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Tag: Growth Strategies

  • Score a Costco Gold Star Membership with a $30 Digital Costco Shop Card | Entrepreneur

    Score a Costco Gold Star Membership with a $30 Digital Costco Shop Card | 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.

    Between running a business, summer travel, and the upcoming back-to-school prep and holiday plans, things are busy. Having a place to get nearly all of your shopping done for work and home can take a hefty weight off your shoulders. And Costco has over 500 warehouses to accommodate that need. When you sign up for a one-year Costco Gold Star Membership, you’ll receive a $30 Digital Costco Shop Card*.

    Costco offers a variety of goods, from groceries and cleaning supplies to furniture and electronics. Get set for back to school with snacks for the kids and grab the ingredients you need to prep meals for a busy work week. On the way home, stop at the Costco Gas Station to fill your gas tank. You can even take advantage of the Costco Tire Center and have brand-name tires installed as you shop.

    You aren’t limited to shopping in person, either. If you don’t have the time, you can go to Costco.com to purchase select items like groceries and everyday essentials with two-day or same-day delivery.

    Get a Costco Gold Star Membership to help you through the busiest times of the year.

    Sign up for a Costco Gold Star Membership and get a $30 Digital Costco Shop Card* to get you started for just $60 for a limited time.

    Prices subject to change. *To receive a Digital Costco Shop Card, you must provide a valid email address at the time of sign-up. If you elect not to provide a valid email address, a Digital Costco Shop Card will not be emailed. Valid only for nonmembers for their first year of membership. Limit one per household. Nontransferable and may not be combined with any other promotion. New members will receive their Digital Costco Shop Card by email within 2 weeks of sign-up. Costco Shop Cards are not redeemable for cash, except as required by law. Digital Costco Shop Cards are not accepted at Gas Stations, Car Washes, or Food Court Kiosks. A Costco membership is $60 a year. An Executive Membership is an additional $60 upgrade fee a year. Each membership includes one free Household Card. May be subject to sales tax. Costco accepts all Visa cards, as well as cash, checks, debit/ATM cards, EBT and Costco Shop Cards. Departments and product selection may vary. *Services are provided to Costco members by third parties.

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    Entrepreneur Store

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  • We Will Inevitably Lose Skills to AI, But Do The Benefits Outweigh The Risks? | Entrepreneur

    We Will Inevitably Lose Skills to AI, But Do The Benefits Outweigh The Risks? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “Evolve or perish” has been the timeless principle guiding species through their journey of existence. Today, we, the Homo sapiens, are standing at a crossroads where our evolution will not be determined by nature, but by our own creation: artificial intelligence (AI). The discourse around AI has often been painted in a tone of gloom and doom, with critics suggesting that we are bound to lose essential skills to our AI counterparts, a phenomenon we can call the “ChatGPT effect.”

    Yet, as an expert in hybrid work models and AI integration, I challenge this perspective and tell my clients that having their employees lose certain skills to AI, much like the advent of calculators and the internet, is not only inevitable but also beneficial to human progress.

    Related: The Future Founder’s Guide to Artificial Intelligence

    The handwritten calculations, the lost art

    Consider this: When was the last time you performed a complex arithmetic calculation on paper? Can’t recall? That’s because calculators in the 1970s have all but replaced the need for us to manually crunch numbers.

    Sure, some people in the 1970s whined about the kids these days using these new-fangled calculators and losing their paper-based math skills. But this technological adoption wasn’t a loss, but a monumental gain. It liberated us from the shackles of tedious manual calculations, allowing us to focus on complex problem-solving, creative thinking and strategic planning — skills that truly distinguish us from machines.

    It’s as if we were once lumberjacks, hacking away at trees with axes. Then, chainsaws were invented. Did we mourn the loss of our ax-swinging prowess? No. We embraced the chainsaw because it freed us to cut down more trees, more quickly and with less effort. Similarly, the proliferation of calculators didn’t render us skill-less, but rather, skill-smart.

    The google effect: A forgetful blessing in disguise

    Moving on to the realm of knowledge, the “Google Effect” has had a similarly transformative impact. A study in 2008 revealed a trend among the younger generation to lean heavily on search engines for information, leading to a decline in memory retention. However, before we label this as a loss, let’s pause to consider the larger picture.

    Imagine you’re a chef trying to remember every recipe in the world. In the old days, without recipe books, you had to rely on your memory. With the invention of writing and cookbooks, you could outsource your memory to them. And now, with the internet, you could find any recipe in a few minutes.

    Would you rather spend your time memorizing recipes or honing your culinary skills, experimenting with flavors and creating culinary masterpieces? Just as the internet has become our external hard drive for information, it allows us to focus on creativity, critical thinking and contextual understanding.

    The ChatGPT effect: The fear of the uncharted

    The mounting anxiety surrounding the ChatGPT effect is not unfamiliar; it’s reminiscent of the initial trepidation surrounding calculators and the Google Effect. It’s the unease we feel when we teeter on the precipice of uncharted territory. The concern arises from the idea that as AI becomes proficient in tasks such as language translation, content generation and even coding, these skills might gradually become obsolete for humans.

    Imagine the revered art of translation. It’s a task that requires not just an understanding of words and grammar, but also culture, context and subtle nuances. Today, AI algorithms can translate languages with an accuracy that rivals, and in some cases surpasses human abilities. The fear is that we might lose this skill to AI. However, just as the ax-swinging prowess didn’t define the lumberjack, these skills don’t wholly define us.

    Now, let’s look at the domain of content creation. Algorithms like GPT-3 can generate articles, write poetry and even mimic human-like conversation. The fear here is two-fold: Are we about to lose our ability to write? And in the process, will we also lose the rich human touch, the emotion, the empathy that makes our stories resonate with others?

    Yet, it is crucial to remember that our value as humans lies not in rote tasks but in our unique human attributes — empathy, intuition, creativity, ethical judgment. These are the qualities that machines are far from replicating. The human touch in a piece of writing, the empathy in understanding another’s plight, the creativity in storytelling — these are irreplaceable. We need to nurture and enhance these abilities in the age of AI.

    Then there’s the world of coding, where AI is increasingly being used to write and review code. While it’s true that AI can automate some aspects of coding, it’s also opening up new possibilities. It allows us to tackle more complex problems, create more robust software and make technology accessible to a wider audience.

    Rather than viewing this as a threat, we can see it as an opportunity for enhancement and growth. Just as the calculator didn’t make us less intelligent, AI won’t make us less capable. Instead, AI can liberate us from mundane tasks, giving us more time and energy to focus on complex, creative and uniquely human tasks. We are not being replaced; we are being upgraded. We are not losing our skills; we are evolving them.

    Related: What’s the Invisible Impact of AI? The Winners Aren’t Who You Think

    The future: Composing a symphony of humans and AI amid real challenges

    The potential of AI to reshape our world is undeniable. However, it’s essential to acknowledge that along with the opportunities, AI also brings significant challenges. Misinformation, bias, even threats to human existence are concerns that need our immediate attention. Yet, the fear of losing skills to AI, while understandable, does not belong to this list of genuine threats.

    AI’s ability to disseminate information at unprecedented speeds and volumes has a darker side. Misinformation and “deepfakes” can now spread like wildfire, influencing public opinion, destabilizing societies, and eroding trust in institutions. These are real threats that require urgent action from policymakers, technologists and society at large.

    Similarly, the issue of bias in AI systems, born out of biased training data or unintentional algorithmic biases, is a profound challenge. It can perpetuate social inequalities and result in unfair outcomes in critical areas such as healthcare, law enforcement and employment.

    From a more long-term perspective, and most consequentially, there’s the existential question: Could AI, particularly superintelligent AI, pose a threat to human existence? Could we inadvertently create an AI so powerful that it might see us, its creators, as redundant or even as obstacles? This might seem like science fiction, but it’s a concern shared by hundreds of leaders in the field of AI.

    These are real, pressing issues that deserve our full attention. They require thoughtful regulation, ethical considerations and robust safeguards. However, the fear of losing skills to AI, while it may seem instinctively unsettling, is not a genuine threat.

    Losing some skills to AI should be seen not as a loss, but as an opportunity for growth and evolution. Much like the conductor doesn’t need to play every instrument in the orchestra, we don’t need to perform every task that AI can handle more efficiently. Instead, we should focus on refining the skills that AI cannot replicate — creativity, empathy, strategic thinking leadership.

    So, while we should absolutely be vigilant and proactive in addressing the real challenges AI presents, we should not let an unfounded fear of skill loss detract us from the incredible opportunities AI offers. In this grand symphony of humans and AI, we are not just performers, but composers and conductors of our future, shaping it with foresight, wisdom, and an understanding of both the risks and the rewards.

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    Gleb Tsipursky

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  • 5 Tips for Properly Expanding Your Brand Into a New Area | Entrepreneur

    5 Tips for Properly Expanding Your Brand Into a New Area | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For many entrepreneurs, growth means expanding into a new location. Offering your products and services in another state can be a great way to reach new customers and increase your market share.

    However, expanding your business into a new location isn’t easy, and if you aren’t prepared, you could put both locations at risk. That’s why it’s important to understand what you’re getting yourself into first.

    If you’re preparing to expand your brand into a new area, here are five tips to help you get started.

    Related: Opening a Second Location? Here’s What to Keep in Mind.

    1. Take your time

    Expanding into a new location increases your opportunities to grow, but it also increases your risk. By making the move, you’re making a considerable financial commitment and opening yourself up to potential company culture problems. Most business owners underestimate what it takes to expand to a new area.

    Before making the leap, ensure that your business is ready to expand into another state. Do you have a loyal customer base, steady cash flow and several years of profitability under your belt? Or, more importantly, do you have processes in place that can scale?If not, you might look for lower-cost strategies you could use to expand. For example, if you run a successful brick-and-mortar retail store, you could consider opening an ecommerce business.

    2. Research the area first

    Once you’re confident your business is ready to expand into a new location, you should begin researching the area. Understanding the area will help you determine your startup costs and learn more about the competitive landscape.If you plan to hire employees at your new location, you’ll need to find out what the minimum wage laws are in that state. For example, the minimum wage in Kansas is $7.25 per hour, but if you choose to expand into Missouri, it’s $12 per hour. That means you’ll have to account for the increased payroll costs.

    You should also consider the property values, rental rates and cost of business insurance in that location. Determine the state and local taxes as well, since some states are more tax-friendly for businesses than others.

    3. Update your business plan

    Next, update your business plan to account for the new location and target audience. You can learn more about the local market by researching competitors in the area and learning how they advertise. This information will also help you determine ways your business can stand out.

    You should also adjust your financial objectives to account for the new location. Create a financial forecast that projects the estimated costs and revenue of your new location.

    Related: 8 Things to Consider Before You Open a Second Location

    4. Find the right people

    Since you already have a successful business, you probably understand the importance of hiring the right people. Still, hiring employees to work at a location in another state comes with additional challenges.

    If you aren’t careful, the employees in the new location may not feel like they’re truly part of the company. Or if you’re spending a lot of time at the new location, your original employees may feel left out.

    Communication is vital during this process — come up with a plan for how you’ll stay in touch with your employees at both locations. Having a monthly call to go over business objectives will help all of your employees feel like they’re on the same team.

    5. Look for financing

    There are many different ways to finance a business expansion, but a small business loan or line of credit is ideal. Financing gives you a way to cover the expansion costs over a more manageable schedule without putting your working capital at risk.

    Since you’ve already taken the time to update your business plan and determine your startup costs, you’re well-positioned to apply for a loan. One option is to apply for a loan through a bank or credit union since they offer low rates and flexible repayment terms.

    However, the application process can be tedious, and banks tend to have higher lending requirements. If you want a faster application process and funding, non-bank lenders are a great alternative. For example, a lending marketplace allows you to apply once and receive offers from multiple lenders.

    Related: Expecting the Unexpected in Small Business Expansion

    If your initial business was successful very quickly, you may feel pressure to replicate this success at your newest location. Plus, you’ll want to earn your investment back as quickly as possible.

    Patience is key during a business expansion. Don’t get discouraged if it takes time to break even or if the expansion takes a toll on your original business. Challenges are inevitable, but careful planning and lining up the financing will make all the difference in your endeavor.

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    Joseph Camberato

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  • What Sustainability Does To Your Bottom Line — Entrepreneur Magazine | Entrepreneur

    What Sustainability Does To Your Bottom Line — Entrepreneur Magazine | Entrepreneur

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    Sustainability initiatives are good practice and something we urgently need to save our planet. But are they also good marketing? Yes.

    I write a newsletter called Ariyh, short for Academic Research In Your Hands (find it at ariyh.com), where I summarize the latest scientific research in marketing and sales. And I see a consistent theme: When brands have well-executed sustainability initiatives, they increase nearly every metric a business needs to succeed. It’s even true with little-known startups and small-to-medium businesses.

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    Thomas McKinlay

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  • Streamlining Your Tech Stack to Unleash Maximum Efficiency | Entrepreneur

    Streamlining Your Tech Stack to Unleash Maximum Efficiency | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Amid escalating economic uncertainty due to inflation and a potential downturn, companies are increasingly gravitating toward cost-cutting measures and investment reduction. However, a more sustainable solution could lie in streamlining processes and bolstering operational efficiencies.

    Most businesses look to reduce spending, with the software and digital technology sectors heavily targeted. But this isn’t the only option. Rather than reducing your investments in this area, you could look more closely at your current activities in the digital arena, to first identify and then address inefficiencies. With this approach, you could reduce costs without actually hampering your capacity to serve your customers’ needs or scale up operations.

    Related: This Tech Leader Breaks Down How You Can Avoid Business Disaster With This Often-Overlooked Tactic

    Completing your tech stack audit

    Your tech stack audit should classify each technology according to use:

    • Marketing
    • Sales
    • Customer success
    • Ops and analytics

    This type of breakdown will facilitate a more organized approach to testing and evaluation. This necessary audit helps determine the overall return on your investment of each tool and how it contributes to the company’s operations, seamless internal and customer communication and objectives.

    Furthermore, the data you collect and analyze should shed light on the most important metrics, such as sales velocity and conversion rates.

    Your tech stack includes the software, web applications and tools needed to construct functional websites — for your customers and you.

    To deliver great results, your digital interfaces and applications should be fast, well-organized and straightforward. One or two poorly chosen technologies can hinder performance by introducing inefficiencies that can cost both time and money, and by making it more difficult to complete sales, or collect and process essential data.

    Greater diversification in the tasks required by their users have caused tech stacks of today to become increasingly byzantine in their structures, resulting in an increase of both the types of digital devices needed to access online portals and in the volume of data that sites are now required to process. Businesses with an online presence are expected to do more in the digital environment than before..

    This increases the likelihood of inefficiencies developing due to incompatibilities with software that doesn’t integrate smoothly with other technologies in your stack. For optimum efficiency and integration, your first step should be to evaluate each technology.

    Your tech stack audit should classify each technology according to whether it’s used for marketing, business development, analytics, customer support or sales. This type of breakdown will facilitate a more organized approach to testing and evaluation, as your evaluators go through each category one at a time.

    Finding the inefficiencies that sabotage your business

    There may be multiple inefficiencies hidden deep within your tech stack. In your relentless efforts to uncover obstacles that might negatively impact profitability, here are some critical aspects of your business operation you should be evaluating.

    Related: Your Tech Employees Are Your Most Potent Reputational Tool as Your Firm Recruits

    Data collection

    You can choose a set of tools that functions in a perfectly coordinated manner, but it doesn’t benefit you if the right data are not being collected, analyzed and communicated.

    The data you collect and analyze should shed light on the most important metrics, such as sales velocity and conversion rates. If you aren’t getting actionable data that helps you streamline your operations or strengthen your relationships with your customers, you may need to eliminate some tools from your stack or replace them with newer technologies.

    Business processes

    If you haven’t already done so, you should add software to your tech stack that can automatically calculate prices for the customized products and services you provide. Trying to handle CPQ (configure-price-quote) responsibilities the old-fashioned way, via human calculation, will take too much time and increase the chances of miscalculation.

    Customer retention services

    You need to differentiate your strategic customers (your most loyal and active supporters) from those who are less committed. While the customer service you provide should be diversified and personalized to meet the needs of both constituencies, you shouldn’t waste time and money on services aimed at low-value customers — a negative return on investment is highly likely.

    Marketing

    You need to analyze your current marketing efforts carefully and with a skeptical, even critical eye. You need to know if you’re getting an acceptable return on investment, which means reaching your targeted audience with a message that resonates. If your ROI is lacking, your present marketing strategies should be sent packing.

    CRM capabilities

    Your customer relationship management (CRM) platform is the hub of your operations, and as such, you can’t afford to choose or keep a product that doesn’t fully support the implementation of your business plan.

    You shouldn’t assume that any CRM platforms like HubSpot, Salesforce or Zoho are automatically right for everyone. And while one, all three or others may very well be, you should carefully evaluate the strengths and the weaknesses of your current CRM choice and be prepared to switch to another option with capabilities that are more closely aligned with your unique and vital needs.

    Scalability

    Your technology ecosystem should always be scalable, no matter how rapidly your growth occurs. Your software should be able to accommodate increases in customer engagement and sales volume without creating logjams or bottlenecks that require technological additions, subtractions or substitutions.

    Related: Want Tech Workers to Stick Around Longer? Think 30 Years — Not 3.

    Greater efficiency will give you the edge

    The kind of exhaustive tech evaluation proposed here is not for the faint of heart. It’s a meticulous and comprehensive process that will take time, effort and extraordinary attention to detail, whether you hand the responsibility over to an in-house vetting team or contract outside experts to perform the job for you.

    What you’re really doing when you undertake such a process is signaling a revolution in your way of thinking. A comprehensive review of your technology choices can help you refine, retool or redevelop your go-to-market (GTM) strategies without cutting your investment in your business, which you now realize is the best way to survive difficult times. The changes you make afterward will give you a leg up on the competition, providing you with a real opportunity to scale up while others are only thinking about scaling back.

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    Catherine Mandungu

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  • Focus on These 3 Key Areas to Overcome Sales Challenges | Entrepreneur

    Focus on These 3 Key Areas to Overcome Sales Challenges | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In any business, there’s always room for improvement. This is especially true when a recession seems imminent and companies must adapt to unfavorable economic conditions. Because systems, processes and operating units have a way of taking on a life of their own, they often leave leadership teams struggling to find the right means to improve overall business performance.

    Sales Xceleration’s data strongly suggests that sales, in particular, pose a problem for organizations, with 89% of small and midsize businesses reporting difficulties arriving at a sales strategy. The same is true for sales analysis, with 89% grappling with goals, quotas, incentives, sales team metrics and other elements. However, it’s not all bad. Determining how to overcome sales challenges can often be accomplished by focusing on recent organizational trouble spots. Prioritize the following areas:

    Related: Here Are 5 Trends to Watch Out for in Sales and Marketing in 2023

    1. Take a second look at onboarding sales reps

    A successful onboarding process and ongoing training strategy can increase employee engagement and equip team members with the knowledge and skills to excel in their jobs. It also provides the opportunity to familiarize new hires with the organization’s policies, benefits and processes, ensuring that their behaviors and actions align with expectations and contribute to the overall objectives of the company. According to Harvard Business Review, employees who have a positive, formal onboarding experience even have a 50% increase in retention and a 62% increase in new-hire productivity.

    Despite these benefits, Sales Xceleration data indicates that 67% of organizations aren’t onboarding sales reps with any formalized structure. This just opens businesses up to unneeded risk. For one, new hires enter their roles without a full understanding of the job — nor do they know exactly what success looks like in that role, which can harm productivity and lead to poor customer service. Given enough time, your business can easily begin to experience customer churn and a hit to the bottom line.

    New hires may also question the value of their roles and wonder whether they will advance their career goals. Employee satisfaction and morale will take a nosedive. And what was once viewed as a long-lasting career will be anything but, and you’ll probably see high turnover rates with new hires.

    The fix is actually quite simple: Initiate a plan for onboarding sales reps. Set clear 30-, 60- and 90-day goals. Communicate the plan in writing, making sure everyone understands the process, standards and expectations prior to starting. Then, it’s just a matter of checking in with new hires regularly, maybe every month, until they start working independently. As the market for top talent — particularly sales talent — becomes more competitive, onboarding and development will only become more critical.

    2. Reassess roles, responsibilities and sales resources

    When everyone knows what they’re supposed to do and what’s expected of them, the workplace becomes more productive. In these environments, employees know how to behave and where to focus their attention. Less desirable tasks are no longer delayed until they create issues. Because responsibilities are clearly defined and assigned, collaboration comes much easier. In general, everything gets done on time. This clarity permits businesses to save energy and resources, experience fewer redundancies and avoid confusion about the next steps.

    Unfortunately, organizations often fail to communicate expectations clearly enough to enjoy these benefits. In fact, Sales Xceleration data indicates that 57% of organizations don’t have sales resources, roles and responsibilities defined in writing. Again, this opens them up to risk — so much so that it could damage business. Every role in small and midsize businesses is essential. If even one sales employee is struggling, business objectives will become more difficult to achieve.

    To correct deficits in this area, start by documenting sales processes so that few questions remain about the customer journey, the key milestones to watch for and the ways processes correlate with buying behaviors. Communicate your goals and key performance indicators, and make sure to add these to employees’ compensation plans. Performing regular performance reviews is also important.

    Related: How to Set Expectations and Get the Performance You Want From Your Team

    3. Address any sales skills gaps

    Though it might seem obvious to address skill gaps, Sales Xceleration’s data indicates that 92% of organizations fail to do so when gaps are discovered. This aligns with findings by the National Society for Leadership and Success, which argues that the workforce at large is experiencing a skills gap crisis. In sales, this has the potential to be catastrophic: When sent out into the market without the knowledge or abilities to share what makes a product or service unique, untrained sales reps will very likely cause business to suffer.

    Focusing more attention on how to train sales reps can help. If no onboarding plan is in place, prioritize creating one. You must understand what inspires team members to do their best work and make sure the employee experience is a good one. Doing so will allow sales reps to grow and encourage them to stay with your company. Utilizing a learning lab could also help move the needle in the right direction. Ensuring your sales reps have the right skills can make a big difference in their production. According to RAIN Group, top-performing sellers are 33%-120% more likely to have account management skills, and sellers with advanced consultative selling skills are almost twice as likely to be top performers.

    Still, proper training also needs to be aligned with goals. To provide direction for sellers’ efforts, it is extremely beneficial to set professional development goals for sales reps. This is also key to correcting sales skills gaps when discovered. When salespeople aren’t made aware of problems, they have no means of taking the necessary steps to improve.

    It can be difficult to know how to overcome sales challenges. While not all companies have issues onboarding sales reps, defining responsibilities or correcting skills gaps, these areas have become increasingly problematic in organizations. Regardless of where your company’s difficulties lie, it’s critical to look at the processes already in place and determine whether they’re working for the business and the sales team. This might reveal problems no one knew existed but could be fixed.

    Related: 10 Research-Backed Ways to Improve Sales Success

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    Maura Kautsky

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  • 7 Affiliate Marketing Strategies for Entrepreneurs | Entrepreneur

    7 Affiliate Marketing Strategies for Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We’ve all been there. You invest hours into crafting your brand, diligently expanding your audience, yet your revenue isn’t reflecting the time and effort you’ve put into your platform. All major brands utilize partner marketing, which is significant in growing brands and gaining revenues.

    Partner and affiliate marketing play a crucial role in brand growth by leveraging the influence and reach of trusted partners. Companies can tap into new audiences by collaborating with them, increasing brand awareness and driving customer acquisition. This strategic approach allows brands to benefit from the credibility and expertise of their partners, resulting in expanded market reach and ultimately higher revenues.

    Below are seven things to remember while working with marketing partners for your company.

    1. Redefining high-earning potential

    The commonly held belief that fashion and beauty are the most lucrative sectors in affiliate marketing is becoming obsolete. While these areas maintain a significant market share, the high competition they attract can make differentiation challenging.

    Special events are also worth considering. During Black Friday 2022, for instance, event tickets, various online services and PC and mobile games claimed the top three positions based on our data. These niche sectors have vast potential for affiliates willing to explore them.

    Related: Start an Affiliate Marketing Side Hustle to Bring in Passive Income

    2. Fostering niche communities for greater profit

    Traditionally, the recipe for maximum income in affiliate marketing revolved around maintaining a wide audience with high engagement. The landscape has evolved today, with the biggest profit potential now lying within fast-growing niche sectors.

    Growth of partner sales in niche segments worldwide in 2022 demonstrates this shift, with niches like Console and PC Games seeing a 35% growth, Mobile Services and IT services growing by 95%, and even Movies & Music growing by 33%, according to ConvertSocial data.

    Such trends indicate you can unlock significantly greater profits by building a loyal, engaged community in a specific niche.

    Related: How to Effectively Beat Your Direct Competition in a Niche Market

    3. Engagement is the new currency

    Engagement has emerged as the new currency in the digital space, outweighing the importance of audience size. Our report shows that even creators with smaller audiences can earn significant sums, provided they maintain high engagement levels. For instance, one of our client’s Telegram channels, with around 200,000 users focused on gadgets, earns $2,000 monthly.

    In contrast, another fashion-focused channel with only 8,200 subscribers made a whopping $6,400 in the same period. This underscores that an actively engaged audience, regardless of its size, is the cornerstone of a successful affiliate marketing strategy.

    These statistics demonstrate that the affiliate marketing landscape is undergoing a transformative shift, opening up new avenues for profit and engagement. As we step into this new era, it’s essential to adapt our strategies to these changing dynamics. After all, success in affiliate marketing is no longer just about casting the widest net — it’s about casting the right one.

    Related: 3 Tips to Get Started with Affiliate Marketing

    4. Monetizing blogs — Quality over quantity

    While monetizing a blog can seem daunting, it’s far from impossible. The key lies in focusing on creating and delivering real, valuable content that goes beyond mere advertising. This approach builds a loyal readership and makes your blog more appealing to advertisers looking for high-quality, engaging platforms to showcase their products or services. Rather than churning out countless low-value posts, invest time and effort into producing fewer but high-quality, insightful articles that resonate with your audience.

    Related: 3 Tips to Get Started with Affiliate Marketing

    5. Fair revenue share — the new norm

    In the early stages of content creation as a recognized profession, creators often found themselves at the short end of the stick when it came to revenue generation. The platforms hosting the content usually claimed the lion’s share of profits, leaving creators with a meager sum for their efforts. This imbalance in revenue distribution made it incredibly challenging for creators to generate a significant income, often stifling their creative potential and enthusiasm.

    Today, major content hosting platforms have introduced improved revenue-sharing models. These new agreements often involve a higher percentage of ad revenue allocated to creators, more monetization opportunities, and even bonuses based on engagement or view counts.

    Such changes have helped boost creators’ income and created a more appealing industry for content creators. By recognizing and rewarding quality content creation, platforms invest in a future where creators can thrive, producing richer and more diverse content. This progressive move has thus set the stage for a new era of content creation, characterized by fairer revenue distribution and a greater focus on quality.

    Related: 12 Myths and Misconceptions of Affiliate Marketing

    6. Data diving for sales success

    The key to future sales success lies within the depths of audience and demographic data. By identifying your audience’s preferences, behaviors and habits, you can tailor your content and marketing strategy to better align with their interests, consequently boosting your sales. Engagement data is your key to sales success.

    7. Branding relationships are more than money

    There’s more to a brand relationship than just monetary compensation. Influencers can leverage these partnerships to garner additional coverage and audience reach. Plus, a host of intangible perks and networking opportunities are only available to creators with robust relationships with these brands.

    Brands are also recognizing the value of investing in top creators. For instance, GoPro hosts a large-scale creators summit with all expenses paid and makeup brand Tarte sent a brigade of their creators to the Turks and Caicos for an “influencer retreat.” This recent collaboration with brands and their creators garnered significant attention, demonstrating how strategic brand relationships can yield benefits beyond financial gains.

    A shift is taking place in the partner marketing space. New, more effective methods replace old strategies prioritizing quality content, audience engagement and a deeper understanding of data. It’s time to adapt and tap into the rich potential of this new era. To build a successful brand means to build a mutually beneficial alliance that can amplify your reach, enhance your reputation, and generate greater opportunities in the future.

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    Ksana Liapkova

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  • Struggling in Franchising? You Need to Think Bigger. | Entrepreneur

    Struggling in Franchising? You Need to Think Bigger. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, I was speaking to some friends and colleagues about a vision I had for a new franchise restaurant. I told them the brand had a unique concept and could quickly be on track to 1,000 worldwide locations. The responses were fairly consistent: incredulity and laughter. And these people were supposed to be my friends!

    The brand we talked about was The Halal Guys, a company I work with. After an extremely successful 2022, one in which the company opened its 100th location — and with 300-plus more in development — it was tempting to then ask them, “Who’s laughing now?”

    The plan was aggressive from the jump: We’d target the 50 largest markets in North America, then go international. Most of those major metro areas are covered now, and international expansion has begun with the UK and South Korea. Pulling this all off as quickly as we’d envisioned seemed impossible to a great many, but that ambitious mindset worked.

    Here are some essential strategies I’ve applied in the course of taking more than 10 such brands worldwide.

    Related: 5 Strategies You Need to Build Your Brand

    Think positively

    There’s nothing a failing person likes to see more than someone else fail. So, it’s okay if someone doesn’t see your vision: It wasn’t their vision anyway, it’s yours.

    My story about The Halal Guys isn’t an outlier. When you’re building, many people are going to root for you to tank simply because they aren’t winning, which often means that they’ll give you bad advice, encourage you to back off and/or withhold a helping hand. That’s why it’s so important to think positively about your brand’s potential and growth plan. Because challenges arise for young franchises daily, and panic doesn’t put money in the bank.

    When I was helping PayMore through its initial franchise launch, it seemed that we couldn’t sell to anyone. Despite great unit economics and a scalable business plan, many thought its buy-sell-trade model seemed too much like a pawn shop, and in truth, we weren’t doing the company any favors by presenting it like one.

    Still, there was no panic. We stayed positive and altered our presentation. It’s been a little more than a year now since we launched franchising, and over the last two months have completed more than a dozen deals encompassing 60-plus units. Put simply, positivity paid off.

    Think aggressively

    It’s important to have brand standards, but it’s also important to know when to bend them. You may be dead-set on only allowing multi-unit deals, for example, but the right single-unit deal can get the ball rolling for a stagnant brand, including attracting good press, which could lead to a multi-unit franchisee down the road.

    Also, think about how you can incentivize franchisees to expand their territories because encouraging them to embrace affordable conversions could lead to quicker growth (keep in mind that this requires having the right design and brand standards in place). Thinking aggressively means being prepared to act fast when opportunities arise, so plan accordingly when building your business strategy.

    Part of thinking aggressively is thinking big: Don’t be content with small, steady growth if your concept can handle rapid expansion. Don’t be afraid to go for it.

    Related: As a Leader, You Need to Be Both Positive and Aggressive

    Think beyond yourself

    Building a brand that aims to be a household name is a lot easier with a solid team in place. I’ve always enjoyed getting my hands dirty, and I’ve never worked harder than I did for real mentors and with other people who have taught me about the industry.

    Case in point: I’m working with a new brand out of Chicago called Cilantro Taco Grill. Their story is inspiring — run by a family of first-generation immigrants from Jalisco, Mexico, who built the restaurant as a tribute to their father and as a celebration of the authentic flavors they grew up with. They’ve dominated the quick-service Mexican scene in Chicago, in part because their business plan was born out of familial love. The company’s story and standards are authentic, and its food tastes better because of that.

    This is just part of why it’s so vital to share your goals, and even more so to share your success. Team members should also be in line with the business plan and where the brand is headed — should be thinking positively and aggressively right alongside you. Of course, that requires the right workplace dynamic: People naturally invest themselves in people who take care of them, so incentivize success, offer quality benefits and provide a comfortable workplace.

    Related: Why Are Companies Still Holding Back on Investing in Employees’ Development?

    Think about the future

    The goal for any franchisee should be to get wealthy, certainly, which involves building towards an exit. This business, like virtually all others, is about growing an asset that has the potential to sell at peak value. That’s why you need to be positive, prioritize aggression and focus on building a team — with the very possible goal of attracting a buyer. A profitable five-unit franchise chain that sells at eight times its yearly income could potentially set you up for life — a return most other industries can’t offer in a comparable timeframe.

    You shouldn’t be looking to create a job — heck, you can go find a job. Your future in franchising should be building generational wealth — for your family, your kids and yourself.

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    Dan Rowe

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  • How You Can Afford the Lifestyle of Your Dreams in Retirement | Entrepreneur

    How You Can Afford the Lifestyle of Your Dreams in Retirement | Entrepreneur

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    Entrepreneurship is the new “dream job” for older adults in the U.S., even after they retire. A recent survey from The UPS Store found that 54% of Americans would rather open a small business than retire, and the proportion of new entrepreneurs in the ages 55 to 65 cohort has increased faster than among people ages 25 to 35.

    Working in retirement is not a new phenomenon. Some retirees and older adults have always decided to keep working past the traditional retirement age, whether it’s a few hours a week at a part-time job, solo consulting work or other ways to stay active and earn extra income. But for this new generation of retirees and older adults who are approaching retirement age, entrepreneurship in retirement can be a great way to take on a fun new challenge while making money with a flexible schedule, on your own terms.

    Today’s generation of retiree entrepreneurs is often called “encore entrepreneurs” or “second act” entrepreneurs because they’re coming back to the workforce for one more appearance. Being a retiree entrepreneur can offer special satisfaction and financial rewards. Running an online business, like an ecommerce store, Fulfillment by Amazon (FBA) business, blog, mobile app or another digital asset, has become a popular new strategy for entrepreneurship in retirement.

    But as an online business entrepreneur in retirement, you don’t have to reinvent the wheel or start from zero. If you want to get your foot in the door with online business ownership, more retirees should consider the option of buying an online business. In the same way that some entrepreneurs might want to buy a franchise or purchase an existing business that already has a proven brand and strong foot traffic, buying an online business can be a cost-effective way for “encore entrepreneurs” to have a successful second act in retirement.

    When I talk with entrepreneurs and investors around the world, we’re seeing strong interest in this space from older adults. In the past year, as I’ve attended industry conferences and done meetups in cities around the world, approximately 75% of people in the audience are in the ages 55 to 65+ cohort. Clearly, this age group is interested to learn more about online entrepreneurship. They see how buying an online business or digital asset could be a smart investment.

    Here are a few big reasons why online business and retiree entrepreneurs are a natural fit — and why buying an online business could be the right strategy for your goals.

    Related: Want to Retire Early? Do This One Thing.

    1. You get the lifestyle you want — and the income you need

    Why do older adults often decide to work in retirement? Because they want to earn extra income on a flexible basis, without the all-consuming schedules and expectations of a full-time job. Buying an online business is a great fit for these goals.

    If you want to earn extra money on your own terms, running an online business can deliver the return on your investment that you need, with a flexible schedule and the ability to work from anywhere. If you want to travel in retirement, split your time between seasonal homes or spend more time with grandchildren or other loved ones, running an online business can give you the freedom of being a digital nomad, not tied to any one location.

    Why buy an existing online business, instead of starting your own business from scratch? Because when you buy an online business, you’re getting a built-in customer base, a known brand and reliable revenues. You’re getting a stronger foundation to build upon. This is another reason why buying an online business can be a perfect fit for older adult entrepreneurs — it helps you avoid the time-consuming struggle of finding new customers and building a brand.

    2. They’re cost-effective investments of extra cash

    Retirees sometimes have access to a lump sum of cash that they can use for investing in a new venture. Whether it’s an early retirement severance package from your last job, proceeds from the sale of a house after downsizing, an inheritance from a loved one or other windfalls, retirees are (hopefully) in a stage of life where they have some extra cash that could use a good purpose.

    There are a few ways to invest extra cash. You can put it into a savings account, CD or money market account and barely earn enough interest to keep up with inflation. You could buy an investment property — but real estate inventory in most U.S. cities is limited right now due to rising interest rates — or you can invest cash in other asset categories, like the stock and bond markets, which can be risky and go up or down for reasons beyond your control.

    But what if you could invest some extra cash in an online business — and invest in your own skills, talents, expertise and entrepreneurial energy? Buying an online business is a way of betting on yourself. Online businesses can deliver steady monthly cash flow to boost your retirement income, as well as a long-term appreciation of the asset price. And hopefully, with an online business that you’re passionate about in a niche you know well, you can achieve a bigger long-term ROI than other investment categories.

    Related: 3 Tips for Buying an Online Business

    3. They can be low-risk

    Buying an online business doesn’t have to cost a lot of money. You don’t need hundreds of thousands of dollars to buy an online business, and you don’t have to bet your life savings on one single business idea. Unlike buying a franchise where you have to be part of that larger brand and follow its rules, running your own online business gives you the freedom to make your own choices, try new things and follow your own intuition. Unlike buying a brick-and-mortar business like a restaurant or retail store, online businesses tend to have limited overhead costs and big potential profit margins.

    Choosing the right online business to buy depends on striking a balance between how much cash you want to invest upfront vs. how much time/expertise and additional cash you’re prepared to invest into the business as you manage for future growth.

    For example, there are lots of online businesses (like ecommerce stores, mobile apps or revenue-generating content-based websites) that are for sale for as little as $5,000 to $10,000. If you’re willing to put in some effort to improve the performance of these businesses, with better content, higher customer retention, sharper SEO (search engine optimization), diversified sources of traffic and more precise advertising, you could boost the business’s monthly revenues and recoup your initial investment within a few months to a year.

    Not every online business is an immediate slam-dunk moneymaker. Some online businesses require some extra help and careful management to reach their potential. But in general, if you’re a recent retiree or soon-to-be retiree who wants to earn extra income in retirement while keeping your entrepreneurial skills sharp, buying an online business could be the best strategy for you to get in the game. Buying an online business helps you save time and start selling to customers faster, without the growing pains of getting a new venture off the ground.

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    Blake Hutchison

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  • Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

    Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

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    Recent tech layoffs have made waves across the industry, but according to research, 63% of tech workers who experience layoffs go on to start their own companies. This tide shift is most apparent in America. According to U.S. Census Bureau data, new business formations are up about 54% from March 2020 to March 2023. For every three startups formed before the pandemic, roughly five ventures have been started.

    Business growth is accompanied by complexity — and risk follows close behind. With any new venture, a time will come when you, as a founder, will find yourself overwhelmed and needing to delegate responsibilities to your team. They’re likely to make mistakes as they develop in their roles, and you may be left wondering why you relinquished the responsibility in the first place.

    You have three options: Abandon any semblance of work-life balance and claim all responsibilities as your own, wash your hands of all decision-making and hope for the best or get ahead of the situation and establish strong procedures. These procedures are often referred to as internal business controls, which are simply about establishing a hierarchy of decision-making authority and any consequences of making a poor decision.

    Related: Laid-Off From Your Big Tech Job? It Could Be The Ideal Time to Pursue Entrepreneurship.

    Prevention is better than a cure

    Crafting effective procedures requires striking a delicate balance between efficiency and flexibility. To illustrate this, consider traffic lights. On the surface, they might appear to impede the flow of traffic. Yet, in reality, they establish a reliable transportation system that provides the conditions for efficiency.

    The overarching objective is to establish the appropriate structures while anticipating areas of potential deviation, empowering employees with the authority to make independent decisions within defined parameters. Thus, if any aspect of the business strays from the desired trajectory, your team can rely on internal controls to swiftly implement the next logical steps. Conversely, ineffective controls can significantly impede or even halt growth.

    Although leadership is the most likely culprit for a lack of effective procedures, mismanagement and structural limitations can also pose significant obstacles. For instance, an inherently flawed company structure may render it nearly incapable of adjusting or even implementing internal controls. Additionally, a lack of corporate culture and direction can create confusion about the desired trajectory, further underscoring the criticality of an unequivocal mission, vision and purpose as the bedrock for sound controls.

    Putting the right levers in place

    Even the most basic internal controls or procedures for small businesses inevitably hark back to the company’s overarching strategy. The logical step is proactively identifying potential bottlenecks and deviations and developing business safeguards and processes tailored to address them. With that said, here are three types of controls strongly recommended for startups:

    1. Authorization and approval controls

    Given the diversity of business operations, leaders could implement various business safeguards and processes depending on the specific enterprise. Nonetheless, authorization and approval mechanisms are widely adopted in the startup landscape, enabling a controlled delegation of responsibilities, informally or otherwise. While the precise form of authorization and approval processes may differ, these mechanisms are a strengthened framework to delineate the conditions under which individuals or teams possess the authority to proceed without seeking further approval, such as in monetary transactions.

    For instance, a procedure might allow purchases under $500 per month without additional approval but require CEO approval for any purchase above that amount. This helps streamline decision-making and responsibility delegation while maintaining appropriate oversight.

    Related: How to Protect and Retain Control Over Your Business

    2. Feedback controls

    Feedback controls are another beneficial safeguard for small businesses. Similar to authorization and approval protocols, feedback controls are proactive and help prevent deviations by enabling the identification of potential issues before they escalate. Feedback controls entail collecting input that can gauge practically any aspect of the business.

    The collapse of the Silicon Valley Bank serves as a cautionary tale of the pivotal role feedback controls play in business success. Despite being a preferred financial partner for investors, the bank’s failure to establish safeguards and procedures around feedback ultimately led to its undoing; these could have helped identify the underlying issues and enabled corrective action before it was too late. By implementing feedback controls that solicit input from various stakeholders, you can gain valuable insights into your business’s performance and identify areas for improvement.

    3. Concurrent controls

    Concurrent or steering controls represent another powerful mechanism for implementing effective procedures. These act as preventative measures that help customer-facing employees maintain quality and consistency. Usually, concurrent controls start with predefined standards to evaluate performance. By adhering to these standards, your employees can adeptly steer interactions even in the face of deviations.

    A sales representative, for example, must have a comprehensive understanding of the products they are promoting, allowing them to steer conversations. This aspect of the interaction is entirely within the sales representative’s control. Standards can help evaluate whether the sales representative is meeting sales goals, thus measuring their performance.

    Related: Strategic Planning Is Essential for Your Business to Succeed. Here’s Why (and How to Do It Right).

    Leveraging internal controls for small businesses

    Navigating the complex world of business requires the ability to manage evolving expectations and diverse personalities. Strong opinions may arise, posing a threat to progress. To overcome this, it is crucial to actively listen and engage in honest conversations to find common ground. Once a shared vision is established, implementing effective business processes and internal controls can commence, ensuring that the team meets the agreed-upon standards.

    However, even the most well-thought-out plans can still fall victim to unforeseen issues. This is why ensuring any procedure is adaptable is also crucial for effective teams. By cultivating adaptability, your business will be better equipped to react to changing conditions swiftly and effectively. This smooths the path toward the continued success of your endeavors.

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    Dan Conner

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  • 6 Ways Small Businesses Can Use AI More | Entrepreneur

    6 Ways Small Businesses Can Use AI More | Entrepreneur

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    One of the most pivotal innovations that artificial intelligence offers small businesses is the ability to change the rules of engagement — a more level playing field. And its adoption in this size category has been stunning: According to Unbounce’s recent Break Free: The State of AI Marketing for Small Business report, approximately 30% of small and medium-sized businesses are leveraging some form of artificial intelligence.

    One overriding challenge, however, is that implementing the right tools is only half the battle: To be successful in applying this new technology, it’s critical to equip employees with the guidelines and skills to make it both effective and profitable.

    Some pathways for achieving that:

    1. Set clear team expectations

    As with any new technology, AI presents both advantages and potential risks, so it’s critical to ensure that proper guardrails are in place to protect you, your company and its customers. This includes a clear and accessible policy, which should outline how AI can and should be used within an organization, which platforms are approved for its use and who is authorized to leverage it. This policy can and will evolve: Feel free to start simple and expand it as you implement more AI tools into existing processes.

    2. Training, training, training

    While younger generations may be more intuitive when it comes to technology, this isn’t the case for all employees. Before rolling out AI tools, it’s important to provide a general overview of what it is and how it works. This training should include common terminology, understanding the differences among types (such as machine learning, deep learning and robotics), data cybersecurity, ethics and the challenges associated with AI biases.

    In addition, a team needs to understand this tech’s current limitations. Too many people are jumping in blindly without grasping flaws or shortcomings that the human user needs to accommodate or otherwise address. For example, many platforms lack contextual understanding or the ability to incorporate human emotion, which can cause them to misinterpret input.

    Related: AI Isn’t Evil — But Entrepreneurs Need to Keep Ethics in Mind As They Implement It

    3. Enhance data and analytic skills

    One of the key benefits of AI is its ability to process, analyze and summarize large amounts of raw data, but the last thing you want is a team blindly inputting information and simply trusting the resulting analyses. Instead, provide additional training and education in the areas of data analysis, interpretation and visualization. The result will be better leveraging AI’s abilities and catching errors that could cause poor results.

    4. Promote strong AI communication skills

    AI is a technology designed in part to respond to inputs in the most efficient way. But, as with so many systems, garbage in will ultimately lead to garbage out. When a human manager asks a human worker to perform a task, there is a lot of information shared apart from just written or verbal instructions, such as body language, contextual phrasing and tone of voice. Unlike humans, AI is limited to a certain range of input types like text and images.

    So, businesses need to make sure their teams understand how to guide AI and ensure the technology clearly understands instructions before performing tasks. For this reason, employees need to learn to “speak AI” to get the most out of it. A question written in the wrong way could lead to an incorrect or poor response, so developing the ability to write high-quality AI prompts and queries will set users apart. This process also includes asking the right follow-up questions, since AI doesn’t always get it right the first time.

    Related: 6 Ways Small Business Owners Can Use ChatGPT to Eliminate Hours of Work

    5. Encourage new-tool use and experimentation

    AI is evolving at breakneck speed. New tools and platforms are emerging daily that can quickly cause a small business to lose its competitive edge. For this reason, encourage and incentivize team members to be on the lookout for new tools. For example, if your small business already uses a chatbot for customer service, its marketing team might consider also looking into image-based AI to help design creative graphics.

    To achieve all the goals listed here, you may have to create a budget for technical training, as new programs may require basic coding or an understanding of language models. Again, the more knowledge you equip a team with, the more opportunities they will spot.

    6. Foster a process improvement mindset

    Naturally, the majority of existing business procedures were built for a pre-AI world, but doing things the old way simply because “that’s how it’s always been done” won’t fly in the modern economy. Owners can drive a new mindset by encouraging every employee to be a champion for process improvement. Exposure to methodologies such as Six Sigma or Kaizen can be a way to equip team members with the skills they need to adapt systems as new technology is implemented because no amount of technology can overcome inefficient or cumbersome processes.

    As an owner, you’re ultimately responsible for providing employees with both the tools and training they need to be successful, and it may be beneficial to seek the expertise of a professional coach who can help them navigate these challenging transitions. Having an outside point of view to mitigate risk, while holding you accountable, could mean the difference between a transformative AI experience and becoming outdated, and cast aside.

    Related: 7 Ways to Promote a Company Culture of Accountability

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    Nicholas Leighton

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  • How Entrepreneurs Can Identify Opportunities in Disguise — Even When Times Are Tough | Entrepreneur

    How Entrepreneurs Can Identify Opportunities in Disguise — Even When Times Are Tough | Entrepreneur

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    As every entrepreneur knows, there’s no way to escape complications and setbacks when running a business. But business is not just about taking the good with the bad. To be successful, you’ll have to embrace challenges for what they are: opportunities in disguise.

    I recently wrote about a few contradictory personality qualities that will help you to be successful in the world of business. Pair these practices with those traits to adeptly navigate the tumult of entrepreneurial life.

    Related: 4 Steps to Take as an Entrepreneur When the Going Gets Tough

    Launch or expand your business when the markets are down

    By the time you see a trend and start moving on it, you’re in a bubble. As an entrepreneur, you don’t want to be in a bubble — you want to be out in front of every trend. So when the going gets tough, it’s often a great time to start your business or expand into new markets.

    There are a few reasons why taking a risk during hard times might pay off. First, there is much less competition when the markets are down. Investors may be more risk averse, but usually, they are still open to new investment opportunities if you impress them with an innovative concept. You are much more likely to get that call or lock down that meeting when your investors need to improve their revenue.

    Alternatively, when times are good, there’s less reason to take risks.

    I know what you’re thinking: How am I supposed to attract new customers in a bad market? You’ll have to bootstrap during a bad economy, but just know that you’re laying the groundwork for better days ahead. When the markets take off again, you’ll have an invaluable head start on everyone who waited until times were good. You only need enough money to make it through the first two or three years of operations, which means that you should think through alternative income streams for this period.

    Don’t expect people to believe in you during the first couple of years of your launch. If you can make any money at all in that time, you’re lucky. Have the patience to make it to years three and four. If you heed this advice, you’ll start to see the money coming in.

    Practice stoicism (even when times are tough)

    You’ve probably got an image in mind of a hotheaded businessperson, who’s not afraid to “show ’em who’s boss.” This person rarely wins.

    In business, you’ve got to pick and choose your battles wisely. Some people might irk you, but getting into a fight with them could cost you. In most cases, the best approach is to focus on the positive rather than obsessing over the negative.

    Practicing stoicism involves accepting the inevitability of adverse circumstances, and being able to discern when you need to step in and fix a problem, and when you’re better served by letting it resolve itself. That leads us directly into my next piece of advice.

    Related: 6 Ways to Turn Your Obstacles Into Wildly Profitable Opportunities

    Learn when to duck a wave and when to ride one

    When you go out on a limb and launch a business, you’re going surfing. And when you go surfing, some waves will beat you up and others will carry you forward. The key is knowing when to duck a wave and when to ride one.

    While some challenges need to be survived, others should be embraced and taken as opportunities. The covid-19 crisis is a good example. For some businesses, covid-19 was devastating and there was just no way around it. They were unable to service their customers, and their revenue streams were entirely cut off. Others were well positioned to pivot, and even thrive because of the new realities introduced by pandemic life. But only if they recognized the opportunity.

    For instance, many businesses in the travel industry were hit particularly hard by covid. Some drowned while others didn’t. My business, which facilitates individual, group and corporate hotel bookings, was able to pivot by taking advantage of the gig economy. People had lots of questions about local protocols, which hotels were open and the state of their operations. We answered. As we’ve come out of covid, the demand for personalized service has increased, and we’ve kept up. Whatever challenge you face, it’s important to know whether to embrace it or be stoic in the face of it.

    In order for any of this advice to be useful, you’ve got to keep your purpose in mind. Who are you serving? Think fundamentals, focus on your purpose and don’t force anything. Success will come if you focus on solving the problem you’ve set out to solve.

    Prepare yourself for the challenges, so that when you catch a wave, you’re ready to ride it to success.

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    Tim Hentschel

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  • The 3 Greatest Lessons I’ve Learned After 25 Years in Business | Entrepreneur

    The 3 Greatest Lessons I’ve Learned After 25 Years in Business | Entrepreneur

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    In June, I reached a milestone with my business, PostcardMania: 25 years in business. It got me thinking about all the lessons I’ve learned as a business owner and entrepreneur.

    Starting out, I was greener than green. There have been hard times when I didn’t know what I was doing, but I’ve made it from nothing to $97 million in annual revenue, over 350 staff, and we’re still growing — averaging 20% revenue growth over the last three years after a year of growing at a much slower rate of 5% in the decade previous.

    Through those experiences, I grew as an entrepreneur and gained valuable business insights, but I sure wish I had someone to confide in at the time.

    I want you to avoid some of the missteps I made on my journey, so I’ve taken some time to nail down the three greatest lessons I’ve learned over 25 years of business ups and downs — thankfully many, many more ups than downs.

    Related: 10 Lessons I Learned as Someone Who Has Spent 10 Years Running a Business

    Lesson #1: Your marketing budget and revenue growth are tied together

    There have been times in my career that I’ve had the choice to either pay myself or pay for marketing. In 1998, I was a graphic designer with a dream and a computer — and that’s about it!

    When I started PostcardMania, I put as much of my money as possible into marketing. I barely paid myself a living wage for years because I was so determined to grow my business.

    I drove an old Nissan Pathfinder to save on a car payment. I used credit cards to help pay for things at times (although you should definitely avoid getting into debt if you can) and even took money out of my own home to purchase a building for PostcardMania (this was a hugely smart move for me and worked out great).

    Those sacrifices paid off when my business took off. The more I marketed, the more leads came in, and the more my revenue skyrocketed. As PostcardMania achieved steady growth, I increased my marketing budget too. I noticed that my revenue increases mirrored the amount I invested in marketing. The more money I put into marketing, the more money we made.

    Think of it like the classic board game Monopoly. At first, you feel hesitant to spend the $1,500 you start out with in the game (I didn’t even have that to start with in real life!). But you quickly find out there are two types of players: the ones who hoard their money to try to play it safe and the ones who spend all of it on properties — and now I have enough money to actually invest in real estate, and I have a lot of that now too.

    Eventually, everyone realizes that the players with the most properties win because every time someone lands on that space, they get cash.

    It’s the same in the real world. If you don’t spend as much money as you can on marketing, someone else will — and your business will pay for it in the long run. But if you’re the one marketing, over time, you’ll get that money back and then some.

    So, buy Park Place … and New York Avenue. Then, once you get some more cash from those, put houses on them. You get the picture: The biggest winners don’t play it safe. They make moves all over the board.

    Maybe you aren’t currently spending any money on marketing and need to set a budget. Take the time to sit down and create a marketing budget ASAP, because it’s your first step to success.

    Related: 7 Business Takeaways You Can Learn From Monopoly

    Lesson #2: You need a unique selling proposition to beat your competition

    A unique selling proposition or USP is a one-of-a-kind aspect of your business that none of your competitors have. Take Zappos, for example. Tony Hsieh started one of the first online-based shoe retailers, but even back then, he had competition.

    What set him apart? Free shipping on all returns and exchanges. He realized that what prevented people from purchasing shoes online instead of inside a store was not being able to try them on before a purchase. By eliminating the issue of spending money on returns, people could buy as many shoes as they liked without worry and just return the pairs that didn’t work without financial penalty. Zappos sold to Amazon for just shy of a billion dollars in 2009.

    When I started PostcardMania, we set ourselves apart from the competition by being first at a lot of things — the first to sell direct mail postcards directly to businesses for really low prices, for example, rather than paying $1200 for 5,000, we sold them for $329 for 5,000; the first to offer free marketing advice without charging a retainer, including having a blog before the word was coined; and the first to offer every service needed, from order placement to postcard delivery, under one roof. We didn’t have just one USP, we had several!

    Those first years in business were a rocket ride to eight figures. In just four years, we rode an industry disruptor’s wave to over $10 million in annual revenue. We were growing close to 100% year after year.

    But my competitors caught on. They quickly started doing the things we were doing, and the effect on our bottom line was unsettling.

    I knew I had to do something, so I took inspiration from Zappos and Tony Hsieh.

    I looked for something within my industry that people hated and which could prevent them from buying — and I found out it was the fear of not getting a return on their investment. People wanted to know they’d get results from mailing postcards, so I addressed the issue head-on. I hired a full-time person (which has today turned into an entire department) to track the results of our successful campaigns and figure out which factors contributed to that success.

    Today, we have thousands of successes analyzed and over 750 case studies published on our website (we only publish with permission) where clients can view exactly what businesses in similar industries did to bring in revenue. None of my competitors do that!

    So, take some time to sit down and define what makes your brand unique. Be sure to go deeper than just claiming to have “the best customer service” or “the best product.” Then market it like crazy, and watch the results come in.

    Related: 4 Critical Business Lessons I’ve Learned as a CEO

    Lesson #3: Create an integrated sales funnel to generate a better return on investment

    When marketing your business, you need a whole arsenal of tactics. When those tactics work in harmony to move a prospective buyer from unaware to aware to interested to purchasing, it’s called a sales funnel. An optimized sales funnel integrates online and offline technology.

    A game-changer for me was when I added digital advertising to our direct mail campaigns. We knew we had to stay ahead by investing in the latest technology, and that meant digital targeting features and website integration.

    Postcards in the mailbox were no longer just postcards in the mailbox — they became launching points for people to connect with a brand online. Mail pieces at home, ads on your social media feeds, brand reminders on the videos you watch and at the top of your inbox, it all works together to feed traffic to your website, where the real magic can happen.

    Whether a prospect enters a sales funnel with a mailer or a click on a website, the key is always follow-up. Every action your prospect takes should prompt them to take another action that brings them closer to buying. Once a prospect progresses far enough along your funnel that they visit your website, you want them to fill out a form, email you, call you or even make a purchase if your site has an ecommerce system.

    Too many business owners look at this first website visit as the be-all-end-all in that prospect’s customer journey. But one of the biggest lessons I’ve learned in my 25 years is to never give up on a lead — and I do mean never.

    For example, if a prospect visits your site but doesn’t convert, you can still follow up with them offline through a technology called direct mail retargeting. It works like digital retargeting ads but uses physical mailers instead to encourage them to return to your website or make a purchase. These mailers are automated, so you don’t even have to lift a finger to launch the process.

    Related: 21 Lessons I Swear By After 21 Years as an Entrepreneur

    Never underestimate the power of tangible advertisements. That’s why direct mail has been such a powerful marketing tool for me — it allows the recipient to touch, feel and see more than the typical digital ad.

    Keep in mind that it can take time for people to take action, so stay consistent with your follow-up. I continue to email, call, mail to and display ads to every prospect that has ever visited my website and converted, regardless of time or inactivity. My sales funnel is on constant repeat until someone asks to be removed because I would rather be a little bit annoying to a few leads that I can remove than repeatedly miss out on the day someone else is ready to buy.

    Last year, I actually looked into whether emailing old leads was worth it. I asked my email specialist a couple of years ago to compare our sales logs with our email habits and the age of certain leads. Over the course of June and the first two weeks into July, 782 leads that were 3+ years old responded to our emails, and 53 of them placed new orders. Over the same period, 526 leads that were 5+ years old responded and 29 of them placed new orders — and summer is our slowest season. That’s 82 new clients over the course of just 6 weeks that I would’ve missed out on if I didn’t follow up with every lead every day.

    So, even if it seems daunting to start, keep at it, closely track your results, and stick to what works. It took time for me to learn how to build a sales funnel that generates over $80 million.

    Lastly, remember that experience is always the greatest teacher. Keep trying different marketing techniques, and you’ll find your own truths as well. I’m sure I’ll learn even more over the next 25 years of owning a business. The lessons never stop.

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    Joy Gendusa

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  • 5 Strategies for Navigating a Looming Recession as a Founder | Entrepreneur

    5 Strategies for Navigating a Looming Recession as a Founder | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a founder, you must know that a recession can come whether you expect it or not. It is essential to prepare yourself beforehand to have a cushioning effect when it comes. Waiting until it is full-blown before trying to figure out how to survive the recession may be detrimental to both your wellness and the survival of your business.

    To say the least, navigating a looming recession as a founder can be challenging. With careful planning and strategic actions, you can position your business for resilience and even growth during tough economic times. When recession strikes, it will be tough to continue operations, but that doesn’t necessarily mean that the company will be headed for doom.

    This article highlights five of the best tactics that founders can use to navigate a recession from the onset.

    Related: Worried About a Recession? Do This to Prepare Your Company.

    1. Assess your business and financial health

    Often, founders have a hard time separating themselves from their business. This can cause your finances to get muddled up. The first thing you should do as a founder, recession or not, is to separate your finances from those of your business and assess them independently.

    To begin, you need to review financial statements and projections on both personal and business accounts. This is important because a poor condition in one will affect the stability of the other.

    As a founder trying to navigate a looming recession, you should thoroughly analyze your cash flow, profit and loss and balance sheet. You have to ensure that you won’t be leaning heavily on your business for survival and vice versa.

    Also, you need to analyze your business’s financial health. Done properly, your analysis can reveal risks and weaknesses that could threaten your chances of survival when the economy comes crashing. Some of the red flags to look out for are:

    • Overdependence on specific customers or markets: You should try getting more customers or diversifying your market. A good rule of thumb is to ensure that your biggest client brings lower than 10% of your total revenue.

    • High debt levels: During a recession, people don’t generally have much money to spare. So, it might sting when you’re not closing enough deals to offset loans.

    • Inefficient operations: It’s good business to achieve good results with minimal resources. So, if you’re spending more than necessary on operations, you might want to review your processes.

    2. Develop a contingency plan

    Developing a contingency plan is crucial to navigating a recession as a founder. It helps you prepare for potential challenges and uncertainties, enabling your business to weather the storm and come out of the recession in one piece.

    Although it’s unlikely you will predict how things will play out, you can start by estimating how bad things can get. It’s not meant to discourage you. Rather, you should use your estimation of the worst-case scenario to develop a plan to avoid it.

    No matter what your predictions of the future are, it’s good practice to build a cash reserve. One way to do this is by reducing non-essential expenses and negotiating better deals with suppliers and vendors. You might also want to consider moving your workforce to a remote environment to save on property rental.

    While having a robust cash reserve will increase your business’s chances of survival, you need to also make sure that your business cash flow doesn’t take a big hit.

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

    3. Monitor and adjust your strategy

    Regularly review and update your financial forecasts to align with changing market conditions.

    Track key performance indicators (KPIs) relevant to your business, such as sales metrics, profitability ratios and customer acquisition and retention rates.

    Gather feedback from customers and employees to identify areas for improvement and understand changing needs. Be agile and ready to pivot your strategy, if necessary, based on the evolving economic landscape.

    Related: How to Talk About Company Finances with Your Team

    4. Seek support and expert advice

    As you plan your way out of the recession, you must be intentional about your network. Join business associations or networking groups to access resources, knowledge and support. Engage with mentors or industry peers who have experience navigating economic downturns.

    You can also consult with financial advisors or consultants who can guide you through financial planning and risk management. The government may also create palliative measures that founders can explore during the recession.

    5. Maintain a positive mindset

    The mindset of the founder will greatly affect how everyone in the company reacts during difficult times. This is why staying calm at all times is one of the qualities that successful entrepreneurs share.

    Be sure to cultivate a calm spirit and positive mindset. It’s important to start building this quality early — you don’t need to wait until there’s an economic downturn before you try to exercise calmness and positivity. At the time, it might be difficult for you to even realize that you’re being reactive.

    Related: 3 Key Strategies That Helped My Business Grow During a Recession

    For your business to survive, you have to meticulously and realistically evaluate your chances. You should begin by drawing a vivid line between your business and personal finances. With a clear view of your business’s financial state and projections, you can make contingency plans and keep track of your survival and growth strategies.

    Importantly, successful entrepreneurs have a solid network of supporters and advisors. It will be smart to connect with them and exchange ideas that might be helpful for navigating a recession. And keep in mind that a positive mindset is worth a million tons of gold. Other entrepreneurs want to associate with people who make them believe that everything is figure-out-able.

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    Judah Longgrear

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  • Why Focusing on KPIs Too Much Can Backfire | Entrepreneur

    Why Focusing on KPIs Too Much Can Backfire | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Bureaucrats love their key performance indicators (KPIs) – metrics that presumably allow them to gauge the health of various business activities. And to be fair, they can be quite valuable as part of an overall strategy that prioritizes data analytics and data-driven decision-making.

    But listen. There’s a big problem with glorifying KPIs — or at least relying on them too much. And too many companies today are falling into this trap.

    The “right way” to see KPIs

    Okay, let’s be reasonable here. KPIs can be useful — and powerful for guiding an organization’s direction. When used properly, KPIs are objective, easy to interpret and measured with specific intent. These are truly reliable data points that can be used to empower decision-making.

    However, even in this hypothetical perfect scenario, it’s important for organizational leaders to use these metrics properly. You should never use a single metric to fuel your decision-making, and you shouldn’t use metrics alone to guide all of your visions for the future of the company.

    You can think of KPIs as being different types of food in a well-balanced diet, or as different assets with different strengths and weaknesses as part of your overall investment portfolio. They’re incredibly useful, but they’re only a portion of your strength in organizational decision-making.

    Related: How Key Performance Indicators Can Actually Kill Key Performance

    The KPI monsters we’ve created

    Why have we deviated from this vision? There are a few explanations worth exploring. Personally, I think it’s mostly about disproportionate evaluation. Collectively, we’ve come to see KPIs as being more powerful and informative than they actually are. That’s not to say that they’re not powerful or not informative; this is merely an assertion that we’ve overestimated and misinterpreted them. Let’s take a look at some of the specific ways this manifests.

    An exercise in vanity

    Vanity metrics are a prime example of how KPIs can be misused and misinterpreted. Put simply, vanity metrics are metrics that make you feel good about a specific outcome or strategy, without really providing information on how things are running.

    For example, follower count is a commonly tracked vanity metric in social media marketing. It does have some value, and it certainly feels good to see your follower count increase. But your number of followers has little to do with more measurably impactful things like follower engagement, brand awareness, conversions or revenue generated.

    Ambiguous meanings

    Sometimes KPIs carry ambiguous meanings. Let’s take a commonly used one in the customer service and customer experience world: net promoter score (NPS). Hypothetically, NPS helps you estimate consumer sentiment, and you measure it by asking people how likely they are to recommend your business to others. But sometimes, these answers have little to do with consumer sentiment. It’s nice to know that some of your customers would hypothetically recommend your business to others, but why would they do this? What’s driving them? And how likely are they to follow through on this?

    There are tough complexities to work out with almost any KPI; attempting to boil down large, complex topics into a single measurement is an exercise in futility.

    Misleading data

    You can use data to support just about any argument you want. For example, let’s say we’re using data to compare the effectiveness of different marketing strategies. There is one strategy that’s very challenging to pull off, but if you use it successfully, it’s incredibly powerful. If you want to make the argument that you should use this strategy, you can cherry-pick the best case studies and prove how powerful it can be. If you want to make the argument that you should not use this strategy, you can take a measurement of the average results and show that typically, this strategy isn’t worth using.

    In this way, data points can sometimes become crude tools with which we simply assert our previously formed opinions. In their best applications, KPIs should challenge us and force us to think critically.

    The almighty incremental change

    Embedded growth obligations (EGOs) drive countless companies forward, forcing them to grow, grow, grow. And on a smaller scale, organizations are sometimes held back by a focus on incremental change, shackled by the KPIs that guide them.

    Once you identify that a KPI is important, the organization becomes incentivized to keep pushing that KPI higher. The goal is usually to see a change of at least a few percentage points after each predefined time period. Obviously, incremental growth is a net positive in most cases, but sometimes, it’s better to take a short-term KPI loss in pursuit of a more fundamental, disruptive change that leads to better long-term results.

    In other words, obsession over incremental changes can limit the true potential of organizational development.

    Lack of actionability

    One final problem to note about KPIs is that they sometimes lack actionability, or a “so what” factor. It’s great that your organization is seeing higher CSAT, but what does that mean for the organization, how should it change your decision-making, and where do you go from here?

    None of this is meant to suggest that you should stop tracking KPIs or using them as part of your approach to organizational decision-making. But we need to get real about our obsessiveness and misuse of these sometimes-trivial and sometimes misleading data points.

    Let’s be better data analysts.

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    Anna Johansson

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  • How to Create the Ultimate Virtual Sales Event | Entrepreneur

    How to Create the Ultimate Virtual Sales Event | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s digital age, businesses are harnessing the power of virtual sales events to drive growth. I’ve personally generated over a million dollars in revenue through live virtual events I call challenges on Zoom, attesting to their effectiveness. These types of online gatherings, ranging from webinars to virtual trade shows, offer a global reach, making them an essential part of many businesses’ sales strategies.

    According to Grand View Research, the global virtual events market size was valued at $77.98 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. This statistic underscores the growing importance and potential of virtual sales events in the business landscape.

    Related: The New Opportunities That Virtual Event Are Bringing to Businesses

    Planning and execution

    The success of a virtual sales event hinges on strategic planning and execution. Start by defining the event’s purpose. Is it to introduce a new product, educate potential customers, generate leads, or build brand awareness? A clear objective will guide the planning process and help determine the most appropriate format for the event.

    Next, consider your target audience. Understanding their needs, interests and online behavior will help you tailor the event to their preferences, increasing the likelihood of engagement. For instance, if your target audience is tech-savvy millennials, incorporating interactive elements such as polls, Q&A sessions or virtual reality experiences can enhance their engagement.

    Choosing the right technology platform is also crucial. The platform should be user-friendly, reliable and capable of supporting the features you plan to include in your event, such as live streaming, chat functionality, or virtual booths. Additionally, it should provide analytics tools to measure the event’s success.

    Related: 5 Ways to Keep Engaged During Boring Virtual Meetings

    Engaging customers

    Engaging customers during a virtual sales event can be challenging, given the distractions of the online environment. However, there are several strategies you can employ to keep your audience engaged.

    Firstly, deliver valuable content. Whether it’s a product demonstration, an educational webinar, or a panel discussion, ensure the content is relevant and valuable to your audience. Use storytelling techniques to make your content more engaging and memorable. For example, share success stories of clients who have benefited from your product or service.

    Secondly, encourage interaction. Interactive elements such as live chats, polls and Q&A sessions can make your audience feel involved and maintain their interest throughout the event. You could also consider gamification strategies, such as quizzes or competitions, to add an element of fun and increase engagement.

    A survey by Bizzabo found that 93% of event marketers plan to invest in virtual events moving forward. This statistic highlights the recognition among marketers of the value of engaging customers through virtual sales events.

    Leveraging technology

    In the era of remote work, technology plays a crucial role in the success of virtual sales events. From the platform used to host the event to the tools employed for audience engagement, technology can enhance the event experience for both the host and the attendees.

    For instance, using a reliable and user-friendly platform like Zoom can ensure a smooth and seamless event experience. Zoom offers features like breakout rooms for smaller group discussions, virtual backgrounds for a professional appearance and recording options for those who might miss the live event.

    Tools like chatbots can also be used to answer common queries, freeing up your team to focus on more complex questions. Polling and survey tools can be used to gather real-time feedback, helping you understand your audience better and make necessary adjustments.

    Related: Budget Planning And Execution Tips For Virtual Events

    Measuring success

    The success of a virtual sales event is not just about the number of attendees or the immediate sales generated. It’s also about the relationships built, the brand awareness created and the potential leads generated for future sales.

    To measure the success of your event, consider metrics like attendee engagement (e.g., participation in polls or Q&A sessions), the number of new leads generated and the conversion rate of these leads into customers. Also, consider the feedback received from attendees. This can provide valuable insights into what worked well and what could be improved in future events.

    Conclusion

    In conclusion, virtual sales events offer a powerful strategy for business growth in the remote era. They provide an opportunity to reach a global audience, engage customers in a new and exciting way and generate leads and sales. However, to leverage these events effectively, businesses need to plan carefully, engage their audience, leverage technology and measure their success.

    As someone who has experienced the power of virtual sales events firsthand, I can attest to their potential. With the right approach, these events can drive sales, build stronger relationships with customers and create a sustainable model for business growth.

    In the end, the success of a virtual sales event lies not just in the technology used or the sales techniques employed, but in the value provided to the attendees. As the saying goes, “People don’t buy what you do; they buy why you do it.” You can ensure that your virtual sales events succeed by providing valuable content and a memorable event experience.

    Moreover, the shift to virtual sales events is not a temporary trend but a reflection of the changing business landscape. As more businesses embrace remote work, virtual sales events will continue to play a crucial role in sales strategies. Therefore, mastering the art of hosting successful virtual sales events is not just beneficial but necessary for businesses to thrive in the digital age.

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    Joel Yi

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  • How to Use Technology to Run Your Company as an Executive with a Limitation | Entrepreneur

    How to Use Technology to Run Your Company as an Executive with a Limitation | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you suffer a limiting condition, such as fading eyesight, mobility issues or total vision loss, technology can be the difference between leading in business and falling behind. Many executives experience common ailments such as farsightedness or broken limbs, temporary setbacks such as recovery from eye surgery or more permanent disabilities like hearing loss or blindness. In these situations, knowledge is power. I wouldn’t be able to run my company without technology.

    I was sixteen when the doctor told me I would be blind by forty. A devastating retinitis pigmentosa diagnosis brought a drastic new vision of my future. I knew the disease was progressive, so I had some time to research companies and products supporting people with vision impairments. As I’ve adapted to new tech, I am sharing some tools and in a small way, paying my knowledge forward. Programs have evolved, and I rely on several key software apps and devices to support me in my role as a blind CEO. Here are a few that get me through each day.

    Related: What Vision Loss Has Taught Me About Balancing Extremes in Business

    Screen enhancement

    Computer accessibility solution technology, such as Zoomtext, makes it possible for anyone with vision impairments to use their computer screen, assuming they can still use their mouse as well. Freeware and shareware programs are cheaper, but Zoomtext is more than a screen magnifier.

    The screen readability at high zoom levels is made possible by AI Squared technology that eliminates blurry text on freeware programs. With Zoomtext, you also get color-changing and enhancement capabilities. Vision impairment can strike anyone at any time. Looking into screen enhancements before you need them can help preserve your vision, preventing simple eye strain.

    Related: 5 Types of Technology All Entrepreneurs Need Access to in the Digital Age

    Voice accessibility technology

    My partner in running my company is JAWS or Job Access With Speech. Like Zoomtext, JAWS is a screen reader, but the advantage is that it works without a mouse, either with text or Braille. As long as the information is on a Word document or Microsoft Outlook email, JAWS will read it; in fact, JAWS and I get up early in the morning to start reading emails.

    The voice access tech allows you to send replies and compose Word documents. There are several levels of service at a variety of price options. Someone with significant vision loss or a legally blind business leader can still bring their heart, mind and talent to corporate teams, keeping communication channels open.

    Related: Employers Need Workers. Now They’re Realizing The Untapped Talent of These People.

    Tech readers

    Be My Eyes provides volunteers who can help visually-impaired persons “see” their environment. You can be connected to a live person who can see through the camera via your phone, assisting with navigating your surroundings or helping you do your work. If you’re having trouble finding a suite number or rooms at a conference, they can help. As a legally blind person, I might need help crossing a street, especially if my guide dog, Frost, can’t go with me someplace.

    AIRA, a paid service, can pull up a GPS map to pinpoint your location to help in navigation. AIRA uses screenshare; a remote person can take control of your computer to help do things directly, such as conducting research or filling out online forms. Tech readers can reveal what a piece of mail says, what a sign says, or read a document. Be My Eyes is developing a virtual assistant via the new Chat GPT4 language model. Both tech readers can help the visually impaired and business leaders with broken limbs or fingers to keep the recovery period productive.

    Orcam is about two inches in length, and it is tied to your sunglasses. After it magnetizes to the glasses, you can tap the Orcam, and it will take a picture of what you’re looking at, reading out everything it sees, from items on a shelf to the pages of a book; all ages can use it. Orcam can read bills as well as what’s being shown on TV. This is especially important if the announcer says, “Call the number on your screen,” without reading the digits. Now, you won’t miss out on infomercial purchases.

    Another tool, Cashreader, works with the iPhone camera. You can put any dollar bill up to the camera, and Cashreader will tell you the denomination. The tool reads not only dollars but all foreign currency.

    If you’re traveling, you now have options to get quick visual support, and on days you work long hours, you can lean on these tools to help you complete projects, work seamlessly in multiple locations, and always feel in charge of your environment.

    Labeling

    I invested recently in barcode labels and ID Mate; the latest version is I.D. Mate Galaxy. I can’t see the contents of closets and storage areas in my workplace. Something as simple as finding a file in a cabinet is a breeze with I.D. Mate. The barcode system takes a bit of time investment: You can have an assistant record the contents of storage bins, filing cabinets, boxes of documents, etc.

    All you do is point a reader at the barcode, and you will hear your assistant’s voice reading the information you need. This tech makes organizing your life a reality. You can now keep track of model and serial numbers on hardware or other information in fine print on machinery, equipment or containers. Barcoding and labeling save time, taking the mystery out of finding the things you need when you need them.

    Related: 5 Ways ChatGPT Is Empowering People with Disabilities

    Always new tools to try

    Companies and university engineers are developing new tools daily to help disabled persons to do things they couldn’t do before. There is technology to help quadriplegic people use their cell phones, response-to-text tools for people who are deaf or hard of hearing, and tech to help wheelchair users find accommodating facilities.

    Universities are embracing assistive tech on campuses across the country. Hundreds of technology aids and new products come out every day, designed to help you get through each day’s challenges. Anyone injured or dealing with low mobility, vision loss, or hearing impairment can work smarter; you can run your company, keeping the flow of work moving forward. If you’re open to new technology, you can emerge from the learning curve with a new sense of freedom that allows you to take charge of every area of your life.

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    Nancy Solari

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  • Fuel Your Innovation and Entrepreneurial Spirit With These 3 Tips | Entrepreneur

    Fuel Your Innovation and Entrepreneurial Spirit With These 3 Tips | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Innovation is the lifeblood of any economy. It is what drives economic growth, creates new jobs and improves the quality of life for everyone. And entrepreneurs are the driving force behind innovation. Their creative brilliance and passion for pushing boundaries inspire and drive the world’s most extraordinary advances.

    Whether in the technological, scientific or social space, entrepreneurs serve as creative disrupters who challenge conventional thinking, break away from accepted frameworks and create new ways of doing things. Entrepreneurs are the ones who see opportunities, whereas others see problems. They are the ones who are willing to take risks and experiment with new ideas. They are the ones who are not afraid to fail. They understand that it’s not about what is destroyed; it’s what is created.

    They know there must be changes in technology, regulations and how consumers behave so that things can be done much more efficiently. Subsequently, they have shaped the world incredibly, driving innovation and change.

    Related: Don’t Let These Myths About Entrepreneurship Hold You Back

    The role of entrepreneurs as creative disruptors

    Creative disruptors can be identified as those who use their entrepreneurial talents to go beyond what is already known. By challenging the status quo and pushing the boundaries, they are able to come up with solutions, products or services that have never existed before. Creative disruptors often identify problems that need solutions and use their innovative mindsets to build entirely new business models or philosophies that are then adopted by others.

    Creative disruptors are also highly persistent in the face of opposition and challenges. While developing and growing their projects, they often face a range of critiques and naysayers. They not only refute these critiques with their innovative solutions but also use them as fuel to drive their projects forward. In doing so, they demonstrate the value of creative thinking and its ability to truly disrupt paradigms and bring about positive outcomes for businesses, the economy and society in general.

    The unique gift of entrepreneurs’ disruptive vision and energy can be seen in almost every sector. Take technology, for example. In recent years, there has been an explosion in the number of tech startups that have disrupted traditional industries and created game-changing products, services and business models. These entrepreneurs have built products that have transformed our lives in many ways, from streaming services to ecommerce to apps. The products and services created by these entrepreneurs have helped to drive innovation and create entirely new markets, paving the way for the next generation of business leaders.

    Related: How Curiosity And Passion Fuels Entrepreneurship And Innovation

    In addition to technology, entrepreneurs are also responsible for pushing the boundaries and disrupting many other industries, such as transportation, healthcare, education, energy and more. Innovative solutions such as ride-sharing platforms, online educational solutions and alternative energy sources are just a few of the products and services created by entrepreneurs and are now shaking up the respective industries.

    The examples of success and value entrepreneurs create show that they are indeed critical to driving progress and innovation worldwide. They may not be the only catalysts for change, but they are certainly some of the most important players in the process. They are the ones who take risks, challenge accepted wisdom and refuse to settle for what has already been done before. They are the creators and disrupters who move us forward in invaluable ways.

    The most successful and influential entrepreneurs are those who are driven by the belief that they can make a difference in the world. Through their passion for pushing the limits, these entrepreneurs create, disrupt and innovate, allowing us all to reach new levels of progress and success. Whether it’s a new product, service, business model, or revolutionary way of thinking, entrepreneurs are the ones who will take it to the next level. And they will keep pushing the boundaries until the world knows and celebrates the unique value they bring.

    Related: The Top 5 Reasons Why Entrepreneurship is Difficult (and How to Overcome Them)

    How entrepreneurs fuel disruptive innovation

    In today’s world, innovation is more important than ever. However, not all brilliant business concepts are disruptive. And not all disruptive ideas are excellent. Chasing disruption for its own sake is a form of sugar-rush entrepreneurship that doesn’t produce anything worthwhile in the long run. The best form of disruption is when a compelling new product or service solves a need that consumers weren’t even aware they had. Here are some of the ways entrepreneurs can do this:

    Related: 4 Reasons Why Most Entrepreneurs Still Hesitate to Use ChatGPT

    Identifying new opportunities

    Entrepreneurs are continuously looking for fresh changes in their surroundings. They constantly look for methods to enhance current goods and services or develop completely new ones.

    1. Taking risks. Risk-taking is not a problem for entrepreneurs. They are prepared to take the calculated risk of failing to succeed because they know that failure is a necessary part of the entrepreneurial journey.
    2. Experimenting with new ideas. Entrepreneurs aren’t hesitant to try out novel concepts. They know that experimenting with various ideas and seeing what sticks is the greatest method to develop a winning concept.
    3. Building connected networks. Entrepreneurs know that they need to connect with others to develop their ideas. Networking with new clients, partners and investors remains a constant activity for them.

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    Jon Michail

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  • Career Tips To Getting Ahead | Entrepreneur

    Career Tips To Getting Ahead | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    The 2020s are well underway, and it’s obvious that the job market is changing in deep, permanent ways. More professionals are seeking to work as independent contractors and not for corporations. Many new college grads are choosing to work in the IT field. This way, they stay in the mainstream of employment trends.

    The demand for digital workers has never been higher. But there are other reasons why career-enhancing boosts make sense in the digital era.

    Related: The Burden of Going Back Into The Office Is Not as Bad as You Think — It’s Worse.

    One of the most profound changes in society has been the shift toward remote jobs or careers. They allow workers to remain at home while doing whatever it is they do. Telecommuting has caused vast numbers of professionals to seek the assistance of career consultants to discover a worthwhile field. Others are finding that refinancing school loans is the answer to building up personal finances. Additional tips are related to creating better resumes, crafting stable retirement plans, and picking up continuing education courses to bolster chances for a promotion. Here are more details about the top tips.

    Consult with an expert

    There’s no better way to get a reality check on your career direction than by speaking with a vocational counselor. Whether you’re fresh out of school or have been working at a job for several years, it can be immensely helpful to get a second opinion from an objective and experienced person. Many in their twenties discover that a new perspective on their career trajectory is like a breath of fresh air. This is particularly true for young adults who are looking for another direction. Or those who feel stuck in an industry that isn’t challenging them enough.

    Related: When I Give a Talk to An Empty Room, It’s Frustrating, and Even Embarrassing. But Here’s What It Means If Your Career Isn’t ‘There Yet.’

    Refinance college loans

    One of the smartest career-enhancing moves a working person can make is to refinance student loans to lower monthly payments. Whether you’ve been out of school for a year or a decade, it can be to your distinct advantage to refinance college loans, no matter how many you have. What’s the big deal about the strategy, and why do so many people decide to do it?

    For starters, refinancing is an efficient tactic that gives the borrower a brand-new loan. One with a completely fresh set of terms, rates, and conditions. There’s even more time to pay off the entire balance, which is another benefit of the move. Second, a refinanced loan has lower monthly payments than its original counterpart. It makes the new agreement easier on a person’s budget.

    Pay for a resume update

    It doesn’t cost a fortune to hire a professional resume writer. Whether you are adding more studies to your resume or simply more skills and experience you can use the expert’s skills to create a document from scratch or rework your existing one. The wisdom of hiring a pro writer is that you can choose someone who specializes in your field, has years of experience, and is willing to make several revisions before producing a perfect resume. Then, it’s up to you to decide how to leverage the power of a great resume.

    Related: These Are the Fastest-Growing Side Hustles. No. 1 Is Something You Might Already Do.

    Keep in mind that a piece of paper or digital file will not land you a job. The purpose of a career-enhancing resume is to get an interview. From that point, the candidate must know how to negotiate with a hiring agent for the right starting salary and conditions of the new position. But everything begins with an excellent resume. Don’t skimp on the expense.

    Make a Detailed Retirement Plan

    Don’t fall into a false sense of security because you have an employer-sponsored 401(k) retirement plan or have set up an IRA through a bank. Those are both wonderful things to have, but it’s better to be an active participant in building a retirement plan that suits your financial needs.

    What’s the answer? Begin by sitting down with a CPA (certified public accountant), CFP (certified financial planner), or another finance pro so you can hammer out a detailed retirement plan. Spend time focusing on your acceptable level of risk, the amount of money you want to have after retirement, all possible tax implications, and considerations that relate to your family’s situation. Many young people choose to add a life insurance component to their plan to provide for surviving family members.

    Explore online certificate programs

    Large numbers of employers are willing to pay some or all the cost of online certificate courses that are directly related to a worker’s job. If you’re not sure what’s available, speak with a supervisor or HR agent to learn about the many certificates you can get online. Depending on the field, classes can last from a few hours to several months in duration. Whether you’re in sales, accounting, engineering, medicine, nursing, or work for a government agency, there are dozens of career-enhancing certificates to choose from. Play it smart by getting written approval from a supervisor before committing to a specific course of study, whether it’s online or in person.

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    Under30CEO Staff

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  • The Benefits of Contrarian Real Estate Investing | Entrepreneur

    The Benefits of Contrarian Real Estate Investing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Contrarians, in contrast to most investors, prefer to go against the prevailing market sentiment. By doing so, they seek out opportunities that others may overlook and attempt to capitalize on them. In this article, we will explore the concept of contrarian investing, its benefits, and how it can be applied to the real estate market.

    Contrarian investing involves adopting an approach that goes against the grain of popular opinion and prevailing market trends. Often referred to as “value investing,” contrarianism is based on the belief that markets are not always accurate or rational in their pricing of assets.

    Rather than following the crowd, contrarian investors seek out undervalued assets that others may overlook due to pessimism or lack of awareness. By taking a different stance, contrarian investors aim to identify undervalued assets and capitalize on their potential for future growth.

    Related: How to Profit From Value Investing

    The current real estate landscape

    The housing market in recent years has experienced significant challenges. Rising property prices and high mortgage rates have made it difficult to find income properties or affordable homes for renovation and resale.

    These market conditions can deter many conventional investors. However, for contrarian investors, these challenges can present unique opportunities.

    Contrarian perspectives in real estate

    Contrarian investors in the real estate market recognize that market fluctuations and rising interest rates are part of the long-term investment landscape. They understand that real estate typically outperforms other assets in terms of value appreciation and is less affected by short-term volatility compared to the stock market.

    Contrarians also consider factors such as population growth, economic development potential and property trends to identify potential opportunities that others may overlook.

    Contrarian real estate investors also look at regions that are unpopular or not trendy among most investors today. These areas can have hidden potential for economic growth, job creation and population growth. By looking beyond the popular, contrarian investors can capitalize on the potential gains that others may miss.

    Related: 5 Amazing Tips on Turning Real Estate Into a Real Fortune

    Benefits of contrarian investing in real estate

    1. Lower competition: Contrarian investors thrive on less competition and lower pricing. When popular sentiment is negative or hesitant, there is often reduced competition for real estate opportunities. This can provide contrarian investors with a better chance to negotiate favorable deals and secure undervalued properties.

    2. Favorable interest rates: Although interest rates have risen in recent years, they are still historically low compared to average rates over the past few decades. Acknowledging that interest rates are expected to rise further, contrarian investors understand the long-term nature of real estate investments and how today’s rates can still be considered attractive.

    3. Creative financing: Contrarian investors have the ability to think creatively and explore alternative financing options. This mindset can lead them to uncover financing strategies that others may not have considered, further enhancing their ability to seize valuable investment opportunities.

    4. Wealth creation through appreciation and cash flow: Contrarian investors recognize that real estate investments offer the potential for both short-term cash flow and long-term appreciation. By selecting properties that offer positive cash flow and have the potential for future value appreciation, contrarian investors can build wealth over time.

    5. Diversification: Contrarian investing can provide additional diversification to a real estate investor’s portfolio. By considering demographically or geographically different markets than conventional investors, contrarian investors have the potential to earn additional returns from diversification.

    Implementing a contrarian strategy

    Successful contrarian investing in real estate requires thoughtful analysis, research and the ability to identify opportunities others might miss. Contrarian investors should keep an open mind, constantly seek creative financing options, stay aware of market trends and economic indicators and conduct thorough due diligence on potential investment properties.

    It’s worth noting that contrarian investing can be a high-risk strategy, particularly if not implemented properly or if due diligence is not conducted well. However, by identifying undervalued assets that have the potential to appreciate with time, contrarian investors can generate substantial returns on investment that they might not achieve using traditional investment strategies.

    Related: This Boutique Father-Son Investment Firm Thrives By Ignoring Conventional Wisdom

    Contrarian investing in real estate is a bold approach that can potentially provide significant rewards for investors. By going against the crowd, contrarian investors have the opportunity to discover undervalued properties and capitalize on their potential for long-term growth.

    As with any investment strategy, it’s crucial to conduct proper research and analysis to make informed decisions. By embracing a contrarian mindset, aspiring real estate investors can set themselves apart and unlock unique opportunities in the market.

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    Roy Dekel

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