ReportWire

Tag: Growth

  • Why 67% of Wealthy People Do This Every Morning | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Success isn’t a stroke of luck — it’s a habit forged through deliberate, daily effort. In my five-year study of 233 wealthy individuals and 128 poor individuals, one finding stood out like a beacon: 67% of the wealthy set specific, actionable goals every single day, while only 17% of poorer people did the same.

    This isn’t just a statistic — it’s a roadmap for building wealth and achieving dreams. For entrepreneurs navigating the high-stakes world of startups, where every decision can make or break your venture, this habit of daily goal-setting is your secret weapon.

    If you want to transform your startup from a fragile idea into a thriving enterprise, adopting this disciplined practice can set you on the path to success.

    Related: This Habit Will Help You Achieve Your Goals and Find Success

    The science behind daily goals

    My research revealed that 80% of wealthy individuals pursue at least one major goal at a time, breaking it down into smaller, daily tasks that are specific, measurable and tied to a larger vision. They don’t scribble vague wishes like “grow my business” on a sticky note.

    Instead, they set precise targets, such as “contact three potential investors” or “write 500 words for the marketing campaign.” This clarity creates a clear path forward, turning lofty ambitions into tangible progress. Meanwhile, 83% of the poorer individuals in my study rarely or never set goals, leaving them adrift, reacting to life’s demands rather than proactively shaping their future through goal-setting.

    For startup founders, this contrast is a wake-up call. Entrepreneurship is a whirlwind of challenges — cash flow crunches, customer acquisition hurdles and the pressure to outpace competitors.

    Without a clear focus, it’s easy to get lost in the chaos. Daily goals act like a compass, guiding you through the noise and ensuring you spend your time on what truly moves the needle. Whether you’re bootstrapping a tech startup or scaling a small retail business, this habit can help you stay on course and build momentum that will eventually lead to success and wealth.

    Why daily goals are a startup superpower

    Startups are a unique beast. You’re often working with limited resources, tight timelines and the constant need to prove your concept. Goal-setting, as practiced by successful, wealthy entrepreneurs, tackles these challenges head-on.

    Wealthy people don’t just dream—they write things down. My research shows 70% of them jot down goals daily. Writing forces you to decide what really matters. For a founder, that could be as simple as “lock in one press mention” or “finalize pricing.” Clear goals cut through noise and give you confidence to move forward.

    Big results are built on small, consistent victories. In fact, 76% of wealthy individuals track their progress every day. For entrepreneurs, landing one new customer, trimming costs slightly or finishing a demo might seem small—but stack them up, and they create unstoppable momentum.

    On top of that, talent is overrated. My data shows 88% of wealthy people credit their habits for their success. Daily goals keep you disciplined, helping you focus on high-impact tasks instead of wasting hours on emails, social feeds or pointless meetings.

    Related: Being ‘Busy’ Isn’t Helping You Be Productive — 5 Tips to Become Truly Efficient at Work

    How to set daily goals like successful entrepreneurs

    Ready to make daily goal-setting the backbone of your startup’s success? Here’s a practical, step-by-step guide inspired by the habits of the successful entrepreneurs I studied:

    • Anchor goals to your vision: Successful entrepreneurs always tie daily tasks to a larger purpose or vision. Start by defining your startup’s ultimate goal for the year — say, “reach $1 million in revenue,” “launch a new product,” or “secure 10,000 users.”
    • Break it down to daily steps: Big goals can feel overwhelming. Successful entrepreneurs break goals down into bite-sized tasks. If your annual goal is to raise $500,000, your monthly goal might be to pitch 10 investors.
    • Write it down! Don’t rely on memory. Wealthy individuals commit their goals to paper or a digital tool daily. For entrepreneurs, this could mean listing three to five tasks each morning, such as “call two potential partners,” “review analytics for the latest ad campaign,” or “finalize one section of the business plan.” Writing makes goals concrete and keeps you accountable.
    • Track and reflect: Successful entrepreneurs don’t just set goals — they track and monitor progress. In my study, 76% reviewed their goals regularly. At the end of each day, check off completed tasks and ask: Did I hit my goals? If not, why? Maybe you overestimated your bandwidth, need to develop additional skills or got sidetracked by a low-priority task.
    • Stay consistent: Consistency is the secret sauce. Make daily goal-setting non-negotiable, even on chaotic startup days. Five minutes each morning to set priorities can transform your trajectory over time.

    Real-world impact

    Consider Sarah, a startup founder I met who applied this habit. Her eco-friendly clothing brand was struggling to gain traction. She began setting daily goals tied to her annual target of $100,000 in sales.

    Each morning, she wrote three tasks, like “reach out to one boutique retailer” or “post one Instagram reel.” Within six months, she landed two major retail partnerships and hit 50% of her revenue goal. The secret? Daily goals kept her focused, even when cash was tight and doubts crept in.

    Avoid this habit trap

    My study showed that 83% of poorer people lack goal-setting habits, often because they feel overwhelmed or believe goals are pointless without immediate results. Entrepreneurs can fall into this trap, too, chasing shiny new opportunities or getting bogged down in busywork.

    Successful entrepreneurs don’t do this. They stay laser-focused, using daily goals to filter out noise and prioritize what drives growth. Start tomorrow morning. Grab a notebook or app, define one big annual goal for your startup, and break it into three daily tasks. Write them down, track your progress and reflect at day’s end. It’s simple but powerful.

    Success isn’t a stroke of luck — it’s a habit forged through deliberate, daily effort. In my five-year study of 233 wealthy individuals and 128 poor individuals, one finding stood out like a beacon: 67% of the wealthy set specific, actionable goals every single day, while only 17% of poorer people did the same.

    This isn’t just a statistic — it’s a roadmap for building wealth and achieving dreams. For entrepreneurs navigating the high-stakes world of startups, where every decision can make or break your venture, this habit of daily goal-setting is your secret weapon.

    If you want to transform your startup from a fragile idea into a thriving enterprise, adopting this disciplined practice can set you on the path to success.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Tom Corley

    Source link

  • 4 Moves Every New Leader Must Make to Earn Their Seat at the Table | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    You made it. After years of building, optimizing and scaling to the nth degree, you’ve earned a seat at the table in the C-suite. Not just a C-suite title, still reporting to another executive who makes the real decisions; you are actually in the “situation room.” You bring a deep understanding of the technology that powers your business. You celebrate. You update your LinkedIn. Then day one arrives.

    And you realize something: People are a bit skeptical of you, and it isn’t just the people below you. People above you, your peers and the investors all seem to have a certain take on you.

    You learn quickly that a title alone doesn’t build trust. Your technical brilliance doesn’t move your team, your peers and your executive counterparts. They’re looking for leadership that values business outcomes rather than just technical best practices. This is why you’re the CTO/CIO, not the IT person.

    In an article he co-authored, Harvard Business School professor Boris Groysberg said, “Technical skills are merely a starting point, the bare minimum. Requirements for all the C-level jobs have shifted toward business acumen and ‘softer’ leadership skills.” This next stage is about blending driving value with your expertise, rather than just explaining how things work.

    Let’s go over some of the roles you need to fill and milestones you need to hit in your first year on the job.

    Related: I’ve Managed 260 Employees — Here’s How to Tell If Your Leadership Style Is Actually Working

    Day one: Everyone is going to lie to you (unintentionally)

    On day one, you’ll ask questions and hear confident answers. But most of them will be incomplete and even sometimes completely inaccurate, but hold your judgment initially.

    It’s not deception. It’s diffusion. In any organization of scale, no single person holds the full picture. Documentation is outdated. Systems are interconnected in convoluted and undocumented ways. History is buried in inboxes and hallway conversations. Late-night crises solved by sleepless IT staff have gotten the company back up by morning, but only by a patchwork that makes little sense.

    The instinct, especially as a first-time leader, is to clean house. To draw hard lines between what’s broken and what’s working properly and who’s to blame. Trust me, resist that.

    Why? Because if you say, “This is all bunk, we’re starting over,” or we are in the mess because the last guard was incompetent, you’re not leading; you are actively setting yourself up for the same demise. As The Who once sang, “Meet the new boss, same as the old boss.”

    Instead, don’t give in to the easy blame, trust that there is always context and be the empath in your organization. This means active listening without judgment, understanding how and why decisions were made before assuming they were wrong and recognizing that institutional constraints often explain more than incompetence ever could.

    When you seek to understand, not audit, you become the kind of leader people trust with the truth.

    Week one: Start speaking in business, not just systems

    The fastest way to lose trust in your first week is to speak in technical jargon and expect others to keep up. They won’t. And they shouldn’t have to.

    Your job now is to be the translator. That means reframing technology conversations into business impact.

    Saying, “We need $250,000 or we risk being hacked,” might be true. But it sounds like fear-based budgeting. Instead, say, “This investment reduces our incident response time and enables faster feature delivery, which directly affects our speed to market.”

    You’re not dumbing it down. You’re tuning it up. You’re connecting the dots between what the system needs and what the business values. That’s leadership.

    And if you can’t do that yet, now’s the time to learn.

    Quarter one: Deliver value that ripples across departments

    You don’t need a moonshot in your first 90 days. However, you do need a win, one that demonstrates your understanding of how the business operates, not just how the tech stacks up.

    Pick a persistent pain point that cuts across teams. Fix a bottleneck in onboarding. Streamline reporting. Solve something people have silently suffered through.

    This is where the operator shows up, a role that combines execution with empathy. You’re proving that your leadership isn’t just smart. It’s useful, visible and repeatable.

    And just as important: make sure the win isn’t just yours. Highlight the teammates who made it possible. Trust builds faster when people see your leadership as expansive, not self-serving.

    Year one: Don’t demand the seat — earn it

    There’s a common refrain among technical leaders: “We deserve more authority.” You want to report to the CEO. You want a louder voice in strategy. You want influence.

    If you want to be at the table, learn how that table works. Understand margin pressures. Know what drives your CFO’s decisions. Learn how compliance constraints shape your CMO’s roadmap. Understand how product timelines interact with hiring cycles.

    A real executive doesn’t just ask for influence. They wield it responsibly, cross-functionally, and with context.

    Related: Want to Be a Better Leader? Show Employees You Care.

    Create a space where tech leaders can thrive

    If you’re already in the C-suite, part of your responsibility is to make sure your technical leaders gain buy-in and succeed.

    That doesn’t mean coddling. It means creating clarity.

    • Invite them early. Don’t bring your CTO in at the end of a strategy session to “weigh in.” Bring them in when the goals are still being shaped.
    • Set expectations. Don’t just ask for deliverables. Ask for insight. Ask them to explain how tech can enable outcomes, not just avoid outages.
    • Eliminate the silo. Technology touches every department. The org chart should reflect that.
    • Reward translation. The best CTOs turn complexity into clarity. They make everyone around them smarter. That’s the leadership skill we should be measuring.

    When technical leaders fail, it’s rarely a failure of intelligence. It’s a failure of integration.

    If you’re seated in the “big chair,” you can’t expect people to intuit where they need to go. You need to build the bridge. You have to make everyone around you smarter, more capable, and more confident in their decisions because you’re part of the conversation.

    That’s what makes you trusted. And that’s what makes you dangerous — in the best way.

    You made it. After years of building, optimizing and scaling to the nth degree, you’ve earned a seat at the table in the C-suite. Not just a C-suite title, still reporting to another executive who makes the real decisions; you are actually in the “situation room.” You bring a deep understanding of the technology that powers your business. You celebrate. You update your LinkedIn. Then day one arrives.

    And you realize something: People are a bit skeptical of you, and it isn’t just the people below you. People above you, your peers and the investors all seem to have a certain take on you.

    You learn quickly that a title alone doesn’t build trust. Your technical brilliance doesn’t move your team, your peers and your executive counterparts. They’re looking for leadership that values business outcomes rather than just technical best practices. This is why you’re the CTO/CIO, not the IT person.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Charles Sims

    Source link

  • Watch Out for These Dangerous Business Habits That Masquerade as Strategy | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We love a good story, especially when it keeps us comfortable. In business, these stories often become rationalized myths. They sound like logic, feel like experience, and masquerade as truth. But really, they’re just assumptions wrapped in a confident tone.

    You’ve heard them:

    • “Customers only care about price.”
    • “No one wants to pay for service anymore.”
    • “Our market is too commoditized to differentiate.”
    • “People just don’t read emails these days.”

    What makes these myths dangerous isn’t their persistence, it’s how we rationalize them. We tell ourselves they’re based on data. (A survey from 2018? Please.) We cite competitor behavior. We assume it’s “just the way things are.” And then we design strategies, products and entire business models around them.

    But these myths are born from perceptions. Not facts. Not insights. Just patterns we’ve gotten used to seeing and explaining away.

    Let’s start with one of the classics: “Customers just want the lowest price.”

    A B2B manufacturing client clung to this like a security blanket. Every RFP became a downward spiral of discounting. When asked how they knew price was the only factor, they pointed to lost bids. But after diving into post-mortems with prospects, the real reasons surfaced: unclear value, slow response times and rigid contract terms.

    The issue wasn’t price. It was perceived value. Prospects didn’t see what made this manufacturer better because nothing was communicated that truly differentiated them. They’d accepted the myth and acted accordingly.

    When they shifted their focus to flexibility, transparency and proactive support, those things customers wanted but weren’t getting, suddenly they weren’t the cheapest option. They were the smartest.

    Related: 10 Popular Myths About Leadership and How to Overcome Them

    Perception is reality, but not always truth

    Humans are perception machines. We don’t just see the world, we interpret it. In business, we build narratives around what we think customers want, based on our internal views. But customers don’t live inside your boardroom, your org chart or your sales targets.

    Frustrations, unmet needs and past experiences shape their reality. Which means you can shape perception if you’re willing to dig deeper.

    Differentiation isn’t about being louder. It’s about being clearer on what matters. Most businesses try to stand out by tweaking what they already offer, rather than tapping into what customers crave but aren’t getting. That gap is where perception shifts and myths start to crumble.

    A logistics company once told me, “We’re basically a commodity. Everyone moves boxes.” They’d convinced themselves that brand didn’t matter, experience didn’t matter, innovation didn’t matter. So, they optimized for efficiency and disappeared into the noise.

    When we interviewed their customers, something fascinating emerged. Clients were desperate for visibility. Real-time updates, proactive communication and simplified invoicing. None of the competitors was doing well.

    They leaned into this. Invested in client portals. Added human touchpoints. Their messaging shifted from “we move stuff” to “we make sure you know where everything is.” Perception changed. They weren’t a commodity anymore.

    Breaking the myth cycle

    Rationalized myths persist because we’re listening for confirmation, not contradiction. We validate what we already believe and ignore what feels inconvenient. But strategy isn’t about being right. It’s about being relevant.

    To break the myth cycle:

    1. Listen for gaps, not praise. Ask customers what frustrates them, not just with your company, but with the entire category.
    2. Challenge internal dogma. Just because it’s always been done that way doesn’t mean it still works or ever did.
    3. Reframe differentiation. It’s not about being “better.” It’s about offering what no one else is offering in the way your customer truly needs.

    Myths are comfortable because they make the world feel predictable. But they’re dangerous because they keep you from evolving. The truth is you can’t build meaningful differentiation on faulty perceptions. But if you’re willing to challenge those myths and the stories you tell yourself, you can find the whitespace your competitors don’t even see.

    Customers don’t always want more. They often want something different. And different is where real value and growth live.

    Related: Developing a New Product? Here’s How to Make It a Hit Success

    Myths don’t linger, they multiply

    The problem is myths don’t just linger, they multiply. One assumption quietly supports another until you’ve built an entire strategic house of cards. You stop testing, stop questioning, and start filtering every new idea through the same warped lens. And the real danger is the longer a myth goes unchallenged, the truer it feels.

    I’ve seen companies spend millions chasing an edge that didn’t exist, simply because they never bothered to ask customers what they valued. Not in a survey buried in the quarterly report. Not through a sales team’s best guesses. But directly, candidly, without the bias of defending past decisions.

    Because that’s the trap. When your brand, processes and pricing are built on untested beliefs, you’re not strategizing, you’re gambling.

    We love a good story, especially when it keeps us comfortable. In business, these stories often become rationalized myths. They sound like logic, feel like experience, and masquerade as truth. But really, they’re just assumptions wrapped in a confident tone.

    You’ve heard them:

    • “Customers only care about price.”
    • “No one wants to pay for service anymore.”
    • “Our market is too commoditized to differentiate.”
    • “People just don’t read emails these days.”

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    [ad_2]

    Andrea Olson

    Source link

  • How to Plan Moving Forward with Business Expansion Plans – Aha!NOW

    [ad_1]

    You’ve been successful in business. Now what? You’ve an option to expand your business. Though that’s wonderful, however, while doing so, taking a wrong step can even hurt your business. This marks the importance of proper planning and knowing the right steps and direction to moving forward with the expansion of your business. Here are some practical tips you can consider for creating a foolproof business expansion plan. ~ Ed.

    How to Plan Moving Forward with Business Expansion Plans

    Over time, businesses can grow, expand, and evolve to become different versions of themselves as they tap into markets and reach new audience bases.

    This is a natural progression and something that most business owners face during their lifespans. But expanding isn’t always something you ease into naturally, and there can be a right and wrong way to move forward with expansion plans and activities that can be overlooked in relation to supporting your business as you evolve.

    This post will explore the right ways to expand your business and some points you need to consider along the way.

    6 Considerations for Moving Forward with Business Expansion Plans

    Of course, there should be a good demand for the products or services you want to expand your business for besides possessing a healthy cash flow. You might also require more space, zoning and permits. Here’s more about these considerations.

    Space and Location

    While some businesses might not need to worry about a physical location and space, others need to be aware of what they need in relation to purpose-built property and land to help them grow and accommodate new avenues or an increase in supply and demand.

    Can your current location and building accommodate these changes, or will you need to relocate? Is there the space to erect additional buildings to help you maximize input, or will you be looking for land you can develop to help you create a purpose-built site specifically for what you do?

    The further ahead you consider your physical location needs and the space you require to grow or prepare for it to be incorporated into operation, the easier it will be to move forward. So, whether you are looking at adding temporary buildings to create new workshops or you want to design a prefabricated steel building to be built on new land, understand your needs so you can arrange it prior to expansion plans.

    Zoning and Permits

    Different states will have different laws and regulations regarding zoning and permits for various types of work. You need to look into the rules regarding what you do currently, what direction your business is taking, and what you will be doing in the future to satisfy the requirements.

    Zoning laws prohibit certain types of businesses from operating in certain areas and can limit you in other ways. For example, if you want to add a retail unit to your warehouse or manufacturing premises, you might be prohibited due to zoning laws. If you are increasing staffing levels or your retail unit needs a more considerable parking lot, zoning laws might also limit you here too.

    On top of this, there might also be rules relating to noise pollution, waste management, even the number of doors you can have, bathrooms, etc., meaning you need to consider prior to undergoing changes and expansion to ensure you do not breach zoning laws or operate without the correct permits. Talk to your state’s zoning department to determine what you can and can’t do and what you need to advance your plans.

    There is Demand

    When considering expansion or offering new services and products, it’s crucial to assess the market demand. It’s not enough to believe in the viability of your offerings; they must meet a real need. Otherwise, you risk wasting time, money, and resources. This strategic understanding of market demand will empower you to make informed decisions about your business’s future.

    Good business is about striking while the iron is hot, and to a certain degree, you do need to get in on new products or services before others do. However, you also need to understand how the intended audience will receive it and if they actually want or need it. It’s pointless brining something to the market if it’s nothing anyone wants.

    So take your time to understand the market, know the industry, and actually know if people want what you are thinking of offering or if it’s even needed. This cautious approach, coupled with thorough market research, will ensure you are prepared for any challenges that may arise during your expansion journey.

    Risk Management

    Every business venture carries risks, especially when expanding and diversifying. It is essential to identify and understand each potential risk, its consequences, and how to mitigate it. Failing to do so could lead to unexpected setbacks.

    A comprehensive risk assessment should identify all potential risks, evaluate the likelihood of each risk occurring, and assess the possible impact on your business. It should also outline strategies for mitigating or eliminating each risk.

    Finances

    Expansion is a financial commitment. Every decision, plan, and change you make will require funding. As a business owner, it’s your responsibility to ensure you have a healthy cash flow that can support both current operations and new initiatives.

    As a business, you need to be confident you have a healthy cash flow that can not only support current operations but bankroll new changes and plans without directing needed funds from current activities. You need to be able to self-fund or provide a funding source you can afford to utilize to assist you in making the proper changes without cutting corners.

    If these changes involve hiring more staff, for example, you need to comfortably cover their wages until you make the profit you need. You also need to afford building costs, materials and equipment, insurance, and everything else that comes with making things bigger and better.

    Competition

    Moving forward with expansion plans would be negligent without looking into your competition and what others in your sector are doing or not doing. While you want to remain competitive, you don’t want to dip into a saturated market or go out on a limb and overstep your mark.

    Competitor analysis, when done correctly, can give you a deeper insight into others and what they’re doing so you can use this data strategically. From understanding price points, mistakes to avoid, potential audience, and how you can differentiate what you do, there is much you can glean from effective competitor analysis that will benefit you in the long run.

    In Summary

    To sum up, as a business owner, you need to have many plans in place before you begin to realize your dreams of expansion and growth. Supporting your current operations with additional activities is complex, and making the wrong decision can ultimately backfire and undo everything you have worked so hard for.

    Over to you

    If you currently have a business you have expanded, or you are looking into improving what you do and growing past your current capabilities, what advice do you have for others, or what things are you dipping your toes in to ensure ongoing success? Share in the comment section below.

    Disclaimer: Though the views expressed are of the author’s own, this article has been checked for its authenticity of information and resource links provided for a better and deeper understanding of the subject matter. However, you’re suggested to make your diligent research and consult subject experts to decide what is best for you. If you spot any factual errors, spelling, or grammatical mistakes in the article, please report at [email protected]. Thanks.

    [ad_2]

    Russell Emmental

    Source link

  • Pasco County approves rebate to build Wesley Chapel downtown area

    [ad_1]

    WESLEY CHAPEL, Fla. — Things are moving in the right direction in Pasco County to create a downtown area in Wesley Chapel.


    What You Need To Know

    • The Pasco County Commission approved an ad valorem tax worth about $50 million for the Legacy Wiregrass Ranch project in Wesley Chapel
    • The project hopes to create a downtown hub for the Pasco County community just east of I-75
    • It’s a response to the quickly growing community, which, according to the U.S. Census Bureau, is in a county that’s seen one of the highest levels of net domestic migration from 2022 to 2023


    The Pasco County Commission approved a $50 million tax rebate on Dec. 10 for Legacy Wiregrass Ranch, kicking off what hopes to be a central hub for one of the fastest growing areas in Florida.

    “I couldn’t be more excited to be part of the community,” said Avi Nannival, owner of Woof Gang Avalon Park in Wesley Chapel. “There’s new developments opening at every corner.”

    Soon, one of those corners will look to be the heart of Wesley Chapel.

    “In my mind, we’re building the downtown of Pasco County here,” said Kathryn Starkey, chairperson for the Pasco County Commission.

    Starkey, referring to Legacy Wiregrass Ranch, will be a few miles away from Nannival and Woof Gang.

    It’s a project expected to add hotels, entertainment space, retail, restaurants and places for people to live.

    “These funds could be used for green space within a mixed-use development capital, for new entertainment or sports venues or developments that could bring increased walkability, vibrancy and tax revenues to the county,” said Scott Sheridan of Wiregrass Ranch. “That is exactly what we believe Legacy Wiregrass Ranch will do.”

    According to the U.S. Census Bureau, Pasco County has seen one of the highest levels of net domestic migration from 2022 to 2023.

    This year, a study from Consumer Affairs rated Wesley Chapel the number one place to move to in Florida.

    [ad_2]

    Nick Popham

    Source link

  • How Accountability Fuels Personal and Professional Growth | Entrepreneur

    How Accountability Fuels Personal and Professional Growth | Entrepreneur

    [ad_1]

    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.

    [ad_2]

    Collin Williams

    Source link

  • 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

    [ad_1]

    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.

    [ad_2]

    Jeanette McMurtry

    Source link

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

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

    [ad_1]

    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.

    [ad_2]

    Dave Ragosa

    Source link

  • How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    How Entrepreneurs Can Leverage Distribution for Business Growth | Entrepreneur

    [ad_1]

    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.

    [ad_2]

    Kevin King

    Source link

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

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

    [ad_1]

    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

    [ad_2]

    Charity Hudnall

    Source link

  • Change Is Hard — But This CEO and President Reveals How It Helped Him Build a Stronger Business and More Resilient Team | Entrepreneur

    Change Is Hard — But This CEO and President Reveals How It Helped Him Build a Stronger Business and More Resilient Team | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In the past year, our company has evolved significantly, expanding our services and integrating new internal systems. It’s been a period of retraining and adaptation.

    Implementing a major change to a business used to happen once every five or ten years, but with advancements in artificial intelligence coupled with economic uncertainty and digital transformation, businesses are having to pivot and adapt much more frequently. Global spending on digital transformation is expected to hit $3.4 trillion by 2026, and 64% of organizations report needing to build new digital businesses to stay competitive in 2024 and beyond.

    We often hear entrepreneurs and business leaders talk about working “on” the business rather than “in” the business but understanding your company from the bottom up has significant benefits. Today, I am the president and CEO of my company, but throughout my career, I’ve worked in every area of my field, from the warehouse to driving a truck. Here’s how it’s given me an invaluable perspective when it comes to change management.

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

    Seek to understand workflows before you transform

    Earlier in my career, I worked for a company that hired outside consultants to revamp its operations to comply with new customs regulations. More than 75% of its employees at the time were frontline workers, and unfortunately, they weren’t consulted in the process.

    When it came time to roll out the new structure, to say the implementation was messy, is an understatement. Oversights led to significant storage fees and operations issues that caused projects to fall off track and employee morale to drop. In the end, the lack of internal consultation caused the company a lot of money and pain.

    When it comes to implementing any big change, it’s critical to involve the people working on the frontlines of your business. According to Beekeeper, employees on the front lines often face a disconnect with leadership, with only 23% feeling included in change-related decisions. This exclusion fuels resistance and disengagement, as 74% of employees believe leaders need to understand why people resist change to foster collaboration.

    By really grasping the day-to-day responsibilities of your frontline workers and understanding how the change will impact them, you’re more likely to get buy-in and internal advocacy and make necessary adjustments to the plan.

    I’ve seen too many businesses make the vital mistake of pushing down a change from top to bottom rather than consulting with their teams to get feedback on critical decisions. In these cases, it almost always leads to staff and client turnover, which has a spiraling effect on culture and morale.

    Related: Rapid Business Expansion Can Be a Good Thing — But It Comes With Challenges. Here’s How to Make This Growth Sustainable.

    Your frontline employees drive your bottom line

    More often than not, implementing a change in a business is an attempt to improve profit margins. However, too often, company leaders fail to understand how much of their bottom line is being driven by their entry-level workers. For example, a high turnover of entry-level staff reportedly costs Amazon $8 billion annually.

    To successfully implement a change, it’s crucial to have representation from every department in your organization involved in the discussions. This shouldn’t be limited to team leads and managers; it’s equally important to have representation from frontline employees involved.

    Among this mix, I personally like to include vocal naysayers—the team members who are known to influence the culture and not always in a positive way. This serves two purposes: the first is that sometimes the naysayers have valuable feedback that other team members are too coy to vocalize. The second is that if you can convince a vocal naysayer that a change is positive, they often become your best internal advocate.

    Double down on education and training

    I remember a time when we promoted a frontline employee into a leadership role. She wasn’t a frontrunner for the position. In fact, she had started her career being vocally critical of our operations, particularly of other departments.

    In the end, what won her the promotion was the leadership skills she developed through change management education and training. She embraced the training and ended up becoming a champion for the departments she once critiqued, committing to helping them improve and do things better.

    When we educate and train our teams on how to embrace and adopt change, we create stronger leaders. Research shows employees who receive proper training are more likely to stay with the company, directly impacting the bottom line through reduced turnover and increased productivity.

    This is true at any level. Anytime we host training at work, even if I’ve already gone through it, I try to make a point to attend. As leaders, we are often removed from the practical implications of what we ask of our teams. Attending company training can be a great reminder. It also shows your team you’re not above learning and that you’re going through the change, too.

    Change is hard. But when we develop the skills to prepare and adapt for it, we can build stronger businesses with more resilient teams. To do this effectively, it’s crucial for leaders to engage with team members at all levels. The insights and perspectives gained from consulting frontline employees are often what make or break a company.

    [ad_2]

    Mike Chisholm

    Source link

  • 5 Effective Strategies for Building a High-Performing Global Team | Entrepreneur

    5 Effective Strategies for Building a High-Performing Global Team | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Global expansion is a huge move for your business that can complicate matters when you want to increase the size of your team. Hiring qualified employees from abroad can be complicated. Many things have to be considered, including new rules or regulations in different countries that need to be followed and cultural differences that may also arise.

    In the ever-changing global business environment, the use of appropriate technologies and strategies can set apart successful firms from average or struggling ones.

    In light of this, how do you then put together an amazing global team? Through my own experience, I’ve discovered 5 key strategies that can set you and your team up for success.

    1. Support workplace diversity and Inclusivity

    If you establish an inclusive and efficient system culture across your globally expanding enterprise, then performance will increase immediately. However, one should also bear in mind that cultural disparities exist among team members from diverse backgrounds. You will need to create a workplace that respects and recognizes each person’s culture while also fostering an understanding of various traditions and opinions.

    There’s a need for companies to consider various holidays people celebrate in different countries so as not to be seen as ignorant or insensitive by their own employees who come from other places. Common concerns revolve around non-verbal communication like gestures at work, dress codes in offices and how we relate with one another socially . One way out is by employing experts who specialize in diversity issues across cultures, such as customs or traditions, to ensure a safe and respectful work culture.

    Related: Life’s Too Short to Work With Incompatible People — Follow These 3 Secrets To Building High-Performing Teams

    2. Leverage EOR Service

    If you are expanding your business globally, it may really help to hire an Employment of Record (EOR) service provider. An Employment of Record legally employs your team members in their local country on your behalf. It enables you to access the best skills from anywhere around the world without necessarily having to go through the lengthy procedure of first establishing foreign legal entities yourself.

    When you partner with a good EOR, you get a bunch of sweet benefits:

    • Faster access to global talent: You can start building your team abroad as soon as possible instead of waiting months for all the legal paperwork to go through.
    • Less worry about compliance: EORs take care of handling all those local employment laws and HR requirements that give you headaches.
    • Cost savings: EORs have the expertise to help minimize your operational costs when hiring globally.
    • Flexibility: You can easily scale your global team up or down as your business needs change.
    • Specialized expertise: EORs have tons of experience helping companies expand globally the right way.

    Lean on EOR specialists so you can focus less on annoying HR logistics and more on finding superstar talent around the world.

    3. Invest in management training

    To succeed globally, you need awesome managers across the board. That’s why strategy number three is to invest heavily in management training.

    Make sure your managers are pros at leading global teams. A quality manager in a distributed team excels at nurturing career growth, making the most of their unique talents, ensuring smooth conflict resolution, and guiding through change and uncertainty. They build adaptability and psychological safety, encouraging open communication.

    Additionally, the ability to encourage and inspire individuals as a manager will create an environment in which every team member feels welcomed and encouraged. Each one’s unique strengths can be recognized and leveraged for the success and cohesion of the team.

    In fact, managers account for 70% of the variability in team engagement. Well-trained managers unite your global workforce and amplify your culture anywhere.

    4. Focus on building trust

    When your team is distributed worldwide, success depends a ton on trusting relationships. That’s why strategy number four is to focus on building trust and connections, even from afar.

    Building trust in a global team requires participation in a variety of activities that promote bonding and camaraderie. Icebreaker games during meetings and setting up Slack channels for casual talk all help team members bond. Hosting virtual coffee talks or happy hours provides for socialization outside of work, whereas annual in-person offsite gatherings provide valuable face-to-face interactions.

    Furthermore, it is critical to tailor communication techniques to each direct report, publicly acknowledge wins and progress, and listen deeply to understand different perspectives. These actions make team members feel appreciated, heard, and connected, ultimately building trust within the team.

    When managers invest in relationships, their teams perform better. Trust accelerates team cohesion, collaboration and results.

    Related: 10 Simple Steps to Build an Exceptional and Efficient Team

    5. Set up clear communication channels

    When organizing a clear communication protocol, time zone differences could become a major, even impactful, issue. Face-to-face meetings between team members may be nearly impossible when they work from different areas of the world. That’s where video conferences can ensure fast and efficient dialogue.

    A number of video conferencing tools recently achieved global use as remote work grew in popularity. Tools like Zoom and Google Meet help businesses hold on-the-spot presentations, webinars, and team meetings with accurate, real-time visuals. They also give team managers the ability to arrange one-on-one check-in sessions with employees, allowing them to discuss workload and other relevant concerns.

    Expanding your business globally does not always mean success. However, you can achieve this goal through careful planning, effective communication, and an all-inclusive corporate culture. Above all, using local collaborators in the form of an Employer of Record exponentially increases the chances of building a winning team.

    [ad_2]

    Pritom Das

    Source link

  • 3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

    3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Determining a business’ value is not all about adding up revenue and subtracting expenses. While an important piece, these hard numbers are only half the equation for computing what a company is worth. To come up with the true value, we also look at factors like the level of owner involvement, company goals and growth opportunities. When we use the complete equation, we get a comprehensive picture of a business and can better understand the story of its past, present and future.

    Calculations may vary depending on the company, but in a healthy one, there is about a 50/50 split between the quantitative (financial) and qualitative (non-financial) sides of performance. If the business isn’t profitable, it’s more important to focus on the quantitative side and fix the numbers first. Many owners don’t want to hear that, but if they’re not hitting their numbers, it may mean the business is not working. They must fix the quantitative issues before moving to the qualitative side.

    Related: What Is a Balance Sheet and Why Does Your Business Need One?

    For healthy companies that want to maximize their value, the qualitative indicators can be bundled into three main categories.

    Evaluating quality

    1. The owner’s goals

    We’ve found significant research showing that if an owner has defined goals and plans for the future that are in line with market expectations for their company’s value, they’re going to have a much stronger exit. What is the owner’s defined goal for exiting the business — to get the most money, to take care of their employees and to ensure a legacy? You must then get to the “why” behind the goals and devise a plan of action. It almost doesn’t matter what the answers to the questions are; having achievable goals and a strategy for reaching them can increase the company’s value because it keeps the owner focused on improving the other areas of the business.

    2. The owner’s role

    The extent of the owner’s involvement is a critical indicator, but perhaps not for the reason you think. The more involved the owner is in day-to-day operations, the more central they are to the business, the less the business will be worth down the road. If the owner is the linchpin that holds everything together, what will happen to the company when they leave? Evaluating operations is more about the system and the structure of the team. Look at the organizational chart and who’s on it – are they good employees or bad employees? Examine the company’s processes and procedures and how new team members are trained and onboarded. The owner sets the vision, but it’s the team that increases company value by carrying out the vision.

    3. Growth opportunities

    Nobody wants to buy a business and keep it exactly as it is. They want to see potential for growth in the future, especially the potential for return on their investment as a buyer. Whether it’s a simple price increase or new locations, whoever buys the business is going to ask about growth opportunities. Indicators like product or service diversification in both the company and the industry it’s in give a good sense of whether the company is moving forward or standing still (and at risk of going backward). The more potential you can show, the more upside there will be for the next owner — adding up to greater value.

    Related: 8 Factors That Determine the Financial Health of a Business

    Cycle of success

    When the qualitative side of the equation is working, it all ties together. The owner knows the goals, which are aligned with where the company is going, and is leading the organization but working themselves out of the day-to-day operations; the business grows and creates more growth opportunities for the next owner. Paired with profitable numbers, it’s a cycle that builds a high-quality business.

    For the best owners, it takes a minimum of three to five years to get that cycle working for you and have reliable indicators of your value. Making it part of a 10-year strategy is even better.

    At Exit Factor, we have 62 different qualitative indicators that we use for determining company worth. We don’t use them all, or even close to that, for every business; it’s usually a matter of tweaking three to five of the 62 indicators. Figure out which of those 62 are essential for your company, and you’ll have a truly forward-looking strategy for profitable growth.

    [ad_2]

    Jessica Fialkovich

    Source link

  • 5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

    5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shortage of examples of successful solopreneurs who have forged their own path to grow ground-breaking businesses. They’re often held up as people who value autonomy and control and who approach business building like it’s a hero’s journey.

    But I believe our culture has blown the “solo” part of solopreneurship out of proportion, leading many would-be entrepreneurs and creators to feel like they have to go it alone. And while solopreneurs are solely responsible for making decisions about their businesses, it doesn’t mean they have toil away independently on every aspect of it. Doing so can actually be detrimental.

    Many successful entrepreneurs find ways to involve others for support and guidance and to create a shared journey. Through my work with creators, many of whom are solopreneurs, I’ve seen how this approach can be transformational. For example, for many years, my company has hosted an event in which women of color within the creator economy have shared their experiences. We found that creating space for these solopreneurs led to record-breaking attendance. It’s all part of a larger movement that has seen solopreneurs come together in real life and on virtual platforms to leverage the power of community and collaboration.

    Related: 5 Ways for Solopreneurs to Sustain Momentum and Thrive

    As a solopreneur, you are part of something bigger

    The growing number of solopreneurs has effectively changed the face of our economy. Today more than 80% of American small business owners operate without any staff. For some, this works well.

    But I’ve noticed that many creators, for example, go into their journey with the mistaken belief that if they can’t figure it out on their own, they’re not cut out for entrepreneurship. The reality is that stoically resisting help or not seeking out support or community can lead to loneliness, burnout and even depression.

    Working with others is powerful, and many brands are tapping into this movement and finding ways to facilitate inspiration and connection by bringing their communities together – whether it’s around e-commerce, crowdfunding, fitness or other aspects of life and business. The cliche really is true: we may go faster alone, but we often go farther together. Embracing a community-based approach can lead to tangible benefits.

    The power of finding your people (and places)

    Broadening your definition of solopreneurship isn’t just about finding people to work with though. It can also be about uncovering solutions you didn’t know existed, getting access to information or guidance from people who have been there, or even just having a place to go when you need a break from your home office. Here are a few of the ways I’ve seen individuals take a collaborative approach to solopreneurship – and reap the benefits:

    Choosing tech platforms that offer community

    We’ve all experienced the rise of online communities – public and private – but consider the unifying force of tech tools that support people in achieving specific goals. Whether it’s launching a course or implementing a payment system, you’ll find people rallied around platforms offering concrete solutions. Choose your platforms wisely, and you’ll end up with more than just tools; you may find new colleagues, collaborators and a wealth of shared expertise.

    Working from a coworking space

    Anyone who’s ever worked from home – or launched a business from their basement – understands the value of a good coworking space. Beyond situating you among peers, they offer rich gathering spaces for solopreneurs who want to network, learn, and enjoy the creative energy of others. Research has shown that people thrive in coworking spaces thanks to the collective boost in productivity and creativity – and that they can also be a great antidote to burnout.

    Attending in-person conferences and events

    Ever since Covid put a pause on live events, it’s been tough for many of us to get back into the swing of it. But there are benefits to immersing yourself in a room full of strangers – particularly the opportunity to forge deeper connections. Sharing new experiences with other people in person can lead to the kinds of bonds you just don’t get over Zoom (and making that in-person investment can open up other ways to maximize your returns there, too.)

    Teaming up with a partner

    Collabs are still having their moment, but they can be more than just a trendy way to build an audience. I get genuinely excited when I see solopreneurs I follow come together because I’ve seen how great collaborations can effectively fill business gaps. Plus, good partnerships can also uncover new opportunities, boost revenue and even fuel innovation. Sure, there can be risks to collaborations too, but as long as you stay true to your goals and your brand, you stand to benefit.

    Related: Solopreneurs are Changing the Face of the Economy

    Finding a mentor

    Much like peers, mentors offer business advice based on their lived experience, but they also bring the wisdom of seniority. But if the intimidation factor of approaching a mentor is holding you back, you can always start more informally. Many solopreneurs give back to their communities by sharing their learnings through courses or live events. Start by following people you admire and see what it can lead to.

    However you choose to expand your definition of solopreneurship, keep in mind that inviting others into your journey doesn’t negate your success; at the end of the day, the buck still stops with you. By piecing together a new narrative about the realities of solopreneurship, we can start to normalize the idea that creators and entrepreneurs don’t need to walk this road alone. And sometimes, just knowing that help – and a shoulder to lean on – is out there can go a long way toward boosting resilience, capacity, and the determination to keep going.

    [ad_2]

    Christie Horsman

    Source link

  • California’s population increased last year for first time since 2020

    California’s population increased last year for first time since 2020

    [ad_1]

    California’s population rose last year for the first time since 2020, according to new state data.

    The state’s population increased by 0.17% — or more than 67,000 people — between Jan. 1, 2023, and Jan. 1, 2024, when California was home to 39,128,162 people, according to new population estimates released Tuesday by the California Department of Finance.

    “The brief period of California’s population decline is over,” H.D. Palmer, a department spokesman, said in a phone interview. “We’re back, and we’re returning to a rate of steady, stable growth.”

    That resumption of growth, Palmer said, was driven by a number of factors: Deaths, which rose during the peak of the COVID-19 pandemic, have fallen nearly to pre-pandemic levels. Restrictive foreign immigration policies imposed during the Trump administration have been loosened under President Biden. Domestic migration patterns between states also have changed, boosting the state’s population.

    In 2021, as the pandemic raged, more than 319,000 people died in California and fewer than 420,000 were born, the data show. Last year, about 281,000 died in the state, while nearly 399,000 were born.

    And while California saw a net loss of nearly 3,900 people to international immigration in 2020 — when many countries’ borders were closed due to the pandemic — the state saw a net gain of more than 114,000 international immigrants last year, according to state data. That’s close to pre-pandemic levels. In 2019, California notched a net increase of about 119,000 international immigrants.

    Shifting domestic migration trends — which were the subject of the much-ballyhooed “California exodus” during the pandemic, when remote workers moved to other states where they could live for a fraction of the cost of cities like Los Angeles or San Francisco — also played a key role.

    In 2021, about 692,000 people left California for other states, while fewer than 337,000 moved into the Golden State from other states.

    Last year, about 414,000 people moved here from other states, while more than 505,000 left for other states. That means California saw a net loss of about 264,500 fewer people to other states last year than in 2021, according to the new state data.

    Los Angeles and Orange counties grew last year, though not by much; the former saw a population rise of just 0.05% — or nearly 4,800 people — while the latter notched up 0.31% — or nearly 9,800 people.

    For both jurisdictions, that’s a reversal from 2022, when L.A. County saw a net loss of nearly 42,200 residents and Orange County lost about 17,000 residents. The city of Los Angeles saw its population rise 0.3% last year, the data show.

    California also saw a net increase of about 116,000 housing units — including single-family homes, multi-family dwellings and accessory dwelling units, or ADUs — in 2023. Palmer described that growth as an “encouraging” sign amid the state’s housing crisis.

    That rise, which is a relative drop in the bucket compared with the state’s more than 14.8 million housing units, was led by the city of Los Angeles, which saw a gain of more than 21,000 housing units, followed by an increase of about 5,700 units in San Diego, according to the state data.

    While California’s resumption of population growth is a boon for boosters who reject the storyline of the state’s decline, there is no indication that the Golden State will be returning to the massive boom in residents it underwent generations ago.

    “For the foreseeable future, we’re looking at steady, more predictable growth that’s slower than those go-go years of the 1970s and 1980s,” Palmer said. “Obviously, there are things that we can’t forecast that could have an impact on our population. For instance, another pandemic.”

    [ad_2]

    Connor Sheets

    Source link

  • 6 Guiding Principles Behind Every Successful Company | Entrepreneur

    6 Guiding Principles Behind Every Successful Company | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    A search for “formula for company success” on Amazon yields almost a thousand results, primarily consisting of self-help books. While I don’t claim that I have discovered the elusive formula, I believe certain characteristics can aid in achieving success, which I identified after analyzing the top companies currently active in the market.

    I’m the founder of a deep tech company that is trying to push the limits of what is possible in the field of computers. For me, following these principles is crucial to achieving this ambitious goal. Yet, I’m sure these principles are not exclusive to any one field or industry and can be applied to any business willing to prioritize and use them as tools for development.

    Related: 5 Key Leadership Principles for Driving Growth

    Elegance

    Elegance goes beyond mere aesthetics; it is the embodiment of beauty in every facet of a company. What does beauty consist of? Honestly, everything. If the founder wants to ensure the elegance of their product, they should pay attention to the structure that should be observed in every process of interaction with their company. Those may range from the way your employees present themselves at networking events or in-store to the speed with which your support team assists customers. Not only will this provide your brand with consistency, but it will also become more appealing because, after all, humans are aesthetic creatures.

    When you think of elegant products or packaging, I’m sure one of the brand names that comes to mind is Apple. From the logo to the in-store decor, elegance is evident in every aspect of the brand’s efforts. In your business, the aspects of elegance are definitely different from theirs, but their role is the same.

    Focus on goals and values

    Focusing on the result is especially important for tech companies, particularly those developing new tech, as it allows them to deliver on their promises to both themselves and their customers. Most importantly, it allows them to focus on only those aspects that are truly important and relevant to their ultimate goal. To achieve this, detailed planning is required, where the most optimal path is selected from thousands of possible options. Moreover, prior to any action taken, it should involve thousands of hours of research, hypothesis testing, and more, but it all must contribute to the company’s goals.

    According to Gartner’s 2019 Product Manager Survey, only 55% of new products are launched on time, and the other 45% are delayed by at least a month. This underscores the importance of the founders not only setting realistic goals but also communicating them clearly both to your customers and employees. Additionally, the company should not stray from its original purpose and should always keep its eye on the end goal. In order to stay on track, some things should be prioritized, such as good time management, both in your life and in your business, or for example, preparing contingency plans in advance. You can use these tools to ensure proactive and adaptive responses to unforeseen obstacles to ensure a smooth, or at least stable, ride to success.

    Initiating and igniting

    While it is important to keep up with the market and its latest developments, it is crucial to use this information to create new trends instead of simply following the existing ones. To follow this approach, business owners should create and keep in mind a clear picture of how their businesses differentiate themselves from their competitors, allowing them to have a shot at becoming industry leaders. The problem with utilizing trends as a foundation for a company is that the trend cycle inevitably leads to obsolescence.

    Netflix is a prime example of this. It originated as a DVD-by-mail service in 1998, just one year after DVD players were introduced in the U.S. before they became an essential part of every household. The company not only competed against Blockbuster, the largest rental chain at the time, but also revolutionized the rental process by introducing a new way for consumers to interact with their services, introducing a subscription model in 1999. Netflix entered the year 2000 with only 300,000 subscribers, now this number is up to 247.2 million. Why? Because they were able to come up with an idea for a truly unique service.

    Pursuit of excellence

    One of the greatest enemies of any entrepreneur’s long-term success is these three words: “That will do.” This phrase not only affects you as an entrepreneur, undermining your abilities and limiting your potential success, but it also affects every single facet of your business. The pursuit of excellence doesn’t entail that you shouldn’t attempt to release anything until everything is perfect, but it does suggest that whatever you can do should be done to the best quality possible.

    The strive for perfection, or rather the lack of it, is the reason the above-mentioned DVD rental chain now has only one store left in the U.S. When the market began expanding and Netflix entered the game, Blockbuster had the opportunity to acquire it, but passed on it arguing that Netflix was a too-niche business. Blockbuster’s opposition to online streaming and the fact that it was stagnant and content with the unchanged while an entirely new industry was evolving prevented it from innovating.

    Related: 5 Key Leadership Principles for Driving Growth

    Embracing challenges

    Given that technology has advanced more in the past two centuries than at any other time in human history, the possibilities for further development and creation are endless. It is not uncommon to encounter a myriad of problems when creating something new, especially in the beginning. However, a business owner shouldn’t avoid working on a unique product or service simply because of the issues it may present and to search for innovative solutions.

    As obvious as it may seem, the easiest way to approach a challenge is through hypothesis testing. Whenever you are faced with seemingly impossible problems, it is of utmost importance not to be intimidated by them, as this can lead to stagnation or the inability to deliver the promised product or service. By using hypothesis testing, one can generate and test dozens of possible solutions to avoid stagnation and initiate progress. Not only does this expand the range of feasible solutions, but it also allows the company to create a truly great product or service because you will be able to accomplish something no one has ever done.

    Positive impact

    In the 21st century, it is essential to prioritize more than just profit, especially at a time when we are experiencing such a rapid escalation of climate change and other worrying events. We are at the pinnacle of technological development, and it would be irresponsible not to use it to improve the world around us or at least try to preserve it for future generations.

    As a founder of a tech company, I often pay attention to this detail and believe that a positive impact is essential when it comes to running such a company and that those who have a genuine urge to make the world a better and safer place have a real chance of creating a thriving business. Of course, this principle is not exclusive to one industry only; for example, food delivery and ride-hailing services have a better chance of succeeding if they are inclusive and convenient to all. Remember, if you have an opportunity to impact the world with your business, there are hundreds if not thousands of options available, especially today.

    [ad_2]

    Roman Axelrod

    Source link

  • Lakewood activists want to force developers to create open space and parks when they build apartments | Denverite

    Lakewood activists want to force developers to create open space and parks when they build apartments | Denverite

    [ad_1]

    Cathy Kentner solicits signatures for her petition to oppose development at Lakewood’s Belmar Park, outside of the Belmar Library. March 21, 2024.

    Kevin J. Beaty/Denverite

    On Thursday morning, Lakewood resident and former mayoral candidate Cathy Kentner stood outside the Belmar Library collecting signatures for a petition to change the city’s rules and force developers to create open space and parks whenever new, multifamily projects are created. 

    Lakewood has become a “concrete jungle” over the past decade, she said, pointing to new developments at Belmar and on West Colfax. 

    The proposed change to the law would likely slow down growth in the city, a goal of Kentner and others who argue that development is compromising the environment, disrupting the community and upending what made Lakewood a desirable community to live in to begin with: lots of green space.   

    Cathy Kentner watches as Josh Molyneux signs her petition opposing development at Lakewood’s Belmar Park, outside of the Belmar Library. March 21, 2024.
    Kevin J. Beaty/Denverite

    The Lakewood law currently states: “All residential developers shall provide a minimum of 5.5 acres of park area per 1,000 anticipated population or cash in lieu thereof.” 

    Kentner wants voters to strike the cash buyout that she argues gives developers an affordable way to shirk their responsibility to keep Lakewood green. 

    The signature drive has launched as the city weighs approving Texas-developer Kairoi Residential’s 412-unit apartment complex, on the site of an old office building, near Belmar Park.

    A group, Save Belmark Park, has been trying to stop the development, arguing it would disrupt unprotected habitat for 230 species of birds.

    Kentner says that if the developer was required to create open space or pocket parks instead of buying out of that responsibility, 69 nearby mature trees could be saved. 

    “People can see that this is unhealthy, not sustainable, unaffordable, and destroying the quality of life that we all move to Lakewood to enjoy,” Kentner said. 

    Kairoi Residential, a $9.7 billion company, has not immediately responded to Denverite’s requests for comment on this story, but we will update it if we hear back.

    Managing growth and a housing affordability crisis has become a statewide issue.

    Democratic lawmakers have been trying to address a housing affordability crisis and create mechanisms for new residential development, including passing policies targeting what they call local “anti-growth” policies. In response to state laws, Lakewood reversed its own “strategic growth” policy last year

    Meanwhile, Denver metro housing activists have been fighting to increase density, pointing to multiple studies demonstrating fewer regulations and more market-rate housing lead to lower home prices. They look to cities like Houston where fewer housing regulations have led to more affordable homes. 

    Cathy Kentner speaks to Robert Smith as she solicits signatures for her petition to oppose development at Lakewood’s Belmar Park, outside of the Belmar Library. March 21, 2024.
    Kevin J. Beaty/Denverite

    Chris Miller, a member of the housing activist group YIMBY Denver, says that while his group champions preserving open space and protecting the metro area’s tree canopy, he thinks there are better ways to increase density than opposing individual developments. His group’s fighting to eliminate government-mandated parking minums that require developers to add parking to their projects and also pushing to build more density near transit to reduce car dependency.  

    The advocacy organization Up for Growth published a recent report stating that Colorado is behind more than 100,000 units of needed housing in order for the market to stabalize. The Denver Housing Authority’s former director told Denverite the city is behind 60,000 units of income-restricted housing alone.

    Building apartments allows developers to concentrate more housing in a smaller amount of space, cutting back on sprawl.

    “One of the major reasons we support more infill is that so that fewer trees have to be cut down,” Miller said. “But we also need housing.”

    An old office building that may be slated for redevelopment in Lakewood’s Belmar Park. March 21, 2024.
    Kevin J. Beaty/Denverite

    Kentner doesn’t buy that the state needs more housing, in general. Instead, she wants to see more income-restricted and naturally affordable housing.

    Increasing supply of market-rate housing alone, as she sees it, won’t provide that.

    “That is a wonderful theory of trickle-down housing that has never played out in reality,” she said.

    Kentner would support dense housing that came with an increase in protected open space. But without that, she’s concerned new development with threaten the health of children and other residents.

    “People can see that this is unhealthy, not sustainable, unaffordable, and destroying the quality of life that we all move to Lakewood to enjoy,” she said.

    Correction: The City of Lakewood is still considering approving the development.

    [ad_2]

    Source link

  • The last radical change is coming to the 1700 block of Julian Street in Denver’s West Colfax neighborhood | Denverite

    The last radical change is coming to the 1700 block of Julian Street in Denver’s West Colfax neighborhood | Denverite

    [ad_1]

    1700 N. Julian St. in West Colfax. Jan. 30, 2024.

    Kevin J. Beaty/Denverite

    Over the past half-decade, District 3 Councilmember Jamie Torres has watched the West Colfax neighborhood change as fast as any in town. 

    Three-story, flat-roof condos and apartment buildings have engulfed many of the community’s streets, leaving the few once naturally affordable single-family homes awkwardly sandwiched between cookie-cutter, rectangular buildings with all the architectural wonder of a painted slab of drywall. 

    Some of those new homes cost between $750,000 and $1 million — far higher than the median price of a Denver house — and far above the median price of a condo.  

    Many of the multigenerational families who once lived in the community have sold or were priced out, and the new residents tend to be living in two-person, adult-only households. 

    Despite greater density and wealthier residents, West Colfax has fewer kids than before, Torres said, and the local schools are struggling with enrollment and funding.     

    On a recent Tuesday afternoon, Torres drove by the 1700 block of Julian Street, once full of naturally affordable single-family homes. She hardly recognized what she saw. 

    “It is completely transformed,” Torres said. “A 180.” 

    Now condos and apartment buildings lined the street, with units far out of reach for most Denverites, including Torres herself.

    She wasn’t surprised, though. Change here has been swift and obvious.

    Since she took office in 2019, towering apartment buildings have risen along Colfax Avenue, and nearby blocks have seen a rise in multi-family housing replacing single-family and row homes from the 1950s. 

    The neighborhood’s flexible zoning rules and proximity to bus lines on Colfax have made it a popular spot for developers to build.

    The laws of supply and demand suggest that with more homes prices would drop. The possibility that more new housing could eventually stabilize the housing market and working people could eventually afford to live in West Colfax again is cold comfort for the longtime working-class families who once lived in the naturally affordable single-family homes that were demolished and who can no longer afford their community.

    Instead, as newer, wealthier residents have moved into the neighborhood, old-timers who owned, in many cases, have sold. Those who rented were priced out and pushed elsewhere, often further south and west in Denver or out of the city altogether.

    These new buildings, Torres said, are what gentrification looks like.

    Empty lots in West Colfax are rare — and that makes a fenced-off patch of grass at the 1700 block of Julian Street particularly intriguing.

    Back in 2011, the 1700 block was full of yellow-brick rowhomes where working-class families lived. But over the next decade, the homes were painted blue, the landscaping was spruced up, and while those changes looked radical, they were nothing compared to what was to come. 

    Sometime after 2019, the homes were demolished and the land was sold. Most of the block has already been developed into trendy, flat-roof townhomes that dominate so much of the West Colfax neighborhood. Now more of that will likely be coming to the last swaths of grass on the block. 

    Community Planning and Development, the city’s planning department, has completed its review of plans for the next round of townhomes being planned by a company registered as 1700 Julian Venture Inc.

    If those plans go through, 30 townhomes, in five buildings, will be coming to the nearly one-acre section of the block. There will also be what the developers describe as an “attached private shared amenity.” 

    The proposed building will rise 35 feet high and include three stories, along with 45 parking spaces — looking largely like everything else on the block. 

    Torres says she’s been hearing complaints from the neighbors who recently moved to the West Colfax neighborhood. 

    Those who moved in during the pandemic are surprised by how noisy the area is and how much crime occurs along Colfax. 

    While they like their homes, they don’t love all the new construction. 

    She’s heard from people on the west side of the 1700 block of Julian concerned the new building proposed for the patch of grass could block their views. Wouldn’t a single-family home, the sort that was demolished, be a better fit? 

    The irony of not-in-my-backyard grievances from newcomers in multifamily buildings isn’t lost on Torres. 

    “I have to remind them: One — your views aren’t protected. And two — the same zoning that allowed their home to be built over a single-family home or a duplex is the same zoning that allows this guy to build.” 

    [ad_2]

    Source link

  • How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    How to Provide More Value to Your Customers And Scale Your Company | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Business-minded entrepreneurs are focused on one path to success: establishing a business and achieving sustainable growth. While the direction is clear and the mission is straightforward, the path is full of challenges and missteps — but more importantly, there are opportunities.

    More often than not, the path to sustainable growth requires creativity. For example, a fitness studio that sells class passes and memberships will eventually hit a revenue plateau. This happens when growth stabilizes and income from the core service hits a predictable cadence. While there are still opportunities to sell more classes and memberships, the reality is that other revenue streams — specifically, value-add products and services – are what will truly help scale the business.

    What are value-added products and services?

    Value-add products and services enhance the customer experience, address pain points and demonstrate the company’s commitment to providing exceptional value. These “perks” offer customer benefits that go beyond the business’s core products or services.

    Offering value-added products and services to your existing customer base can create more loyal customers, which in turn can lead to increased revenue, improved customer retention, and a reinforced brand reputation.

    Related: 3 Easy Ways of Getting Value Addition Right During Entrepreneurship

    Here are three value-add products and services that can help your business scale:

    1. Digital cards

    Digital cards are virtual business cards stored in a digital wallet. They can be shared electronically via QR code scans, email, social media or messaging apps.

    Digital cards provide a convenient, digitized way to share your company’s contact information, keep customers updated in real-time, and offer exclusive deals, offers, or other perks. In essence, they help increase a brand’s visibility by always being a few taps away. The cars can also improve customer engagement and enhance the customer experience by providing special discounts or notifications exclusive to those who have the digital card.

    Some platforms can help you create and manage a digital card, and most are affordable and turnkey. The predicted ROI of the investment is tied to awareness and engagement, which, when activated with an accompanying strategy, will boost sales and revenue.

    To launch a digital card initiative, research digital care platforms and identify the providers that offer solutions aligned with your business goals, needs, and budget.

    2. Extended warranties and service plans

    While not always looked at as value-add, extended warranties and service plans provide coverage beyond a standard manufacturer’s warranty. These warranties and plans offer peace of mind to customers and can increase their confidence in your products or services.

    The additional perks and sense of security can increase customer satisfaction. If your company has the capacity and can help resolve customer issues quickly and effectively, these benefits can reduce customer churn, increase customer lifetime value, and enhance the company’s reputation and dedication to quality and satisfaction.

    The investment associated with extended warranties and service plans will vary depending on the product or service and the length of coverage. To determine the viability of this option, create a cost-benefit analysis, which will help determine if this value-added option will be beneficial and worth the investment.

    If you plan to add extended warranties or service plans to your business, evaluate the demand to ensure your customers will appreciate them. Then, find a reputable partner who can help ensure the new offerings are legally sound, competitive, and will meet your customers’ needs.

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

    3. Loyalty programs

    Loyalty programs are most often focused on rewarding customers for their continued patronage. The programs encourage repeat business and foster brand loyalty by recognizing and rewarding customers based on their behaviors (and the rewarded behaviors can go beyond just the purchase history).

    Whether the loyalty program is perks-based or offers rewards points associated with discounts and coupons, loyalty programs ultimately incentivize customers to keep coming back. They enhance and trigger engagement and offer opportunities for feedback. In addition, loyalty programs launched with the right intentions and an effective structure can provide valuable first-party customer data that will help you understand your customers’ preferences and lead to a higher degree of personalization and targeted offerings.

    To implement a loyalty program, identify the “loyal” audience (demographics, behaviors, etc.) and program goals, and map out the program structure. Then, do some research and contact loyalty program providers that offer a platform and tech stack that complements your existing infrastructure.

    Leverage value-add products and services to scale

    To scale a business, you don’t have to reinvent the wheel. You can add value and create additional revenue streams by staying true to your business and developing complementary products or services that align with what you offer and what customers want. Adding these digital offerings can make it simpler to scale by boosting profitability and accelerating business growth.

    [ad_2]

    Louis Lombardi

    Source link

  • Developers want to bring outlawed single-stair buildings to a block near you, as Denver firefighters sound the alarm | Denverite

    Developers want to bring outlawed single-stair buildings to a block near you, as Denver firefighters sound the alarm | Denverite

    [ad_1]

    A cacophony of saws and hammers echoes off Colfax Avenue and Downing Street, where a massive full-block apartment development is under construction next to the site of the old Smiley’s Laundromat, where the Ramada Inn used to be.

    “That’s music to my ears when I go to a site,” says Peter LiFari, executive director of Maiker Housing Partners, a company that describes itself as a “socially conscious” developer. “They are working.” 

    LiFari and architect Sean Jursnick, of the Shears Adkins Rockmore firm, stand across the street, on a Capitol Hill sidewalk, preaching the gospel of gentle density — how to pack as many homes as possible on one block without obliterating the character of the neighborhood.

    Architect Sean Jursnick and developer Peter LiFari stand in front of a huge apartment project and a small single-stair apartment building on Downing Street in Capitol Hill. March 6, 2024.
    Kevin J. Beaty/Denverite

    The duo studies the medley of building styles along Downing: historic single-family homes that date to the late 1800s; the new, massive construction that dominates them all, and single-stair apartment buildings that go back to the 1920s that would, as state and city law are currently written, be illegal to build right now. 

    The developer and the architect talk about the benefits and costs of each style of home, what’s affordable, and what they wish they could create if local government would trash those pesky safety codes that get in their way. 

    Sure, they see the value of massive blocky apartment buildings — particularly for housing singles and couples. But such buildings aren’t what they believe middle-class families in Denver who have largely been priced out of the market want.

    A single-family home on Downing Street in Capitol Hill. March 6, 2024.
    Kevin J. Beaty/Denverite

    What working families need, as LiFari and Jursnick see it, is outlawed in Colorado. 

    Right now, they are touting the virtues of the single stair: skinny, multi-family buildings with just one staircase that can be built on half a lot, rise to five stories or even higher in some cities, and offer families more natural light than big-box apartments.

    Tall single-stair buildings would often come with elevators and would need to meet Americans with Disabilities Act requirements. 

    By increasing supply and also more affordable, entry-level condos, these buildings could help working people find a naturally affordable, stylish home in a city that has few such places available, LiFari said.   

    Jursnick became infatuated with the new wave of single-stair buildings on a recent trip to Seattle, another city dealing with a housing affordability crisis. 

    He was impressed by their design, functionality and ability to pack many people on a block while integrating tidily into neighborhoods. 

    Such buildings would be good for the real-estate business, LiFari explained. Smaller developers who couldn’t afford to build a massive project but would like to provide dense housing could get in on the action, opening up development opportunities to more companies. 

    Affordable housing developers have been pushing for single stairs, as have housing activists in the Yes in My Backyard YIMBY movement.

    Single-stair buildings may be trendy in the pro-density crowd, but they’re nothing new. 

    Back in the day, Denver builders constructed those single-stair apartment buildings throughout Capitol Hill and beyond. 

    But when building codes were written to take into account fire safety, multifamily buildings were required to have two stairwells, raising the cost of construction and increasing the size of land to build a multifamily property.  

    The single-stair building didn’t just fall out of fashion. Building such structures was outlawed decades ago. 

    Architect Sean Jursnick stands in front of a small single-stair apartment building on 14th Avenue in Capitol Hill. March 6, 2024.
    Kevin J. Beaty/Denverite

    Now, LiFari and Jursnick are championing legislation proposed by State Rep. Alex Valdez and State Sen. Kevin Priola at the Capitol to allow single-stair multi-family projects statewide.

    Their message: If Denver’s going to be affordable, more new homes need to go up, infill could address the affordability crisis and there are better ways to do things than the current building code allows.

    Eventually, as in Europe, single-stair buildings could become part of a social housing movement, offering architecturally beautiful, dense living with government support. 

    “What we find is that in Europe is that they’re going 16 stories, higher, public housing, social housing — which I would love to get to,” LiFari said.”

    Outdated safety code requirements — like buildings needing more than one stairwell — need to be reevaluated, as other cities have done worldwide thanks to new fire prevention technologies, LiFari said. 

    Many firefighters, in turn, are alarmed at reducing fire-safety measures.

    Denver Fire Department spokesman J.D. Chism says the city’s firefighters are formally opposing the legislation to protect their own safety and that of residents. 

     “If you do have people trying to evacuate while we’re trying to get in, there’s a lot of potential for residents and firefighters to run into each other and delay each other’s progress,” Chism said. “We don’t want the residents’ progress to be delayed in evacuating if there’s a fire. At the same time, we don’t want our progress to be delayed in getting up to them.”

    The bigger problem, from the Denver Fire Department’s perspective, is that if fire is blocking the stairwell, the only other way to evacuate residents would be through firefighters’ ladders. While firefighters are trained to clear a building that way, it should be a last resort, and residents would be better served and safer having multiple routes out on their own. 

    “You don’t want to set something up where it’s unsafe for a majority of residents,” he said. 

    Proponents of single-stair construction argue modern building materials and fire-prevention methods, such as sprinklers, radically reduce the likelihood of a fire. 

    LiFari points to European cities with a greater number of single-stair buildings that have better fire safety outcomes than those in American cities without them.

    Cities like Seattle have building code requirements that apartment entrances near a stairwell. They limit the number of units in buildings. They require sprinklers and stairwell pressurization that pushes smoke away from stairwells. 

    “They’ve developed their code with officials and experts in a way that they’ve found to be safe over the decades,” Jursnick said. 

    The International Building Code, LiFari says is “all about safety back in the early 1900s, when we didn’t have the engineering and the fire safety advances that we’ve had today.”

    But firefighters like Chism don’t buy that mandatory sprinklers and better building materials and improved engineering mean fires will never happen. 

    “If a fire does start for whatever reason, you still need people to be able to evacuate the structure,” Chism said. 

    Registered neighborhood groups and many Denverites have historically resisted new types of design. 

    For example, a few years back developers started bringing slot homes to neighborhoods, where front doors faced each other, not the sidewalk. City Council and neighborhood groups hit the brakes and outlawed the building form, still allowing something similar with a few modifications. 

    Is the single-stair building the new slot home — a design form developers are pushing onto the community? 

    “This is one of the key elements of a single-stair building is that they are beautiful. They are gorgeous,” LiFari said. “Now, if you just don’t like any type of new housing development, then it’s going to be difficult to win you over. But the buildings are drop-dead gorgeous”

    He points to Brooklyn brownstones that were ridiculed when they were first built and are now viewed as a cherished part of architectural history. He thinks single-stair buildings will be revered the same way. 

    “It will take a little bit of getting used to,” LiFari said. “I truly believe that these buildings are going to be viewed as architectural gems.”

    Correction: This story has been updated to clarify where the building sits in relation to the old Smiley’s Laundry site.

    [ad_2]

    Source link