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Tag: Growth Strategies

  • How to Build a Business That Lasts 100 Years | Entrepreneur

    How to Build a Business That Lasts 100 Years | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Limiting your company vision to 5 or 7 years will force you to chase short-term metrics to impress investors, credit organizations and clients. The focus, however, is quite different when you have a century-long mindset and realize your company will still exist in 2122. Businesses with a 100-year vision should focus on building a solid foundation. It’s like launching a long-term space exploration ship equipped with all the supplies instead of just sending it out into space with no thought to how it will survive.

    Education-oriented organizations especially have a great deal of responsibility on their founders’ shoulders. You take nine months off from your students for the learning process and influence their career paths, which might shape their lives for the next 10, 20, 30 years, and beyond. Eventually, we are building something massive that can compete with universities on a similar level or even replace them.

    Here are several crucial strategies for building a long-term company.

    Related: Be an Innovative Leader or Risk Your Company’s Longevity

    Keep long-term goals in mind, not short-term revenue metrics

    It is crucial for companies that aim at long-term goals to focus on complex, costly processes that will pay off in the long run. Although it might take more time and money than you would otherwise spend, it is worth the effort.

    An excellent example of the short-term metrics investors monitor for an edtech company is the completion rate of the course. Although we focused on this metric since day one as an ed tech company, we are currently not meeting the benchmark. This metric would have been the priority of the company targeted to the short-term revenue, but as we aim to help people find a job, we’ve chosen not to fix it directly.

    Most adult students are employed and must pass the course at their own pace. If we were focused on metrics, we would have told our clients to finish the course in 9 months or be expelled. In contrast, we offered clients a solution tailored to their schedule instead of pushing them to complete the course faster. Rather than focusing on short-term investor metrics, we build products to suit the needs of our clients.

    Related: How Entrepreneurs Can Achieve Longevity

    Stay on top of long-term global trends

    Long-term-thinking entrepreneurs should always watch long-term global trends to prepare ahead of time or adjust their company’s direction accordingly. Here are several global trends to be aware of:

    • Automation and AI will dramatically reduce human labor: According to the new World Robotics report, an all-time high of 517,385 industrial robots were installed in factories worldwide in 2021, up 31% from the previous year, with 74% of all newly deployed industrial robots located in Asia, which has the world’s most significant industrial robot market. According to the World Economic Forum’s Future of Jobs report 2020, 85 million jobs might be replaced by machines by 2025.
    • Anti-globalization: In 2019, approximately 3 million migrant workers came from ASEAN countries, according to the International Labour Migration Statistics (ILMS) of the International Labour Organization. The data on ASEAN nationals going abroad for work indicates Vietnam (152,530) is the leading country among those providing data, followed by Cambodia (68,040) and Lao People’s Democratic Republic (54,091). One of the ways to address this issue can be partnering with local employers to provide students with employment opportunities within the businesses.

    For a company striving for 100-year history, it’s not wise to apply any trend right after it appears. For example, we currently don’t teach blockchain or metaverse developer professions at my company, even though the trend is emerging. There is no certainty as to what extent companies will migrate into virtual worlds nor how the adoption of the metaverse and cost reductions for wearable devices will proceed. As this will develop in the future, there’s no point in jumping on the bandwagon now if you’re not building the metaverse yourself.

    Don’t skimp on your service

    You must go the extra mile for your clients, no matter what type of business you run. It may mean spending more money and taking a greater risk, but the long-term benefits are worth it. If we talk about education, the feedback the students get is key — otherwise, they could’ve watched open-source videos.

    Another perk that costs you extra but makes the product better in the long term is helping students get employed. Refocus students are guaranteed a job or a refund at the end of the course. We do this to ensure that our graduates can find employment. For this, we assist students in their job searches, interview preparation, and application process.

    Related: 5 Tips for Improving Client Relationships

    Plan ahead for expansion

    If you have a global expansion plan, consider the development of countries, their education needs and when to begin targeting those markets. All processes are in place, and you should know the exact timing for expansion.

    Another part of long-term planning is integrating several partners and gathering information from modern tech companies on what skillsets are needed from potential employees. We have decided to invest in it from the beginning because it’s an essential step towards embracing more significant flows of students in the future.

    Related: 3 Tips for Global Business Expansion

    Antifragility

    According to Nassim Nicholas Taleb, an antifragile system becomes more resilient when exposed to stresses, shocks, volatility, noise, errors, faults, attacks or failures. It is vital to envision your company so that unfavorable events would strengthen it rather than weaken it. Antifragility is essential for a business to survive in volatile and uncertain conditions.

    One way to adhere to this philosophy is to conduct so-called debugging meetings to identify why we failed at some point and what needs to be changed. The results should be included in a “playbook,” outlining what to do and what not to do, whether it is launching a new marketing campaign or entering a new market.

    To survive storms, you need to be able to predict the bad moments and strategize accordingly. For example, as part of a strategy session, discuss the possibility of surviving a nuclear or third world war as a company. For us, the conclusion was that we would still exist but with a microservices-based architecture.

    Final words

    It’s hard to predict what the future will look like in 100 years. However, regardless of how education is delivered, it will be in demand forever. In any form, whether through the metaverse, VR, augmented reality, or any other cutting-edge technology, build the education spaceship that will explore the unknown depths of the future and improve people’s lives for decades.

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    Roman Kumar Vyas

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  • How to Write Job Advertisements to Attract Remote Workers | Entrepreneur

    How to Write Job Advertisements to Attract Remote Workers | 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.

    Writing job advertisements to attract remote workers requires a few optimizations that can be easy to make. Modern workers seek opportunities that offer flexible hours and the ability to work in any location. Remote work is becoming more of the standard and offering flexible working options is an excellent way for businesses to stay competitive in the job market.

    Keep in mind it’s still a job listing, so you need to effectively communicate the benefits of working remotely and the job requirements. Consider the following tips for writing job advertisements to attract remote workers.

    List your openings on job search sites.

    Job seekers start their searches on popular job sites like ZipRecruiter to simplify the hiring process. ZipRecruiter is a top site among hiring managers and job seekers because of its easy-to-use platform, AI matching technology, and the fact that it’s the #1 rated job site in the U.S.1.

    Candidates can select “remote” and “hybrid” filters when conducting their job searches, so having a quality listing can ensure your job opening appears at the top of the search results.

    Communicate the remote nature of the job.

    Be sure to specify that the job is a remote position and include details about the type of work environment and equipment that will be required. If the job advertisement doesn’t say remote up front, many people will assume that it’s not.

    Highlight the benefits of working remotely.

    Make it clear that the job offers the flexibility and autonomy of working remotely. Mention any perks or benefits that come with the position, such as a flexible schedule or the ability to work from anywhere.

    Clearly outline the job requirements.

    Your job advertisements should clearly state the skills, experience, and qualifications that are required for the position. This will help you attract the right candidates and weed out those who are not a good fit.

    Use language that resonates with remote workers.

    Use language that speaks to the benefits and challenges of working remotely. For example, mention the ability to work from anywhere or the need for strong self-motivation and discipline.

    Include information about your company culture.

    Remote workers often place a high value on company culture. In your job advertisements, include information about your company’s values and mission to help attract candidates who are a good fit.

    By following these tips, you can write job advertisements that effectively attract remote workers and find the right candidates for your open positions. Remember to be clear and concise and focus on the benefits and challenges of working remotely to attract the best candidates.

    1 Based on G2 satisfaction ratings as of January 1, 2022

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    Entrepreneur Deals

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  • 4 Ways to Prepare Your Product Business for a Recession | Entrepreneur

    4 Ways to Prepare Your Product Business for a Recession | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you ever gone through a severe weather warning? Whether it was preparing for a blizzard, a hurricane or maybe even needing toilet paper during a pandemic, the panicked rush to the local grocery store is a sight to behold. Shoppers frantically drive carts and carry bags piled with canned goods, paper towels, toiletries, batteries, water gallons, pet supplies and so many “essentials.” The checkout lines are swarming, the urgency of the situation creating an “every man for himself” mentality.

    It’s chaos preparing for potential chaos.

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    Katie Hunt

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  • Instantly Build Rapport With Your Clients Using These 5 Hacks | Entrepreneur

    Instantly Build Rapport With Your Clients Using These 5 Hacks | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Building a good relationship with a client, built on mutual trust and respect, can take a long time. However, there are ways to kickstart the process and create a rapport far more quickly. That rapport can then be the foundation on which your years-long working relationship is based. How do you connect quickly with someone you’ve just met?

    When it comes down to it, your client wants most to know that you’ve heard and understood what they’re saying to you. The quickest way to demonstrate that you’re on the same page is to reiterate what they’ve said. There are a few good ways to do that.

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

    1. Reflecting

    In reflecting, you pick a few critical words your client has said and use them in your reply. For instance, say your client wants to expand their business and branch out to different cities. They might say to you, “I feel like we’re stagnating where we are. I hear there are great markets in Chicago and St. Louis, and I want to explore that.”

    You might reply, “I’ve heard the same thing about Chicago and St. Louis. If you feel you’re stagnating, then the time has probably come to explore those options and see what new opportunities you can find.”

    It seems simple, but it’s a proven technique for fostering a connection. This was demonstrated in a study conducted in Holland with waitstaff at restaurants. It was found that when servers repeated a customer’s order back to them before bringing it to the kitchen, they earned nearly twice as much in tips, on average, than when they didn’t repeat it. Reflecting a client’s needs back to them shows that you understand what they want and are on the same page.

    2. Paraphrasing

    Reflecting is an excellent technique for shorter conversations, but the longer you talk, the more noticeable it becomes if you’re repeating the same things your client is saying back to them. That’s where paraphrasing comes in.

    Paraphrasing is similar to reflecting, except instead of picking out keywords and repeating them, you restate the client’s basic ideas in your own words. This helps to show them that you’ve been listening and understand what they’re saying.

    It’s most effective if you phrase it as a question. So, your client says, “I don’t want to spend too much money, but I do want something that’s going to last me a while.”

    You might respond, “So, if I understand you correctly, you want something reasonably priced but not of poor quality that you won’t have to replace right away?”

    Phrasing it as a question shows that you’re actively engaged in the conversation. You’re not telling the client what they want. You’re listening and making sure that you’re on the same page. This makes them feel heard and shows them that their opinion is valued, which brings me to the next method of developing a rapport with your clients.

    Related: The 7 Stages Of Customer Relationship Management

    3. Identify and acknowledge your clients’ emotions

    If your client is angry or frustrated, your first instinct will likely steer them away from those emotions. You don’t want angry clients; you want happy, satisfied clients. However, trying to steer or maneuver a client’s feelings to a specific place can seem insensitive and unempathetic. Instead, if you want to build a rapport with your client, it’s important to identify those emotions, acknowledge them and validate them.

    4. Meeting people where they are

    Meeting someone “where they are” means bridging the gap between your own expectations and where the other person is coming from. It means intentionally listening to understand their values, needs and what they are really saying. Buddhists have a saying, “holding the space,” which means the same thing. It’s about being truly present in the moment.

    Having a simple chat with someone can sometimes reveal what a person really needs if you have the patience to just observe them. Be mindful of their body language; their behavior may tell you everything you need to know. And it’s also meeting them where they are, in a way.

    Dealing with clients and their emotions requires a delicate hand. If you make them feel like they’re not allowed to feel a certain way, they can come to resent you. Instead, you need to meet them where they are. If someone is happy, celebrate that happiness with them. If someone is angry, let them be angry for a little bit and show that you understand why they’re angry. This will help your clients to feel seen and help you connect with them better.

    5. Identify the root of their emotions

    In identifying your clients’ emotions, it’s essential to try to understand what’s causing them as well. If it’s someone brand new you’ve had little or no interaction with before, and they’re angry right out of the gate, then you’re likely not the cause of their anger.

    Maybe they’re frustrated by the problem they’ve come to you to solve. Maybe they spent a long time on hold before you got to them or they had difficulty parking on their way up to see you. If you talk to them for a bit, without judgment, they might open up and tell you what’s happening or at least provide clues you can use to get the gist.

    Once you’ve identified their emotions, you need to validate them — even before identifying the cause. You can use a few phrases to help show you care. However, there are also a few pitfalls to avoid.

    Related: The 5 Secrets of a Validating Apology

    “I’m sorry you’re angry” or “I’m sorry you feel that way” can sound condescending to some people. Like when people apologize by saying, “I’m sorry if you were offended.” It puts the onus on the one being apologized to rather than you as the one making the apology. Instead, try, “I’m sorry that happened to you,” or “I can see how that would be frustrating.”

    Once they’ve had a chance to get their emotions out, your next step is to fix things. Not fix their emotions, but fix the root cause, whatever it may be. If it’s something your company has done, ask how you can rectify it. If it’s about the problem they’ve come to your company to solve, show the exactly how your company can help them. If it’s something outside your control, offer them something you can control: a glass of water, words of encouragement, a minute to catch their breath, etc.

    You can quickly build an authentic connection by showing your client that you understand them and empathizing with them. Then once you’ve built that connection, it can lead not just to one good sale but a years-long professional relationship.

    They may even recommend you to their friends as someone who can be trusted and depended on to help them with their needs. It doesn’t take much effort to connect with clients in this way, but the potential benefits can be exponential.

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    Shashank Shekhar

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  • 3 Ecommerce Trends You Need to Know in 2023 | Entrepreneur

    3 Ecommerce Trends You Need to Know in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Ecommerce keeps getting more and more relevant to consumers’ day-to-day lives and is an increasingly essential component of corporate growth strategies. By 2026, Shopify predicts, global internet-fueled sales will exceed $8 trillion. That’s a more than 50% bump from 2021 figures, and no one quite knows where the ceiling might be.

    The ongoing planning challenge for businesses is that ecommerce isn’t necessarily the opposite of in-person buying: Plenty of consumers use digital sites and apps to springboard brick-and-mortar purchases. Conversely, it’s common for shoppers to try out products in a store, then buy the merchandise online. But in any case, ecommerce’s relevance and growth are on track to continue indefinitely.

    Here are 2023 trends in this space to consider:

    1. Digital marketers will seek and apply improved attribution models

    Attribution has become a huge sticking point for digital marketers. Let’s say your company’s marketing includes a mix of Facebook, Spotify and Google ads, along with social media posts and YouTube videos. But when a customer buys something from your ecommerce store, can you be certain where to attribute that sale?

    Many e-retailers work with a last-click attribution model that gives all credit to the site where the final click-through occurred. However, that last site might not have actually prompted the sale. It could have been made somewhere earlier in the attribution funnel, such as in a how-to YouTube video. By assigning more significance to the last-click site, it’s possible to wind up spending ad money where it doesn’t belong or worse yet: taking money away from a site that deserves a higher percentage of your overall spend.

    Related: A Beginner’s Guide to Building a Profitable Ecommerce Business

    To help get more accurate conversion reporting, many providers now offer alternative options to on-platform attribution modeling. Some platforms can be integrated into your website and send real-time attribution tracking to a dashboard. This would allow you to see the ads, email, or SMS marketing visitors have viewed and track site events through to the point of conversion. This level of detail helps marketers figure out where to most efficiently spend advertising dollars.

    So far, ecommerce sellers have been forced to go through trial-and-error steps to feel good about attributions, and these machinations take time to produce enough information to make final decisions. With newer, all-inclusive attribution platforms coming onto the scene, marketers can focus their attention better.

    Related: Why Attribution Is All That Should Matter in Digital Marketing

    2. Providers will improve content quality

    Talks of recession haven’t yet stopped consumers from spending, but there’s increasing worry about them soon pulling back from unnecessary purchases. According to CFO Dive, the second half of 2023 is expected to bring a consumer spending slump as people tap into savings reserves.

    What does this have to do with ecommerce product content? Everything. Consumers habitually research products before making purchases. Exactly how many touch points are needed depends on the product, but without question, content sways their behavior.

    Though you’ll see text content upgrades this year, that form isn’t the only one on marketers’ minds. Expect to see a lot of video content incorporated into ecommerce stock-keeping unit pages and descriptions, too. A recent Wyzowl survey indicates that 73% of potential buyers want to learn through short videos: Accordingly, marketers are delivering it in droves.

    Not sure how to start with in-house video production? Add a personalized touch. You can also ask for and utilize user content on social channels. Ideally, any content should answer the pivotal question, “Why should I buy?”

    Related: Give Video Marketing a Try and Watch Your Business Grow

    3. More ecommerce stores will offer subscriptions

    One way to keep shoppers buying again and again is through subscriptions. Not every store has that ability, but expect to see more of them, and quickly. Kearney research reports nearly half of all people who make weekly purchases online are open to subscriptions, and many already have at least one. Put simply, interest is high enough for digital marketers to take the plunge.

    The beauty of this model is its consistent revenue. Plenty of consumers take a “set it and forget it” approach to their subscriptions — a great opportunity to enjoy a little passive income that can bump up average customer lifetime value.

    To figure out if one could work for your business, study the journeys of frequent customers. Do they tend to buy the same product on a regular basis? If so, that’s a potential place for you to upsell them to a subscription, and adding a special discounted rate (à la Amazon) can sweeten the deal.

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    Rashan Dixon

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  • 5 Proven Strategies to Turn Your Sales Copy Into Real Money | Entrepreneur

    5 Proven Strategies to Turn Your Sales Copy Into Real Money | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Too many business owners and marketers expect their copy to click and convert, but only a few know how to get past the click part.

    When you’re selling something, you can’t fall into the trap of mindlessly writing about your offer without regard to why people don’t buy and without knowing how to present your offers.

    After reading this article, you should be able to go back to your copy, make sure it has the strategies you’ll peruse below and restructure how you write your future sales copy.

    Related: 6 Reasons Your Marketing Copy Isn’t Converting — and How to Fix Each One

    1. Learn why people don’t buy and work around it

    If you budget or “categorize” your expenses each month or quarter, you won’t be shocked if I tell you your prospects do the same.

    And thanks to the bottom-dollar effect, they’re probably not thinking about spending what’s left on your offer. The bottom-dollar effect is our tendency to be less likely to purchase products or services that would deplete our remaining budget. And even if we purchase, we are less likely to be satisfied with our purchases.

    Say you want to invest in an online program that you know can help you scale your business, but you’re so close to capping your education bucket that you wonder if the investment is worth it. You buy it anyway. Then you ask yourself, “Was this the best use of my money?”

    One effective way to help ease the bottom-dollar effect is by offering your leads a deal so that they feel that the product is worth it. This deal can be a discount, a free add-on, a payment plan or a 2-for-1. Add it to your copy!

    You can also ease their anxiety by adding a guarantee. But, of course, this depends on the space you’re in and who you serve.

    Related: How to Use Digital Consumer Psychology to Stand Out From the Competition

    2. Drop the sophistication

    If you want to form a real connection with your prospects, you might want to consider going easier on your sophistication and coming off as casual and sincere.

    An 18-year-long study showed that brands that show excitement, competence and sincerity have a more positive effect on customers than sophistication and ruggedness. In fact, the influence of sophistication and ruggedness has declined over those 18 years.

    Why am I telling you this? Because I know a lot of business owners who have shifted their entire brand voice and how they show up online. I’ve seen this time and time again, and I’ve unfollowed a lot of brands that I once looked up to simply because the spark that made me feel a connection with them was gone.

    So if you want to sell more, relax your fingers, drop your shoulders and be more casual.

    3. Use your humor

    I’m not asking you to become a comedian unless that’s your business model. But, throwing in some humor shows your awesome personality and hits the two big marks of persuasive communication: clarity and conciseness. Because humor is often punchy – and honest.

    By making people smile or laugh a bit, you’re connecting with them on a deeper level and they will feel inclined to trust you and buy your product — mainly because you made them feel something other than a reason to buy.

    With humor, you humanize your brand, your product and yourself. Although written humor might seem forced, adding it to your video sales letters and presentations will make a massive difference in helping your prospects make a buying decision.

    Related: You’ve Got 8 Seconds to Grab a Customer’s Attention. Here’s What to Do.

    4. Minimize your calls to action

    If you give customers many options to choose from, they will be more likely to hesitate. But if you give them fewer choices, they will make up their mind faster and buy.

    Simply put, when customers have many options to choose from, they buy less. But, unfortunately, this also leads to more dissatisfaction because their expectations of your product are higher.

    So, let’s suppose you have a sales page with three payment options, one of those being a “pay-in-full” and the other being payment options. They know they don’t want to pay in full because they simply don’t want to or can’t. So, how are they going to decide which of the payment options to choose from?

    During that thinking process, they’ll be burning extra brain calories while raising their expectations. So even if they choose to buy from you with a payment plan, they won’t be too thrilled.

    My rule of thumb when I work with clients is simple: one call to action is beautiful. Two are okay. Three are unacceptable unless absolutely necessary.

    Related: 3 Critical Principles of Effective Calls to Action

    5. Leave the essays to universities

    If it takes you 1,000 words to say something, make sure each word serves a purpose. This is crucial when it comes to conversion copywriting.

    Whatever you write must be as long as necessary and as short as possible.

    People’s attention span decreases yearly thanks to overstimulation and bite-sized content. That means you have to work smarter with the content and copy you put out.

    Your emails? Make them shorter unless they require all the details you’re including. The same goes for your sales page. Make it as long as absolutely necessary, so it tells your readers everything they need to know to purchase. Remove the fluff.

    If you’re reading this, you made it to the end. Congrats! Now you have a job to do. Go optimize your sales copy.

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    Elenny Frometa

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  • How to Develop B2B Partnerships That Grow Your Business | Entrepreneur

    How to Develop B2B Partnerships That Grow Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I understand what it takes to build a successful B2B partnership. My company’s rollout to B2B was a planned business development step accelerated by Russian military aggression in Ukraine, where our largest research and development center is located — and where Parimatch, my company was born in 1994.

    To step into B2B, we analyzed the market and competitors, highlighted the strengths of our products, identified the pains of potential partners, rebuilt the company, decentralized the marketing department and identified a B2B department.

    Here are some notes that guided us in our successful B2B rollout.

    What are the key features of B2B partnerships?

    • A limited contact pool: In B2B, the number of possible partners is often limited, and the more complex your niche, the fewer potential partnerships you will find. For this reason, you will need to learn how to work especially well with those who are already interacting with you or who are present on the market.

    • Endurance: Companies seek stable partners for the long term, especially in specific industries, so searches are approached thoroughly. If you provide a quality product, your partner will not be interested in third-party offers, and you will likely develop side-by-side for years.

    • A potential partner could be the expert in your industry: In B2B, cooperation is not based on personal preferences or rash decisions. You will need to prove the value of your product or service step by step. For example, my company has partners who know their markets and industry trends well but still need a high-quality online platform to operate — or vice versa. Your potential partner could have ready-made operations and technologies but without a bright, well-developed brand.

    • The decision-making process takes longer: It can be months before you start cooperating, and during that time you need to remind a partner about your product and the value a partnership will bring.

    • The need for delegation of authorities and duties: You will need internal experts who know the industry, your product, the business models of potential partners and the challenges you may face in the future.

    • Strategy: Any B2B partnership should have a plan to track the results of the collaboration.

    Related: Business Development: 4 Ways to Avoid the Formula Trap

    How to find B2B partnerships

    Search channels for partners are highly dependent on the industry. These include LinkedIn pages, thematic forums and business platforms, etc. It could also be the result of implementing digital and content marketing tools. To this list, you can add conferences, symposiums and events organized by industry media. In any case, the primary purpose of these activities is to find decision-makers.

    In B2C, customers are often driven by emotions and make decisions on impulse because it is no big deal to spend money when it is not critical. In B2B, however, the price can amount to millions, and further business development depends on partnerships, so decisions are made cautiously. The number of decision-makers is also increasing, so be prepared to showcase your product strengths from different angles, depending on the expertise of whomever you are addressing.

    The virtue of research

    Before starting communication activities, create a portrait of a partner that best suits the business objectives. The next step is to study the sample of potential customers and filter it based on the necessary criteria. The goal is to arrive at a list of the top 10 or 50, depending on the niche of the business and the number of potential partners. Working with a small segmented list will bring more value than a broad unfiltered audience.

    This approach also fits super-complex niches: we analyze all potential customers and evaluate compliance with the portrait of our ideal partner. Based on the results, we compile a top Х with a brief description of the main aspects of interest.

    The next step is to add each possible partner to the database, collect data about the company and its turnover and look for all available information. This will remove unpromising options, leaving only the target audience. Another advantage of this approach is that you’ll learn many details about potential partners in the process, which will help identify decision-makers, set up contacts and develop a cooperation strategy.

    Related: Market Research: What It Is and How to Conduct It

    The importance of in-person meetings

    We live in an online world. Hundreds of employees at my company work productively from different parts of the world, meeting only on online calls. But to build long-term B2B relationships, it’s essential to meet partners in person, especially in a semi-formal setting because one personal meeting works better than five perfect commercial proposals, which the manager will send your partners by mail.

    Know your partner’s end customers

    It’s a big mistake if a B2B company doesn’t know its partners’ end customers — those who directly use the product or service resulting from your cooperation. And if your offer has any issues or is underdeveloped, you will find out about it from them.

    Our expertise in product development is based on almost 30 years of experience in the entertainment industry. We know the end customers of our services because the teams interview them regularly: We know what they like, what interests them and what they appreciate about our products. To increase demand, we develop new product features, for which we are simultaneously developing the platform’s functionality.

    Knowledge of end customers and experience interacting with them will give you an additional competitive advantage.

    Related: 5 Ways PR Wins at Generating B2B Sales

    Why you need a B2B department

    A dedicated B2B department’s primary functions are communicating with partners, presenting product and development strategies and building cooperation with internal departments, and it deals with operations ranging from strategy to lead generation. The main activity of this team is communication… lots of communication.

    To close one particular deal, a B2B manager must work with representatives from different departments and several decision-makers. Sometimes, companies hire third-party B2B teams because their marketing department doesn’t have enough time, resources or experience to build B2B interactions with partners competently. These teams create the strategy, prepare a detailed roadmap and are sometimes involved in its implementation.

    Related: Here’s What Really Builds Customer Loyalty in the B2B Industry

    What a B2B manager will need to do

    Among the many critical tasks of this managerial role is diving into the specifics of several products and projects at the same time, including:

    • Looking for those business functions that potential partners cannot maintain themselves.
    • Understanding the specifics of the industry and the desires of end customers.
    • Building communication with partners and between company departments.
    • Creating a transparent offer (including a partnership strategy) and presenting it to decision-makers.

    What can you consider a ready-to-go strategy?

    The ready-to-go strategy is a step-by-step guide to action for the long-term partnership. Your strategy could consider delegating some points to your partner, to be implemented together or by your company only.

    • Gathered studies: Carried out for partnership strategy, which may include market analysis, partner business performance indicators and your offer.
    • A complete presentation: This can be a 200-slide “mother presentation” from which the B2B department managers will choose the main slides relevant to each decision-maker. (You will likely use the entire presentation for internal use only.)
    • A project roadmap: A detailed development plan describing all crucial milestones.
    • Price: This should also be included in your project roadmap — the partner must understand exactly what steps are involved and how much it will cost.

    The strategy shouldn’t be just a regular document — it should consist of streamlined processes, budget assessments, presentations and accompanying documents.

    Final words

    If you step into B2B, there is still a possibility that you will spend millions on building your brand and won’t get the results you expected. An issue here could be the difference between B2B and B2C: businesses don’t close deals based on subjective preferences or emotions, as it could be in B2C.

    B2B customers should be offered something they cannot produce on their own. It is crucial to initially find out the client’s actual goals and ensure maximum transparency of your offer.

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    Maksym Liashko

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  • How to Take an Organization From Web2 to Web3 in 2023 | Entrepreneur

    How to Take an Organization From Web2 to Web3 in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    After years of serving as a hotspot for early technology adopters and innovators, Web3 is finally receiving the attention it deserves. From Big Tech to traditional enterprises and even government institutions, the advancement of blockchain technology is undeniable.

    While this innovation remains complex, blockchain has shown that it can serve as highly secure, transparent and reliable infrastructure for countless applications. For example, as the U.S. Air Force works on tokenizing components of its supply chain and budget, FIFA even released an exclusive NFT series during its 2022 World Cup.

    However, as a growing number of traditional organizations line up to explore Web3, it’s clear the transition isn’t always easy. Efforts to track groceries using blockchain have progressed more slowly than expected, while others have given up due to the high costs associated with developing blockchain applications from scratch.

    Despite these setbacks, it’s important to note that organizations can mitigate the risks of experimenting with Web3 by structuring plans around a few core considerations.

    Related: Web 3.0 Is Coming, and Here’s What That Really Means for You

    Selecting the right strategy

    Blockchain has numerous applications that help optimize workflows and visibility across trustless systems. Companies can leverage blockchain to improve internal processes, such as budgeting, supply chain management, manufacturing and auditing — or they can utilize the technology to communicate with consumers and build a fanbase. These processes often require enterprise-grade solutions and thus are usually separated from public use of blockchain.

    Getting started with blockchain isn’t always easy, requiring several critical decisions before development can begin. For example, companies must think about which specific use cases blockchain can offer to their organization, what data privacy and protection requirements they need to consider (which can help determine whether a public or private blockchain is necessary), what data needs to be stored on chain, as well as their current cloud and node infrastructure, among other decisions. These considerations must also include how to scale or adapt, accommodating an organization’s future needs.

    Not all infrastructures are equal

    Previously, most Web3 applications were built on Ethereum, the world’s first smart contract platform. But this dynamic has changed dramatically since 2017, with an abundance of options emerging that allow organizations to successfully connect to the new internet era.

    With access to multiple options, choosing the right infrastructure is critical to ensuring compatibility with current systems and regulations, as well as future endeavors. Fortunately, unlike a few years ago, organizations can now select a protocol that perfectly fits their needs.

    For example, decision-makers can choose between public, private and even hybrid blockchains. Public blockchains, such as Ethereum, commonly feature high transaction volumes, are used by a huge variety of projects and are popular amongst consumers. On the flip side, they’re often quite expensive to use and lack privacy. As a result, public blockchains are best suited to consumer-focused projects like NFT markets and gaming.

    Private or permissioned blockchains, like Hyperledger Besu, perform as closed databases, allowing only select members to create and view transactions, smart contracts and nodes. These systems are best for internal applications or pilot projects.

    Hybrid blockchains, on the other hand, provide the best of both worlds. Polygon, for instance, is a relatively inexpensive public blockchain platform that integrates with Ethereum at significantly reduced fees, while also providing access to private environments via Polygon Edge.

    Another option is to choose a solution that simplifies building with blockchain by delivering exclusive tools, templates and sandboxes to build enterprise-grade blockchain applications. SIMBA Chain, for example, auto-generates APIs that support private, public or hybrid deployments. The powerful platform also supports a structured data feature that generates valuable business intelligence insights while allowing organizations to migrate between supported blockchain protocols with ease.

    Perhaps most importantly, these platforms can significantly cut developing costs, shorten timelines and utilize proven infrastructure, ensuring a high level of reliability and security.

    Related: Web3.0: The Next Big Thing?

    The path to Web3 success

    Web3 has the potential to significantly improve key processes in many organizations, but it’s also clear that not every enterprise has the technical resources and talent to make an ambitious project successful.

    When Meta (then Facebook) announced its plan for a digital currency called Libra, the company went from having no blockchain connection to launching its own cryptocurrency. Although hundreds of organizations have launched their own cryptocurrencies over the years, it appears Facebook’s initiative failed to receive the time, resources and preparation it needed to thrive. As an unnamed government official told Financial Times, the company “spent years trying to reverse engineer their project to fix all of its faults. But they could never fix being linked to Facebook. It was their original sin.”

    In comparison to such ill-fated projects, the U.S. government has been successfully expanding its blockchain applications across the Department of Defense (DoD). One of the U.S. Air Force’s (USAF’s) ventures into blockchain started with a Small Business Innovation Research (SBIR) contract in 2021, which tasked SIMBA Chain with developing a Web3 solution to manufacture, test and deploy 3-D printed replacement parts for aircraft and other weaponry on the battlefield. Following this successful implementation, the USAF has slowly expanded its blockchain projects in conjunction with other U.S. agencies, such as the U.S. Space Force.

    One step at a time

    Given the challenges associated with Web3 development, it’s critical that organizations and governments take the time to learn blockchain fundamentals and weigh the opportunities and costs of each initiative. This practice is particularly important for large enterprises that already have well-oiled operations and those that deal with considerable public interest.

    Taking a step back to thoroughly consider specific solutions and their requirements, leveraging the right technology solutions to simplify the building process and relying on experts to help complete the job, are the three core pillars of virtually every successful blockchain project — and thus the key to rewarding investments and a solid reputation.

    Related: The Ultimate Guide to Navigating Web3 for Non-Tech Founders

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    Bryan Ritchie

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  • How To Use Video to Deliver a Standout Pitch | Entrepreneur

    How To Use Video to Deliver a Standout Pitch | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2022, investors spent 24% less time than in 2021 on startup pitch decks they faced. The average time they invested in successful pitch decks in 2022 was 2.46 minutes, and 3.30 minutes in 2021.

    According to many venture capitalists and Angel investors attending LEAP 2023, this trend will continue in 2023 with mass layoffs and a turbulent global economy.

    Yes. For startups, there is no ‘cheap money’ anymore.

    Coming to the technical side of things, in the past, pitch decks were primarily made up of text and images. Admittedly, text and complex graphics on pitch deck slides have lost their charming days – the rich eye-candy effect.

    So, what’s the game changer in 2023? Video.

    Technically, the power of video is becoming increasingly important in today’s investment climate.

    Related: Connecting With Your Target Audience Through Video

    Capture investor attention this year: the importance of video in pitch decks

    We all know that video is a dynamic and engaging medium that can help to bring a pitch deck to life, making it more compelling and memorable for investors. Let’s explore how video can enhance a pitch deck and why it’s becoming increasingly important in the current investment climate.

    Video can effectively convey a startup’s message and value proposition because it allows for multiple forms of communication, such as verbal, visual and audio. This can help to make the message more engaging and memorable for the viewer.

    Video presentations in pitch decks can increase investment chances by 50% and increase engagement and understanding by 80% compared to text alone.

    Additionally, video in pitch decks can be used to showcase a product or service in action, give a behind-the-scenes look at the company or introduce the team, which can help to build trust and credibility with investors.

    Examples of successful startups that have used video in their pitch decks include Dropbox, which used a simple animation to explain how their service worked, and Airbnb, which used a video of real customer testimonials to showcase the value of their platform.

    Understandably, using video alone won’t guarantee success. It should be incorporated with other elements of the pitch deck, such as clear and concise messaging, a strong value proposition and an understanding of the target audience.

    Related: Five Best Pitch Decks of All Time

    And here are some success stories!

    Dropbox: In its early days, Dropbox used an animated video to explain how its service worked. The video helped quickly convey their product’s value and how it solved a common problem.

    Airbnb: Airbnb started using videos of real customer testimonials to showcase the value of its platform. This helped to build trust and credibility with investors and demonstrate the real-world impact of their service.

    Square: Square used a video to introduce its team and showcase its product. This helped to build a personal connection with investors and demonstrate the ease of use of their payment processing solution.

    Zendesk: Using video to explain their product, Zendesk Chat helped businesses connect with customers in real time. This helped convey their product’s value and how it solved a common problem.

    It’s worth noting that these are just examples, and many more successful startups have used video in their pitch deck to convey their message and value proposition effectively.

    Tips for creating a compelling video pitch deck

    A successful video pitch deck is like a movie trailer, where every element is carefully crafted to engage the viewer and convey the key message effectively.

    1. The story — Storytelling is a crucial element of a video pitch deck. It’s important to have a clear and compelling story that communicates the problem your startup is solving, the solution you offer, and its impact on the market. This should be presented in a way that is easy to understand, relatable, and memorable.

    2. The design & visuals — Visuals are an important video pitch deck element. They should capture the viewer’s attention, convey information and help them understand your message. Using a mix of animation, live-action footage and infographics can make the video more engaging and memorable.

    3. The voice — Sound is another key element of a successful video pitch deck. A well-crafted soundtrack can set the tone, create an atmosphere and help to keep the viewer engaged. A professional voice-over can also help convey critical information and give a polished feel to the video.

    4. The alignment — Lastly, it’s essential to remember that a video pitch deck should be tailored to your target audience and align with your overall marketing strategy. It’s also important to ensure the video is high-quality, visually appealing and easy to understand.

    Over to you

    Many stalwart startup investors are being pretty vocal about using videos in startup pitch decks.

    Once, I was having a one-on-one conversation with one of my business connections (the investor herself); she told me that I would love to see more videos in fundraising pitches. She claimed that if 85% of her pitch decks included video, she probably would answer 85% of those emails.

    This is the game changer we have been talking about in this blog, and as a founder, you need to harness as much information as you can to set your deck presentation apart from the sea of pitch decks faced by investors.

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    Vikas Agrawal

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  • 3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

    3 Reasons Black Small Businesses Should Embrace Digital Transformation. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are the backbone of our communities. They supply and care for our families, support economic growth and stability, and foster meaningful relationships with the people they serve. Nobody understands the value of small businesses more than those who live in communities that are most likely to experience disinvestment and neglect from corporate investors — which are disproportionately communities of color.

    These small businesses are also most often owned and operated by Black entrepreneurs and other entrepreneurs of color. Despite their value to their communities, racial inequities persist, and many Black-owned small businesses lack the financial resources necessary to grow and survive an economic crisis.

    Luckily, in today’s tech-driven economy, Black small business owners have new digital tools to help their businesses survive, thrive and stand out among corporate competitors. Here are three reasons Black small business leaders should meet this moment and embrace digital transformation.

    Related: 12 Steps That Could Help Your Small Business Start a Digital Transformation

    1. Improving agility

    Businesses that rely on foot traffic to reach clientele were hit hardest by pandemic-related shutdowns. The needs and interests of business leaders and their clients drastically changed, and those without the infrastructure to adapt to our new normal were at the greatest risk. As experts continue to signal that we’re nearing an economic recession, agility becomes increasingly necessary for the survival of small businesses.

    When small business leaders adopt digital tools and infrastructure, it allows them to shift quickly to ensure they can continue providing services to their customers. Whether through eCommerce websites or social media campaigns, digital adoption can help small businesses stay afloat amid global economic disruption. If business leaders start planning and implementing digital strategies now, they will be better prepared to meet whatever challenges they face next.

    Related: Digital Transformation Means Adopting a New Culture: Here’s How To Do It

    2. Expanding customer base

    One of the many reasons Black-owned businesses struggled to survive amid the pandemic was due to the direct economic impact it had on the people they serve. Many Black-owned businesses operate in predominantly Black communities, which are disproportionately affected by job loss and illness spurred by COVID-19 because of economic and healthcare disparities.

    Business leaders have to seek new ways to expand their customer base. Digitizing operations can open new markets for small businesses to explore, which generates more significant growth opportunities. Through online advertising, cloud computing and mobile commerce, small business leaders can extend their reach beyond local communities and into national or global markets. This will not only advance the success of small businesses but also ensure they are still around to serve their communities well after an economic crisis hits.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    3. Leveling the playing field

    Corporate competitors routinely receive more investment than small businesses, which means they have the resources to position themselves as better service providers. Small business leaders can stand out among corporate competition when investing in digital tools. These tools offer a more efficient means for handling inventory management, data analysis and marketing automation — resulting in faster turnaround times and better decision-making processes.

    Small businesses, especially Black-owned ones, often lack the financial capital and investments needed to innovate and keep up with their larger competitors. The good news is there is support for small business leaders, especially those who are shut out of financial opportunities due to pre-existing racial inequities.

    One of the groups I work with, the Small Business Digital Alliance (SBDA), connects small business owners with digital tools, training, and other opportunities to reach new customers by expanding their digital networks. Services and resources provided by the SBDA can help small businesses adopt digital strategies to grow and sustain their businesses – and they are free of charge to those within the network. This can help small businesses better understand the needs of their customers and quickly fulfill their expectations. By investing in digital solutions, small businesses can level the playing field and put themselves on equal footing with larger corporations.

    There is no way to predict an economic crisis’s impact on our businesses, but we can take steps to prepare and mitigate risks. Beyond business survival, going digital offers many advantages for Black small business leaders who want to stay competitive in an increasingly tech-driven landscape.

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    Jimmy Newson

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  • Understanding the Circular Flow Model: Here’s a Comprehensive Guide. | Entrepreneur

    Understanding the Circular Flow Model: Here’s a Comprehensive Guide. | Entrepreneur

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    Are you interested in learning more about the US economy and the capitalist economic system? The circular flow model is a way to understand its ebbs and flows better, as it helps to visualize the interactions between different actors in the economy and how they influence the overall level of economic activity.

    Keep reading for a comprehensive guide on the basic model of capitalist economies, including:

    • What the circular flow model is
    • The components of the circular flow model
    • The circular flow model’s limitations
    • The applications of the circular flow model

    What is the circular flow model?

    The circular flow model is a way to show the flow of money, goods and services in an economy. It shows people earning money by working for businesses and then spending it on the things they need and want from those businesses.

    The circular flow model represents the economy and its actors:

    • Household sector: This sector represents all the individuals or families that make up the economy. They provide labor, resources and capital to the firms in exchange for wages, profits and rents.
    • Firm sector: The firm sector represents all the businesses that produce goods and services in the economy. They use the resources provided by the households to produce the goods and services sold to the households and the government.
    • Government sector: This sector represents the government and all the public institutions involved in the economy. The government provides goods and services to households and firms and collects taxes from households and firms.
    • Foreign sector: The foreign sector represents all the actors outside the domestic economy, such as foreign countries, international organizations and international trade. The foreign sector plays a role in the economy by trading goods, services and capital with the domestic economy.
    • Financial sector: This sector represents the financial institutions, such as banks and other intermediaries, that are involved in the economy. They facilitate the flow of capital between households, firms, the government and the foreign sector.

    Related: The Importance Of A Circular Economy Post COVID-19

    What are the types of circular flow models?

    While the two-sector circular flow model is the most common type, other more complex models exist.

    Other types of circular flow models include:

    • Two-sector model: Households and firms are the participants.
    • Three-sector model: Households, firms and government are the participants, and the model depicts the flows of goods, services and money between households, firms and the government.
    • Four-sector model: Households, firms, the government and the foreign sector are the participants, and the model shows the flows of goods, services and money between households, firms, the government and the rest of the world.

    Some more elaborate models include financial markets and other institutions, but these models can become quite complex and are typically used by economists to study specific economic issues.

    Related: How One Small Button Can Transform the Creator Economy from a Buzz Word to an Actual Economic Model

    Circular flow model: What are injections and leakages?

    Injections

    Injections are additional inputs to the flow of goods, services and money and are visually represented by arrows pointing into the circular flow.

    The following are examples of injections:

    • Investment spending by firms: This is the spending by firms on new capital goods, such as machinery and equipment, that increases their ability to produce goods and services.
    • Government spending: This refers to spending by the government on goods and services, such as public infrastructure and social services, that increases the flow of goods and services in the economy.
    • Exports: This is the sales of goods and services by firms to foreign buyers, which increases the flow of goods and services in the domestic economy.

    Leakages

    Leakages, or withdrawals, are subtractions from the flow of goods, services and money and are visually represented by arrows pointing out the circular flow.

    The following are examples of leakages:

    • Saving: This refers to the portion of national income not spent on consumption, which reduces the flow of goods and services in the economy.
    • Taxes: These are payments made by households and firms to the government, reducing the flow of public goods, services and money in the economy.
    • Imports: This refers to purchases of goods and services by households and firms from foreign suppliers, which reduces the flow of goods and services in the domestic economy.

    In a healthy economy, injections must equal leakages to maintain the circular flow. In other words, for the flow of goods, services and money to continue, there must be enough injections to offset the leakages.

    If injections exceed leakages, the economy will grow, and if leakages exceed injections, the economy will contract.

    Related: 5 Reasons You Need to Adopt a Circular Economy Business Model

    How does the circular flow model relate to gross domestic product?

    Gross domestic product (GDP) is another critical term you will come across when researching the economy. GDP measures the total value of goods and services produced in an economy in a given period, usually a year.

    The circular flow model and GDP are related because the model provides a visual representation of the transactions that make up GDP.

    In the circular flow model, the value of goods and services produced equals the sum of household consumption, investment by firms, government spending and exports minus imports.

    The circular flow model is a way of visualizing GDP transactions and understanding how they are interconnected.

    Related: What Causes Inflation? Everything You Need To Know.

    How do you calculate GDP?

    There are three ways to calculate GDP, but the most common method is the expenditure approach, which calculates GDP as the sum of the following four components:

    • Consumption (C): The spending by households on goods and services, such as food, clothing, housing and medical care.
    • Investment (I): The spending on capital goods, such as machinery and equipment, and on structures, such as buildings and roads
    • Government spending (G): The spending by the federal, state and local governments on goods and services, such as national defense, education and healthcare
    • Net exports (X – M): The difference between exports (X), which are goods and services produced in the country but sold to foreigners, and imports (M), which are goods and services produced abroad but sold in the country

    GDP can be calculated using the following formula:

    • GDP = C + I + G + (X – M)

    Related: This Is the One Economic Indicator That We Should Completely Ignore

    What is a real-world example of the circular flow model?

    To better understand how the circular flow model works in the real world, see the step-by-step process below:

    1. Households receive income from wages, salaries or other forms of compensation.
    2. With their income, households buy goods and services from firms (comprising the product market), which is called consumption and represents the most significant part of the circular flow.
    3. Firms use the money they receive from household consumption to pay for factors of production, like labor, raw materials and capital goods.
    4. Factors of production comprise the factor market and receive income in the form of wages, rent and profit. With this income, they purchase goods and services from firms and households.
    5. Some households and firms save a portion of their income, meaning that money is not spent on consumption or investment. This represents a leakage from the circular flow, as it reduces the amount of money available for spending on goods and services.
    6. The government collects taxes from households and firms, which represents another leakage from the circular flow.
    7. The government then uses this money to finance its spending on goods and services, such as public infrastructure, education and healthcare.
    8. Firms use some money from sales to households to invest in new capital goods, such as machinery and equipment. This investment represents an injection into the circular flow, as it increases the amount of money available for spending on goods and services.
    9. Finally, some of the goods and services produced in the economy are exported to foreign countries, which represents an injection into the circular flow. At the same time, the economy also imports goods and services from foreign countries, which means a leakage from the circular flow.

    Related: How to Use Economic Regret Theory to Achieve Happiness

    What are the limitations of the circular flow model?

    Again, the most commonly used circular flow diagram is the two-sector model. While the two-sector circular flow model is a great tool that provides a simplified representation of the economy, it does have its limitations because of its simplicity.

    See some of its most significant limitations below.

    Ignores the financial sector

    The circular flow model does not consider the role of the financial sector, including banks, insurance companies and other financial intermediaries.

    In reality, the financial sector plays a crucial role in directing funds from savers to borrowers and influencing investment and consumption.

    Does not account for the international sector

    The circular flow model assumes a closed economy, meaning it does not consider the trade of goods and services with other countries.

    In reality, the international sector is an essential component of the economy, and trade balance changes can significantly impact economic growth and stability.

    Ignores distribution of income

    The circular flow model does not consider income distribution among households, firms and factors of production.

    In reality, the circular flow of income is not distributed equally, which can affect the level of consumption, investment and overall functioning of the economy.

    Does not reflect the complexity of the real economy

    The two-sector circular flow model is a simplified representation of the real economy. It does not reflect the complexity of the relationships between households, firms, factors of production and the government.

    In reality, many interconnections and feedback loops can affect the flow of goods, services and money.

    Related: Why Every Entrepreneur Should Study the Austrian School of Economics

    What do you need to know about the circular flow model?

    The circular flow model is a fundamental economic concept visually representing the flow of goods, services and money between different economic actors.

    The relationship between GDP and the circular flow model is also essential to understand, as the circular flow model visualizes the transactions that comprise GDP.

    Overall, the circular flow model is a valuable tool for understanding the basic functioning of the economy, and it provides a foundation for further study in economics and related fields.

    Ready to dive into other topics? Visit Entrepreneur.com for more on microeconomics, macroeconomics, finances and more.

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    Entrepreneur Staff

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  • What Is Business Process Management (BPM)? | Entrepreneur

    What Is Business Process Management (BPM)? | Entrepreneur

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    There are best practices, standard operating procedures and several types of processes in the business world. Processes help maintain order and provide guidelines for a smooth workflow. They are what makes businesses tick.

    One of the essential tools a business can utilize is business process management (BPM). Keep reading to find out everything you need about what it is, different types, benefits and use cases.

    Related: The 10 Golden Rules of Effective Management

    What’s the definition of BPM?

    Business process management is a broad-scope end-to-end process that includes methods that promote discovery, modeling, analysis, improvements and optimization of business processes.

    While it might sound similar to task or project management, BPM offers a more extensive scope. Task management zeroes in on individual tasks and project management is a one-time work process; business process management is an end-to-end repeatable process.

    A successful BPM can streamline workflow, increase efficiency and reduce costs.

    The best business process management systems:

    • Incorporate advanced analytics.
    • Monitor all business activity.
    • Utilize decision-making management.
    • Coordinate employees.
    • Synthesize systems.
    • Maximize pertinent information to accelerate digital transformation.

    Related: 5 Project Management Systems to Streamline Your Business Processes

    What are the types of BPM?

    Three core types of business process management are used to create efficiency in the workplace.

    1. Integration-centric

    Integration-centric BPM focuses on the processes that are mainly outside of human involvement, like application programming interfaces (API) that allow businesses to automate and standardize processes for departments, including human resources management (HRM) and consumer relationship management (CRM).

    For example, an ecommerce website can use a platform or software to automate its fulfillment and shipping processes, meaning that the interface would complete the task from ordering to the warehouse to shipping.

    BPM focuses on end-to-end processes, and an integration-centric process can improve efficiency and agility while reducing the risk of error in the operation.

    2. Human-centric

    Human-centric business process management focuses on the people of the business, including their satisfaction, motivation and engagement. Processes must be user-friendly, efficient and effective to provide a positive user experience.

    This sector of BPM is essential because it is employees that make a company what it is. This process helps shape the company’s culture by fostering continuous improvement through feedback and adjustments.

    For example, involving employee teams when implementing a new process allows you to get their opinions and troubleshoot kinks in the system. Not only can this make for a more effective system, but it can also make employees feel valuable and satisfied. Employees who enjoy their positions and feel appreciated are more likely to be productive and loyal to their company.

    3. Document-centric

    Businesses must keep accurate and efficient documents, and document-centric BPM exists to manage the flow of paperwork. BPM is an end-to-end operation, and document-centric means focusing on different stages of paper-based processes so the correct information is always available to the right people.

    Document-centric BPM can include digitizing paper documents, adopting document management systems and using electronic signatures or other document automation processes.

    For example, when an employee receives an invoice, BPM includes managing it from receipt to approval and ensuring the right people see it along the way.

    Related: 5 Things Disruptive Startups Must Consider When Setting Up Business Processes

    What does the lifecycle of BPM look like?

    One of the most critical aspects on the ground floor of business process management is making sure there are defined steps.

    When each step is defined, it is easier for team members to identify flaws and track improvement through data at each phase. Clarity promotes better business outcomes.

    Take a look at the six lifecycle steps below.

    1. The planning process

    When brainstorming a new process, a clear plan must be laid out at the beginning. Strategic planning should identify organizational goals and analyze the current processes to use as a starting point for improvement. There are three processes to explore, including:

    • Primary processes: These are the core processes that make an organization tick, including product development and sales.
    • Secondary processes: These support the primary processes through business operations like supply procurement, HR, IT and facilities.
    • Management processes: Management observes and analyzes primary and secondary processes to create more efficiency throughout the planning and execution.

    Related: Learn Product Management Secrets with This Bundle

    2. Analyze organizational processes

    Once you have figured out business goals, you must analyze the current processes to see which parts do and do not align with those goals.

    You should use both qualitative and quantitative analysis techniques to get the whole picture before moving forward.

    Related: 4 Steps to Setting and Achieving Your Goals in 2023

    3. Design the ideal model

    Depending on the analysis, during this step, you will either design an entirely new BPM or make some tweaks to promote the efficiency of your current BPM.

    Once you have decided what needs to be changed, it’s time to examine how to create it. This is a mini-process in itself, which includes the following:

    • Identifying what the work will entail.
    • Decide how many workers you will need and from which specialty.
    • Decide on tools, techniques and methodologies.
    • Create a step-by-step process for the work.

    4. Implement necessary change

    After the new process has been created, it will need to be implemented. Ensure clear guidelines and expectations for this change and a feedback process.

    Related: 3 Ways Change Leaders Prevent, Minimize and Manage (or Create) Resistance to Change

    5. Monitor new BPM

    While it would be great to create a new process and let it be, that is not the reality of BPM.

    You must manage, monitor and track how the new process is working, if it is creating more efficiency and track business metrics to show progress. Set up a calendar by which you check processes to promote consistency.

    6. Refine new BPM, repeat

    As you figure out how the new process works through progress monitoring, refine it as you see fit. Continue repeating the six steps whenever a new process needs to be made, or changes are necessary for a current operation.

    Related: 5 Ways to Improve Corporate Learning Initiatives

    What are the benefits of business project management?

    BPM promotes the organization of a business and its procedures. Because of the organizational strategy, BMP benefits include:

    • Creating a company culture of adaptability.
    • Increasing customer satisfaction.
    • Generating revenue growth.
    • Potentially reducing costs.
    • Boosting overall employee morale.
    • Offering stronger security.
    • Creating an accountability norm.
    • Improving the reliability of the information.
    • Promoting employee productivity.
    • Increasing overall business efficiency.
    • Providing consistent data and analysis.
    • Making scaling a more straightforward task.
    • Promoting regulation compliance.

    Related: Building An Executive Management Team: The How-To

    How can you use BPM for your business?

    Business process management must be a part of your organizational structure to promote business efficiency. From functions of management and employee engagement to staffing and corrective action, there must be processes in place.

    Not only must those processes exist, but they must be updated consistently to maintain alignment with an organization’s goals. If you are looking to boost your business strategy, then BPM is the first place to start.

    Are you interested in learning more about management tools, business initiatives and more? Visit Entrepreneur.com for everything you need to know.

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    Entrepreneur Staff

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  • Why Employers Forcing a Return to Office is Leading to More Worker Power and Unionization | Entrepreneur

    Why Employers Forcing a Return to Office is Leading to More Worker Power and Unionization | Entrepreneur

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    Angry and dismayed Amazon employees are pushing back against the recently-announced return to office policy by the Amazon leadership. Amazon’s policy joins other high-profile companies such as Disney, Starbucks, Tesla, Google, and others that are forcing employees back to the office.

    Some are claiming they need to do so for the sake of productivity. For example, Elon Musk, the CEO of Tesla, claimed that those working remotely only “pretend to work” and are “phoning it in.” Others say you need to be in the office to innovate: Disney’s CEO Bob Iger demanded the return to the office because “nothing can replace the ability to connect, observe, and create with peers that comes from being physically together.”

    However, in reality, extensive research shows remote workers are more productive than those in the office, not less. And you get more ideas and more novel ideas through techniques for innovation and creativity that are adapted to remote work.

    So what explains the situation? As a globally-known expert in the field of hybrid and remote work, I have seen firsthand how working remotely, whether part of the week or full-time, enables worker power through facilitating autonomy, decentralizing power and preventing micromanagement. Unfortunately, too many old-school managers like Iger and Musk prefer a rigid, top-down power structure; indeed, Elon Musk is well-known as an extreme micromanager.

    Related: You Should Let Your Team Decide Their Approach to Hybrid Work. A Behavioral Economist Explains Why and How You Should Do It.

    Such an authoritarian approach is well-suited to the assembly line model of the early 20th century, but not well-suited for a modern knowledge economy. That’s why we’re seeing employees use worker power to fight against these authoritarian mandates, resulting in empowered labor unions.

    It’s important to recognize that this turn to worker power is happening in the context of massive layoffs by tech companies, which are becoming less willing to offer perks like remote work to their workforce. In fact, there’s evidence that some companies such as Twitter are using return-to-office mandates to get workers to quit voluntarily, to avoid paying severance. Employers are increasingly getting the upper hand, as workers who feel anxious about the economy are reluctant to make demands for more remote work. However, such strategies may well backfire against employers in the long term if they spur increases in labor union organizing; even though individual employees might be anxious about their jobs, together they can press their case, especially given an unemployment rate of 3.4%, the lowest in over 50 years. And even tech workers are finding new jobs in three months or so, pointing to the strength of the labor market despite some shift toward employer power.

    Three case studies of worker power and the return to office

    YouTube contractors in Texas went on strike in protest of rules requiring such workers to report to the office. The workers, who are technically employed by Cognizant, were notified of the Feb. 6 return-to-office date in November. The vast majority of the contractors were hired during the pandemic and have always worked remotely. Workers say their pay, which starts at around $19 per hour, isn’t enough to cover the costs of relocating to and living in Austin. The workers’ strike came after they filed a prior month for union recognition, leading some to conclude the move was being made in retaliation. The workers are also seeking to have Google and Cognizant recognized as joint employers.

    The New Mexico State Personnel Office ordered state employees working remotely to return to in-person work at the start of the new year. Many voiced their frustrations against the order, citing issues with commute, health, poor in-person work conditions, lack of child care, and low pay, among other things. State workers rallied against the state’s return-to-office order at the roundhouse in Santa Fe. Dan Secrist, president of CWA Local 7076, said the state’s return-to-office mandate has worsened problems it was intended to solve while creating new ones.

    The Canadian Federal government ordered public service employees to return to the office up to three days per week. A recent survey of nearly 14,000 public service workers revealed close to 75% of government employees would rather work from home. Marc Brière serves as the national president for the Union of Taxation Employees, which represents some 37,000 workers with the Canada Revenue Agency. He says it is unnecessary for the majority of employees to return to the office.

    Tensions between employers and workers over the return to office

    These cases illustrate the increasing tension between employers and workers, particularly over the return to the office. The pandemic has accelerated the trend toward remote work, and workers are now resisting the idea of returning to the office. Many workers have become accustomed to the flexibility and freedom that come with remote work, and employers who refuse to allow it are facing backlash.

    Employers are forcing their employees back to the office to impose control over workers, but they are failing to recognize that remote work enables worker power. In fact, remote work is empowering workers by giving them more control over their lives and work. With remote work, workers can choose where and when to work, which gives them more control over their schedules and their work-life balance.

    Employers who are forcing their employees back to the office are trying to reassert control over their workers, but they are finding that it is backfiring. Workers are pushing back against these efforts, and many are joining unions to protect their rights and interests. Employers who refuse to recognize this trend risk alienating their workers and facing the consequences.

    Cognitive biases in the return to office increases worker power

    The drive to return employees to the office to regain control over employees is a prime example of how cognitive biases can lead to poor decision-making. Cognitive biases are mental shortcuts that we use to process information quickly and efficiently. They can lead us to make decisions that are not based on facts or rational thought, but on our personal beliefs, emotions and past experiences. In the context of the return to the office, employers are making decisions that are based on cognitive biases that are leading them to overlook the dangers of their actions.

    One of the most common cognitive biases at play in this context is confirmation bias. This is the tendency to seek out and interpret information in a way that confirms our pre-existing beliefs or biases. Employers who are determined to bring their employees back to the office are more likely to seek out information that supports this decision while ignoring or downplaying information that contradicts it. This can lead them to make decisions that are not in the best interests of their organizations by harming relations with employees, leading both to challenges with retention and resistance by employees through worker power.

    Another cognitive bias that is prevalent in this context is the status quo bias. This is the tendency to prefer things to stay the way they are, rather than change. Employers who are used to having their employees work in the office may be resistant to change, even if remote work has proven to be effective and beneficial for their employees. They may be more inclined to return to the office simply because it is the way things have always been done, rather than because it is the best decision for their employees or their organization.

    The dangers of cognitive biases in this context are significant. By ignoring the benefits of remote work and forcing their employees back to the office, employers risk alienating their workers, and they may also be creating a situation where workers are more likely to unionize. This is because when employees feel that their needs are not being met, they are more likely to band together and form a union to protect their interests.

    Conclusion

    It is time for employers to recognize the value of remote work and to work with their employees to create hybrid or remote work arrangements that meet the needs of both parties. Employers who do so will enjoy a happier and more productive workforce, while those who refuse to adapt risk falling behind in a rapidly changing world.

    Remote work enables worker power, and employers who recognize this fact will be better positioned to succeed in the years ahead. As a manager, it is important to listen to your employees and to work with them to create the best possible work environment for all. By doing so, you can create a strong and vibrant workplace culture that will help you succeed in the long run.

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    Gleb Tsipursky

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  • 3 Strategies That Helped My Business Survived 2 Recessions | Entrepreneur

    3 Strategies That Helped My Business Survived 2 Recessions | Entrepreneur

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    Last year, the U.S. reached its highest rates of inflation since 1981—8.5% in July — shocking American consumers and bottlenecking the economy. Additionally, the U.S. Bureau of Labor Statistics reported a 4.5% increase in labor costs last year, which helps workers keep up with inflation costs but places small businesses in a challenging position of losing out on profits and growth.

    While business owners grapple with price increases on goods and services, fallback in American spending and increased labor costs, the question of how to effectively market during a downturn becomes prominent.

    Since I founded my business PostcardMania in 1998, I’ve encountered many different challenges along the way, including establishing an in-house direct mail printing facility and beating out my competitors. I’ve also survived two recessions; each one resulted in different outcomes for my company.

    Today, I share the lessons I learned during those economic setbacks with anyone and everyone who wants to build a strong business that can withstand anything thrown at it. I’m relieved to say that PostcardMania grew last year despite terrible economic conditions — we had 15% growth in annual revenue and 7% growth in hiring.

    I’ve narrowed these life lessons down to three key principles you should follow during an economic downturn. These principles have also been verified by extensive research on the subject, which I’ll share below as well.

    Related: 5 Ways to Sustain Company Growth During a Recession

    1. Maintain (or even increase) your marketing

    Whatever you do during an economic crisis, do not stop marketing. If there is anything you take away from reading this article, it’s that.

    I learned this firsthand during the recession of 2008. Back then, 46% of our revenue came from clients in the mortgage and real estate industries. When the housing market plummeted, we lost thousands of clients, and our revenue dropped instantly. For the first time in the history of my company, we weren’t growing; in fact, we were contracting — fast.

    By 2009, our situation was looking dire. I didn’t want to lay anyone off, so my advisors suggested cutting back on our marketing budget and mailing fewer postcards every week. So, I listened and ended up regretting it big time.

    Our revenue shrunk 15% — a seven-digit loss — and we had fewer leads coming in, making it harder to bounce back. So, I took a big pay cut and fixed my mistake by increasing our marketing spend back to pre-crash totals. I also funneled more of my marketing budget into other industries (aside from real estate) that were buying from us.

    Thankfully, after I corrected our marketing, our numbers recovered quickly, and 2010 became a new highest-ever year in our revenue.

    When the pandemic hit in 2020, I wasn’t going to make the same mistake. I was dead set against cutting my marketing spend.

    At first, our average weekly revenue fell 41% from mid-March to the end of May. We used our reserves to keep operations and payroll going. But since we held strong, July 2020 became a new highest-ever revenue month for us. Once again, the decision to keep marketing paid off.

    Since 2020, my company’s revenue has grown an average of 17.5% annually. Previously, between 2009 and 2019, our annual revenue growth averaged only 4.6% — a huge difference!

    I share this with everyone because continuing my marketing was one of the biggest lessons I learned as a business owner. But you don’t have to go on my word alone — there is also extensive research to back up my experience.

    A McGraw-Hill research study analyzed 600 companies from 1980 to 1985 and concluded that businesses that chose to maintain or raise their level of advertising during a recession had significantly higher sales after the economy recovered. Not only did the companies that marketed during recessions perform better in the long run, but they also had 256% higher sales post-recession than the companies that didn’t maintain their marketing.

    I know firsthand that spending money when you are barely surviving an economic crisis is challenging, but consider how much harder you’ll have to work to recover your losses because you stopped investing in communicating with potential customers.

    The better option is to find smart ways to continue marketing your products and services rather than stop marketing completely.

    Related: Why You Shouldn’t Drop Your Marketing Budget in a Recession

    2. Find ways to reduce expenses and maximize efficiency

    You’ll have to get clever to weather an economic storm and come out strong. Review all areas of your business, and find ways to cut expenses, maximize efficiency and keep marketing consistently.

    The key is to achieve the right balance in cutting costs, making smart investments and marketing to gain market share and increase profit margins. The Harvard Business Review did a study on effective business strategies during three different global recessions and grouped all 4,700 businesses they studied into four distinct categories: prevention-focused companies, promotion-focused companies, pragmatic companies and progressive companies.

    Prevention-focused companies prioritize making defensive moves and are more concerned with avoiding losses and minimizing risks. Examples would be conducting mass layoffs, cutting expenses and reducing marketing and expansion. Promotion-focused companies do the complete opposite and spend a lot more on advertising and expansion to try to beat their competition. The pragmatic and progressive companies, on the other hand, do a combination of both offense and defense.

    Researchers discovered that the progressive companies found a sweet spot and made some reductions in spending but continued their marketing. As a result, they had a 32% higher chance of outperforming their competition by 10% or more following a recession. Progressive companies also surpassed pragmatic companies by 4% in sales and more than 3% in earnings and did twice as well as the entire group.

    You’ll have to take some time to analyze your business to find areas of change, but here are some to get you started:

    • Remove unnecessary expenses

    • Renegotiate repayment terms or prices with vendors

    • Consider going remote to save on office expenses

    • Examine your product or service to see if you can offer a lower-priced entry point

    • Save energy by reducing usage or changing work environments

    • Reduce business travel

    • Automate certain operations to save staff time on specific tasks

    I mentioned that during the pandemic, I refused to stop marketing because I had learned my lesson years before. But the other hill I was ready to die on was not doing any layoffs, which is a common first move many companies make to save money.

    I’m not saying “don’t ever do any layoffs,” because only you can determine what makes sense for your business. What I am saying is that you can look into other avenues to save money first before you eliminate team members already trained and experienced in your industry.

    Since I didn’t lay off any staff in 2020, we didn’t have to re-hire and train new talent once businesses re-opened. PostcardMania was ready to rock ‘n roll and bring in leads while other companies were busy trying to get staff back up to speed. Avoid that setback by trying your hardest to keep your employees first.

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

    3. Assess your messaging and adjust if needed

    My final recommendation on how to market effectively when the market is down is to take more time crafting the right messaging to your audience. During a crisis, many families are forced to go into survival mode because the cost of basic necessities like eggs and milk has gone up, and they have to cut back in other areas to compensate. The worst thing you can do is say something alienating to them, so keep your messaging relevant to their needs.

    For example, LG Electronics’ slogan is “Life’s Good,” but they didn’t use it in their marketing during the 2008 recession because they did not want to seem out of touch with members of their audience who could be struggling.

    Most people spend less during an economic downturn, but they will spend whether it’s out of necessity or desire to escape from the stressful conditions. It may mean your customers will act choosier in their purchases and will also need the right motivation to make a move.

    For example, a gym membership may seem like a luxury when times are tough, but reframing your message to say that exercise helps families cope with stress and maintain health and happiness will sit with them more comfortably.

    With that in mind, not everyone is broke when the economy is crashing. There will still be people who can afford your products or services, so don’t forget about their needs either. The key is to know your audience well and speak to them as if you were walking in their shoes. The more relatable you can be in your marketing, the more they will trust you and remain faithful customers, whether their wallets are skinny or fat.

    Applying these three principles has sustained my business through the most difficult setbacks over two decades. With that said, the best way to learn is to do — and over the years, I’ve tried many different approaches to business and received different results. Don’t be afraid to try different strategies during an economic crisis. The experience you gain is priceless.

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    Joy Gendusa

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  • Should You Partner With Enterprises or Small Businesses? | Entrepreneur

    Should You Partner With Enterprises or Small Businesses? | Entrepreneur

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    Small businesses and enterprises might exist in the same industry, but they differ greatly in their needs, resources, and goals. Due to the varied nature of budgets, customer bases and agility levels, it’s best to target one or the other when marketing a new product or service.

    There are a few key determining factors that can help you determine whether your product is best suited for a small business or an enterprise. When you zero in on these strategies, you’ll be well-equipped to make the best decision for your business and maximize the impact of your marketing campaigns.

    Related: Selling to Small Businesses? Here’s What You’ll Need to Succeed.

    How to decide between small business and enterprise

    When deciding whether to cater to small businesses or enterprises, ask, “Has this been done before, and has it been done well?” The enterprise landscape is filled with strong competitors. Depending on the product or service you’re offering, you may stand out more in a small business market, especially if you provide an enticing price point and performance level.

    This scenario was true for Vagaro: Starting out, most players in the salon and spa space were going after the larger, more wealthy businesses. But after further research, we found that a majority of companies in the industry only had a few employees. It made sense to deliver less expensive software and target smaller companies that were often overlooked.

    Enterprises also tend to shell out huge sums of money in exchange for a customized product, with the expectation that you’ll continue to iterate to meet changing customer needs. So, start by thinking about how involved you’re willing to be. Then, consider whether your goal is based on profit or if you want to dedicate efforts to building out your customer base.

    Enterprises can afford to write big checks for your product, so you only need a few of these partners to keep your business afloat. The drawback, however, is that if you lose even one of those enterprise clients, you run the risk of losing major revenue.

    On the other hand, when you target small businesses, you may not turn a profit as quickly, but you’ll have a larger customer base. If you lose a few partnerships here and there, you’ll still be relatively secure. Small companies are also in a position to offer you more relevant and timely feedback, and they’ll be more involved in your growth process because your relationships with them are more intimate.

    Related: 6 Key Things to Consider When Bringing a Product to Market

    When small businesses make sense

    In general, smaller businesses typically aren’t as seasoned. They may be just as efficient and innovative as enterprises, but they usually do not have the same abilities in terms of finances and resources. They can’t always afford to learn, plan and iterate over and over again. And in many ways, they’re still figuring things out. Because of this, these smaller businesses won’t want to pay for a product or service that can’t be proven. They need to see demonstrated proof that your product will improve their bottom line in some way. So, small businesses are the ideal choice if you have a less experimental product that can guarantee results.

    Unlike enterprises, which are usually more interested in products that can manage or optimize existing accounts, small businesses are more concerned with growth. When you target them, you need to consider the ways that your product can help them gain visibility and expand their reach.

    Catering to smaller businesses is often equally rewarding for both sides. We noticed that many of our small business clients eventually grew to enterprise levels. In some cases, offering a product or service to a small business is an opportunity to grow alongside them and be a part of a monumental journey. The more they grow, the more you can, too. If you find yourself asking how your product can help influence the growth of another company, small businesses might be a good partnership opportunity.

    When enterprises make sense

    If you focus heavily on innovating, connecting with enterprises can be extremely advantageous. These larger businesses have the budget to experiment, so investments from these types of businesses will allow you to test the waters, build out new iterations and shape your product into something more powerful. Because an enterprise will account for a bigger percentage of your profit, though, this route naturally involves more risk.

    Enterprises also have an edge in networking since they’re familiar with key industry players and have desirable connections. They make it a competitive point to know the market and what they need to do to influence it. If you want to expand your reach and elevate your company’s status, partnering with a well-connected enterprise can help you stay ahead. But enterprise businesses have numerous organizations vying for their attention, so getting your foot in the door will require some strategic thinking on your part. Partnering with at least one other organization can boost your reputation and convince enterprises to take you more seriously.

    Related: Selling Your Product to a Big Chain in 5 Painstaking Steps

    Over time, both small businesses and enterprises can become part of your operations

    Ultimately, when it comes to targeting small businesses or enterprises, the decision is yours. Each option has its own set of advantages and drawbacks that you should carefully weigh before making a final call. However, if your product can guarantee results for smaller companies and provide them with visibility as they grow, then this might be the best choice for you.

    On the other hand, partnering with an enterprise could help you expand your reach and elevate your company’s status by leveraging its industry connections. Whichever route you decide to take will require some strategic planning — with careful consideration and effort, you can not only grow your business but also establish life-long partnerships.

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    Fady

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  • Entrepreneur | 5 Technologies to Help You Stay Ahead of Market Changes and Automate Business Processes

    Entrepreneur | 5 Technologies to Help You Stay Ahead of Market Changes and Automate Business Processes

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    Opinions expressed by Entrepreneur contributors are their own.

    When the economy is struggling, it’s common for business owners to focus on cost-cutting measures — reducing expenses and slowing down hiring. However, simply tightening the belt isn’t enough to get ahead during a downturn. The companies that come out on top during economic recoveries are the ones that have also found new ways to grow.

    So, how can you gain a competitive advantage during economic turbulence?

    Having streamlined processes, consistent performance and reliable technology are key. Business automation can support these efforts — as evidenced by the 74% of surveyed companies who reported that using technology solutions for automation helped them during the pandemic. Meanwhile, 23% even managed to exceed their revenue expectations.

    Here are five ways to transform your business workflows with the latest technology:

    Related: How to Use Automation Effectively in Your Business

    1. Embracing AI

    AI appears to be this year’s buzzword with the ChatGPT hype and Google introducing Bard, but it’s a beneficial technology for businesses. By adding AI-powered automation, companies can boost the processes within different business units.

    For example, in marketing and sales, AI can be used to personalize marketing strategies and create custom content. In IT and engineering, AI can streamline code writing and review processes. And in risk and legal, it can provide quick and accurate answers to complex questions by sifting through vast legal databases.

    An illustration of AI’s impact on business automation is the case of a banking software company, nCino. The company used AI to automate processes related to loan origination and compliance. This allowed the company to securely collect data from clients and make onboarding faster — and nCino gained an advantage over competitors by reducing the time for getting loans. That was a critical issue during the pandemic.

    2. Maximizing cloud efficiency

    The cost of cloud computing is difficult for many firms to manage. This is mostly because they are unable to monitor the precise usage of their cloud resources. In fact, 54% of businesses claim that the main reason resources are wasted is because of a lack of visibility. Cloud automation is an alternative, though. In fact, 75% of chief information officers concur that automation has boosted profits, made the business more agile and enhanced the customer experience.

    Cloud automation offers a powerful tool for IT teams, enabling them to efficiently create and manage cloud resources. This optimizes resource utilization and minimizes security risks posed by manual workflows. Although automation cannot replace human expertise, it is a game-changer for operational efficiency.

    3. Streamlining user experience

    In today’s business world, user experience plays a crucial role in shaping corporate processes and how businesses interact with their customers. A seamless front-end experience can make all the difference in a customer’s journey. The better the experience, the more likely customers are to return.

    And when it comes to delivering a memorable and engaging experience, the 3-D web is leading the charge. According to Shopify, implementing 3-D content has the power to skyrocket customer engagement, resulting in a 94% conversion lift. The technologies behind this transformation include WebGL, Unity, Play Canvas and PixiJS, making it easier than ever for companies to add a cutting-edge touch to their online presence.

    Related: How Artificial Intelligence Could Help You Design a Better User Experience

    4. Building cyber resilience

    As companies grow and technology becomes more complex, it becomes harder to manage security and compliance manually. That can result in slow response times to security issues, mistakes in how resources are set up and inconsistent policies.

    Security automation makes it easier to manage security. It facilitates daily operations and integrates security into the way a company uses technology from the start. In fact, 70% of the most cyber-resilient companies use security automation.

    There are three categories of security automation tools to enhance an organization’s cybersecurity. Robotic Process Automation (RPA) automates routine tasks with software robots. Security Orchestration, Automation and Response (SOAR) unifies threat views and automates responses. Extended Detection and Response (XDR) integrates security data for better threat visibility and response.

    Related: Automation Is Becoming a Business Imperative: Don’t Wait Until It’s Too Late

    In today’s rapidly changing business environment, companies must have the agility to confront and overcome obstacles. Technology provides a vast array of automation and optimization solutions that bring stability and efficiency, acting as a strong foundation and efficient engine to keep your business on course.

    However, a one-size-fits-all approach to technology implementation is not the solution. It’s crucial to evaluate your company’s specific needs and implement technology solutions that align with your business goals. Only then can you fully harness the power of technology to achieve long-term success.

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    Slava Podmurnyi

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  • Entrepreneur | Charlie Eblen of Single Tree BBQ on Becoming the

    Entrepreneur | Charlie Eblen of Single Tree BBQ on Becoming the

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    Just Do It. For Charlie Eblen, founder of Single Tree BBQ and host of Single Nation Podcast, that famous slogan is both a motto and rallying cry.

    “We really believe that we can be the “Nike of Barbecue.” says Charlie Eblen to Restaurant Influencers host Shawn Walchef of CaliBBQ Media.

    The motivation behind that mission is not to be the top-selling BBQ restaurant and corner the market. Instead, the entrepreneur credits his push to a more noble cause; he wishes to use BBQ to impact the community.

    Eblen has turned to technology to increase his digital hospitality. Taking steps, like implementing an upgraded POS system, is done with the customer in mind.

    “We went with Toast to be able to start doing stuff like having a loyalty program,” says Eblen of the change. “Being able to tell our loyal fans of Single Tree Barbecue that we’re opening a brick and mortar, that we’re going to partner with Heroes Den (a local live music restaurant in Murfreesboro, TN) and we’re going to have live music and we’re going to have a great bar. We’re going to have an amazing barbecue.”

    In addition to technology upgrades, Eblen has dove head first into the new media world of podcasting with the Single Tree Nation podcast. After a push from Digital Media Guru Shawn Walchef, he wasted no time putting ideas to action and broadening the scope of Single Tree’s impact.

    “The purpose of my show is really that it doesn’t have anything to do with Single Tree BBQ. It has everything to do with our community and helping build our community through barbecue, digital hospitality, and online storytelling.” explains Charlie Eblen of the weekly podcast.

    The most apt description of Eblen’s growth as a restaurant influencer is summed up in his own words: “It’s been amazing.”

    ***

    ABOUT RESTAURANT INFLUENCERS:

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

    Toast — Powering Successful Restaurants. Learn more about Toast.

    Restaurant Influencers is also supported by AtmosphereTV – TV to Enhance Your Business. Try AtmosphereTV.

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    Shawn P. Walchef

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  • Entrepreneur | Top Challenges for Founders in 2023 — and How to Solve Each

    Entrepreneur | Top Challenges for Founders in 2023 — and How to Solve Each

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    Opinions expressed by Entrepreneur contributors are their own.

    The past decade ushered in technological advancements that have beguiled us. Some have successfully offered solutions to the problems they posed to solve for the common human. Others have taken more from the public than they offered. However, none of these advancements have made running a business any less risky.

    As we ease into the year, founders will likely experience challenges on multiple fronts. While there are several technological solutions available to help solve these challenges, it is quite daunting to figure out the most effective solution. Also, having to deal with multiple issues at a time, keeping it together may be a tad difficult.

    Throughout the year, I see the following common challenges among founders, and I offered the following practical solutions to help ease their transition through 2023 and beyond.

    Related: How This Founder Overcame Challenges He Never Saw Coming

    1. Cash flow and funding troubles

    Cash flow is the lifeblood of a business, and many fail when they are unable to maintain it. Also, most startups take a while to start generating cash flow. So, they have to find a way to float the expenses before the money starts flowing in. This is why many early-stage businesses seek out investor funding. However, it may not be the best direction to go.

    Founders often have cash savings when they set up their venture. It’s normal to plan around this cash savings, and they often overestimate the chances of the business turning a profit in no time. As a result, founders (first-time founders, especially) are very likely to incur high overhead costs and accommodate more payroll expenses than necessary. As reality sets in, they may start seeking out external funding.

    While it’s a popular practice to secure investor funding, it’s something you should think through. Founders often make the mistake of giving out too much equity to investors in their bid to close funding fast. Early-stage investors can sense your desperation for money and exploit it to demand ridiculous equity.

    To avoid this, you should keep your overhead costs low and reduce your payroll expenses to a minimum. Only hire talents when needed. If a role opens up, and you don’t see it being relevant in a few months, it’d be smarter to work with an independent contractor.

    As an alternative to investor funding, consider reaching out to a local bank for a business line of credit early enough. This will give you some level of liquidity to keep your venture afloat. Mind you, financial institutions don’t really provide a long line of credit, especially to startups. So, the lower your overhead and operational costs, the more useful a line of credit will be for you.

    2. Marketing/advertising

    Marketing, as we know it, is crucial to the success of a business, but it’s often capital-intensive. A majority of startups are spending up to $15,000 per month on marketing. If you’re a startup founder, your mouth is probably agape about how much money other startups are pouring into marketing.

    Well, more marketing spend doesn’t always guarantee high returns. Almost every startup is strapped for money. So, your ability to find clever workarounds will be immensely helpful.

    Instead of creating expensive marketing campaigns, you should consider guerrilla marketing approaches. They often cost next to nothing to create and can be insanely effective.

    Also, maintaining a consistent, high-quality blog can help you attract more organic traffic to your website. If done right, this traffic can be converted to hot leads. There is lots of marketing that you can do on a very tight budget. Just get creative.

    Related: No Money? No Problem. 30 Low-Budget Marketing Ideas for Your Business

    3. Transparency

    A lot of founders are against complete transparency in their dealings. However, you need transparency to build a successful company. It doesn’t matter whether you raised investor funding or not.

    With investors, there have been cases where bad investors have used complete transparency against founders in subsequent rounds. On the flip side, non-transparent startup founders are likely to arouse suspicion.

    With popular cases, like Elizabeth Holmes (Theranos) and Sam Bankman-Fried (FTX), investors have become more watchful of opaque founders. This can often cause them to demand significant control over your business. Adopting a culture of transparency can facilitate their due diligence and enable trust.

    Speaking of trust, a study by the HBR revealed that founders are more likely to attract top talents if they build a more transparent workplace culture. So, why not consider laying your activities bare and maintaining all-hands meetings that encourage collaboration and foster belongingness?

    4. Burnout epidemic

    When you’re building a startup, you can easily find yourself working unusually long hours. Most startup founders work about 80 hours per week. The body needs some rest, food, sleep and distraction to function properly. Sadly, most founders are not giving their bodies enough of these.

    The interesting reality is that this unhealthy behavior rubs off on employees. When employees see their leader working long hours, they are challenged to do more. Soon, this unhealthy behavior becomes a culture in the workplace, and productivity may take a nosedive.

    Alternatively, you set out designated work hours for yourself and the team. Ensure that everyone on the team gets adequate rest. Also, you should prioritize your health. A simple solution is to leave your computer at work and keep work inaccessible outside work hours. This way, you can get some time to rest and find balance.

    Related: 3 Ways to Stop Founder Burnout In Its Tracks

    5. Diversity and inclusion

    There have been fewer movements better than the need to have a diverse and inclusive workforce, especially from the onset. However, many startups are making this an obsession. Leave the DEI initiatives for established organizations. Instead, focus more on hiring objectively.

    As a startup, you need talents for the value they bring to the team regardless of their race, culture, or gender. Don’t get bogged in the need to be inclusive that you start losing valuable talents in the process. If you hire on merit and find your team becoming diverse, great. Otherwise, leave the DEI initiative until further down the road.

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    Judah Longgrear

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  • Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

    Entrepreneur | Outsourcing, Offshoring or Nearshoring — Which is Best for My Company?

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    Opinions expressed by Entrepreneur contributors are their own.

    Large corporations have been using offshoring to gain a competitive advantage by lowering their manufacturing costs since companies like General Electric pioneered the practice in the 1960s. Outsourcing started in the 1950s and became an attractive business strategy in the late 1980s as businesses began focusing more on their core competencies (NCST). Initially, these business strategies were mainly reserved for big corporations. However, as remote work technologies have developed and offshoring has gone from a strategy for lowering manufacturing costs to recruiting talent from around the world, companies of all sizes have turned to offshoring or nearshoring as a business strategy.

    The strategy has grown since 2020 due to five main factors:

    • global competition and the search for the best talent
    • COVID-19 forcing businesses of all sizes to work remotely
    • employees voluntarily resigning from their jobs en masse, compelling businesses to find talent abroad
    • high inflation rates and fear of a recession prompting businesses to examine strategies for cutting costs and maximizing their budgets
    • companies applying these strategies to almost all positions and not only IT.

    Related: Your Most Pressing Offshoring Questions, Answered

    What are the differences between these concepts?

    We must first understand the difference between outsourcing and nearshoring/offshoring. Outsourcing is when one company hires another to be responsible for a complete activity, losing control of the work done; the former pays for deliverables. For example, when a company outsources its designs to a design company, it relinquishes control of the activity, and the hired company takes responsibility for the designs. It will manage the team and deliver the designs.

    Nearshoring or offshoring is when a company hires staff abroad through a firm. The company controls the team, which reports directly to the company. The firm oversees legal compliance, payroll and HR — it might also provide office space and other value-added services. Let’s say a company wants to retain control of its design team and design activities; instead of outsourcing the work to a design company, it would hire designers from Mexico through a nearshore staffing firm. That firm would be the employee and be in charge of everything related to staffing, but the staff would report directly to the first company, ensuring they share the same culture and values.

    Nearshoring/offshoring is sometimes referred to as staff outsourcing because a company is outsourcing everything to do with staffing in a given country to a firm. Another term used for these practices is virtual staffing, where a company hires, for example, virtual designers. However, virtual staffing is a misnomer because the staff would not be virtual; they would report directly to the hiring company and would be an extension of its team in another country.

    The difference between nearshoring and offshoring is that, in the former, staff is in a neighboring country rather than an overseas country, as with offshoring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Which one is better for my company, outsourcing or nearshoring/offshoring?

    Deciding which strategy is better for your company requires first understanding your needs.

    From my experience, you should outsource when an activity:

    • is not your company’s core competency
    • does not affect your clients directly
    • does not involve support for your clients
    • does not strictly have to be controlled by you
    • cannot be handled by someone hired in-house, and economies of scale are available (for example, needing designs but not many scenarios would justify hiring a designer via outsourcing, whereas nearshoring/offshoring will be cheaper when you need to hire and manage a designer)
    • is one you do not know how and do not want to oversee (for example, outsourcing your accounting and taxes to a CPA firm makes sense when you prefer not to invest time and energy in an accounting and tax department).

    You can always use nearshoring or offshoring to cut costs or stretch your budget while getting talent from around the world. For example, if you have the budget to hire one digital designer but require a team, you might be able to hire three digital designers in another country. Based on my experience, I recommend analyzing which positions can be performed remotely by:

    • ascertaining if you are having trouble filling a position;
    • reviewing for each position how much you would save if you were to nearshore/offshore it; and
    • identifying any department, such as customer service, that could be completely nearshored or offshored.

    These analyses will guide you in developing a plan for building your remote team through a staffing company.

    Related: How to Prepare Your Employees for Outsourced Hires

    Should I go nearshore or offshore?

    Companies initially recruited from developing countries primarily to save money. They, therefore, turned to counties like India and the Philippines and began offshoring low-level positions.

    Companies are now using offshoring and nearshoring to save money and tap into global talent. They are offshoring positions of all levels. Companies are not looking for the cheapest solutions but for workers in the same time zone, countries with cultures similar to that in their country, and firms that share their values. Companies thus often look in neighboring countries, which is why nearshoring has been growing.

    Whether nearshoring or offshoring is better depends on what you are looking for. If you are looking only for savings, I recommend offshoring. Offshoring’s likely drawbacks are differences in time zones, culture and distance. If you are looking to save but willing to save a little less to have your team in the same time zone as you, in a country with a similar culture, and one flight away from your offices, then nearshoring is the best strategy for you.

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    Pedro A. Barboglio Murra

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  • Entrepreneur | How Successful Leaders Can Benefit From Writing a Memoir

    Entrepreneur | How Successful Leaders Can Benefit From Writing a Memoir

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    Opinions expressed by Entrepreneur contributors are their own.

    Successful entrepreneurs, thought leaders and industry titans are the backbones of our economy and society. We are the ones who take risks, create jobs and drive innovation. We are the ones who inspire people to dream big and strive for excellence. But as we get older, we often worry about how we will be remembered and how our legacy will be preserved. The good news is that there is a simple and effective solution: Write your life story in the form of a memoir.

    Writing a book — especially a memoir — is a great way for strong leaders to share their life stories with the world. Not only do they provide a lasting record of our achievements and experiences, but they also offer insights and lessons that can be learned by future generations. Writing a memoir can be a cathartic and rewarding experience, but it also has many practical benefits.

    Related: Why Writing About Your Life Makes You a Better Entrepreneur

    Benefits of writing a memoir

    1. One of the biggest advantages of writing the story of our lives in the form of a memoir is that it can help build a personal brand. Memoirs are a great way to showcase the personality and character of the writer and to highlight the values, beliefs and principles that drive us. By sharing our life stories and being honest and at times vulnerable, we can demonstrate our expertise, vision and passion. This can help to build a following of loyal fans and followers and to increase our authority and influence.

    2. Another benefit of writing a memoir is that it can drive business to our enterprises. By publishing our life story, we can promote our businesses and services in a subtle story-telling way. Stories are much more powerful than ads or selling. We can share the story of how we got started, the challenges faced and the lessons learned. A well-crafted memoir can help to attract new clients and customers and build a strong and loyal community. It drives people to “know, like and trust” us.

    3. Finally, writing a memoir can be a cost-effective way to increase your visibility and reputation. Instead of spending tens of thousands of dollars on public relations campaigns, we can write and publish our own story and use it as a tool to introduce ourselves to those outside of our closest circles. This allows us to control the narrative and showcase our achievements in a way that is authentic and personal. It also allows us to reach a wider audience, as our memoirs can be read and shared by millions of people around the world at any moment — especially if in the form of an ebook or audiobook.

    Related: The Entrepreneur’s Guide to Writing a Book

    My experience

    I have been basking in the glow of the incredible feedback I’ve received from readers of my memoir. Surprisingly, much of the feedback is from men who share underlined and highlighted excerpts of my book to share their own experiences that they relate to. Some even dare to express their own vulnerabilities after seeing that I opened up and shared some of my deepest and darkest experiences.

    I’m making an impact on everyone who reads the book while introducing them to my businesses and my personal brand without forcing it with social media posts, a PR agency or hard selling. Some of the more meaningful experiences I’ve had is hearing people reciting passages of my book to me, and sharing their appreciation of me for “humanizing mental health.” One male entrepreneur wrote, “This is the book I wish I had the courage to write.” I want to read his book!

    Writing a memoir is a valuable investment for successful leaders. It provides a lasting legacy, builds a personal brand, drives business and increases visibility and reputation. So, if you’re an entrepreneur, thought leader or titan of industry, it’s time to start writing your memoir. Not only will you preserve your legacy for future generations, but you’ll also help others to learn from your trials, tribulations and successes. And you might discover things about yourself and your life that were hidden in your subconscious or buried as you “punched your way” through life on the road to success.

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    Natasha Miller

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