growth mindset and commit to continuous learning. Stay updated on industry trends, best practices, and emerging technologies. Invest in workshops, webinars or online courses that align with your business objectives. Knowledge is a formidable asset that can propel you ahead in your entrepreneurial journey.

    8. Embody resilience

    Building a successful business requires persistence and resilience. Expect challenges along the way, but view them as opportunities to learn and grow instead of being discouraged. Develop the ability to adapt to changing circumstances and bounce back from setbacks. A resilient entrepreneur can turn obstacles into stepping stones toward more extraordinary achievements.

    9. Customer-centric approach

    A customer-centric approach is an indispensable ingredient for long-term business success. Place your customers at the heart of every decision and action you take. Listen to their feedback, understand their needs, and strive to exceed their expectations. Building strong relationships with your customers creates brand loyalty and advocacy, paving the way for repeat business and positive word-of-mouth referrals. Embrace a culture of empathy and responsiveness within your organization, ensuring every team member understands the value of exceptional customer service. Remember, satisfied customers are not just one-time buyers; they drive your new business’s sustainable growth and prosperity.

    In conclusion, embarking on your journey to start a business demands a multifaceted approach, and incorporating these power moves will bolster your chances of success. Plan your weeks in advance, prioritize punctuality, and always be prepared for meetings. Cultivate a network of valuable connections, commit to lifelong learning, and embrace resilience in the face of challenges. Above all, maintain a customer-centric approach where your clients’ needs and satisfaction take center stage. You’ll create brand loyalty, drive repeat business, and foster positive word-of-mouth referrals by prioritizing exceptional customer service and building strong relationships.

    Best of luck on your entrepreneurial journey!

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    Roxanne Klein

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  • How to Manage Rapid Business Growth Through Visionary Leadership | Entrepreneur

    How to Manage Rapid Business Growth Through Visionary Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Leading a startup through high growth is exciting yet intimidating. As opportunities continue to arise, entrepreneurs must find ways to manage rapid expansion without compromising stability. To do this successfully requires knowledge from experienced professionals who have been in similar positions and know how best to approach this stage of growth.

    With careful planning and resources, business owners can position their companies for significant development without overstretching capital. It is important that leaders take heed of expert advice to set themselves up for success during periods of fast growth.

    Related: 3 Perspectives of Visionary Leaders

    The central role of visionary leadership

    A compelling vision can be the difference between a startup simply existing in the market and being a game-changer. It’s not just an abstract idea or slogan; it’s an actionable plan that guides your decisions and drives you toward your desired outcome. A vision should encapsulate what makes your company unique, its mission and how it adds value to customers.

    Embracing a leadership role means forming this vision and expressing it so that everyone on board understands it clearly. According to experts in the field, having strong leaders is essential for startups looking to succeed, as they are key figures when attracting new talent and keeping current team members motivated. A visionary leader‘s role can significantly influence a startup’s trajectory, as people don’t stay because of loyalty to their job but rather respect for those they work with (and for).

    However, powerful visions will remain stagnant if only seen within management circles. Each employee needs ownership over making them manifest. Whether we’re talking about sales teams or operational departments, every individual must align their tasks with this goal in order to fully appreciate its importance while also understanding precisely how they contribute towards achieving success together as a unit.

    Building a team geared for growth

    Preparing for a high-growth phase necessitates having a team that’s ready to handle the demands and complexities that come with it. It’s important not to make the mistake of compromising on hiring standards in favor of quick scaling because, at the end of it all, your people are your most valuable resource.

    Positioning yourself for expansion requires more than just technical skills; you need people who can think quickly, solve problems effortlessly and work together in harmony. There is great wisdom in never settling when it comes to recruiting talent. So, don’t shortchange yourself by opting for rapidity over quality. By taking time during this crucial stage to assemble an A-team, you will ensure maximum value from each one of your resources.

    Maintaining high hiring standards is only the first step. It’s crucial to invest in nurturing this talent and fostering an environment of learning, collaboration and recognition. Regular feedback and recognition of every individual’s contribution toward achieving the company’s goals can build a sense of ownership and commitment.

    Related: How to Keep Pace With a Fast-Growing Business

    Collaborative goal setting: A stepping stone to growth

    As an entrepreneur, your startup’s success hinges on setting clear and achievable goals that are shared throughout the organization. You need to look at all facets of your business when determining these objectives, from sales figures and product development to company culture benchmarks. Knowing which metrics matter most is a critical part of being an effective leader in any industry, so it’s important to stay informed about meaningful KPIs. Ideally, you should evaluate them at regular intervals to figure out what is working and what needs to change.

    Creating purposeful goals requires collaboration between departments. Inviting representatives from each team into the goal-setting process ensures that you’re making decisions with realistic expectations based on collective knowledge and experience. Once established, it’s essential to communicate these targets across all levels within the organization so everyone can understand what they’re working towards achieving together as one united force.

    The importance of a scalable onboarding process

    As your business expands, it’s essential to have a comprehensive onboarding process in place. Creating an environment of learning and collaboration is key. This means making sure everyone on the team takes part in training new hires. Not only does this ensure that all employees are well-versed in their roles, but it also encourages collective responsibility among colleagues. When your employees hold one another accountable, you can drive productivity, ownership of performance and company loyalty, all of which will serve your business well as it continues to expand.

    To make the most of your onboarding system, your leaders must review the program regularly for any necessary updates or changes. This helps keep newer members up-to-date with company operations and allows them to hit the ground running from day one. Neglecting this process will often lead to a high turnover rate as talented staff may find themselves lost or unappreciated by their employer without proper guidance upon entry into the organization. Ensure the quality and efficiency of your onboarding process to boost retention rates.

    Related: The Keys to Empowering a Lean, High-Growth Company

    Navigating the high-growth environment: An ongoing journey

    At the head of a high-growth startup, the journey is ever-evolving. As you scale up your business, it can be tempting to stick with the strategies that drove initial success. But if your goal is sustained growth and continued success, then maintaining an open mind is essential. Don’t be afraid to try new ideas or approaches. After all, each challenge presents an opportunity for you to strengthen not only your team but also yourself as a leader.

    Throughout the thrilling ride of scaling your startup, don’t forget what inspired you in the first place: your vision. Keep it close at heart, and use it as motivation for yourself and others around you so that even when faced with difficult obstacles on this path towards higher growth potential, hope will never fade.

    Of course, no one should expect themselves to go through such challenges alone. Reach out when you need a helping hand, because having help from outside sources allows us to more carefully evaluate the direction of the company and ensure nothing is overlooked.

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    Brandon Newman

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  • MLB All-Star Turned Entrepreneur Shares Success Tips | Entrepreneur

    MLB All-Star Turned Entrepreneur Shares Success Tips | Entrepreneur

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    Recently on How Success Happens, I had the pleasure of interviewing two-time MLB All-Star Shawn Green, who is also the co-founder of Greenfly, a platform for gathering and distributing short-form content for the NBA, MLB, NHL, PGA and 500 other major sports organizations. Green co-founded Greenfly in 2014 and has since turned the company into a full-scale enterprise solution — which recently underwent a multimillion-dollar acquisition of Miro AI. I was curious to learn how Green took his career from professional athlete to tech entrepreneur and how the sports media landscape has developed over the decades. Here are three of the most valuable takeaways from our full conversation, which you can listen to below.

    1. Lean on others’ expertise to showcase your own

    Green’s focus on building a strong team of experts has fueled Greenfly’s growing success. In 2013, Green knew he needed a partner to make the idea of Greenfly come to life, and that’s when he turned to the now-CEO of Greenfly, Daniel Kirschner. They’ve since surrounded themselves with some of the best minds in the business, bringing together a vast array of experience from across the industry to support Greenfly’s vision. Building and expanding the team has allowed Green and Kirschner to position Greenfly as a leader in the space and create trusting relationships internally as well as with its customers.

    Timestamp — 6:15, 30:30 and 39:00

    2. Don’t be afraid to take chances

    Greenfly’s ability to acquire Miro AI was derived from its willingness to take a leap of faith early on. By having a mindset that empowers them to expand, Green and Kirschner were able to bring this acquisition to life, allowing them to deliver even more revolutionary technology to the sports industry. Acquisitions can be complex, but they saw the opportunities Miro AI would bring to enhance Greenfly’s capabilities and market position. Taking this chance has allowed Green to showcase Greenfly’s commitment to long-term growth and sustainability in the short-form content industry.

    Timestamp — 19:15 and 33:00

    3. Listen to your customers’ needs

    When Green was in the early stages of starting Greenfly, he learned it was important to listen to his existing customers’ needs. While on the journey of excitement and uncertainty of starting a company, he realized taking a customer-centric approach would help him create relationships with other sports leagues that could also benefit from Greenfly’s technology. The feedback he received from existing customers gave him valuable insight into the preferences leagues had when gathering and distributing content and how to tailor and fine-tune Greenfly’s product.

    Timestamp — 18:30

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    Robert Tuchman

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  • 4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

    4 Changes New Companies Should Adopt in 2023 to Set Yourself Up for Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Any startup or newer business needs a strong focus on building an effective and productive team of employees. However, this remains somewhat difficult, as a job market favoriting candidates makes hiring new employees a costly and risk prone process. This is especially the case when considering the technology talent many new businesses need to execute the ideas at the core of their business hopes.

    With many startups suffering from a lack of capital, taking a different approach to finding talent serves to optimize their staffing spend. It helps these new businesses affect the organizational changes they need to achieve for a real chance of success. A mix of staff augmentation and strategic outsourcing ensures emerging businesses have access to the necessary talent in a cost-effective fashion.

    So let’s look more closely at these and other organizational changes new businesses need to consider for a better chance of success in 2023 and beyond. These ideas allow your emerging organization to stay nimble to take advantage of any new opportunities arriving on your doorstep. Leverage these insights to position your startup squarely on the path to success, providing a quick exit opportunity for your investors.

    Related: 4 Ways Leaders Can Navigate Change and Find the Hidden Opportunities

    Leveraging staff augmentation to maintain a startup’s talent pipeline

    Any new business needs a robust talent pipeline providing the flexibility to thrive in its earliest stages. We already mentioned the expensive and risk-prone aspects of sourcing permanent employees in the current job market. A startup might spend an inordinate amount of time and resources trying to hire a permanent candidate, only to fail, with all those sunk expenses as a result.

    However, adopting a staff augmentation approach provides talent from a development agency to quickly meet an acute skills gap or other talent shortage. It also remains a great way for startups to access the critical technology professionals they need to complete the technical product or service central to their growth potential. When considering this strategy, find a digital agency or staffing services firm able to provide a full team. It helps foster collaboration with your organization compared to contracting individuals.

    Add outsourced expertise to your organization

    Somewhat related to that point, in addition to using staff augmentation as a talent strategy, you might also consider outsourcing certain leadership and other managerial expertise to your organization. Many high-level consultants with experience in the same industry sector as your startup are willing to work with new businesses. It offers the critical know-how to help any new business devise a strategy to achieve its short-term and long-term goals.

    Once again, this type of “on-demand” staffing lets businesses add expertise at significant cost savings compared to making permanent hires. A startup conserves its limited capital by not having to pay benefits and salaries to a host of new employees. When the current project finishes, those contract workers simply move on to their next gig, while a startup’s staffing spend returns to normal.

    Data-driven decision-making helps startups gain a measure of wisdom

    Any startup benefits when focusing on tangible insights derived from data for their decision-making processes. It makes a difference in a variety of functional areas but holds special importance when considering market research when vetting a potential target market for a new business’s first product or service. Developing any digital product — typically a software app or similar platform — without any market insights results in a startup flying blind.

    Of course, data beyond market research also matters throughout the process of developing any software product. Any thorough testing process generates a massive amount of valuable data offering insights into the user experience — this helps inform the project team on what features to include and modify before the app goes live. Beyond that, never skimp on data analysis throughout a business’s history. Data remains the lifeblood of any successful company, after all.

    Related: What Stops Organizational Change From Sticking, And How to Change That

    Ensure your software projects follow an iterative approach

    One important organizational change relates to the methodology new businesses use for their software projects. Following an iterative software methodology, like agile or lean startup, provides many benefits to startups and emerging organizations. This approach ensures any bugs or design mistakes are caught early in the development process when more inexpensive to fix. Finding a critical bug right before going live might result in the failure of the startup.

    Lean Startup leverages a concept known as the minimum viable product (MVP). It’s essentially a prototype developed in short cycles that include sharply defined stages for testing, analyzing the data from those test results as highlighted above, and applying the lessons learned to a new version of the app. It keeps business stakeholders and the project team in close communication throughout the initiative, ensuring nothing gets lost in the fray.

    In the end, improve your chances of a successful startup by adopting these organizational changes. Leveraging staff augmentation at startup launch provides the critical talent it needs in the most cost-effective manner. Additionally, adopting an iterative data-driven software development approach reduces expenses while resulting in an app with a better chance of making an impact on the market.

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    Andrew Amann

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  • How I Built A Multi-6 Figure Coaching Business And Achieved 3-Day Work Weeks | Entrepreneur

    How I Built A Multi-6 Figure Coaching Business And Achieved 3-Day Work Weeks | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Eight years ago, I started my Rise Lean from scratch. I had a mission: Helping people end a toxic relationship with food while losing weight effortlessly, using Asian wisdom. As a new online entrepreneur, I encountered a series of challenges in turning will into success.

    First, I’ve never developed a coaching program. I’ve also never sold a thing. And considering the U.S. weight loss industry was incredibly saturated, I felt anonymous and unseen.

    Today, my company magnetizes a consistent stream of ideal clients from around the world. And with its client acquisition, delivery and support systems built for scale, it’s seeing 20-40% growth month after month while working three days a week. This article will cover five major components that have shaped my company’s core foundation and readiness to beautifully thrive and scale.

    Related: 7 Innovative Online Business Ideas for Digital Entrepreneurship

    Create a remarkable and irresistible product

    People want massive, real and lasting results that come quickly with the least amount of effort needed. If your product can bring them that experience, it’s remarkable and irresistible. When I first started, I immediately wanted my program to be that way. To ensure that, I interviewed 155 prospects to get a deep understanding of what they truly needed, took on 30 clients for a low price and built the first version of my company’s formula, informed by their experience, challenges and needs.

    Throughout the past eight years, I’ve upgraded the course 12 times. Today, I still ask myself these two questions periodically:

    • Can it be better?
    • Can it be easier for my clients?

    Turning your product into a masterpiece should be an unstoppable obsession. When you have a remarkable and irresistible product, it becomes a source of unshakable faith for you — even as you navigate market volatility.

    1. Make competition irrelevant with an irreplaceable brand

    I don’t prefer easy games, that’s why I headed into the weight loss industry despite the crazy competition within. What made me confident? A unique and strong brand identity, which is highly recognizable by my audience. If you can make your target audience fall in love with you, competition is irrelevant and you are irreplaceable. Whether you can have a successful brand identity depends on your ability to really understand your clients, articulate the problem they are facing and tell your story compellingly.

    Who are they? Can you describe their traits, stories, life stages, emotional states, pain points, dreams, fears and inner needs? If it’s challenging for you at this moment, do what I did. Collect customer feedback to get a better understanding of their needs.

    What exactly is the problem you solve? Be very specific and clear about it. On my website, I describe every main symptom and problem my target audience experience. I echo the thoughts in their head to become more relatable and drive a stronger connection.

    What’s your story? What makes you different and amazing? And what makes you irreplaceable for your audience?

    During the first year of running my business, I intentionally hid my story of losing the 50 pounds I’d gained in the U.S. organically, using the wisdom and knowledge I gained from my travels in China. Huge mistake.

    My personal, uniquely Asian experience is my golden competitive advantage. Because of it, I’m able to have a distinctive message in a highly crowded market based on real-life experience. As soon as I loudly shared my story in my own voice, my company’s growth spiked. Your story, when articulated well, can make your competition irrelevant. Check-in with yourself: Are you telling your story without holding back?

    Remember, you don’t need to attract everyone — only the selected group of people you desire to work with. And your brand identity, when optimized, magnetizes only the right people and makes you irreplaceable to them.

    Related: An Entrepreneur’s Guide to Startup Pricing Strategies

    2. Price for success — for both you and your clients

    The best pricing model is the one which sets both your clients and your business for success. There are two questions you need to ask yourself when thinking about your pricing:

    • Question #1. What number reflects the level of commitment, services and outcomes from you?

    For instance, if you run a life coaching program priced at $150, I’d imagine this is primarily an information product with minimal personalized coaching. On the other hand, if your offer is helping established businesses get into a seven-figure revenue through 1:1 coaching with a top expert, that implies a multiple five-figure price tag.

    As always, your pricing sends the signal to your target client regarding what to expect, the level of services and the outcome delivered.

    • Question #2. What number will inspire your clients to be serious about your offer and co-creating the desired outcome with you?

    I priced the earliest version of my program at $500 during a test run. I quickly encountered one problem: A significant number of my clients weren’t showing up for the calls or doing their homework. After talking to them, I found they weren’t prioritizing the program.

    I immediately realized two things: First, I’d attracted the wrong buyers who weren’t committed to the work. Second, my price didn’t convey the magnitude of the outcome and commitment from my end. Charging a price that attracted the wrong buyers meant low engagement, morale and client success rate. If I let that cycle continue, it’d kill my business and drain my passion for it.

    Right now, I run my program with a pricing model that ensures I work with the most committed, responsible and coachable clients worldwide. They are incredibly enthusiastic about achieving the milestones set in the course. They are natural action-takers, accomplished in their professions and roles, humble and excited in front of the opportunities to have better life experiences. I never worry if they attend the coaching calls and do their homework. And deep, colorful and high-energy conversations keep flourishing during our live sessions, elevating the coaching experience to new dimensions.

    This dynamic drives me to be the best version of myself whenever I do my work. I wake up in the morning looking forward to our calls. And I never ever feel tired. When combined, all these pieces maximize my clients’ success rate and happiness throughout the experience, which tirelessly fuels the success of my business and my sense of fulfillment as an entrepreneur.

    In this experience, my clients and I contribute to each other’s victories.

    #4. Build a multi-channel scaling ecosystem

    Relying on just one funnel was the biggest risk I’ve taken in my business. Before 2020, I was only running Facebook ads which worked wonderfully for me. I was blinded by the ease and thought I’d never need a Plan B.

    Then, Facebook implemented an upgrade. The next thing I knew? The same funnel no longer worked. Lead flow immediately stopped and it was scary because I thought I was going to lose my business.

    My company bounced back in a few months and ever since I’ve started building a multi-channel lead generation ecosystem that generates multiple streams of leads in parallel. Here are the main components of this system I’ve built:

    How much does it cost to be seen (without clicking through) by 10 million ideal clients through ads? Easily $1 million. However, you don’t need to spend $1 million to reach millions of clients. Getting onto five to ten major podcasts in your niche can help you accomplish that, likely with greater results because a 30-minute podcast interview can gain you a lot more trust than an ad.

    They are similar to podcast interviews, in a different format.

    Investing in SEO is worthwhile for those who desire to build an epic brand that stands out from a whole crowd of competitors. It can take eight to 12 months to take off. However, once established, it brings a consistent stream of ready clients throughout the year.

    My TikTok channel is where I talk to my audience “face-to-face.” It’s not a lead generation platform yet. However, it serves as a powerful source of confirmation for people — building trust before we talk.

    Meanwhile, don’t forget your email list. People sign up for my email list through various sources, and I use it to build relationships and trust with my audience.

    Building a multi-channel scaling ecosystem indeed requires a lot of work. But if you start today and be consistent, in three years, you’ll have a client-attraction system as powerful as a tank.

    Related: Does Richard Branson’s 3-Day Workweek Actually Work?

    Lastly, how did I achieve a three-day workweek lifestyle?

    It’s because of all of these components above. Thanks to the multi-channel scaling system, I now have a semi-automated lead-generation system that brings me a steady flow of interested people. Having established organic funnels saves me from spending hours chasing after people.

    Meanwhile, my brand message ensures that those who approach me are the type of clients you want to work with. It means I’m not wasting time speaking to irrelevant people. With a strong conversion rate, I can sustain this revenue without running ads. Because of that, I’m not spending hours and days creating, maintaining, refreshing ads and analyzing ad-related data. And since my program features an online group coaching experience, I can deliver well to my current clients without significantly expanding my coaching hours.

    At this moment, most of my working hours during the week are split among doing group coaching calls (two hours a week), talking to potential clients (six to eight hours a week), and generating new content — whether it’s new TikTok videos or a product interview (around five hours a week). Every week, I write one to two email newsletters, with each taking between 15 minutes to an hour, thanks to how much I understand my audience. I use automation as much as possible for the remaining miscellaneous work. I also outsource work whenever needed.

    All the groundwork, from product development to funnel building, was developed over eight years since the launch of my business. And I sure have had many 80-hour work weeks in the first couple of years. But thankfully, the majority of the work I did was intended to generate evergreen, compounding results. All of that has allowed me to enjoy my business along with many other things in life — from motherhood to traveling and equestrian.

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    Leslie Chen

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  • Overhaul Your Content Strategy with Blogify for Just $50 | Entrepreneur

    Overhaul Your Content Strategy with Blogify for Just $50 | Entrepreneur

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

    For many small businesses, a blog is one of the best marketing and communication avenues. Blogs are much more cost-effective than paid advertising or purchasing followers to grow a social media strategy. The one major drawback, however, is that they can be very time-consuming to operate. That’s why an AI content creator like Blogify is so valuable.

    Blogify has been featured on Digital Trends, USA Today, and Fox News for its convenience and feature-rich design, and now version 2 is here to bring the program to new heights.

    Blogify V2 is packed with advanced features to fully streamline the blogging process even more. The new version offers faster blog generation, leveraging the power of AI to dramatically reduce the time from concept to publication. You can get even more custom with your content creation, choosing to write an entire blog off simply a title or tailor blogs to a desired length based on audience preferences and platform requirements. With powerful analytics, you’ll be able to gain a better understanding of your readers and how they’re engaging with your blogs, too.

    Blogify also offers support for more than 50 languages and delivers on unique features like converting videos to SEO-optimized blogs and AI-powered affiliate keyword search and link placement to help monetize content. You can even automate posting schedules in your preferred CMS.

    Take advantage of an affordable way to bring your blogging and content strategy to the next level quickly.

    Get started with Blogify today. Right now, you can get a lifetime Basic Plan of Blogify Version 2 for just $49.99.

    Prices subject to change.

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    Entrepreneur Store

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  • A Nurse Turned $500 in Savings Into $100 Million in Sales | Entrepreneur

    A Nurse Turned $500 in Savings Into $100 Million in Sales | Entrepreneur

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    In 2013, Courtney Adeleye was working as a registered nurse and searching for a product suitable for treating natural hair.

    “There were not many brands that used natural ingredients and specialized in healthy hair growth at the same time,” Adeleye recalls. “So, I started mixing my own products at home and infused them with vitamins, nutrients and healthy ingredients.”

    Adeleye documented her homemade hair care routine on YouTube, and it wasn’t long before she gained a large following of people who wanted to know her secret — and purchase products from her directly. So, with just $500 to her name, Adeleye developed a few deep conditioning treatments and sold them to her fans.

    Those initial offerings would grow into The Mane Choice, Adeleye’s hair care solution for healthy locks, featuring formulas free from mineral oil, petrolatum, parabens, sulfates and formaldehyde.

    Adeleye says she sold $10 million worth of products from her home during her first three years in business, and within another two, she’d partnered with more than 60,000 retailers across the U.S. — achieving $100 million in sales and an IPO by 2019.

    Last year, Adeleye launched Olbali, a health-focused direct-selling company, to house her private brands, including The Mane Choice, Cool Coffee Clique, Foolproof Body and more.

    Related: How Private Equity Investors Gave This 17-Year-Old Beauty Brand a $100 Million Makeover

    Entrepreneur connected with Adeleye during National Black Business Month to hear more about how she overcomes the limiting perceptions Black-owned businesses often face and the 10 secrets that helped her see so much success.

    “I have been asked if my products are for Black women only despite having extensive diverse marketing.”

    Adeleye says she didn’t become a nurse because she wanted some people to live healthier lives — she became one because she wanted everyone to live healthier lives. The same is true of why she founded a beauty and wellness business.

    Her company’s products aren’t just for Black consumers, but for everyone who can benefit from them, Adeleye says.

    Courtesy of Olbali

    Still, all too often, Black founders are unfairly pigeonholed, and the Black-owned label can actually work against their businesses, according to Adeleye.

    “I create healthy products for people to help them live healthier lives,” she explains. “However, I have been asked if my products are for Black women only despite having extensive diverse marketing.”

    Research from McKinsey & Company highlights how pervasive the issue is.

    Like all businesses, beauty brands must stay connected with their core shoppers and pursue growth opportunities — yet “there’s also a persistent myth in the beauty industry that Black-brand products can only be sold to Black consumers,” per the report.

    Related: 6 Ways You Can Support Black Businesses Long-Term | Entrepreneur

    Adeleye says she “must be more intentional” when it comes to displaying diversity across her brands, ensuring her business can realize its full growth potential “on a mass level.” “My goal has always been to be diverse and inclusive,” she says. “So, being intentional is something that comes natural to me.”

    “You have to believe in yourself before anyone else will.”

    Adeleye says following 10 key guidelines helped her achieve her many milestones to date — spanning product innovation, marketing tips, social media strategy and more.

    Here’s what she suggests for entrepreneurs who are ready to level up their businesses:

    1. Be authentic.

    2. Don’t meet your customer expectations…exceed your customer expectations.

    3. If you don’t think you have a great product, you need to try again before releasing it.

    4. Informal content can be more powerful than formal content.

    5. Be a walking billboard for your brand.

    6. Engage with your customers on all platforms.

    7. Show up consistently on social media.

    8. Bring your brand to life (off social media) by doing grassroots events and activations.

    9. Invest more in your customers and micro-influencers versus macro-influencers.

    10. Fix the brand before you start to spend money on marketing. Great branding can exceed great marketing.

    Adeleye’s learned a lot over the course of her entrepreneurial journey, but perhaps her best piece of advice? “You have to believe in yourself before anyone else will.”

    “If you don’t believe your business is just as good or even better than the next business, it never will be,” Adeleye says. “There is no such thing as an oversaturated industry. I say, ‘An industry cannot be oversaturated if I am not currently producing in it.’”

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    Amanda Breen

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  • How to Successfully Navigate Rapid Business Growth | Entrepreneur

    How to Successfully Navigate Rapid Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the frenetic world of business, where every entrepreneur dreams of explosive growth, few comprehend the nuanced dance of scaling gracefully. As Bill Gates once mused, “Your most unhappy customers are your greatest source of learning.” Rapid growth often magnifies both the strengths and weaknesses of a business. But how can entrepreneurs turn those lessons into long-term success?

    Most companies’ fantasy is a surging demand, but this dream can quickly turn nightmarish without forethought. Proactive planning is the antidote to such potential chaos. By implementing measures such as a higher minimum engagement fee and strategically declining misaligned opportunities, businesses can manage high demand. This has worked well for my core business, Entire Productions. Understanding future demand and scaling the team accordingly ensures that businesses don’t just react but proactively shape their growth trajectory.

    Related: Avoid the ‘Too Fast, Too Furious’ Approach to Scaling a Startup

    Ensuring your growth doesn’t outpace your vision

    The backbone of any business, big or small, lies in its supply chain. The corporate event production niche, for instance, is comprised of entertainers and experiential activations, and its malleability determines success. Tapping into different markets, leveraging diverse resources and staying nimble can spell the difference between graceful scaling and overextension.

    A business’s values are so important as well. As Indra Nooyi, former CEO of PepsiCo, has remarked, “You cannot deliver value unless you anchor the company’s values. Values make an unsinkable ship.” When a business maintains its adaptability without compromising its values, it remains buoyant even in turbulent growth phases. Our values at Entire Productions are Excellence, Growth-Minded, Collaboration, and Own-It.

    Key hires play a monumental role in this scaling journey. Their impact goes beyond their functional roles — they often act as cultural and strategic touchstones, guiding and steadying the ship. Our account executives and production managers, among others, ensure that commitments aren’t merely met but exceeded. And as Richard Branson has emphasized time and again, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” The heart of scaling lies in a team that is not just competent but passionate and well-taken care of. One of the best ways to take care of your employees is to tell them they’ve done an excellent job in front of the company and NOT speak to their weaknesses publicly.

    One of the most delicate balances to strike while scaling is expanding horizons without diluting the brand essence. Businesses might evolve, diversify and adapt, but they must do so without sacrificing their foundational values. Authenticity is the bridge between growth and brand integrity. It’s a sentiment echoed by Howard Schultz, Starbucks’ Chairman, when he said, “If people believe they share values with a company, they will stay loyal to the brand.” By nurturing genuine, grounded relationships with clients and stakeholders, businesses can expand their audience without losing their essence. It’s a delicate balance that needs to be adjusted throughout all growth cycles.

    An often-underestimated facet of scaling is the art of nurturing existing relationships to boost customer lifetime value. It’s not just about the breadth of relationships but their depth. Instead of a transactional dynamic, a bond based on genuine value, trust and consistent delivery stands the test of time. As Jeff Bezos, founder of Amazon, puts it: “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” By fostering authentic conversations and delivering exceptional value, businesses can transform one-time clients into lifelong advocates.

    Related: The Human Side of Business Scaling — Why Employee Well-Being, Team Cohesion and Company Values Must Be Prioritized

    Strategy, passion and perseverance

    Venturing into new territories and seizing fresh opportunities are the hallmarks of entrepreneurial vigor. Yet, doing so while ensuring that the core of the business remains undisturbed is a skill in itself. Visionary leaders focus on strategy and growth, while their dedicated teams ensure smooth operations. This synergy ensures that while businesses may pivot or expand, their foundational pillars remain robust. In the words of Jack Welch, former CEO of General Electric: “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

    Yet, growth isn’t without its pitfalls. The exhilarating pace of scaling can sometimes lead to oversight, especially in hiring. Recognizing such missteps and refining processes ensures that the team is harmoniously aligned with the business’s mission and vision. Reflecting on this, Sheryl Sandberg, COO of Facebook, noted: “We cannot change what we are not aware of, and once we are aware, we cannot help but change.”

    The journey of rapid growth, with all its ups and downs, brings forth a mosaic of opportunities, lessons and transformations. It’s a journey that demands grit, tenacity and an unwavering commitment to a vision. As business leaders walk this path, they must remember the wisdom of Simon Sinek: “Working hard for something we don’t care about is called stress; working hard for something we love is called passion.”

    With the right blend of strategy, passion and perseverance, scaling becomes not just an exercise in growth but an art form in its own right.

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

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    Natasha Miller

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  • Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

    Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In Jon Taffer’s eyes, the restaurant industry isn’t just about serving food and beverage — it’s about creating REACTIONS.

    The Bar Rescue host and executive producer knows the importance of understanding the psychology behind customers’ reactions. It’s at the core of his business philosophy.

    Jon Taffer‘s journey to becoming host and executive producer of Bar Rescue on Paramount was not without challenges.

    Despite initial doubts from friends about his ability to be a TV star, the famed businessman has held onto two powerful lessons that continue to shape his success: the importance of believing in oneself and the value of long-term vision over short-term gains.

    As Jon Taffer tells Restaurant Influencers host Shawn Walchef of Cali BBQ Media, “The only person who can say no to you — is you — don’t ever forget that.”

    Before stepping into the limelight as star of Bar Rescue, Jon Taffer had already tasted lots of success in his career.

    This pre-existing experience gave him the leverage to keep authenticity as a non-negotiable going into his famous hospitality series. Refusing to “sell his soul,” he stood ground when some producers suggested adding fake elements for dramatic effect.

    Jon Taffer‘s commitment to real and authentic content not only saved the show and made it a big hit, but also strengthened his brand. His unwavering authenticity is a cornerstone of his identity, both on and off the screen.

    He stresses the significance of remaining true to oneself in the world of content creation.

    “I had an understanding with the network that if it wasn’t real, I would walk away because my brand still meant a lot to me before I was on TV.” says Jon Taffer. “I’m me. I’m no different talking to you now, than I am on TV. That’s really important. No matter what we do in a content world, authenticity is critical.”

    Restaurateurs who can consistently generate positive reactions from their patrons, whether through culinary excellence or impeccable service, are the ones who stand above the rest.

    As he puts it, the restaurant business is about creating reactions, not just making meals.

    Taffer believes that success lies in how effectively restaurateurs can evoke responses from their customers. To him, a dish on the table is not merely an entree, but a vehicle to elicit a reaction from the diner.

    Jon Taffer‘s approach to the restaurant industry is characterized by his dedication to creating meaningful experiences for customers. He emphasizes that it’s not about simply serving food or pouring drinks but rather orchestrating moments that evoke delight and satisfaction.

    “I don’t believe you’re in a restaurant business. I don’t believe you’re in the food and beverage business. You’re in a reaction business. Your cook and kitchen is not making an entree. That is not the product. He’s producing a reaction.”

    Jon Taffer’s journey from being told he would never be on television to becoming an Executive Producer of a hit series has been fueled by an unwavering belief in himself and a commitment to authenticity.

    Success is not about the products or services we offer but about the reactions we elicit from our audience.

    ***

    ABOUT RESTAURANT INFLUENCERS:

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • From Faith to Politics: How to Navigate Difficult Conversations in the Workplace | Entrepreneur

    From Faith to Politics: How to Navigate Difficult Conversations in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Although the risks are real, the rewards are worth it. What if I told you that having difficult conversations when artfully done, can bring you closer — not further — to your colleagues, friends and family?

    You don’t have to be a diversity, equity and inclusion (DEI) consultant like me to have meaningful and constructive conversations about “hot” topics. All that’s required is a bit of control in managing your emotions, good listening and speaking skills and an open mind. When I host DEI workshops and sessions with clients, I use simple techniques to empower them to have these conversations in their own institutions. Here are my top three recommended techniques that help my clients have very difficult discussions with the best possible outcomes for all involved.

    Create community agreements

    The suggestion to create guidelines and agreements at the outset of a conversation may sound a bit stale, but trust me, it’s a powerful tool. Community agreements used deliberately and respectfully in group conversations can set the tone for behavioral expectations and allow everyone to buy into a set of principles that will help keep the conversation cordial and kind.

    I usually present a suggested list of community agreements at the beginning of the conversation and invite attendees to add or remove items. Then, after the agreements have been solidified, we all agree to adhere to them. Some of my favorite community agreements include:

    • Listen to learn, not react.
    • Expect and accept non-closure.
    • Name what you need to feel safe.
    • Stay engaged throughout.
    • See this as a brave space.

    These community agreements, once agreed upon, can help ensure the conversation is kind, thoughtful and conducted with an open mind by all.

    Related: Here’s How to Have the Most Powerful DEI Conversations

    Manage your emotions

    Discussing difficult topics like faith and politics can stir up a plethora of emotions from pride to shame and countless others in between. But why do conversations like this cause such an emotional reaction? Well, it’s partly because faith and politics are incredibly close to our hearts, personal values and way of living.

    It can feel offensive to hear someone completely dismiss our way of life or speak in a way that conflicts with our values. But the country, and the world for that matter, are diverse places and we have to be able to regulate our emotions if we wish to engage with others who may have different opinions.

    In my DEI workshops, I encourage attendees to, first, recognize their emotions. Are they feeling sad? Confused? Delighted? Upset? I advise them to notice — without judgment — what emotions are coming up for them. Simply recognizing the onset of feelings is the first step.

    Next, I teach the person to practice self-regulation techniques. This can look like breathing techniques that calm the nervous system such as deep inhales and exhales. It can also look like stepping away to drink some water or take a break from the conversation or even the room, not to disengage, but simply to reset emotionally. Either way, learning to regulate one’s emotions when they are in a highly emotional state can truly keep the conversation cordial and on track.

    I also encourage clients to stay focused on the issue. One person’s opinion about a topic isn’t an attack on your personal values or beliefs. Instead of giving in to the reflex to react defensively, simply focus on what’s being said. What is the person on the other side of the issue trying to communicate? What are their values? What is the topic at hand? Focusing on the issue can help you feel less like the person is attacking you, and more like the person is merely expressing their opinion on the topic — which is almost certainly what they are doing.

    Finally, it’s important to know your triggers. What stressful events from your past are resurfacing in the conversation? What’s making your blood boil or giving you a shiver? Unresolved triggers can inspire heated emotions in the moment that other attendees may not understand. Feeling triggered and not being able to control your emotions can derail an otherwise meaningful and enlightening conversation. Knowing your triggers can allow you to step away from a conversation when the time is right. The result is more control over your emotions, a better-executed conversation, and perhaps mutual understanding.

    Related: Your Employees Are Probably Feeling Triggered at Work

    Practice active, empathetic listening

    In the moments when the last thing we want to hear is an opinion that confronts our own, the most skillful choice is to practice active listening. People are often confused about what “active” means. In this context, active listening means leaning in and truly engaging with what the other person has to say without interruption. It means giving them your full attention and practicing supportive non-verbal body language like making eye contact, nodding your head or sitting in a restful and relaxed position.

    Active listening when paired with empathy can be an amazing combination when discussing controversial topics. Empathy is an essential part of DEI and can give you the ability to put yourself in someone else’s shoes and see an issue from their perspective. It doesn’t mean you have to agree with everything they say, but it does mean you are making an effort to understand where they’re coming from and striving to keep an open mind.

    Empathetic, active listening can look like reflecting on what someone has said and then paraphrasing to check for understanding. It can include asking clarifying questions that aren’t disguised attacks but rather demonstrate a genuine interest to further your knowledge about a person’s position or ideology. Most importantly, it looks like suspending judgment. This is the part that some people take years to master. However, it’s worth practicing. Once you have the mental and emotional control to listen to another person’s perspective and remove judgment about their character or humanity, then you will have mastered the art of having difficult conversations.

    Related: 6 Strategies for Being a Better, Active Listener

    Final thoughts

    Now more than ever, our divided society has a yearning to come together. From our faith, sexual orientation, political orientation or race, there is a connection void that’s ever-widening yet we share a desire to close it. I think the solution to bridging the gap and rebuilding a more cohesive and compassionate society is by engaging in difficult conversations with empathy and mindfulness. That starts with wanting to engage in these conversations, building emotional control, setting boundaries and truly listening to those on the other side of an issue. Most disagreements can often be boiled down to misunderstandings. People aren’t listening fully to one another and they can misinterpret what’s being said. To help us all become more compassionate and kind members of society, we must truly listen to the perspectives of those around us and seek to understand, not judge, their way of life and thinking.

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    Nika White

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  • Building Solutions In-House or Finding a Partner: Which Is Better? | Entrepreneur

    Building Solutions In-House or Finding a Partner: Which Is Better? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Customer demands are never static — what people want or need is constantly changing. Businesses that successfully embrace and adapt to these changes will find themselves on the fast track to growth. But with every evolution, companies have to consider whether it makes more sense to find a partner or create a solution for customers on their own.

    Neither option inherently outweighs the other, so leaders need to understand the pros and cons of each before making a decision, which boils down to one primary focus: the customer.

    Related: In-House or Outsourced? How Do You Decide?

    Focus on the customer experience

    Virtually every company has competition: My company, Vagaro, has several competitors on the market that offer similar services.

    In any kind of dynamic environment, creating a comprehensive all-in-one solution starts with a company asking one question: What user experience does the company want to give its customers? At Vagaro, we might answer that by saying the solution has to be built in, seamless and easy to use — it should interface the same way that customers are used to seeing Vagaro interface at all levels.

    Once leaders have a clear vision of the optimal customer experience, they need to make an honest assessment of the company’s strengths and limitations. In our case, the strength of Vagaro is software development and automation. We have less of a focus on logistics than some other companies: businesses like DoorDash offer a service centered around the logistics of people delivering food, and Uber has logistics around their drivers.

    When we’re presented with situations requiring logistics-heavy features, our approach is to evaluate how we can leverage our strength in software development and automation to provide customers with that all-in-one solution. But throughout the entire process, our focus remains on keeping the customer experience our top priority.

    Knowing when to build

    Integrating with a partner often seems like an easy and expedient way for businesses to quickly offer their customers a solution. The problem is, the partnership doesn’t always lead the business toward its ultimate goal.

    Partners tend to work with multiple companies, not just one business. Because these partners are being pulled in all different directions, they can be slow with developments. Integrations often aren’t as seamless as they need to be. There tend to be elements lacking, which means customers have to do some tasks manually. Companies often end up lifting all the weight, handling marketing, sales and support, too. If the business develops the solution in-house, however, they’re adding to the capability based on what customers are asking for rather than being distracted by other partnership wants or requests.

    Secondly, technologies like cloud services have improved to such a degree that many solutions can often be built in-house. But using these technologies takes time and additional resources. A business has to figure out if putting hours or other assets into these tools makes the most sense.

    Leaders considering developing an in-house solution should first determine whether they have the people to build the solution along with the technology and know-how to move forward.

    If the answer to these questions is yes, build. It might take longer to develop the solution in-house, but in the end, your business will likely have a better product than the competition.

    Importantly, partners can also be a stepping stone to in-house development. For leaders unsure of the profitability or popularity of a certain solution, utilizing a partner for the short term can serve as a quick way to provide a feature and assess how customers take to the product. If customer acceptance is high, the business can feel confident they’ve seen enough to gauge the logistics involved and that the in-house solution will be profitable. But a company that wants to go this route should make sure they have a clause in their contract that’s favorable to the business and partner eventually separating when necessary.

    Related: Should You DIY or Outsource to an Expert?

    Knowing when to partner

    Partnerships make sense when a company needs to fill resource or skills gaps to offer customers the best experience possible. They also are the way to go if the partner can help the company use its existing strengths to a greater advantage. To assess whether a partner can support the desired five-star experience, start by reading through the partner’s reviews and understanding the reputation they’ve created for themselves.

    A good partner should also align their pricing structures with the primary company’s. Consistent pricing structures are usually less disruptive for customers. They also indicate that the company and partner have a shared understanding of their market and how to sell.

    Finally, businesses should assess and analyze the technology used by the partner. Companies and partners need to be evolving at the same rate so they can grow together. If a company and partner are in two different places with technology, they may have to do more work to align systems for a smooth, reliable integration. But if the company and partner are on similar pages with technology, they can usually produce an effective solution together quickly.

    Multiple paths, one big picture

    All-in-one solutions are critical to an excellent customer experience. Clearly, there’s more than one path a business can take to develop those solutions, whether that’s building in-house or partnering. And in other cases, a company might use a partnership as a way to see if longer-term in-house development is possible in the future.

    In every instance, the bigger picture matters most. When considering a partnership or an in-house solution, the key is to focus on how the overall decision impacts the company’s vision and growth prospects. By carefully assessing the current state and future goals of the business, leaders can identify the path that aligns with the organization’s overarching plans and values, ultimately leading to the creation of a cohesive all-in-one solution.

    Related: What You Need to Know Before Entering a Partnership With Software Solutions Providers

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    Fady

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