ReportWire

Tag: Operations & Logistics

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Reality check: The true timeline of startup growth

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

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

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

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

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

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

    Maintaining momentum over the long haul

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

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

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

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

    How investors and founders can align on long-term visions

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

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

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

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

    Embracing the long game

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

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

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

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

    Rob Grazioli

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  • The Port Strike Ended — Now What? | Entrepreneur

    The Port Strike Ended — Now What? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In October, ports across the U.S. shut down as the International Longshoremen’s Association (ILA) went on strike for the first time since 1977. The port strike shut down 14 major ports and threatened to disrupt more than half of the U.S.’s global trade.

    The ILA represents about 45,000 dockworkers, and the union went on strike to demand higher wages and a ban on automation. Fortunately, the shutdown only lasted for three days, and the ILA and the U.S. Maritime Alliance extended their contract until January 15, 2025.

    However, if they can’t reach an agreement in the new year, the dockworkers could go on strike again. It’s a good idea for small businesses to start diversifying their supply chain and getting ahead of overseas orders now, just in case we find ourselves in a repeat situation.

    Related: 5 Ways of Effectively Navigating Supply Chain Disruptions

    The economic impacts of a port strike

    How a port strike would affect the U.S. economy depends largely on how long it lasts, but shipping delays would likely be the first and most noticeable sign. Over $2 billion worth of goods flow through these ports daily, and a strike would affect everyday items like perishable food, different types of alcohol, durable goods and raw commodities.

    Delays could hurt small businesses that rely on shipments from overseas suppliers, causing low inventory and lost revenue. If a shutdown lasted more than a month, it could cause the cost of imported goods to rise and contribute to inflation. Transportation costs could also rise due to the increased delays.

    An extended port strike would hurt retail, agricultural and manufacturing businesses, and over time, this could force businesses to lay off workers to cut their expenses. A prolonged strike could also hurt the U.S.’s relationship with its global partners and cause other countries to look for alternative trade partners.

    Related: 7 Strategies for Growing Your Business When Supply Chain Disruptions Are Everywhere

    How businesses can mitigate future risk

    A port strike poses numerous challenges, but businesses do have time to prepare so they aren’t caught off-guard. January through March tends to be a slower period for retail sales, so businesses will have more capacity to keep their supply chain moving. Let’s look at five ways small businesses can prepare for another port strike.

    Stock up on inventory

    Businesses have until January 15 to begin building up their inventory and preparing for another shutdown. Start reviewing your inventory levels to accurately forecast demand and determine what you’d need to get through a strike. Prioritize high-margin products and items that are essential to your business operations.

    Diversify your supply chain

    Another way small businesses can protect themselves is by diversifying across several different suppliers. Begin establishing relationships with suppliers in different locations or countries and look for opportunities to source these items locally. Domestic suppliers may be more expensive, but they’ll reduce your dependence on international ports.

    Use inventory management software

    If you aren’t already using inventory management software, now is a good time to start. This software gives you real-time visibility into your inventory levels, making it easier to forecast demand and make informed purchasing decisions.

    Inventory management software uses AI to analyze historical data and external factors to predict future demand. It can also help you determine which items are the most popular and should be prioritized.

    Communicate with your customers

    Since an ongoing port strike can cause delays and inventory shortages, it’s important to communicate with your customers. Let them know about potential delays and increased costs before these problems occur. Being upfront about these challenges will help you build trust with your customers and let them know you’re doing everything you can to manage the situation.

    Set clear expectations for how long delays could last and recommend alternative products that are available. Make sure your customer service team is prepared to handle customer questions and that it’s easy for customers to get in touch with your business.

    Prepare for additional costs

    If another shutdown occurs, small businesses should expect inventory, storage and transportation costs to increase. Coming up with cash flow solutions now will ensure your business can absorb these costs without any major disruptions.

    If you don’t already have one, establishing a line of credit can help you cover the cost of extra inventory and additional storage space. You can also negotiate with your suppliers to extend your payment terms and free up your cash flow.

    Related: How to Secure the Inventory You Need During a Supply Chain Nightmare

    According to the Conference Board, a nonprofit think tank, a one-week shutdown could cost the U.S. economy $3.78 billion. Hopefully, the ILA and U.S. Maritime Alliance will reach an agreement before January, but business owners should be proactive and plan for the worst-case scenario.

    Take the time to assess your supply chain now and look for ways you can strengthen it. Diversifying your supply chain and stockpiling inventory now will help you minimize the fallout if another strike happens. It’ll also help you preserve your relationships with your customers.

    Joseph Camberato

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Defining “happy” in sales processes

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

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

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

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

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

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

    Addressing common sales pain points

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

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

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

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

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

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

    Strategies for scaling sales success

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

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

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

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

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

    Jennelle McGrath

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  • 5 Key Strategies for a Seamless Cloud Migration | Entrepreneur

    5 Key Strategies for a Seamless Cloud Migration | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Migrating to Amazon Web Services (AWS) is a journey. It often feels daunting to start this journey, but it doesn’t have to be. With this article, I will run through five key strategies that when used in isolation, as well as when combined, will go a long way in ensuring your migration to AWS is as seamless as possible.

    1. Follow a proven process

    A successful migration is as much about the preparation as it is about the act of moving workloads. Fail to prepare, prepare to fail as the adage goes. The migration journey can be broken up into four key steps.

    Discover: At this stage, it’s about defining the initial scope as much as possible. Don’t worry about the why, how or when. Focus on documenting which workloads you’re aiming to migrate.

    Assess: You now know what it is that you want to migrate. Here’s where you think about the why, how and when. Any migration should have clear technical and/or business drivers that can be articulated in a business case. At this stage, make an early call on how you want to migrate and in what order.

    Mobilize: You wouldn’t build a house on top of weak foundations, so don’t migrate workloads without configuring AWS properly. Ensure you’re setting up a strong Landing Zone that adheres to the AWS Well-Architected Framework. That way, you’ll be secure, operationally ready and aware of costs from day one.

    Migrate and modernize: At the sharp end of the process, it’s all about migrating applications and modernizing them. This should be seamless if you’ve done the preparation right. You’ll need to consider aspects such as when, or if, you can tolerate a cutover window, as well as clearly document rollback plans if it doesn’t go quite to plan.

    Related: Researching Cloud Solutions? Lessons from Amazon Web Services.

    2. Assign a migration pattern to each workload early

    AWS defines a set of migration patterns known as the 7Rs. This set of patterns covers the full spectrum, all the way from retiring workloads to completely re-architecting them to take advantage of all that AWS has to offer. A full list of the 7Rs can be found below.

    • Retire

    • Retain

    • Rehost

    • Relocate

    • Repurchase

    • Replatform

    • Refactor

    Assigning a migration pattern to each workload early, typically in the Assess phase, sets the scene for the latter phases of Mobilize and Migrate. These patterns aren’t set in stone, but establishing a north star for your migration helps to keep the journey heading in the right direction.

    3. Don’t just transform your technology, transform your business

    People, process and tools are the trio that many of you will be familiar with. The domains that are integral to a successful migration are no different. When embarking on a migration, it’s all too easy to get caught up in the new and shiny world of designing AWS architectures and dreaming of the better times to come. You must not forget what underpins any successful migration — operational readiness.

    Operating workloads on AWS bring with it several changes to consider in your operational posture. Amongst them, you should prioritize these highest:

    Cloud financial management: AWS brings with it a very different cost model — there is a sudden shift from capital expenditure (CapEx) to operating expenses (OpEx). On-premises, it is often easy to attribute capital costs — you’re able to directly link a physical piece of infrastructure purchased to the cost center that requested it. With AWS, you need to consider how, or if, you want to attribute costs at an increased granularity and implement the necessary mechanisms to enable it.

    Resiliency and disaster recovery (DR): A major advantage of migrating to AWS is the increased possibility for resiliency, but have you considered your resiliency requirements? Defining your return-to-operations (RTO) and recovery-point-objective (RPO) targets helps to determine what level of resilience you require. AWS has published an excellent whitepaper on DR in the cloud, including guidance on how to define a DR strategy depending on your RTO and RPO targets, all whilst balancing with appetite for additional spend.

    Security: Operating in the cloud brings with it a shift in mindset when it comes to security. You work on the basis of a “Shared Responsibility Model,” where AWS is responsible for the security of the cloud (i.e., physical security of the data centers), and you are responsible for security in the cloud (i.e., the configuration of your workloads). You need to consider how this impacts your existing tools and processes and evaluate whether cloud-native security tools are better placed to serve you.

    Related: Prompting Change: Four Steps To Enable A Cloud Transformation In Your Business

    4. Use the Well-Architected Framework

    The Well-Architected Framework contains prescriptive guidance spread across six pillars, designed to make it easy to design and implement solutions that adhere to best practices. The pillars are Operational Excellence, Security, Cost Optimization, Reliability, Performance Efficiency and Sustainability.

    Within the framework exists the concept of lenses. These are workload or use-case-specific additions to the standard guidance. One such lens is the migration lens. It covers the usual pillars but provides specific migration-related guidance aligned to the familiar proven phases of the migration journey (discover, assess, mobilize, migrate and modernize).

    Keeping this framework and any additional lenses in mind and evaluating against the guidance throughout the migration journey will increase the chance of successful decision-making and subsequently a seamless migration.

    5. Leverage specialist AWS partners

    For large and complex migrations, it’s worth working with a specialist partner to support your journey. AWS makes it easy to identify the right partner through a variety of specialization programs. There are three key types of specializations to consider when you evaluate a partner:

    Competencies: These are externally audited awards that verify that a partner has deep expertise and proven experience in either an industry (e.g., Financial Services), use-case (e.g., Migration and Modernization) or workload type (e.g., Microsoft).

    Service delivery: These are focused specifically on an AWS service (e.g., Amazon RDS) and are awarded when partners can demonstrate that they can deliver solutions using said service to a consistently high standard and in accordance with best practices.

    Well-Architected: The Well-Architected Framework that we discussed earlier has a dedicated partner program that recognizes those partners that are particularly experienced at designing for, evaluating against and remediating to get to AWS best practices.

    You can search for an appropriate partner on the AWS Partner Finder.

    Related: 4 Reasons Business Leaders Need to Accelerate Cloud Adoption

    You should now have several key strategies front of mind to aid in making your migration seamless. Working to a proven process and leveraging a specialist partner where necessary, keeps your journey on the straight and narrow. Mapping your workloads to migration patterns as early as possible sets you up to make use of the Well-Architected Framework as you get ready to design your target architecture. Finally, don’t forget to take the whole organization on the migration journey. A successful migration can only be considered truly successful if everyone is bought into and benefits from the transformation.

    Alex Kearns

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    By the numbers

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

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

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

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

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

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

    Taking it to the team

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

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

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

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

    Dave Ragosa

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

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

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

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

    1. Abakee Cottages

    Laconia, NH | Company website

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

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

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

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

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

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

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

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

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

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

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

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

    5. GreenTree Inn

    Sedona, AZ | Company website

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

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

    6. Mathis House

    Toms River, NJ | Company website

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

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

    7. The Pierpont Inn

    Ventura, CA | Company website

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

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

    8. Eagle Crest Resort

    Redmond, OR | Company website

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

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

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

    9. Capitol Reef Resort

    Torrey, UT | Company website

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

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

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

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

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

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

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

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

    12. The Equus

    Honolulu, HI | Company website

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

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

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

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

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

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

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

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

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

    15. Hotel Blue

    Lewes, DE | Company website

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

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

    Sofia Wolfson

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

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

    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Related: 6 Critical Steps for Buying a Business

    1. Business Development Strategist

    Role overview:

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

    Real-world example:

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

    How they work with other roles:

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

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

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

    2. Financial Analyst

    Role overview:

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

    Real-world example:

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

    How they work with other roles:

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

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

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

    3. Sales Leader

    Role overview:

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

    Real-world example:

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

    How they work with other roles:

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

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

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

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

    4. Industry Specialist

    Role overview:

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

    Real-world example:

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

    How they work with other roles:

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

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

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

    5. Operations Manager

    Role overview:

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

    Real-world example:

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

    How they work with other roles:

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

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

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

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

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

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

    Roy Dekel

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  • How to Make Sure Your Business Is Prepared For Any Disaster | Entrepreneur

    How to Make Sure Your Business Is Prepared For Any Disaster | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In today’s modern world, the rules of the game are changing faster than ever. The risks that businesses face are no longer just financial or operational — they’ve become a tangled web of uncertainties driven by tech breakthroughs, new regulations and unpredictable global events. If you’re leading a business today, navigating these risks with agility isn’t just smart — it’s essential for survival and success.

    Why risk management isn’t what it used to be

    The risk landscape has gotten a lot more complicated. What used to be about managing market volatility or supply chain hiccups has now evolved into a whole new ballgame. Look at the rise in cyberattacks. A recent PwC Pulse Survey shows that 58% of businesses see more frequent cyberattacks as a major risk, a concern that’s no longer just for IT departments but for the C-suite as well. When a cyberattack hits, it can halt production lines, compromise sensitive customer information and even bring down a company’s reputation in an instant.

    Or consider the energy sector, where the risk isn’t just about keeping the lights on anymore; it’s about managing carbon footprints and stranded assets. With global regulations pushing for sustainability, energy companies are finding themselves at a crossroads. Do they continue to invest in traditional fossil fuels, or do they pivot toward renewable energy sources? The financial stakes have never been higher, and the decisions made today could determine the industry’s future. Business leaders now have to rethink their entire risk strategy to stay in the game, balancing short-term profitability with long-term sustainability.

    Related: How to Navigate Risk, Regulation and Resilience in Entrepreneurship

    What’s driving this new risk environment?

    The modern risk environment is shaped by a variety of dynamic factors, each adding a layer of complexity to how we manage risk. Understanding these factors is key to staying ahead and ensuring that your business is not just reactive, but proactive.

    • Tech upgrades mean new threats: The digital revolution has brought about huge opportunities, but it also opens the door to significant cyber threats. With the increasing adoption of remote work and digital tools, the risk landscape has expanded dramatically. To stay ahead, companies need to invest in cybersecurity tools. But it’s not just about technology; it’s about building a culture of cybersecurity awareness where every employee understands their role in protecting the organization.
    • Regulatory shifts: Regulatory environments are becoming increasingly complex and global, with new rules emerging faster than ever. Businesses that fail to comply with such regulations face hefty fines and reputational damage. Companies that rely heavily on international supply chains are particularly vulnerable, as political shifts can lead to sudden changes in tariffs, import/export restrictions and even currency fluctuations. Businesses must not only monitor these developments but also have contingency plans in place to pivot quickly when necessary.
    • Extreme weather events: Natural disasters can cripple businesses. The impact of hurricanes, wildfires, floods and extreme weather events are being felt more frequently and with greater intensity. The National Oceanic and Atmospheric Administration (NOAA) reports that the financial toll of weather-related disasters is climbing into the billions each year. Businesses located in vulnerable regions must prioritize resilience and sustainability in their operations and develop comprehensive disaster recovery plans.
    • Health crises: The Covid-19 pandemic was a wake-up call for businesses worldwide, highlighting the need for preparedness in the face of public health crises. The pandemic’s impact on supply chains, consumer behavior and business operations underscored the importance of robust risk management strategies. Looking forward, future public health emergencies — whether they be pandemics or other large-scale health threats — will require organizations to build resilience through comprehensive health protocols, remote work capabilities and adaptive supply chain strategies.
    • Physical security: As physical threats like gun violence rise, investing in security measures to protect your people and assets is more important than ever. In addition to traditional security concerns, such as theft or vandalism, businesses now face the potential for violent incidents that can put employees’ lives at risk and disrupt operations. Enhancing safety protocols, from improving building access controls to conducting regular emergency drills, can help mitigate these risks.

    Related: Cyber Threats Are More Prevalent Than Ever — So Don’t Leave Your Business Exposed. Here’s How to Protect It

    How to stay ahead of the game

    Thriving in today’s risk environment means thinking ahead, staying adaptable and being ready to pivot when necessary. Here’s how:

    • All-in risk assessment: Take a deep dive into your risk environment and prioritize the threats that matter most. This means not just ticking boxes on a checklist but truly understanding the unique risks your business faces. But don’t stop there — risk assessments should be living documents, regularly updated to reflect the evolving landscape.
    • Integrated strategy: Make sure your risk management is baked into every decision. This isn’t just about having a plan on paper; it’s about creating a culture where risk considerations are part of the decision-making process at every level. From product development to market expansion, risk management should be integrated into all strategic discussions.
    • Resilience building: Strengthen your business continuity plans and promote adaptability. Resilience isn’t just about surviving a crisis — it’s about thriving in the aftermath. Developing robust business continuity plans ensures that you can maintain operations even in the face of significant challenges.
    • Physical security focus: Don’t skimp on physical security. From advanced access control systems to employee training programs, ensuring that your organization is ready for anything is crucial. Investing in state-of-the-art surveillance technologies, such as smart cameras and real-time monitoring systems, can provide an extra layer of protection.
    • Risk-aware culture: Get everyone on board with risk management. When it’s a shared responsibility, your team will be better equipped to handle whatever comes their way. Building a risk-aware culture starts at the top, with leadership setting the tone for the entire organization.

    Related: The Five-Step Process to Identify Risk and Improve Decision-Making

    Turn uncertainty into opportunity

    Yes, today’s risk landscape is complex and unpredictable, but that doesn’t have to be a bad thing. With a proactive approach, you can turn these challenges into opportunities. Businesses that view risk management not as a burden but as a strategic advantage are the ones that will thrive in this ever-changing world. By staying adaptable, resilient and forward-thinking, your business can not only survive but seize the opportunities that uncertainty brings. Remember, a solid risk management strategy isn’t just about avoiding pitfalls — it’s about driving success. In a world where the only constant is change, those who are prepared to embrace uncertainty will find themselves ahead of the game.

    Randy Sadler

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  • I Turned Down A Major Retailer Who Wanted to Carry My Product. Here’s Why Other CPG Founders Should Too | Entrepreneur

    I Turned Down A Major Retailer Who Wanted to Carry My Product. Here’s Why Other CPG Founders Should Too | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Founders often dream of being sold in Costco — but last year, when Costco offered to carry my beverage brand, O2 Hydration, I said no.

    It was a gut-wrenching decision. I love Costco and would love to be carried in Costco, but also I knew a terrible truth: My brand just wasn’t ready yet. And if you go big before you’re ready, retail can kill you.

    If you have a product that you want to sell on shelves, here are three things you absolutely need in place before saying yes to a retailer.

    1. Understand Your Market and Prove Demand

    Before scaling as a CPG founder, you need a deep understanding of your market and must prove demand for your product.

    For my brand O2, we started our retail efforts in a single region with a single retailer, Whole Foods. We expanded to 10 Whole Foods within a year, and then we expanded to a full region. This approach allowed us to understand what worked, and then double down on that.

    For example, we found that product samples drew customers in, and they were hooked once they heard our story. That’s awesome insight, but it means we had to scale accordingly. By running a slow ground game, we built a loyal customer base and secured more shelf space — and we did it store by store, and region by region.

    2. Secure the Necessary Resources to Replicate

    O2 was flying off shelves at Whole Foods, so we thought we were ready for prime time and agreed to launch nationally with Kroger, Publix, and Sprouts the following year.

    That’s when we learned our first hard lesson about retail.

    When we expanded across the country, the lack of geographic concentration diluted our efforts. We initially had success by focusing on the Midwest, where our team could actively support and promote our products. But when we went national, we couldn’t hire and train people fast enough to replicate what we were doing on a national level, and we were promptly discontinued.

    Pro tip: Having a concentrated geographic focus allows you to manage and support your retail partners more effectively. It also helps in building brand recognition and customer loyalty in specific regions before expanding further. Without the right resources, you can’t support the increased demand and logistics that come with larger retail placements. This can lead to out-of-stocks, poor customer experience, and ultimately, being dropped by retailers.

    3. Have the Conviction to Say “Not Yet”

    When a retailer offers to carry your brand, it can feel like winning the lottery — and founders are often afraid to say no. They worry that it means closing a door.

    That’s not the case. It’s perfectly appropriate to say, “Not yet.”

    Retailers want brands that are set up for success, and they’re relying upon the brands to know if they’re ready. Brands must ensure that they have the necessary resources in place, in the right regions, before agreeing to retail expansion — and they also need to know what tools can get your product off the shelf.

    For example: How often do you promote your product, and at what price? What off-shelf merchandising do you need to be successful, and how will you obtain it?

    Retailers will not do this for you. You’re Odysseus and they’re the sirens. They see something working, and they want to push it out as fast and as wide as possible, and they’ll dangle a seductive six-to-seven figure PO in front of you to get what they want. They assume you know what’s working, have figured out how to scale it, and have secured the resources needed to do so. So if you say yes, you better know all of that!

    If you don’t, then say “not yet.” The retailer will respect you for it. You just saved everyone a lot of heartache.

    Retail expansion can be incredibly seductive, but it’s essential to ensure that you’re genuinely ready before taking the leap. By understanding your market, securing necessary resources, and building geographic concentration, you can set your brand up for sustainable success. Remember, saying no when you’re not ready can save your business and turn future opportunities into even bigger wins when you are.

    Now you understand why I turned down Costco. I know my market well; my product sells great in many regions, and in specialty retailers nationwide. I’m building toward that national, mass-market ground game — and when I finally say yes to Costco, it’ll be because I’m confident I can make it a win for us both.

    Dave Colina

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  • 5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Money can often be the barrier between being stuck where you are or breaking through to the next level. This includes having or not having a budget, using it properly, hidden revenue or even misaligned goals — all of which influence your growth trajectory. These four common secrets have helped my company elevate our clients to the next level.

    1. Financial transparency for ROI

    The first blindspot we often notice with new clients is not having a clear reporting connection between your tools, like ads and a CRM like HubSpot, to see which channels drive the most significant return on investment (ROI). Do you know your best-performing channels? Or your best-performing piece of sales copy? What is the most opened document that leads to a closed deal?

    And we’re not just talking about marketing and sales; this applies to many connected platforms — for example, the closed-loop revenue or your ERP systems. When things are not connected, they are disjointed and siloed. You end up flying blind. Without connecting your marketing tools with your revenue tools, and with that being CRMs, finance platforms, or ERPs, to name a few, there is a disconnect, and the arms and legs end up moving in different directions.

    Here’s a simple example we see all the time: If you knew that one channel drove more deals by a 75% faster conversion rate, wouldn’t you invest more time and energy in that channel than one that only had a conversion rate of 10%? Many people don’t want to share the revenue numbers within the company, but all of that information informs the other departments; without sharing these revenue numbers, your money secret is keeping it in hidden silos.

    Related: I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

    2. Strategic investment for avoiding blind spots

    Another financial blindspot is not investing in marketing. We have had prospects come in with no budget and no internal marketing team, but we want to grow by 150% and spend a total of $1,000. I wish achieving growth like this was possible, but unfortunately, it’s not. The old adage that you get what you pay for, or it takes money to make money, speaks the truth. Your investment goals should match your growth goals. The amount of money invested should be measured not just by short-term, quick wins but also by looking at long-term investment to growth.

    You would never measure an HR department strictly on the number of hires. However, looking at the whole picture of longevity amongst many other important KPIs, You would not use an HR department for a few months. It is something that is constant and needs care and attention. Marketing is no different — if you strictly only measure marketing by the number of leads, you are missing out on the full picture. Marketing helps push leads through nurture campaigns, creates automation, leads scoring, builds new campaigns and tests, supports sales enablement activities and many other components. A buying cycle is rarely a straight line to click and buy unless we’re discussing Amazon.

    That said, everyone has budgets, margins and bumper lanes they need to stay in. I am by no means saying throw your budget to the wind, but your goal should match your budget. If you have modest growth goals, be realistic about the budget needed to get there. Set incremental micro goals but stay the course for long-term growth.

    Related: You Won’t Have a Strong Budget Until You Follow These 5 Tips

    3. Data-driven decisions to save money

    Another money secret that costs companies is spending without the data to back it. We had a company inquire about a new website, a full blow-up, new navigation, new content, new page layouts, migration onto a new CMS, a new theme and the works. They said they had a $75,000 budget for the whole project. In theory, it sounds great, right? Willing to invest? Check. Has a budget? Check. Know what they want the end result to be? Check. But when we asked them the next question, they looked at us like we were crazy, “Do you have data that backs the changes you are looking to make?” Are you running a tool like Hotjar to see real user data behind how these proposed changes will impact your existing inquiries and the only source the sales team was currently using for leads?

    The answer was no. When the heat map was overlaid, do you know what happened? Well, they were looking to build that new navigation out and replace the old one — nearly 90% of the traffic was going to two pages of their site directly from the navigation, both of which they had originally wanted to remove. In this case, it wasn’t just about having the money but also about making sure the decisions you make with the budget are informed by real data: user data, sales data, marketing data and more. The more informed you can be by closing the loop on your data, the better your end result will be.

    Related: Want to Be Better at Decision Making? Here are 5 Steps to Better Data-Driven Business Decisions

    4. Modern marketing channels to drive growth

    What is likely costing you the most is using old-school channels without the ability to measure. Companies have spent the last decade on traditional marketing channels and are switching to digital. The company’s historical growth has relied on things like trade shows, print, postcards and online magazines. We ask what the ROI you have seen by each channel is, and rarely can they share a specific revenue number and say it is for brand awareness. Some of the budgets can be over 50 to 100 thousand dollars spent on these traditional methods, but there is no ROI attached, yet they continue them.

    When the pandemic happened, we saw a massive influx in businesses shifting from once only boots on the ground to digital. The lockdown changed everything; there were no more trade shows, no more door knocking and no one picking up their mail or faxes daily. It made traditional selling channels challenging and obsolete and forced a new level of openness to try new ways to get the job done. In the example of running online magazine ads there are lots of ways to capture them, we can use UTM tracking, referral analysis or create a custom landing page for the offer and capture the leads directly. Without running them to a landing page or form, you rely only on the online publication for leads and analytics. We’ve had people show a list of just names, no emails to follow up with, or only show a random number of visitors to the page, not a single name. It’s important to know what they will provide for reporting and tracking when you publish or use traditional channels. The rule of thumb is to use connections and tools that leverage old-school methods into technology and not blindly spend on channels that cannot be measured.

    Stop wasting time, energy and revenue on these blind spots. They have easy solutions, so you can avoid them and focus on growing your business!

    Jennelle McGrath

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  • How to Seamlessly Relocate Your Business to Another State | Entrepreneur

    How to Seamlessly Relocate Your Business to Another State | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Starting and establishing a business is challenging, but the endeavor seems almost impossible when you decide to start over again in another state.

    I don’t mean opening an out-of-state location but moving your business from one state to another. My company has helped scores of business owners who want to relocate. The key is to tackle the process step-by-step.

    Whatever your reason for moving, starting over in a new state requires detailed planning, in-depth research and patience. Here’s what to consider if you’re thinking about moving your business.

    Related: 6 Critical Considerations Before Relocating Your Business to Another City

    Do your research

    Before making any move, it’s crucial to do your research. Consider any legal and regulatory concerns. Make sure you understand the new state’s steps for business formation, employment, licensing and tax requirements.

    Then, define the specific reasons you’re relocating. Are taxes an issue? While nine states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming) currently don’t levy an income tax, you need to find out about any local business, sales, property, and franchise taxes required by the state.

    Are you moving to a state with a lower cost of living (COL)? These expenses are defined as “the cost of maintaining a certain standard of living,” including housing, food, transportation, taxes, healthcare and more. The COL varies by state and fluctuates by city, so don’t eliminate a state based on the costs in one specific location.

    Accessing market trends and opportunities in the states you’re considering moving to is also critical. Consumer demographics, market competition and economic indicators can impact your success. Compare statistics on industries and business conditions across the U.S.

    Every state touts the availability of skilled labor, but the reality of your business’s ability to attract and keep the right talent will vary. What are the prevailing wages for your type of business? Some companies benefit from being located near a college, which provides a pipeline of potential employees. The U.S. Chamber of Commerce keeps tabs on where the labor shortage is hitting hardest.

    Also, consider your company’s infrastructure needs. Depending on your business, concerns such as transportation, access to suppliers and availability of distribution centers may impact operations. Contact state and local economic development agencies for information about infrastructure and resources.

    Many locales may meet your business criteria. However, they also need to fit your quality of life requirements. Does the state provide the healthcare, education and lifestyle options you need? Is the climate to your liking? Can you find the type of housing that suits your personal situation?

    Related: Relocating Your Company? Don’t Make These 10 Moving Mistakes.

    Business domestication

    We typically recommend that entrepreneurs who own LLCs and corporations domesticate (or redomesticate) their companies. This means your business ceases to exist in its state of formation and only exists in your new location.

    Only 31 states and Washington, D.C. allow domestication. Each state has its own rules and processes. Check with Secretary of State offices to see which states allow domestication and their requirements.

    Generally, the domestication process works in a specific order: You apply for domestication in a new state and then dissolve your company in your current home state. The process to domesticate entails getting the approval of all board members, applying for Articles of Domestication or Articles of Continuance and providing a Certificate of Good Standing and a copy of the application for Articles of Dissolution from your former state. Once approved, you’ll file Articles of Dissolution in your former state. You must pay any outstanding fees or taxes.

    Domestication has several benefits:

    • You don’t have to change your Federal Tax ID Number (Employee Identification Number/EIN).
    • There’s less paperwork and tax consequences.
    • Your business can keep its credit history.
    • You’ll save money since you won’t have to pay for annual reports and fees incurred by doing business in multiple states.

    If your corporation or LLC wants to keep your old state as your state of formation or conduct business in both states, you must file for a foreign qualification in the new state. While every state has its own process for foreign qualification, you can usually file online for a Certificate of Authority and pay a fee.

    Maintaining multiple locations means you must designate a registered agent in the state you are not headquartered in. This person must have a local address and the authority to accept legal documents and government notices on your behalf.

    Sole proprietorships and partnerships

    Moving your business is less complex if it’s a sole proprietorship or partnership. There’s still a process you must follow:

    • Cancel local business licenses and permits and apply for new ones in your new state.
    • Pay any outstanding fees and taxes.
    • Withdraw any assumed names (Doing Business As/DBAs) from your Secretary of State’s office and apply for the DBA in your new location.
    • If your business bank does not have branches in your new state, close your bank accounts.
    • Inform the IRS of your new business address.
    • If you move mid-year, you must pay taxes in your new and old states.

    Related: Patagonia Gave 90 Staff a Choice — Relocate Across the U.S. or Leave the Company. They Got 3 Days to Decide.

    HR considerations

    When you decide to relocate, it’s essential to tell your staff as soon as possible and that you be transparent, honest and empathetic. It’s best to hold an in-person meeting, allow time for questions and provide a timeline for the move.

    Do you plan to offer your team the opportunity to move with you? Most small businesses cannot afford to pay employee relocation expenses, which typically cost thousands of dollars. Will you offer them the opportunity to work remotely?

    If not, consider offering them severance and/or job transition assistance. If you know local companies looking for talent, offer to make introductions. And make sure you provide employees with letters of recommendation.

    Taking the required steps to ensure a seamless transition will help ensure a smooth start in your new location.

    Nellie Akalp

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  • When Is the Right Time to Think About Your Holiday Inventory? | Entrepreneur

    When Is the Right Time to Think About Your Holiday Inventory? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s currently summer, so most people are thinking about attending barbecues and buying fireworks — not planning their holiday shopping season. However, if you run a brick-and-mortar store or ecommerce business, this is the best time to begin thinking about the holiday inventory.

    Successful planning in June and July will set you up for profitability in November, December and January. Here are six ways you can successfully plan for increased inventory demand during the holiday season.

    Related: July Is Just Early Enough to Start Planning for Holiday Selling

    1. Come up with a timeline

    The holiday season is the most profitable sales period for most retailers. According to the National Retail Federation (NRF), holiday sales exceeded $964 billion in 2023, a 3.8% increase from the previous year.

    So start by coming up with a timeline of key dates when you can anticipate increased sales and demand. These dates most likely include:

    Think about the shipping cut-off dates for each of these holidays, and add them to your calendar. That way, you can let customers know the last days to receive standard and expedited shipping on their orders.

    2. Determine what you’ll need

    Next, you’ll forecast the types and amount of inventory you’ll need for the holiday season. Having enough inventory on hand to meet customer demand will ensure you don’t lose out on business to competitors. It will also help you avoid overstocking items you don’t need.

    The best way to estimate holiday demand is by looking at previous sales data and taking note of customers’ shopping patterns. Of course, shopping habits can change slightly from year to year, so you also want to look at industry trends. For example, you can see what your competitors are doing and how they’re preparing for the holidays. And if you have an NRF membership, you’ll receive insights into consumer and retail trends.

    Once you’ve done adequate research, you can begin planning your holiday inventory. You can also start to think about when you should begin marketing and how much staff you’ll need to have on hand to manage the increased demand.

    3. Do an inventory audit

    An inventory audit involves regularly reviewing your inventory for accuracy. During an inventory audit, you’ll verify that your physical inventory matches what you’ve recorded in your financial records. An inventory audit can also help you spot inefficiencies in your supply chain.

    To perform an inventory audit, you’ll start by organizing your inventory to reduce the odds of miscounting items. From there, you’ll begin physically counting and recording each item into your inventory management software.

    Once the audit is complete, you’ll reconcile the count with your inventory records. If there are any discrepancies, you can investigate where they came from. You can also begin developing a plan to reduce discrepancies in the future.

    Related: You Should Be Planning Now for Holiday Sales — Here’s How

    4. Check in with your suppliers

    Once you know how much inventory you’ll need to meet the holiday demand, you should begin reaching out to your suppliers. Checking in early with your suppliers will ensure you’re on the same page and you’re not caught off-guard by changes to their order times or pricing.

    It’s also a good idea to ask if any of your suppliers offer pre-sale discounts or promotional pricing. It never hurts to ask, and some may be willing to give you a discount for large orders.

    5. Think about financing

    As you begin planning for your holiday inventory, one of the biggest issues is how you’re going to pay for everything. Many small businesses don’t have the cash flow to pay for a large inventory order, shipping supplies and the unexpected costs that come along with it.

    If you find yourself in this place, financing may be a good solution. Inventory financing is a one-time loan or ongoing line of credit you can use to purchase inventory for your business. The inventory purchased is used as collateral for the loan.

    Financing can help you maintain consistent cash flow during seasonal fluctuations in your business. It will also give you the flexibility to respond to increased customer demand. If you’re interested in exploring your financing options, you should begin looking into this now so you’ll be well prepared come fall.

    6. Place your orders early

    Many customers begin their holiday shopping in September and October out of concern over product shortages and slow shipping times. So you want to place your inventory orders as soon as possible so you can capture those early shoppers.

    However, it’s impossible to forecast exactly how much inventory you’ll need, and you’re bound to run out of items. So you also want to have a plan for how you can quickly replenish out-of-stock items. For example, a good inventory management system will alert you when you’re running low on certain items and need to re-order.

    Related: Keep Calm and Holiday On: How to Plan for the Holidays Year-Round

    Joseph Camberato

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  • How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

    How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Summer is just around the corner, and with it comes an influx of vacationers ready to explore new destinations. As the summer travel season begins, businesses operating within travel and hospitality must adopt robust strategies to manage the anticipated increase in transaction volumes and fraud risks. These strategies must also effectively manage disputes and chargebacks during a peak travel period that’s expected to break records.

    Americans are still choosing to prioritize their vacations despite challenges like international unrest and rising prices. Projections from the Transportation Security Administration (TSA) suggest we’ll see a record-breaking summer travel season in 2024, with officials anticipating the busiest travel season ever.

    52% of consumers say they plan to travel as much in 2024 as last year, with another 40% saying they expect to travel even more. These prospective travelers already have significant budgets set aside for these trips.

    Millennials and Gen Z are the driving forces behind this trend. People in this cohort tend to prioritize experiences over material goods and seek a healthy work-life balance to explore new places and cultures. They’re also heavily influenced by social media, where many influencers showcase travel as part of an aspirational lifestyle.

    This surge in travel drives global business at every level of the economy, but it also creates a heightened sense of risk. For businesses, effectively managing fraud and chargeback risk year-round is crucial to navigating the travel space.

    Let’s explore the best strategies and tactics for managing these threats, whether in-house, hybrid or outsourced, and why asking for help might be the most effective course of action this year.

    Related: How a Bad Billing Descriptor Can Cost You

    The challenges ahead

    While a travel boom is fantastic for businesses and local economies, it poses significant challenges that underscore the necessity of comprehensive fraud and chargeback management. An exceptionally busy travel season can aggravate existing chargeback triggers already intrinsic to the travel space. We may see:

    1. Increased Transaction Volume. The sheer volume of transactions during peak travel seasons makes managing and monitoring every transaction closely difficult. This increased volume can overwhelm internal systems, leading to errors and delays in handling disputes, contributing to more chargebacks.
    2. Fraudulent Activities. Fraudsters take advantage of the busy season, knowing that the high transaction volumes can mask their activities. From fake travel deals to phishing emails, the types of fraud targeting travelers are diverse and sophisticated, increasing the likelihood of chargebacks from unauthorized transactions.
    3. Overbooked Flights and Hotel Shortages. High demand can lead to overbooked flights and sold-out hotels. When travelers are bumped from flights or denied rooms, dissatisfaction spikes. So, too, does the number of chargebacks as customers dispute charges for services they didn’t receive.
    4. Poor Customer Service. Understaffing is common during peak periods, resulting in longer wait times, unresolved complaints and poor service. Frustrated customers often turn to chargebacks to resolve their grievances when they feel neglected or mistreated.
    5. Operational Strain. Handling a surge in transactions requires a well-prepared operational setup. Without it, companies might fail to process payments and refunds promptly, further aggravating customers and leading to more disputes and chargebacks.
    6. Financial and Reputational Impact. Chargebacks result in financial losses due to refunds and fees. However, they also damage a company’s reputation with customers and hurt their relationships with financial institutions. High chargeback rates can result in higher processing fees and, in severe cases, the loss of merchant processing privileges.

    Considering what’s at stake, you can see why it’s incredibly urgent to prioritize effective chargeback management. Aside from saving time and money, it can also help boost customer trust during the peak travel season.

    Managing chargebacks: In-house, hybrid or outsourced?

    Travel operators can adopt one of three chargeback management strategies to handle the increased demand and the potential challenges outlined above.

    First, they can manage everything in-house. This involves maintaining a dedicated team to manage disputes, enhance customer support and refine fraud detection systems. While this approach offers direct control, it can be resource-intensive and requires constant updates and training to stay updated on new fraud tactics and regulatory changes.

    A second option is to outsource everything. This allows travel companies to benefit from specialized expertise and advanced technologies without the burden of maintaining an in-house team. Third-party providers can offer scalable solutions, real-time fraud detection and comprehensive chargeback prevention strategies. However, it can also mean that merchants lack insight.

    As a third option, merchants can try taking a more hybrid approach. Combining internal efforts with external support lets businesses leverage advanced technologies and knowledge from third-party providers while retaining some control over the process. This approach provides a balance between direct oversight and external expertise.

    Related: How to Fight Fraud and Chargebacks Should Regulation Fail

    Industry collaboration

    As we gear up for a record-setting summer, it’s clear that improved industry collaboration could be the key to addressing fraud and chargebacks.

    We could consider the transformative potential of open data and artificial intelligence (AI) within the tourism industry. Combining an open data strategy with AI can enhance decision-making processes, helping to personalize customer experiences and optimize operations.

    By harnessing open data, businesses can gain valuable insights into traveler preferences and behaviors. This insight can be refined using AI to forecast trends and tailor services.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Open data and AI will have a much more symbiotic relationship in the future. The kind of collective effort that open data demands will create a more secure environment for our customers and protect our businesses from the financial strain of chargebacks. These technologies promise to boost efficiency and innovation in tourism, help manage threats and enhance the overall travel experience.

    Ultimately, travel operators need to be proactive. By adopting the right strategies and fostering collaboration across the industry, operators can thrive during this busy travel season and create a better experience for all travelers.

    Monica Eaton

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  • Here’s What Every Business Needs To Know About Global Logistics In 2024 | Entrepreneur

    Here’s What Every Business Needs To Know About Global Logistics In 2024 | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The pandemic made global supply chain issues a common dinner table conversation. Now, with escalating geopolitical tensions and competing manufacturing hubs in China, India and Mexico, it can be hard for businesses to understand what the best strategy is for moving goods internationally.

    Yet, despite the complexities affecting our global supply chains, the opportunity for businesses to engage in international trade has never been better. Advances in technology continue to make it easier to automate logistics. In fact, according to Acumen Research and Consulting, the global logistics automation market is predicted to reach $133 billion USD by 2030.

    Not only is technology making supply chain logistics easier for businesses to manage, but in a down market, there can be opportunities to negotiate better deals with overseas suppliers, find new customers and create business models that adapt to future market conditions.

    Regardless of your motivation, if you’re a business looking to expand abroad, here are three tips that can give you a competitive edge:

    1. Understand regulatory requirements in advance

    Paperwork may seem tedious, but in the world of global logistics, an incorrect or incomplete form can determine whether or not your shipment gets across the border. As the leader of a customs brokerage and freight forwarding business, I can tell you brokers spend a disproportionate amount of time following up with clients to complete the appropriate paperwork to clear customs.

    Understanding simple but important details like what determines your product’s country of origin is instrumental for budgeting and planning. For example, if a business purchases materials from China and further develops them in the U.S. before resale, many leaders assume they qualify for reduced duty through North America’s free trade agreement (now known as the Canada, U.S., Mexico Agreement) — but this isn’t always the case. Products must meet a specific set of criteria to leverage the lower duty rates. Missed details like this can cost businesses a significant amount of money unexpectedly.

    It’s also important to understand how exchange rates are calculated. Many businesses are surprised when they have to pay more for duty on a shipment when it arrives than they originally estimated. That’s because duty is calculated based on the exchange rate at the time the goods arrive at their destination. Exchange rates fluctuate, so it’s important for businesses to bear this in mind when creating budgets.

    Related: Your Customers Don’t Care Where Your Ecommerce Business Is Based, So Be Ready to Ship Anywhere in the World

    Factor In geopolitical tensions and changing market conditions

    From China’s recently passed “retaliation tariff” to attacks on merchant ships in the Red Sea, growing geopolitical tensions are causing businesses to rethink their trade routes.

    How a business navigates geopolitical disruptions largely depends on whether it is looking for a short-term or long-term strategy. If a company is looking for a short-term strategy, for example, it can likely adapt more swiftly to trade route disruptions. Businesses focused on long-term logistical planning, however, need to factor in the big-picture implications of geopolitical stability.

    Take, for example, the current tensions between the U.S. and China, which have caused more manufacturers to set up operations in Mexico. If the U.S. decides to permanently shift its purchasing from China to Mexico, this change would have significant implications on the trade route’s pricing and capacity in the long term.

    Businesses entering into international markets should factor in what parts of the supply chain are likely to be disrupted within the time frame they are targeting and consider whether or not they are well positioned to pivot, as necessary.

    Related: How to Find International Customers and Partners as You Expand Your Market

    Build strong relationships with international partners

    One of the most overlooked factors in navigating global logistics is the importance of building strong relationships with partners abroad. Businesses seeking strong international partnerships must learn and adapt to the customs and cultures of the regions they operate within.

    In my work, I do business with partners in multiple countries. Every year, when I attend their annual conferences, I notice the difference between leaders who respect the local customs and those who operate as though they were on home soil. Often, this attitudinal difference determines who establishes long-lasting, cooperative partnerships that lead to better pricing and referrals and who loses business altogether.

    According to the International Labour Union, a staggering 70% of international ventures collapse due to cultural disparities. Every culture has its own etiquette. Doing a little research on the communication rules and accepted behaviors in the countries you’re operating in can go a long way toward establishing a cooperative partnership.

    As a seasoned leader in international logistics, I’ve seen firsthand the transformative power of adapting to global market dynamics. For businesses venturing into international terrain, understanding regulatory landscapes, geopolitical shifts and cultural nuances not only mitigates the risk of expansion but can help maximize the opportunity.

    Mike Chisholm

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  • How to Turn Your Hobby Into a Business | Entrepreneur

    How to Turn Your Hobby Into a Business | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly grew to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.

    We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.

    Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.

    Related: Ten Tips To Turn Your Passion Project Into A Business

    Hobbies that make great side hustles

    So you have a niche hobby, and you’re wondering: How can I make some money from this? It’s important to remember that not all hobbies are created equal, financially speaking. And a niche interest that might have driven profits 20 years ago (collecting Beanie Babies, say) could be a financial sinkhole today.

    By keeping a pulse on the zeitgeist, you can anticipate trends and hobbies gaining public interest — and capitalize on those trends. Some, like the following, are side hustle ideas you could start at any time.

    Photography

    Senior portraits, weddings, special events, professional headshots — quality and affordable photography never lacks in demand. With a website highlighting your work, you can book clients and start earning money from your passion.

    Coding

    From bug bounty programs to website design, freelance coding offers major earning opportunities. A background in HTML, Python, Java, C++ or a myriad of other coding languages can be a financial boon.

    Home design

    If you designed your home to belong in an issue of Architectural Digest, others will take notice. Consult on color palettes, furniture selections, room layouts and lighting — and bring your curated aesthetic to the masses with a home design business.

    Video and audio production

    Whether promoting a brand on social media or starting a podcast, freelance producers can bring a marketing campaign to life. Sell yourself with past work, and mention your experience with programs in the Adobe Creative Suite or Pro Tools.

    Gardening

    Your green thumb could put some green in your pocket. The landscaping and gardening industry was valued at more than $250 billion in 2024, according to Mordor Intelligence, and if your own garden is thriving, you can fill a niche in your own (proverbial) backyard.

    Writing

    Can you construct clear and concise copy for a variety of clients? If so, the opportunities are as vast as your vocabulary. Wordsmiths can serve as speechwriters, copywriters, technical writers and ghostwriters, as well as assist with any editing needs.

    Baking

    Your beautiful cakes, cookies and baked goods could be more than delicious treats; they could be a source of income. Many entrepreneurs found success with home baking during the pandemic, and with proper planning and consistent clients, you can join them.

    Vetting if your hobby could be a business

    Before you make any hard commitments or major financial decisions, consider if your niche hobby can earn consistent money. Who is the target client? How much are current practitioners charging? How much money do you have saved? How much do you expect to make?

    It’s crucial to be clear-eyed about expectations before investing your own money into your venture. The following steps can help you assess whether or not to turn your passion project into a side hustle — or even a career.

    Run it by friends

    When we have that eureka moment, it sometimes blinds us to flaws in our logic. To get a quick check, run your idea by a few trusted friends. They might be able to point out roadblocks you didn’t think of or know a way to bring your idea to life. For Sabah, that meant asking other chefs for input. Avoid relying solely on one or two peoples’ opinions, but do gauge your friends’ enthusiasm. After all, close confidantes have your best interests in mind.

    Analyze the market

    Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.

    To truly excel, you must conduct a thorough analysis of your rivals. Although they might offer a comparable product, your goal is to surpass them. Analyze their customer feedback to identify gaps. When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.

    Network

    Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps. If you’re lucky, you might find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock. Keep the lines of communication with your network and your mentor open. They know the twists and turns and can save you headaches and expenses.

    Devise a business plan

    Don’t invest significant money into a project before creating a detailed business plan. Prior steps, such as analyzing the market, will help you write this document, and you’ll want to come away with clear financial expectations. Do the math — calculate your startup and overhead costs, insurance, marketing budget, earnings expectations and taxes. This will give you some base-level expectations and a roadmap to funding, if necessary.

    Getting your side business off the ground

    You’ve done your research. You’ve talked to friends and other entrepreneurs. You’ve analyzed the market and built a business plan. Now it’s time to take the first big step: getting your side business off the ground.

    Turning passion into profit takes work. Don’t be discouraged. There may be moments of doubt and anxiety as your business slowly ramps up. Lean on mentors, and consult your business plan. Like Sabah, if you’ve done the proper pre-launch work, you can keep your head down and follow the roadmap. The following steps can position you for success when turning your niche hobby into a business.

    Build an MVP

    In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features. For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers. Early and genuine feedback is the goal of an MVP. After all, it’s easier and less expensive to make changes at the beginning of the development cycle than in the middle of it.

    Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup

    Set achievable goals

    Be realistic about your first-year financial expectations. In fact, it’s common for new businesses to lose money in their first year of business as they pay back initial investments and build consistent customer bases. Sabah set goals — both financial and personal — that she could reasonably achieve. But don’t mistake this for easy goals. You should be ambitious but practical when planning to achieve your goals.

    Get help

    Sabah didn’t build her business alone. She knew she needed help building the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market and could mean competitors beat you to the finish line. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.

    Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or maybe you need help with building a brand identity and marketing the product. Outsourcing some of the work frees you up to focus on what you’re good at and can take stress off your shoulders.

    Related: Asking For Help Is Good For You and Your Business

    Keep your finger on the pulse

    Markets and trends can shift rapidly, so it’s essential to keep tabs on competitors and monitor your customers’ needs. The last thing you want is a product that’s outdated by the time it launches or a business plan built around last year’s “it” thing. By staying up-to-date on market and cultural trends, you can be ready to shift priorities when the time is right.

    It’s been a joy to watch my friend’s business grow. She’s met challenges with grace and never lets setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.

    Bidhan Baruah

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  • Get a 1-year Costco Gold Star Membership and $20 Digital Costco Shop Card for $60 | Entrepreneur

    Get a 1-year Costco Gold Star Membership and $20 Digital Costco Shop Card for $60 | Entrepreneur

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Small businesses pay as much as $92 per employee per month for office supplies (according to TonerBuzz). While that may not sound like very much, if you have five employees, that’s more than $450 every month that could be better invested elsewhere.

    One good way to reduce those costs is by being mindful of where you shop. At Costco, members can find significant savings year-round and buy in bulk. Purchase large quantities of items at lower prices, so the more you shop, the bigger the savings might be. Right now, when you get a one-year Costco Gold Star Membership, you’ll also get a $20 Digital Costco Shop Card*.

    Find significant savings on everything from office supplies and groceries to furniture and electronics. Whatever you need for your office, you can likely find it at Costco and in enough bulk to keep you stocked up. With more than 500 locations across the country, there’s a good chance there’s a convenient Costco for you to enjoy.

    In addition to the everyday value of shopping, you can access offers on travel and much more. Costco Gold Star Membership comes with a host of Member Privileges, which means there are a lot of ways to find value.

    Save money on the most crucial parts of your business.

    Right now, when you sign up for a 1-year Costco Gold Star Membership, you’ll also get a $20 Digital Costco Shop Card* to get you started.

    StackSocial prices subject to change.

    *Services are provided to Costco members by third parties. *To receive a Digital Costco Shop Card, you must provide a valid email address at the time of sign-up. If you elect not to provide a valid email address, a Digital Costco Shop Card will not be emailed. Valid only for nonmembers for their first year of membership. Limit one per household. Nontransferable and may not be combined with any other promotion. New members will receive their Digital Costco Shop Card by email within 2 weeks of sign-up. Costco Shop Cards are not redeemable for cash, except as required by law. Digital Costco Shop Cards are not accepted at Gas Stations, Car Washes, or Food Court Kiosks. A Costco membership is $60 a year. An Executive Membership is an additional $60 upgrade fee a year. Each membership includes one free Household Card. May be subject to sales tax. Costco accepts all Visa cards, as well as cash, checks, debit/ATM cards, EBT and Costco Shop Cards. Departments and product selection may vary.

    Entrepreneur Store

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  • How This Texas Farmers Market’s Gamble Paid Off Big | Entrepreneur

    How This Texas Farmers Market’s Gamble Paid Off Big | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Fall Creek Farmers Market in Humble, Texas, is not just a spot to stop by for your Sunday morning coffee and a fresh vegetable or two. Owners Jonathan and Andrea Haskin built this vibrant space with a vision to change their community’s food shopping habits and educate their customers on the importance of buying fresh and local items.

    The couple came up with the idea for the market in 2015 when they started taking a longer look at what kind of food they had available to them and realized they had to travel far and wide just to source quality ingredients from local farmers. What would happen if they brought their community closer to the source?

    Related: Top Health and Wellness Franchises

    To their delight, the Haskin’s neighbors embraced the concept. Situated in the beautiful Fall Creek neighborhood, the market’s outdoor setup is near a golf course and several walking trails, drawing tons of people and their pets into the space every Sunday morning.

    Jonathan and Andrea prioritize being present in their space and providing a personalized experience for every visitor. Getting set up two hours before the market opens and staying until the last group trickles out, the pair walk around to greet and share their story with customers. In the market’s early days, their daughters sat at the entrance making bracelets for shoppers as they walked in.

    This community feel is what drew in reviewer Forest B., now a regular visitor of Fall Creek Farmers Market. “All of the vendors were so personable, willing to share advice and their specific stories,” his review reads. “I particularly enjoyed the cultural diversity. So much to learn at each booth.”

    With 20+ vendors spanning global cuisines, there is no limit to the kind of food you can sample at Fall Creek Farmers Market. On his first visit alone, Forest tried a Colombian coffee blend, two empanada flavors, Vietnamese egg rolls, and an Italian ice dessert. The cherry on top was getting to engage with the vendors themselves, learning firsthand about their products and journeys.

    Related: 4 Reasons Why You Should Enter the Health and Wellness Industry

    “One [vendor] that’s not mentioned in my review is the Indian couple who serve prepared foods there,” Forest said. “They are a little bit older. That’s completely different, say, from the couple who owns Frostbite, which is the Italian ice vendor. They’re youngsters and [are] actually looking to you to provide them information on your journey here in the United States. So you just learn quite a bit about the people. Sometimes people are a little surprised to find out that you know a lot about topics in their areas, but the way you learn a lot is by talking to people and being open and receptive.”

    Forest’s experience is a perfect example of Jonathan and Andrea’s educational ecosystem in action. First and foremost, the market aims to teach its visitors about the importance of fresh, quality food. The Haskins ensure their vendors share this passion and make an effort to educate every customer who visits their booth. 90% of Fall Creek’s vendors farm and ranch full-time. Some even take agriculture classes at Texas A&M.

    “They live it as we do,” Jonathan said. “And it starts from the inside. We are really passionate about immersing ourselves into the market, and we are very selective with who we allow [to be] a part of our team.”

    Jonathan and Andrea’s goal is to be the tipping point that pushes customers into the world of local food shopping, and they’ve found that preparation is key. They engage with customers online ahead of each sale to make sure they have all the information they need for a smooth visit. Because offerings shift each week to spice things up for shoppers and ensure seasonal produce stays front and center, Jonathan and Andrea provide a list of vendors and produce options in advance to help customers plan their meals and build out their grocery lists before arriving at the market.

    Related: How This Healthy Food App Scored a $200K Investment

    The most faithful customers do around 80% of their food shopping at Falls Creek Farmers Market, which was the vision the owners had in mind when they set out to build a business.

    “It’s not a craft show. It’s not a bake sale. You can actually come and get your pastured eggs and real items,” Jonathan said. “Knowing where your food is from is a big deal. It’s like getting a root canal or heart surgery. So it feels really good to be able to serve and to be able to give them access as we have it.”

    Not only is shopping locally good for your health, but it’s good for the local economy. Forest stressed the importance of spending your money and time at small businesses.

    “Business owners typically are here from other countries. [They] come from backgrounds in which there was virtually no safety net, so they bring their knowledge to the United States. When I’m looking at these businesses, I’m looking at how I can learn more so I can help other people in the community continue to start these small businesses that make our economy run.”

    Beyond making visits, reviewing is a powerful way customers can show support. Jonathan and Andrea take every review they receive to heart, always looking to expand the offerings and inclusivity of their space. They find it important to stay receptive to feedback, keeping the dialogue with customers open, genuine, and full of love.

    In addition to prioritizing customer education and building community, Falls Creek Farmers Market believes:

    • Passion starts from the inside. Put love and care into what you do and it will trickle down to your partners and employees—and ultimately your customers.
    • Preparation is key. Communicate online with your customers ahead of a sale so they know what to expect. Plus, make time to help out with any problems that come up.
    • Supporting local is a great way to learn new things. Opening up your mind and heart to small businesses might just help you discover an important lifestyle change.

    Listen to the episode below to hear directly from Jonathan, Andrea, and Forest, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

    Available on: Spotify, Apple Podcasts, Google Podcasts, Pandora and Soundcloud.

    Editorial contributions by Callie Morgan and Kristi Lindahl.

    Emily Washcovick

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  • 8 Trends to Watch Out for In Grid Energy | Entrepreneur

    8 Trends to Watch Out for In Grid Energy | Entrepreneur


    Opinions expressed by Entrepreneur contributors are their own.

    For many, the future of energy seems so close yet too far away. That image is coming into view but is still blurry and distant for many. As a clean grid energy expert, the future is now. These technologies exist, and they’re getting better every day. They will define what the energy grid and the homes and businesses of the next 50 to 100 years it supports will look like.

    For over 20 years, I’ve been working and leading in the energy-saving and home improvement industry. I’ve been learning and using my years of experience to educate people about green living for years. More recently, I’ve been working on the prototype for the home of the future in Denver, CO. Here are some of the energy trends and innovations I see as promising for energy-efficient homes of today and tomorrow.

    1. Grid analytics

    Grids can now collect obscene amounts of data on how energy is used. It can track connected asset performance and identify equipment issues. It can identify trends associated with the time of year and weather patterns through predictive analytics to manage energy production, storage and distribution effectively.

    Related: 5 Renewable Energy Sources To Look Out For in 2024 and Beyond

    2. Grid AI

    Artificial intelligence can use machine learning to adapt automatically to trends. Imagine a grid that ramps energy production up and down ideally to reduce wasted resources, driving energy efficiency up and, over time, the cost to manage energy down.

    In the shorter term, grid AI switches between renewable and non-renewable energy sources. In the future, it can shift among renewable to reach the most eco-friendly and cost-effective mix based on environmental or other factors.

    3. Remote microgrids

    Microgrids deliver hyper-local energy to rural locations. Rather than depending on a more extensive energy grid infrastructure with so many ways to fail between the grid and place, a microgrid produces and stores the energy where it’s needed, using whichever renewables are most available.

    4. Suburban and urban microgrids

    Today, many microgrids are treated as backup systems for essential services like hospitals, critical data centers, or disaster relief command posts. But as the technology advances, we’ll see many more communities using microgrids for everyday applications and even in more urban areas.

    This would mean localizing power to “keep the lights on” while staying connected to (but able to disconnect from) a larger grid. With the concern over the potential for strategic attacks on energy grids, decentralizing the grids is a promising solution.

    Related: 6 Tips to Invest in Renewable Energy Now

    5. EV-supportive grid management

    Fossil fuel usage continues to be one of the biggest environmental threats. Electric vehicles can reduce our dependence. But problems exist. Charging thousands of EVs taxes older energy grids and makes owning an EV cost-prohibitive for the average family.

    Green energy grids can and are working with EV owners to solve these problems. Vehicle to Grid (V2G) technology allows EVs to return power to the grid when needed without inconveniencing the car owner. Furthermore, it starts charging the vehicle when demand drops, helping the grid balance more efficiently and preventing blackouts. Whether energy companies reduce rates during non-peak hours or provide specific discount incentives for EV owners using this technology, this system can significantly reduce EV ownership costs.

    6. Grid cybersecurity

    As mentioned, centralized grids are increasingly at risk. While physical attacks are possible, cyber-attacks are much more likely. So, it’s no surprise that grids get a makeover with tools like data encryptions, anomaly monitoring, and faster threat detection and response.

    Related: Here’s Why Solar Entrepreneurs Don’t Go Off the Grid

    7. Longer and more energy storage

    We’ve taken leaps and bounds in the energy storage sector. The U.S. Energy Information Administration (EIA) has said storage capacity will double in 2024 and continue to increase, making the storage of renewable energy a more viable option in the longer term, further reducing dependence on non-renewable backups or supplementation. At the same time, the storage cost is declining as capacity increases and battery degradation decreases.

    8. The solar grid side hustle

    As Kartik Menon pointed out in their recent article, improvements in grid analytics and connectivity have the potential to open up a new solar side hustle and regional energy collaboration. As sun-soaked homes generate more power than they can use or store during peak production, they need a marketplace to offload the excess and potentially pay for energy when production is low. This system could turn whole blocks into microgrids of neighbors sharing resources.

    Grid energy is essential to daily life. But the grids of tomorrow are going to look very different. More efficiency, decentralization, greater security, and AI-powered optimizations will help grids power through and deliver to their customers. We’ve already seen these technologies take shape today, but they still have a way to go. While there is undoubtedly more to be discovered and missing links to be revealed, we’re on our way to the green-energy-powered world we want to see.



    Abe Issa

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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

    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.

    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

    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.

    Jason Miller

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