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Tag: Growth Strategies

  • Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

    Don’t Be Fooled By Overnight Success Stories — Building a Business Takes More Time Than You Think. Here’s How to Play the Long Game. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the business world, it often seems like startups go from idea to billion-dollar valuations in the blink of an eye. But these overnight success stories, while inspiring, often mask a crucial truth: Building a great, sustainable business takes time, often much more time than most founders, investors and observers expect.

    Nothing sells better than the idea of a rapid, meteoric rise to success, and we’ve all heard stories of the legends — Instagram went from launch to a $1 billion acquisition by Facebook in just 18 months, Uber achieved a $70 billion valuation in less than a decade, and the idea for Airbnb went from air mattresses on a living room floor to a global hospitality giant in a few short years. But these are exceptions rather than the rule, and they create a distorted view of how long success really takes.

    As a founder turned investor, I’ve built and funded startups that have been very successful. But they took a long time, in some cases over a decade, to get there. And there’s nothing wrong with that. The real secret to building and growing startups lies in the art of patience.

    Related: Overnight Success as a Startup Is Unrealistic — Embrace the Uncertainty and Try This Instead.

    Reality check: The true timeline of startup growth

    The reality for most successful startups is far less glamorous than the companies making headlines and much more time-consuming. When you’re forming a new company, these are the things that take the most time but that you need to prioritize to have a shot at success:

    • Product-market fit: Finding the right product that solves a real problem for a specific market can take years of iteration and pivoting. Take Slack, for example — it started as a gaming company before pivoting to become the workplace communication tool it is today.
    • Revenue generation: Developing a sustainable revenue model often requires multiple attempts and adjustments. Pinterest spent years fine-tuning its monetization strategy before achieving profitability.
    • Scaling: Growing from a small team to a larger organization while maintaining culture and efficiency is a slow, challenging process. Dropbox spent over a decade perfecting its product and scaling its operations before its successful IPO.
    • Market education: For truly innovative products, educating the market and changing consumer behavior takes time. Tesla spent years convincing the market of the viability of electric vehicles before achieving mainstream success.

    I spent eight years at the company I co-founded, Density, and we were hyper-focused on getting these areas of the business right. In the beginning, we tested our idea by manually counting people in a coffee shop and publishing the results online. We initially sold WiFi-based counting solutions to retail businesses, but after receiving feedback and interest from larger organizations, we decided to pivot and focus exclusively on commercial real estate (CRE).

    Along the way, we realized our product wasn’t accurate enough, so we rebuilt it from the ground up. We expanded into mid-market businesses and even found an unexpected use case with airport lounges — if you fly Delta, you’ll probably see one of our sensors above the lounge doors. Eventually, we shifted back to focusing on CRE and changed our business model from a per-sensor fee to a square footage-based software fee because it made the most sense for revenue generation.

    Since I left the company, that journey has continued. This timeline is much more representative of the typical startup experience.

    Related: How Saying ‘Yes’ to Every Opportunity Helped My Startup Make $1 Million in the First Year

    Maintaining momentum over the long haul

    Long timelines without significant milestones can certainly be demotivating to employees and leadership. But there are ways to maintain motivation and momentum for the long haul.

    Set intermediate goals by breaking down the long-term vision into shorter-term, achievable objectives. This will help your team understand that they are making progress even if it’s incremental. I also believe in celebrating small wins. Acknowledge and celebrate the little achievements along the way, no matter how insignificant they might seem.

    It can be difficult to do when you’re grinding hard to make your idea a reality but hear me out — it’s crucial to maintain some semblance of work-life balance. If everyone is working until 9 p.m. and on weekends, they’re going to burn out and be even less likely to stick it out for the long run. Encourage your team to take time off.

    Lastly, stay connected to the mission. Regularly revisit and reinforce the company’s core mission and values because it reminds people why they’re doing the work and why they should continue even when progress feels slow.

    How investors and founders can align on long-term visions

    Building a great startup takes time, and it’s not just you who needs to be patient — your investors have to be on board, too. From the get-go, make sure you’re having honest conversations with them about what the journey is going to look like. Talk about timelines, key milestones and what success really means for your startup.

    It’s crucial to find investors who not only get your industry but also share your long-term vision. It’s important to pursue capital from investors who share your ideology and have a vision for their fund that outlives your business — an investor can only be in it for the long haul if their fund model supports it.

    In general, try to find investors with good track records and some semblance of operating experience. They’ll often have more empathy for the ups and downs of finding market fit or unlocking revenue. Once you have those people in your corner, keep them in the loop with regular, open communication. And don’t just focus on today’s revenue or growth numbers; pay attention to leading indicators, like customer acquisition cost, monthly recurring revenue and user engagement metrics. These are the signs that show you’re on the right track for future success.

    Don’t be shy about asking your investors for help. They bring experience and connections that can be game-changers when things get tough or when you’re looking to scale faster. As a former founder, I try to be a mentor to the companies I invest in. I’m always willing to get into the nitty gritty with founders and help them with operations, brand work, product development and company culture. The more involved your investors are, the better off you’ll be.

    Embracing the long game

    Building a truly great, sustainable business is more a marathon than a sprint. It requires not just ambition and hard work, but also patience, resilience and a willingness to learn and adapt over time.

    For founders, this means setting realistic expectations from the start, both for themselves and for their teams. It means being prepared for the long haul, celebrating the small victories along the way and maintaining focus on the ultimate vision.

    For investors, it means looking beyond the allure of quick returns and being willing to support promising companies through the tumultuous startup journey.

    We also need a mindset shift for the whole industry. We need to celebrate not just the rapid rises, but also the steady, persistent builders who create value over time. By being patient, we can foster a more sustainable startup ecosystem — one where enduring companies create real value for society. The most impactful companies of our time weren’t built overnight. They were built day by day, with patience, persistence and an unwavering commitment to their vision.

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    Rob Grazioli

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  • How Accountability Fuels Personal and Professional Growth | Entrepreneur

    How Accountability Fuels Personal and Professional Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “[He/she/they] that is good for making excuses is seldom good for anything else.” — Benjamin Franklin

    “The [person] who complains about the way the ball bounces is likely to be the one who dropped it.” — Lou Holtz

    “Wisdom stems from personal accountability. We all make mistakes; own them…learn from them. Don’t throw away the lesson by blaming others.” — Steve Maraboli

    Early on in my career, I made mistakes. Lots of them. It wasn’t out of malice or intent, it was simply a lack of experience. In everyone’s career and personal life, they are going to make mistakes. It’s part of the learning process and, quite frankly, the only way you are assured to eventually succeed. Truthfully though, it’s not the mistakes that matter. It is how you react to them. Your inner monologue, without fail, will tell you to explain yourself, to place blame and to minimize your participation — the goal being to limit the damage and walk away unscathed. I will let you in on a little secret: This is the worst thing you can do.

    Related: 3 Ways Owning Your Mistakes Will Make You Powerful

    Saying you’re sorry is hard, necessary … and important

    How many times in the past week, month or year can you remember saying “I’m sorry” to someone for something you have done? What was the reaction? There are simply very limited angry responses to someone who genuinely and reflectively says “I’m sorry.” It establishes remorse, but also acknowledgement. An acknowledgement of the failure. An acknowledgement of the action. An acknowledgement of the poor outcome. And remorse for the same. It can instantly mend relationships and allow you to move forward and progress. It also diffuses the situation.

    Trying to explain will only exacerbate the problem

    In contrast, attempting to explain away your failures invites the exact opposite reaction. Every time you explain why something wasn’t your fault, it’s easier to demonstrate why it was. Every time you place the blame on someone else, it opens the door for a more direct critique of your actions. Additionally, I think you will find that every time your deflections are redirected your way, they will get more intense, more angry and more likely to personally impact you in an adverse way.

    Saying you’re sorry is exercising personal accountability and demonstrating strength. Blaming others is just opening a window into your weakness.

    Personal accountability is, however, very difficult. It requires you to look at yourself critically. It requires you to stare failures in the face and ask yourself how and why they happened. It requires you to improve. Deflecting, on the other hand, simply requires you to make an excuse, whether truthful or not. There is no reflection necessary, simply an overwhelming desire to bury the problem and to move on. The problem is, you will likely move on to your next failure because, without critical reflection, you simply aren’t driving yourself to improve.

    Related: Are You Sabotaging Your Success by Blaming Others?

    There are simple, yet critical, ways you can practice personal accountability

    So, how do you turn these ambiguous theses into action? There are a number of ways:

    • In everything you do, take pride and put in effort: If you don’t care or you’re going to half-ass the assignment, find something else to do, whether it’s a personal project or professional one. The only way to consistently avoid failure is to put all of you into the things you do. Pride shows. Laziness and listlessness do as well.

    • Ask for feedback and embrace the negative: Everyone wants to go into a review and hear nothing but accolades. And, quite frankly, for your boss, it’s easier to highlight the good than lament the bad. Because of this, there is often a failure of leadership as well during these meetings. It’s great to hear what you’ve done well, but it’s absolutely necessary to learn what you have not. Before any feedback session ends, you must ask, “What can I do better?” The answer will never be “nothing,” and you will improve because of it.

    • Look critically at your work: Step outside yourself and ask, “If I was someone else, would I be impressed by this?” This is hard reflectivity. That said, if you put pride and effort into your work, you’ll likely answer the question with a resounding “yes.”

    • Never blame others: Let’s remove issues of unfair bias and/or personal vendettas. The truth is, if blame is being laid at your feet, you likely had something to do with it. Accept and embrace the responsibility. Say you’re sorry. Promise to improve. And then go improve. I promise you there is going to be some discomfort when you do this. I also promise the discomfort will be shorter and less painful than it will if you start deflecting the blame, even if it is warranted.

    • Trust others and be a good person: When you trust others and treat others well, you will find you’re not alone when mistakes are made, and you will rarely be the object of blame from those who don’t practice personal accountability.

    • Learn from those around you who are personally accountable and ignore those who aren’t: Becoming personally accountable is difficult. But the best of those around you will show you the way. They will be the leaders in your professional environment. Emulate them. Ask them questions. And when you see those consistently casting blame and trying to absolve themselves of their mistakes, ignore them. They won’t be around long.

    Related: The Real Reason You Struggle With Accountability — and What You Can Do to Master It

    I’ll be honest, maybe it’s that I’m getting old, but it seems unequivocal to me that personal accountability is decreasing. Maybe in this digital age and with the increase in remote work, it’s just easier to be dismissive and hide your mistakes. But “getting away with something” isn’t really getting away with something. Karma is real, and I think you’ll find that it comes back around with a vengeance. In contrast, exercising personal accountability will almost always land you in good stead. I’ve made a lot of mistakes in my career, and I can say, unequivocally, it is only because I’ve failed that I have succeeded.

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    Collin Williams

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  • What The 2024 Election Results Could Mean for D&O Insurance Costs | Entrepreneur

    What The 2024 Election Results Could Mean for D&O Insurance Costs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Directors and Officers (D&O) insurance — which protects business leaders from personal losses if they are sued due to their decisions made on behalf of the company — is a critical component of risk management for businesses of all sizes. Small to mid-size businesses (SMBs) and non-profits, in particular, face growing pressure to secure this coverage as they navigate regulatory complexities, market volatility and increased exposure to lawsuits. The outcome of the 2024 election will likely shape the Directors & Officers insurance market in several key ways, particularly through changes in regulatory frameworks, litigation risk and corporate governance expectations.

    1. Regulatory and compliance pressures

    D&O insurance premiums are heavily influenced by the regulatory environment that business leaders operate within. Regulatory enforcement and new compliance requirements can significantly increase the exposure of directors and officers to lawsuits and regulatory actions, impacting the cost and availability of Directors & Officers insurance.

    Republican influence: If Republicans gain control, we could see a rollback of certain regulations, particularly in sectors such as finance, healthcare and environmental protection. Reduced regulatory enforcement may lower litigation risks for directors and officers, which could stabilize or even reduce the cost of Directors & Officers premiums for SMBs. However, less regulation could also lead to greater public scrutiny and private litigation, which could offset some of these benefits, especially in industries where consumers or shareholders are more likely to take legal action in response to perceived misconduct. This could potentially affect non-profits more than most businesses.

    Democratic influence: A Democratic victory could lead to more robust regulatory enforcement, especially in areas like environmental compliance, data privacy and corporate governance. This increased regulatory pressure may heighten the risks for directors and officers, making the cost of Directors & Officers insurance more expensive and harder to secure. SMBs, which often have less robust compliance programs than larger corporations, could see a significant uptick in the cost of their Directors & Officers premiums in the elevated risk of regulatory actions and lawsuits.

    Related: Do You Have the Right Insurance for Your Business? Here’s How to Understand Your Options

    2. Litigation risk and corporate accountability

    D&O insurance protects business leaders against lawsuits from shareholders, employees, competitors and regulatory bodies. The legal landscape that shapes these risks can shift dramatically based on political control, impacting the frequency and severity of claims filed against directors and officers.

    Republican influence: A more business-friendly environment under Republican leadership may reduce the overall litigation risk for companies, potentially easing the burden on Directors & Officers insurers. There may be fewer regulations and less aggressive enforcement of corporate accountability laws, resulting in lower claims activity. This could translate into lower premiums for SMBs, as insurers face reduced risk of large payouts.

    Democratic influence: A Democratic-led administration could lead to increased accountability measures, such as more aggressive oversight on Environmental, Social and Governance (ESG) issues and expanded legal protections for employees and shareholders. These policies could lead to a higher frequency of lawsuits, particularly around issues of corporate governance, labor practices and climate-related risks. As a result, Directors & Officers insurers may raise premiums or tighten underwriting standards, especially for SMBs that might not have the same level of risk management resources as larger companies.

    3. ESG (Environmental, Social and Governance) considerations

    The push for stronger ESG standards has already begun influencing the Directors & Officers insurance market, with insurers increasingly focusing on how companies manage risks related to climate change, diversity and corporate ethics. The 2024 election could either accelerate or slow down this trend, affecting how D&O policies are priced and underwritten.

    Republican policies: A Republican administration may downplay the importance of ESG regulations, reducing the pressure on businesses to meet stringent ESG criteria. This could lead to fewer claims related to ESG failures, keeping the cost of Directors & Officers insurance premiums lower for businesses not heavily invested in ESG compliance. However, directors and officers may still face reputational risks, which could result in private litigation even in the absence of regulatory enforcement.

    Democratic policies: A Democratic government is likely to intensify the focus on ESG issues, increasing the expectations placed on directors and officers to ensure that their companies comply with environmental standards, social justice initiatives and governance reforms. This heightened scrutiny could lead to more claims being filed against directors for failing to meet these expectations, pushing up the cost of Directors & Officers insurance premiums even higher for businesses seen as lagging in ESG efforts. SMBs, in particular, may struggle to meet these requirements, further increasing their risk exposure. This may become an added benefit or consequence for non-profits depending on their market and mission.

    4. Cybersecurity Risks and D&O Insurance

    Cybersecurity is an area of growing concern for directors and officers, especially in an increasingly digital world. The exposure to lawsuits stemming from data breaches, ransomware attacks and failure to protect sensitive customer information is on the rise, and D&O policies are evolving to address these risks.

    Republican Influence: A Republican administration may adopt a lighter regulatory touch when it comes to cybersecurity, focusing more on voluntary guidelines rather than strict enforcement. While this could reduce immediate compliance costs for businesses, it may increase litigation risk if cyberattacks lead to major breaches and subsequent shareholder lawsuits. Directors and officers could still be held personally liable for failing to implement adequate cybersecurity protections, which could impact the cost of Directors & Officers premiums.

    Democratic Influence: A Democratic administration may impose stricter regulations around data privacy and cybersecurity. This could lead to greater liability for directors and officers, especially if their companies suffer breaches or fail to meet enhanced security standards. Insurers may respond to this heightened risk by raising the cost of Directors & Officers premiums, particularly for businesses in sectors that are frequent targets of cyberattacks, such as healthcare, finance, and retail.

    October is National Cyber Security month and a great time to audit your online security. During this annual event, government and cybersecurity leaders and the insurance community, come together to raise awareness about the importance of cybersecurity. If you want to audit your cybersecurity, here are nine essential cybersecurity controls you can implement to manage your exposure.

    Related: 5 Tips for Business Owners to Control Insurance Premiums

    Navigating the D&O insurance landscape post-election

    For small and mid-size businesses and non-profits, the D&O insurance market is likely to experience significant shifts depending on the outcome of the 2024 election. The regulatory environment, litigation landscape and corporate governance expectations will play a critical role in shaping the cost of Directors & Officers insurance.

    Regardless of the election outcome, SMBs should prepare for potential changes by reassessing their risk management strategies and ensuring that their directors and officers are well-protected against evolving risks. Working closely with insurance brokers to tailor D&O coverage to the specific needs and vulnerabilities of the business will be crucial in maintaining effective coverage at a reasonable cost in the post-election environment.

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    Trent Bryson

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  • You Want to Grow Your Business — But Do You Have a Plan? Here Are The Proactive Steps You Need to Take to Succeed. | Entrepreneur

    You Want to Grow Your Business — But Do You Have a Plan? Here Are The Proactive Steps You Need to Take to Succeed. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Across industries, there’s a lot talk about the importance of a “growth mindset” for entrepreneurs and managers of established businesses.

    There are countless studies out there — such as this one presented by Harvard — that highlight how companies focusing on growth through innovation and investment often outpace those stuck in the status quo, which tends to stagnate or fall behind.

    But what exactly does operating from a growth mindset look like? In an article titled Why Having a Growth Mindset is Critical for Company Success,” it highlights how Microsoft developed a culture around this mindset to prevent falling behind in the fast-paced technology world. In 2014, CEO Satya Nadella shifted the culture from one of bureaucracy to one of growth and worked to develop systemwide processes for a growth mindset to take off among all employees, from entry-level to top executives. In the article, one Microsoft employee summarized the company’s culture, saying it changed from “know-it-all” to “learn-it-all.”

    “Learn it all” is the key here. It’s easy for entrepreneurs and others to think they have mastered all they need to and less often seek learning opportunities. In a world that moves as quickly as ours in just about every way possible, this is a self-defeating mindset. “Learn it all” does not mean just attending conferences and reading white papers that pertain to your business; it very importantly applies to “learning it all” about your own business.

    Yet “learning it all” about the pros and cons of your current business processes, systems and growth programs can be daunting. Like looking under the car of your hood, you might be forced to see leaks, cracks and other issues you don’t realize you have because, like your car, your business is still sputtering forward. Yet you have to face the weaknesses if you want to get in the fast lane and keep up with your competition.

    Facing that you don’t know what you don’t know is important for growth. You may understand your product category, but do you know how to set up lead generation and sales programs that bring you qualified prospects? Do you know how to nurture these to conversion and lifetime value? Do you know how to set up IT and operational processes that optimize productivity and enable you to achieve more with less?

    The key to growth is to face your weaknesses and your strengths — and to get help when you need it. Business managers seem at ease signing up for SaaS products that enable them to manage payroll, HR needs, account management, customer relationships and communications with monthly subscription fees. But how likely are you to subscribe to growth-focused services or set aside time each month to focus your time on growth initiatives? Continuous focus and activity are key to success.

    What does a continuous growth plan that you execute and monitor monthly look like? Here’s a glimpse.

    1. Audit your status quo

    As no one is a master of all things, you need to find experts who can audit the areas of your business about which you can and need to learn more. This can include auditing your digital brand presence, offerings, business model, sales processes, customer onboarding and success programs. Your systems for information technology, financial management, customer transactions, project workflow, systems monitoring and so on. Experts can quickly identify where you are losing money and efficiencies, as well as identify opportunities.

    Your audit should include identifying expectations and aspirations from customer groups and looking for ways to add value, both tangible and emotional to your products and brand experience.

    2. Stay on top of trends

    Make the time to stay on top of technology and other changes that impact your industry. Monitor consumer attitudes toward your category and brand to identify issues that may change purchasing behavior and loyalty toward your brand.

    3. Invest in your business

    To succeed in any category, you need programs and systems that enable you to operate with high levels of efficiency so you can focus on innovating new products, services, and systems to increase your efficiencies and competitiveness. You need to lead with new ideas and not always try to catch up with others who move faster than you do. To do this, you need to invest in systems and technology that allow you to automate processes for workflow, customer and account management, accounting, and more so your time can be used innovating.

    4. Prioritize marketing and sales

    If no one knows about your brand, it’s fair to assume you won’t get a lot of new leads and sales. Marketing is more than awareness. Marketing helps define your brand’s values and build relationships that drive sales, loyalty and referrals. It also communicates your values, like CSR and ESG, that matter to consumers, leading to stronger relationships. Consumers choose brands with like values. Check out a McKinsey study that backs this up.

    All of these processes enable you to continuously learn about your business, strengths, opportunities, risks and weaknesses.

    The most important element of growth? Continuity! Setting up your company for growth is not a one-and-done initiative. It is a constant process that crosses over all systems, such as those identified above, and has to be monitored, managed and executed daily. As Microsoft illustrates, it has to be the foundation and core of your company culture. Every employee and contractor you use needs to be obsessed with growth, which means always looking for ways to stand out competitively, add more value to customers, imagine new ways to do old things better,

    Setting up regular processes or finding partners that can do this for you with growth as a service model to keep you moving forward should be a top priority. You can read about these and other growth strategies in a new book released by Entrepreneur Press, “Market Your Business – Your Guide to Do It Yourself Marketing.

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    Jeanette McMurtry

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  • 7 Business Lessons I Learned While Planning My Daughter’s Wedding | Entrepreneur

    7 Business Lessons I Learned While Planning My Daughter’s Wedding | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My 26-year-old daughter recently got married. I’ve been to dozens of weddings and have enjoyed them, but this was the first time I was involved in putting a wedding together. In the months of planning for this week with my wife, I learned seven valuable lessons that can relate to business.

    We thought about having a traditional wedding, so we searched for a wedding venue to hold the reception. However, we ran into a problem. Our guest list included about 500 of our closest friends — most of them were my daughter’s network of fans, friends, students and others.

    Paying $50-$150 per plate for a reception venue was out of our budget for that many people. We had a choice: We could whittle down the list or put the wedding together ourselves. We did both.

    We got the guest list down to 300 people, and to still save as much money as we could, we did the wedding ourselves. My wife was the wedding coordinator, and I was her assistant.

    What does a DIY wedding look like? Well, we bought custom stickers and placed 400 stickers of the bride and groom on 400 water bottles. We borrowed vases from friends and had many of our own from previous events. One of our friends is a design hobbyist, so she made dozens of table settings and bouquets from real flowers and fake flowers. I could go on.

    However, what was MOST important about planning this wedding were the lessons I learned in doing it:

    Related: 8 Important Lessons From Leading Entrepreneurs

    1. Communication is essential

    We had several WhatsApp groups to facilitate communication. We had regular meetings for status updates and planning various elements of the wedding. My wife and I were in constant communication. We went to the venue, our church, many times to prepare and plan.

    Poor communication is one of the biggest barriers to success. Miscommunication and misunderstanding will sink your business.

    Maybe my wife asked me to “put vases on the table,” but I didn’t ask which vases. This can result in the wrong vases being on the wrong tables.

    Your business is the same. Communicate clearly — in fact, when the task is highly important, you should over-communicate.

    2. Be clear on the goals you’re trying to accomplish

    As we went through the weeks leading up to the wedding, we kept in mind the key goals we needed to accomplish. We knew the bride and groom had to get married — that was most important. Other goals we had were good food and a fun environment, among other things.

    Your business is the same.

    Be clear on what goals you want to accomplish in your business, including the various projects and tasks that are a part of your business. If you’re not clear on your goals, it’s going to be very hard to know what success looks like and how to even be successful.

    3. Get help

    While my wife shouldered the bulk of responsibilities for the planning of the wedding with my support, we could not have done the wedding by ourselves. We had friends and family helping us at various stages of the wedding.

    One couple helped us for weeks leading up to the wedding. Other friends also offered assistance on the day of and in the weeks before the wedding.

    Running your business is the same. It’s very difficult to serve your customers and grow your business if it’s just you. Seek help by building a team, and seek help from friends, mentors and even your family. You’ll need help in different ways from different people.

    Help could take the form of paying a lawyer to help you draft a legal agreement the right way. Help could take the form of a good business friend giving you advice on a new hire.

    Don’t be afraid to get help in starting and growing your business.

    4. Who you partner with is important to your success (or failure)

    My wife and I were partners in ensuring a successful wedding. We trust each other and do our best to work together. It’s the same in business.

    In order for a partnership to be successful, you must understand what’s important to your partner. Understand how they communicate and their styles of working.

    A partner can be a POWERFUL asset to your business as they can help offload the thinking and actual work that needs to be done in order to grow a business. However, the wrong partner can be detrimental to your business.

    Related: 25 Lessons Business School Won’t Ever Teach You

    5. Prioritization is essential — Don’t major on the minors, and don’t minor on the majors

    Prioritization is important, especially as the complexity of your projects increases. There’s only so much you can get done in a given day. Time is finite. Hence, being able to prioritize is essential. In preparing for the wedding, we had to constantly prioritize. For example, today, we’re going to set up tables. Tomorrow, we’ll set up vases. As we got closer to the wedding, we had to “let go” of some things and scale back on other things.

    You’ll need to do this in your business as well.

    What needs to be done TODAY? What can wait until later? What MUST be done this quarter, and what can be held off to another day?

    As you work with others, also understand that YOUR priority might not be their priority. Hence, having shared goals and an understanding of what’s important to you, your partner and/or your team is important.

    6. Who are the stakeholders?

    For the wedding, we knew there were several important people or groups of people we had to consider. The bride and groom were the most important. The groom’s parents were also important, so we had to consider their needs and concerns. We also had to think about our church ministry and their concerns and needs for the wedding.

    Your business is the same. You’re NEVER solo in your business. There’s you, your employees (or team members), your customers, possibly government agencies, vendors and others.

    Consider the stakeholders who are important to the success of your business, and think about their needs and concerns.

    Related: 5 Lessons From The Most Successful Entrepreneurs

    7. Get advice from others

    Critical to the wedding’s success was our wedding coordination team. This team was made up of my sister, my daughter’s best friend, my wife, my daughter, my daughter’s fiance and me!

    We had regular meetings with this team to get their input and their help with much of the planning for the wedding — cake, clothes, housing and so much more.

    You also need advisors in your business. You can get advice from peers who are fellow business owners. You can get advice from books and podcasts. You can join a mentorship community. You can also hire a consultant to guide you with certain aspects of your business.

    My daughter’s wedding was a success, and now you know why. A wedding is a one-day event. However, your business can take years to grow and be successful. You can’t build a successful business alone — it takes guidance, purposeful planning and a bit of luck.

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    Ramon Ray

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  • How to Transform Your Real Estate Business With a Customer-Centric Approach | Entrepreneur

    How to Transform Your Real Estate Business With a Customer-Centric Approach | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Success in real estate, and many other industries, is often determined by one key factor: customer service. While AI, technology and data analytics have become increasingly important, the human component remains the driving force behind long-term business success. Adopting a customer-centric approach is essential for cultivating lasting client relationships, while staying competitive.

    The power of exceptional customer service

    At the core of any successful real estate business is a commitment to exceptional customer service. Beyond just answering calls promptly or organizing smooth viewings, it’s about truly understanding clients’ deeper motivations and needs. Great agents don’t just complete transactions; they build trust. In an industry where emotions and finances are often deeply intertwined, clients want to feel understood, respected and prioritized.

    Exceptional customer service means consistently anticipating clients’ needs and acting in their best interests. When clients feel cared for and valued, they’re more likely to return for future transactions. They also become advocates who recommend your services to others. This is particularly important in an era when word-of-mouth referrals and personal recommendations carry significant weight. Studies have shown that personal referrals can be a key driver of business growth in real estate and other service industries.

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

    Building long-term relationships, not just transactions

    One of the biggest mistakes real estate professionals can make is to treat each transaction as an isolated event. While closing deals quickly may seem efficient, it can lead to missed opportunities for growth and relationship-building. A customer-centric mindset means seeing each client interaction as an opportunity to establish long-term trust and rapport.

    This mindset shift transforms the relationship from a one-time transaction into a lasting partnership. For example, clients who are treated with care and attention are more likely to seek your services again when they’re ready for their next property investment. Furthermore, understanding a client’s long-term goals helps agents provide better, more tailored advice, leading to greater client satisfaction and loyalty.

    In real estate, like in any customer-focused business, building relationships means going the extra mile — whether it’s providing market insights long after a transaction has closed or offering ongoing support with property management. Clients who feel supported beyond the sale will return and refer new clients, expanding your network and creating new opportunities for success.

    Attention to detail makes all the difference

    The importance of attention to detail cannot be overstated. In real estate, small details, like remembering a client’s specific design preferences or scheduling viewings at times that suit their needs, can make all the difference. Successful agents know that every client interaction is an opportunity to demonstrate their commitment to delivering value and ensuring a seamless experience.

    In many cases, it’s the attention to detail that transforms a stressful process, like buying a home, into a positive and rewarding experience. This level of care helps differentiate customer-focused agents from their competitors and creates an emotional connection with clients, further deepening the relationship.

    The business case for a service-oriented mindset

    A customer-centric approach is a proven strategy for business growth. Research by PwC shows that 73% of consumers say customer experience is a critical factor in their purchasing decisions. This is especially true in the real estate industry, where both financial and emotional investments are significant. By prioritizing client experience, businesses differentiate themselves in the marketplace and position themselves for long-term success.

    Putting people first leads to better outcomes for everyone. By delivering exceptional service, businesses can cultivate relationships that yield repeat business, generate valuable referrals and enhance their reputation. A strong focus on customer service ultimately leads to higher client satisfaction, which directly impacts revenue growth and brand loyalty.

    Related: Good Customer Service is a Disappearing Art — Here’s How You Can Be Different

    Automation and data are becoming increasingly prevalent, yet human connection remains irreplaceable. The real estate industry, in particular, is built on relationships and trust. By focusing on exceptional customer service and prioritizing the needs of clients, professionals can build lasting partnerships that go beyond the scope of a single transaction.

    Adopting a customer-centric approach in real estate, and in any industry, means recognizing that success isn’t just about the numbers; it’s about the people behind the transactions. When clients feel cared for and valued, they will return, refer others and contribute to the long-term growth and sustainability of your business.

    By emphasizing a client-first approach, real estate and other industry professionals can create thriving businesses that deliver value and build lasting relationships, all while standing out in a competitive and tech-driven market.

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    Ugo Arinzeh

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  • How Tech Innovation Helps You Stay Ahead of the Competition | Entrepreneur

    How Tech Innovation Helps You Stay Ahead of the Competition | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s competitive business landscape, there seems to be a ready-made solution for everything. While off-the-shelf technology can offer practicality and convenience, relying solely on these tools often leads to a product or service that lacks distinction.

    Staying ahead of the competition is about more than simply adopting the latest tech tools — it’s about the ability to adapt quickly and create offerings that truly meet the evolving needs of your clients. Businesses that break free from the constraints of one-size-fits-all solutions are those that embrace innovation, developing unique products and experiences that set them apart from the rest, regardless of what industry they’re in.

    Related: The Secrets to Harnessing Innovation and Driving Your Business Forward

    Standing out and making your mark

    The pace of technological change can feel overwhelming. For businesses, the challenge isn’t just to keep up — it’s to stay ahead. In every industry, the companies that succeed are the ones that can pivot quickly, adopt new tools and adapt their processes to match shifting trends.

    As President and CEO of 1031 Crowdfunding, I saw an opportunity to break away from traditional real estate investment platforms and develop something uniquely ours. Like the best innovations, our platform was born out of necessity. There are a lot of stories of clients being misled, misinformed or deceived by other firms. Our proprietary online platform was created with transparency in mind.

    We’ve built a backend system that can be easily customized, allowing us to roll out new features or make adjustments in response to real-time feedback and shifting investor demands. Our goal has always been to offer our investors the best possible experience while staying compliant with industry regulations. For businesses that prioritize client satisfaction, being able to pivot quickly with your own unique technology can be a key differentiator when it comes to successful client relations. This can relate to entrepreneurs in any industry when developing products or tools for clients or investors.

    This platform isn’t just a rebranded version of what everyone else in the industry is using. It’s fully in-house, which gives us complete control over its features and makes it difficult for competitors to easily replicate. These features give us a direct line to our clients and allow us to offer services that stand out in the marketplace.

    Advantages of adaptability

    Maintaining control and flexibility over your business’ technological operations is a huge competitive advantage. While other companies are at the mercy of third-party vendors for updates, bug fixes and new features, we can move at our own pace. In an industry like real estate, where regulations and market conditions can change quickly, the ability to adapt is crucial. Our back-end technology moves as fast as we do.

    Related: 4 Ways to Adapt Your Business as Your Industry Evolves

    Imitation is not a winning strategy

    As a business owner, something I see a lot is white-label solutions. Many companies mimic others’ sites and services. If it isn’t broken, why fix it, right? The problem is, if you are offering what everyone else is, why should clients choose you? You can’t expect to outpace competitors if you are all wearing the same shoes.

    Off-the-shelf technology may seem like the easy choice. It’s ready-made, tested and widely available. Depending on your business and industry, this might be the right choice for you. However, there can be significant downsides to this approach, particularly in terms of differentiation and innovation.

    The most obvious issue is conformity. Many businesses don’t properly utilize the creative and intellectual talents of their team and, in place of their own product development, end up using the same platform as their competitors, which leads to little differentiation beyond branding. The result? A marketplace filled with companies that essentially offer the same product or service, with few distinguishing features.

    Another issue is dependency. Companies that rely on widely distributed tech solutions often find themselves limited by the functionality and update cycles of third-party providers. If your business depends on another company’s technology and they suddenly close shop, where does that leave you? While being at the mercy of a vendor’s timeline may be sufficient for some, this can hinder growth and innovation for businesses that wish to stay ahead of their competitors, regardless of industry.

    Related: One Size Does Not Fit All: Customer Centricity Is The Key To Differentiate Your Business

    Takeaways for entrepreneurs

    For entrepreneurs and business owners, creating a unique, in-house product can feel like a daunting task, requiring a significant investment of time, money and resources. But the most successful businesses are those that actively listen to their customers. By understanding and delivering the features your clients want, you not only foster loyalty but also encourage word-of-mouth recommendations that can drive growth. In today’s competitive market, providing what customers truly need is often the difference between staying ahead and falling behind.

    Innovation isn’t just an advantage — it’s a necessity. As industries evolve, companies that stay attuned to customer feedback and quickly adapt to meet their needs will secure a lasting competitive edge.

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    Edward Fernandez

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  • 8 Critical Things Entrepreneurs Often Overlook When Starting a Company | Entrepreneur

    8 Critical Things Entrepreneurs Often Overlook When Starting a Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The very definition of entrepreneurship implies many twists and turns. Founders start companies based on an idea, form a business plan around what they believe that concept’s future to be, press their foot down on the gas pedal and off they go. Along the journey, founders are forced to make many quick but impactful decisions with limited resources and foggy knowledge about how their outcomes will play out. Essentially, they are building the base of a house, having no idea what its roof will eventually look like.

    Many of these early-stage decisions are foundational and become even more significant as the company itself matures. Due to arbitrary and self-imposed goals and timelines, founders may overlook critical components to building a lasting business. Haste can be met with regret later on in the company lifecycle, costing time, human and financial resources and, potentially, the company. In fact, according to the United States Bureau of Labor Statistics, approximately 10% of startups fail within the first year. However, that percentage increases over time, with an eventual long-term failure rate of 90%. Ultimately, the choices we make today could take years to manifest, and the results could prove detrimental.

    Related: I Made These 3 Big Mistakes When Starting a Business — Here’s What I Learned From Them

    Here are eight critical actions that founders overlook when starting their companies:

    1. Properly forming their company under the right structure

    There are multiple structures that companies can take early on, including an LLC, C-Corp and S-Corp. Each has its own advantages and limitations, and it is important that founders match their company structure with their financing and tax goals. For example, an LLC would be a structure amenable to a convertible note and consisting of private investors. To properly determine the best structure for their enterprise, founders should outline their investment strategy and consult an attorney versed in company formation.

    2. Protecting their IP

    Intellectual property should be protected at the onset of company formation and certainly before a product is launched in market. Companies should solicit an IP attorney to trademark the company and product names, logo designs and any defensible product designs. In addition, especially for technology companies, patents should be filed prior to product launch. While the costs may seem expensive, especially early on, IP can end up being the primary source of value for a company later on.

    3. Creating a proper board of advisors

    While the foundation stage may seem premature to acquire a board of advisors, it could actually prove advantageous and even critical. The reality is founders alone cannot cover all of the skill sets and experience bases needed to ensure a positive future outcome. Even at the earliest funding stages, “team” is a core component to investors betting on a company’s success. Advisors can fill in the skill gaps that are initially missing and serve as an important determinant of an investor’s choice to invest. Therefore, founders should assess their teams’ competencies and deficiencies and officially onboard advisors to fill in those experiences/skill gaps.

    1. Determining the right financing strategy. It’s commonly assumed that venture capital is the holy grail of investment and that the most successful companies build themselves by securing VC money. VC money is great for certain companies, but there are also restrictions — once a company secures VC money, it then has external entities owning a good portion of its equity, and those entities subsequently have a strong say in the decision-making process going forward. Some companies may want to grow at a different pace than VCs would demand, resulting in a mismatch. As a founder, it is important to properly identify how success is determined for the company — asking yourself what growth looks like and how much of the company you are willing to part with in the long term.
    2. Evaluating founding team dynamics and identifying the gaps. While advisors may fill in certain near-term skill gaps, the reality is they are not working full-time at the company. Therefore, it is important to identify current and future skill gaps among the founding/executive team, outline the roles that are needed to fill them and create a timeline to hire. Some may not be necessary until the next round of financing, and others may be immediate.
    3. Assessing the current macro environment. While a founder may have the most innovative idea on the planet, the current macroeconomic environment may not be amenable to supporting it. It is important to review the broader macro environment with regard to receptivity to your product or service and the environment in general. For example, the market may be ripe for an offering, but the funding environment as a whole may have dried up. A realistic assessment will enable a founder to create a more realistic growth plan.
    4. Paving their path to market. Founders can become so enamored with their product or service that they forget to assess how they will let others know about it. It is important for a new business to clearly identify its core customer target and its total addressable market to understand how much it will cost and how much time it will take to acquire those customers.
    5. Determining their long-term commitment/investment. Jeff Bezos stated, “All overnight success takes about 10 years.” This could not be more accurate. Entrepreneurs read the shiny social media accounts of the companies that immediately skyrocket and experience a rapid hockey stick growth curve and expect that success, but success takes time. So early on, founders need to assess their own personal time horizons and determine how long they are committed to their endeavors. Part of this may be their own personal commitment, especially if they have a family. Part of it may be financial —as a founder, knowing your personal financial runway is critical. Hiring an outside executive coach and even a therapist can help to better navigate these life waters.

    Related: Don’t Overlook This Crucial Business Function If You Want Your Startup to Succeed

    John Wooden, coach of the UCLA Bruins basketball team, who is considered the greatest coach in NCAA history, taught his players how to put their shoes and socks on in a very specific manner. When asked why, he stated, “The little things matter. All I need is one little wrinkle in one sock to put a blister on one foot and it could ruin my whole season.” Winning the entrepreneurship game starts with intention, founders doing everything they can to purposefully put themselves in the best position for success. Beyond that comes a bit of luck and a lot of fortitude, but it starts with proper preparation.

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    Kalon Gutierrez

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  • Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

    Unlock the Strategy to Building a Thriving and Scalable Sales Team | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Success in sales isn’t just about meeting quotas. It’s about fostering a culture where teams thrive, customers are delighted and growth is sustainable. Yet, many organizations struggle to strike the right balance between scaling their sales operations while ensuring the happiness and effectiveness of their teams.

    So, how do organizations cultivate happy, scalable sales teams and strike the right balance for success? Some core elements contribute to a fulfilling and successful sales environment.

    Related: Don’t Scale Your Sales Team Until You’ve Done These 4 Things

    Defining “happy” in sales processes

    All too often, when we meet with prospects, we encounter salespeople who feel overwhelmed by the pressures of their roles. The stress of meeting quotas and generating leads can take a toll on their well-being and effectiveness. Salespeople without clear direction and support from leadership cannot succeed. They may struggle to navigate these challenges effectively without guidance. Happiness in sales extends beyond hitting targets and growing the bottom line. Here are some of the competencies we’ve seen in happy, successful sales teams:

    Individual/team effort and efficiency: How much effort does it take to get the deal done? Minimizing manual tasks and streamlining processes can help alleviate stress and improve productivity across the organization.

    Transparency and support: Are sales reps given the direction and support they need to succeed and maintain traction? Obtaining clear guidance and resources from leadership is crucial to growth.

    Sales cycle length: Is the sales cycle overly prolonged and unnecessarily complicated? By shortening the cycle through efficient processes and effective lead management, companies can reduce stress and increase success rates.

    Leadership satisfaction: Are leaders equipped with the insights they need to make informed decisions? Having visibility into the sales pipeline and performance metrics is essential for effective planning and resource allocation.

    Related: 4 Ways to Stop Getting Distracted and Start Hitting Goals

    Addressing common sales pain points

    We work across a very wide range of industries, everything from manufacturing, distribution, SaaS, finance, healthcare, environmental, professional services and a long list of many others. My company has visibility into multi-departmental and cross-departmental alignment (teams from 1 to 500-plus people), and let it be known — no two sales processes are the same, even when it is within the same industry targeting the same personas. The irony is regardless of size, there is this misconception that because an organization is large, they have everything organized, mapped out and process-driven. Simply put, that’s not always true. Think of it this way: more people, more moving parts, more risk — more room for error.

    We see sales teams structure across territories, business development representatives (BDRs) versus account executives, and sales teams focused on channel versus direct, all of which influence the sales process, hand-off and efficiency for the likelihood to close. One of the best parts is because we are exposed to so many business models and processes, we get to see the best of the best and also easily identify how to improve someone’s process through automation.

    When we get down to the root of the issue, many sales teams face common challenges that hinder their ability to reach their full potential. The most common ones we see are:

    Sales and marketing misalignment: Miscommunication and friction between sales and marketing teams can lead to missed opportunities and finger-pointing, and no one wants that. Open dialogue and collaboration are key to bridging this gap.

    Lack of transparency and reporting: Without robust reporting systems, sales teams may struggle to track progress and identify areas for improvement or clear trajectories for closing deals faster. Transparency in reporting fosters accountability and enables data-driven decision-making on both the marketing and sales sides.

    Resistance to automation: Some sales teams resist adopting automation tools for fear of added complexity or a belief that it will replace human interaction. However, automation can streamline processes, free up time for more meaningful interactions with customers and focus on things a machine cannot do, like close the deal.

    Strategies for scaling sales success

    It saddens me to see talented individuals facing such challenges because they are good salespeople. There is something special about sales. I love their ability to connect with others, come from a place of help in the sales process, and sell collaboratively as a team. They have a super special people-focused gift, and I love to see them flourish and thrive in their roles.

    The concept of success is to remove any frustrating friction points or manual tasks that suck the life out of that salesperson’s main focus, closing the deal. They are measured and paid for this. If you want to lose a great salesperson, watch them continue to miss quotas, become frustrated because they aren’t reaching their financial targets and leave to go to another organization. Things like updating properties in a CRM, manually adding a new lead, sending a reminder email without automation, follow-up documentation, enrolling them in your marketing materials, and so, so many other things that quite frankly distract and wear down a salesperson.

    I’ve seen thriving salespeople succeed in one organization with structure and move to another and miss quotas monthly because they were not given access to the same tools. To build a happy, scalable sales team, organizations should consider the following strategies to keep everyone focused on the big picture —happiness.

    1. Start with setting clear goals: As an organization, defining clear, measurable goals and regularly communicating them to the team is by far the most common misstep we see in organizations. Many times, it can seem like two organizations are functioning within one organization if this is not followed. Teams should break down larger objectives into smaller, actionable steps to keep everyone aligned and on track.
    2. Openly embrace technology: Teams and individuals should leverage automation tools and CRM platforms to streamline processes, improve efficiency and enhance visibility into the sales pipeline. This is not designed to replace humans but to augment activity.
    3. Encourage cross-departmental collaboration: Foster a culture of collaborative team selling between sales and marketing teams. By encouraging open communication, knowledge sharing, and alignment on goals and objectives, organizations can reach goals faster, with less stress and greater rewards. Some examples include adding infrastructure that encourages shared reporting, dashboards, and weekly alignment meetings across teams.
    4. Invest in continual training and development: Organizations should provide ongoing training and development opportunities to empower sales reps with the skills and knowledge they need to succeed. These can be done through internal resources or a third party. Training should not be one-and-done.
    5. Prioritize personal well-being: It’s crucial to recognize the importance of work-life balance and prioritize the well-being of sales team members. Companies can do this by celebrating successes, providing support and offering resources for managing stress and maintaining mental health. It goes a long way in finding happiness inside and outside of work.

    Remember, building happy, scalable sales teams requires a combination of clearly defined goals, effective ongoing communication, technological innovation and a supportive, open culture. Organizations that face addressing common pain points head-on and implementing proactive strategies can create an environment where sales teams thrive, customers are delighted, and business growth is sustainable (while still tracking up). It’s time to unlock the full potential of your sales team and drive success in the competitive marketplace.

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    Jennelle McGrath

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  • How to Get the Most Out of Your Link-Building Efforts | Entrepreneur

    How to Get the Most Out of Your Link-Building Efforts | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Five years from now, 94% of marketers think that links will continue to be a ranking factor in Google algorithms.

    However, many companies offering link-building services engage in questionable practices, such as selling links from manipulated or low-quality websites. These links can not only fail to provide value but may also harm the website receiving them. Therefore, it’s essential to exercise caution when hiring an external partner for link building.

    So, here are a few key tips to help SaaS businesses get the maximum from their link-building efforts.

    Related: 10 Powerful Link-Building Tactics for Boosting Your Website’s SEO

    1. Take metrics with a grain of salt

    It’s crucial to approach metrics with skepticism. Website owners often inflate numbers like Domain Rating (DR). You might see a DR of 70, but in reality, the website holds little to no authority in Google’s eyes. Of course, that’s not always the case. In reality, Domain Rating correlates with higher rankings

    While metrics can be useful, especially when sorting through large lists of websites, don’t rely on them alone. Always look deeper into the site’s real quality.

    2. Organic traffic for real keywords is key

    Pay attention to the keywords a website ranks for. Ideally, the site you’re getting backlinks from should have organic traffic, which shows Google values it. More importantly, the traffic should come from relevant, industry-specific keywords. Some sites may rank for irrelevant terms like “celebrity news” despite being in a completely different niche — or worse, they may use fake traffic. Always ensure the keywords are a good fit for your business.

    3. Get links from real businesses

    The best way to determine if a website is worth getting a backlink from is to see if it’s a real business. Many sites exist solely to sell links and are often just link farms. Focus on acquiring links from legitimate businesses, as these are the ones that offer the most value.

    4. Use internal links

    Let’s face it — quality link building is hard. And if you find it hard to get backlinks to your service or landing pages, start by linking to your blog posts instead. Then, use internal linking across your site to ensure link equity flows throughout your pages. Without proper internal linking, you won’t fully benefit from the backlinks you’re building.

    Related: Top 8 Backlink Strategies to Boost Your Traffic

    5. Prioritize links to target pages

    When building backlinks, your main focus should be on your money-making pages. Links to these pages are critical. If you’re working with an agency, ensure they are targeting specific commercial pages. Even if you’re only getting a couple of links per page per month, if they’re targeted, it’s highly effective.

    6. Optimize anchors

    Anchor text optimization is essential. From my experience, optimized anchor texts perform very well. If you’re hiring an agency, send them a list of preferred anchor texts along with your target pages, so they can focus on both elements.

    7. Focus on do-follow links

    There’s ongoing debate about the impact of no-follow links on rankings. While no-follow links have some influence, it’s hard to quantify. Based on my observations, they seem to be about 30-50% as effective as do-follow links. In a LinkedIn poll I conducted, 43% of participants believed no-follow links were 25% or less effective than do-follow. However, keep in mind that many respondents may not have had enough experience, so their opinions are just that — opinions.

    8. Get listed on the top of listicle posts

    There are countless “comparison” and “alternatives” pages for popular tools, generating significant search volumes. For instance, searches like “Canva alternatives” are common. If your product is in a competitive niche, you want to be featured as the number one option on these pages created by bloggers and websites. Not only will you gain valuable backlinks, but you’ll also get more clicks and recommendations as the top alternative, greatly boosting your link-building efforts.

    This also creates a snowball effect. Future writers and bloggers working on alternatives for that specific tool will often reference existing lists. When they see your product featured prominently, they’re more likely to include it in their own lists, further amplifying your exposure and link-building efforts.

    9. Outsource to the right company

    According to some research, 56% of SaaS marketing departments utilize a combination of in-house and outsourced staff to reach their marketing objectives.

    When selecting a company, make sure they specialize in link building for SaaS and deliver high-quality work, as word of mouth and testimonials can be very effective indicators of their reliability.

    Related: How to Shake Up a Stale Link Building Strategy

    In summary, while links remain vital for SEO, it’s crucial to prioritize quality over quantity. Focus on securing high-quality backlinks that directly target your key pages, using optimized anchor texts to make a meaningful impact. Your link-building strategy should align with your overall branding strategy to maximize effectiveness. By being selective and strategic in your approach, you can build a robust link profile that genuinely enhances your SaaS business’s online presence.

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    Georgi Todorov

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  • How to Create a Brand Philosophy Your Whole Team Believes In | Entrepreneur

    How to Create a Brand Philosophy Your Whole Team Believes In | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The day after we finished training our staff for the new Ford’s Garage in Gainesville, Florida, a family appeared at the door. They thought we were open because they saw the team in the dining room. We could have told them to come back when the restaurant opened to the public, but instead, we invited them in, and they had a fantastic dining experience. That was in 2022, and they still come in as frequent guests.

    That’s just a great story of hospitality. It’s one of the “seven commitments” from our brand philosophy that our Gainesville team beautifully brought to life. By living our vision, they created guests for life, which shows the importance of getting your team on board with your brand philosophy.

    A company’s brand philosophy is often called the North Star, after an old-age technique used by early navigators traveling at sea. Like the ancient mariners who first steered their ships by it, you can help your team find their way with a well-thought-out vision that’s communicated to everyone and reinforced every day. It has to be something real, not just a poster on the wall in the break room, and it has to come to life through sharing stories like the Gainesville example.

    Related: If You Want Customers to Be Passionate About Your Brand, Follow These 10 Commandments

    By the numbers

    Our brand’s concept has always been about hospitality and fun. The restaurant was created to evoke a classic American service station, from the Ford Motor Company-inspired logo to the décor and menu; what’s NOT fun about that?

    Our goal was to personalize it for our unique vision, so we updated our brand philosophy to what we call “1-4-7”: one vision to “drive a unique dining experience,” four principles (people, products, performance and package, meaning the vibe and spirit), and seven commitments (integrity, quality, hospitality, excellence, teamwork, community and fun).

    It took a team of 16 from all company levels to develop our new philosophy. After senior leadership gave them the broad strokes of our overall vision, we hired an outside moderator to lead the effort. Every company I’ve worked at has turned to an outside expert for projects like this. You have to because your people will be so close to the brand that they may struggle to see what you’re trying to accomplish.

    The moderator led us through exercises to identify the principles and commitments, starting with a list of 57 and finally narrowing it down to seven. We talked about our identity as a hospitality business as opposed to a service business — and we probably spent three hours just on that.

    Now, in every decision we make, whether regarding building design or marketing imagery, we pull out the guide and ask if the new project measures up. Everything we do is put through the brand philosophy funnel.

    Related: This Is Why It’s So Important to Articulate Your Brand Values

    Taking it to the team

    Coming up with a brand philosophy doesn’t end when you’ve hammered it out and put it in writing. You have to coach your team so they put the ideas to work every day. It’s a constant process. You have to talk about it all the time, work it into team-building exercises, and measure new initiatives against it to make sure you stay aligned.

    No matter what industry you work in, a great way to start each morning is to gather your team together as a group. I’ve seen these occurring while walking into different retailers when the store opens for the day. At our company, we have a daily meeting called the “alley rally,” where we talk about what’s important that day: food specials, tasting menu items, and whatever’s new and notable. We like to tell stories about how someone on the team made one of our principles come to life the day before in their interaction with a guest.

    You should incorporate your brand philosophy into the hiring process, too. Within 30 seconds of talking to a candidate, you should know whether they “get you” and can bring your company vision to life. You look for eye contact and a friendly demeanor in a hospitality business. Do they smile? Do they talk about their family and friends? (We want people willing to share a little of themselves.) If they’re the guest, how do they want the staff to care for them, and can they provide the same caring approach?

    A brand philosophy must be something the whole team can support. It isn’t directed at guests, but if your team is living it, your guests will feel it in the way they’re treated when they walk through your door. You’ll feel it when they come back to get that positive experience again and again.

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    Dave Ragosa

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  • Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

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    Entrepreneur asked Foursquare to dig into its data, to reveal which small businesses America loved the most. Together we created America’s Favorite Mom & Pop Shops™, a list of 150 local, independently owned and operated businesses across 10 categories — including, yes, lodging establishments.

    To see every category, as well as the methodology behind the list, click here. Below are the 15 companies included in the lodging category.

    1. Abakee Cottages

    Laconia, NH | Company website

    If you’re looking for a vacation away from the hustle and bustle of city life, Abakee Cottages is the perfect lakefront destination for you and your family. Situated on the sands of Lake Winnipesaukee, Abakee Cottages gives you views of the White Mountains, Mt. Chocorua, the Ossipee Range, and Mt. Washington. This destination inn is located at the end of a private road and gives you access to a protected beach area safe for children. With a 58-year history, this mom-and-pop business has been providing families with a memorable place to vacation for generations.

    The cottages themselves are private, well separated, beautifully furnished, and provide access to outside grills and picnic tables. If you need a laundromat or a supermarket, or want to visit the nearby church or the Weirs Beach recreation area, all are located a short drive away. You can also easily make a day trip to the nearby mountains, as well as local golf courses and restaurants. A gallery of the Abakee cottages can be found on its website if you want to check out the architecture and amenities before your stay.

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

    If you’re looking to land in one of Florida’s favorite vacation spots, Perry’s Ocean Edge Resort could be your perfect destination. With 214 rooms, this large resort offers everything from complimentary homemade donuts in the morning to putting greens and shuffleboard courts, heated pools and hot tubs both indoor and outdoor to outdoor BBQ grills. Vacationing with your furry friend? Perry’s Ocean Edge Resort is also pet friendly for dogs up to 40 pounds.

    Perry’s Ocean Edge Resort offers a variety of different room styles to fit whatever type of stay you’re looking for. Just you and your honey? Check out the King Garden rooms for a comforting, romantic stay. If you’re bringing the family along, this resort offers various suite options so that everyone has a place to sleep. Order colorful and whimsical beach-themed drinks at the outdoor tiki bar, which gives you a sublime view of the ocean. Perry’s Ocean Edge Resort also has larger banquet-style rooms if you’re looking for a place to host a birthday party, a corporate event, a reunion, or whatever you’re needing to celebrate.

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

    At Blue Mountain Bed & Breakfast, you will be hosted by Brady and Elaine Anderson-Wood, native Mountanans who have been working for years to preserve and educate people on the wildlife and history of the area. The lodge itself is three stories, offering gorgeous views of the Bitterroot River and Missoula Valley. This bed and breakfast is decorated to highlight the region, offering guests an inside look into Missoula’s history through a vast selection of books and family heirlooms.

    The second floor of the lodge houses two private guestrooms, named The Sagebrush Suite and The Bitterroot Room. Because this B&B is so small, it’s a great vacation spot for your family to have a private, remote, and comforting experience all to yourselves. Then you can walk down to Hawk Hill House, the main facility, where you’ll find a gift shop, the kitchen, and dining areas. If you want to see the space before you book, photos of the wooded, spacious, themed rooms can be found on the B&B’s website.

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

    Occupying 100 acres of lush hills and forests. this spot is perfect for a weekend break from city life, with several options of private cottage-style rooms. Paniolo Ranch has also become well known for hosting weddings and other types of events, offering all-inclusive packages to help take the planning stress off your shoulders. This inn also has an onsite spa, gym, and art studio to keep you active and creative during your stay.

    Paniolo Ranch gets its name from the Hawaiian word for cowboy, which perfectly captures the aesthetic of this inn — a marrying of “Hawaiiain aloha spirit with Lonestar traditions.” You can view the different rooms on their website in order to pick the best one for your stay. All are beautifully decorated with a rustic, vintage, homely style, each suite alive with its own character. The spa offers services like therapeutic massages, hot stone massages, and scalp passages. Local activities not far from the B&B include local vineyards, trails, caves, shops, and theme parks, so there is lots to do on the property and in the surrounding area.

    Related: How New, Small Business Owners Can (and Should) Be Protecting Their Brand

    5. GreenTree Inn

    Sedona, AZ | Company website

    GreenTree is a spacious inn with a variety of rooms, and a welcoming place for those visiting beautiful Sedona. Lounge by the pool that’s decorated with cabanas, a large fire-pit, a hot tub, and grand views of Thunder Mountain. The hotel is located near famous Arizona attractions like Red Rock State Park, where you can explore hiking trails, ride horseback, mountain bike, and more. If you’re looking for a water-based excursion, the hotel is also not far from Oak Creek Canyon, where you can swim and fish.

    GreenTree rooms include a deluxe king option (if you and your spouse are looking for a romantic getaway) and suites and rooms with double beds (if you’re bringing the family or a group of friends). The rooms are decorated in a clean, minimalist, modern style that highlights Arizona attractions and culture. Here you can enjoy in-room coffee, continental breakfast, flatscreen TVs, and crisp air conditioning (vital for those Arizona heatwaves). GreenTree is the perfect place to rest your head after a day of sightseeing around Sedona, taking in the natural wonders of Arizona.

    6. Mathis House

    Toms River, NJ | Company website

    Mathis House is a Victorian bed & breakfast with an elegant tearoom, where guests can enjoy a weekend retreat or simply dine in for afternoon tea. This inn provides five-star service to any travelers passing through Toms River, NJ, whether you’re looking for a solo stop on a work trip, a romantic getaway with your sweetie, or a fun place to stay with your family. It also rents their larger community spaces for club meetings and events.

    This historic, three-story mansion was built in 1898 and houses a grand porch, portico, parlor room, dining room, library, lawns and a carriage house. But the showstopper is definitely the tea room, where you can be transported back to Victorian times and enjoy a traditional afternoon tea of scones, sandwiches, soups, and aromatic pots of tea. Rooms are decorated with ornate wooden furniture, floral tapestries, beautiful arched windows, and chandeliers.

    7. The Pierpont Inn

    Ventura, CA | Company website

    This historic hotel has been operating in Ventura since 1910, with 79 guest rooms and grand suites. With beautiful views of the Pacific Ocean and sprawling rose gardens and bluffs, The Pierpont Inn is perfect for everything from a weekend getaway to a wedding venue. If your pup enjoys the beach as much as you do, The Pierpont Inn is also dog friendly, so you can enjoy this special hotel together.

    If you’re looking for a little more privacy, in addition to hotel rooms the Pierpont Inn also offers two separate cottages with beautiful exposed ceilings, brick fireplaces, and vintage furniture. If you’re looking to bring the whole family, this hotel also has several suite options so that everyone has a place to stay. Explore the nearby neighborhood of historic Ventura which is full of artisanal restaurants, mom-and-pop shops, bars, and breweries. Information regarding booking the 6,000 square feet of flexible space for events can be found on their website.

    8. Eagle Crest Resort

    Redmond, OR | Company website

    It’s always sunny in the high desert of Central Oregon. This full-service resort typically sees over 300 days of clear skies a year, making Eagle Crest the ideal destination to get your Vitamin D fix. And this destination has everything you could possibly want, including golf courses, a spa, restaurants, and spaces for events and meetings.

    When you stay at Eagle Crest, you can book specific tee times for you and your guests on one of their three distinct courses: the Challenge Course, the Resort Course, and the Ridge Course. The resort also offers golf lessons if you’re looking to improve your swing. The extensive spa menu offers massages, facials, and waxing services, including standout treatments like the “Age Maintenance Facial” and therapeutic massages. Dine in at one of this resort’s many eateries, including the casual Aerie Café, the spacious restaurant Niblick’s & Greene’s, or even dine poolside. Eagle Crest resort has something for everyone in the family and will keep you entertained your whole vacation.

    Related: The Most Common (and Preventable) Mistakes Small Businesses Make — and How to Avoid Them

    9. Capitol Reef Resort

    Torrey, UT | Company website

    Capitol Reef Resort in Torrey, Utah spans 58 acres of beautiful mountain views and close access to the entrance of the nearby national park. This resort is not like other resorts, offering incredibly unique types of stays from Conestoga Wagons to even TeePees! This resort is famous for their wagons, which are based on authentic 19th century designs with wooden bunk beds and traditional textiles, if you’re looking for an authentic Utah experience. If you’re looking for more of a traditional hotel stay, Capitol Reef also offers a variety of cabins, suites, and traditional rooms.

    Dine in at the Pioneer Kitchen which serves guests breakfast and dinner. The standout breakfast dish is the iconic pioneer breakfast which is served with a choice of bacon, sausage, pork chop, vegetarian patty, grilled Utah trout, or sirloin steak. The dinner menu offers an array of classic dishes like short rib, steak sandwich, burger, pork chop al pastor, and even has options for you herbivores, like the vegan stuffed poblano pepper and the spinach & mushroom manicotti. Lounge by the heated outdoor pool that gives you a sublime view of the Red Rock Cliffs. Capitol Reef Resort knows that many of its guests will be staying with them in order to access nearby outdoor adventures, so check out the list on their website of nearby trails and attractions.

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

    The Mother Earth is a hotel with history, offering guests a fun, retro experience. This lodge was originally built in 1963 as a motel to accommodate downtown shoppers and automobile travelers from the nearby highway. In the 60s, Kinston was a thriving town for food, fair, shopping, and music, with famous musicians like James Brown coming through the lodge. After closing for a few years, the lodge was transformed into the inn it is today in 2008, when it was renamed the Mother Earth Motor Lodge.

    This lodge has a total of 44 rooms including standard rooms, suites, and rooms that accommodate longer stays. Common areas include a kidney-shaped pool, built to replicate the original pool, grills, picnic tables, shuffle board, and a 9-hole mini golf course. Immerse yourself in the past at the Mother Earth Motor Lodge, which is decorated to take you back to the pop art and bright colors of the 1960s. Next to the lobby you will find the Ram Neuse Room, which is big enough to host events and meetings if you’re looking for a place to throw a party in the Kinston area.

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

    If you want a nostalgic experience at affordable prices, as well as the luxury of being right on the beach, the Gazebo Inn is for you. Enjoy access to the luxury experience of laying by the oceanfront pool and hot tub, easy access to the beachfront, and scenic private balconies. The Gazebo Inn is conveniently located near local attractions like Broadway at the Beach, Myrtle Beach State Park, the Market Common, the Boardwalk, and the Promenade. This hotel is the perfect spot for a romantic, beachside getaway, or a school vacation with the whole family.

    The Gazebo Inn offers a variety of accommodations including king rooms, queen studios, double studios, and allows guests to choose what their view will be. If you’re visiting Myrtle Beach with your little ones, some attractions close to the Gazebo Inn you should check out are Ripley’s Aquarium of Myrtle Beach, the Hollywood Wax Museum, Savannah’s Playground, and the Myrtle Beach SkyWheel. And of course, enjoy long days lounging on the sands of Myrtle Beach.

    12. The Equus

    Honolulu, HI | Company website

    Planning your next Hawaiian vacation? The Equus Hotel Honolulu is a charming family-owned and operated boutique hotel that immerses you in authentic Hawaiian hospitality. This hotel is unlike any in the area, carrying on paniolo history with its equestrian-inspired design and antique east-Asian décor. This hotel is located near one of the nation’s biggest shopping centers, Magic Island Beach Park, and the Ala Wai marina.

    Choose from room king rooms, doubles, and even rooms with beautifully crafted bamboo beds. All the rooms have warm yellow walls, comfortable wooden furniture, and equestrian details to highlight the history of the area. In the lobby you will find the Paniolo Bar & Café, where you can get scrumptious breakfast dishes in the morning and enjoy cocktails in the evening. They even host local live music acts throughout the week to immerse you in the island’s artistic culture. Nearby outdoor attractions include the Honolulu Zoo, Pearl Harbor National Memorial, Waikiki Beach, the aquarium, and much more.

    Related: How Small Business Owners Can Maximize Productivity Despite Limited Budgets and Resources

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

    This charming manor has been in operation since the 1950s, providing guests with a throwback experience in Sullivan County, NY. Decorated in the Pastiche style, it still features original paint colors and historic furniture to transport guests in time. And with over 23 acres of land, it’s the perfect getaway from NYC. Room options include deluxe king, deluxe queen, and mini queen, so that you can customize your experience to your party size.

    Sprawling green fields surround this manor, which makes this inn the perfect destination if you’re looking for a place to enjoy the nature of rural NY. The rooms are adorned with gold-framed mirrors, antique wooden furniture, marbled bathrooms, and ornate curtains. Kenoza Lake View Manor is located directly adjacent to Bethel Woods, Jeffersonville, Callicoon, Narrowsburg, Livingston Manor, and Kenoza Lake itself if you’re looking for a getaway that gives you access to outdoor adventures. In additional to the cozy hotel rooms, enjoy communal areas and fire pits with your friends and family.

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

    Established all the way back in 1923, Menemsha Inn & Cottages has made quite the name for itself in Martha’s Vineyard. Originally DeWolf Thompson’s sheep farm, this hotel has become a historic site, with many families returning year after year. Close by you will find attractions like Lucy Vincent Beach, Larsons Fish Market, kayaking in the Pond, and more. The Nixon family have run this inn for 28 years, constantly working to restore the buildings and surrounding farm in order to preserve the location’s history.

    Guests at Menemsha Inn & Cottages have many choices of room types which include one and two-story stand-alone cottages, a whole floor of the original farmhouse, and even larger rental homes if you’re looking to bring a larger group to the property. As a guest, you’re given exclusive access to Chilmark’s Atlantic beaches, reserved for residents of the area, with its clear waters and jaw-dropping sunsets. This inn also offers in-room massages, basketball, tennis, hiking trails, and much more to help you unwind and relax.

    15. Hotel Blue

    Lewes, DE | Company website

    If you’re looking for a getaway in Deleware, Hotel Blue is conveniently located right near Lewes Beach. This is the perfect place to stay if you’re desiring a classy, comfortable hotel with access to the Atlantic Ocean. Bringing the little ones along? Check out the nearby whale-watching opportunities! Once you’ve splashed in those ocean waves, lay by the pool back at Hotel Blue, which offers stunning beachfront views.

    Hotel Blue has excellent amenities like a sauna and pool, and a wide room selection, from queen-bed suites to studio suites, and even tower suites. Hotel Blue’s convenient location situates guests a two-minute drive from the closest ferry, and a twenty-minute drive to the closest airport. With tiled fireplaces, cozy linens, and incredible views, these hotel rooms provide the quintessential romantic weekend away. Prices are unbeatable for beach proximity, so make sure to check this spot out the next time you’re vacationing in Lewes!

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    Sofia Wolfson

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  • The 5 Roles You Need on Your Team When Acquiring a Business | Entrepreneur

    The 5 Roles You Need on Your Team When Acquiring a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Acquiring a business is no small feat. The complexity and scale of the process necessitate a deep understanding of various domains, from financial analysis to operational management. You’re not just buying assets; you’re inheriting a legacy, a brand, an employee base and an entire ecosystem that needs to be meticulously managed and integrated.

    Success hinges on assembling a team of skilled professionals who bring diverse competencies to the table, ensuring every facet of the business is thoroughly examined and seamlessly incorporated into your vision.

    Each role is designed to cover critical areas of the business, addressing challenges specific to different core industries. Whether you’re venturing into technology, manufacturing, healthcare or any other sector, these key positions will help you navigate the complexities and unlock the full potential of your new venture.

    Here are the five positions that are indispensable for a successful acquisition and smooth integration.

    Related: 6 Critical Steps for Buying a Business

    1. Business Development Strategist

    Role overview:

    A Business Development Strategist is instrumental in identifying growth opportunities and creating strategic plans. Their responsibilities include market analysis, partnerships, risk mitigation and strategic planning.

    Real-world example:

    When Amazon acquired Whole Foods in 2017, the Business Development Strategist team played a critical role. They identified potential synergies between Amazon’s technology and Whole Foods’ physical stores, leading to innovations like cashier-less checkouts and improved supply chain efficiencies.

    How they work with other roles:

    With Financial Analysts: Collaborate to align strategic plans with financial forecasts and valuations.

    With Sales Leaders: Share market insights to refine sales strategies and set realistic targets.

    With Industry Specialists: Use regulatory and market intelligence to craft informed growth strategies.

    2. Financial Analyst

    Role overview:

    A Financial Analyst provides essential insights into the financial health of the business through financial modeling, valuation, due diligence, performance analysis and strategic financial planning.

    Real-world example:

    During the acquisition of LinkedIn by Microsoft, Financial Analysts conducted detailed due diligence, including discounted cash flow (DCF) analysis and comparable company analysis, to justify the $26.2 billion price tag and forecast future performance.

    How they work with other roles:

    With Business Development Strategists: Provide financial data to support strategic growth plans and risk assessments.

    With Sales Leaders: Analyze sales data to gauge the financial impact of proposed sales strategies.

    With Operations Managers: Monitor financial performance metrics to identify cost-saving opportunities in operations.

    3. Sales Leader

    Role overview:

    A Sales Leader drives revenue and scales the business through strategy development, team management, customer insights, data-driven decision-making and cross-departmental collaboration.

    Real-world example:

    When Salesforce acquired Slack, the Sales Leader’s role was pivotal in integrating Slack’s sales processes with Salesforce’s, developing a unified sales strategy to maximize cross-sell opportunities and drive adoption of Slack’s platform within Salesforce’s existing customer base.

    How they work with other roles:

    With Business Development Strategists: Align sales goals with strategic growth opportunities.

    With Financial Analysts: Use financial metrics to refine sales strategies and measure effectiveness.

    With Industry Specialists: Leverage industry insights to tailor sales approaches and enhance customer engagement.

    Related: Purchasing a Business Doesn’t Have to Be Difficult. Here’s Your Comprehensive Guide.

    4. Industry Specialist

    Role overview:

    An Industry Specialist brings deep sector-specific knowledge, covering regulatory compliance, innovation, networking, market intelligence and training.

    Real-world example:

    In the acquisition of EMI Music by Universal Music Group, Industry Specialists ensured compliance with complex music industry regulations and helped integrate EMI’s diverse catalog into Universal’s operations, while fostering relationships with key stakeholders in the music industry.

    How they work with other roles:

    With Financial Analysts: Provide industry-specific data to enhance financial modeling and valuation.

    With Sales Leaders: Offer insights into industry trends and customer preferences to inform sales strategies.

    With Operations Managers: Ensure operational processes align with industry standards and innovations.

    5. Operations Manager

    Role overview:

    An Operations Manager ensures smooth day-to-day operations, focusing on process optimization, supply chain management and quality control.

    Real-world example:

    When Walmart acquired Jet.com, Operations Managers streamlined Jet’s supply chain processes and integrated Walmart’s logistics infrastructure, leading to improved efficiency and cost reductions.

    How they work with other roles:

    With Business Development Strategists: Implement strategic plans by optimizing operational processes.

    With Financial Analysts: Manage operational costs and identify cost-saving initiatives to improve financial performance.

    With Sales Leaders: Ensure operational capabilities align with sales goals and customer expectations.

    Related: Buying a Business? Make Sure It Checks The Boxes On This Checklist Before You Pull The Trigger.

    Assembling a team with these specialized roles — Business Development Strategist, Financial Analyst, Sales Leader, Industry Specialist, and Operations Manager — can transform the daunting task of acquiring a billion-dollar business into a well-managed and successful venture.

    Each role not only brings essential skills but also works synergistically with others to ensure every facet of the business is expertly handled. By integrating these roles effectively, you position your acquisition for long-term success and sustained growth.

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    Roy Dekel

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  • How to Succeed in Overcoming the Language Barrier in Multilingual Markets | Entrepreneur

    How to Succeed in Overcoming the Language Barrier in Multilingual Markets | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As entrepreneurs continue to look for ways to expand their global footprint, they often encounter a significant hurdle: the language barrier and the risk it presents. Miscommunication and misunderstandings can lead to costly mistakes, drains on company time and missed opportunities.

    As CEO of INS Global, I have seen firsthand thousands of success stories for businesses that have successfully made the leap into multilingual markets. Though it may seem counterproductive at first, bridging the language gap and expanding into a new market can be one of the most profitable ways to grow a business today. Strategically equipping your company to overcome language barriers will set you up for long-term success in future markets.

    Related: Going Global? 3 Strategies to Ensure Nothing’s ‘Lost in Translation’

    Identify language and cultural challenges

    Current employees’ lack of language proficiency in the target market’s language is the most obvious barrier for businesses expanding into a new market. Therefore, the most obvious solution to identifying language barriers is to simply “hire bilingual employees,” but this short-sighted and reductive reasoning may not actually be the best long-term solution. Bilingual employees will certainly assuage the ability to communicate with customers, suppliers and employees. However, cultural nuances can complicate matters, as what is considered polite or respectful in one culture may be offensive in another.

    The potential risks of miscommunication are significant and can result in lost sales, damaged reputations or even legal issues. For example, marketing campaigns that hit the easy button by making literal translations risk failing to fully capture idioms in other nationals that could offend a target audience. In the 1980s, when KFC first launched in Beijing, it made a translation mistake to its logo. While “finger-lickin’ good” chicken sounds appetizing, its literal translation was made to read “eat your fingers off.” Learn from similarly embarrassing literal translation mistakes made by international companies including McDonald’s, Clairol, Sony and Rolls Royce, and be sure to take into account both language and cultural nuances in your workflows.

    Effective communication strategies

    To overcome such language barriers, businesses that prioritize effective communication as a business strategy are likely to find better success in their new target market. Here are some practical strategies:

    • Translation services: Hiring professionally certified translators ensures that messages are accurately conveyed. While machine translation tools have improved, human translators can better handle nuances and cultural context and ultimately save you time and money by getting it right the first time.

    • Language training: Investing in language training for employees who interact with customers, suppliers or partners can significantly improve communication. This can be done through online courses, language exchange programs or in-person classes.

    • Multilingual customer support: Providing customer support in multiple languages demonstrates a commitment to serving customers worldwide. This can be achieved through hiring multilingual staff or partnering with a customer support provider that offers multilingual services.

    • AI-driven translation software has become increasingly sophisticated, offering more accurate and natural-sounding translations. This software can also be used by website chatbots in multiple languages to assist with customer service and troubleshooting.

    • Cultural sensitivity: Understanding and respecting cultural differences is essential for effective communication. Businesses should conduct cultural research early on in product development and marketing campaigns and train employees to be mindful of cultural nuances, especially if employees will be living in multiple countries working for the same company.

    Related: Multilingualism and Cultural Fluency Are the Drivers of Tomorrow’s Workforce

    Localization for success

    Localization is the process of adapting products, services or marketing materials to a specific market. It involves more than just literally translating content; it also entails considering cultural preferences, local customs and legal requirements. For example, a company selling food products might need to adjust the ingredients or packaging to cater to local tastes and dietary restrictions.

    Netflix used localization to its benefit when entering the video-on-demand streaming marketplace in India in 2016. The company intentionally went beyond strict translation services to enter the market by also considering the cultural and consumer ecosystem in India. Netflix strategically utilized local social media influencers, dubbed in Indian dialects (in addition to adding translated subtitles), an enhanced budget-friendly mobile app for viewing due to Indians’ viewing habits and even developed original content for this new market.

    Netflix went beyond simply purchasing the rights to Bollywood movies to grow its market share in India and instead embraced adapting to the Indian market as a core market, rather than just an “extra” market. As of its July 2024 Q2 Earnings Report, India is now the second-largest market for Netflix.

    By localizing operations to a new market and taking consumer preferences into account, businesses can better engage with customers and increase their chances of success in new markets.

    Partnerships as a solution

    Partnering with a company that regularly works with multilingual workforces can provide the peace of mind and market-specific intelligence businesses may need to break through with minimal risk and maximum reward.

    Companies like INS Global can partner with businesses looking to expand into multilingual markets by providing invaluable support and expertise. As an Employer of Record (EOR) provider, we offer localized HR solutions, including payroll, benefits and compliance. This ensures that language barriers and local regulations do not hinder employee engagement or operational efficiency. For example, by using an EOR, businesses can get help hiring local talent, which will provide them with access to skilled professionals who understand the language and nuances of their new target market. EORs can also ensure that businesses adhere to local regulations including wages, overtime, benefits and tax requirements.

    Related: Multilingual Support: Speak Your Customer’s Language

    By implementing effective communication strategies, embracing localization and leveraging like-minded partnerships, businesses can successfully navigate the challenges of operating in multilingual markets and mitigate unnecessary risk. Overcoming language barriers should be seen as the next and best way to achieve sustainable growth.

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    Wei Hsu

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  • 4 Content Secrets That Any Business Can Apply | Entrepreneur

    4 Content Secrets That Any Business Can Apply | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every company faces more pressure than ever to offer their customers outstanding digital experiences. Content such as text, images, video and more is the substance of those digital experiences, so every business needs to get content right. Why not learn from the pioneers of digital experience, SaaS (software as a service) companies?

    Consider why SaaS companies like Intuit and Salesforce excel at content. From day one, successful SaaS companies support the end-to-end customer experience through diverse content, ranging from inspirational podcasts to product explainer videos to contextual help. As a past head of content for Mailchimp, I know firsthand that when customer experience is digital, content is critical. Consider these four content secrets that can benefit any business.

    Related: How to Create Content that Generates Exposure, Loyalty and Sales

    1. Show and tell your brand purpose

    A meaningful purpose can differentiate a brand from any generation, but especially the up-and-coming Gen Z. One recent study by Roundel found that 73% of Gen Z participants will buy only from brands they believe in.

    Adding purpose to a brand starts with defining it. But that can’t be where purpose ends. A brand has to demonstrate its purpose or risk coming across as unauthentic or even hypocritical.

    Salesforce is a model for showing, not just telling, its purpose through content. From almost day 1, Salesforce has said its purpose is to “build stronger relationships.”

    Recently, the successful SaaS launched a Netflix-like experience called Salesforce+. This streaming service provides on-demand content with very high production value about timely business and marketing topics, often involving Salesforce customers.

    I’m not saying every company has to be Netflix. But every business can offer content that brings its purpose to life. For instance, The Home Depot offers project, buying and inspiration guides that show it empowers “more doing.” Patagonia’s catalog is more like an outdoor magazine with stories illustrating its commitment to “protect our home planet.”

    Related: Don’t Just Hire — Grow Talent. 4 Ways to Set Your New Employees Up for Growth

    2. Go beyond customer service to customer success

    Great SaaS have figured out how to handle customer service digitally and enable customer success. Outstanding SaaS offers content to help customers solve problems and get more value.

    Content examples include but are far from limited to

    • Microcopy, such as labels, instructions, headings, icons, and error messages.
    • Wizards or step-by-step interactive guides.
    • FAQs that are easily accessible by chat and voice search.
    • Contextual help, such as tooltips and notifications.
    • Best practices based on the most successful customers.
    • Chatbots or copilots fueled by FAQs, contextual help, and other content.

    A great SaaS example is Intuit Assist, an AI-powered advisor that works across all Intuit products–and that has earned distinctions like the Fortune 50 AI Innovators. Forward-thinking businesses are taking note. For instance, Wal-Mart recently launched a copilot that allows customers to request “Help me plan a Halloween party” and receive relevant product suggestions across all departments.

    Not ready for a full-on AI bot or copilot? Your company can leverage content to help customers and train an AI bot or copilot later.

    Related: Why Doing the Right Thing Leads to Long-Term Success

    3. Promote less, guide more

    Every business faces the challenge of merchandising their products or services to fuel growth. Look at the way high-growth SaaS makes customers aware of relevant new offerings. Rather than blast sales-y ads and emails repeatedly, the best SaaS nudge customers to try new features, products, or services by suggesting them to customers most likely to benefit at the right time.

    For example, during my time at Mailchimp, the SaaS grew quickly and added features steadily. So, while the engineers built the features, my teams built the content to encourage and support customers. We found a strong correlation between suggesting a useful how-to article for a new customer attempting a feature for the first time, that customer’s success, and millions of dollars in revenue.

    I’m not saying your company should never place an ad again. But I’m willing to bet the uptake of your offerings will be much higher if you guide customers.

    Even a product as simple as an eyeshadow stick, as seen with the wildly successful Thrive Causemetics, includes detailed descriptions, how-tos (both text and video), images for different skin types, FAQs, statistics, pro tips from the founder, and more.

    4 Get your content in order

    This secret is about what happens behind the scenes with content. There is no content fairy to magically create and manage your content. (No, not even AI can do that!) But there is content operations — the combination of people, processes and technology that orchestrate end-to-end content. Smart SaaS matures its content operations quickly so that it can scale. At Mailchimp, I added modern content roles, defined new processes and led the adoption of content workflow software.

    Recently, Pfizer realized just how important content operations is to sustaining and expanding its business. At Adobe Summit, Jane von Kirchbach, Senior Vice President of Digital, said that “over the period of the pandemic, we touched more than one billion lives. This is our time to amplify how we engage with our customers, with our patients, with our doctors, and hospitals. Content is at the heart of that transformation.”

    Pfizer transformed its content operations by streamlining its end-to-end content supply chain, automating workflows, and using AI to assist content development. These changes reduced content creation time by more than 50%.

    So, as your business has to compete on digital experience, you can gain an advantage by acting like a world-class SaaS. Imbue your digital experience with content that shows your purpose and empowers your customers to succeed. And set up the right content operations to scale. The better your business gets at content, the more your business will grow.

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    Colleen Jones

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  • How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For many new business owners, direct distribution may seem like the most cost-effective route to reach customers. Without any need for partnerships, third-party integrations or revenue splits, it has the lowest apparent cost. However, as businesses grow, a well-balanced mix of distribution channels becomes crucial to unlocking new growth opportunities. By strategically diversifying your distribution strategy, you can protect your brand, and build a more agile and resilient business model.

    Despite their higher costs, distribution partners not only ease operational burden but can significantly broaden market reach thanks to their established networks. That is certainly the case in the hospitality sector, where distribution has always been critical. Since the products can’t be moved, all of a hotel’s inventory is filled by smart distribution.

    Before the internet, the massive distribution power of hotel chains gave them a huge advantage over independent hotels. But since the early 2000s, hotels developed new ways to distribute through various online channels such as Expedia and Booking. In fact, 65% of all direct bookings now come from guests who first discover the property through an online travel agency (OTA).

    Across industries, distribution partners routinely prove their worth, but they are not quite a turnkey solution. To craft an effective distribution strategy, it is important to look beyond where your competition is showing up. Let’s explore how to diversify, innovate and potentially outperform them.

    Related: Innovating Your Product Distribution Is As Important As Innovating Your Marketing

    Balancing direct and partner distribution

    At its height in 2011, Toys “R” Us had revenue in excess of $13.9 billion. Just seven years later, the brand had filed for bankruptcy and shuttered all its U.S. stores, though it has since begun a revival under new ownership. CEO David Brandon linked the closeout to the company’s “inability to provide expedited shipping options” and a “lack of a subscription-based delivery service.”

    In other words, in a market dominated by online retailers like Amazon, their distribution strategy hadn’t evolved. Similarly, the mega-chain Blockbuster was wiped out by Netflix, and RadioShack was taken out by its limited ecommerce strategy. No matter how big your brand gets, maintaining a diverse distribution mix is essential.

    In practice, this means continuously monitoring the competition and proactively adapting to market changes. So, gather and analyze data from your distribution channels regularly. This will help you make quick, effective changes to optimize your sales and market position.

    Additionally, while brands shouldn’t rely on direct distribution alone, it is a crucial component of maintaining control over brand image, customer experience and pricing. Apple is an industry leader in this regard. While the company has many retail partners, it also invests heavily in its own retail stores and online direct-to-consumer channels, allowing it to maintain its market dominance.

    Finding innovative distribution channels

    In a competitive marketplace, the path of least resistance is identifying and mirroring the bigger players’ distribution channels. Ironically, this safety-first approach comes with risk. Instead of becoming commoditized, a better way may be to find niche markets. To do that, recognize that some channels have a stronger presence in certain markets than others. If you want to expand into a new region, for instance, identify channels that have access to demand in that particular area.

    In our industry, some Asian countries have specific OTAs that are widely used, so listing on these platforms can then attract new customers. While investing in specialized segments might not offer the same visibility as mainstream markets, a properly targeted niche strategy can lead to greater conversions and higher profitability. Red Bull, for example, carved out a $10 billion market in the energy drink industry by targeting extreme sports enthusiasts through special events and sponsorships.

    Catering to unmet needs means you can become the “go-to” solution in a small yet profitable market. The caveat is this niche approach can take months or even years to develop. While it is still important to leverage major players, don’t lose your unique value proposition in the process. The “be everywhere” strategy can work well if you are not trying to be everything to everyone.

    Marriott exemplifies this balanced approach. While guests can book any of its branded hotels through the company’s central booking system, Marriott uses both direct channels (website, mobile apps) and indirect channels (OTAs, travel agents) to reach different market segments. This allows Marriott to cater to various traveler preferences, from business-focused brands like Courtyard by Marriott to leisure-oriented properties like Sheraton.

    Related: 8 Ways to Be Certain You Are Selling Solutions Through the Right Channel

    Strategic expansion as things change

    Markets will always fluctuate. But if you listen to what customers say about where they are shopping, you will learn about new trends and new places to put your products. If your distribution strategy is well-mixed and you are not overly dependent on any single channel, you will be well-positioned to leverage changes in your favor.

    At least once a year, replace one or more of the channels generating the fewest sales to search for new customers. As a rule of thumb, when market demand drops, brands should increase the number of distribution options to cast. Conversely, when market demand is high, be more selective and focus on quality of audience, average prices, cost and ease of management. Successful brands often demonstrate this kind of adaptability.

    Perhaps the biggest name in graphic design, Adobe, even pivoted its entire revenue model when faced with the software industry moving towards cloud-based solutions. Although Adobe’s shift from licensing and upselling its creative suite of software to a SaaS model initially attracted criticism, it has proven a masterstroke — posting record revenue of $19.41 billion in the 2023 financial year.

    Related: 4 Must-Know Strategies for Selling Efficiently to Distributors

    Premium brands like Apple and Marriott are able to gain increasing market share despite their higher price points by continuously enhancing visibility and boosting engagement. As you prepare your distribution strategy, find ways to build in flexibility. By establishing metrics early on and recognizing the need to evolve as market conditions change, you will be well-positioned to test emerging platforms, explore new niches and balance a strategy that is capable of driving both immediate revenue and long-term growth.

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    Kevin King

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  • How to Leverage Fintech for Efficient Cash Management | Entrepreneur

    How to Leverage Fintech for Efficient Cash Management | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With limited resources and tough competition, efficient cash management can make or break your business. One major challenge is unpredictable cash flow, which often results from irregular sales cycles or delayed client payments. A 2023 QuickBooks survey revealed that 61% of small business owners find cash flow to be their biggest hurdle. This inconsistency can make it tough to plan and ensure there’s enough capital to cover essential expenses.

    Startups often rely on manual processes for things like invoicing, expense tracking, and financial reporting. These old-school methods can lead to errors, inefficiencies and a lack of real-time financial visibility. With tight budgets and limited expertise, managing cash flow becomes even more challenging. Tasks like reconciling multiple bank accounts and forecasting future cash flow can be overwhelming without the right tools. That’s why startups need a smarter approach to cash management, and fintech solutions are here to help.

    Related: How to Properly Manage the Cash Flow of Your Startup

    1. Fintech brings financial transparency

    There are tools that offer real-time payments and notifications, keeping you instantly informed about the status of your transactions. This means you can spot and address any issues right away, helping you stay on top of your finances and avoid any unexpected surprises.

    On top of real-time tracking, these tools can also forecast your future cash flow. They use past data and current trends to predict what your cash flow will look like down the road. This helps you plan better and avoid running into cash shortages. By knowing what to expect, you can make smarter decisions and ensure you have enough funds to cover future expenses, making your financial management smoother and more predictable.

    2. Perfect your numbers

    Fintech tools make keeping your financial records accurate by automating data entry, so you don’t have to do it all manually. For instance, payment software can automatically link with your accounting software and update your records for you. This reduces the chance of mistakes and keeps everything accurate without all the manual work.

    This means they can catch issues before they become big problems, helping you keep your records in check and avoiding costly mistakes.

    Related: Busywork Sucks — How Automation Can Eliminate Boring Tasks for Entrepreneurs

    3. Cut costs and streamline operations

    Fintech tools can help you save time and money by automating everyday financial tasks. They take care of invoicing, expense management and payroll automatically. This means you and your team spend less time on admin tasks and more on important work that helps your startup grow and even thrive.

    Digital payment solutions usually come with lower transaction fees than traditional banking methods. These services have cheaper processing costs as compared to the slow payment options, which helps you keep your budget in check. This way, you can manage your finances more efficiently and save on unnecessary expenses.

    4. Stay agile and make quick decisions

    Fintech solutions make transactions super-fast, so you can jump on financial opportunities or tackle needs instantly. With features like instant payments and real-time bank updates, you can make quick decisions that keep you winning and ready to respond to changes.

    Fintech tools provide detailed financial reports and analytics that help users make smart choices quickly. For startups, where timing is everything, having easy access to clear financial information lets users stay flexible and adapt on the fly. This agility helps users drive growth and challenges more smoothly.

    Related: Slow Payment Options Are Costing Your Business — Here’s the Alternatives of the Future

    Getting started with fintech

    So, how can you get fintech solutions working seamlessly in your startup? Here’s a simple strategy from my experience. Start with the basics — focus on core tools that address your immediate needs, like cash flow forecasting or automated invoicing and billing. Once you’re comfortable with these, you can gradually introduce more advanced tools, such as expense management systems or detailed financial analytics. Make sure the tools you choose integrate smoothly with your current systems to avoid disruptions and keep things running efficiently.

    Investing in training is also important. Around 70% of organizations provide training for their staff to effectively use new technologies. Proper training helps your team maximize the benefits of your fintech tools. Your team must know how to use the software and troubleshoot common issues. Many fintech providers offer training resources and ongoing support to help with this. Regular check-ins with your provider will update you on new features and best practices.

    Lastly, keep a close eye on how your fintech tools are performing. Regularly review their effectiveness to ensure they meet your needs and spot any inefficiencies. Be ready to adapt as your business grows or as new fintech solutions become available. Flexibility is essential for maintaining efficient cash flow management strategies and ensuring your startup stays on top of its financial game.

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    Nick Chandi

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  • We’re In a ‘Performance Erosion’ Crisis. Here’s How To Break Your Business Free. | Entrepreneur

    We’re In a ‘Performance Erosion’ Crisis. Here’s How To Break Your Business Free. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I want to talk to you about something important: the price of pho. A few years ago at the Vietnamese noodle joint around the corner from my office, a large bowl cost $12. Now it’s $17.

    How did my bill for the exact same meal jump almost 50%? It’s no mystery. Businesses of all kinds are wrestling with unprecedented inflation. But that’s not their only challenge.

    Even as the cost of doing business keeps climbing, geopolitical tensions are hampering trade and rattling stock markets. Meanwhile, employee engagement is in the dumps, and finding the right talent remains elusive. Then there’s AI, which is disrupting work in ways we’re just starting to grasp.

    The result is a business survivability emergency. It’s no exaggeration to say that companies today are facing an existential threat on multiple fronts. No wonder almost half of CEOs believe that if their business stays on its current path, it won’t be viable in 10 years.

    Here’s why companies find themselves in such a tough spot and how they can turn things around by better understanding the one resource that’s right in front of them — their people.

    Related: AI Will Radically Transform the Workplace — Here’s How HR Teams Can Prepare for It

    Unpacking the “performance erosion crisis”

    Despite all of our technology, people — the basic driver of any business’s success — remain a black box at most companies. Today, we can get real-time insights on customers and prospects through modern sales and CRM tools. But when it comes to the people working alongside us, we’re often flying blind.

    We’ve had people analytics for generations, of course, but they’ve been confined to spreadsheets and limited to HR wonks. And even when information about people is available, it’s typically siloed and inaccessible to the managers who need it most. At the same time, performance isn’t systematically tracked.

    The result is a performance erosion crisis. Productivity, in no uncertain terms, has flatlined. In fact, it’s now at a 75-year low and is the number one challenge, according to executives.

    Meanwhile, half of employees are disengaged, making them more likely to be unproductive or simply walk out the door, and three out of four businesses are having trouble hiring skilled talent. As a result, 1.9 million manufacturing jobs could remain unfilled in the U.S. by 2033.

    And don’t forget the elephant in the room: AI. Employers reckon that almost half of workers’ skills will be disrupted in the next five years. For companies, uncertainty about who to hire leads to inefficiency and churn. If people are expensive, that makes things even worse.

    Just ask blue-chip stalwart Intel, which is laying off 15,000 people — 15% of its workforce. With revenue declining, the tech giant admits that it’s failed to benefit from AI.

    In short, growth expectations are as ambitious as ever. But as productivity has stalled relative to operating costs, businesses everywhere are headed in exactly the opposite direction.

    How companies can come out on top

    To pull through in these uncertain times, businesses must capitalize on their most valuable resource: now, more than ever, they need real-time insights that connect the dots between their people and business results.

    What I’m talking about is categorically different from the people analytics of yesteryear — dense tables reserved for HR analysts. What’s needed are on-demand insights accessible across the company, in real-time. For people data to be useful, it must be intuitive enough for managers to use to drive daily decisions, big and small.

    The good news is that while AI is a catalyst for disruption, it’s also giving businesses a workforce edge when it comes to tackling the performance erosion crisis.

    Think of the questions that every company has about how people impact business outcomes. Who are our top performers? Who’s most at risk of quitting? Where is productivity dipping?

    Related: AI Is Changing the Way We Look at Job Skills — Here’s What You Need to Do to Prepare.

    New platforms let managers ask those questions in plain language — and instantly deliver a clear, actionable response. The best of these draw on a vast database of millions of anonymized employee records across industries to deliver tailored results and accurate benchmarks.

    Pay is yet another area where real-time people data can be a game changer. Even though most companies have a detailed compensation policy, the managers who make pay decisions often shoot from the hip, letting bias cloud their judgment. AI-powered smart compensation tools help managers make more informed choices, factoring in not only industry standards but individual employee performance while flagging pay gaps linked to racial, gender and other biases.

    Indeed, new platforms can serve as a one-stop shop for many of the repetitive questions that employees typically lob at HR, whether it’s about salaries, vacation days or benefits. Turning all of that information into a self-serve function liberates HR teams from manual toil, freeing them up to focus on what really matters: ensuring the business has the right people to propel it forward.

    Of course, technology alone is not a panacea. Companies that want to capitalize on real-time people data must also be willing to make a culture shift. This starts with a willingness to share insights on people and performance once hoarded by HR. People represent most companies’ biggest budget line-item and single most important driver of business success. A commitment to understanding how they work best and to sharing that information in ways that are consistent, understandable and safe is a prerequisite to getting the most out of AI-powered tools.

    Confronting the workforce challenge at the root of the performance erosion crisis isn’t rocket science. To get the most out of people in an unpredictable world, you need to understand them and how they impact business outcomes. In my experience, the best way to do that is by tapping the real-time insights that AI can deliver. Like my bowl of pho, running a business won’t get any cheaper, so it’s time to gain an edge by working smarter.

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    Ryan Wong

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  • Your Current Marketing Plan May Not Work Overseas — Copy Strategies From Spotify and Snickers to Succeed Anywhere | Entrepreneur

    Your Current Marketing Plan May Not Work Overseas — Copy Strategies From Spotify and Snickers to Succeed Anywhere | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Expanding into new international markets presents an exciting yet formidable challenge. With over two decades in the PR industry, I’ve navigated the complexities of diverse cultural landscapes and I’ve seen firsthand how a PR strategy that thrives in the U.K. might not resonate, for example, in the U.S., Asia or Brazil. The key to a successful international PR campaign lies in understanding and adapting to the unique characteristics of each market.

    So, how do you ensure your PR strategies are optimized for foreign markets? This article will explore how to elevate your PR game to meet the demands of international audiences. Drawing on inspiring examples from leading brands and our own successful expansions into various markets, we’ll provide insights to help you scale your business effectively.

    Related: 10 Expert Insights for the Optimal (and Most Effective) PR Budget in 2024

    Understanding the new market

    Before venturing into a new market, comprehensive research is critical. This involves delving into the region’s culture, consumer behavior, current market trends and competitive landscape. For instance, conducting targeted surveys can shed light on customer sentiments toward your competitors and identify key issues your target audience faces. This insight allows you to tailor your PR campaigns to address those specific needs.

    Understanding the local culture is equally important. A prime example is Uber’s adaptation to the Indian market by offering cash payments and auto-rickshaw options. This localized approach garnered significant media attention and resonated with the Indian audience, highlighting the importance of cultural adaptation in PR strategies.

    Localized content and messaging

    A one-size-fits-all approach to PR and communications is rarely effective when entering new markets. The success of your PR efforts hinges on your ability to adapt content and messaging to the local context. Here’s how you can ensure your PR campaigns resonate with the new audience:

    1. Tailor your content: Use insights from your market research to customize your messaging. This involves adapting your brand’s tone, style and content to align with the cultural and linguistic preferences of the local audience. For example, in Germany, where directness is valued, a straightforward approach might be more effective; whereas, in Japan, a more subtle and respectful tone might be preferred.
    2. Engage local PR experts: Collaborating with local PR firms can be helpful. They have a deep understanding of the cultural nuances and can help craft messages that are both culturally sensitive and engaging. They also offer insights into local media landscapes and consumer behavior, which can guide your PR strategy.
    3. Incorporate cultural significance: Recognize and respect local holidays, milestones and cultural events. Tailoring your PR campaigns to reflect these significant moments can enhance audience engagement. For instance, incorporating local stories and testimonials in your campaigns demonstrates your brand’s commitment to understanding and valuing local traditions.
    4. Be sensitive to local norms: Ensure that your campaigns do not inadvertently offend or alienate the local audience. Familiarize yourself with cultural sensitivities and avoid using stereotypes or imagery that may be deemed inappropriate.

    A nice example of localized content across regions is the Snickers campaign “You’re not you when you’re hungry,” which ran for over six years across 58 markets. While the message remained the same globally, its presentation was tweaked for different markets. For instance, U.S. audiences were treated to the famous Betty White Superbowl ad in 2010, while in the U.K., the campaign was launched using Twitter (now X). National newspapers picked up the story and a campaign of just 25 tweets reached more than 26 million people.

    Related: Beyond Borders: Five Tips For Expanding Your Business

    Building relationships with local media

    Cultivating positive relationships with local journalists and media professionals is crucial for gaining favorable coverage. If you’re not familiar with the local media in a new area, a quick online search can help identify key newspapers, TV stations, radio channels and news sites.

    Spotify’s launch in India in 2019 serves as an excellent example. By engaging local media with relevant campaigns and participating in social media trends, Spotify gained substantial media coverage and built a strong presence, reaching over 100 million listens from more than 55 million active Indian users by December 2023.

    Face-to-face interactions, such as conferences and product launches, can significantly enhance media relationships as well. Research shows that 61% of people consider such direct engagement the most effective marketing channel.

    My team has experienced how valuable these interactions can be by attending major conferences like Latitude59 in Estonia and Money20/20 in Amsterdam and Thailand. These events provide invaluable opportunities to meet media representatives through side events, partnerships with organizers and pre-booked meetings. By building relationships in these settings, we’ve been able to collaborate on article pieces and extend invitations to our own media events, further solidifying our presence in these markets.

    Related: Why Local Media is the Secret to Getting Free PR

    Utilizing sponsored content

    Sponsoring content is another effective strategy for penetrating new markets. By sponsoring sports teams, events, TV shows or online content, you can increase brand visibility and control the narrative presented to your audience. Sponsored content allows you to maintain creative control while ensuring rapid visibility across key media outlets.

    For example, our own experience with a sponsored article in IBTimes significantly boosted our visibility as we expanded into the Asian market. The article highlighted our strategic move to incorporate a wholly-owned subsidiary in Hong Kong, effectively targeting a specific audience interested in market expansions and financial operations. This demonstrates how a timely paid piece can be more efficient than waiting to cultivate a new media relationship, especially when immediate visibility is crucial.

    By combining paid and organic PR, you can maximize the impact of your brand in new markets and deliver its message more effectively.

    Related: Does PR Actually Help Increase Sales? Yes — Just Do It Right and Be Patient

    Leveraging influencers and local advocates

    Influencers play a crucial role in amplifying your brand’s reach in new markets. Their established trust with their followers can significantly enhance your product’s credibility. To leverage this, identify influencers who align with your brand values and offer them exclusive access to your products. This strategy helps build trust and effectively engages new customers.

    While global celebrities can boost brand visibility, partnering with local influencers and advocates who genuinely connect with the target audience can be more impactful. For instance, Nike’s “Nothing Beats a Londoner” campaign successfully used local athletes to connect with young Londoners, resulting in a significant increase in searches for Nike products.

    Another great example is the fintech company Wise, originally founded in Estonia, which specializes in international money transfers. To promote their international Visa debit card in Brazil, Wise recently launched a national campaign featuring local influencers and brand ambassadors. The positive media coverage and high engagement levels indicate that this localized approach is already proving successful.

    Related: How Can Startups Leverage Influencers?

    Developing a local network

    Just as leveraging local influencers and advocates is key to establishing your brand, developing a robust local network is equally important. A strong network can open doors to future partnerships, provide valuable insights and offer resources that are crucial for navigating the cultural and regulatory landscapes of a new market.

    When we expanded to Estonia, we experienced firsthand the power of a local network. Through Estonia’s e-Residency program, we were able to quickly and efficiently set up our company and operate globally from a digital hub. But the benefits didn’t stop there. The program introduced us to key stakeholders, bridged connections with local media and even provided a platform for us to share our news. This network facilitated our entry into the market and laid the foundation for sustainable growth.

    By actively cultivating relationships with local business leaders and government agencies, your brand can gain the support and credibility needed to thrive in new markets. Engaging with local chambers of commerce, industry groups and other community organizations can also help you stay informed about market trends and opportunities, making your PR strategy even more effective.

    Monitoring and measuring success

    Last but not least, ongoing monitoring and evaluation are essential to gauge the effectiveness of your PR strategies. Establish KPIs to track progress against your objectives and measure ROI. Utilize tools like Google Analytics, social media monitoring and sentiment analysis to track engagement, brand awareness and media coverage.

    As discussed, entering new markets successfully demands a well-researched and strategically tailored PR approach that adapts to local consumer needs and cultural nuances. By applying the insights shared in this article, you’ll be well-equipped to effectively navigate international landscapes, build brand awareness, trust and credibility in new regions and drive sustainable growth for your brand.

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    Alexander Storozhuk

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  • 3 Recession-Proof Lessons We Can Learn From the Medspa Industry | Entrepreneur

    3 Recession-Proof Lessons We Can Learn From the Medspa Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Estée Lauder chairman Leonard Lauder called it the “lipstick effect” — the growth in demand for small luxuries during times of economic uncertainty. The assumption behind this phenomenon is that when people are under more stress, beauty and self-care rituals offer a form of psychological comfort.

    McKinsey even reported a surge in demand for skincare and wellness products during the pandemic. So, with fears of an economic downturn never far from the surface, might the same apply to the more affordable alternatives to surgical procedures like tummy tucks?

    One of the most recognizable dermatology brands in the U.S., LaserAway, has now expanded to over 120 locations and reports the industry has been growing at over 20% annually in America. CEO Scott Heckmann says that LaserAway experienced “strong years” in 2008 and 2020 despite the recessions. He put it down, in part, to patients moving away from higher-cost providers like plastic surgeons and dermatologists.

    As CMO of Vagaro, a software provider to the wellness industry, I have witnessed it myself: So many people are abandoning surgical procedures for non-invasive methods such as body contouring that advancements in beauty technology are now allowing. They are simply more accessible and less overwhelming. I want to dive deeper into LaserAway’s growth as a barometer of the industry because it has drawn out three lessons that can help other beauty brands recession-proof themselves in an unpredictable economic climate.

    Related: 7 Strategies to Recession Proof Your Business in 2024 and Beyond

    1. A changing market is a good market

    When customers trust a clinic’s practitioners with something as sensitive as their bodies and faces, being very transparent about what’s involved in a procedure is critical to credibility. LaserAway’s social media features videos with real people, real nurses, actual treatments and basic plotlines — at their heart, these procedures are about helping people find their self-confidence.

    Providing people with a realistic picture of likely outcomes also ensures they are more likely to end up satisfied with the treatment. Internal data from our marketplace shows increasing demand for these non-invasive aesthetic treatments. Over the last five years, we have seen an average annual growth of new medspa businesses on our platform of 24%.

    Technology has been a key factor. While cosmetic surgeons have a very limited audience at a high price point, medspa clinics offer myriad services that open the door to a large market — including an increasing number of men. In fact, skincare makes up 45.6% of the global men’s grooming market (worth $85.2 billion in 2023) as old masculine stereotypes give way to self-care among younger generations.

    Related: 5 Recession-Proof Businesses to Start in a Turbulent Economy

    2. Diversification builds resilience

    In many industries, brands must be niche with their products or services. But medspa chains like LaserAway, Sculpt MD and Sono Bello can on-sell a range of services while still maintaining expertise in each area. That diversification is really important because it drives repeat customers and more revenue. When people get body contouring once, they are likely to come back. It’s the same with Botox.

    On our platform, we’ve found that medspa businesses offer an average of 47 services. Having a balance of higher and lower-value offerings like this is a great strategy to maintain steady income through economic fluctuations as people regard treatments as an ongoing investment in their well-being.

    Technology with embedded payments is also a key feature in helping people afford all types of treatments. A lot of consumers are choosing non-invasive procedures because they get the same results as surgery but don’t have to deal with the long recovery time.

    However, the pay-later option can make these treatments financially viable. Getting people through the door, however, does not require the hard sell because consumers are savvier than ever about what they want and expect.

    3. The power of referrals

    All beauty businesses need to be aware that the traditional sales model has evolved after first engaging customers through their different digital and marketing channels. The pandemic was the big impetus for digital influence, but people now want to be impacted through the use of real-life case studies instead of feeling like they are being “sold to.” Hence, the role of influencers.

    We can now assume that once people have sought out a product or service online and done their own research, they are already warm. For me, it is only once I have satisfied myself that a company has authority and integrity that I am ready to talk to a salesperson. The demand for more authenticity only reinforces the idea that the biggest point of sale in the beauty and wellness space should be referrals.

    It will be interesting to watch companies shift to this new expectation of how consumers want to be influenced through sales. This is especially the case since they are already doing so much right, such as their onboarding process that leads patients to choose their treatment, their body target areas, number of treatments already received, and their age. This kind of data can inform the appropriate regime and be leveraged to anticipate consumer trends and continue to build credibility.

    Related: How Small Businesses Can Survive and Thrive in a Recession

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    Charity Hudnall

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