ReportWire

Tag: operations

  • The Main Street AI Playbook

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    Recently, I fed a legal contract into ChatGPT and asked it to spot issues and rewrite a paragraph with my feedback. Minutes later, it completed the task about as well as most lawyers I’ve worked with.

    I still sent it to my attorney for review. His usual five-hour bill? Cut down to one hour. That’s an 80 percent cost reduction.

    OpenAI recently announced they’ll be working with investment banks to create AI agents that can do an investment banker’s job. The speculation is that AI companies are going to do this to every job vertical. Doctors. Lawyers. Accountants. Other white-collar work.

    There’s a possibility for massive disruption, so how can you prepare? With these three strategies: ownership, dispersion, and a tech-first approach.

    Here’s a paradox that creates opportunity: While everyone’s running to catch the AI bullet train in Silicon Valley, there’s real money in wiring yesterday’s businesses with tomorrow’s technology.

    The dispersion gap

    Silicon Valley moves at light speed. Main Street? It’s walking at a leisurely pace.

    The contrast is staggering. ChatGPT hit one million users in five days—the fastest adoption in history. Yet as of 2022, 27 percent of American small businesses did not have a website. Even among those that do, most are running on decade-old technology.

    Main Street adoption happens slowly. The first ecommerce transaction dates back to 1994, but it took until 2015 for ecommerce to make up 10 percent of retail purchases. By 2024, that climbed to 16.1 percent.

    This gap between invention and integration is an AI arbitrage opportunity.

    The ownership thesis

    Many people are looking at AI and asking, who wins?

    I’ve got a simple thesis: It’s the owners, and the people who best utilize the toolset. The owners win because as you integrate AI into a business, there’s pressure on the employees. The best employees become more productive, and the worst are replaced by AI tools.

    However, the last person to get fired in any business is the owner. They also accrue the profit from productivity gains.

    The thesis is simple: Buy, run, or operate low-tech Main Street businesses. Integrate AI. Dominate your local market while competitors are still working on setting up a Facebook page.

    Why yesterday’s businesses win

    While public technology companies trade at 44.4 times earnings, I’ve repeatedly found profitable Main Street businesses that sell for 32 percent returns at 3-4 times earnings. Someone who invests in Main Street buys actual revenue, real customers, cash flowing assets—not a pitch deck and a prayer.

    HVAC companies. Plumbing services. Main Street business services. They’re printing cash while startups burn through Series B funding, and the stock market sits on Everest with NVIDIA matching the total asset value of small countries.

    And those same Main Street businesses all have problems AI solves. Customer scheduling? Automate it. Billing headaches? Gone. Phone calls eating up staff time? Let AI handle it.

    I’ve acquired eight businesses, turning them into passive money machines, and lately I’ve been integrating AI into every one of them.

    Add the tech layer, and you’re suddenly the most efficient operator in a sleepy market. Your margins expand while your competitors’ tech stack is stuck in 2015.

    The 3-step playbook

    Here’s a three-step playbook I use when acquiring companies that will benefit from technological adoption.

    Step 1: Find the right target

    Look for fractured or unique market niches that can’t be easily turned into software. Perhaps there’s a huge opportunity for AI integration, like with accounting firms or digital marketing firms.

    The owner should be tired. Ready to exit. Undervaluing what they’ve built because they can’t see past the daily grind.

    Step 2: Rewire a company for AI

    First, document all processes. While doing this, figure out how much time each process takes and what can be handed off to AI agents and automated workflows.

    AI agents can do incredible things. Bookkeeping? Financial auditing? Appointment setting? Automate it.

    The result? I’ve seen 20-40 percent efficiency gains. Your cost structure drops while service quality improves. Customers get faster responses. Staff focuses on high-value work. I’ll re-invest the time savings into growth to supercharge the business.

    Step 3: Build your moat

    Now you’re the tech-first operator in a sleepy, local market. Your competitors can’t keep up—they lack the knowledge and urgency.

    Your margins expand while theirs compress. You can outbid them for talent, outspend them on marketing, and generate superior returns.

    Best part? You’ve built a repeatable, scalable playbook, and the sky’s the limit.

    The window is closing

    This opportunity is huge. But it has an expiration date.

    We’re in year three of the AI revolution. The dispersion gap is still wide, but it’s narrowing. The best operators are already doing this. Main Street opportunities will fall as the technology disperses throughout the economy.

    You have maybe 36 months before this becomes common practice. My lawyer’s bill got cut by 80 percent. In three years, every Main Street business will face the same pressure.

    The question isn’t whether AI will transform local markets. It’s whether you will be the one who profits from the transformation.

    Go inside one interesting founder-led company each day to find out how its strategy works, and what risk factors it faces. Sign up for 1 Smart Business Story from Inc. on Beehiiv.

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    Joseph Drups

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  • The Legal Consequences of Pete Hegseth’s “Kill Them All” Order

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    Last week, the Washington Post reported that, in early September, Secretary of Defense Pete Hegseth ordered the military to kill everyone on board a boat in the Caribbean suspected of carrying drugs. After an initial strike on the boat, two men were still alive; a second missile was launched to comply with Hegseth’s order. In the past three months, similar strikes on alleged drug traffickers in the Caribbean and the Pacific have killed more than eighty people; the Post report was only the most disturbing example in a campaign that many legal experts and government officials believe to be unlawful. (On Sunday, President Trump said that Hegseth told him he had not given such an order.) This past weekend, the Republican heads of the Senate and House Armed Services Committees, in a rare break from Trump, joined the ranking Democrats on the committees in calling for further investigation of the September attack.

    To talk about the Trump Administration’s strikes, I called Todd Huntley, the director of the National Security Law program at Georgetown University Law Center. Huntley previously served as a judge advocate in the Navy for more than two decades. During our conversation, which has been edited for length and clarity, we discussed the apparent illegality of what has been reported about this attack, the similarities and differences between this strike and the worst parts of America’s drone wars, and, more broadly, what the Trump Administration wants to do to the culture of the U.S. military.

    If the Washington Post’s reporting is accurate, why exactly was this strike illegal?

    Basically, this is the one strike that we know about where even if you accept the Administration’s position that the United States is in an armed conflict with these drug cartels, this would still be unlawful under the laws of armed conflict, because the individuals were out of the fight and shipwrecked, and thus owed protection.

    So it is essentially the same as if you storm the beaches at Normandy and a German puts his hands up and you shoot him anyway?

    It’s kind of the same, but it is the law of the sea, and the law of naval warfare has developed separately from the law of land warfare and the law of armed conflict. And long-standing tradition around the law of the sea has come to take on a legal status. But in general it is the same.

    When you say it would potentially be a violation of the law, are we talking about international law? Are we talking about domestic law?

    It’s a violation of customary international law. And, again, this is accepting the Administration’s position that we are in armed conflict with drug cartels. [In October, the Administration notified Congress that it was in a so-called non-international armed conflict, which refers to a conflict with non-state actors.] So it’s a violation of customary international law and the law of armed conflict. Those provisions have also been incorporated into American domestic law. And so under domestic law it would be murder and it would constitute a war crime.

    You’re saying that all of these things would be true even if we take as a given the Administration’s position that we are in an armed military conflict with drug cartels, correct?

    Right.

    What has the Administration been saying about this so-called conflict? I sense from your tone of voice that you don’t find their arguments particularly compelling, but what is the Administration claiming, and why do you think what they’re claiming is problematic?

    Their claims have contradicted each other. Initially, the claim was that the United States was using force against these boats and members of the drug cartels as an act of self-defense, and they equated the importation of drugs to an armed attack against the United States. Then, in one of the notices to Congress, they claim that we are in a non-international armed conflict with the drug cartels. The factors that determine whether you’re in such a conflict with a non-state group are: You look at the level of organization of the group—it has to reach a certain level of organization, and have some sort of command-and-control structure, be able to resupply itself, be able to plan and carry out operations, those types of things. And then the violence has to reach a certain level of intensity, because if it doesn’t meet those factors, what you have is basically just unlawful violent action, which is a law-enforcement matter. And so the advantage, if you will, of triggering a non-international armed conflict is that you can use force against members of that group as a matter of first resort. It’s not like law enforcement, where you have to use the minimal amount of force. If you’ve identified a member of the group, you can kill him no matter where he is, and no matter what he’s doing.

    So that would be the legal basis under international law. The domestic legal basis comes from a line of several Office of Legal Counsel (O.L.C.) opinions. These O.L.C. opinions have stated that the President, as the Commander-in-Chief under Article II, has authority to use military force if it is in the U.S. national interest, and if it’s for a limited duration, scope, and intensity. The idea is that when the President has to respond to an attack on the United States, you shouldn’t require him to get congressional authorization before he does. But here, if they say we’re in a non-international armed conflict, an ongoing armed conflict, that contradicts the fact that this is of limited scope and duration. The domestic legal basis seems to conflict with the international legal basis.

    Aside from the fact that those two bases conflict, what do you make of them separately as arguments?

    Could we be in a non-international armed conflict with drug cartels? Yes, I think theoretically we could be, or the facts could support that. But I just don’t see the facts here. The level of violence, at least as directed against the United States, isn’t so great unless you’re going to count the effects of the drugs and the drug use itself. That is what the Administration is doing, but I think it is too indirect to be legitimate. The groups certainly are not organized at the level that we saw with Al Qaeda, for instance, and the Administration seems to lump all these drug cartels in together, when they’re really, in fact, rivals. They are not acting in concert. So I just don’t think that the Administration has shown the facts that support their legal analysis.

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    Isaac Chotiner

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  • 6 Questions AI Should Be Able to Answer — or It’s Useless | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “We need 1,000 leads — are we on target?”

    It seems like a simple business question, but for many teams, arriving at an answer requires hours of digging through manual files and spreadsheets, piecing together data from individual systems and uncovering where information exists across siloed departments.

    It’s not only about finding the right data and bringing it together — knowing whether a team is on track toward its goals takes analysis to understand what the data actually means. This requires a level of expertise and training that most employees, outside of data scientists, don’t have.

    As a result, many companies are now leaning into AI to bridge this gap.

    Employees can rely on AI to pull relevant data, analyze trends, compare current progress to business goals and make recommendations on what to do next — all without any prior data analysis experience. And because it’s all autonomous, AI can track progress in real-time and identify any shortfalls or potential roadblocks as they happen.

    With AI, teams can quickly identify their progress towards goals and make informed decisions on what to do next to drive business impact.

    With Slingshot — our AI-powered data-driven work management platform — we put data at the center of every organization and enable teams to quickly analyze and visualize data so they can put it to work immediately. Because all of a company’s data is in one place, AI can access all the data it needs — exactly when it needs it — so teams can ask questions in simple business terms and receive an answer in seconds. This AI-driven analysis saves teams hours of searching and sifting through data, so they can focus on making their data drive value for the business.

    If AI isn’t delivering these insights, it’s a sign that teams need to check the data feeding it, review their tech stack or upskill employees — otherwise, they’re missing out on AI’s full potential.

    Here are five other questions that teams should ensure their AI is ready to handle.

    Related: Two-Thirds of Small Businesses Are Already Using AI — Here’s How to Get Even More Out of It

    1. Which KPIs are underperforming and need attention?

    Key performance indicators — or KPIs — are important for understanding how well a company is running its operations and hitting its goals. Teams often spend time checking individual metrics, like website traffic or how many customers they have, but this means very little in relation to larger company goals. Instead, they need to create KPIs like “increase website traffic by 5%,” or “increase monthly active users of a product by 10%,” to track against larger business goals.

    Most of the time, tracking KPIs requires a holistic look at many different departments and business processes. And they require regular review, to both avoid any roadblocks and adjust as a company’s strategy evolves in real-time.

    Teams can bring together multiple data sources to calculate KPIs in real-time with AI. This allows them to immediately see if they’re tracking with their KPIs — and if they’re not, AI can recommend actions to improve them.

    2. What is our ideal customer profile — and how is it changing?

    Go-to-market teams aim to focus on their highest-fit prospects, because they’re the ones most likely to buy their products. Many are, however, relying on outdated personas or their gut instincts on where to prioritize their efforts. AI can analyze CRM data, product usage and support tickets to uncover emerging trends in behavior, sentiment and adoption that would take days to surface manually. With these insights, teams can identify their ideal customer profile, adjust targeting, personalize messaging and refine their go-to-market strategy to drive success.

    Related: AI Can Give You New Insights About Your Customers for Cheap. Here’s How to Make It Work for You.

    3. What’s our feature adoption rate by user segment?

    Product teams, specifically in tech, likely know which features are being used most frequently and how many users they have each month — but they often struggle to break down that usage by user type, industry or reason. Even when that data exists, manually sorting through it can take hours — or even days, making it difficult to understand what’s working, what’s not and which users are truly benefiting from the product.

    That lack of clarity can lead to wasted time and resources on features that don’t move the needle for core customers. With AI-powered tools, teams can automatically segment users based on behavior, role, company size, use case and more, and instantly surface adoption trends across these key segments. This enables teams to focus on building features that deliver the most value to the right users, to optimize product adoption and customer satisfaction.

    4. Which team members are overloaded and how does that affect our project timelines?

    Workload imbalance is one of the most common reasons projects fall behind. In fast-paced, cross-functional work environments, it’s easy for some employees to feel overloaded while others are underutilized. While many managers try to keep tabs on what’s on every employee’s plate and who’s at capacity, it’s difficult without a bird’s-eye view into an entire team or department.

    AI can analyze task assignments, due dates, cross-team tasks and project updates to spot patterns that employees or managers might miss — like unrealistic timelines, resource gaps or dependencies that are holding things up. With this insight, teams can rebalance workloads, course-correct before delays spiral and keep projects moving more efficiently.

    Related: How to Prepare Your Small Business for the Next Wave of AI Innovation

    5. How should we allocate next quarter’s budget and headcount next quarter to drive growth?

    While many businesses look backwards to evaluate performance, AI can help look ahead. By analyzing insights such as historical sales data, marketing performance, user adoption and resource utilization, AI can provide recommendations on where to allocate budget and headcount. AI can identify where the largest return is coming from, where additional investment could be beneficial — and where it makes sense to scale back. That may mean doubling down on a high-converting marketing channel, investing into more sales support or reducing focus on a specific product or product feature.

    Employees shouldn’t spend hours digging through data or trying to understand what it means. Instead, AI should be able to share instant visibility into what’s working, what needs attention and where to go next with simple questions. That kind of clarity drives better decisions — and better results.

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    Dean Guida

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  • How Switching to a C Corp Could Save Your Business Thousands | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I own a firm dedicated to business optimization. Since the passage of the “One Big Beautiful Bill Act,” or OBBBA, I’m now more inclined than ever to advise my larger and more growth-focused clients to consider the C corporation over other popular entity types such as LLCs and S corporations. That said, for smaller businesses and owners who rely year-by-year on their business profits for personal living expenses, the LLC or S corporation may still be the right fit for maximum tax savings.

    A refresher on pass-through income

    In order to understand the impact of the new law and what it means for your business, it’s important to understand “pass-through income.” If you have an LLC, sole proprietorship, partnership or an S corporation that makes money this year, you can rest assured you will be taxed on that income. Your profits pass through from your business and are taxed as individual income. The C corporation, however, presents a different dynamic. Your business profits don’t automatically pass through to you individually but are taxed at the corporate level.

    Now, if your C corporation issues a dividend or you sell your shares, then the money you receive counts as individual income and is taxed as such. But here’s the thing, no one can force you to issue a dividend or sell shares in your company. Plenty of C corporation owners reinvest most or all of their profits back into their business. And why shouldn’t they? Especially now, given that the OBBBA incentivizes you to do just that.

    Related: Why New Tax Rules Could Be a Game Changer for Your Business

    Corporate tax is way less expensive than individual income tax

    To reiterate, C corporations must pay corporate tax on profits. Corporate tax is always less costly than individual income tax. Prior to 2018, the corporate tax rate could go as high as 35%, similar to the highest income tax bracket. This is no longer the case. Corporations have enjoyed a flat 21% tax rate for the past several years, “flat” meaning that regardless of whether your business profits $50,000 this year or $50 million, you pay 21%. The new law makes this 21% flat rate permanent.

    C corporations are the only business entity type that, when profitable, doesn’t automatically trigger individual income tax at the end of the year. So, a good strategy for a business owner with a C corporation is to maximize the amount of profits taxed at 21%, and only 21%.

    The OBBBA makes it easier than ever to defer individual income tax

    The trick is to retain as much of your earnings as possible within the corporation. The new law provides ample means for doing just that. There’s a kind of cascade of incentives in place in the OBBBA that encourages higher levels of corporate earnings retention. Consider, for instance, the bill’s making legal the immediate expensing of Research and Experimentation costs. In the past, it was required that such costs be expensed in accordance with a specific schedule over several years.

    Research and Experimentation costs can now be deducted in full in the same year they’re incurred. If you were looking for a reason to retain more of your business’s earnings and benefit from the ensuing tax savings, then deploying more R&E funds to quickly reduce your overall tax liability may be a brilliant move.

    Pass-through entities still benefit

    Don’t get the wrong idea. The OBBBA is by no means hostile towards pass-through entity types. In fact, the bill provides pass-throughs with a nice and exclusive perk in the form of the now permanent 20% QBI (Qualified Business Income) deduction. C corporations don’t get this.

    Here are the specs: Though subject to income limits and other restrictions, for most businesses, the QBI deduction flat out erases the tax liability for 20% of your pass-through entity’s taxable income. The benefit begins to phase out at $165,000 for single status tax filers, and $330,000 for married filing jointly.

    How should I weigh the QBI deduction for pass-throughs against C corp benefits?

    For starters, if your income is lower than the aforementioned thresholds ($165,000 for single, $330,000 for married) then the 20% QBI deduction afforded by your pass-through entity will be hard to pass up. Once your business earns above these thresholds, a pass-through can end up costing more in taxes than a C corporation, since C corps can retain profits without immediately triggering personal income tax.

    Related: Here’s What the ‘One, Big, Beautiful Bill’ Means for the Franchise Industry

    What else should I know about the OBBBA?

    The new law extends other existing business perks that can benefit C corporations and pass-throughs alike. The 100% Bonus Depreciation provision will no longer phase out but is now made permanent. This allows businesses to immediately deduct the full costs of qualified tangible property rather than deduct those same costs incrementally year after year.

    Similarly, the bill’s increased expensing cap provides tax savings — particularly for small- and medium-sized businesses — by increasing the maximum amount a business owner is able to write off in Section 179 expenses (machines, equipment, office furniture, computers, etc.) The bill’s $2.5 million expensing cap is time and a half more than the previous cap of $1 million.

    While these incentives benefit both corporations and pass-throughs by reducing overall taxable income, they also uniquely expand opportunities for C corporations to retain earnings, fueling reinvestment and long-term growth.

    The effects of the OBBBA will be felt for decades to come, a wave of growth and tax savings for businesses of all types and sizes. If you’re looking to reinvest your earnings in growth, innovation and expansion, talk to your attorney about the benefits of moving into a C corporation or contact a business formation services provider for more information.

    I own a firm dedicated to business optimization. Since the passage of the “One Big Beautiful Bill Act,” or OBBBA, I’m now more inclined than ever to advise my larger and more growth-focused clients to consider the C corporation over other popular entity types such as LLCs and S corporations. That said, for smaller businesses and owners who rely year-by-year on their business profits for personal living expenses, the LLC or S corporation may still be the right fit for maximum tax savings.

    A refresher on pass-through income

    In order to understand the impact of the new law and what it means for your business, it’s important to understand “pass-through income.” If you have an LLC, sole proprietorship, partnership or an S corporation that makes money this year, you can rest assured you will be taxed on that income. Your profits pass through from your business and are taxed as individual income. The C corporation, however, presents a different dynamic. Your business profits don’t automatically pass through to you individually but are taxed at the corporate level.

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    Nellie Akalp

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  • Chicago isn’t using salt trucks to block ICE operations

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    Chicago has been bracing for a surge in federal immigration raids and a potential National Guard deployment, but social media posts saying the city is fighting back with a salty plan aren’t true.

    One TikTok post featuring the song “The Revolution Will Not Be Televised” by Gil Scott-Heron shows footage of salt trucks lined up on a street as traffic moves past them.

    “Municipal salt trucks form a blockade to keep ICE out of the city,”the video’s caption says. 

    “In Chicago, city salt trucks and IDOT plows were used overnight to slow traffic and block access points in response to an incoming ICE operation,” the post says “The effort created a moving wall across major highways including I-294, the Edens, and I-94. Officials described the maneuver as a way to limit federal enforcement actions inside the city.”

    (Screenshot of TikTok post.)

    Sign up for PolitiFact texts

    Other TikTok and X posts also shared the footage of the salt trucks in the streets of Chicago. 

    But the trucks weren’t sent by the city to block ICE operations. Chicago regularly uses these trucks to help with safety and traffic flow. 

    A Chicago Department of Streets and Sanitation spokesperson told PolitiFact on Sept. 8 that the department deployed salt trucks to support public safety efforts related to a Sept. 6 planned protest and the Taste of Chicago, an annual culinary event held at Grant Park from Sept. 5 to 7. The spokesperson said the trucks’ deployment is a routine practice. They are typically positioned in places such as intersections to keep vehicles from passing through.

    The posts also said the trucks were trying to block and slow traffic across major highways including I-294, the Edens and I-94, but the Chicago Sun-Times reported that didn’t happen. 

    These posts come after large crowds marched Sept. 6 through downtown Chicago protesting the expected ICE surge.

    Illinois Gov. JB Pritzker said ICE told him it would be ramping up operations starting Sept. 6. As many as 300 immigration agents, who are supposed to deploy to Chicago each day, have offices at Naval Station Great Lakes, according to ABC7.

    Trump also posted Sept. 6 on Truth Social a parody image of “Apocalypse Now,” a 1979 action film, showing helicopters and the city in flames with the caption “Chicago about to find out why it’s called the Department of War.” Pritzker replied to Trump’s post saying Illinois won’t be intimidated.

    Trump’s Border Czar, Tom Homan, told CNN on Sept. 7 that people can expect immigration action “in most sanctuary cities across the country” this week.

    Pritzker and Chicago’s mayor, Brandon Johnson, have opposed Trump’s threats to send immigration agents and the National Guard to Chicago, but this salt truck operation isn’t real.

    We rate this claim False.

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  • Take These 5 Steps to Future-Proof Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Small businesses are facing strong headwinds in today’s dynamic business environment. Technology is evolving faster than entrepreneurs can keep up with, market and consumer demands are constantly changing, and there seems to be a new economic or geopolitical disruption every week. Surviving in this landscape requires businesses to have robust strategies and systems in place while simultaneously remaining nimble. This pressure is exceedingly difficult to tackle as the business grows.

    To thrive in this volatile business landscape, a comprehensive and resilient strategy is absolutely essential. This involves establishing robust frameworks that allow your business to absorb shocks and swiftly recover from constant change. With technological advancements, particularly AI, businesses must proactively adapt their operations and integrate new tools to avoid being outpaced by agile competitors. Developing a strategy that ensures core functions remain stable under pressure while aligning with your personal and professional vision is paramount for long-term success.

    Related: Follow These 7 Business Strategies to Future-Proof Your Business

    1. Audit and streamline operational processes

    The foundational step to future-proofing your business is to have a deep understanding of your business’s operational processes. The good news here is that for startup entrepreneurs, you were likely involved in their creation. The bad news is that it can be difficult to spot inefficiencies because of internal biases, which is why it’s important to engage other members of your team to participate in the process.

    Start by mapping out all of your critical business processes. Having clearly documented processes allows your business to function like a well-oiled machine. It ensures that everyone is on the same page and working together. As you go through this exercise, look for opportunities to improve tasks that are repetitive, time-consuming and prone to human error. By formalizing your processes, you are future-proofing from the standpoint of reducing dependency on the founder and ensuring critical operations aren’t reliant on a single person.

    2. Leverage technology for automation

    Once you have clearly documented processes, you can strategically leverage technology, including AI, to automate repetitive tasks and drive efficiency. This entails developing a technology roadmap to identify gaps, research emerging solutions and plan seamless integration.

    It’s important to prioritize solutions that solve specific problems and integrate smoothly, such as AI-powered chatbots for customer interactions, predictive analytics for inventory and automation for administrative tasks. Thoughtful implementation can boost efficiency, minimize errors and free your team for strategic work.

    In addition, automation should generate actionable data, allowing your team to identify areas for continuous improvement and proactively spot future disruptions.

    Related: 90% of Your Business Could Be Automated With Just These 4 Tools

    3. Build a culture of delegation

    While technology provides powerful tools, a business cannot truly scale if decisions and critical tasks consistently bottleneck with the business owner. This is why a pivotal step in future-proofing involves actively building a culture of delegation and empowerment within your team. As a business owner, it’s critical to start systematically delegating tasks and responsibilities by providing clear guidelines, comprehensive training and the necessary authority for team members to succeed independently.

    The ultimate goal is to foster an environment where employees are encouraged to take ownership, proactively solve problems and contribute ideas. From a future-proofing perspective, a strong, empowered team is fully capable of adapting and performing effectively even in your absence.

    4. Develop a talent strategy

    Your team is your greatest asset. A solid future-proofing strategy involves more than just hiring. It means actively attracting, developing and retaining adaptable talent, skilled in new technologies. For your existing team, be sure to invest in ongoing training and skill development to ensure their capabilities keep pace with technological advancements and market demands.

    A skilled and adaptable workforce is essential for navigating change, implementing new strategies and embracing new tools. A proactive talent strategy ensures that your team is prepared to meet future demands and leverage emerging technologies effectively.

    5. Foster a mindset of continuous innovation

    To truly future-proof your business, entrepreneurs should encourage a mindset of continuous improvement and innovation. You can do this by encouraging experimentation and allowing your team to make small mistakes and learn from failures. By building agility into your operational planning and decision-making, you are setting up the team to be nimble when unforeseen market challenges arise. Having a culture that embraces change and actively seeks new ideas will enable you to better identify and capitalize on future trends, rather than being overwhelmed.

    Related: The Power of Continuous Innovation — and 3 Easy Ways Your Company Can Achieve It

    There is a lot of uncertainty about the future. With rapid changes due to technology and other factors, it’s impossible to predict the resources, skills and strategies businesses will need to survive. It’s critical for every entrepreneur to take the time to carefully consider what they can do to strengthen the resilience of their businesses and position themselves to take advantage of new and emerging opportunities.

    Small businesses are facing strong headwinds in today’s dynamic business environment. Technology is evolving faster than entrepreneurs can keep up with, market and consumer demands are constantly changing, and there seems to be a new economic or geopolitical disruption every week. Surviving in this landscape requires businesses to have robust strategies and systems in place while simultaneously remaining nimble. This pressure is exceedingly difficult to tackle as the business grows.

    To thrive in this volatile business landscape, a comprehensive and resilient strategy is absolutely essential. This involves establishing robust frameworks that allow your business to absorb shocks and swiftly recover from constant change. With technological advancements, particularly AI, businesses must proactively adapt their operations and integrate new tools to avoid being outpaced by agile competitors. Developing a strategy that ensures core functions remain stable under pressure while aligning with your personal and professional vision is paramount for long-term success.

    Related: Follow These 7 Business Strategies to Future-Proof Your Business

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    Nicholas Leighton

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  • Lagunitas Closes Chicago Taproom to Move Brewing Operations Back to California

    Lagunitas Closes Chicago Taproom to Move Brewing Operations Back to California

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    Lagunitas Brewing Company is closing its Chicago taproom and relocating its brewing operations back to its original California brewery. The company will maintain its warehouse next to the Douglass Park brewery, according to a news release.

    The announcement comes a little more than a year after Lagunitas reopened its North Lawndale taproom which was closed for three years due to the pandemic. The brewery opened its Chicago facility, 1843 W. Washtenaw, in 2014. Lagunitas was founded in California in 1993. The closure impacts 86 workers, according to the brewery, and some will move west to work at the Petaluma, California facility.

    Lagunitas served food when it first opened in 2014.
    Marc Much/Eater Chicago

    An industrial bottling facility inside Lagunitas Chicago Taproom and Brewery.

    They’re moving operations back to California.
    Marc Much/Eater Chicago

    “Chicago remains a priority market for Lagunitas, and the company will continue servicing the many partner bars, restaurants, and stores in and around Chicagoland with its fresh and high-quality hop-forward IPAs and other brews,” according to a news release.

    The taproom was once a destination for beer lovers, as beers like A Little Sumpin’ Sumpin’ were popular in Chicago’s bars. The Chicago brewing facility presented a gateway to the Midwest and East Coast, as Lagunitas pursued expansion. In September 2015, Heineken’s parent company bought a 50-percent stake in Lagunitas. Two years later, the multinational company purchased the remaining 50 percent.

    When the taproom reopened in 2023, it did so without food. The news release singles out needing to “future-proof” the company and “to allow for a more efficient and flexible supply chain, with a greater focus on innovation and the acceleration of more sustainable brewing practices.” Simply put, craft breweries have struggled in recent months with several closures.

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    Ashok Selvam

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  • Austin Pets Alive! | Hays County Commissioners’ Court Approves Three…

    Austin Pets Alive! | Hays County Commissioners’ Court Approves Three…

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    Hays County Courthouse, San Marcos, TX – The Hays County Commissioners’ Court approved the Professional Services Agreement with Austin Pets Alive! (APA!) to be extended through June 30, 2024.

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  • Deutsche Bank simplifies workflows, automation to reduce headcount | Bank Automation News

    Deutsche Bank simplifies workflows, automation to reduce headcount | Bank Automation News

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    Deutsche Bank is reducing costs bankwide through automation and technology efforts.  The $578 billion, Germany-based bank is using simplified workflows and automation on the front end and application decommissioning and operation model improvements on the back end, Chief Executive Christian Sewing said during today’s Q4 earnings call.   Through the automation and technology efforts, the […]



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    Whitney McDonald

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  • This Critical Mistake Is Slowing Down Your Operations — But There’s 1 Simple Tool You Can Use to Change That. | Entrepreneur

    This Critical Mistake Is Slowing Down Your Operations — But There’s 1 Simple Tool You Can Use to Change That. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Picture this: you’re a business leader at the helm of a thriving company. Your days are packed with making critical decisions, steering your team toward success and ensuring customer satisfaction. Amidst this, the last thing you want is for your purchase-to-pay (P2P) process to become a bottleneck — slowing down operations, frustrating your team and potentially harming vendor relationships. A convoluted P2P process can not only waste valuable time but also lead to errors and financial losses — a risk no entrepreneur can afford.

    Now, picture a simpler, more efficient purchase-to-pay system. One where invoice processing, supplier management and payment processing are seamlessly integrated. Imagine the ease with which your team could operate, the time saved that could be better spent on strategic initiatives, and the reduction in errors that could translate to significant cost savings.

    This is not just about operational efficiency; it’s about creating a competitive edge in an increasingly demanding business environment.

    Understanding what makes for a good P2P process is crucial. A good P2P process can mean the difference between a financial year spent firefighting operational inefficiencies and one where you can focus on growth and innovation. In a world where business agility is paramount, can you afford to overlook the importance of a streamlined purchase-to-pay process?

    Related: 3 Secrets to Streamlining Your Accounts Payable Process

    In my 23 years working with financial systems, one of the evergreen truths I’ve witnessed again and again is the fact that simplicity in processes benefits everyone. Simplicity is borne out of clarity of vision, and it begets quality of output.

    When implementing P2P automation, integrating numerous specialized tools — like one software for invoice processing, another for supplier management and another for payment processing — can lead to a disjointed and inefficient system. Instead of a streamlined process, businesses often find themselves navigating a complex web of incompatible platforms, leading to more confusion and inefficiency. Here are just a few reasons why simplicity is the key to a truly successful Accounts Payable process from every perspective.

    1. From a user experience perspective: The user experience — both on the internal side of a process and on the customer side — is central to the successful use of any kind of software. Streamlining software design often enhances its usefulness for the people who use it daily. A platform should be intuitive to navigate, as this allows it to be accessible to a broader range of people, which in turn enhances user satisfaction, customer retention and engagement. Conversely, juggling multiple apps to fill in the gaps puts more pressure on users to quickly learn an increasing number of interfaces, which is inefficient from both a time and cost perspective.

    2. From a safety and accessibility perspective: When it comes to invoicing and similar processes, sometimes the fewer hands required, the better. Ease of use is paramount in maintaining an operative system that is safe and secure. When users have a clear sense of how to use a given software, processes are more straightforward and self-directed, which can lessen the incidence of human error and oversight.

    3. From an adaptability perspective: Excellent software takes complex integrations and API connections and creates simple, seamless integrations for the end user. Remaining flexible and responsive to the new tools, frameworks and solutions offered by technological innovation is crucial to remaining relevant as a software provider.

    4. From a cost perspective: When a company relies on multiple software architectures with numerous interdependencies to run processes, the cost of maintaining and supporting these systems is often considerable. Unpretentious and succinct software is typically less expensive to implement, test and maintain (and often achieves the desired results with fewer bugs as well) due to only having to pay for one comprehensive solution vs multiple specialized ones. Problems are easier to identify and attend to, saving organizations precious time and creative energy without sacrificing the essential process backbone.

    Why do we create new software tools and solutions in the first place?

    When selecting a P2P or AP automation solution, it’s important to keep some distinctions in mind. There are three major categories on offer that companies must consider.

    • Generalist solutions: These are versatile and can handle a broad range of accounting tasks. However, they may lack deep specialization in any one area. An example of a generalist solution is a well-established ERP (Enterprise Resource Planning) software application like SAP or Oracle. These systems integrate various business processes but may not offer the depth of features found in more specialized tools.
    • Hyper-specialized solutions: These solutions offer a high level of expertise in a specific area of the P2P or AP process. For example, PayPal or Stripe could be considered hyper-specialized solutions focusing on online payments. These platforms provide advanced features and capabilities specifically for handling online transactions, but they might not address other aspects of the P2P or AP process.
    • All-in-one Solutions: These solutions provide comprehensive coverage of the entire P2P or AP process, combining generalist breadth with specialist depth, and offering end-to-end capabilities from procurement and invoice management to payments and analytics. These solutions are designed to manage the entire process seamlessly, offering a high level of expertise across all stages.

    Related: 8 Tips for Setting Up a Killer Invoicing System That Always Gets You Paid

    Finding the right balance between expertise and end-to-end scope to secure ROI and TCO – and a solution that optimizes user experience as well – is the key to accounts payable automation success. Truly brilliant solutions bring order and efficiency into areas of complexity and confusion thanks to their razor-sharp, “simple” elegance.

    When it comes to the accounts payable process, the best way to improve people’s experience is to make the process as comprehensive and intuitive as possible. Business owners usually have enough on their minds as is, and they don’t need a thousand and one options to choose from when it comes to running the essential elements of their businesses.

    It turns out you don’t need countless tools to create something outstanding that satisfies everyone; you just need the right ones added at the right time. The more streamlined the AP automation process, the better the outcome.

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    Francois Lacas

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  • How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

    How I Turned My Business' Fast Growth Into Sustainable Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Companies often face the most unexpected issues when it comes to growth: The very success that propels them forward can also become their greatest challenge. Rapid growth, while indicative of a business’s vitality, can present complexities requiring business owners to take notice of.

    I aim to help you explore these conundrums and provide actionable strategies for effectively managing rapid business expansion, particularly for those unfamiliar with these often surprising business dynamics.

    Related: How to Identify and Address the Challenges of Excessive Business Growth

    Understanding rapid growth: Key questions addressed

    Rapid business growth can be exhilarating, but a spectrum of challenges accompanies it. One of the most conspicuous signs of overly rapid expansion is financial strain, where the generated revenue lags behind escalating operational costs. This imbalance can lead to severe cash flow problems — a critical issue for any growing business.

    Another significant challenge is the impact on employee morale. As the business expands, the existing workforce may find themselves overwhelmed by the increased demands, often without a corresponding increase in resources or support. This situation can lead to diminished productivity, increased turnover rates and a general decline in workplace morale.

    Customer service, a cornerstone of business success, also suffers under unchecked growth. The existing team, stretched thin by the demands of an expanding customer base, may struggle to maintain the quality of service that clients have come to expect. This decline can harm the business’s reputation and customer relationships, which are essential for sustained growth.

    Effective strategies for managing rapid growth

    At the heart of managing rapid growth is effective financial management. This entails a meticulous review of cash flow and proactive forecasting of future financial requirements. Businesses may need to explore options like refinancing or invoice factoring to ensure adequate liquidity. A robust financial strategy should also encompass budgeting, cost control and investment in growth-enabling resources. Defining clear growth objectives and conducting a comprehensive growth diagnosis are critical components of strategic planning. A well-crafted growth strategy should be based on a thorough analysis of internal resources, market conditions, competitor activities and customer needs. This strategy should not only guide the company through its current growth phase but also lay the groundwork for future expansions.

    Calculating and making decisions is an integral part of entrepreneurship. When we experience our first taste of success, the natural response is to want more, to have a “gung-ho” mindset and to do everything at all costs. However, what separates successful entrepreneurs from the rest is that they make calculated risks and it’s these rapid growths that can get in the way of businessmen and businesswomen from thinking clearly and making sound decisions.

    Moving forward with day-to-day operations, the role of employee well-being in managing growth cannot be overstressed. Fostering a workplace culture that recognizes and rewards contributions, ensures equitable workload distribution and supports work-life balance is crucial. This may include offering flexible working arrangements, competitive compensation packages and opportunities for professional development. Happy and engaged employees are more productive and are the bedrock of a thriving company.

    Related: 7 Strategies to Scale Your Small Business and Achieve Sustainable Growth

    A company that’s rapidly growing is also more vulnerable to economic recessions. Since these companies are growing too quickly, they make big splurges to match their demand without the proper planning behind the company’s operations. Oftentimes, it’s the employees who bear the brunt of the struggle and they become the victims of a company’s operational and financial mismanagement in the form of layoffs, salary cuts and more. It’s important for businesses to leave room for quarterly, bi-annual and annual reviews to make the adjustments necessary to keep up with the demands and the realistic limits of what your business can provide.

    As businesses grow, it’s imperative to maintain — if not enhance — the level of customer service, a mainstay of my policies at the Strategic Advisor Board. This involves regular assessments of customer service processes, addressing any issues promptly and potentially hiring additional staff to manage the increased demand. In my company, we have always made it important to prioritize the well-being of our customers. An example of this would be investing in customer relationship management (CRM) systems and training staff in customer service excellence can go a long way in preserving customer loyalty and satisfaction.

    Firm leadership is necessary in navigating the challenges of rapid growth. Leaders must balance their focus on day-to-day operations with strategic long-term planning. There have been way too many instances of business owners and entrepreneurs who operate solely within their vision and get too liberal with risky decisions. Effective leadership also involves being adaptable, making informed decisions based on real-time data, and leading by example.

    Everyone is always looking to be the next big thing in their specific business. Everyone wants to be the new Amazon or the new Netflix. This ambitiousness can end up biting your business in the back if you aren’t too careful and are too focused on your business’s demands without properly assessing your capabilities.

    Related: How to Navigate High-Growth Environments and Boost Revenue Through Visionary Leadership

    Final thoughts

    Navigating the high tides of business expansion requires a multi-dimensional approach, focusing on financial stability, strategic foresight, employee welfare, customer satisfaction and strong leadership. By addressing these key areas, businesses can transform potential challenges into stepping stones for sustained success and stability. Embracing growth should be a thoughtful, strategic process, where the pitfalls of rapid expansion are acknowledged and proactively managed. This approach ensures that the company not only survives its growth but thrives, setting the stage for continued success in a business landscape that’s constantly changing and innovating.

    While rapid growth presents its unique set of challenges, with the right strategies and mindset, it can be managed effectively. The key lies in understanding the nuances of expansion and implementing a holistic approach that balances immediate needs with long-term goals. By doing so, businesses can ensure that their growth trajectory is not only swift but also sustainable and beneficial for all stakeholders involved.

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    Jason Miller

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  • Austin Pets Alive! | Emergency Response Needed For Outdoor Shelter…

    Austin Pets Alive! | Emergency Response Needed For Outdoor Shelter…

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    We need your help this week! The Austin and surrounding areas are expected to reach freezing temperatures this weekend so shelter pets in outdoor enclosures need help by this Sunday! Here’s how you can support them NOW.

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  • How Much Is Too Much Automation in the Workplace? How AI Could Be Hurting Your Employees | Entrepreneur

    How Much Is Too Much Automation in the Workplace? How AI Could Be Hurting Your Employees | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) is taking over the workplace, and employees are still not sure how their companies are using automation tools to boost their productivity or augment specific tasks of their jobs.

    The reality, however, is that many companies have given their all or nothing for artificial intelligence without considering the near and long-term impact these tools will have on employees’ mental well-being. Now the results are in, and it’s not looking very good.

    Several studies have found that employees are feeling more stressed or anxious since their companies have introduced several new AI-focused projects to assist with overall workplace productivity.

    All of this for an extra boost in the quarterly bottom line.

    Related: How to Leverage AI to Supercharge Your Business

    How artificial intelligence is impacting employees’ well-being

    What many thought would become the breakthrough moment of the century is now looking more and more taboo for some workers trying to avoid the topic of artificial intelligence in the workplace.

    One recent study published by the American Psychological Association (APA found that roughly 4 in 10 (38%) American workers are worried that artificial intelligence will partially or completely take over their job duties, leaving them obsolete.

    All of this tracking hasn’t fared well with employees either. In the same APA report, around a third (32%) of employees that know their boss is tracking their activity reported their mental health being “fair” or “poor.”

    In a different APA study, more than half of employees said they are aware that their boss or manager is using some form of AI to monitor their activity while on the clock.

    This isn’t to mention the countless number of employees feeling overwhelmed with all the new learning and training they have to undergo to effectively apply artificial intelligence in the workplace or their day-to-day activities. Fears of being replaced by machines, computers monitoring their activity and the absence of AI workplace policies are only adding more confusion to the office talk.

    Yet, despite all of this chatter going around, a survey by The Conference Board found that 1 in 10 employers are now using generative AI tools daily. However, only 23% said that their company had an AI policy in development and 26% said their organization already had something in place.

    A fear of becoming obsolete

    All over the world, employees are becoming more fearful of artificial intelligence taking their place in the office. In fact, a study by the Pew Research Center found that roughly 19% of U.S. workers were in jobs most exposed to the possibility of being automated by AI.

    While it’s still unclear how many jobs might be slashed in the coming years, because it’s cheaper and more effective to employ machines, some suggest that artificial intelligence has already contributed to roughly 4,000 layoffs in May this year.

    While employees fear that they might be replaced in the coming years, or even more worrisome, in a couple of months at the rate at which artificial technology is developing, many are also concerned over whether they will find a good paying job elsewhere.

    Concerns regarding job fulfillment and work-life balance are all now being questioned as the workplace becomes increasingly automated and the labor market more competitive.

    Related: Don’t Waste Money on AI. Unlock Its True Potential By Treating It Like a New Hire.

    Lack of privacy and security

    It’s no secret that companies are leveraging artificial intelligence to track and monitor employee performance and their day-to-day activity while on the clock.

    While some companies have used this technology to allow their teams to have more efficient and transparent workplace practices, allowing them increased exposure to project progress, and the ability to resolve inefficiencies more effectively — some employers have gone the other route, instead.

    Those employees who know their bosses and managers are tracking their activity have felt that they are often being inappropriately watched; in fact, 81% of employees felt this way.

    Employees are feeling that they are not being trusted by their employers or team members, leading to decreased morale and engagement. Additionally, this only adds to workers’ personal distress and leaves a sour taste in their mouths realizing that their activity is closely being captured by their employers.

    On top of this lack of privacy, many employees often feel that a potential data breach could only further expose more of their personal information to bad actors. Weak cybersecurity infrastructure and a lack of proper security training are often known to be some of the biggest reasons for data breaches in the workplace.

    A continuity of underlying workplace discrimination

    Other issues with automation and artificial intelligence tools in the office are the potential risks these tools pose for workplace diversity and inclusion practices. Hiring algorithms used to train AI models are often responsible for the design choices made during a company’s hiring process and for selecting appropriate candidates for open positions.

    However, many people feel that these algorithms used in the hiring and candidate selection process can influence a company’s wider diversity, equity and inclusion (DEI) standards.

    Already, there have been multiple examples of artificial intelligence being host to cultural and gender bias, only selecting employees based on their race, gender, and age and not necessarily taking into consideration their qualifications or experience.

    Effectively training AI-hiring algorithms to de-bias itself and remove discriminatory actions takes time, often reversing the work employers have already done in recent years to create more equitable workplace policies.

    What’s more, these systems are only learning from the data companies can feed them. Let’s say a company is predominantly male, the system will read that as “Hey, we don’t really hire women around here.”

    Not even companies such as Amazon couldn’t de-bias its hiring algorithms back in 2018, despite having access to the necessary resources and skills.

    Related: AI Is Coming For Your Jobs — Anyone Who Says Otherwise Is In Denial. Here’s How You Can Embrace AI to Avoid Being Left Behind.

    Where do employers draw the line?

    Well, that’s exactly the question many are wondering about. Companies will continue to invest in artificial intelligence, and employees will have to deal with what comes afterward. Finding a balance would require employers to take more actionable steps to effectively integrate AI within the workplace, allowing employees to grow alongside it, instead of being fearful thereof.

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    Pierre Raymond

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  • How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

    How Small Businesses Can Still Create Jobs Despite Inflation and Rising Interest Rates | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ve been fortunate to work with small businesses for more than a decade and have seen firsthand the impact they have on those around them — from the people they employ, the communities they serve and how they fuel our overall economy. One such small business (and, disclaimer, a QuickBooks customer) is High Five Events in Austin, Texas. High Five Events started with one small event and has since built a team that puts on large, key events like the Austin Marathon that brings the community together.

    I’m not alone in recognizing the importance of small businesses. In a 2022 survey of 8,000 Americans, 73% said small businesses make their community a better place to live. This isn’t surprising when small businesses make up 98% of all U.S. businesses, and more than a third (36%) of all workers in America are employed by small businesses.

    And while small businesses continue to be formed rapidly, they’re creating fewer jobs than before. Despite the number of new business applications skyrocketing, surpassing 5 million in 2022 compared to 2.1 million in 2005, the number of new businesses with employees during this same time period fell from 10% to roughly 8%.

    Why? I believe one of the primary reasons we’re seeing this shift is due to the unique strains entrepreneurs face when it comes to accessing financing, with record inflation and high interest rates creating an even more challenging environment.

    Related: Here’s the Secret to Growing Your Small Business, According to Execs at UPS, Airbnb, Mastercard, and Other Big Brands

    New findings in the Intuit QuickBooks Small Business Index Annual Report ultimately show that these macroeconomic issues and business growth are intrinsically linked.

    We typically look at inflation through the lens of the consumer, but its impact on small businesses shouldn’t be overlooked. Small business growth and stability are early indicators of the economy’s health, and right now, small businesses identify rising costs as the number one challenge they face. With small businesses’ cash reserves 20% lower today than before the pandemic, and credit card debt 15% higher than before the pandemic, businesses have less cash on hand and more debt accumulating, hindering their ability to create jobs and hire workers.

    In addition to inflation, business owners are contending with an increasingly difficult financing landscape. Small businesses are currently twice as likely to use their own savings to fund their business as they are to use loans from banks or other commercial lenders, with more than half (58%) of U.S. small business owners surveyed indicating they have self-funded their business — often by working other jobs.

    How entrepreneurs are adapting

    For business owners to navigate these headwinds and achieve growth — from both a revenue and workforce perspective — it’s essential they take advantage of the many resources and tools available to them.

    It’s critical to be smart and savvy when it comes to business banking. New data shows that finding the right banking partner can mean being able to access capital or not, as small businesses that worked with well-financed banks before 2022 interest rate hikes got more funding than those working with less well-financed banks. Understanding this, it’s important to be informed and ask a few basic questions when looking for the right bank.

    For example, is the bank FDIC insured? Does it offer a competitive annual percentage yield? Are there fees or a minimum balance required? Can the bank support other business operations — from payroll to credit card processing, automated bill pay or instant payments? You’ll want to get clarity around all these questions before making a decision.

    Businesses also need to tap into the power of digital tools. According to our recent Annual Report, more than half (55%) of small businesses that manage eight or more areas of operations with digital technology report revenue growth. However, this drops to 31% among those who use digital tools for up to two areas only. And high adoption of digital technology isn’t just supporting revenue — it’s supporting employment, too. Twenty percent of high adopters report workforce growth, but fewer than 1 in 10 low adopters report the same. Many digital tools are also increasingly leveraging AI to drive efficiencies, automate operational work, inform decision-making and reduce human error, which can have incredible benefits for small businesses.

    Related: I’ve Served Small Businesses for More Than 10 Years — Here Are 3 Investments to Consider That Will Help You Succeed

    Finally, working with an accounting professional can be an incredible resource in helping businesses navigate the current macroeconomic environment. Our report found that more than 80% of small businesses agree that their accounting professionals have helped them reduce the impact of inflation on the business. From keeping up-to-date and accurate records updated on everything from income to expenses and deductions, hiring an accountant and outsourcing bookkeeping can save small businesses time and money: on average, small businesses estimate having an accountant saves them $39,000 each month.

    As we face a year ahead where economic challenges may persist, it’s imperative that we foster an environment that is conducive to economic growth and small business resilience.

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    Rich Rao

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  • We Are Only Using 33% of Our Marketing Tech — And Draining Our ROI. Here's What Needs to Change. | Entrepreneur

    We Are Only Using 33% of Our Marketing Tech — And Draining Our ROI. Here's What Needs to Change. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the aftermath of the pandemic, many companies purchased new software – a lot of it. Then came the downturn, and those same companies were forced to examine how much – or how little – value this new tech was driving. This has been especially true for marketing teams, which have been prime targets for shiny object syndrome amidst a rapidly growing array of martech solutions and the pressure to do more with less. With most organizations only using 33% of their martech tools’ capabilities, it’s perhaps not surprising that as budgets shrink, teams underleveraging their martech tools have been forced to shelve them.

    But the problem may not have been that the technology “just didn’t work.” Software on its own is not a silver bullet. And, while vendors have a role to play in ensuring customers can implement their tools, the actual value is the change in how your organization operates *enabled by the software*. You only get this value after the software gets implemented and you change how you do things, including team coordination and buy-in, planning and execution.

    Simply put, every tech purchase also needs to come with a mindset shift about the required change in operations — starting with the end goal and working backward toward the implementation. This approach requires addressing important but often difficult questions, such as how your team is set up, how responsibilities will change and how you will adapt and improve the way you work together.

    Related: Invest in These 5 Technologies to Redefine Your Marketing Efforts

    Great software with built-in workflows that act as guardrails for your team makes these changes much easier. But you will only get there if you answer these kinds of questions:

    Question 1: What are your business goals — and how can marketing tech help you get there?

    Rather than taking a bottom-up approach to buying martech, marketing teams should instead start with their business goals — and how software can help them get there. The key is to be explicit about expected outcomes. At a minimum, you’ll need to align the head of marketing and the technology lead for marketing on the fundamental goals of the project — and clear expectations on roles and timelines.

    But what if this doesn’t happen? I’ve seen this situation play out more than once in the world of digital marketing. The recent push for decoupling front-end and back-end website architecture has led to the introduction of tools like Front-End Sites. At face value, these tools make some pretty enticing promises: more modern and elevated web experiences for users and more seamless integration within a brand’s digital ecosystem on the back end. Where things go off the rails is when the technology investment and approach aren’t tied back to the marketing team, their needs, expectations and goals. The technology is complex, and it often comes with drawbacks for marketers – like more challenging publishing workflows – which they usually aren’t aware of upfront. These issues can be overcome as long as the teams involved go in with the recognition that the tools don’t always offer a quick fix.

    The outcome is never just the purchase of the software itself; it’s about having a plan for internal transformation to get the desired results, whether your intended outcome is optimized workflows, increased efficiency or better customer experiences.

    Question 2: What do we need to change about how we operate to get the outcome we want?

    Here’s an uncomfortable but important truth: Without making internal changes geared toward extracting value, software is essentially useless. Martech buyers (and sellers) need to be willing to get honest about the internal changes required to achieve the outcomes they are after.

    Collaboration between marketing and IT is key. Developers know that any complex software is going to be complicated to deploy, challenging to integrate and won’t always work. Marketers must be aware of this, too – and it must be communicated and planned for. Ideally, you’ll want to pull together a team including marketing, UX design, development and IT to collaborate on an approach that enables the organization to make iterative improvements on a phased timeline.

    It may also mean taking an incremental approach to building and rolling out features. Our digital agency, TNB, did this with their clients to help them deliver better and more valuable online experiences. They undertook an extensive roll-out process to test Front-End Sites as they implemented it, ensuring they made it easy for clients to use the tool right away. And because of that upfront investment, their team has been able to shift budgets away from back-end work and over to front-end work, where it will have the most significant impact on users.

    All software implementations should be treated this way – with a cross-functional team and an agile approach that enables everyone involved to get what they need – if not immediately, then at least with a measure of transparency. If your organization isn’t set up to approach implementation this way, then aspects of how you communicate and collaborate may need to be addressed.

    Related: How Automation Can Change the Face of Your Martech Stack

    Question 3: How do we determine we’re on track to getting long-term value?

    Smart tech buyers know that the job doesn’t end when the tech is acquired. I’ve lost count of how many projects I’ve seen fail altogether when teams didn’t plan how to track value over the long term.

    So, how do you know the tech is working for you? This is where having clarity on the desired outcome becomes critically important. To measure this, establish baseline metrics according to your specific value drivers (marketing teams will likely want to tie them to customer experience outcomes). Then, track your progress over time. You don’t necessarily need to hit all of your goals overnight. Start with rolling out basic functionalities that will improve the customer experience and then build over time. This will instill confidence in the team and show that progress — and results – are possible.

    Ultimately, successfully buying and implementing martech is more about taking an intentional approach than it is about technical specifications. The tech that empowers business transformation can change people’s job descriptions, organizational structure and processes — in a good way. But getting there requires patience and a concerted effort.

    When you do all three of these things and you align all stakeholders (including finance, procurement and even the CEO), you will be amazed how much easier operating can become. These simple but sometimes hard early conversations so often make the difference between the success and failure of technology investments.

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    Zack Rosen

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  • 5 Crucial Mistakes to Avoid for a Successful Business Sale | Entrepreneur

    5 Crucial Mistakes to Avoid for a Successful Business Sale | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    After the culmination of years, if not decades, of hard work and perseverance, the process of selling a business will bring many opportunities. But there will also be plenty of challenges, including emotional ones. In the excitement of a sale, many entrepreneurs make critical mistakes that can cost them dearly. Let’s explore five things you should never do when selling your business to help ensure you get the greatest possible deal and protect your interests.

    Related: 10 Mistakes I Made While Selling My First Startup (and How You Can Avoid Them)

    1. Neglecting proper valuation

    One of the biggest mistakes business owners make when selling their businesses is failing to conduct a thorough and accurate valuation. It’s essential to have a clear understanding of your business’s worth before entering into negotiations. Relying solely on intuition or an arbitrary number can lead to selling your business for less than its true value or overestimating its worth, scaring potential buyers away.

    To avoid this mistake, consider hiring a business appraiser or valuation professional. They can analyze your financial statements, assets, customer base and industry trends to determine the fair market value of your business. This valuation serves as a crucial reference point during negotiations and helps ensure you don’t settle for less than you deserve.

    2. Keeping poor financial records

    When selling your business, meticulous financial record-keeping is paramount. Buyers want transparency and reliability in financial data to make informed decisions. Unfortunately, some business owners neglect this aspect, which can lead to suspicion and doubt from potential buyers or even cause deals to fall through. Unfortunately, keeping accounting records on the back of a pizza box won’t instill confidence in the potential buyer.

    To avoid this pitfall, maintain accurate and up-to-date financial records. This includes organized income statements, balance sheets, tax returns and cash flow statements. Make sure your financial records are audited or reviewed by a reputable accounting firm to provide assurance to potential buyers. If your accountant has no experience in exit planning, it’s time to hire a new CPA to work alongside your current accountant. Transparent financial records can instill confidence in buyers and expedite the due diligence process. Keeping these records in a digital vault can speed up and create more confidence with the potential buyer.

    Related: You Sold Your Business. Now What? Embracing a New Chapter with Care and Purpose

    3. Ignoring due diligence

    Due diligence is a critical step in the business sale process, and it works both ways. While you’re evaluating potential buyers, they’re also assessing your business thoroughly. Failing to conduct due diligence on your potential buyer can lead to unpleasant surprises down the road.

    Don’t rush into a deal without conducting due diligence on your prospective buyers. Investigate their financial capabilities, track record and intentions for your business. Are they well-funded, experienced and committed to maintaining your business’s legacy? Engaging with a buyer who lacks the resources or intent to run your business successfully can lead to a disastrous outcome for you and your employees. In addition, many of the purchasers are professional buyers. So be careful not to take on these potential buyers alone! It’s important to get professional help.

    4. Keeping the sale confidential

    Maintaining confidentiality during the sale of your business is vital. Leaks or rumors about the sale can disrupt operations, create uncertainty among employees, suppliers and customers, and potentially harm the business’s value.

    To preserve confidentiality, limit the information shared with employees and only disclose details on a need-to-know basis. Similarly, communicate with potential buyers under non-disclosure agreements (NDAs) to protect sensitive information. Your investment banker or business broker can help you manage the confidentiality aspect of the sale.

    Related: The Secret to a Successful Sale — Expert Tips to Navigate Common Deal Derailers

    5. Neglecting a well-structured exit plan

    Selling your business isn’t just about the transaction itself; it’s about ensuring a smooth transition for all stakeholders involved. Neglecting a well-structured exit plan can lead to chaos, disputes and a loss of value.

    Before entering negotiations, have a clear exit plan in place. This plan should outline the timeline, responsibilities and expectations for all parties, including employees, suppliers and customers. Consider how you will handle the transition of ownership, the retention of key employees and the integration of the business into the buyer’s operations.

    Additionally, consult with legal and financial advisors to address tax implications, estate planning and asset protection strategies. Think about what you’re going to do after your exit, because neglecting this could be your biggest mistake. A well-thought-out exit plan not only safeguards your interests but also helps maintain the business’ stability during and after the sale.

    Selling your business can be a life-changing event, and it’s essential to navigate the process wisely. By avoiding these five common mistakes, you can increase your chances of a successful and lucrative business sale.

    Remember that seeking professional advice and guidance from professionals in the field, such as business appraisers, attorneys, Certified Exit Planning Advisors (CEPAs) and financial advisors, is crucial throughout the entire selling process. With careful planning and attention to detail, you can maximize the value of your business and ensure a smooth transition for all involved parties.

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    Mark Kravietz

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  • Succession Planning Is Vital — Here’s What You Need to Do. | Entrepreneur

    Succession Planning Is Vital — Here’s What You Need to Do. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business owners know a thing or two about working long hours. Without fail, there’s always something to do. But what about putting in the time to develop proper business succession planning? A recent report from SIGMA shows that nearly 1 in 10 leaders believe succession planning is not worth the time and money that it costs. Are you that one? There will be a time when you’ll want to transition ownership of the business to another party, and it may be sooner than you think.

    While seemingly straightforward, succession planning for business owners can take several different forms, each with its own set of pros and cons. You’ll want to understand your options and how they relate to what you hope to accomplish. No matter when or how you transition ownership, your results will be impacted by how much effort you put into planning.

    Related: Succession Planning: It’s Never Too Early to Start Thinking About the Future of Your Business

    Starting with the end in mind

    An important trait in highly effective people is the ability to come into any given situation with a clear understanding of the destination. It allows for better identification of the necessary steps to achieve a desired outcome. That’s business succession planning in a nutshell — or, at least, that’s the goal.

    If you think success planning is as simple as handing over the reins to family, you’d be mistaken. Only about half of heirs want to take ownership of the family business. That’s a stark difference from what business owners actually think, with 67% believing that their heirs want the business. Even if the family member is ready to take over, succession planning for business owners takes time and preparation. Below are five strategies that will help you start planning for succession and the thought that needs to go into it.

    1. Carving out the time necessary

    In our experience, it’s best to start creating a succession planning roadmap at least three to five years prior to the date of the planned transition. Without a roadmap, you might unknowingly create hurdles to a successful transition instead of facilitating a clear path to new ownership. In fact, it could even put into question the financial security you desire.

    Let’s say you’ll be selling the business to an unrelated third party. The financial impact will be significantly different than “gifting” the business during your lifetime or transitioning ownership upon your death by way of an estate plan. You must determine the value needed from the sale to maintain your lifestyle once you no longer own the business — and that’s just the start.

    Related: Most Family Businesses Don’t Have a Succession Plan in Place, But That’s a Huge Mistake

    2. Making sense of a sale prior to the sale

    Selling to an unrelated third party can present several challenges. Identifying potential buyers that are qualified to purchase the business isn’t always easy nor is taking all the appropriate steps to prepare the business for a sale. A great deal of information will be required as part of the buyer’s due diligence process. How long will the process take from start to finish?

    Then, there’s the question of whether to engage a business broker or investment banker to assist in the sale. How will they evaluate potential offers? What potential issues might come up in the purchase agreement? Are there any confidentiality concerns? Is the sales process being done in the most tax-efficient manner? Have you considered what you’ll do after the sale?

    3. Balancing business continuity and succession planning

    We recently worked with an owner who had several separate yet related businesses. They only wanted to sell one of them. The process started with a full valuation and then the determination of whether selling one business would be detrimental to the value of the combined businesses. They also wanted to explore whether they could sell the business to a group of employees and how that might compare to an outright sale.

    We conducted an assessment to identify the business owner’s goals in the ownership transition. Then, we helped them prioritize those goals. After talking with several interested buyers, including the employees, the owner decided to move forward with a large buyer who expressed interest in acquiring the business and real estate.

    4. Arriving at a smart fiscal decision

    The owner’s choice of buyer came down to the fact that it would enable them to achieve the majority of their highest-priority goals. Because of advanced planning, the owner knew what their business was worth, the minimum value they’d need to receive from the sale and the potential issues the buyer would likely raise.

    Ultimately, the buyer did make an offer that was lower than the valuation, but we were able to negotiate a more acceptable offer that provided for full payment at closing. This provided the certainty that the owner sought, and the transaction was closed within a reasonable amount of time. All parties were pleased with the outcome.

    First Business Bank recommends you employ a team of professionals to help you come up with a proper valuation for your business — including “your CPA and business appraiser. You might also include your attorney, wealth management professional, business banker and possibly an investment banker/business broker in the discussion to ensure coordination.”

    5. Putting the pieces together

    Creating a succession plan for your business always starts with defining the goals you’d like to accomplish as part of the ownership transition. It’s for this reason, among many others, that we recommend getting the ball rolling as early as possible. Once you’ve defined your goals, you can focus on arriving at a fair market value for your business today.

    With that in mind, how much value would you need to realize to be financially independent after the transition? Will the sale allow you to live your desired lifestyle? If there’s a gap between the fair market value and what you need to achieve your future income needs, then develop a plan to increase the value of your business within the timeframe you’d like for the transition.

    Related: 4 Lessons on Succession Planning for Entrepreneurs

    Getting what it’s worth

    We firmly believe that the more time and effort you spend on business succession planning can exponentially improve the probability of a satisfactory outcome. The more you prepare and understand what to expect, the smoother the process will go for both you and the buyer. It also doesn’t hurt to have an advisor on hand who can properly assist you through the process.

    Ultimately, preparation is key to successful succession planning for business owners. It will save you time and could even help in building trust with the buyer, which can minimize conflict as the process moves forward. When the buyer has confidence in the information they’re receiving and your integrity, it provides you with more leverage in negotiating the final price and terms.

    In the end, a succession planning roadmap increases the chances that you’ll get what the business is worth and be able to maintain your lifestyle for years to come. It’s all in your approach.

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    Larry Guess

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  • The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

    The Secret to Heftier Profits and Happier Employees Lies In This Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Labor shortages across the U.S. are impacting businesses of every size across all industries, with a whopping 9.9 million job openings and only 5.8 million unemployed workers available to fill the roles, according to the latest data from the U.S. Chamber of Commerce. While many factors are contributing to the labor shortage, at the heart, the problem is structural, with declining U.S. birth rates and the drop in net immigration resulting in a lack of available workers.

    Warehouse operations have been hit particularly hard by the labor shortage, complicated further by the extremely high turnover rate in the industry. According to the U.S. Bureau of Labor Statistics (BLS), 216,000 people in the transportation and warehouse industry quit their job in April 2023. With 351,000 hires in the month, this exodus translates to a 3% quit rate, second only to the retail (3.5%) and leisure and hospitality (4.6%) sectors. Figures like these shine a spotlight on the retention and hiring challenges that business leaders across industries are facing.

    Related: The Labor Shortage Is Only Getting Worse. What’s Causing It and How Can I Avoid Losing Staff?

    Focus on happy teams

    In light of the labor supply/demand imbalance and the potentially crippling impact of peak season volumes on warehouse teams already stretched to the limit, meeting the demands of fulfillment operations is dependent on retaining quality workers. But employee retention is a significant hurdle, with an abundance of warehouse vacancies available across multiple industries and low barriers of entry for dissatisfied workers looking to change jobs. How can business leaders cope with this revolving door?

    Keeping existing warehouse staff happy with less stress and friction in their workday is fundamental to retailers’ retention efforts. While labor shortages are forcing organizations to do more with less in the warehouse, streamlining fulfillment workflows to increase efficiency and productivity, savvy business leaders are also looking at ways to optimize warehouse operations with the employee experience in mind.

    By leveraging warehouse management technology to simplify and expedite fulfillment tasks, companies can prevent workload overwhelm, reduce stress and improve job satisfaction for their warehouse teams which, in turn, helps to build loyalty and reduce employee churn.

    Related: 4 Ways to Boost Your Employee Retention in an Uncertain Economy

    Simplifying with tech

    While shipping the right items in the right quantities to the right customer may seem like a no-brainer from the outside looking in, warehouse teams relying on manual, paper-based practices are up against a wall. Given that one of the most common complaints of warehouse workers is unmanageable workloads, it’s a smart strategy to leverage technology that helps employees alleviate workplace stress by completing tasks faster yet with less effort.

    In addition to enabling more efficient workflows to boost fulfillment capacity, the aim of warehouse management systems (WMS) is to simplify and accelerate employees’ day-to-day tasks. When it comes to receiving, merchants without a WMS typically rely on specific staff to determine where to put inventory, which means that, oftentimes, the broader warehouse team does not always know where exactly to go (e.g. floor/area/aisle/shelf/bin) to find what they need for an order.

    With WMS technology that supports barcode scanning, inventory can be registered quickly into locations by scanning the location and the item. Barcoded items can be easily moved to new locations by scanning the item or selecting all items in the location. Armed with a barcode scanner and mobile app — instead of a clipboard — warehouse workers receive a digital pick list and follow guided optimized walking paths throughout the warehouse. Given they can walk several miles every day, reducing “mileage” makes the job easier and less physically taxing.

    In addition, tech-enabled pick methods (e.g. single item batch picking, pick and sort to trolley, multiple orders by item) enable workers to easily handle more volume, faster; for example, multi-order picking can decrease walk time by 85% compared to single order picking.

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

    Job satisfaction linked to better operational metrics

    For businesses in diverse industries, adding a WMS to the tech stack is not just a boon for employee satisfaction, it produces substantial gains on the operational front as well. Organizations can manage their warehouse operations in real time, ensure inventory counts are accurate and synced with online storefronts and marketplaces to reduce the risk of overselling and increase fulfillment capacity with more efficient order picking and shipping. The ability to process more orders accurately and efficiently without hiring more people is particularly valuable in light of ongoing staffing challenges, helping to increase profit margins and drive growth.

    How business leaders are the gatekeepers to warehouse innovation

    For an organization to successfully leverage technology like WMS in the warehouse, top management must realize that supply chain and logistics agility is critical to company performance and take steps to enable innovation.

    Indeed, there’s a clear correlation between the strategies and decisions of top financial performers and those companies whose senior management hold the belief that supply chain and logistics innovation is crucial to success versus those whose senior management feels differently. Ultimately, business leaders across industries are the gatekeepers to technology innovation, and supply chain innovation in particular can make or break a company’s bottom line.

    This is underscored in the research study Supply Chain and Logistics Innovation Accelerates, but Has a Long Way to Go, which surveyed 1,000 global execs in the supply chain arena: “Respondents who said they were better financial performers were 20% more likely to have senior management who believes innovation is important and 16% more likely to have lower employee turnover.”

    In fact, when it comes to warehouse management in particular, 23% of respondents said that WMS technology will be one of the top focus areas for innovation for the next two years.

    In light of warehouse worker shortages, leaders need to prioritize the employee experience in the warehouse to ensure workers are happy, healthy and not looking for the door. They can accomplish this goal — and boost the bottom line at the same time — by opening the doors to innovation in their organization and leveraging warehouse management technology in order to streamline, accelerate and simplify order fulfillment operations. Everyone wins!

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    Johannes Panzer

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  • How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

    How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The modern business world has become increasingly dynamic, facilitating a remote-first environment that calls for adaptation.

    Therefore, to stay ahead of the competition, business owners need a new approach to their operations that can drive consistent, reliable success.

    Enter agile strategizing — an action-oriented method that exceeds the limitations of traditional business strategy. Here’s how it works and why it’s better than the “old way” of doing things.

    Related: The Key to Every Successful Business is Agility

    The pitfalls of traditional strategy

    Traditional strategy is no longer effective in addressing the complexities of modern business. It relies on best practices and fails to keep pace with disruptive forces.

    One such example of a disruptive force was the Covid-19 outbreak. The pandemic brought unprecedented challenges and changes to businesses worldwide. Traditional strategies that heavily relied on long-term planning and stability were ill-equipped to handle the rapidly evolving circumstances caused by the pandemic.

    Businesses found themselves struggling to adapt to the sudden shift in consumer behavior, supply chain disruptions and the need for remote work. Companies that had rigid plans and processes in place often faced difficulties in quickly adjusting their operations to meet new demands and overcome unforeseen obstacles.

    Challenging the assumptions of traditional strategy

    Traditional planning assumes complete control over the environment and accurate future forecasts. In reality, the environment is elusive and the future is unpredictable.

    Consider a technology startup that solely relies on long-term projections and assumptions about customer preferences. They might invest heavily in a product based on those assumptions, only to find that the market has shifted or a disruptive technology has emerged, rendering their strategy ineffective.

    Introducing agile strategizing

    Agile strategizing offers a refreshing departure from the limitations of traditional strategy. It prioritizes action, progress and quick thinking over excessive analysis. In other words, agile strategizing is always on, always firing on all cylinders.

    Rather than getting lost in detailed planning, agile strategizing advocates for iterative implementation. Its core consists of three principles: understanding the context, developing a strategy and implementing actions.

    This approach eliminates the need for extensive plans, allowing strategists to actively think while doing.

    Related: 6 Ways Leaders Can Make Their Businesses More Agile

    The value and relevance of agile strategizing for entrepreneurs

    Agile strategizing holds immense value for owners of small- to medium-sized businesses. Here’s why.

    • Adaptability in a rapidly changing environment. Entrepreneurs and small business owners often operate in dynamic environments. With limited resources, they need a strategy that can evolve alongside their business. Agile strategizing enables flexibility. It allows entrepreneurs to adjust their plans and actions in real time, based on market feedback.
    • Innovation and competitive advantage. Innovation is a driving force for entrepreneurial success. Agile Strategizing encourages creative thinking, challenging the status quo, and exploring new opportunities. By infusing innovation into their strategy, entrepreneurs can create a competitive advantage and stay ahead.
    • Focus on high-value opportunities. Agile strategizing helps entrepreneurs focus on the most critical challenges and high-value opportunities. With limited resources and time, it’s crucial to invest energy into areas that will yield the greatest return. By identifying these key opportunities, entrepreneurs can maximize their chances of success.
    • Agility and speed in execution. Small- to medium-sized businesses often have the advantage of being nimble and agile. Agile Strategizing aligns with their inherent ability to make quick decisions. It eliminates the need for lengthy planning processes and empowers entrepreneurs to adapt. They’ll respond swiftly to market changes, emerging trends and customer demands.

    Putting agile strategizing into action

    Agile strategizing thrives on ongoing, action-oriented strategy. It’s supported by continuous conversation, reflection and “thinking while doing.”

    Let’s explore two inspiring scenarios that show the power of this approach:

    Scenario 1: Urgency for change

    In a rapidly evolving business landscape, circumstances force us to break the status quo and make quick improvements. Agile strategizing provides a proven solution for implementing change swiftly and effectively.

    To come back to that retail company, imagine they’re facing declining sales and increased competition due to the rise of ecommerce. Agile strategizing allows them to adapt rapidly to changing circumstances and make the necessary improvements to drive growth and regain their competitive edge.

    Scenario 2: Always-on strategy

    For organizations seeking continuous improvement, agile strategizing offers an alternative to long-term planning.

    Businesses should focus on their core challenges and opportunities for the next 12 to 18 months. They should conduct weekly strategy reviews, interventions and adjustments. This will foster a team dynamic based on agility and adaptability.

    Imagine a software development company that understands the importance of continuous improvement. By adjusting their actions, and fostering an environment of constant learning, they are able to maintain a competitive advantage and drive sustainable growth in the ever-evolving tech industry.

    The new rules of better strategy

    After looking at ways agile strategy can be put into action, let’s formulate its rules and core principles.

    • Focus on the most critical challenges and highest-value opportunities, rather than lofty goals.
    • Address challenges in the next 12 to 18 months, instead of creating rigid three- to five-year plans.
    • Put innovation back into strategy. Avoid benchmarking best practices and instead, encourage creative thinking.
    • Embrace an always-on approach to strategy, rather than treating it as an annual event.
    • Think while doing, rather than working behind closed boardroom doors.
    • Engage people in conversations, rather than relying solely on analytics and PowerPoint.
    • Take ownership and responsibility for your strategy, instead of outsourcing it to consultants.

    Related: Go Agile or Go Home: Why Agile Workflow Should Kill the Waterfall Process for Good

    Embrace the journey of better strategy

    Now is the time to challenge the outdated norms of traditional strategy and embrace the power of agile strategizing.

    Adopt an always-on mindset, continuously reflect and think while doing. Navigate disruptive times with confidence and resilience. Forge a strategy that focuses on the most critical challenges and high-value opportunities.

    Engage stakeholders, foster innovation and take ownership of your strategic direction. Step into the realm of better strategy — agile strategy. Here, clarity, simplicity, coherence, focus, adaptability, innovation and action are the guiding principles. Let your agile strategy become a dynamic force that propels your organization forward.

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    Marc Sniukas

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  • Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

    Learning to Let Go of Control and Delegate Can Be Hard. Here Are 3 Components to Make It Easier. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Recent tech layoffs have made waves across the industry, but according to research, 63% of tech workers who experience layoffs go on to start their own companies. This tide shift is most apparent in America. According to U.S. Census Bureau data, new business formations are up about 54% from March 2020 to March 2023. For every three startups formed before the pandemic, roughly five ventures have been started.

    Business growth is accompanied by complexity — and risk follows close behind. With any new venture, a time will come when you, as a founder, will find yourself overwhelmed and needing to delegate responsibilities to your team. They’re likely to make mistakes as they develop in their roles, and you may be left wondering why you relinquished the responsibility in the first place.

    You have three options: Abandon any semblance of work-life balance and claim all responsibilities as your own, wash your hands of all decision-making and hope for the best or get ahead of the situation and establish strong procedures. These procedures are often referred to as internal business controls, which are simply about establishing a hierarchy of decision-making authority and any consequences of making a poor decision.

    Related: Laid-Off From Your Big Tech Job? It Could Be The Ideal Time to Pursue Entrepreneurship.

    Prevention is better than a cure

    Crafting effective procedures requires striking a delicate balance between efficiency and flexibility. To illustrate this, consider traffic lights. On the surface, they might appear to impede the flow of traffic. Yet, in reality, they establish a reliable transportation system that provides the conditions for efficiency.

    The overarching objective is to establish the appropriate structures while anticipating areas of potential deviation, empowering employees with the authority to make independent decisions within defined parameters. Thus, if any aspect of the business strays from the desired trajectory, your team can rely on internal controls to swiftly implement the next logical steps. Conversely, ineffective controls can significantly impede or even halt growth.

    Although leadership is the most likely culprit for a lack of effective procedures, mismanagement and structural limitations can also pose significant obstacles. For instance, an inherently flawed company structure may render it nearly incapable of adjusting or even implementing internal controls. Additionally, a lack of corporate culture and direction can create confusion about the desired trajectory, further underscoring the criticality of an unequivocal mission, vision and purpose as the bedrock for sound controls.

    Putting the right levers in place

    Even the most basic internal controls or procedures for small businesses inevitably hark back to the company’s overarching strategy. The logical step is proactively identifying potential bottlenecks and deviations and developing business safeguards and processes tailored to address them. With that said, here are three types of controls strongly recommended for startups:

    1. Authorization and approval controls

    Given the diversity of business operations, leaders could implement various business safeguards and processes depending on the specific enterprise. Nonetheless, authorization and approval mechanisms are widely adopted in the startup landscape, enabling a controlled delegation of responsibilities, informally or otherwise. While the precise form of authorization and approval processes may differ, these mechanisms are a strengthened framework to delineate the conditions under which individuals or teams possess the authority to proceed without seeking further approval, such as in monetary transactions.

    For instance, a procedure might allow purchases under $500 per month without additional approval but require CEO approval for any purchase above that amount. This helps streamline decision-making and responsibility delegation while maintaining appropriate oversight.

    Related: How to Protect and Retain Control Over Your Business

    2. Feedback controls

    Feedback controls are another beneficial safeguard for small businesses. Similar to authorization and approval protocols, feedback controls are proactive and help prevent deviations by enabling the identification of potential issues before they escalate. Feedback controls entail collecting input that can gauge practically any aspect of the business.

    The collapse of the Silicon Valley Bank serves as a cautionary tale of the pivotal role feedback controls play in business success. Despite being a preferred financial partner for investors, the bank’s failure to establish safeguards and procedures around feedback ultimately led to its undoing; these could have helped identify the underlying issues and enabled corrective action before it was too late. By implementing feedback controls that solicit input from various stakeholders, you can gain valuable insights into your business’s performance and identify areas for improvement.

    3. Concurrent controls

    Concurrent or steering controls represent another powerful mechanism for implementing effective procedures. These act as preventative measures that help customer-facing employees maintain quality and consistency. Usually, concurrent controls start with predefined standards to evaluate performance. By adhering to these standards, your employees can adeptly steer interactions even in the face of deviations.

    A sales representative, for example, must have a comprehensive understanding of the products they are promoting, allowing them to steer conversations. This aspect of the interaction is entirely within the sales representative’s control. Standards can help evaluate whether the sales representative is meeting sales goals, thus measuring their performance.

    Related: Strategic Planning Is Essential for Your Business to Succeed. Here’s Why (and How to Do It Right).

    Leveraging internal controls for small businesses

    Navigating the complex world of business requires the ability to manage evolving expectations and diverse personalities. Strong opinions may arise, posing a threat to progress. To overcome this, it is crucial to actively listen and engage in honest conversations to find common ground. Once a shared vision is established, implementing effective business processes and internal controls can commence, ensuring that the team meets the agreed-upon standards.

    However, even the most well-thought-out plans can still fall victim to unforeseen issues. This is why ensuring any procedure is adaptable is also crucial for effective teams. By cultivating adaptability, your business will be better equipped to react to changing conditions swiftly and effectively. This smooths the path toward the continued success of your endeavors.

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    Dan Conner

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