The “Gossip Girl” actress is done apologizing for being a control freak. After all, obsessing over every little detail is what’s made her mixer brand Betty Buzz a raging success.
Paul Kix
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Tag: Leadership
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What You Should Know About BFSI in 2023 and Beyond
Opinions expressed by Entrepreneur contributors are their own.
Very little is clear as we look at the economy in the coming year. Inflation is high, interest rates are heading north, and many fear a recession is coming in 2023. Amidst this uncertainty, there has also been a wave of innovation throughout the banking, financial services and insurance industry (BFSI) — a wave that has only been accelerated by the pandemic and expedited shift to digital and immersive customer solutions.
Where does the world of BFSI stand in 2023 after years of both tumult and change? We must first take stock of the BFSI landscape in order to decide the strategies and tactics we need to apply in 2023. I won’t pretend to have a crystal ball to tell the future, but after spending my entire career in the industry, I feel safe to make a few predictions about what the year might hold. These are the four trends all BFSI professionals need to be prepared to tackle in 2023:
Related: This Software can Play an Incremental Role In BFSI Sector
1. Collections are back
As the government-mandated moratoriums instated during the pandemic come to an end and we enter a recession, collections will be a huge element of our work in the BFSI sector in 2023. What can we do to prepare ourselves and our customers for this reality?
We do not want to come barging down doors, demanding collections. We must be mindful and acknowledge there is a journey to the process to avoid burning bridges with our customers. We should prepare for remediation and plan to create unique payment plans that are personalized to the customer. In doing so, we avoid breakage and keep our customers in our house. It’s like asking for couples therapy rather than an outright divorce — if we can figure out a plan together, we are much more likely to maintain our relationship and create loyalty through that remediation.
Acquisition is far more expensive than retention; if we lose customers left and right in collection, then we are setting ourselves up for much more work (and lost revenue) down the line. Fifty-two percent of consumers switched providers in the last year, largely due to poor customer service, and we do not want to add to that statistic in the collections process. If we can be creative in our remediation tactics, we can likely save the customer, which will not only save money but also create long-term loyalty.
2. Open banking is an essential tool
Open banking has been one of the most important changes to hit the world of BFSI since it came into play. It creates one home for all of our assets, offering greater mobility to the consumer and the opportunity for companies to innovate new and exciting financial services.
For example, customers can now apply for a mortgage without compiling a novel’s worth of paperwork; they can simply give their lender permission to access their accounts and look at their finances. Companies, on the other hand, can now assemble a clear financial picture of a customer’s assets and liabilities by tapping into data from multiple banks.
Open banking has created greater ease and portability for customers and bankers alike. But as new products, services and capabilities are created in response to this development, we will see an increasingly competitive marketplace. Customers can switch from bank to bank at any time with ease, and, as we know, they are not afraid to do so. This flexibility and access available to consumers both today and increasingly so tomorrow will challenge their existing institutions to provide best-in-class terms and experiences across a vast landscape of services and capabilities. Institutions that acquired and built their customer relationships with a wedge of limited but valuable products will be challenged as providers of a full suite of solutions vie for access to these customers whose asset portability has never been simpler.
To keep up, banks must prioritize satisfying customer demand to pay any way they want and transform how they engage with their customers to become more personalized. Furthermore, banks should work to align their strategies with the innovation, policies and regulatory changes coming our way. Open banking will be an essential tool for banks and customers alike, attracting customers seeking greater mobility and personalization in their financial services.
Related: Cyber Security and Its Importance For the BFSI sector
3. Insurance will be digitized
Insurance has long been behind other industries when it comes to digitization, and though they began the process in 2020, it was quickly put on pause during the pandemic. Insurance companies need to have a radical leapfrog effect and paradigm shift in strategy, transforming their companies to become digital-first.
As it stands now, insurance companies have no streamlined customer view. I’ve had my home, auto and flood insurance, among others, with the same company for over ten years, and yet they do not have one unified customer view of my account, nor do they have the digital assets to engage with me. So much so, that when I tried to log onto my car insurance app, it said I was not a customer.
As we enter the new year, it will be essential for insurance companies to digitize their work and create more personalized engagement with their consumers. Consumers are more loyal when they have personalized services. If you don’t offer personalization, it will be very challenging to have any stickiness in the insurance vertical. Customers will be quick to try new companies because they have no relationship with their current provider, and thus it is no skin off their back to jump ship. This dynamic was played out in the mobile carrier market as it became easier to move providers and take your number with you.
4. Emerging payments must be reassessed
Many have said we’re in an emerging payments freeze with crypto, BNPL and P2P, but in reality, we’re merely in a consolidation. The leaves are starting to turn yellow and fall, but the trees are not barren. The world of emerging payments and crypto is on pause, which is not necessarily a bad thing. Now is our opportunity to look at emerging payments and ask, “What do we want to happen in this space? And how can we use the next year or two to build the right tools for emerging payments that the rest of the BFSI industry can leverage?”
It is an opportunity, just as the start of fall beckons a new school year with fresh notebooks and sharpened pencils, to hone our products, build the right capabilities and then get back out there. Real-world and practical solutions to consumers and institutions will emerge or wilt on the vine, based on applicability. Institutions that build frictionless, embedded and native solutions for their customers to interact with will see share gains coming out of this.
Related: These #4 Trends Hold The Key For Disruption of the BFSI Sector
We are financial partners
Now more than ever, the power is in the hands of the consumer. Banks can no longer coast by merely providing an account and a credit card. Consumers will be out the door before the end of the business day without personalized engagement to support their lifestyle and financial aspirations. A modern bank is a life and planning partner, and as we enter 2023 and all of the uncertainty it holds, our customers will expect to be supported via a wide array of financial services that take advantage of the data at our fingertips and the innovation banging down our doors.
Mamta Rodrigues
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5 Qualities of Black Excellence Overlooked in the Workplace
Opinions expressed by Entrepreneur contributors are their own.
We live in a world where Black excellence is everywhere. Entrepreneurs like Oprah, Rihanna, Michael Jordan, Jay-Z and Beyonce dominate the airways, TV stations and retail outlets. Each of these stars entered the arena in different ways and all managed to embody Black excellence to grow their businesses to unimaginable heights.
But why is it that excellent qualities revered in celebrities are so often overlooked — and sometimes even stifled — within everyday white and eurocentric workspaces? It doesn’t take a Diversity, Equity and Inclusion (DEI) expert like myself to tell you that Black employees get a bad rap at work. Racism, stereotypes, inequity and cultural clashes make it so that employers and coworkers alike may exclude, diminish and at times target Black workers while downplaying their excellent qualities.
Despite the systemic reasons why some Black workers may retreat and lose their shine in the workplace, there are others who hone in on their excellent qualities, break through barriers and shoot for the moon. Today, we’ll discuss five qualities of Black excellence, how they are cultivated in Black communities and the myriad of ways they manifest in the workplace.
Related: It’s Black History Month. Here’s How to Show Black Employees You Care.
1. Black culture encourages building meaningful connections
In many Black households, family and community are one and the same. One person’s grandmother is everyone’s grandmother and often holds the role of making sure no one is left behind, alone or without guidance. Black entrepreneurs coming from traditional Black households understand that building meaningful connections and looking out for one another is essential to survival.
This shows up in the workplace as Black employees seeking to connect with individuals at varying levels of the organization, networking across departments, social statuses, races, genders and nationalities to build connections that feel reciprocal, meaningful and welcoming. Lifting others up, checking on them and making sure they’re included is a quality of Black excellence that eurocentric workplaces would be wise to recognize and value in their Black employees.
2. Black culture cultivates creativity
When all Black folks had was each other and the hope they would surpass the confines of slavery, Jim Crow and now the prison industrial complex, many folks cultivated a sense of creativity. Whether inventively using food scraps left by white plantation owners during the slavery era or making music and art during segregation, Black folks had to be creative to find upward mobility, bypass restrictions from the wider society and most importantly, survive.
Black culture encourages us to see obstacles and find ways around them. We’re encouraged to find new opportunities, think outside of the box, and innovate on new solutions–even if the existing culture tries to stop us. Creativity could be the secret sauce to why so many Black entrepreneurs experience success.
Related: Managing a Black Woman? Here’s How to Become Her Success Partner and Ally.
3. Black culture invites joy and humor as resistance
Despite all that’s happened to the Black diaspora, many people still find a reason to smile and find joy. Instead of weeping and retreating into sadness, many of us had to find a way through the most difficult parts of our lives and cultivate an inner strength that showed up as joy, humor, and wit.
This isn’t simply a sign of someone who enjoys humor, but someone who is resilient in the face of difficulty and who can turn a hard situation into something joyful. Some who experience trauma in the workplace may exemplify anger, hatred or sadness. But facing triggers and difficulties with satire, improvisation or wordplay to create a humor-filled moment and create something positive is a soft skill that should be recognized in more Black employees.
4. Black culture calls for fairness
The vast majority of folks calling out workplace racism or inequality are people of color, in particular Black folks. Many Black individuals have had to collectively fight for their rights which produced a sense of righteousness and justice-mindedness that’s pervasive throughout the Black culture.
In the workplace, a passion for fairness can look like speaking up when a biased comment is spoken. It can also look like holding leadership accountable for implementing programming and initiatives equally amongst all employees.
Black workers are often passionate and vocal about fairness because it was a necessity in our families and communities. This quality helps us advance diversity, equity, and inclusion (DEI) across communities, companies and workplaces.
5. Black culture encourages people to project confidence
“Keep your chin up” is a common phrase heard in Black households. The idea is to never let the dominant culture see you sweat. The goal was to work hard and project confidence even if you were feeling low. Freedom, safety, jobs and other opportunities may not always be available, but Black culture tells us to project confidence, stand tall and keep moving forward.
At all levels of the organization, Black folks attempt to show pride in their work. They can strive for excellence in their corner of influence even if it’s not the most powerful position in the company. It can show up as being strong at work even if things in one’s personal life are not in great shape. Demonstrating resiliency and projecting confidence are qualities of Black excellence passed down through the generations and are deserving of recognition.
Final thoughts
Whether it’s Beyonce, Jay-Z, Michael Jordan or Oprah, all of the Black entrepreneurs we know and love have qualities rooted in Black culture. While all Black entrepreneurs are inherently gifted with qualities of Black excellence to one degree or another, some have yet to reach their full potential, while others have truly embraced and embodied them to break through barriers and skyrocket to success. Now is the time for conventional, white, and eurocentric workplaces to finally recognize the unique qualities that come from Black culture and lift up employees who exemplify these qualities.
Nika White
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Let’s Bring Back This Hated Buzzword Into Remote Work
Opinions expressed by Entrepreneur contributors are their own.
Breaking down departmental silos was the hottest business trend of the late 2000s and early 2010s.
It was so cliche that it made regular appearances on lists of the most annoying corporate buzzwords of the time, but there was a reason why the business world fell in love with the concept. Previously each department was considered a separate entity, with only a handful of folks at the very top enjoying visibility into how each piece fit together.
Over time, however, it became clear that breaking down the walls between departments was necessary to share ideas, resources and tactics better, inspire innovations, provide more consistent employee and customer experiences, take a more unified approach to problem-solving and enable organizations to act quickly and unilaterally to solve new challenges. As the speed of business gained new momentum, organizations couldn’t afford to be weighed down by interdepartmental misunderstandings and information gaps.
Related: How to Break Down Silos in Your Company by Building Lanes
As work moved from the office into the home in 2020, maintaining those cross-disciplinary communication lines fell off the priority list. In a rush to bring productivity into a new, digital space, there was the widespread adoption of collaborative tools that provided teams with everything they needed to work effectively within their departments. Developers are now likely to spend most of their time in an app like GitHub, sales teams in software like Salesforce, engineers in Jira, designers in Figma, and so on.
As team members spent more time on the platforms that were purpose-built for their specific function, they spent less time sharing and learning from other corners of the organization. Suddenly, all that progress toward breaking down silos took its first significant step backward in decades.
Nowhere is this challenge more pronounced than among those who, by definition of their role, need to work across departments. Functions like marketing, for example, need to maintain clear lines of communication with everyone from customer service and sales to product specialists and developers to do their jobs effectively. Knowing the status of various moving pieces, aligning internal goals and objectives to external communications, and maintaining a deep understanding of changing consumer preferences are all necessary elements of the job.
Related: An Asynchronous Workforce Is The Future. Are You Ready For It?
Sure, we have tools that can carry messages between otherwise siloed departments, but seeing the real-time status of workflows and progress toward objectives isn’t the same as getting an occasional update via Slack or email. Furthermore, promptly getting that information out of various teams requires more intentional effort. All of those requests and follow-ups can also serve to breed tension, especially in a remote setting.
This is where collaboration tools like Bubbles come into play. The organizational-wide collaboration software provides an even playing field where team members from all departments can easily share content in various formats. It provides a meta-layer on top of the applications they are already using rather than being sandboxed within those applications. For example, designers can record their screen on Figma, and share it on the productivity application Notion, to discuss product requirements with a product manager that doesn’t use Figma.
Engineers can do the same thing with ads in the project management platform Jira, where they can discuss requirements or clarifications with marketers who don’t know how to use Jira. The same goes for sales teams, who can now share content from customer relations management platforms like Salesforce with product managers without requiring those product managers to be on Salesforce.
Our goal is to enable a flattening of the digital collaboration landscape and, with it, a collaboration between departments without requiring each to gain familiarity with (not to mention login credentials, onboarding, and training for) the platforms on which the other spends most of their time.
Related: How to Use Personal Brand Photos to Stand Out on Social Media (and Be Remembered)
Today most organizations rely on tools like Slack, Zoom and Email to provide some kind of bridge between various departments and their technology platforms of choice, even if it is a little shaky sometimes. Bubbles, however, was designed to be a permanent structure that can quickly and reliably carry information from one corner of the organization to the next.
The breaking down of silos between departments was vital in enabling agility and innovation at the start of the millennia when most operated in the same physical space. Now the buzzword everyone loves to hate is making a comeback, with the breaking down of digital silos key to enabling the next wave of innovation in a more remote environment.
Tom Medema
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What Comes First in Website Development — Design or Copy?
Opinions expressed by Entrepreneur contributors are their own.
The age-old question in the digital design world persists: What comes first in website development — design or copy? Many digital design agencies have their own workflow strategies that best satisfy this question, but ultimately, it comes down to project needs and considerations. Nevertheless, this query continues to ricochet between copy first, design after, and design preceding copy. When considering this stance, our own digital design agency’s perspective suggests a healthy balance between design and copy development. Design and copy should be curated and implemented in tandem to fill in any gaps that this duality informs. Without copy, a design is simply a visual layout, void of a clear user journey or of emotion. Yet without design, copy is merely information without placement.
When designing or working with an agency for new website development or refresh, copy and design need to complement one another. To truly achieve a productively developed website, equilibrium needs to occur at the starting point. Let’s dissect how each strategy differs from the other and how to ultimately balance both for your next business’s web refresh.
Related: Should You Have Content or Design First?
Copy first, design later
The conversation around “copy first, design later” stems from the idea that “content is king.” Although a popular phrase in the digital design industry, it often becomes utilized as a blanket statement to design when it does not always apply. Every digital product is different and requires different specifications. Sometimes, in web design, stakeholders have their own content prepared and ready; in this case — “content first, design later” can work seamlessly here.
Designers then can utilize the provided content and design around it. This allows design teams to align the tone of the design with the voice of the content and curate a layout with the provided information. Ultimately, it provides design teams with a contextual frame of mind for navigating a website, user pathways and journeys. Content informs the pulse of a design because, with “lorem ipsum” placeholders, it can be hard to fully visualize how a design is conveying a brand story, mission and more.
Yet, “copy first” has an Achilles’ heel — and that’s leaving room for wasted time. Many design agencies practice the approach of allowing content writers (whether from stakeholders, internal teams or freelance writers) to curate content first, then pass on that information to design around it. However, developing content takes time. Content must evoke the tone of a brand or organization, consider SEO purposes, ensure the user navigates the site without cognitive friction and more. Therefore, waiting on content writers to fully develop their messaging, slows the process down, because designers are waiting for the information on how to align the design with the content tonality. It’s not realistic to pause the design phase as content is being developed, particularly if there are deadlines from stakeholders.
Moreover, without visually allowing writers to see the space in which their copy will go, it leaves room for error. If your content writer develops copy that is too long to fit into a design layout, there is more time wasted on content editing and back and forth.
Design first, copy later
To avoid the errors of “copy first,” many have adopted the “design first, content later” approach. This strategy is wildly used because it helps inform the tone of the content based on the design. If a design is rich with sharp geometric shapes, an electric color pallet and flashy animations, chances are the content will evoke a tonality of confidence, determination and perhaps even an edgy voice. This helps avoid the mistake of writers misaligning the tone with the design — because writers can see what emotions are evoked within the visual experience, and it streamlines their writing processes, too. Additionally, understanding the design layout also tells writers how much content to develop, saving time on content refinement later.
However, this strategy has its flaws as well. Sometimes writing teams do not work directly with designers, particularly if they are an additional hire-on for the project, resulting in possible delayed communication or issues sharing the design. This affects your project pipeline because your content writer may have to scramble to curate copy if there is a lull in communication. Further, the design process is iterative and is always bound to shape and shift. Once presented to stakeholders, if your design is filled with lorem ipsum placeholder content, it can lead to confusion about what certain sections are meant to be. If posed with the question of what information will go where without contextual visualization, it muddles the overall experience.
Related: Use These Web Design Tricks to Grow Your Business Exponentially
Ultimately, balance is the answer
When it comes to fusing design with copy, balance is ultimately the best approach to prevent the overlap of issues. It is highly important that when a website is coming to fruition, design and copy development begin in the same breath. Synchronizing both efforts early on helps the website start off on the right footing without mix-ups. Design and copy are both undeniably important to each other’s development. To convey the right tone and emotion, they need to work together as opposed to clashing.
Further, to truly attain specific feedback from stakeholders, having both content and design together allows them to see both design and copy working together. This isn’t to say that your content copy is fully finalized — rather, much like design, it iteratively changes based on feedback. Sometimes in the early stages of a project, copy can even look like cues on what the purpose of the content will be in each section, and that can further allow stakeholders to provide feedback on the placement early on without having the full content finished. Early development of content and design is a great way to achieve productivity. Both strategies should commence at the same starting line, particularly at the wireframe stage if possible.
How then, can this balance be implemented into your design strategies? First, it’s all about communication and information sharing. Whether in-house, from stakeholders or from freelance writing teams, communication is what will ensure both design and writing teams are working cohesively. Always be sure to fill in your content writers early on with any layout wireframes or schemes to give them a visual idea of how much content will be needed, how many headers or sub-headers will be curated and what the intention of call-to-actions will be/where it will lead. Communication will ultimately be an asset when balancing these two elements of design.
Related: 8 Crucial Features Your Website Must Have
Another best practice to remember when striking this balance is ensuring there is a clear understanding of the tonality of the website. If the copy tone and voice do not align with the experience of the visual story of a digital product, users’ cognitive response will be poor, causing friction and confusion. Along with communicating on layout, copy and design teams should be clear about the overall tone. This can be achieved through iterative calls with stakeholders to ensure both teams are on the right trajectory and even by scheduling calls on a daily or weekly cadence internally.
Copy curation is all part of the design process, but without aligning these two practices, it can leave room for a mismatched experience. Therefore, commencing these two processes at the same, early starting point will make all the difference.
Goran Paun
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5 Reasons Why Effective Delegation Is Crucial for Successful Entrepreneurs
Opinions expressed by Entrepreneur contributors are their own.
Being an entrepreneur is challenging and requires a wide range of skills and abilities to be successful. One of the most crucial skills entrepreneurs must possess is effectively delegating tasks. This means identifying the right tasks to delegate, selecting the right people to delegate them to and providing clear instructions and expectations.
This article will explore why entrepreneurs need to be great at delegating tasks and how it can help them achieve their business goals while scaling their companies.
Related: 7 Rules for Entrepreneurs to Delegate Effectively
1. Focus on your core capabilities
One of the main reasons why entrepreneurs need to be great at delegating tasks is that it allows them to focus on the most critical aspects of their business. As an entrepreneur, you are responsible for various charges, from managing employees and finances to developing new products, features and services. It is impossible to do everything yourself and still be effective.
If you do that, you will soon hit a ceiling of productivity and be unable to scale. By delegating tasks to others, you can free up your time and energy to focus on your business’s essential and strategic aspects, such as developing new ideas, expanding into new markets, and building relationships with key customers and investors.
2. Allocate work efficiently for better outcomes
Another important reason entrepreneurs need to be great at delegating tasks is that it allows them to build a more effective and efficient team. If you concentrate all the necessary work on yourself, you preclude yourself from doing more of what you are best at and spending time on things others could do faster and better.
By delegating tasks to the right people, you can ensure that the right skills and expertise are applied to the right tasks. This can help improve the team’s overall performance and productivity and increase job satisfaction and employee engagement. Additionally, delegating tasks can help develop team members’ skills and abilities, providing them with new opportunities for learning and growth.
Related: Why you can’t delegate — and how to fix it – BBC Worklife
3. Delegation is the essence of successful teamwork
Great delegating also builds trust and confidence among your team members. When entrepreneurs delegate tasks, they demonstrate their faith in the abilities and capabilities of their team members. This can help build more robust and more effective relationships between your team members and between you and the team.
Additionally, by delegating tasks effectively, entrepreneurs can help create a culture of accountability and responsibility within their organization, leading to better performance and higher levels of employee engagement. A great example of this principle can be observed in professional sports: A coach never steps onto the field to play but leads the game from the outside, trusting the team while the team trusts the coach.
4. Effective delegation can lead to better decision-making
Entrepreneurs often face many decisions which require a great deal of expertise and knowledge. By delegating tasks to others, you can tap into the expertise and knowledge of your team members, who can help you make more informed and balanced decisions. By delegating tasks, you can benefit from your team members’ diverse perspectives and ideas, leading to more innovative and creative solutions. In addition, by being less inundated with work, you will have more bandwidth to think deeply about problems and challenges. Having extra time to think is essential to making solid decisions.
Related: Should You Delegate That? A Comprehensive Guide
5. Make yourself obsolete
Finally, effective delegation is essential to scale your business exponentially. As your business grows, it becomes increasingly difficult to manage all aspects yourself. By delegating tasks to others, you can ensure that the company continues to run smoothly and efficiently, even if you are unavailable or unable to perform at total capacity. Also, delegating tasks can create new opportunities for growth and expansion as team members take on new responsibilities and develop new skills and capabilities. While it might sound counterintuitive, the best leaders don’t work much. You would have all the people needed to run your business in an ideal world without you.
In conclusion, entrepreneurs must be great at delegating tasks to achieve their business goals and scale their companies. By delegating tasks effectively, entrepreneurs can free up their time and energy to focus on the most critical aspects of their business, build a more effective and efficient team, build trust and confidence among their team members, make better decisions, and scale their business without being the bottleneck to growth. Effective delegation is a crucial skill that entrepreneurs must develop to succeed in today’s competitive business environment: Mastering task delegation will enable you to step back from day-to-day operations and focus on strategic thinking.
Roland Polzin
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Here’s Why You Should Steal Someone Else’s Leadership Style
Q: People often talk about what kind of leader they are — but as a first-time founder, I don’t really know. How do I figure that out? – Liza, Oklahoma City, OK
You shouldn’t copy most things — like product ideas, marketing copy, or someone else’s homework. But you can copy leadership techniques.
Adam Bornstein
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Alec Baldwin Just Learned Something Every Business Owner Already Knows
Opinions expressed by Entrepreneur contributors are their own.
By now you’re familiar with the ongoing saga of Alec Baldwin and the tragic shooting accident of a cinematographer on the set of his film “Rust.” Earlier this month, Baldwin was charged with involuntary manslaughter in Arizona, the state where the incident occurred, and faces up to 18 months in prison if found guilty. This is an awful situation. But it’s also a reminder of the liabilities we all face as business owners. Because, as a producer of the film, Baldwin was a part owner of the enterprise. And with that great opportunity for profit also comes great responsibility.
And these responsibilities extend to all areas of our businesses.
For example, as a certified public accountant, I’ve signed tax returns for clients in the past. And, even though I do have both professional and legal requirements I must fulfill, in the end, a company’s tax return is the responsibility of the company’s owners. If, like most small businesses, your business is owned by yourself or maybe with a partner or two any problem, error or issue with your tax return is ultimately on you. Even if you were unaware of an omission (or a commission) you’re still responsible for it. You can’t just blame everything on your accountant. Your signature is on that return. You own it and you’re liable — both civilly and even criminally — if there’s a significant error. So read your return. Ask questions. Know what you’re signing before you sign it.
Related: Does Your Business Put You at Risk of Lawsuits?
The same goes for mistakes made by your employees while on the job. If an unsuspecting bookkeeper accidentally runs over a puppy on the way to make a bank deposit or pick up a package during company hours then this is going to be your problem. If a service technician makes an inappropriate comment to a customer out in the field you’re going to hear about it. If your delivery driver sideswipes a parked car that obligation is yours. If someone slips on your walkway, that’s going to be your responsibility too. This is why insurance exists. And the claims aren’t getting any smaller in this ever-growing litigious environment. So meet with your insurance advisor regularly and make sure your coverages are appropriate.
Unfortunately, being associated with an unpopular influencer, a controversial event or a marketing campaign that goes south is also your fault. Pepsi didn’t expect the backlash it received when the company launched a campaign featuring Kendall Jenner, who offered its product to a police officer at a protest as a peace offering. Adidas came under fire when congratulating customers who ran in 2017’s Boston Marathon with the slogan, “Congrats, you survived the Boston Marathon.” Other brands have been accused of racism, colonialism and other transgressions as a result of their misguided marketing campaigns.
But it’s not just the big brands — and their shareholders — who suffer the consequences of their actions. There are plenty of small businesses that make these mistakes. And for us, because of our size, the repercussions are more severe.
A Dallas restaurant chain caused controversy when it implemented a surcharge for employee benefits. The owner of an Italian restaurant “sparked outrage” after a Facebook post. Another business owner was slammed on social media for trying to scare off a homeless person with a hose. There are countless other stories of small businesses that suffered the wrath of Twitter and Facebook for their actions or the actions of their employees — this includes taking a position on a controversial social issue and losing customers as a result or even being forced to shut down because of it.
And there are countless other stories of business owners who, by trusting too much, had funds stolen by office managers, accountants, employees, financial executives and bookkeepers. Maybe they had insurance. Maybe they didn’t. But no insurance is going to cover the lost time and the anguish of such a loss, let alone the public humiliation of having to admit to the world that by your lack of internal controls you’ve been had. And then there is the countless number of small businesses — most of them unreported — that have suffered significant losses of data and face enormous lawsuits from angry customers thanks to their poor network security that resulted in breaches and ransomware attacks. You need insurance for all of this too.
But the answer isn’t just insurance. It’s internal controls. It’s management participation. It’s care and attention to detail and scrutiny and involvement and all the other things that a business owner must do in order to minimize their potential exposure to liability. Alec Baldwin, unfortunately, didn’t check that the gun he was using in a make-believe scene contained make-believe bullets. Maybe that was an honest oversight. Maybe he should have been more diligent. Regardless, he’s the owner of the movie-making production so he’s on the hook.
As business owners we take risks. Substantial risks. It’s what separates us from employees. An employee can walk away from a job anytime and just get another job. But the owner of a business can’t do that. We must meet obligations and are exposed to both financial and legal repercussions for the decisions we make. Let’s never forget that.
Gene Marks
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How Small Businesses Can Beat the Big Companies to Top Talent
Opinions expressed by Entrepreneur contributors are their own.
Finding the perfect job candidate can take a lot of work for a small business or startup. With the current competitive market, small businesses find it harder to attract top talent than larger, more established companies. In a survey of small business owners by NFIB Research Foundation, 44% of respondents said that they had few or no qualified applicants for open jobs.
Small businesses might struggle to find top talent for plenty of reasons, such as increased competition, social media inactivity or failure to connect with recruits on a personal level. If you want to attract top employees, your company must have a clear and unique identity and be able to demonstrate its differentiators and core values.
Here’s how savvy small business owners can start being strategic about attracting qualified employees.
Related: How Small-Business Leaders Can Recruit Like the World’s Top Companies
1. Focus on flexibility
People care deeply about flexibility at work. The ADP Research Institute conducted a survey that found 67% of employees feel more empowered to work in flexible arrangements since the start of the pandemic. Successful companies, including American Express, the largest credit card company in the U.S., have followed this advice by offering flexible hours, working arrangements and contracts.
Consider being flexible with policies and practices that affect work-life balance. This approach demonstrates that you care about your employees’ overall well-being and helps attract talent who might not have predictable schedules or work arrangements.
2. Foster a community
Creating a sense of connection is crucial for small businesses that want to attract competitive talent. An ideal workplace is built on a shared purpose, mutual trust and care for the community around it. It’s not just about the money for employees; it’s about finding fulfillment in their work and enriching their lives.
One way to set yourself apart when building your community is to look to the local, larger community at hand. Small businesses are known for fortifying communities all over the country, connecting people through shared experiences and helping regional economies thrive. By creating a sense of community within your business that’s connected to the one outside of it, you capitalize on local talent while providing a fulfilling work environment that retains employees.
Related: 4 Ways to Level the Playing Field of Small Business Recruitment
3. Make a good first impression
Small business teams might find it hard to set aside the time necessary to write detailed job descriptions because of the pressure to complete other tasks. However, the first step in attracting skilled workers that fit your precise needs is writing an accurate job description. A job posting, description included, is often the first impression a new job seeker has of your business. So, make it a good one.
Not only does an effective job description include a list of required skills and expectations for the role, but it also gives the reader an insight into your company culture. Do you care about work-life balance? Is your compensation competitive, and does it include the preferred benefits? Do you understand the nuances of employees’ lives? A good job description will communicate those answers when crafted with the seeker in mind.
4. Nurture company culture
A company’s culture establishes expectations for how employees interact and collaborate. Whether you build your culture through concrete practices or relaxed camaraderie, a strong company ethos can serve as a way to break down the barriers between teams that are siloed and provide guidance for decision-makers.
Warby Parker is a great example of building a solid company culture that retains employees. The whole team is involved in a new employee’s onboarding and training, fostering stronger relationships and increasing a new hire’s sense of belonging and support.
For a small business, even little things such as flex time, a casual dress code or pet-friendly offices can impact staff morale and loyalty. Creating the right company culture will help spread the word about your business and why top talent should want to work for you.
Related: How Small-Business Owners Can Build a Strong Corporate Culture
5. Offer real benefits
Although there is no federal law mandating that small businesses (i.e. those with 50 or fewer employees) offer health insurance or paid leave, regulations on employee benefits can vary from state to state. Plus, creating a more comprehensive benefits package is a great way to attract the best workers. Employee benefits improve your worker’s productivity, health, well-being and job satisfaction.
Almost half of the employees surveyed by SHRM said that health insurance was either the top deciding factor or a positive influence when choosing their current job. What’s more, 29% of employees said that their overall benefits package was a significant factor when deciding to look for work elsewhere. Benefits matter to your employees, so they should matter to you.
6. Consider hiring remote workers and freelancers
A small business can employ forward-thinking strategies faster and more responsively than most established enterprises. Keep an open mind when looking for a “specific” kind of employee: independent contractors and remote workers are becoming more common these days.
Many skilled and talented people are available for hire as freelancers or contract workers. Even among traditional employees, it is important to consider allowing people to work from home as more people expect this option from employers. Remote work can be one of the key benefits of working at a small company.
Related: 3 Powerful Techniques to Effectively Manage Your Remote Team
7. Drive home what makes a small company unique
A great advantage for small businesses is the ability to respond to creativity with agility. Big companies can be hesitant to make significant changes, but small businesses can take bigger risks while affecting fewer people. This can make employees and job seekers more excited to work for your business. According to Gallup, when a worker perceives their company as agile, they’re likelier to believe that the organization is a good fit for customers, ahead of competitors, financially secure and prosperous.
The ability to be agile encourages new ideas and helps businesses adapt to new innovative solutions quickly. A company’s ability to quickly and effectively adapt to its changing needs is key to its success, especially when adding new employees to the mix.
It’s more critical than ever to find the right people with the right skills for the job. So, you need a solid small business recruitment strategy when seeking new talent. A group of skilled and enthusiastic employees will flock to a company that appreciates and nurtures their talents. In return, they’ll bring new skills and energy to your business and ensure you can compete in today’s market.
Sarah Mayer
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Is Giving a TEDx Talk Really Worth It?
Opinions expressed by Entrepreneur contributors are their own.
Many entrepreneurs believe TEDx is a catalyst for internet fame. The journey is an urban legend: Distill your idea into an 18-minute talk on YouTube. Turn online virality into brand awareness. Become the next Simon Sinek, who racked up millions of views with an idea to “start with why,” wrote five books and became a sought-after leadership consultant.
Even TEDx organizers will tell you this scenario is unlikely. First, the odds of getting selected are slim. I spoke at TEDx in 2022. But before my talk at Breckenridge, “Why a Grieving Psychologist Joined the Circus,” my applications to other TEDx events were rejected five times. Fellow entrepreneurs have asked if the repeated attempts — and my TEDx Talk itself — was worth all the coaching, costs and time away from my business. I tell them the answer depends on their goals.
As a psychologist specializing in entrepreneurship, and as someone navigating grief, I wanted to change the conversation around mental health. More than anything, I had a burning desire to challenge conventional grief therapy; I spoke about prescribing movement as part of a holistic healing practice. For me, the answer is yes. Your answer may be different.
Before you apply for TEDx, here are three questions to consider about your investment:
1. Can I influence the conversation?
Their tagline, “Ideas worth spreading,” is not a marketing platitude. It is fundamental to the TEDx philosophy. Does your idea inspire action or development within the conversation? Your talk’s relevance to the theme can help with your answer.
Since 2009, more than 13,000 TEDx events have been held in 150 countries. Themes set the tone for events that might otherwise lack cohesion and, I believe, are used by organizers to weed out applicants who don’t adhere.
The theme at Breckenridge was “Integrate,” which, for me, reinforced my contribution to the conversation. I’d integrated grief into my life after losing my brother to suicide and my dad to cancer within six months of each other. I’d integrated movement in the form of aerial arts into my healing journey. I don’t recall the themes of the events I applied to previously — a hint that they weren’t right for me. I believe that theme is weighed heavily during the application process and is a perfect way to gauge your own commitment.
To sum up: Are you passionate about your idea and convinced it will offer inspiration and insight for an audience outside your network? Does the TEDx theme and format naturally support that idea? Before you set goals, this answer should be “yes.” You will spend months honing that idea into an 18-minute talk.
Related: 4 Keys to a Successful TEDx Talk
2. What are my expectations?
To be frank, my TEDx Talk had a personal and professional mission, but no clear business objective. It can be difficult for entrepreneurs, with our instinct to monetize ideas, to set these soft goals, which are still important to our well-being. In my regular practice, I encourage clients to pursue hobbies and build an identity outside of work that provides meaning. TEDx might be the perfect outlet for personal fulfillment.
I wanted to work with a speaking coach, who helped me immensely. Through my talk, I’ve deepened the understanding of grief therapy for my clients and for a wider audience. These are my successes.
If you’re looking to grow your company or brand with a TEDx talk, set clear KPIs. Are you expecting a certain number of views? More newsletter subscribers? Higher speaking fees? In my opinion, setting business goals around reach is tricky since the distribution of your TEDx video won’t be entirely within your control. This brings me to the final question.
Related: 5 Creative Ways to Get Exposure for Your TEDx Talk
3. Is it worth the time away from my core business?
TEDx involves a lot of time and resources. There is no speaking honorarium. I covered travel and accommodation expenses (TEDx organizers are passionate volunteers; they are not getting paid, either). I spent many hours away from my business rehearsing. All of this was a worthwhile investment in my professional development and the broader conversation around mental health. How many hours can you afford to spend away from your core duties? Answers might vary for startup founders versus leaders of established companies.
If you consider TEDx to be like a marketing expense in that it will increase brand awareness, ask yourself: Do I have access to another platform with an existing audience? Perhaps an industry conference or even a white paper would earn the same prestige for a more corporate-oriented goal. These alternatives would involve your team and company resources, meaning less time away.
You will have more control over your message and presentation on owned channels. Presenting at TEDx, like any large conference, involves a bureaucracy. Some elements of my talk turned out different than I’d imagined, but I had to let these things go. If you have a very strict vision, you’ll have to do the same.
Ultimately, I can’t tell you if a TEDx Talk is right for you, but I can offer my own answers from personal experience. I can prompt you to ask yourself the right questions.
Sherry Walling, PhD
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Why All of Us Need to Join the Fight for Workplace Diversity
Opinions expressed by Entrepreneur contributors are their own.
The Ernst & Young 2020 Global Private Equity Report found that 74% of private equity firms under $2.5 billion did not have set targets for ethnic diversity and had no plans to set any.
While this might come as a surprise to those with no history working in private equity or hedge funds, this statistic and the recent media attention Soo Kim has received regarding the TEGNA takeover, unfortunately, come as no surprise to me.
As a former employee of Standard General, one of only a handful of Black Americans working in the hedge fund sector and an immigrant founder, I’m appalled at the lack of diversity in this space. However, I can firmly say that it would be a lot worse without Soo Kim’s contribution — but we need more than just him to join the cause.
Related: 18 Business Leaders on Creating an Inclusive and Equitable Society
What’s happening with Soo Kim’s TEGNA takeover?
In February 2022, Soo Kim’s Standard General, with funding from Apollo Global Management announced a deal to acquire TV station owner TEGNA for roughly $8.6 billion. TEGNA is the second-largest local TV broadcaster by revenue, operating 64 TV stations and two radio stations across various markets in the U.S. Contrary to large TV consolidation mergers, this particular deal has drawn a number of vocal objectors.
Ostensibly, the critique has come from a union — The NewsGuild — that purports to be concerned about jobs, despite the public commitments that Standard General made to preserve local station employment. While concerns about jobs are admirable, the publicly filed comments from these groups include statements that, in so many words, say that Soo Kim’s ownership of this station group would do nothing to advance diversity as understood by the civil rights community and public interest.
Is there a “wrong” type of minority?
These commenters continue to say that Soo Kim was not barred by his race from becoming a successful entrepreneur.
As a fellow New Yorker and both graduates of Stuyvesant High School, I can speak to our experiences. Using his Asian ancestry against him is exactly the kind of short-sighted hateful rhetoric causing so many issues for Asian communities across America. I have seen this in all aspects of American life, from Wall Street firms to my days at West Point and in Baghdad.
When there’s a flag draped over your coffin, there is no “wrong type of minority.” Yet we seem to treat immigrant founders and founders of color like there is such a thing as a “wrong” type of minority.
The indivisible nature of the United States is our greatest strength, but that strength is weakened by the belief that Soo Kim being Asian makes him unqualified to pursue the commercial principles that our country was founded on.
However, what worries me more than anything is that Kim hasn’t been treated fairly by anyone throughout this deal. Are these political letters and criticism influencing the regulators whose judgment the closing of this deal depends on? I know firsthand how hard it is for founders of color to access the capital to pull off deals of this magnitude. An adverse outcome here would have a chilling impact on minority ownership of broadcasting assets at the very least. Perhaps this is what the objectors want.
While the thought of that is troubling at the very least, I believe what’s been so impactful and appalling to me throughout this entire debacle has been the fact that I know Soo Kim. I’ve worked with him, I have represented him on public company boards and I’ve seen what he stands for. It’s unimaginable to me that he could be on the receiving end of such racism when he so clearly stands for justice and equality.
Related: 6 Ways to Offer Allyship to Black Entrepreneurs
Commitment to diversity
As the founder of Standard General, Kim has been tireless in his commitment to diversity: from hiring to using his power to change companies to better reflect what America really looks like. More importantly, he didn’t limit his search to just Asian professionals. Black, Asian, Jewish and white employees all were represented in the 12-person team at Standard General while I was there. He has also consistently appointed women and people of color to the boards of his companies throughout the years.
I have seen the good he does in his companies and how hard he works to provide equal access to opportunities regardless of race or gender.
And, because I am the diversity and inclusion officer for the MediaCo board of directors, which owns the radio stations Hot 97 and WBLS (which has a management team that is over 50% diverse and a staff that is over 70% diverse overall), I would say that it is precisely Kim’s unique background that could help improve TEGNA own documented diversity issues.
If other leaders follow Kim’s lead, we can slowly but surely change the diversity problem. But we all have to actually commit.
How the TEGNA deal compares to other acquisitions
Just to drive my point home, I believe it’s important to take a look at how this TEGNA deal compares to other similar acquisitions.
Recently, the TV industry has seen a surge in big deals. For example, Gray Television acquired Meredith’s and Quincy’s local stations with virtually no opposition from across the aisle. Scripps bought ION Media Group and Nexstar Media Group also added to its empire by snatching up Tribune Broadcasting — moves that heavily concentrated power in this industry space.
All of those prior deals did not face any of the scrutiny and criticism from this deal, which is curious because the TEGNA deal shrinks the company with the concurrent sale of a number of stations to Cox Media Group, and does not require any statutory divestitures or regulatory rule waivers as each of the above did. And yet, with Standard General’s deal, the informal 180-day “shot clock” for a regulatory decision has long passed.
The point? The lack of opposition to other similar deals shows young entrepreneurs and immigrant founders that even when you try to play fair as a person of color in this industry, you just can’t seem to win.
Related: 5 Ways Entrepreneurs of Color Can Determine an Ally’s Authenticity
The system has to change
In one interview, Kim said that after the takeover, TEGNA would get a “company with a minority owner, run by a woman, that’s committed to serving diverse communities. We think that’s good business.”
It is good business, and I am delighted to see that Kim and Standard Media CEO Deb McDermott have received letters of support from legislators, civil rights groups and minority media groups. I applaud these groups for speaking up in defense of Soo Kim and other minorities in this space. I, too, am doing my part to speak up against these racist attacks. However, that isn’t enough anymore.
The system has to change — and it changes by not allowing these types of attacks, comments and ideals to persist in any way, shape or form. We must stop entertaining the idea that these types of comments are valid or even acceptable. We have as a nation all experienced the heartache of watching videos of racially motivated violence against people of color from all walks of life. Racial oppression takes place in the business world just as it does in the streets, just without the same visible evidence but the same indelible impact on those persons of color involved.
As a business leader, here’s how you can enact systemic change:
- When making hiring decisions, stop going with your gut. Newsflash, your gut always leads you to the most comfortable choice. Instead, create a list of metrics you will hire for and focus on hiring someone that meets those metrics. Blind auditions eliminated discrimination in the world’s greatest orchestras. Imagine what it could do for your business.
- Be aware that there are challenges diverse individuals face in business that you don’t see or experience. Do your best to factor those in when evaluating candidates. They may not have Goldman Sachs on their resume, but can you see evidence of ability in past academic performance or in other areas like military or community service?
As the great Martin Luther King Jr. said, “An injustice anywhere is a threat to justice everywhere.”
Andrew Glaze
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Are You Ready to Be an ‘Off-Leash’ Boss?
Six leaders share how they hit the right balance between full-blown autonomy and micromanaging their employees.
Entrepreneur Staff
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5 Procurement Trends To Keep on Your Radar for 2023
Opinions expressed by Entrepreneur contributors are their own.
The world faces a paradox as the economic cycle moves into a recession. Statistically, we’re seeing a very high employment rate, yet there’s a shortage of skills and labor. In the U.K., these issues are particularly prevalent due to Brexit, as it’s curbed the influx of skilled laborers into the country. As a result, economic growth is stifled, compounding the problem of inflation and the rising cost of living. A transition to 2023’s economy will consistently fulfill these intricately connected components.
The lasting impact of inflation
The combination of inflation and a shortage of skilled labor led to a profound economic shock with sharp increases in the cost of utilities, fuel and food. Fortunately, price hikes have begun to settle. For instance, while the cost of shipping a container from China reached a peak of $20,000 during the pandemic, it’s returned to a comfortable $3,000.
When consumers hear news of these price corrections, it’s reasonable for them to assume a reduction in the cost of goods will soon follow. Unfortunately, as procurement experts know all too well, moves have already set the dominoes in motion. Businesses were still tasked with transporting goods when prices were at an all-time high, meaning the supply chain and the economy continue to feel the impact; however, this is expected to dissipate toward the end of 2023.
Related: 5 Ways of Effectively Navigating Supply Chain Disruptions
Investing in certainty
Historically, we’ve seen periods of rigorous negotiation before. The trouble is, it’s not simply an issue of cost this time. We face shortages of critical supplies — like the semiconductors needed by car manufacturers to build vehicles — which changes the game entirely.
Unlike in years past, entering the new year with a focus on procuring items for the lowest cost isn’t going to be an effective strategy. Supply chain issues and logistical costs compound budgeting issues for procurers.
After all, a low price means nothing if your purchase orders aren’t consistently fulfilled — instead, the people who thoughtfully balance price with surety and security will come out on top.
Related: 5 Reasons Procurement Should Be In Consideration For Your Startup
Reprioritizing sustainability
Back in 2019, there was a significant push to prioritize sustainability in the supply chain. From making environmentally-conscious decisions to incorporating social access and inclusion goals, companies took tremendous strides to uphold critical Environmental, Social and Governance (ESG) commitments. Unfortunately, necessity placed many sustainability themes on the back burner during the height of the pandemic.
When Covid-19 emerged, business owners made great sacrifices, including specific goals like ESG commitments. Even now, many businesses grapple with the challenges of an unstable economy, but we can’t continue to treat sustainability as an option.
A recent study shows that today’s customers care more about a brand’s social consciousness than the cost of a product or service. The findings clearly illustrate a multi-generational willingness to spend more for sustainable products.
Furthermore, this generation of shoppers favors brands that represent their values, making ESG efforts imperative for today’s businesses.
Organizations must find ways to respond meaningfully to these macro themes, despite all else that is happening. While it might not seem like a pressing issue to some, committing to ESG is an investment worth making in the coming year.
Leveraging and automating
When it comes to efficiency and production, the skills shortage will continue to impact our economies in various ways. However, it’s up to businesses to find ways to ease the burden, which will likely entail the adoption of additional technology. Companies will continue to automate tasks, but at an accelerated rate, allowing them to shift the human labor they do have into areas where their time and talent are better leveraged.
We already see these changes at scale. For instance, at the airport, you no longer have multiple personnel standing around to check long lines of passengers and passports; now, there’s a designated location to scan them yourself.
Meanwhile, administrators moved those employees to other critical areas of operation that couldn’t automate. Likewise, more grocery stores are adopting self-checkout so workers can shift from registers to stock rooms. Across industries, this shift is already in motion.
Related: Using Tech to Build Supply Chain Resilience in a Changing World
Retraining and developing
As more businesses reallocate the human labor available, we also see more significant investment in that workforce. For instance, if a company has a reliable team hired for one job and is now needed to do another, it will require training to develop the necessary skills to perform well in its new role.
It’s expected that more businesses will retrain their existing workforces in the coming year, which may have a small impact on the current skills shortage. However, European countries with shrinking populations will not solve the labor shortage with corporate training sessions alone.
Year-end takeaways
For business owners who are tired and frustrated after two trying years, 2023 holds more opportunities than dangers. In this market, you need to be on the offensive and plan for making “no-regrets” decisions that will push your company forward.
Ensure you anchor 2023 in an ambitious agenda phase to manage any potential downsizing risk. If you can do that, your team can indeed come out on top.
Stephen Day
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8 Tips for Overcoming a Business Slump
Opinions expressed by Entrepreneur contributors are their own.
Slump. Bust. Dip. Whatever you call it, it happens to all businesses at some point. And that means you need a solution so you can avoid the slump when it happens to your business and grow faster when it does happen.
The first thing you need to know is that it’s okay to slump. We’re going to get into the nitty-gritty of what a slump is, why your business might be slumping and how you can overcome it. But first, I want to start with a little bit of context: You are not alone in this. Slumps happen to the best of us, even to Elon Musk a few years back. In fact, they happen all the time — to everyone from newbies just starting out to corporate giants who have been around for decades.
So, if we’re all in this together, why do some businesses come out of slumps stronger than ever while others crumble? The answer is simple: Those who have mastered the art of overcoming slumps are able to grow even when times are tough and learn from their mistakes so they don’t fall into them again.
That’s not to say a slump can’t be the time to do some deep soul-searching. If you’re suffering from a slump and you’re wondering how to get out of it, don’t worry. We’ve got you covered.
Related: Slumps Are Part of the Game. Winning Requires Knowing How to Get Back on Track.
What is a slump?
A slump is a sudden business downturn that can be caused by a host of factors, including an economic downturn or changes in technology. Sometimes a slump just happens for no reason at all, but the good news is that there are ways to overcome them and get back on track.
While it’s true that slumps are never fun and they can feel like they last forever (I promise they don’t), it’s important not to let your mind go down that path because it will only make things worse. Instead, take some time to reflect on what’s working well right now and what isn’t working so well — and then make some changes!
So, how do you get back on your feet?
You’re in a slump. It happens to every business at some point. And if you don’t know how to get out of it, you’re going to end up being stuck there for months or even years.
But we’re here to tell you that it doesn’t have to be that way! Slumps are temporary by nature — and they can usually be fixed by implementing a few simple tweaks to your current strategy. Here’s how:
1. Ask yourself, “What is the cause of my slump?”
If you’re in a slump, it’s important to ask yourself what caused it. Did you have an uncharacteristic drop in quality? Did you change up your pricing and not get the results you were hoping for? Did something happen in the industry that affected your bottom line?
Whatever the case may be, it’s important to figure out what went wrong and why so that it doesn’t happen again. You can even try to get some help from business strategic consultants and assess your whole business.
2. Is your business model broken? Look at your competitors’ strategies.
Businesses are built on competition, and with the advent of the internet, that competition is more fierce than ever. If you’re not nipping at the heels of your competitors, you’re falling behind. With so many businesses vying for attention, how do you stay ahead of the curve?
As the old saying goes: “If you can’t beat ’em, join ’em.” That’s right — look at your competitors’ strategies, and see what they’re doing right. What can you learn from them? How can you apply their ideas to improve your own business model?
We’ve all seen it before: One company comes up with an innovative new idea that catches on, and suddenly everyone else is doing it too. It’s no longer enough to just have a good idea — you need to be able to execute it better than anyone else. So, if your competitor is doing something that works well for them but not for you, try changing things up!
If nothing else, this will give you some insight into why some ideas work for certain companies but not for others, and that kind of knowledge can only help you develop better strategies for your own business in the future.
3. Are you connected with your customers?
In a world where people are spending more time online than in person, it’s more important than ever to ensure that your customers are happy with the services that you provide. If they’re not satisfied, they will leave and take their business elsewhere.
If you’re looking for ways to improve customer satisfaction, then it’s time to start asking them what they think about the products and services that you offer. This is the only way that you can determine what needs improvement and how those areas might be improved. It also gives you an opportunity to ask questions about new products or services so that they can help shape what’s next for your company.
Related: Use Slumps to Your Advantage
4. Have you failed to save for a rainy day?
The unexpected can happen at any time, but how will you handle it? The best way to prepare for a downturn is to get ahead of it.
Think of your business as a car and the rainy day as an accident. You want to be able to pay for repairs without going into debt, right? So, why wouldn’t you want to save up money in case something like that happens?
You don’t want to be caught off guard, so make sure that you’re prepared for all kinds of scenarios. If you’re not, it could put your whole business at risk!
5. Have you failed to innovate?
You must bring new ideas to the table. In business, there are two kinds of people: those who innovate and those who don’t. The innovators are the ones who succeed in times of slump. They’re always looking for new ways to bring their business back from the brink of failure.
Remember Nokia? If you’re on the other hand … well, maybe it’s time to start thinking outside the box!
6. Are you not looking into the future? Try predictive analytics
Not looking into the future? If so, you’re missing out on a lot of opportunities.
Predictive analytics is a tool for predicting the future by using data about previous actions and outcomes. This can help you avoid problems before they even happen. It’s a great way to ensure that your business remains strong and stable, even in times of slump.
If you’re not using predictive analytics, though, don’t worry — you can still turn things around now!
7. Don’t look for “quick hits”
If you’re in a slump, it’s tempting to look for “quick hits” that will bring your business back to life. The problem is, these quick-hit solutions often lead to more slumps.
For example, if you hire a new team member and expect them to fix all of your problems, you might be disappointed when they don’t turn things around fast enough. Or if you launch a new product and expect it to pull in tons of revenue, but then it doesn’t perform as well as you’d hoped, you’ll be disappointed again.
The truth is that there are no “quick hits” when it comes to overcoming a slump. The only way out is through deep engagement with your customers and an openness to change that’s supported by data-driven analysis and experimentation.
Related: 4 Tips To Keep Your Business Afloat in a Downturn
8. Ditch the fluff
Don’t you hate it when you’re reading something and suddenly you’re like, “Wow, this is really fluffy.” Like, “I’m not sure what I was expecting here, but it wasn’t this.”
It’s like, what are you doing? You’re wasting my time! And I don’t have a lot of time to waste. I’m too busy trying to save up money for my retirement so that I can buy a house in Florida and spend my days on the beach sipping margaritas.
But seriously, we all have our own lives to live and our own problems to solve. So, let’s cut through all the bullsh*t and talk about how we can work together to get through this slump together.
So, don’t wait another moment. Take action now! It’s time to stretch, listen to your body and rally your team for one last push. And if taking action doesn’t work, you might need to make some changes. But until then, before the critical moment hits and you’re left with no other choice, don’t forget to use these ideas as a way to fight through rough patches and get back on track.
Chris Kille
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How Offering Discounts Hinders Your Business’s Growth
Opinions expressed by Entrepreneur contributors are their own.
In the subscription arena, and in the B2C environment in general, discounts seem to be the norm. The assumption is that discounts help incentivize purchases that wouldn’t typically happen, leading to new customers.
The reality is completely different. Discounts, when used incorrectly, can greatly hinder growth and decrease your chances of attracting long-term, brand loyalists. Here’s why:
Related: Don’t Offer Customers Discounts If You Want to Be Successful
Discounts attract the wrong types of customers
One of the fundamental issues with using discounts is that they attract the wrong type of customers to your brand. Customers who join a subscription service due to a discount are often shopping for price instead of unique and exclusive brand offerings. They’ll leave the minute they find a better deal.
This lack of customer loyalty has far-reaching implications. Data shows that only 52% of consumers who sign up for a new retail subscription will actually keep it. Higher discounts have been linked to decreased willingness to pay renewal fees. Plus, data from QPilot found that the more discounts you offer, the more churn you’ll have.
Instead, engage customers in long-term commitment opportunities. Research from Attest found that customers see more value in a 12-month commitment with two months free than with a shorter commitment coupled with larger monetary savings.
Discounts devalue your brand
The strength of the subscription-based model is in its ability to create belonging. As Jay Myers of Bold Commerce said at SubSummit, “People want to be a member of a brand, like a member of a sports team.”
Promo codes and discounts negate this approach. According to Nancy Harhut at HBT Marketing, coupon codes lead to distracted customers, with studies showing 27% of potential buyers abandoning their carts in search of coupon codes.
Coupon codes can also cause consumers to have post-purchase regret. When a customer pays full price for a product and later sees a promo code spot offering the same item or service for a discount, they begin to question the value of their previous purchase.
Discounts train a consumer to think they can get your product somewhere else for less money. This ultimately makes your product or service appear replaceable.
Instead, look to attract those who are shopping for experience and community. The strongest brands put an emphasis on the value they can provide in a customer’s journey.
Related: 6 Good Reasons to Ditch Offering Discounts
Discounts directly impact perceived customer value
Offering a discount puts your name in the marketplace, but it doesn’t set you apart. In fact, the vast majority of subscription-based cancellations stem from voluntary churn, according to SUBTA’s State of Subscription Annual Report. Factors include price, perceived value and poor customer service.
That’s why the best brands focus on identifying what their target customer wants and delivering on that value. This involves shifting to a lifecycle journey, where brands consider the experiences a customer faces as they go through life. Then, they perfect a core offering that helps in that lifecycle.
This in-depth understanding of a customer allows you to stay engaged in a way no discount can. Rather than offering a promo code, brands with a central understanding of client value can identify value-add opportunities to engage their ideal customer on a regular basis, instigating belonging and inclusion.
What to offer instead
Discounts are not the only way to gain customers or increase value. Rather, consider some of these tactics in the new year:
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Get creative with product-sourcing partnerships: Look for ways to incorporate unique, boutique items from up-and-coming brands who want exposure.
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Clearly communicate the value of your price point: Furniture subscription company, Fernish, does just this by comparing the actual price a customer will pay for a piece with the value of the subscription.
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Embrace the cancellation: Haroon Mokhtarzada of RocketMoney (formerly Truebill) encourages making the cancellation process as easy as possible and then surveying those cancellations to impact customer loyalty. In fact, the likelihood of re-subscription has been found to go up when it’s easy to cancel.
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Utilize Subscribe & Save options: If your brand is a replenishment business, utilize the subscribe and save feature to upsell for a longer-term commitment and an increase in perceived value. More than 60% of consumers report that Subscribe & Save programs make their lives easier.
Discounts downplay the power of your brand. Instead of jumping on the promo value bandwagon, look for ways to utilize customer data to drive meaningful subscriber experiences. Creating value add-ons that promote long-term commitment and a loyal customer base will ultimately impact your bottom line and make for a more confident brand.
Related: Reasons Why Heavy Discounting Cannot Lead to Sustainable Growth
Chris George
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4 Mindsets To Help You Rise to Leadership Working with a Disability
Opinions expressed by Entrepreneur contributors are their own.
There’s no question: More of us are working with a disability or a limiting condition for a longer period than ever before. This means we must change our perspective on our own productivity and be willing to see ourselves leading with a limitation. Disabled people must be ready to reach for the brass ring as they make up more of the executive team.
In the era of the “big quit,” employers are more willing than ever to hire diverse candidates with exceptional needs and limitations. The reason? Many people with disabilities have already proven they can go above and beyond expectations in their personal lives — and on the job.
But are you ready to take the next big step and leverage your strengths gained through adversity to aim for a leadership role? Here are four mindsets you need to take the leap of faith and expand your vision beyond the invisible barriers holding you back.
Related: How Physical Disability Helped Me Become a VC-Backed Tech Founder
1. Get creative
There’s no greater opportunity to demonstrate your creativity than the journey through progressive visual impairment, multiple sclerosis or autism spectrum disorder. Whatever your limitation, finding creative solutions is the key to every closed door, every blocked opportunity and every unaccommodating venue.
Many disabled people get up much earlier than workers without limitations; for a person with multiple sclerosis, getting dressed can take more than twice the time most people would need. A legally blind manager must listen to emails read through speech recognition technology, whereas most people would visually scan the most important messages and easily toss out the rest.
Since you’ve found creative solutions to navigate obstacles in your personal journey, you can take this creativity to the next level. If you’ve been considering competing for a leadership role, use your creative side to uncover new methods and embrace innovation. Your adaptability and willingness to explore new technology will propel you to a new level of efficiency. You can be a beacon for others who want more from their careers. You’re a hurricane of inspiration; you’ve learned to meet change with confidence rather than fear.
Related: How to Be More Creative in Your Business
2. Bring your perspective
Now that you’ve proven that your limitation doesn’t define you, it’s time to capitalize on the level of mindfulness you have gained through your journey. Your natural mindset is an awareness of staff members’ stress as they go about their day. There will be decisions as to how work will be done. Accessibility and accommodation are already part of your wheelhouse. You will come into a leadership position with an edge. Look around your workplace and see what needs redefining. Can small changes make a big difference in how team members work together?
Perhaps living with a disability has taught you how to leverage strengths and weaknesses for maximum output. You can spot hidden potential and get the most productivity out of others because you have overcome the obstacles in your own life. You have learned to complement your team members’ traits, learning to demand more of yourself while stepping back to let others shine when the time is right. This is the essence of leading with empathy, guiding people toward accepting one another’s gifts and working with each other’s shortcomings. You will be the first to admit that we are all a blend of both. Other executives will want to study your leadership style when you take the next step.
3. Speak for yourself
Part of living with a limiting condition is learning to advocate for yourself and discovering strength in your vulnerability. You will excel in negotiations and motivating people because you can relate and empathize with those struggling and celebrating their victories.
You may think sharing your journey through disability or chronic illness might bring unwanted attention or put you in a weakened position in the eyes of others. If you’re aiming for a leadership role, you may fear that telling your story could risk everything you’re working for. What is intriguing is how often a person’s journey weighs heavily in hiring decisions. The ability to move people with your struggle and connect authentically with others who have walked through adverse circumstances is often the deciding factor when company executives are looking to fill leadership roles. Most important, you will be a source of inspiration for people of all levels in the company. Finding your voice is vital to relate to employees and help them feel a part of the corporate community.
For you, “speaking up” could be asking for the role you want or advocating for your ideas. Learn to talk your worth and make your mark on the team. Finding your voice is the best way to position yourself for opportunity. You should be able to explain why you should get the job, why your idea will succeed, and why your story is important.
Related: Need to Negotiate? Here’s the Best Way to Advocate for Yourself for Maximum Impact.
4. Measure your impact
What is your legacy in your workplace? Are you known as an overcomer, an advocate, or a leader with a fresh perspective? You can gauge your worth to your workplace by taking stock of the impact, the “footprint” you have made in your company, no matter how large or small the business may be. It’s never too late to change your legacy. Perhaps, in the beginning, you were getting your feet under you, discovering your resourcefulness. Now, it’s time to expand your vision and think about how you can leave your mark in business and life. This is a chance to live what you have learned and be mindful of the legacy you leave for the future.
Think about how you can make a difference and become a force for good when you finally land in an expanded role. It’s good practice to mentally prepare to step into leadership. You’ve served and observed, taking notes and promising yourself that if you ever rose to a powerful position, you would advocate for those who needed it. Your tendency to recognize others’ strengths despite their vulnerabilities will allow you to comfortably take charge with a heart of compassion toward those who may also wish to rise above their circumstances and see their dreams come true.
Finally, go with confidence
If you’re aiming for a position in leadership, let your confidence shine. After all, you’ve gone up against greater foes than unmotivated employees or a sluggish sales report. You’ve battled for your life and come out on the winning side. Go into your new role with the same strength and bold attitude you showed everyone, the positive outlook that helped you stay in the ring, refusing to let pain, anxiety, or frustration take you out. The culture is shifting as businesses learn to celebrate exceptional people while they honor diversity in the workplace. As a disabled worker, you can lead confidently, charting a new course and breaking new ground for all those who dream of overcoming adversity and rising to new horizons in leadership.
Nancy Solari
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5 Cybersecurity Predictions Home Users Need to Know for 2023
Opinions expressed by Entrepreneur contributors are their own.
This time last year, I reviewed the cybersecurity landscape around the world and predicted a year ahead involving advanced threats against home users, the continual growth of ransomware and gaming as a growing attack vector. Looking back over 2022, we indeed saw those predictions play out.
For 2023, we can expect the continued trends of attacks against consumers and remote employees, like phishing and social engineering attacks, including email and SMS scams, which are commonly used to exploit individuals. Trojan viruses, sophisticated malware and new attack vectors will be highly prevalent in 2023, including novel threats such as the Metaverse Attack vector dubbed “Big Brother” discovered by RAV Researchers.
With all this in mind, what else can we expect for 2023?
1. Phishing and social engineering
Unfortunately, humans are still the weakest link in the cybersecurity chain. Home users remain the easiest targets as AV providers are focused on securing enterprise dollars for their services. Phishing and social engineering scams will become more sophisticated as they continue into 2023, and cyber criminals employ more complex technologies such as deep fakes.
Continued use of email phishing is to be expected, with Office Documents that hide macro code still being used as vectors to lure users to run the malicious code in emails. Other means of deploying scams, such as SMS and social media platforms — be it affiliate links, clickbait or credentials pages that attempt to steal your password information — are all likely to continue.
Raising awareness for online users is our best leverage to stop these phishing attempts from being successful. Taking note of simple telltale signs such as misspelling of words, the incorrect use of URLs and completely irrelevant messaging can make all the difference.
Related: The Emerging Cybersecurity Trends In 2023
2. RaaS and CaaS
Ransomware-as-a-Service (RaaS) and overall Cybercrime-as-a-Service (CaaS) are on the rise. Data breaches are to be expected, as data is still seen as profitable barter on the Dark Web. These services are becoming more commonplace as cyber warfare persists. As the motivations behind cybercrime move from profit-related to geopolitical, the nature of the Dark Web is changing. Worryingly, cyber-criminal groups can now use the malware they trade on these platforms to go after more sensitive computing systems connected to critical infrastructure and government services of other nation-states.
3. Online user demographics
Cyber victims are becoming increasingly younger. We will see the continued targeting of unsecured consumers such as tweens and teens, who are highly connected, starting to use crypto and buying into the metaverse and other digital assets. Likewise, criminals themselves are getting younger. Cybercrime activity by teens and young adults now covers everything from large-scale attacks on enterprises and governments to low-level crimes that target families, friends and strangers. Hacktivism will also be fueled by cyber use — the younger generation can use their cyber skills to show their discontent in ways the past generation didn’t have access to or the ability to do.
Related: A Business Leader’s Beginner Guide to Cybersecurity
4. Bypassing 2FA
Cracking and bypassing two-factor authentication (2FA) is on the rise and will be exploited more and more in the coming year. It’s likely that in the future, we may move on to three or even four-factor authentication. As the technology to crack multi-factor authentication continues to mount up, more and more companies may opt to use biometric authentication.
5. Next-generation threats
As next-generation technologies, such as virtual reality, make it into the mainstream, we will see the continued deployment of next-generation threats. Whether or not the allure of the metaverse and augmented realities makes it into 2023 remains to be seen — but as ever, new vectors offer new opportunities and broader attack surfaces.
Related: 4 Major Cybersecurity Risks of Working From Home
What can we do?
Despite ongoing cybersecurity concerns, there’s sometimes a distinct lack of action. For example, 12 months after the Log4J hack, the CISA and FBI agencies are concerned that many companies have still not applied updates, despite their security alerts warning that if organizations haven’t yet patched or mitigated Log4j vulnerabilities, they should assume their network is compromised and act accordingly.
Organizations and individuals alike need to shift their cybersecurity strategies to a more holistic approach. Log4J is a great example of why cybersecurity companies shouldn’t rest on their laurels. Experts have warned that threat actors are perfectly capable of playing the long game; even if a disaster hasn’t struck yet. Unless you are fully prepared, it still can.
As with all aspects of technology, cybersecurity is fast-paced and ever-evolving. Security companies need to constantly mitigate threats, deploying the best cybersecurity available for their users. One thing is certain in 2023: More hacks are coming our way. Cybercriminals will be spending the year ahead fine-tuning their methods. The question is whether the defense can keep up.
Andrew Newman
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Money-Saving Tips Entrepreneurs Often Miss in Tax Filing Season
Opinions expressed by Entrepreneur contributors are their own.
There is one time a year that requires a detailed level of attention for a business owner, no matter the size of your business.
When tax season comes around, entrepreneurs initiate survival mode sometime between January and April 15 and look for every way to get a few more deductions.
Bookkeeping, tax filing, audits and deductions will assist in keeping a good relationship with the IRS, as well as supporting good habits for your business; however, because getting everything just right can be overwhelming, it is easy to miss important things and leave money on the table that would be better suited in your pocket.
Tax season reaches beyond the immediate tax return and can have a lasting impact five or even 10 years down the road. While you can make certain deductions one year that will benefit you, as your business grows, having a different strategy is in your best interest.
This requires experience, a little patience and a willingness to learn from the mistakes you made.
There are three very important things every business owner should be paying attention to when you file your yearly taxes to ensure you are getting the most out of your return. These examples can also create strong business habits that will help you create a long-term operation.
Related: 75 Items You May Be Able to Deduct from Your Taxes
The home office deduction
While it may be more convenient to work from home, as well as being fiscally cheaper, it may make you a target for audits.
Since you can deduct items like the square footage of your home office or short trips to the office supply store, it is crucial that you have the documentation to verify everything you list as a deduction.
With less obvious options like the Augusta Rule — in which you can rent your home out to business events and summit meetings — you have more options for write-offs and every purchase adds up. Nearly every purchase that you make for your business is considered tax-deductible as it relates to your business.
Although not every person who works from home will be audited, if you were to go through a formal audit and you do not have proper documentation for your deduction claims, you can have those deductions revoked.
If your business is growing quickly and producing high capital, you may want to consider moving your business into an office lease to keep your home and business separate.
This will be to your advantage when you are looking for clear defining factors in listing deductions, but if that’s not your cup of tea as an entrepreneur and you like the home office as a center for operations, make sure you keep proper documentation of your home office to ensure your write-off isn’t arguable in the case of an audit.
Related: These 6 Tax Tips Will Help Make Tax Season Easy for Your Business
Utilize deductions in the ways that benefit you the most
Being honest with your deductions is a good practice to have, making sure that you are not putting forth false information to save a few bucks.
One thing that many people do not consider is overusing deductions that are available. It can be quite easy to get into a rhythm of using the same tactics every year, but this can cost you in the long run.
Let’s say you were to buy a new vehicle every year or two for your business. It could be a worthwhile plan for the first couple of filings that will help ease some of the financial pressure on a young business.
However, this can turn into abuse — not from a legal standpoint, but in the metric that vehicles depreciating over time will cost you more than the deduction would save.
Working with a professional accountant to have a good roadmap to how your deductions will affect you not only this year, but in future filings, is a good thing to consider. This will help with the guidance of what you should be used as a deduction and what would be better to leave behind.
Map your deductions out accordingly because they can save you a lot of headaches and money 10 years from now.
Categorize your business properly
It is a necessary task to “list” your business regardless of where you operate. That being said, there are four options upfront as to how you list your business by definition and how your business is classified can save you or cost you money.
The four business classifications are:
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LLC: A limited liability company.
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S corp: S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
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C corp: A C corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.
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Sole proprietor: A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.
With all of these options, it is imperative to either know what you are doing or work with someone who does to register your business accordingly in the state you own a business.
Related: 14 Tax Deductions Your Small Business Might Be Overlooking
It can be misleading as to which definition will be the best to suit your needs; however, if you do it correctly, it can create a good foundation that will benefit you.
There can be many options to choose from when you are looking for deductions within your business, whether you are working from home or in an office space, under an LLC, sole proprietor or S corp. If you are unfamiliar with how to navigate this information, it is best to hire an accountant/bookkeeper to help guide you through.
While there are many “deductions” you can apply to your business, being aware of the things that will benefit you now and in the long run can relieve stress when you need it most.
Utilize every deduction you can to bring the cost of running your business down like materials, office supplies, office space, vehicles, advertising, etc., then consider what you will still be able to use in the big picture by measuring your growth against what you are saving this year.
Documentation is one of the most important things you can do, so if you don’t have the time to be on top of it, hire a competent bookkeeper.
Kale Goodman
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Starbucks and Disney Forces Employees Back to The Office, But Is Your Company Next?
Opinions expressed by Entrepreneur contributors are their own.
Given the extensive headlines about Disney and Starbucks ordering employees back to the office, you might think that it’s the beginning of a new back-to-office return across the board. Yet do such headlines represent the reality of a new wave or are they just clickbait for anxious workers who want to avoid the threat of a forced office return?
Recent survey data from The Conference Board provides a surprising insight into how companies are approaching the hybrid workplace policy. After surveying 1,100 corporate executives across several industries around the globe, including 24% from the U.S., The Conference Board revealed that Disney and Starbucks represent the exception, not the rule. In fact, of the CEOs from the U.S., a tiny proportion — 3% — indicated they would decrease the availability of remote work in their companies. Disney and Starbucks belong to that 3%.
By contrast, 5% said they would expand it. For example, consider Elon Musk at Twitter. After initially ordering all Twitter staff back to the office, he now reversed course. He embraced remote work by closing Twitter’s Seattle and Singapore offices, telling all staff to work remotely.
In short, it’s likely that 2023 will see a slight expansion of employees working remotely. These findings suggest that the majority of companies are finding the hybrid workplace policy to be a successful solution for their organization.
Case study: Hybrid workplace policy success
One example of a company that has successfully implemented a hybrid workplace policy is a large financial services company, which I know from consulting for it. Prior to the pandemic, this company had a traditional in-office work model. However, as the pandemic hit, the company quickly shifted to remote work in order to keep employees safe.
As the pandemic progressed, the company realized that remote work was not only effective but also improved employee satisfaction. They, therefore, decided to adopt a hybrid workplace policy that allowed employees to work both remotely and in-office. This approach has allowed the company to continue operating effectively, while also supporting the unique needs of its employees.
Case Study: Hybrid workplace policy challenges
Another example is a mid-size IT services company. They initially struggled with the transition to remote work and the hybrid workplace policy, as their industry requires face-to-face interactions with clients. They soon realized that the lack of collaboration and communication between employees working remotely and in-office resulted in a decline in productivity and employee satisfaction.
To address this, the company brought me in to advise them on improving their approach. With my advice, they implemented a number of measures to improve collaboration and communication, such as weekly one-on-ones between supervisors and supervisees, and setting clear expectations for communication and collaboration. These measures have helped to stabilize the company’s performance, and the hybrid workplace policy is now working well for them.
Benefits of hybrid workplace policy
One of the key benefits of the hybrid workplace policy is the increased flexibility it provides for employees. Remote work can offer a better work-life balance, as well as the ability to work from locations that may be more convenient for employees. This can lead to increased job satisfaction and employee retention, which can be especially important in a competitive job market.
Additionally, the hybrid workplace policy can also lead to cost savings for companies. By reducing the need for office space, companies can lower their overhead costs, and potentially save on costs such as electricity, internet, and office supplies.
Cognitive biases and hybrid workplace policy
However, it’s important to note that implementing a hybrid workplace policy is not without its challenges. One potential issue is the impact of cognitive biases on decision-making. For example, the availability heuristic, which refers to the tendency for people to base their judgments on information that is most easily available to them, may lead leaders to rely too heavily on their personal experiences with remote work rather than considering the unique needs and circumstances of their organization.
Another cognitive bias that may come into play is the sunk cost fallacy, which refers to the tendency for people to continue investing in a decision or strategy because they have already invested resources into it, even if it’s not the most effective solution. This can lead leaders to persist with their initial hybrid workplace policy even if it’s not working well for their organization, instead of getting advice and training on how to improve their approach to hybrid work.
Related: A Pervasive Myth Employers Believe That Is Hurting Their Remote Workforce
Conclusion
The Covid-19 pandemic has forced companies to rethink their approach to work. The hybrid workplace policy has emerged as a popular solution for many organizations, as it allows for a more flexible and adaptable approach to work. However, it’s important for leaders to be aware of the potential impact of cognitive biases on decision-making when implementing a hybrid workplace policy. Through careful planning and regular reviews, companies can successfully navigate the challenges of the hybrid workplace policy and stabilize their business.
Gleb Tsipursky
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How to Build a Reputation That Leads to Success
Opinions expressed by Entrepreneur contributors are their own.
As Robert Greene wrote in his book, The 48 Laws of Power, “… your reputation is the cornerstone of your power. It will protect you and help influence how the world judges you, at least to some extent. Reputation is like a wizard: With a wave of the wand, it can double your power and drive away your pursuers. Whether the same deeds look great or terrible depends a lot on the reputation of the doer — who, in our case, is an entrepreneur.”
How can you create your management philosophy, master the ability to make an impact beyond your business and make it work for you? All of it is about building a powerful personal brand, which reflects who you are and what your company is. Your reputation may even determine the business value for investors or partners. The importance of embracing personal branding is noticeable to many well-known entrepreneurs, athletes and even scientists. So, here are a few tips for building a reputation that will become a real asset for you:
Related: Before You Grow, Focus on Building a Strong Reputation
Create a dream
Think beyond just selling a product, concept or service, but lifestyles and dreams as well. For example, WeWork isn’t just a coworking space — it is, as per its ex-CEO Adam Neumann, a place where you can create the life you want, join a community, develop friendships and even meet the love of your life. At least that’s what Neumann was telling everyone (new hires, potential investors and his wife, Rebekah). The approach certainly paid off.
Of course, there is also Elon Musk, who has forever been focused on conquering space. He’s selling a dream of interplanetary travel through SpaceX — and successfully, as the company just recently managed to raise $750 million at a $137 billion valuation.
But we have to exercise some caution … dreams can play tricks on us. Mark Zuckerberg’s vision of a meta-universe where billions of people spend hours working, communicating and playing games in virtual and augmented worlds has yet to be proven. Meta’s flagship VR game, Horizon Worlds, remains glitchy and unpopular, and investors are concerned that the company is spending too much on its metaverse gamble. Still, Zuckerberg seems confident the strategy will pay off, with long-term project investment planned for the foreseeable future.
Numbers and statistics matter of course, but so does your dreamy vision. Unless you’re straight-up lying about your project’s KPIs, focusing on the bigger picture instead of profits is a wise choice. Ultimately, it’s the investors’ job to check the viability of your business idea.
Find your strengths, and use them as your business card
Don’t be ashamed of the qualities that make you stand out from the crowd and attract attention. These qualities will become your business card and assist you in successfully navigating difficult situations. For example, your reputation as an honest businessman can provide you with powerful advantages ready to be leveraged against rivals or in negotiations.
Musk has always been focused on breakthrough innovations, positioning himself as a man with no limits. His core value and strength is seeing the impossible and taking it as a challenge, continuously pushing the boundaries of what was believed possible. This consistent approach, even when combined with impulsive decisions, has allowed him to establish his personal brand as one able to move the stock market with just one tweet.
Become Googleable
One main indicator of a successful PR strategy is being able to Google yourself or your brand and find convincing results. What counts as “convincing” depends, of course, on your goals. If you need the ability to borrow a lot of money, make sure the media portrays you as a trustworthy and prospective entrepreneur.
“Google me,” says Neumann (ex-CEO of WeWork) to the bank clerk in the show WeCrashed after being offered a ridiculously small loan. After a quick search, the clerk sends Neumann to one of the bank’s top managers, where the entrepreneur immediately becomes a VIP client — and secures a line of credit worth millions. “Google me, boo,” says singer, actress and entrepreneur Patti LaBelle to those who doubt that she’s still working at the age of 78.
I personally received accreditation for a significant business event, thanks to a publication in Entrepreneur. The event organizers could Google me and see who I was and what I represented. Many of my past clients have also found information about my agency through expert comments I’ve posted. My own example clearly shows that people tend to trust people familiar to them. A personal brand allows someone to “know you” — to remove the stranger status and replace it with a trusted one. All other things being equal, we will always prefer investing our time and money in someone we know.
Related: 4 Mistakes You’re Making That Can Jeopardize Your Reputation
Stay committed and don’t try to please everyone
Staying true to yourself and being able to speak your truth boldly is the core around which you can build a personal brand in any field. This approach inevitably both attracts and scares people away, but the alternative is much worse. Once you settle on pleasing everyone, you become interesting to no one.
Cristiano Ronaldo has always been deeply committed to his standards of excellence and has made sure to live up to those values. Early in his career, he was perceived as arrogant because of his strong belief in his own abilities and big dreams. Despite all the criticism he received, he remained true to those values and never settled for less to please others. His results speak for themselves.
Focus on building your own reputation rather than ruining others’
Oftentimes critics and competitors will do or say things that make us want to hit back and try to ruin their reputation. But you better think twice before taking any action.
The famous inventor Thomas Edison believed that any mechanism could work using direct current. When the Serbian scientist Nikola Tesla announced that he had managed to construct a mechanism running on alternating current, Edison was outraged. He decided to trample on Tesla’s reputation.
To do this, he was going to publicly prove that alternating current machines were hazardous and blame Tesla for it. Edison subjected many pets to fatal AC shocks. This did not seem to be enough, so he approached the New York State Prison authorities with a proposal to execute a criminal using alternating current as a demonstration of its lethality. However, he miscalculated the voltage, and while the criminal was electrocuted, he did not die. The execution had to be repeated.
Edison’s reputation suffered greatly as a result, and Tesla’s notoriety only increased. Don’t go all in on these disparaging attacks — they will likely draw far more attention to your vindictiveness rather than the qualities of the person you’re attacking. If your reputation is strong, you can use more subtle techniques like satire and mockery to weaken your opponent. It pays to be charming and witty.
Know when to fade into the shadows
It’s true that for someone to get results, they must not be afraid to shine brightly. However, history shows that sometimes it’s an equally good idea to dim the lights a little.
Nicolas Fouquet was the Superintendent of Finances in France from 1653 to 1661 under King Louis XIV. His political career was brilliant … while it lasted. Fouquet’s rapid ascent up the political elite’s ladder, combined with his wealth and unconcealed ambition, raised his prestige but made him countless enemies at court. Ultimately, he lost favor with the young king of France, probably as a result of his extravagant display of wealth and increasing societal influence. The king imprisoned him from 1661 until his death in 1680. The lesson here is that sometimes it pays to lower your own brightness to achieve your goals.
Neumann, at one point, very clearly used his fame to influence his partners’ decisions. However, when his reputation got out of control, his misdeeds began to embarrass investors. As the company began to prepare for their IPO, the board of directors decided to put him in the shade and take on a CEO without such a controversial personal brand.
Related: Reputation Management In An Increasingly Transparent World
All in all, building a personal brand is crucial for everyone — you never know when it will come in handy. If you are an entrepreneur, your reputation will make it easier to attract funding. For a top manager, it will help increase value in the hiring process. The more people in your target audience that know about you, the more benefits you can realize in the long run. And that’s equally true for someone who wants to launch a rocket into space or the person looking for a job to build it.
Evgeniya Zaslavskaya
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