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Tag: Growth Strategies

  • How Small Businesses Can Beat the Big Companies to Top Talent

    How Small Businesses Can Beat the Big Companies to Top Talent

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    Opinions expressed by Entrepreneur contributors are their own.

    Finding the perfect job candidate can take a lot of work for a small business or startup. With the current competitive market, small businesses find it harder to attract top talent than larger, more established companies. In a survey of small business owners by NFIB Research Foundation, 44% of respondents said that they had few or no qualified applicants for open jobs.

    Small businesses might struggle to find top talent for plenty of reasons, such as increased competition, social media inactivity or failure to connect with recruits on a personal level. If you want to attract top employees, your company must have a clear and unique identity and be able to demonstrate its differentiators and core values.

    Here’s how savvy small business owners can start being strategic about attracting qualified employees.

    Related: How Small-Business Leaders Can Recruit Like the World’s Top Companies

    1. Focus on flexibility

    People care deeply about flexibility at work. The ADP Research Institute conducted a survey that found 67% of employees feel more empowered to work in flexible arrangements since the start of the pandemic. Successful companies, including American Express, the largest credit card company in the U.S., have followed this advice by offering flexible hours, working arrangements and contracts.

    Consider being flexible with policies and practices that affect work-life balance. This approach demonstrates that you care about your employees’ overall well-being and helps attract talent who might not have predictable schedules or work arrangements.

    2. Foster a community

    Creating a sense of connection is crucial for small businesses that want to attract competitive talent. An ideal workplace is built on a shared purpose, mutual trust and care for the community around it. It’s not just about the money for employees; it’s about finding fulfillment in their work and enriching their lives.

    One way to set yourself apart when building your community is to look to the local, larger community at hand. Small businesses are known for fortifying communities all over the country, connecting people through shared experiences and helping regional economies thrive. By creating a sense of community within your business that’s connected to the one outside of it, you capitalize on local talent while providing a fulfilling work environment that retains employees.

    Related: 4 Ways to Level the Playing Field of Small Business Recruitment

    3. Make a good first impression

    Small business teams might find it hard to set aside the time necessary to write detailed job descriptions because of the pressure to complete other tasks. However, the first step in attracting skilled workers that fit your precise needs is writing an accurate job description. A job posting, description included, is often the first impression a new job seeker has of your business. So, make it a good one.

    Not only does an effective job description include a list of required skills and expectations for the role, but it also gives the reader an insight into your company culture. Do you care about work-life balance? Is your compensation competitive, and does it include the preferred benefits? Do you understand the nuances of employees’ lives? A good job description will communicate those answers when crafted with the seeker in mind.

    4. Nurture company culture

    A company’s culture establishes expectations for how employees interact and collaborate. Whether you build your culture through concrete practices or relaxed camaraderie, a strong company ethos can serve as a way to break down the barriers between teams that are siloed and provide guidance for decision-makers.

    Warby Parker is a great example of building a solid company culture that retains employees. The whole team is involved in a new employee’s onboarding and training, fostering stronger relationships and increasing a new hire’s sense of belonging and support.

    For a small business, even little things such as flex time, a casual dress code or pet-friendly offices can impact staff morale and loyalty. Creating the right company culture will help spread the word about your business and why top talent should want to work for you.

    Related: How Small-Business Owners Can Build a Strong Corporate Culture

    5. Offer real benefits

    Although there is no federal law mandating that small businesses (i.e. those with 50 or fewer employees) offer health insurance or paid leave, regulations on employee benefits can vary from state to state. Plus, creating a more comprehensive benefits package is a great way to attract the best workers. Employee benefits improve your worker’s productivity, health, well-being and job satisfaction.

    Almost half of the employees surveyed by SHRM said that health insurance was either the top deciding factor or a positive influence when choosing their current job. What’s more, 29% of employees said that their overall benefits package was a significant factor when deciding to look for work elsewhere. Benefits matter to your employees, so they should matter to you.

    6. Consider hiring remote workers and freelancers

    A small business can employ forward-thinking strategies faster and more responsively than most established enterprises. Keep an open mind when looking for a “specific” kind of employee: independent contractors and remote workers are becoming more common these days.

    Many skilled and talented people are available for hire as freelancers or contract workers. Even among traditional employees, it is important to consider allowing people to work from home as more people expect this option from employers. Remote work can be one of the key benefits of working at a small company.

    Related: 3 Powerful Techniques to Effectively Manage Your Remote Team

    7. Drive home what makes a small company unique

    A great advantage for small businesses is the ability to respond to creativity with agility. Big companies can be hesitant to make significant changes, but small businesses can take bigger risks while affecting fewer people. This can make employees and job seekers more excited to work for your business. According to Gallup, when a worker perceives their company as agile, they’re likelier to believe that the organization is a good fit for customers, ahead of competitors, financially secure and prosperous.

    The ability to be agile encourages new ideas and helps businesses adapt to new innovative solutions quickly. A company’s ability to quickly and effectively adapt to its changing needs is key to its success, especially when adding new employees to the mix.

    It’s more critical than ever to find the right people with the right skills for the job. So, you need a solid small business recruitment strategy when seeking new talent. A group of skilled and enthusiastic employees will flock to a company that appreciates and nurtures their talents. In return, they’ll bring new skills and energy to your business and ensure you can compete in today’s market.

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    Sarah Mayer

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  • Ready to Hire? Here are the Best Recruiting Platforms.

    Ready to Hire? Here are the Best Recruiting Platforms.

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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.

    Employers of all sizes turn to popular job sites to recruit top talent. Posting a position on a job search site allows you to reach a large pool of candidates all at once, rather than having to search for and contact candidates individually.

    But with so many to choose from, which are the best recruiting platforms? Many job search sites offer free job postings or have options for paid sponsored job postings that are more prominently displayed.

    If you’re ready to hire new employees, choosing the best job search site can make a big difference in the success of your hiring efforts. Here are some of the best recruiting platforms to consider.

    Best Overall: ZipRecruiter

    Four out of five employers who post on ZipRecruiter get a quality candidate within the first day. This popular job site makes it easy for companies to scale their business with quality hires.

    Rated as the #1 job site in the U.S.1, ZipRecruiter allows you to post job openings and receive applications from relevant candidates. It also offers a resume database and applicant tracking tools to help you manage the hiring process. It’s no wonder why ZipRecruiter is among the best recruiting platforms.

    LinkedIn

    LinkedIn can be a valuable platform for recruiting professionals and is particularly effective for finding candidates in the business, finance, and technology sectors. It offers a variety of features, such as job postings, resume searches and applicant tracking, to help you find and hire top talent in and outside your network.

    Indeed

    Indeed is one of the largest job search websites and can be an excellent resource for finding a wide range of candidates for all positions. It offers free job postings and allows you to search for candidates based on their location, experience, and skills. Indeed also provides rates for sponsored listings that prioritize your openings in the search results.

    Glassdoor

    Glassdoor is a platform that allows you to find job opportunities and read reviews about different companies. Glassdoor also provides information about company culture and employee satisfaction, which can help attract candidates to your open positions.

    Workable

    Workable is a recruiting platform that offers a variety of features, including job postings, applicant tracking and candidate sourcing. It can be particularly effective for small- and medium-size businesses looking to streamline their hiring process.

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

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    Entrepreneur Deals

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  • Are You Ready to Be an ‘Off-Leash’ Boss?

    Are You Ready to Be an ‘Off-Leash’ Boss?

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    Six leaders share how they hit the right balance between full-blown autonomy and micromanaging their employees.

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    Entrepreneur Staff

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  • 5 Procurement Trends To Keep on Your Radar for 2023

    5 Procurement Trends To Keep on Your Radar for 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    The world faces a paradox as the economic cycle moves into a recession. Statistically, we’re seeing a very high employment rate, yet there’s a shortage of skills and labor. In the U.K., these issues are particularly prevalent due to Brexit, as it’s curbed the influx of skilled laborers into the country. As a result, economic growth is stifled, compounding the problem of inflation and the rising cost of living. A transition to 2023’s economy will consistently fulfill these intricately connected components.

    The lasting impact of inflation

    The combination of inflation and a shortage of skilled labor led to a profound economic shock with sharp increases in the cost of utilities, fuel and food. Fortunately, price hikes have begun to settle. For instance, while the cost of shipping a container from China reached a peak of $20,000 during the pandemic, it’s returned to a comfortable $3,000.

    When consumers hear news of these price corrections, it’s reasonable for them to assume a reduction in the cost of goods will soon follow. Unfortunately, as procurement experts know all too well, moves have already set the dominoes in motion. Businesses were still tasked with transporting goods when prices were at an all-time high, meaning the supply chain and the economy continue to feel the impact; however, this is expected to dissipate toward the end of 2023.

    Related: 5 Ways of Effectively Navigating Supply Chain Disruptions

    Investing in certainty

    Historically, we’ve seen periods of rigorous negotiation before. The trouble is, it’s not simply an issue of cost this time. We face shortages of critical supplies — like the semiconductors needed by car manufacturers to build vehicles — which changes the game entirely.

    Unlike in years past, entering the new year with a focus on procuring items for the lowest cost isn’t going to be an effective strategy. Supply chain issues and logistical costs compound budgeting issues for procurers.

    After all, a low price means nothing if your purchase orders aren’t consistently fulfilled — instead, the people who thoughtfully balance price with surety and security will come out on top.

    Related: 5 Reasons Procurement Should Be In Consideration For Your Startup

    Reprioritizing sustainability

    Back in 2019, there was a significant push to prioritize sustainability in the supply chain. From making environmentally-conscious decisions to incorporating social access and inclusion goals, companies took tremendous strides to uphold critical Environmental, Social and Governance (ESG) commitments. Unfortunately, necessity placed many sustainability themes on the back burner during the height of the pandemic.

    When Covid-19 emerged, business owners made great sacrifices, including specific goals like ESG commitments. Even now, many businesses grapple with the challenges of an unstable economy, but we can’t continue to treat sustainability as an option.

    A recent study shows that today’s customers care more about a brand’s social consciousness than the cost of a product or service. The findings clearly illustrate a multi-generational willingness to spend more for sustainable products.

    Furthermore, this generation of shoppers favors brands that represent their values, making ESG efforts imperative for today’s businesses.

    Organizations must find ways to respond meaningfully to these macro themes, despite all else that is happening. While it might not seem like a pressing issue to some, committing to ESG is an investment worth making in the coming year.

    Leveraging and automating

    When it comes to efficiency and production, the skills shortage will continue to impact our economies in various ways. However, it’s up to businesses to find ways to ease the burden, which will likely entail the adoption of additional technology. Companies will continue to automate tasks, but at an accelerated rate, allowing them to shift the human labor they do have into areas where their time and talent are better leveraged.

    We already see these changes at scale. For instance, at the airport, you no longer have multiple personnel standing around to check long lines of passengers and passports; now, there’s a designated location to scan them yourself.

    Meanwhile, administrators moved those employees to other critical areas of operation that couldn’t automate. Likewise, more grocery stores are adopting self-checkout so workers can shift from registers to stock rooms. Across industries, this shift is already in motion.

    Related: Using Tech to Build Supply Chain Resilience in a Changing World

    Retraining and developing

    As more businesses reallocate the human labor available, we also see more significant investment in that workforce. For instance, if a company has a reliable team hired for one job and is now needed to do another, it will require training to develop the necessary skills to perform well in its new role.

    It’s expected that more businesses will retrain their existing workforces in the coming year, which may have a small impact on the current skills shortage. However, European countries with shrinking populations will not solve the labor shortage with corporate training sessions alone.

    Year-end takeaways

    For business owners who are tired and frustrated after two trying years, 2023 holds more opportunities than dangers. In this market, you need to be on the offensive and plan for making “no-regrets” decisions that will push your company forward.

    Ensure you anchor 2023 in an ambitious agenda phase to manage any potential downsizing risk. If you can do that, your team can indeed come out on top.

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    Stephen Day

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  • Free On-Demand Webinar: How to Raise Capital & Scale A Business

    Free On-Demand Webinar: How to Raise Capital & Scale A Business

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    As a groom in 2005, our next guest experienced first hand how difficult it was to find an online resource that would help him execute his wedding plans more efficiently. He vowed to build a tech-forward company that would make planning less stressful and frustrating for engaged couples. Since co-founding WeddingWire in 2007, Timothy Chi led the company from an internet start-up to a multimillion-dollar leader in the wedding planning industry. He also led the merger of WeddingWire with The Knot and its collective brands under one umbrella – The Knot Worldwide – the largest provider of wedding marketplaces, websites, planning tools and registry services in 16 countries across North America, Europe, Latin America and Asia.

    In the next Leadership Lessons episode, Chi will chat with series host Jason Nazar about the greatest lessons he learned from his 25+ year career. Topics include:

    • Entrepreneurship & co-founding companies

    • How to raise capital & scale a company

    • The future of work & workplace culture

    • Servant leadership

    Watch now!

    About The Speakers:

    Timothy Chi is co-founder of WeddingWire and CEO of The Knot Worldwide, a leading global wedding planning company comprised of over 1,900 employees worldwide. Previously, he co-founded Blackboard Inc. where he helped the company grow to over 600 employees, raised $100M in capital with a valuation of $750M, and took the company public in 2004. Chi holds a B.S. degree in Operations Research/Industrial Engineering from Cornell University and a M.S. degree in Engineering Management from Tufts University. He is a member of the Young President’s Organization in Washington, D.C.

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

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    Jason Nazar

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  • 8 Tips for Overcoming a Business Slump

    8 Tips for Overcoming a Business Slump

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    Opinions expressed by Entrepreneur contributors are their own.

    Slump. Bust. Dip. Whatever you call it, it happens to all businesses at some point. And that means you need a solution so you can avoid the slump when it happens to your business and grow faster when it does happen.

    The first thing you need to know is that it’s okay to slump. We’re going to get into the nitty-gritty of what a slump is, why your business might be slumping and how you can overcome it. But first, I want to start with a little bit of context: You are not alone in this. Slumps happen to the best of us, even to Elon Musk a few years back. In fact, they happen all the time — to everyone from newbies just starting out to corporate giants who have been around for decades.

    So, if we’re all in this together, why do some businesses come out of slumps stronger than ever while others crumble? The answer is simple: Those who have mastered the art of overcoming slumps are able to grow even when times are tough and learn from their mistakes so they don’t fall into them again.

    That’s not to say a slump can’t be the time to do some deep soul-searching. If you’re suffering from a slump and you’re wondering how to get out of it, don’t worry. We’ve got you covered.

    Related: Slumps Are Part of the Game. Winning Requires Knowing How to Get Back on Track.

    What is a slump?

    A slump is a sudden business downturn that can be caused by a host of factors, including an economic downturn or changes in technology. Sometimes a slump just happens for no reason at all, but the good news is that there are ways to overcome them and get back on track.

    While it’s true that slumps are never fun and they can feel like they last forever (I promise they don’t), it’s important not to let your mind go down that path because it will only make things worse. Instead, take some time to reflect on what’s working well right now and what isn’t working so well — and then make some changes!

    So, how do you get back on your feet?

    You’re in a slump. It happens to every business at some point. And if you don’t know how to get out of it, you’re going to end up being stuck there for months or even years.

    But we’re here to tell you that it doesn’t have to be that way! Slumps are temporary by nature — and they can usually be fixed by implementing a few simple tweaks to your current strategy. Here’s how:

    1. Ask yourself, “What is the cause of my slump?”

    If you’re in a slump, it’s important to ask yourself what caused it. Did you have an uncharacteristic drop in quality? Did you change up your pricing and not get the results you were hoping for? Did something happen in the industry that affected your bottom line?

    Whatever the case may be, it’s important to figure out what went wrong and why so that it doesn’t happen again. You can even try to get some help from business strategic consultants and assess your whole business.

    2. Is your business model broken? Look at your competitors’ strategies.

    Businesses are built on competition, and with the advent of the internet, that competition is more fierce than ever. If you’re not nipping at the heels of your competitors, you’re falling behind. With so many businesses vying for attention, how do you stay ahead of the curve?

    As the old saying goes: “If you can’t beat ’em, join ’em.” That’s right — look at your competitors’ strategies, and see what they’re doing right. What can you learn from them? How can you apply their ideas to improve your own business model?

    We’ve all seen it before: One company comes up with an innovative new idea that catches on, and suddenly everyone else is doing it too. It’s no longer enough to just have a good idea — you need to be able to execute it better than anyone else. So, if your competitor is doing something that works well for them but not for you, try changing things up!

    If nothing else, this will give you some insight into why some ideas work for certain companies but not for others, and that kind of knowledge can only help you develop better strategies for your own business in the future.

    3. Are you connected with your customers?

    In a world where people are spending more time online than in person, it’s more important than ever to ensure that your customers are happy with the services that you provide. If they’re not satisfied, they will leave and take their business elsewhere.

    If you’re looking for ways to improve customer satisfaction, then it’s time to start asking them what they think about the products and services that you offer. This is the only way that you can determine what needs improvement and how those areas might be improved. It also gives you an opportunity to ask questions about new products or services so that they can help shape what’s next for your company.

    Related: Use Slumps to Your Advantage

    4. Have you failed to save for a rainy day?

    The unexpected can happen at any time, but how will you handle it? The best way to prepare for a downturn is to get ahead of it.

    Think of your business as a car and the rainy day as an accident. You want to be able to pay for repairs without going into debt, right? So, why wouldn’t you want to save up money in case something like that happens?

    You don’t want to be caught off guard, so make sure that you’re prepared for all kinds of scenarios. If you’re not, it could put your whole business at risk!

    5. Have you failed to innovate?

    You must bring new ideas to the table. In business, there are two kinds of people: those who innovate and those who don’t. The innovators are the ones who succeed in times of slump. They’re always looking for new ways to bring their business back from the brink of failure.

    Remember Nokia? If you’re on the other hand … well, maybe it’s time to start thinking outside the box!

    6. Are you not looking into the future? Try predictive analytics

    Not looking into the future? If so, you’re missing out on a lot of opportunities.

    Predictive analytics is a tool for predicting the future by using data about previous actions and outcomes. This can help you avoid problems before they even happen. It’s a great way to ensure that your business remains strong and stable, even in times of slump.

    If you’re not using predictive analytics, though, don’t worry — you can still turn things around now!

    7. Don’t look for “quick hits”

    If you’re in a slump, it’s tempting to look for “quick hits” that will bring your business back to life. The problem is, these quick-hit solutions often lead to more slumps.

    For example, if you hire a new team member and expect them to fix all of your problems, you might be disappointed when they don’t turn things around fast enough. Or if you launch a new product and expect it to pull in tons of revenue, but then it doesn’t perform as well as you’d hoped, you’ll be disappointed again.

    The truth is that there are no “quick hits” when it comes to overcoming a slump. The only way out is through deep engagement with your customers and an openness to change that’s supported by data-driven analysis and experimentation.

    Related: 4 Tips To Keep Your Business Afloat in a Downturn

    8. Ditch the fluff

    Don’t you hate it when you’re reading something and suddenly you’re like, “Wow, this is really fluffy.” Like, “I’m not sure what I was expecting here, but it wasn’t this.”

    It’s like, what are you doing? You’re wasting my time! And I don’t have a lot of time to waste. I’m too busy trying to save up money for my retirement so that I can buy a house in Florida and spend my days on the beach sipping margaritas.

    But seriously, we all have our own lives to live and our own problems to solve. So, let’s cut through all the bullsh*t and talk about how we can work together to get through this slump together.

    So, don’t wait another moment. Take action now! It’s time to stretch, listen to your body and rally your team for one last push. And if taking action doesn’t work, you might need to make some changes. But until then, before the critical moment hits and you’re left with no other choice, don’t forget to use these ideas as a way to fight through rough patches and get back on track.

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    Chris Kille

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  • How Offering Discounts Hinders Your Business’s Growth

    How Offering Discounts Hinders Your Business’s Growth

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    Opinions expressed by Entrepreneur contributors are their own.

    In the subscription arena, and in the B2C environment in general, discounts seem to be the norm. The assumption is that discounts help incentivize purchases that wouldn’t typically happen, leading to new customers.

    The reality is completely different. Discounts, when used incorrectly, can greatly hinder growth and decrease your chances of attracting long-term, brand loyalists. Here’s why:

    Related: Don’t Offer Customers Discounts If You Want to Be Successful

    Discounts attract the wrong types of customers

    One of the fundamental issues with using discounts is that they attract the wrong type of customers to your brand. Customers who join a subscription service due to a discount are often shopping for price instead of unique and exclusive brand offerings. They’ll leave the minute they find a better deal.

    This lack of customer loyalty has far-reaching implications. Data shows that only 52% of consumers who sign up for a new retail subscription will actually keep it. Higher discounts have been linked to decreased willingness to pay renewal fees. Plus, data from QPilot found that the more discounts you offer, the more churn you’ll have.

    Instead, engage customers in long-term commitment opportunities. Research from Attest found that customers see more value in a 12-month commitment with two months free than with a shorter commitment coupled with larger monetary savings.

    Discounts devalue your brand

    The strength of the subscription-based model is in its ability to create belonging. As Jay Myers of Bold Commerce said at SubSummit, “People want to be a member of a brand, like a member of a sports team.”

    Promo codes and discounts negate this approach. According to Nancy Harhut at HBT Marketing, coupon codes lead to distracted customers, with studies showing 27% of potential buyers abandoning their carts in search of coupon codes.

    Coupon codes can also cause consumers to have post-purchase regret. When a customer pays full price for a product and later sees a promo code spot offering the same item or service for a discount, they begin to question the value of their previous purchase.

    Discounts train a consumer to think they can get your product somewhere else for less money. This ultimately makes your product or service appear replaceable.

    Instead, look to attract those who are shopping for experience and community. The strongest brands put an emphasis on the value they can provide in a customer’s journey.

    Related: 6 Good Reasons to Ditch Offering Discounts

    Discounts directly impact perceived customer value

    Offering a discount puts your name in the marketplace, but it doesn’t set you apart. In fact, the vast majority of subscription-based cancellations stem from voluntary churn, according to SUBTA’s State of Subscription Annual Report. Factors include price, perceived value and poor customer service.

    That’s why the best brands focus on identifying what their target customer wants and delivering on that value. This involves shifting to a lifecycle journey, where brands consider the experiences a customer faces as they go through life. Then, they perfect a core offering that helps in that lifecycle.

    This in-depth understanding of a customer allows you to stay engaged in a way no discount can. Rather than offering a promo code, brands with a central understanding of client value can identify value-add opportunities to engage their ideal customer on a regular basis, instigating belonging and inclusion.

    What to offer instead

    Discounts are not the only way to gain customers or increase value. Rather, consider some of these tactics in the new year:

    • Get creative with product-sourcing partnerships: Look for ways to incorporate unique, boutique items from up-and-coming brands who want exposure.

    • Clearly communicate the value of your price point: Furniture subscription company, Fernish, does just this by comparing the actual price a customer will pay for a piece with the value of the subscription.

    • Embrace the cancellation: Haroon Mokhtarzada of RocketMoney (formerly Truebill) encourages making the cancellation process as easy as possible and then surveying those cancellations to impact customer loyalty. In fact, the likelihood of re-subscription has been found to go up when it’s easy to cancel.

    • Utilize Subscribe & Save options: If your brand is a replenishment business, utilize the subscribe and save feature to upsell for a longer-term commitment and an increase in perceived value. More than 60% of consumers report that Subscribe & Save programs make their lives easier.

    Discounts downplay the power of your brand. Instead of jumping on the promo value bandwagon, look for ways to utilize customer data to drive meaningful subscriber experiences. Creating value add-ons that promote long-term commitment and a loyal customer base will ultimately impact your bottom line and make for a more confident brand.

    Related: Reasons Why Heavy Discounting Cannot Lead to Sustainable Growth

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    Chris George

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  • 10 Strategies for Hiring and Retaining New Employees

    10 Strategies for Hiring and Retaining New Employees

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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.

    In a competitive job market, employee retention is everything. Long-term business success can be attributed to employees who feel like their efforts are acknowledged and that they’re contributing to their organization’s goals. Hiring and training new people can be costly, so prioritizing retention can save you a lot of money, foster a winning office culture, and encourage innovative thinking.


    Shutterstock

    It’s important to keep in mind that job candidates are evaluating your organization just as much as you’re interviewing them for a role. Keeping applicants engaged during the interview process can make all the difference when recruiting the people your business depends on. If they don’t feel valued during the hiring process, why would they think they’d be valued as an employee?

    Here are 10 strategies for hiring the right talent and limiting turnover so your business can thrive.

    1. Simplify the hiring process.

    Having plenty of qualified applicants is great, but make sure you’re not losing the right person because your hiring process is inefficient or unclear. This is the first impression you’ll give a potential employee, so be sure to present a positive image of your company by using a hiring platform like ZipRecruiter. It’s arguably one of the best, cost-effective services for streamlining the hiring process. ZipRecruiter even syncs to your Applicant Tracking System (ATS) to optimize your application flow and can help you discover new hires.

    Not only that, businesses can tap into ZipRecruiter‘s Invite to Apply feature to invite top candidates to apply for their jobs. The company says jobs where employers use the Invite to Apply feature receive more than 2.5 times more candidates.

    Related: Best Way to Hire Employees: 3 Tips for Landing Top Talent

    2. Find the right employees.

    Consider the values you’re looking for out of a new hire. Aside from technical capability, ask interview questions that help you understand what motivates a candidate and how they interact in a group setting. Phone screenings, pre-employment behavioral assessments and time-saving screening questions effectively determine if someone would be a good fit before investing valuable resources into further recruitment.

    3. Play to your strengths.

    Though every employer should offer competitive compensation, you can still find and retain quality people by playing to your strengths. Do you have a strong company culture? Offer an employee discount? Is your business involved in the community? Offer unlimited PTO? Not everyone is purely motivated by salary. Some people may simply believe in your company—and that’s someone you want on your team.

    4. Personalize communications with applicants.

    Sometimes submitting a job application feels like throwing your resume into a black hole. Even with an automated response, knowing your application will be reviewed by a human can make all the difference. As it turns out, you can hire faster and send personalized messages to job seekers through ZipRecruiter. It’s an opportunity to keep applicants engaged in the hiring process with a professional experience.

    Related: Looking for Employees? 4 Things You Need to Know About Online Job Boards.

    5. Be transparent.

    Hiring has a lot of moving parts, and things don’t always go as planned. Maybe a project you were hiring for fell through or isn’t happening as soon as anticipated. Perhaps someone wasn’t the perfect fit for a specific role, but you know they’d be a contributor in a different position. Hiring can be a long-term game, so stay organized and be honest every step of the way. Communicate a transparent process for applicants to keep in mind and answer their questions to the best of your ability. You never know when you’ll cross paths again.

    6. Prioritize the onboarding experience.

    Set your employees up for success from the beginning with a winning onboarding and orientation process. By investing time in developing onboarding materials, you’ll get your new hires up to speed faster. They’ll feel like they know the organization better and can contribute to their new role sooner. Company swag and personalized welcome emails from coworkers are also simple ways to make someone feel part of the team.

    7. Provide a clear path for advancement.

    Along the lines of transparency, don’t push talent away because of stagnation in career growth, salary, or skill development. Offer employees a roadmap for promotions and what qualifies them for a merit increase. Mentorship opportunities for new and existing staff can develop new leaders while giving insight into the promotion process. Your employees will deliver their best work when they know they’re working toward something.

    Related: How to Find Employees: 4 Tips for Hiring the Best

    8. Create an environment of open communication.

    Keep lines of communication open between employees and leadership. This gives employees a voice and can lead to positive changes in the organization. Consider conducting regular employee engagement surveys that allow staff to provide feedback on career satisfaction, office culture, business outlook and career development. Acting on the results from the surveys and using that data to improve the employee experience can lead to improvements across your organization.

    9. Place emphasis on employee wellness.

    In a world where working from home has become the norm, job flexibility is highly relevant. People are more likely to do their best work when their company understands they have lives outside of their 9-5. Offer simple perks like flexibility with leaving early to take care of family members or summer Fridays. Encourage personal wellbeing with healthy snacks in the office, physical fitness stipends and mental health resources.

    10. Give employees recognition.

    Employees need to feel appreciated, and there are plenty of inexpensive methods to do so. Acknowledgment of their accomplishments goes a long way, especially when it’s coming from leadership. Create opportunities for employees to get recognition from their peers with regular work share-outs, office emails highlighting big wins and awards.

    Whether you’re hiring your next employee on online job boards like ZipRecruiter or via your internal networks, keep the above tips in mind to help make sure you hire the right person and keep them around for the long haul.

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    Entrepreneur Deals

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  • 3 Recession-Proof Strategies for Small Business Owners

    3 Recession-Proof Strategies for Small Business Owners

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    Opinions expressed by Entrepreneur contributors are their own.

    Unless you’ve been hiding under a rock, you’ve probably read the dreary forecasts from JPMorgan, Citi and Goldman Sachs, which all agree that 2023 will be a rough year for the economy, perhaps even kicking off a “mild recession.”

    But try as they might with their recession talk on the heels of a global pandemic, supply chain chaos and market upheaval, we resilient entrepreneurs aren’t ready to throw in the towel quite yet.

    Small business owners’ most significant advantage is our ability to stay nimble and pivot toward opportunity. I say this as someone who built and exited a company after the last recession — when many founders rode a wave of “creative destruction” where smaller competitors thrived as big firms faltered. The little people, not the corporate behemoths, were best positioned to pick up the pieces and innovate.

    To see how others feel about this moment, Hello Alice surveyed 2,635 small business owners to gauge their sentiment heading into the new year. The findings, published in partnership with Mastercard, show that while nearly two-thirds of entrepreneurs are worried about a potential recession, an astounding 73% predict their businesses will grow this year.

    If that sounds counterintuitive, I agree. But a closer look at the results illustrates how scrappy entrepreneurs can be in the face of adversity. Rather than wait and see what happens, owners are already crafting action plans and seeking solutions to prepare them for the challenges ahead.

    Based on our survey results, here are three strategies for small business owners hoping to beat the 2023 trendlines.

    Related: 7 Recession-Proof Industries to Protect Your Money

    1) Make sure you have access to working capital now

    In uncertain times, small business owners need additional funding, particularly those mainly relying on bootstrapping.

    Why? Here are a few findings to set the scene:

    • 66% of owners said their expenses increased in 2022
    • 70% said their revenue stalled or decreased in 2022
    • 70% plan to apply for funding in 2023

    So far, entrepreneurs have successfully combatted inflation with price increases and adjustments to product offerings. Nearly two-thirds of owners said their business ended 2022 in a financial position as good or better than the year before. But the convergence of expenses and revenue tells a story of shrinking margins squeezed by inflated costs. You can’t raise prices forever, and events like a recession are certain to upend sales forecasts.

    Consider the following options to ensure you have ample working capital to overcome any financial surprises:

    • Develop a relationship with your bank. Lay the groundwork now, and you’ll have a friendly face to help you navigate available resources and facilitate potential financing applications.
    • Seek out a business credit card. Credit cards help you cover unexpected expenses and pursue new opportunities, often while earning valuable rewards that you can reinvest in your business.
    • Visit the Small Business Funding Center. This free resource matches you with relevant grants, loans, and credit opportunities.

    Related: How to Know If You Need Funding (and How to Get It)

    2) Get scrappy with tech solutions

    In our outlook survey, businesses ranked marketing among their top concerns. Owners are worried that price increases will reduce their overall customers, and the end of budget-friendly digital marketing makes customer acquisition more difficult (and expensive) than ever.

    Thankfully, a growing range of tech solutions can help owners optimize their marketing efforts while fitting into any budget. Here are a few ideas to get started:

    • Adopt software tools. Platforms like Constant Contact, Hubspot Marketing Hub and Sprout Social help you target your audience and amplify your reach.
    • Explore freelance help. Resources like Fiverr, Upwork, and MarketerHire can match you with affordable digital marketing support to take the work off your plate.
    • Look for discounts. Take advantage of introductory offers and seasonal discounts to test-drive tools before making a long-term commitment. Not sure where to look? The Hello Alice Business Solutions Center is one free resource that curates deals on popular software solutions to help owners shop and save.

    3) Be ready to fail fast and fail often

    Finally, in a reassuring sign that owners feel confident, a majority of small businesses plan to hire this year. According to our survey, twice as many business owners plan to hire in 2023 (52%) as were actively hiring in 2022 (26%). Growing headcounts are a proxy for growing businesses, but there’s still an inherent danger to making big changes, especially during uncertain times.

    Instead, operate with a startup mentality that sets up low-stakes experiments to explore an idea’s potential. Rather than dump your marketing budget into TikTok, test the waters with different types of content. Before bringing someone on full-time, trial them on a part-time or project basis. Set goals, measure outcomes, and assess where to go from there.

    Some of your 2023 experiments are sure to fail, but this innovative mindset helps you conserve valuable resources to invest in long-term growth in the years to come. And remember, the economy may flounder for a bit, but as entrepreneurs, times of uncertainty are when we thrive.

    Related: By Failing to Prepare, You Are Indeed Preparing to Fail

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    Carolyn Rodz

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  • 26% of U.S. Workers Would Rather Undergo a Root Canal Than Follow This Workplace Policy

    26% of U.S. Workers Would Rather Undergo a Root Canal Than Follow This Workplace Policy

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    Opinions expressed by Entrepreneur contributors are their own.

    According to a recent survey conducted by job site Monster, more than one in four (26%) U.S. workers would rather undergo a root canal procedure than work in their offices five days a week. Additionally, nearly two in five (38%) workers said they would quit a job that required just one day onsite. These staggering statistics reveal a clear shift in workers’ attitudes towards the traditional office environment, and companies that fail to adapt to this change risk losing their most valuable asset: their employees.

    As a highly experienced expert in the field of hybrid work, I talk with 5 to 10 leaders every week about how to make hybrid work serve their needs well. I ask them what their top concern is, and most say it’s hiring and retaining talented staff.

    External surveys say the same thing, such as this recent survey by Vistage of the leaders of small and medium-sized businesses. It found that 60% of SME CEOs are planning to increase headcount in the year ahead, with only 7% planning on reducing headcount. According to Vistage Chief Research Officer Joe Galvin, this is a significant shift from the trend of big companies making headlines with layoffs, as small and medium business CEOs are reluctant to lay off their hard-won new employees. One key reason for this shift is the recognition that hiring challenges are impacting the ability of these businesses to operate at full capacity. With 61% of CEOs saying that hiring challenges are a major concern for their ability to operate effectively at full capacity.

    Given this information, I confidently tell the leaders whom I advise that the future of work is in a flexible hybrid work model that allows for some full-time remote work. This model not only keeps workers happy and engaged, but it also has a positive impact on a company’s bottom line.

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

    Increased productivity and employee engagement

    One of the most significant benefits of a flexible hybrid work model is increased productivity and employee engagement. Studies have shown that remote workers tend to work more efficiently and are less likely to experience burnout. A mid-size IT services company that I consulted for implemented a flexible working policy, and they saw a 20% increase in productivity among their remote workers.

    Remote workers have the ability to create their own personalized work environment, which leads to an increase in productivity. They can work from a location that is most comfortable for them, whether that be their home, a coffee shop or a coworking space. This leads to a decrease in distractions and an increase in focus, resulting in a higher level of productivity.

    Flexible working also has a positive impact on employee engagement. When employees have the ability to work in a way that suits them best, they are more likely to be engaged and motivated. This leads to a decrease in turnover, and an increase in employee loyalty and job satisfaction.

    Access to a wider talent pool

    A flexible hybrid work model also allows companies to tap into a wider talent pool. When companies are not limited by geographical location, they can attract and retain the best talent from all over the world. A large financial services company that I worked with had difficulty finding qualified candidates in their local area, but by implementing a flexible working policy, they were able to hire top talent from other parts of the country.

    A flexible working policy also allows for a more diverse workforce, as it can attract candidates who may have previously been excluded due to geographical constraints. This diversity leads to new perspectives, ideas and innovation.

    Cost savings on talent

    Flexible working can also lead to significant cost savings for companies. A flexible hybrid work model reduces the need for office space, and it can also lead to a reduction in absenteeism and turnover. A retail company that I consulted for implemented a flexible working policy, and they saw a 30% reduction in absenteeism due to less workers taking sick days and a 20% reduction in turnover.

    When employees have the ability to work from home, it leads to a reduction in absenteeism as they are less likely to be affected by things such as traffic, weather, or public transportation issues. This can also lead to a decrease in sick leave, and an increase in overall productivity.

    Flexible working can also lead to a reduction in turnover, as employees are more likely to be satisfied and engaged in their work. This leads to a decrease in the cost of recruiting and training new employees.

    Addressing cognitive biases

    Cognitive biases can play a significant role in decision-making when it comes to flexible working. The status quo bias, for example, leads managers to resist change and stick to the traditional office environment. The sunk cost fallacy can also come into play, where managers may be reluctant to change the way things have always been done because they have invested so much time and resources into the current system. By being aware of these cognitive biases and actively working to overcome them, companies can make more informed and effective decisions about their working policies.

    One way to overcome these biases is to gather data and conduct studies on the impact of flexible working on employee productivity, engagement, and turnover. This can provide concrete evidence to support the implementation of a flexible hybrid work model. Additionally, it is important for managers to actively seek out feedback from employees on their preferences for working arrangements and to consider their needs and concerns.

    Implementing a flexible hybrid work model

    Implementing a flexible hybrid work model can seem daunting, but with proper planning and communication, it can be done successfully. It is important to set clear guidelines and expectations for remote work, such as setting specific hours of availability and ensuring regular communication with team members.

    It is also important to provide the necessary tools and resources for remote work, such as a reliable internet connection and a secure virtual communication platform. Providing training on hybrid work best practices and technology can also help to ensure a smooth transition, as can hiring a hybrid work consultant to guide your transition.

    Related: Salesforce CEO Marc Benioff Is Right. New Employees Are Less Productive in a Hybrid Work Setting — But Why?

    Conclusion

    The shift in workers’ attitudes toward the traditional office environment is undeniable. Companies that fail to adapt to this change risk losing their most valuable asset: their employees. A flexible hybrid work model that allows for some full-time remote work is the future for anyone who cares about worker retention, increased productivity, access to a wider talent pool, cost savings, and overcoming cognitive biases. The time for companies to implement this model is now. As a leader of a company, it’s important to recognize that the traditional office model may no longer be the best option for your employees or your business. By embracing a flexible hybrid work model, you can retain top talent, increase productivity and save costs. The future of work is here, and companies that adapt will be well-positioned for success.

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    Gleb Tsipursky

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  • 7 Steps to Push Your Career Beyond Your Comfort Zone

    7 Steps to Push Your Career Beyond Your Comfort Zone

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    Opinions expressed by Entrepreneur contributors are their own.

    A career is something you build on small successes and failures. But if you want to push your profession beyond your comfort zone, you will need a backup plan. Becoming successful in your work requires you to do what others cannot or will not do. With the simple, concrete steps below, you can push yourself into career-launch mode and see massive returns. These steps include taking calculated risks, learning from mistakes and embracing the unknown. Let’s discuss each of them in detail:

    1. Get comfortable being uncomfortable

    Instead of fearing discomfort, you should embrace it. The more often you do something new and out of your comfort zone, the more comfortable you will become with doing that thing.

    This will lead to an increase in confidence. The more confident you are, the easier it will be to do things outside your everyday routine. You will start seeking opportunities to stretch yourself or take on additional responsibility because you know that even though these things may make you uncomfortable, they are another way for your profession to grow.

    You will also inevitably get better at whatever makes someone uncomfortable — whether it is public speaking or managing other people — and this makes those hours spent practicing worthwhile. The knowledge gained through experience sets a foundation for future success in any field.

    Related: Get Out of Your Comfort Zone, Take Risks and Run With the Big Dogs

    2. Take risks but minimize risks as much as you can

    The best way to truly learn is by doing. The only way you are capable of doing that is by letting go of your fear. Take calculated risks, but make sure the odds are in your favor. The crucial decision is knowing when to take a chance and when not to. Here are some tips to help you minimize risk as much as possible:

    • List all of the things that could go wrong if you do not take a chance (or if you do). How will it affect your life? Your career? What are some potential consequences? If this is not worth risking everything on, it is not important enough.

    • Identify what might happen if something goes right with this project or idea — how will it help your profession? Will it lead to more opportunities down the road? Does this have long-term benefits for yourself or others around you? Does this have short-term benefits for yourself or others around you?

    3. Be prepared to venture into the unknown

    The only way to be prepared for these situations is by experiencing new challenges. Try something new every day so that when an opportunity arises where you need to venture into the unknown, it will not seem like such a big deal.

    The more comfortable you become with stepping out on your own, going against norms or doing whatever it takes, it will not feel scary because now you have experience using those tools and honing those skills in other areas.

    4. Learn from your mistakes, and move on

    Many say that failure is the best teacher, but what they do not tell is the best way to learn how to fail better next time. If you are constantly trying new things, pushing yourself beyond your comfort zone and making mistakes along the way (as long as they are not too costly), then there is no way for you not to improve — and fast.

    Related: The Most Important Career Lessons Are the Ones You Learn From Your Mistakes

    5. Do not let what others think of you limit your success

    It is easy to get stuck in the opinions of others, but this can stop you from making good decisions. If someone is telling you not to do something, and they do not have a good reason, then ignore them. What is important is your own opinion and what feels suitable for you. People may have told you that something was impossible or would not work out, but if the situation suits your ambitions and goals — go for it.

    6. Put yourself out there

    If you want to be successful, put yourself out there. This means taking on new projects and responsibilities that can help you grow in your profession. When you put yourself out there, you learn more about yourself, what motivates you and what your strengths are. You also know more about what kinds of projects or responsibilities make you uncomfortable or nervous.

    By identifying these areas of weakness, you can figure out how to improve them. When future opportunities that require this skill set (or lack thereof) come around, they will seem manageable.

    7. Dream big, then work toward making it happen

    When you are dreaming big, you must be prepared to take risks and venture into the unknown. However, this does not mean you have to go all in with no plan to recover if things go wrong (as they inevitably do).

    When planning for success, keep these things in mind:

    • Be prepared for failure: Think about what could happen if your plan fails, and work through those scenarios so that you know what steps you would need to take next.

    • Take small steps at first: Start small, and take one action at a time until you get closer to achieving your goal. Then move on until you meet your goal.

    Related: How To Achieve Meaningful Career Advancement

    Push yourself beyond your comfort zone to rise in your career. You may think you need to make the right move when you take risks, but the truth is that if you do not go out of your comfort zone, how will anything ever change? Pushing yourself out of your convenience zone can help you grow professionally and personally by helping build confidence, courage and strength. It will also help develop resilience, an essential quality for success in any field.

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    Steve Taplin

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  • When Should Business Owners Start Developing an Exit Plan?

    When Should Business Owners Start Developing an Exit Plan?

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    Opinions expressed by Entrepreneur contributors are their own.

    Any transformative business decision requires good strategy and planning. Your business exit is one such decision that will inevitably transform the business. Think of it this way: If you only started planning for a significant initiative a few days before you needed to roll it out, you would be making a huge strategic blunder. Why would a business exit be any different?

    The truth is, business exit planning is good business. Many business owners might believe they don’t need to worry about having an exit strategy until the time for them to exit comes around. In this article, we’ll explain why that’s a bad idea and why exit planning is something that shouldn’t wait.

    Related: Start Your Planning Your Exit Strategy Now With These 4 Tips

    Focusing strategy on the present and immediate future

    Executives and business owners may not plan ahead for a business exit strategy because they are too focused on the present and immediate future of their organization. You yourself probably feel it is more important to focus your efforts on strategies that will ensure growth, profitability and stability in the near term. Additionally, executives often lack clarity about how much value their company might have at some point in the distant future when an actual exit might take place. This uncertainty can make planning for an eventual exit seem like a waste of time or resources compared to tackling other pressing needs within the organization.

    You would be right in rationing your focus and strategizing based on urgency and priority. Business exit planning does not supersede current and short-term business goals as you can clearly see in valuable metrics such as KPIs or OKRs.

    HOWEVER, planning your exit is a good business strategy whether you intend to sell your business or not. Focusing on more immediate concerns and plotting a well-executed business exit are not mutually exclusive. When you properly plan a business exit, you are setting up your company to maximize growth and profits by creating an organization that can run independently of you with top talent, a solid foundation, financial stability and a competitive advantage that outlasts your stay.

    You should certainly look at the macro picture ASAP — ideally, exit planning should begin during the startup or early growth stages of a business so that all future decisions are made with the long-term in mind and so that founders have an understanding of how they want to exit their business before they become heavily invested and committed.

    Related: The How-To: Building An Exit Strategy For Your Business (Even Before You Start)

    Sound business exit planning

    Business exit planning should be incorporated into the overall business strategy. It can start with setting objectives and clear exit goals, such as when to sell or transfer ownership of the business and at what price.

    Naturally, estimating the exit goals and acceptable terms and prices ahead of time can be challenging, as it requires careful consideration. This is, in fact, one of the reasons executives avoid planning business exits ahead of time. First, you will need to research current market trends in order to estimate what price the business may fetch if sold — today or three, five, even ten years from now — whenever you foresee the exit to be most viable based on your strategy. This involves looking at comparable businesses that have been recently sold or put on the market in order to get an idea of potential interest levels from buyers. You can perform some forecasting yourself and use relevant market prediction data from research.

    Second, you should evaluate your own personal financial situation when setting exit goals so they are realistic, especially regarding what type of return you expect from selling your business at a given point in time. Take into account factors such as:

    • cash flow needs both now and in retirement

    • any potential tax implications related to the sale (i.e., capital gains taxes)

    • whether or not there are other shareholders who need to be taken into consideration when determining an appropriate price

    • existing debts that must be paid off before ownership can be transferred

    Additionally, it may also be beneficial to look at trends in investment returns from similar businesses over time — both past performance as well as forecasts for future performance — to ensure you have realistic expectations about likely ROI.

    The overall plan should also involve regular updates in order to stay on track and make course corrections if needed so it does not interfere with other initiatives or ongoing priorities in your organization. Additionally, by creating a succession strategy for key people in the company during this process, you can ensure continuity of operations even after you leave your position.

    A word of caution, however: Do not run your business with the sole focus of securing an exit strategy. That’s the opposite of never planning ahead.

    Related: Planning Your Exit Strategy? Follow These Tips

    Why plan so far ahead anyway?

    First, it allows you to prepare for any potential issues that may arise and create a contingency plan to address those issues. It also gives the company an opportunity to review current strategies and make adjustments if needed, ensuring they are in line with the ultimate goal of exiting at an optimal time. Furthermore, planning ahead can help protect against any unforeseen circumstances that could cause significant financial losses or damage to the company’s reputation. It also creates opportunities for reinvestment or diversification into other markets or industries upon exiting existing ones.

    Lastly, having an exit plan can provide peace of mind, which is essential when making decisions about long-term investments and goals within a business strategy. Better yet, it’s peace of mind not only for you as the business owner or a key decision-maker, but for the entirety of the organization.

    According to some surveys, nearly half or 48% of business owners do not have an exit strategy, and 58% do not even know how much their business is worth as they have never had it appraised. Apparently, there are a lot of decision-makers who are irresponsibly indecisive and alarmingly uninformed to address one of the biggest decisions they and their organizations will inevitably have to face. Are you going to be one of them?

    You need your leadership team to be capable enough to successfully plot crucial strategies such as business exit plans. They need the foresight to understand the importance of looking so far ahead and the capability to plan for an exit while not hindering ongoing initiatives in your organization.

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    Nick Mascari

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  • Your Company’s Responsible Guide to Staying Profitable in a Recession

    Your Company’s Responsible Guide to Staying Profitable in a Recession

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    Opinions expressed by Entrepreneur contributors are their own.

    The recent trend of easy money and exorbitant valuations has skidded to a halt amid recent economic volatility. Understandably, many companies rode that wave as long as they could, but in doing so many prioritized growth over sustainability and sound leadership. Layoffs continue to ripple through the tech ecosystem, so employees both in this sector and elsewhere are feeling the consequences.

    Having to let go of staff members is all but unavoidable in a company’s lifecycle, but there is always more that can be done to keep businesses afloat while preserving morale. Strategies can include responsible budgetary decision-making, thoughtful and prudent responses to external pressures and transparent dialogue with employees, to name a few. Such actions can help companies remain healthy, productive and profitable, even as they navigate challenging waters.

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    Jillian Goldberg

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  • This is What You Need in Your 5-Year Marketing Plan

    This is What You Need in Your 5-Year Marketing Plan

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    Opinions expressed by Entrepreneur contributors are their own.

    We’ve all heard the interview question, “Where do you see yourself in five years?” Marketers routinely take that question and apply it to their marketing strategies. They figure out what they want to achieve and then develop actionable steps to get there. Keep in mind, these plans aren’t designed to be all-encompassing. They serve as a guidebook for different scenarios while getting the team thinking about what they’d like to accomplish long-term.

    Your five-year plan is a way to build an overarching metric for how you’re doing — or how you plan to do over the next half-decade. There are many things to consider when building your plan — here are a few to look at carefully:

    The 3 key buckets

    A successful five-year marketing plan should fixate on three main questions:

    1. What assumptions can you make about the next five years within your company?
    2. What goals do you want to achieve?
    3. What are the metrics you’ll use to measure those goals?

    Assumptions are what you think won’t change in the business over the next five years. For example, you might assume that you will continue using particular vendors or that packaging costs will remain stable. From there, you can determine your goals — like boosting sales by 50% or converting 10,000 new customers. The metrics that measure your progress might be units sold or your company’s market share. It’s essential to include both readily-accessible metrics — such as website views — and brand metrics that might be a bit harder to come by, such as the associations your customers have made with your products or company.

    Importantly, there’s no “right” or “wrong” when it comes to answering these questions. Every business has its own vision, resources and position, which all influence its marketing strategy. The aim is to develop a plan that will produce the most desirable outcome for you, rather than worrying about what other businesses have the capacity to do.

    Related: Use These 5 Steps to Create a Marketing Plan

    Narrowing your focus

    Just like consumer preferences, marketing tactics are constantly shifting. Social media demonstrates this well. Because social media platforms have skyrocketed over the past two decades, marketers no longer rely solely on traditional platforms such as print or television ads. And even within social media, things aren’t constant. TikTok has become one of the fastest-growing platforms, quickly overtaking Facebook.

    With so many options, your marketing plan must keep a narrow focus. For some companies, TikTok doesn’t matter. They can’t yet measure the return they’re getting from the platform, so this isn’t exactly a feasible opportunity. Don’t be tempted to try everything or be everywhere. It’s a matter of isolating what you practically can use to give you the insights that will help you.

    Two questions will help focus your strategy:

    • How do your goals compare to last year?
    • What are you striving for (e.g., enhancing the brand vs. increasing brand awareness)?

    How you answer those questions will help you identify where and how to focus your efforts so you don’t get lost in a bunch of small, irrelevant tactics.

    Using your budget

    Most people think of budgets as being stable or hard data — but almost all companies work with unknowns. In reality, the best they can do is come up with an educated guess that seems to make sense – a ballpark range. Because nobody can plan with certainty for every scenario — and because it’s so easy to become overwhelmed with an infinite range of outcomes — it’s advisable to lean on a few key financial assumptions and build a strategy around those.

    Once you have a budget figure to work with, create high and low projections for everything you want to do. Let’s say the aim is to get to 50% brand awareness. What would your plan look like if you exceeded that and got to 75%? Alternatively, what would you do if awareness went down to 25%? Creating these high and low projections will let you design a more flexible approach and avoid being caught too off guard.

    As you come up with your main scenarios and high-low projections, think about the key internal drivers you’ll need to address next year. Consider the risks, and assess whether you’ll have the data, technology and skills to develop and maintain what you expect to put forward. Keep in mind that it’s more important to pivot when issues come up than to predict what’s going to happen accurately.

    Related: 4 Tips for Developing a Marketing Plan That Will Actually Grow Your Business

    Paint flexibly within your broad strokes

    A five-year marketing plan paints a broad, long-term picture of how you’ll communicate with your audience while giving details about your projected products or services. It includes assumptions and factors that aren’t necessarily static, so you have to approach it with a grain of salt and be ready to shift gears if the plan doesn’t work.

    Even so, if you stick to three key buckets (assumptions, goals and metrics), keep your tactical focus narrow and incorporate multiple projections in your budget, you should end up with a strategy that blends the data and flexibility needed to strive in a changing world. Because annual marketing plans need to connect to your long-term marketing vision, let the annual marketing meetings serve as check-in points to keep your longer-term marketing plan relevant and viable.

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    David Partain

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  • 4 Lessons for Entrepreneurs Facing a Crisis

    4 Lessons for Entrepreneurs Facing a Crisis

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    Opinions expressed by Entrepreneur contributors are their own.

    Those that have heard me speak, know that I am fully invested in creating opportunities for minority business enterprises (MBEs) to grow and scale their businesses. It is why I accepted the role of CEO and president of the National Minority Supplier Development Council (NMSDC). However, perhaps less well-known, is that I am also a business owner myself and understand the plight of entrepreneurs, especially entrepreneurs of color.

    After spending over two decades in the tech industry, I ventured into real estate and tech startup investment. I invested in a boutique hotel in downtown Austin, Texas that opened for business in the early months of 2020. Unfortunately, two weeks after it opened, the Covid-19 pandemic came to the United States, shutting everything down. Given the circumstances, I could have gotten discouraged and given up on this venture due to the extremely unfavorable situation I found myself in.

    Instead, after a somewhat unconventional start to my journey, I pivoted to a new concept for the space, the Founders House, a co-living pop-up that provides flexible accommodations for entrepreneurs and startups. While a lot can be said about that choice and the resulting transition, I want to share four key takeaways from the experience that I think can benefit any entrepreneur faced with a crisis:

    Related: 5 Ways to Help Your Business Win in Times of Crisis

    1. If you want to succeed, you will not have time to feel sorry for yourself

    The timing of my hotel opening was not ideal. While the Covid-19 pandemic was completely out of my control, it did not make it any less devastating to the plans for the business. However, rather than let the circumstances overwhelm me, I decided to put my focus on helping others affected by the pandemic. How could I use this space to help my community?

    We used the hotel as a base of operations for working with members of the local AAPI community to fundraise for and source much-needed PPE like N95 masks for local community clinics, which we then stored at the hotel. Obviously, this was not what I had planned when we opened, but pivoting to a community-focused solution was the key to the business’s future success — something that would not have been possible had I not made it a point to stay focused and keep moving forward.

    2. When faced with a crisis, get creative and focus on opportunities

    I am not going to lie, there were times during the early days of the pandemic when I didn’t think our business was going to make it. However, rather than focus on those negative thoughts, I instead focused on what opportunities existed for my business. It was at this time that a friend and mentee approached me, as her startup needed space to get ATX KIT off the ground during the pandemic. This opportunity led to an even greater opportunity and creative solution to the problem my hotel was facing. Not only was this a chance to help entrepreneurs of color during the pandemic by providing affordable co-living solutions, but it also brought in the necessary cash flow needed to save the hotel. When faced with a crisis, it is important to look at things from new and fresh perspectives … even if they don’t present themselves at first glance.

    Related: How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback

    3. Do not forget about your physical and mental well-being

    While I worked very hard, first to help the Austin community source scarce PPE, and second to get the Founders House concept off the ground while leading the global business for Technology Integration Group, I also made sure to take the time to take care of myself. For example, I love going to the gym. Obviously, I couldn’t do that during the Covid-19 pandemic, especially during its earlier stages. However, as with my business, this was an opportunity to get creative. I self-taught cross-training classes, did daily yoga video exercises and jogged around the town lake of Austin. I also embarked on several culinary adventures at home to ensure I was maintaining my nutritional and mental health. While it’s important to focus on your business, don’t lose sight of the self-care needed to thrive.

    4. Remember your community in times of crisis

    An overarching theme of the experience that eventually led to the Founders House is a focus on one’s community. Whether that was helping Austin’s AAPI community or finding a way to support entrepreneurs of color like myself, everything I did during the pandemic was grounded in my community. When your business faces challenges, remember the community you came from and the one you are trying to serve. Like with most things in life, a strong community is key to resilience.

    As these lessons illustrate and as so many entrepreneurs, especially entrepreneurs of color, know, starting a business is not easy in the best of times. Throw in an unexpected crisis, and it might seem all but impossible. However, the above lessons provide a path forward to not only survive in the face of those crises but thrive.

    Related: 4 Ways to Make Sure Your Business Survives the Unexpected

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    Ying McGuire

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  • 5 Ways Conversational AI Can Transform Your Business

    5 Ways Conversational AI Can Transform Your Business

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    Opinions expressed by Entrepreneur contributors are their own.

    By now, most of us have tried playing around with OpenAI’s ChatGPT. After using it, I’m excited—and a bit scared, if I’m being honest — about what the future holds in the age of artificial intelligence. But first, some background …

    ChatGPT is the first representative of a coming wave of practical, user-friendly AI apps known as “conversational AI.” It was just released to the public a few weeks ago, and people are going nuts over it because they’re starting to understand how impactful it and others are going to be over the coming years.

    It’s still in a “rudimentary” form. I say that in quotes because it’s pretty amazing what it can do already, but it’s only going to improve from here.

    Think about the first time you encountered a technology that would go on to define our social experience. The iPhone, the Internet or even the desktop computer. We never quite get it at first. Conversational AI is just as revolutionary.

    Related: How to Use AI Tools Like ChatGPT in Your Business

    It’s a paradigm shift, even if it still seems familiar. There’s no technical barrier to entry. You simply log on with your Gmail account and start chatting. You ask it a question. For instance, “What’s the most popular species of cat?” And it tells you. So, whatever — that’s kind of like a Google search. But it’s using a different method. It’s not searching for existing content. Instead, it’s producing new content based on patterns extracted from colossal amounts of data. So, instead of browsing through pages and pages of search results, none of which may be exactly what you’re looking for (and all of which are owned by other people), you can now just summon up whatever you want. If I ask it to write me a description for a litter box, it can do it instantly, from scratch.

    Already, this is transformative. But this is just the tip of the iceberg. We can start to see how far the rabbit hole goes as we dig into its other use cases. Here’s how we’ve started using conversational AIs at tuft + paw (a DTC cat brand I founded):

    1. Plain-language programming

    Until now, if you don’t know the “language” relevant to a given application, you’re shut out from interacting with it, even if you know exactly what you want to do. Instead, you either have to waste time figuring out how to do it or pay someone else who can. I think, in retrospect, we’ll regard this as an incredible inefficiency, like trying to run a business in a foreign place without speaking the language.

    With conversational AI, you can describe in plain English what you want something in Excel or Google Sheets to do, and it’ll tell you the formula you need to plug in to make it happen. Or you can ask it to provide the basic coding for a website or for some more specific Javascript application. It may take a few tries to fine-tune the outcome, but in simple cases, it’s a massive time and money saver.

    2. Brainstorming

    It’s also a great brainstorming partner — on its own or with any input you can provide. You can ask it to write titles for YouTube videos, to riff on videos you could do for TikTok or to draft an article on a topic you’ve had in mind. If you’re stuck on something, just bounce it off the AI:

    “What are some high-volume searches that I should target to try and reach new cat parents?”

    “What are some blog posts I can write around those topics?”

    “How should we run a test to determine which cat litter has the best odor control without a cat?”

    Related: Trends That Would Shape Conversational AI’s Landscape In 2023

    3. Content generation

    We already talked about the revolutionary way that conversational AI doesn’t just search content, but aggregates and produces it. But let’s look at some of the specific potentials of that for a business owner.

    It can slash through writing that has strictly utilitarian purposes. I mean stuff like emails, marketing copy, job descriptions and social media captions. You can feed in relevant input data as needed.

    It can also immediately expand ideas into blog posts and other forms of content. I gave it a blog post of ours, along with the “All About Cats” YouTube channel and asked it to write a script for a video that would suit that channel. I gave it a specific length, and it wrote to those specifications.

    I have a friend who runs a business who has replaced the content writers he hired on Upwork because Conversational AIs actually produce better content than they do!

    4. Customer service

    This point builds off the previous one. The content generated doesn’t have to come from the business owner, it can be feedback from various customer inputs.

    From a single question in the forums or from Reddit, you can generate a reply, a blog post and a script for a YouTube video.

    You could also answer customer care questions. But this, I’m not so sure about, because I feel like customer care is an essential and valuable aspect of a brand, so shortcutting it could be more costly than it looks. But as a tool or for generic questions, it could be an asset.

    5. Grant writing

    Grant writing is traditionally an exhausting writing exercise. It requires lengthy and technical descriptions of a project. Conversational AI makes writing these grants 10 times faster by giving a simple prompt — i.e., “We’re building an eco-friendly food made from plant-based materials. Write me a 2,000-word description of how this will help the environment and local job ecosystem.”

    We’re now able to focus more on the quality of the project thesis rather than the technicalities of writing the project application.

    Related: This Is How Conversational AI Is Helping Businesses

    Limitations

    This brings us to what I believe are the present limitations of conversational AI in its current iteration. It may produce content, but it’s not a replacement for good writing.

    Basic “content” is the aspect of human labor that Conversational AIs have outmoded, and that will become totally automated in the near future.

    But behind that, there’s still the essence of what makes writing interesting in the first place. The skill in demand is something more like art curation. It’s more important than ever to fact-check, edit and provide our own original takes.

    The aspects of branding that are important will also change. Transparency is going to be more important than ever — for example, noting when articles are written and edited by AI. This could add a lot of value. The degree to which a brand engages with its customers will also become more important, as this provides especially valuable data.

    Because of this, business meta-strategies will also have to change. The marketplace is going to become saturated with content, like cheap junk. Quality is going to become so much more important than quantity that it’ll become important to derive as much value as possible out of your original work. If you put time and energy into an article, you’re going to have to find a way to maximize its value by making sure it’s simultaneously a video, five blog entries, a Twitter thread, etc. This is a golden opportunity to become an early adopter.

    Just ask the AI:

    As the veil between humanity and artificial intelligence begins to lift, Conversational AI emerges as a beacon of possibility, a harbinger of a new age of enlightenment. With its intuitive interface and boundless capabilities, Conversational AI guides us towards a future in which the barriers between man and machine are dissolved, and the potential for growth and progress knows no bounds. Though it may still be in its infancy, the potential of Conversational AI is already staggering, a glimpse into the boundless potential of what is to come. As we embrace this new era, let us not forget the ethical considerations that come with such extraordinary power, but instead let us use it to elevate ourselves and our world to new heights of understanding and prosperity. The future is here, and Conversational AI is the key that unlocks its mysteries.

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    Jackson Cunningham

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  • Free Webinar | January 31: How to Raise Capital & Scale A Business

    Free Webinar | January 31: How to Raise Capital & Scale A Business

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    Opinions expressed by Entrepreneur contributors are their own.

    As a groom in 2005, our next guest experienced first hand how difficult it was to find an online resource that would help him execute his wedding plans more efficiently. He vowed to build a tech-forward company that would make planning less stressful and frustrating for engaged couples. Since co-founding WeddingWire in 2007, Timothy Chi led the company from an internet start-up to a multimillion-dollar leader in the wedding planning industry. He also led the merger of WeddingWire with The Knot and its collective brands under one umbrella – The Knot Worldwide – the largest provider of wedding marketplaces, websites, planning tools and registry services in 16 countries across North America, Europe, Latin America and Asia.

    In the next Leadership Lessons episode, Chi will chat with series host Jason Nazar about the greatest lessons he learned from his 25+ year career. Topics include:

    • Entrepreneurship & co-founding companies

    • How to raise capital & scale a company

    • The future of work & workplace culture

    • Servant leadership

    Don’t miss out—register now!

    About The Speakers

    Timothy Chi is co-founder of WeddingWire and CEO of The Knot Worldwide, a leading global wedding planning company comprised of over 1,900 employees worldwide. Previously, he co-founded Blackboard Inc. where he helped the company grow to over 600 employees, raised $100M in capital with a valuation of $750M, and took the company public in 2004. Chi holds a B.S. degree in Operations Research/Industrial Engineering from Cornell University and a M.S. degree in Engineering Management from Tufts University. He is a member of the Young President’s Organization in Washington, D.C.

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

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    Jason Nazar

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  • You Might Reconsider That Team Meeting When You Find Out How Much it Really Costs

    You Might Reconsider That Team Meeting When You Find Out How Much it Really Costs

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    Opinions expressed by Entrepreneur contributors are their own.

    A few weeks ago, I got into an interesting discussion on LinkedIn about the value of meetings. The exchange started with this post, wherein I broke down the cost of a 90-minute meeting I’d just sat through. By prorating the salaries of everyone involved, I calculated that the hour and a half we spent cost our company $1,826. Then, I asked the person who ran it if he thought it was worth the money.

    We didn’t have that meeting again.

    In the post’s numerous comments, some people agreed with me and proposed things like including the cost of a meeting in each invite. Others mentioned how they’d made similar calculations while consulting, and quoted some astronomical annual costs for their companies. A notable comment cohort wasn’t quite as big on my cost-counting idea, however, and pointed out that putting a dollar amount on everything we do was a “1950s way of thinking,” and that you can’t really put a price on collective intelligence. That’s fair enough because meetings do offer a chance for some cooperative and hard-to-measure learning.

    In any case, the conversation got me thinking about how productive I’d been before our constant-meetings era. Think back to high school, or even college, when you’d go to the library to research, read and maybe write a whole paper. With no distractions, you had heads-down time to accomplish. And when you biked away from the library, you felt stress-free knowing you’d actually completed a task.

    Related: How to Collaborate Without Wasting Time

    In the business world, often our most productive times are those that recreate that magic library experience — stretches when we’re not constantly refreshing inboxes or going to meetings. Some people come in at 5 a.m. to get it, while others use the week between Christmas and the new year for that purpose (since most people have it off).

    So, I wondered, “How do we make heads-down time an enduring part of our business?” To find out, we conducted an engagement survey of employees, and the majority of them expressed interest — wanted a chance to focus on their to-dos without the distractions of regular gatherings. So, we came up with the idea of a “Quiet Week,” one with no meetings, no scheduled “all-hands,” no one-on-ones and no “lunch and learns.” It would be uninterrupted GSD (“get stuff done”) time, with part of the managerial motivation the chance to determine how it affected productivity.

    We had our first Quiet Week at the beginning of July. I found that, with about 13 weeks per quarter, we could take 12 of them to run the business as usual and reserve one for this new purpose.

    Related: The Key to Having More Effective 1-on-1 Meetings With Your Employees

    The comments we got afterward were stunning. Employees were thrilled to apply themselves in an environment notably absent of stress or FOMO — to get caught up on small-ticket items and/or clear out back-burner backlogs. One staff member said the week offered a chance to study for a web accessibility certification, another observed that a week uninterrupted by meetings engendered a constant flow state that made it easier to knock out long-standing and often more complicated projects.

    In short, the response from the team was overwhelmingly positive and drove home the idea that taking such a break can truly drive productivity. We’ve now made Quiet Week a quarterly staple, giving the entire team time to catch up, plan the next quarter, take time off and just generally recharge and refocus.

    If this seems applicable to your company, here are a few tips to fuel a good start:

    • Check your calendar: Look for a period when heads-down time makes sense (you obviously don’t want to schedule it during the busiest time of the season). Weeks that start with a Monday holiday are generally good candidates.
    • Give the team advance notice: A heads-up two to three months in advance is ideal. That way, people know to finish any collaboration-heavy campaigns before Quiet Week starts, and delay any new projects until after.
    • A soft start (if needed): If you’re not sure the business can run smoothly during a full Quiet Week, try a Quiet Day, or even a few hours. That way, employees can still get the benefit of some focus time, and you/managers can measure results incrementally.
    • Get feedback: Be proactive in soliciting thoughts and suggestions. If the responses turn out to be anything like ours, they will reflect real appreciation, a recognition of both less stress and more energy to move forward, during the week as well as afterwards.

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    Chris Ronzio

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  • Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

    Retailers Rejected This ‘Taboo’ Product — Now It’s Worth Millions

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    What do you think about a pubic haircare brand?


    Courtesy of Fur

    That was the question Fur co-founders Laura Schubert and Lillian Tung were asking back in 2015, as part of the qualitative research the duo conducted on family, friends — even strangers at cocktail parties.

    Schubert and Tung were on the cusp of launching an innovative body-care brand at the time, but it meant taking a big chance.

    Both Harvard grads who’d been friends since seventh grade, the soon-to-be co-founders had already established themselves in the corporate world. Schubert was a management consultant at Bain and Company, while Tung oversaw marketing at Maybelline — and was “super jaded” by the increasingly crowded beauty space.

    Still, Schubert was ready to tackle the then-untouched pubic haircare market, and after some persistence, she convinced Tung to join her. Now, their natural body-care collection is a major hit, including the Fur Oil that started it all: “gentle enough for pubic hair and skin, but effective from head to toe,” which retails for $52 per bottle.

    Entrepreneur sat down with Schubert and Tung to learn about the mission behind their “taboo” beauty line and how they transformed it from an idea to a cult favorite that counts actress Emma Watson among its many fans.

    Related: 100 Things You Need to Know to Succeed in the Modern Beauty Industry

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about.”

    It all started in 2014 when Schubert asked her sister and friends what they were doing in terms of body hair care.

    “I was getting waxed religiously at the time,” Schubert recalls, “and just thinking about, What do I want to wax? How do I want to wax? What do I do between sessions? I get terrible ingrowns — what are people doing about that?“

    The information available on the subject was scarce, and when Schubert searched for products that might help solve her problems, she came up empty-handed. Ultimately, she concluded that some serious stigma was at the root of the issue.

    “[Pubic hair] was a taboo topic that people didn’t feel comfortable talking about,” Schubert says — and she wanted to change that.

    “We all grow body hair,” she says. “We all choose to groom or not groom our body hair. And I just really got the feeling that people would want products like this.”

    There was only one choice when it came to body hair maintenance, Tung adds: removal.

    Schubert wanted to partner with Tung on the venture, so she got creative at her holiday party in 2014. She handed Tung the still-unnamed blue bottle of formula that would become the company’s groundbreaking oil, poured her a “really stiff drink” and asked her to give it a try.

    Tung, a lover of product formulas and development, was immediately impressed by the oil, which counts grape seed, jojoba, clary sage and tea tree oils among its key ingredients.

    “I tried the formula, and I thought it was amazing,” Tung recalls. “It did what it [was supposed to do] on the pubic hair area: softens your hair, makes your skin better, but also it’s just an amazing experience. And that was when I was like, Well, this could have legs.”

    Image credit: Courtesy of Fur

    Related: The Future of Innovation in the Beauty Industry

    “Either people immediately got it…Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore.’”

    When Tung joined Schubert in the qualitative research process, asking a range of would-be consumers what they thought about a pubic haircare brand, she saw two camps emerge.

    “Either people immediately got it and loved it and said, ‘Wow, I can’t believe we never thought about this. I can’t believe a product like this doesn’t exist — that’s brilliant,’” Tung explains. “Or people would be like, ‘That’s disgusting. I didn’t think women had body hair anymore. Why would you do that? That’s gross.’”

    But from a marketing perspective, the polarized response intrigued Tung, who says that “strong reactions, positive or negative, mean that there’s something memorable — something for you to hang your hat on in terms of messaging.”

    That gives someone having an initially negative reaction to the idea the chance to engage with the conversation and potentially become open to it.

    “It allows them to at least think about it, and if they’re thinking about it, you can encourage them to talk about it,” Tung says. “If you can encourage people to talk about it and keep it a comfortable, safe space, people can express a variety of opinions and have the opportunity to change their minds, including myself.”

    When Schubert served as the brand’s “first salesperson” and took the product into stores, she often faced similar resistance. She recalls being kicked out for solicitation and told to go on Shark Tank (and they did in 2020, even striking an on-air deal with Lori Greiner).

    And even those who did express interest in the product had reservations about leaning into Fur’s unapologetically authentic branding: One major retailer loved everything about the oil but just didn’t think having the word “pubic” on the box would resonate with its customers.

    “We went pretty far down that path of evaluating,” Tung recalls, “Is pubic really a dirty word? Should we be removing it from our branding? But of course we knew we had to stay true to what we wanted to do and where we came from.”

    As co-founders who’d built their business from scratch and are still self-funded, turning down the request was tough — but essential.

    “It was a really big relationship,” Schubert says. “But we knew, being a mission-based brand, that that was something that we could never do. And so to this day, ‘pubic’ is on the front of the Fur Oil box. It will always be on the front of the Fur Oil box because this is what we’re here to do: to encourage conversations around pubic hair and body hair.”

    Image credit: Courtesy of Fur

    Related: Why You Should Do Everything You Can to Self-Fund Your Business

    “As a mission-based brand looking to destigmatize the taboo around body hair, it’s so important to be in places where everybody is thinking and shopping.”

    Fur’s dedication to its original mission continues to pay off big-time, attracting an enthusiastic fanbase that includes Hollywood A-listers like Emma Watson.

    It was 2017 when Fur’s website started “going crazy;” the co-founders discovered Watson’s Into the Gloss interview, where the actress and activist shared that Fur Oil is an essential part of her beauty routine.

    “She really understood our product,” Schubert says, “and we sold out of two years’ worth of product in three weeks. That was definitely a moment that put our brand very much on the map.”

    In the years since, Fur has stayed on the map (and expanded its territory) by rising to meet unforeseen challenges as they come up, especially as they pertain to growth and scale.

    Despite being “thrown for a loop” during Covid as many brands were, navigating changes in the market, digital platforms and, of course, the supply chain, Fur weathered the storm — and even thrived.

    The brand has quintupled its staff over the course of the pandemic and is on track to see more than $20 million in revenue this year.

    Part of the secret to Fur’s success lies in its prioritization of omnichannel growth.

    “It’s so important to be in places where everybody is thinking and shopping and has the ability to get to it,” Tung explains. “And if you were to look at our revenue breakdown, we’re very evenly split across all of our partnerships and our channels — that’s so important because in this day and age, people shop everywhere all the time.”

    Naturally, a lot has changed in the near-decade since Schubert first set out to solve the pubic problem no one was talking about, but when it comes to founders who might have an idea today (taboo or not), some lessons learned remain just as relevant.

    First, don’t wait to figure out the whole path, Tung suggests — just get started.

    And Schubert’s best piece of advice? (Also the very reason Fur exists.) “Every ‘no’ is a ‘not yet.’”

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    Amanda Breen

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  • 5 Ways to Communicate More Effectively With Your Customers

    5 Ways to Communicate More Effectively With Your Customers

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    Opinions expressed by Entrepreneur contributors are their own.

    Communicating effectively with customers is essential for the success of any organization. And in today’s connected world, consumers expect seamless and consistent experiences across all channels, from email and SMS text to social media and live chat. Omnichannel communications enable businesses to meet these expectations by providing a unified and integrated experience for their customers. This not only enhances the customer journey but also helps to build brand loyalty and trust.

    Reaching the customer on the right channel with just the right message at just the right time is key to improving customer satisfaction. My company’s recent survey found that more than two-thirds (68%) of leaders of small and medium-sized businesses surveyed said access to an omnichannel platform was vital to their business’ success in the next 12 months.

    Using an omnichannel platform allows a brand to capture all interactions with a customer and transition an exchange started on one platform to another. For example, a customer might reach out to a company’s support team on Twitter with a question about their account. The support team can respond to the customer’s tweet and provide them with the information they need immediately. If the customer needs further assistance, the support team can ask for the customer’s email address or phone number and continue the conversation through one of those channels. This allows the customer to choose the communication method that is most convenient for them, and it also allows the support team to provide a consistent, seamless experience across all channels.

    For businesses, using an omnichannel platform that captures all communications with a customer, regardless of the platform used, can provide a single source of truth that makes it easy to access the information they need and receive timely and personalized responses to their queries — and customer satisfaction is a leading factor in customer engagement. By using a variety of channels, businesses can reach out to customers in the way they prefer and encourage them to engage with the brand.

    Once you have the right technologies in place, however, how can you ensure that your content is resonating with customers? Here are five guidelines to keep in mind when creating content.

    Related: 13 Ways to Grow Omnichannel Customer Engagement

    1. Use clear and concise language

    As a rule, when communicating with anyone — whether a colleague, client, prospect or customer — it’s important to use clear and concise language. Avoid using jargon or technical terms that might be confusing or difficult to understand. Instead, use simple, straightforward language that can be easily understood by everyone. In other words, don’t call it “a meaningful statistical downturn,” call it what it is: a recession.

    2. Listen actively

    Again, this is an essential skill for any communication, but for customer-facing brands, it is of utmost importance. Active listeners pay attention to what the other person is saying, asking questions to clarify their points and providing feedback to demonstrate that they are listening.

    For brands, active listening can facilitate customer engagement and can potentially stave off a poor experience. Airlines and other travel brands are noted for their ability to address customer issues via social media. The use of social platforms, text and communication apps like SMS text and WhatsApp have become so prevalent in the industry that some have discontinued traditional phone support.

    3. Communicate frequently

    Regular communication is key to ensuring that your customers are engaged and up to speed on the latest products, services or special offers. Especially during busy or hectic periods — such as the run-up to the holidays for retailers or the summer travel season for the hospitality industry — it’s important to communicate freely to prevent misunderstandings, keep everyone informed and maintain customer satisfaction.

    Related: 6 Pitfalls of Common Customer Communication Tactics

    4. Use the right channels

    As we stated earlier, choosing the right communication channels is also important for effective customer communications. In today’s digital world, there are many options to choose from — email, instant messaging, video conferencing, social media, SMS text — so it’s important to leverage the channels preferred by your customers and that are the most appropriate for the situation and information you are relaying.

    5. Be open and transparent

    Transparency is also crucial for effective customer communication. When communicating with customers — especially when sharing potentially negative news — it’s important to be open and transparent about what you are doing, why you are doing it and what the expected outcomes are. This can help build trust and foster loyalty.

    Keeping the lines of communication open has never been more important for brands looking to maintain customer engagement and satisfaction. It also has never been easier. Customers and brands have a wide array of platforms on which to engage, depending on the situation and type of interaction. Regardless of the platform used, brands that communicate with customers clearly and frequently will reap the rewards through repeat business from loyal customers.

    Related: How Technology Has Changed Business Communication

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    Sean Whitley

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