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Tag: Operations & Logistics

  • Data Breaches Cost $1 Million More When Remote Work Is Involved — Here Are 4 Steps to Protect Your Business. | Entrepreneur

    Data Breaches Cost $1 Million More When Remote Work Is Involved — Here Are 4 Steps to Protect Your Business. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Remote work is a double-edged sword: It provides your employees with the comforts of staying at home, but it also creates additional security risks as they are more likely to use unprotected devices and connect to unsecured public networks.

    At least 20% of businesses went through a data breach caused by remote workers. As reported by IBM, the average data breach cost is $1 million higher in companies where remote work is common. It also takes 58 days longer for such organizations to discover and contain data breaches.

    Related: Entrepreneurs Beware: Remote Work Can be Fertile Ground for Cybercriminals

    Step 1: Categorize your company’s data

    Your business holds vast data, from client credit card details to employee IDs. For effective security, categorize your information. We classify ours into three: critical, restricted and confidential data.

    Critical data is what, if leaked, would seriously damage the company’s reputation, making a return to normal operations almost impossible. It includes user credentials, card security codes, client order history and customer behavior data. I would also add source code for software companies.

    Restricted data, if leaked, could seriously threaten our business. It would undermine the company’s reputation, but it’d be possible to continue operating in a limited way. Such data contains emails, locations, device info, app usage insights and many other kinds of data from our customers.

    The last category, confidential data, includes the organization’s trade secrets. Such leaks would harm the company’s operations but would have a smaller impact on its reputation. It comprises the team members’ data, company policies and procedures, recruitment process details, source code, financial statements and more.

    Step 2: Calculate the cost of a breach and create policies

    We all hate bureaucracy— I know that. Yet for a business to work, its members must follow certain rules (i.e. policies). To create a good cybersecurity policy for remote workers, you need accurate data. I recommend calculating the cost of potential data breaches using real money.

    Be sure to take into account all types of losses. A company’s data breach results in direct expenses like investigation and compensation, indirect costs from recovery efforts and lost revenue and opportunity costs due to reputational damage and lost potential business.

    After calculating the costs of a data breach, design policies. Standard procedures usually include policies on how you label and share data, what security controls you must have and what training your workers must attend.

    Related: How Do You Manage Cybersecurity With Employees Across the Globe? Here’s Your Answer.

    Step 3: Reduce the risks of remote work

    First, ensure the security of your computers. Make it so your remote workers access corporate resources from corporate devices only. Have your helpdesk specialists configure all devices according to your information security standards. They’ll need special administration tools for the task like JAMF.

    Second, monitor the state of your corporate devices. Handle the installation of patches, security updates and the latest versions of OS and software. Use special monitoring tools like JAMF and encourage employees to keep their working stations up-to-date. Last, install an Endpoint Detection and Response (EDR) or Antivirus (AV) agent to track malicious activities on your corporate computers. An example of such a system would be CrowdStrike.

    Third, control the access to corporate resources. Remote workers should only have access to resources necessary for their work. Make it so they can interact with them only with the corporate VPN turned on. I recommend also enabling IPS or IDS on the VPN to look out for network anomalies.

    Don’t forget about multi-factor authentication. It’ll add one more layer of security to your company’s data and decrease the chance of unauthorized access, and you can use ready-made MFA solutions.

    Step 4: Encourage your remote workers to be responsible

    Truth bomb: The actions above aren’t enough to protect your business from security risks. About 60% of attacks succeed because average employees make mistakes. It’s your duty to help your employees understand the importance of cybersecurity.

    First, encourage them to use special apps that track whether their device is safe. They can be in the form of a security checklist, which dynamically checks various system indexes and is easy to understand.

    Second, motivate workers to keep the corporate VPN turned on. You can also make their lives a lot easier by making the VPN connect automatically when the system starts up. If you don’t have a business VPN, use a regular one from a trusted provider.

    Last, don’t forget about training. Encourage your workers to learn, but make it exciting. Monotonous video lectures won’t do — add gamification and interactivity. Your company’s security rests with your team; build a strong human firewall by instilling best practices and fostering vigilant behaviors.

    Related: How Safe Is Your Data While Working Remotely?

    Bonus step: What to do with your freelancers

    The problem with freelancers is that you can neither make them work on your corporate laptops nor install special security software on their devices. You can, however, manage their access to your company’s resources.

    Limit their access to essential company resources, using the least privilege principle. If feasible, avoid access altogether and establish secure data-sharing protocols. Always clarify collaboration terms in contracts and NDAs detailing data access and usage. Emphasize that violations may lead to legal consequences.

    Safeguarding your company in a remote work era is entirely achievable. Begin by discerning the types of data you possess and understanding the potential costs of breaches, tailoring security measures in response. Prioritize the integrity of your corporate devices and manage access to resources. Talk to your remote workers and implement the use of robust security tools like VPNs.

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    Mykola Srebniuk

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  • The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

    The True Cost of Employee Turnover During a Recession? Your Entire Business. Rethink Your Strategy to Make Your Top Talent Stay. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We hoped we had weathered the storm, that the Great Resignation and the Great Reshuffle had passed us by, but the employment landscape is still suffering severe aftershocks. In the tech industry alone, 2023 has brought more layoffs than last year — over 240,000 tech employees have been laid off this year, a 47% increase from 2022, according to Layoffs.fyi.

    Some layoffs are happening despite companies seeing profits improve. LinkedIn, for example, has grown in revenue over the last four quarters but still announced in May that it would cut 716 jobs in sales, support and operations in an attempt to streamline its processes. Other industries are far from safe.

    Especially as we enter another season of unpredictable economic news and pervasive uncertainty, it will be crucial for companies in any sphere to strategize on how to keep top talent from leaving, how to measure employee satisfaction and how to navigate employee retention during a recession. Here’s my advice.

    Related: How to Attract and Retain Top Talent

    How can companies boost employee retention during a recession?

    The importance of retaining talented employees cannot be overstated. Employee turnover has a direct line to the overall health and well-being of your company. Similarly, employee retention can signal to others that your culture is strong and can make the rest of the team feel reassured and ready to face another day.

    There are many things that company leaders can do to stop the cycle of employee turnover and retain the best people — those most aligned with the company’s values and those most equipped to face its challenges. Most of these strategies involve improving the way you appreciate team members:

    1. Rethink what cost means for you

    Many CEOs balk at any extra cost at this time. After all, why would you shell out for a new program or initiative when you’re having to cut costs drastically elsewhere? It’s hard to commit to a cost you don’t know you’ll be able to sustain.

    However, it is well worth considering cost from different perspectives. The cost of losing employees to more caring or rewarding employers is a very real financial outlay. Consider the various costs involved in recruiting and training a new employee, the inevitable slowdown in productivity as they learn the ropes, not to mention the mental cost on team members who are in the midst of a crisis and seeing their co-workers depart. If you can’t afford to lose talent at this critical time, then you also can’t afford to treat your employees as just another cog in the machine.

    Just take Adobe, for instance. The digital giant is ranked No. 1 in employee satisfaction, and this appreciation for its employees extends to its minuscule turnover rate as well. In times of turmoil, it’s important to learn from the masters and invest in your employees today so they can be your top talent tomorrow.

    Related: Employee Retention: 4 Tips to Help Keep Your Top Talent

    2. Perform a care edit on your benefits package

    Fear of being laid off comes along with a myriad of mental health symptoms. From self-esteem damage to depression, living with the real or perceived threat of unemployment can lead to significant distress, which (in today’s climate) can become a long-term problem.

    These symptoms can be further exacerbated if an individual’s workplace doesn’t respond with kindness. Taking care of team members and finding ways to show employee appreciation are especially important during uncertain times. If you fail to respond to these anxieties with care, your company risks losing talented, core members of your team.

    Fortunately, there are many ways to show employee appreciation that goes far beyond higher salaries. For example, HubSpot offers its employees unlimited holidays, flexible work agreements and perks for additional mental and physical well-being. By supporting employees, HubSpot continues to boast solid employee retention, even during economic uncertainty.

    Fortunately, your business can enjoy this stability, too. Start by performing a care edit on your benefits package and getting rid of anything that doesn’t serve employees’ health and well-being. Then, add the things that will truly help your team right now. Health insurance, dental care, gym membership or yoga sessions, healthy snacks/meals at work and even therapy. All of these benefits could help you differentiate your place of work from competitors in the marketplace and make employees feel cared for and more apt to stay.

    Related: 14 Strategies For How To Retain Top Talent and Build Championship Teams

    3. Get to know people on a deeper level

    When you’re navigating an economic downturn, employees can quickly become numbers on a spreadsheet as you work out what you can afford. However, companies should never let this sensation become a reality. Lose touch with your employees and you’ll lose your top talent just as quickly.

    Consider Google, for instance. Companies often look to the search giant for examples of how to keep top talent from leaving, and for good reason. Leaders at Google are acutely aware of how important company culture and trust are to a successful company; that’s why they prioritize employee relations to ensure their brand culture remains cohesive and effective. Just like Google, it’s critical for your company to stay aligned with employees and ensure every employee feels like a part of the bigger picture.

    However, the process of getting to know people shouldn’t stop after onboarding; people’s needs and goals change as they grow within a role. Leaders who keep in touch with these changing selves and the many personal successes that come along the way will be able to better offer advice and support their team towards achieving their personal goals.

    For example, the greeting card experts at Hallmark regularly practice recognizing employees by sending personal birthday cards, anniversary cards, thank you cards or greetings just to say “job well done.” Other businesses can take a page from the experts in this regard as well — especially since employees who feel like their workplace celebrates their achievements and remembers their important dates will be more likely to stick around and grow their careers within the company.

    It may be a hard and unpredictable time for your company. With daily reports of layoffs peppering the news cycle, your employees may be feeling anxious and overwhelmed. But this is not a moment to cut back on caring for your team. Invest in supporting and appreciating the talent that makes your company what it is — this is how to keep top talent from leaving.

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    Robbin Champaigne

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  • Free Webinar: How Company Wikis Facilitate Growth and Expansion | Entrepreneur

    Free Webinar: How Company Wikis Facilitate Growth and Expansion | Entrepreneur

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    In this session, we will explore how a well-structured and organized company wiki can be a crucial asset for your business’s scalability and adaptability. Learn how to alleviate growing pains by implementing knowledge structures that can evolve along with your organization.

    By the end of the webinar, you’ll have a solid understanding of how to use a company wiki as a tool for growth and expansion, allowing you to make informed decisions for your organization.

    Register Now

    Key Takeaways:

    • Importance of Scalability: Understand why a scalable knowledge base is vital for a growing business.
    • Organizational Structure: Learn how a well-organized wiki can streamline internal communication and facilitate information sharing.
    • Adaptability: Discover how wikis can be easily updated and adapted to meet the changing needs of your organization.
    • Knowledge Management: Gain insights into how a wiki can serve as a centralized repository for crucial company information, saving time and reducing redundancy.
    • Case Studies: Get real-world examples of companies that have successfully integrated wikis to facilitate growth and expansion.
    • Best Practices: Learn actionable tips for setting up and maintaining an effective company wiki.

    Register Now

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    Entrepreneur Staff

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  • A Costco Gold Star Membership and $30 Digital Costco Shop Card for $60 | Entrepreneur

    A Costco Gold Star Membership and $30 Digital Costco Shop Card for $60 | Entrepreneur

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    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.

    Entrepreneurs need to consider their budgets around every corner. Whether you’re figuring out household expenses or office expenses, it’s worth considering the value and savings you can incur by shopping wholesale. To help get you started, consider this one-year Costco Gold Star Membership and $30 Digital Costco Shop Card*, which altogether costs just $60.

    Costco is home to thousands of brand-name products and a breadth of merchandise designed to suit the needs of the everyday shopper. This offer is valid and available to new members and for members whose memberships have been expired for over 18 months.

    The Gold Star Membership allows you to shop at:

    • Costco Business Centers
    • Costco warehouses around the world
    • Costco Travel
    • Costco.com
    • Costco Gas Stations
    • Costco Hearing Aid Centers
    • Costco Optical
    • Costco Pharmacy

    The Costco Gold Star Membership can also get you in touch with all of the Kirkland Signature™ products available throughout Costco. And Costco is rated an impressive average of 4.8/5 stars by verified purchasers.

    Get this one-year Costco Gold Star Membership and a $30 Digital Costco Shop Card for just $60.

    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.

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    Entrepreneur Store

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  • How a Bad Billing Descriptor Can Cost You | Entrepreneur

    How a Bad Billing Descriptor Can Cost You | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Do you know that line-item text that shows up on your debit or credit card statement that explains where each charge comes from? That’s commonly referred to as a billing descriptor. It’s a crucial piece of information that outlines the specifics of a transaction and the company associated with the charge.

    A merchant usually establishes the billing descriptor when they set up their bank account. Descriptors may be static or dynamic, meaning that they can change to reflect the specifics of the transaction in question.

    Think of billing descriptors as unique digital identifiers for each business. This numeric marker helps banks and credit institutions recognize the company while also helping buyers differentiate individual transactions.

    Unfortunately, inaccurate, confusing or unclear billing descriptors are a common problem. According to the 2023 Chargeback Field Report, one-third of cardholders say they often found billing descriptors on their bank statements to be confusing or unrecognizable.

    Additionally, nearly three-quarters of merchant respondents did not even know what their billing descriptor looked like. This suggests that merchants are not taking the problem of billing descriptor misidentification as seriously as they should. That’s a problem, as bad descriptors can directly cause chargeback.

    Related: How Banks and Businesses Can Fight Fraud and Chargebacks Should Regulation Fail

    Bad billing descriptors can cost you

    Billing descriptors directly impact a customer’s understanding of their credit card statement. As such, they play a vital role in a customer’s trust and satisfaction with a business. Poorly worded or confusing billing descriptors can pose significant issues for merchants, including:

    • Customer confusion: A vague or unrecognizable billing descriptor can leave customers perplexed. If customers can’t identify a descriptor on their statement, they might not be able to identify the source of the transaction.
    • Chargebacks & disputes: When customers don’t recognize a transaction, they often assume it’s fraud and dispute the charge. This can result in a chargeback to the merchant, which involves loss of revenue from the transaction, plus additional fees.
    • Damage to reputation: Ongoing issues with billing descriptors can harm a company’s reputation. If customers continually face confusion over their billing, they may develop a negative impression of the business, leading to lost future sales.

    Keep in mind the scale of this issue can vary widely. For a small business with a consistent client base, the issue might be manageable. But for a larger enterprise — especially one with a high volume of online sales or a diverse range of products or services — the problem can become substantial.

    Related: How AI and Machine Learning Are Improving Fraud Detection in Fintech

    Why is this a big deal?

    Around 27% of the merchants surveyed in the Chargeback Field Report had no idea where their billing descriptor could be located. A shocking 47% admitted that they’d never even checked their descriptor. For the reasons we listed in the above section, this is an issue that merchants can easily amend to protect their revenue.

    Merchants must keep their chargeback rate below the monthly thresholds established by Visa and Mastercard. Otherwise, they may be relegated to the higher fees and penalties associated with a “high-risk” merchant status. This is why billing descriptors are an essential part of this equation.

    Many customer queries begin with cardholders unable to identify a charge on their monthly bill. Fearing fraudulent activity, they tend to contact their bank, which often leads to a chargeback despite the transaction being valid.

    Ambiguous or seemingly unrelated billing descriptors are at the root of a substantial number of transaction disputes. In the same survey, one-third of cardholders responded with “Somewhat Often” or “Very Often” when asked about how frequently they encountered perplexing or unrecognizable billing descriptors. Interestingly, a small minority (only 6% of consumers) claimed they had never faced this issue.

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

    Dynamic billing descriptors could be the answer

    Adjusting one’s billing descriptor to denote the source of each transaction clearly could save merchants a lot of time and money in the long run. This small step can profoundly impact a merchant’s chargeback ratio.

    Adopting dynamic billing descriptors, or otherwise adjusting to make descriptors more immediately identifiable, presents several benefits for merchants:

    • Reduction in chargebacks: A recognizable descriptor can significantly reduce the incidence of chargebacks. Customers can easily identify their purchases by providing specific information about each transaction (like the product purchased or service rendered), leading to fewer disputes and chargebacks.
    • Improved customer experience: Clear billing descriptors enhance the customer experience. Detailed transaction information can increase the customer’s and merchant’s transparency and trust. It eliminates confusion, ensuring customers fully understand their purchases.
    • Greater flexibility: Dynamic billing descriptors offer more flexibility. Merchants can tailor the descriptor to the specifics of each transaction, making it more descriptive and recognizable to customers. For example, each service type could have a unique descriptor for a multi-service business.
    • Enhanced brand recognition: Descriptors can also be a tool for enhancing brand recognition. By including a business name or a product-specific detail in the descriptor, merchants can make their brand more recognizable to their customers.
    • Fewer customer service queries: By providing clear and detailed transaction information, good descriptors can help reduce the volume of customer service inquiries related to unrecognized charges, freeing up resources to handle other aspects of customer service.

    Examining and optimizing one’s billing descriptor can be a vital strategic decision for many merchants. It can help improve operations and enhance customer satisfaction. At the same time, a bad descriptor could be a source of considerable revenue loss.

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    Monica Eaton

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  • How LeRoy and Lewis Barbecue Built a 50K Social Following | Entrepreneur

    How LeRoy and Lewis Barbecue Built a 50K Social Following | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Evan LeRoy, co-owner of LeRoy and Lewis Barbecue, is crafting boundary-breaking menu items and innovative social media at the same time.

    Recognizing a branding potential beyond mere views and clicks, his restaurant business focuses on crafting videos, podcasts, and more content with value.

    For the talented team behind LeRoy and Lewis Barbecue in Austin, TX, social media isn’t about just promoting their innovative New School BBQ menu items. “It’s really about building up community,” Evan LeRoy tells host Shawn Walchef of Cali BBQ Media.

    Viewing various social media channels as opportunities for education, Evan LeRoy emphasizes adding value with each post. The online community then extends to in-person interactions, as enthusiasts end up visiting Austin to try their food. This creates a self-fulfilling cycle of engagement and community.

    “The people who do come to visit us at the classes engage on the Discord and on the Patreon,” he explains. “They interact with each other and share recipes, secrets, tips and everything with each other.”

    LeRoy sees sharing content as storytelling and a potent marketing tool that generates income. For Leroy & Lewis, every recipe is not just a culinary experiment, but a business strategy.

    “If you make a brisket, film it, and serve it to thousands, you’re going to make money on that two times,” says LeRoy. “It’s also marketing and advertising for your business. That pays for you. You don’t have to pay for marketing and advertising.”

    On Patreon, hundreds of LeRoy and Lewis subscribers give money every month to support the business and get access to video features and more access. The team shares recipes, behind-the-scenes footage, and more exclusive educational content while drawing in thousands of dollars a month in additional revenue.

    As Leroy and Lewis continues to grow beyond its origins as a food truck, LeRoy recognizes the importance of efficiency. The utilization of proper restaurant technology to overcome bottlenecks and streamline operations has become a priority to ensure they continue to provide new-school barbecue and old-school service.

    “We have bottlenecked a lot recently,” admits LeRoy. “We are trying to use technology to kind of disperse the food as fast as we can to all the different people.”

    Evan LeRoy’s innovative approach to content creation and BBQ is about finding the intersection of culinary and community.

    “We’re all just telling a story, right? And there are so many other tools to tell those stories.”

    Subscribe to Restaurant Influencers: Entrepreneur | Spotify | Apple

    About Restaurant Influencers

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • 6 Steps to Becoming a Recession-Proof CEO | Entrepreneur

    6 Steps to Becoming a Recession-Proof CEO | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The future economic forecast is looking unpredictable. You might be thinking, “What’s new?” The fact of the matter is that there is always uncertainty. 2008 caught millions of people off-guard in a matter of days. It isn’t about pulling back away from this uncertainty, though. It’s about heading towards it with armor on — your business’s economic armor — the kit you probably knew you needed but might not yet have.

    Your business’s armor is essential to its success. Sure, you can go through a few years without it, but you’re just counting on sheer luck here to get through. And just like you cover yourself from head to toe before you go into battle, your business needs to be covered back to front as well. If you haven’t experienced a downturn in business from economic collapse, you might have not ever really considered this. So, what does a recession-proof CEO look like? Let’s build your armor together.

    Related: How to Recession-Proof Your Business

    1. Your helmet: The financial deep dive

    Starting off, let’s get your head covered. Walking around without knowing your finances is like heading into battle without a helmet.

    Your financial books aren’t just for your accountants. They’re your reality check. Block out those critical three to five hours as the year draws to a close. Scrutinize every nook and cranny of your expenses. Which subscriptions are merely sapping resources without yielding returns? If multinational giants are meticulously trimming their operational fat, there’s a cue for you.

    How to put your helmet on: This isn’t about shrinking your team size; it’s about eliminating redundancy. Optimization is the key. Analyze your subscriptions, third-party services, and extra expenses. I can guarantee there is an area right now that you can tighten up.

    2. Your sword: The sacred 10% profit mantra

    Next, you want to build your sword — something you have with you that you can use when in battle to fight back with.

    Make the 10% profit mantra a non-negotiable. Every dollar that comes in, immediately set aside 10% as profit. Establishing a separate “Profit” account is a game-changer. This discipline reshapes your financial perspective. It makes you solve your financial needs using your 90% by getting creative and cutting the fat (step 1). But it also means you have a financial nest to use whenever you need it most. And this is your greatest weapon.

    How to build your sword: Make a new business account called “Profit.” Have your accountant (or yourself if you handle your company’s finances) set aside 10% of the business income into this account on a designated basis (weekly/fortnightly). Watch it grow.

    3. Your breastplate: Bolstering your reserves

    Where could you be hit the hardest, you would want a lot of buffer to take the punch. This is where your financial breastplate comes in.

    Revision your reserves. We’ve entered an era where the unexpected is the new norm. Those three-month reserves? They’re baseline. Challenge yourself. Can you push it to six months? Or why stop there? Aim for a year. By stashing away this nest egg and perhaps even parking it in high-yield savings accounts (some dole out a sweet 4-5%!), you’re not just cushioning your business but preparing it to soar post-crisis.

    How to build your breastplate: Use your financial review (step 1) to see where you can add more from where you have removed unnecessary costs. Get critical. Ask your financial advisors for help here, they can probably see where you can cut in order to start gaining.

    Related: Creating the 3-Bucket Cash Reserve System

    4. Your shield: Minds over money

    Your shield is your buffer, which will be able to take any hit. How do you create a solid business buffer? You strengthen your people and company.

    You’ve tightened the purse strings. Excellent. But now, let’s allocate those savings wisely. Begin internally. Your team, their skills, their growth — these are intangible assets. Consider launching a leadership book club. How about monthly self-development workshops? The essence is to foster a culture of continuous learning. When you invest in their growth, the dividends they pay back in productivity and innovation are exponential.

    How to build your shield: Send out a survey to your company on what they would like to see done for personal and professional development. Start there.

    5. Your chainmail: The contrarian marketing strategy

    Your armor is almost complete. Ready to get out and fight? Your chainmail will strengthen you.

    In stormy economic weather, many companies instinctively pull down the shutters, drastically slashing their marketing budgets. I advocate the opposite. Instead of retracting, expand. While competitors dial back from 100% to 20%, I say we amplify our efforts, pushing it to 130%. Do what others are not doing — this is where you will see truly unique results.

    How to build your chainmail: While buying patterns may change during downturns, buying itself doesn’t cease. Ensure your brand remains front and center, ready to cater to this discerning audience.

    Related: How to Lead Effectively in Uncertain Times

    6. Your plate armor: Embrace agility and innovation

    Your final piece to your suit of armor is your plates. And what do plates do? Protect your whole body. Let’s see how to protect the body of your business.

    Innovation is key. Economic downturns often signal a broader shift. The market dynamics are evolving. Traditional models might be upended. It’s the CEOs who keep their fingers on the pulse and who are willing to pivot, adapt and innovate that emerge not just unscathed but thriving.

    How to build your plate armor: It’s leveraging new technologies, exploring untapped markets or simply reimagining a product. Remember: Agility isn’t just an advantage; it’s a necessity. Keep new. Keep fresh. And keep innovating your business. Don’t get complacent just because it has worked alright so far. Get stronger, and get better.

    Facing a recession is as much a test of your mettle as a leader as it is of your business’s robustness. It’s a clarion call to think deeper, act smarter and lead with a vision. With the battle armor we have built for your business together, you can think, act and lead AHEAD of time. You have now taken back your control in the face of uncertainty. You’re bulletproof. Economic downturn? Ha! More like “Bring it on, world!” You’ve got this.

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    Mikey Lucas

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  • Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right. | Entrepreneur

    Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Succession planning in family businesses is a topic that often evokes mixed emotions. On one hand, it represents the continuation of a legacy, while on the other, it can be a source of anxiety and uncertainty. Anyone who has seen the HBO show Succession can attest to the roller coaster of emotions that takes place. Preparing your children for the next phase of your business is a complex process that requires careful consideration, communication and planning. In this article, we’ll explore the key steps involved in helping to ensure a smooth transition of your business to the next generation.

    One of the critical mistakes many family business owners make is waiting too long to initiate succession planning. Ideally, this process should begin years, if not decades, before you intend to step down. Early planning allows you to identify and address potential challenges, ensure your children are adequately prepared and create a transition that is as seamless as possible.

    Related: 1 in 10 Leaders Say Succession Planning Is Not Worth the Time and Money It Costs — Here’s Why They’re Wrong.

    Start with open and honest communication

    According to the Family Business Institute, only about 12% of family businesses survive into the third generation. One of the major reasons is lack of communication.

    Effective communication is the cornerstone of a successful succession plan. Begin by having open and honest conversations with your children about your intentions and expectations for the business. These discussions should be ongoing and involve all relevant family members, including those who may not be directly involved in the business but could still be affected by the transition.

    Encourage your children to express their own aspirations and concerns. Listen carefully to their input and be willing to adapt your plan based on their feedback. This collaborative approach can help build trust and ensure that everyone is on the same page.

    Identify and develop key skills

    Once you’ve established open communication, it’s essential to assess your children’s readiness to take over the business. This assessment should go beyond their desire to be involved and focus on their skills, knowledge and experience. Consider the following questions:

    1. Do they have the necessary education and training? Ensure that your children have the qualifications and capabilities required to run the business successfully. If not, provide opportunities for them to acquire the necessary skills.
    2. Have they gained relevant work experience? Working outside the family business can provide valuable insights and experience that can be beneficial when they eventually take the reins. A lot of family businesses require their children to work for other companies before they can join the family business. This gives the children a better perspective of working for others and also, they can gain industry knowledge to help the family business.
    3. Are they familiar with the industry? A deep understanding of your industry, market trends and competition is crucial. Encourage your children to stay informed and engaged in industry-related activities.
    4. Do they possess leadership qualities? Effective leadership is essential for running a business. Assess your children’s ability to lead and manage teams, make tough decisions and handle the challenges of business ownership.
    5. Are they financially responsible? Ensure that your children have a good understanding of financial management, including budgeting, financial forecasting and risk management.

    If your children lack certain skills or experience, consider providing them with mentorship, additional training or opportunities to work in different roles within the company to develop their capabilities gradually. Once you feel that they are ready for the next step, it’s time to create a plan of action.

    Related: 4 Lessons on Succession Planning for Entrepreneurs

    Create a clear succession plan

    A well-defined succession plan is a roadmap for the transition of your business. It should outline the specific steps and timeline for transferring ownership and leadership roles. Your plan should address key aspects such as:

    1. Leadership transition: Specify when and how leadership responsibilities will transfer from you to your children. Be clear about who will take on which roles and how decisions will be made during the transition period.
    2. Ownership transition: Determine how ownership shares will be transferred and at what price. This may involve discussions about equity distribution, buy-sell agreements and estate planning.
    3. Training and development: Outline a comprehensive plan for developing your children’s skills and knowledge in preparation for their new roles. Consider creating a structured training program or providing access to external resources.
    4. Conflict resolution: Anticipate potential conflicts that may arise during the transition and establish a process for resolving them. This can help prevent disputes from escalating and jeopardizing the business.
    5. Contingency plans: Prepare for unforeseen circumstances by developing contingency plans. What happens if one of your children decides not to join the business? How will you handle unexpected challenges or changes in the market?
    6. Legal and financial considerations: Consult with legal and financial advisors to ensure that your succession plan complies with all legal requirements and minimizes tax implications.

    Seek external advice

    While family businesses often benefit from maintaining control within the family, seeking external advice can be invaluable during the succession planning process. Consider involving professional advisors, such as lawyers, accountants, financial advisors and business consultants, who specialize in family business succession.

    These professionals can provide objective insights, help navigate complex legal and financial matters and offer guidance on best practices. Their advice can be particularly useful when dealing with sensitive issues like estate planning and tax implications.

    Gradual transition and mentorship

    A successful transition doesn’t happen overnight. It’s often best to implement a gradual shift of responsibilities and ownership over a period of time. This allows your children to gain practical experience and gradually assume greater leadership roles.

    Mentorship plays a crucial role in this process. As the current business owner, you can provide valuable guidance, share your knowledge and insights and help your children develop the confidence and skills necessary to lead effectively. Encourage them to take on increasing responsibilities and decision-making authority as they demonstrate their readiness.

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

    Monitor progress and adapt

    Once the succession plan is in motion, it’s essential to regularly monitor progress and be willing to adapt as needed. Keep the lines of communication open with your children and other key stakeholders. Periodically review the plan to ensure it remains aligned with the evolving needs of the business and the capabilities of your children.

    Be prepared to make adjustments if unforeseen challenges arise or if your children’s interests and abilities change over time. Flexibility is a key factor in ensuring a successful transition.

    Preparing your children for the next phase of your business is a complex and multifaceted process. It requires early planning, open communication and a clear succession plan. By assessing your children’s skills, providing ongoing mentoring, seeking external advice and gradually transitioning leadership and ownership, you can increase the likelihood of a smooth and successful handover. Remember that a well-executed succession plan not only secures the future of your business but also helps to preserve the family legacy for generations to come.

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    Mark Kravietz

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  • Chipotle’s Robots Can Make Almost 200 Burrito Bowls an Hour | Entrepreneur

    Chipotle’s Robots Can Make Almost 200 Burrito Bowls an Hour | Entrepreneur

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    This article originally appeared on Business Insider.

    Restaurants challenged by labor costs and retention are automating every part of the business. Chick-fil-A is testing robot bussers. McDonald’s, Domino’s, and White Castle use AI-powered voice bots to take drive-thru-and phone orders.

    Now, a robot could soon be making your next Chipotle burrito bowl.

    The chain is testing an automated kitchen line by Hyphen to prepare digital orders, a $3 billion business for Chipotle.

    Hyphen is one of a dozen food tech startups in the industry looking to streamline food operations for restaurants through the use of robotics and automation. But unlike other tech firms, Hyphen has buy-in from Chipotle, one of the industry’s most innovative brands. Chipotle invested in Hyphen in 2022 and started piloting its robotics this year in a lab near the chain’s Newport Beach, California, headquarters.

    In an April earnings call, CEO Brian Niccol called the technology an exciting part of the chain’s future as it strives to reach 7,000 restaurants.

    Hyphen “will enable us to be even more accurate,” Niccol said. “I think probably go a little bit faster, and I think give people more consistent experiences.”

    In July, Niccol told investors that Chipotle expects to install Hyphen’s automated kitchen line in restaurants “in the next 12 to 18 months.”

    Based in San Jose, California, Hyphen recently gave Insider an exclusive first look at how it uses robotics to make up to 180 bowls per hour. That’s about six times more than what a human can assemble in the same time.

    Here’s how it works.

    In July 2022, Chipotle’s Cultivate Next venture fund invested in Hyphen, a Silicon Valley tech startup building kitchen automation tools.

    Chipotle is testing Hyphen, a startup that uses robotics to make bowls. Hyphen via BI

    Hyphen’s The Makeline uses advanced robotics to assemble meals such as grain bowls and salads.

    Chipotle and Hyphen started testing the system this year at the chain’s test lab in Newport Beach, California.

    The Makeline doesn’t require humans to prepare bowls. But that’s not Chipotle’s main interest in Hyphen, the company has said.

    Hyphen’s tech will help the chain improve speed and order accuracy of digital orders, Curt Garner, Chipotle’s chief technology officer, has previously said.

    “Their use of robotics to enhance the employee and guest experience to find efficiencies in the restaurant industry aligns with our mission of leveraging emerging technology to increase access to real food,” Garner said of Hyphen.

    During my exclusive video demo, Hyphen showed me how a grain bowl is made using its robotics system.

    Hyphen gave Insider an exclusive look at its tech. Here's how it works to make a grain bowl.

    Hyphen gave Insider an exclusive look at how its tech makes a grain bowl via video. Hyphen via BI

    Once an order is placed, it is automatically sent to Hyphen’s The Makeline. Metal arms move bowls from one food dispenser to another as they fill each bowl with ingredients.

    A metal arm at the bottom of the production system moves the bowl to a pan that holds grains and squash.

    Metal arms move bowls from one pan to another.

    Metal arms move bowls from one pan to another. Hyphen via BI

    The farro and squash are sent down a chute to fill the bowl. Once complete, the metal arms move the bowl automatically down the assembly line.

    Hyphen’s The Makeline is designed to automate any assembly-line food operation that makes bowls or salads like CAVA, Chipotle, or Sweetgreen.

    Hyphen is one of a dozen food tech startups in the industry looking to streamline food operations for restaurants through the use of robotics and automation

    Each pan, or holding bin, can hold ingredients at various temperatures. Hyphen via BI

    While it doesn’t make burritos, Hyphen’s Makeline can help “build” burritos by dispensing ingredients through its automated system, cofounder and chief technology officer Daniel Fukuba told Insider during a recent interview.

    Then, an employee could take those ingredients and fold them into a tortilla, he said.

    The Makeline is also designed with open bins so employees can work in tandem with the system if needed.

    Metal arms beneath the food pans move bowls from one food dispenser to another.

    Chipotle invested in Hyphen last year, and has been piloting its robotics in a lab near its headquarters in Newport Beach, California.

    Chipotle invested in Hyphen last year, and has been piloting its robotics in a lab near its headquarters in Newport Beach, California. Hyphen via BI

    The farro and squash are sent down a chute to fill the bowl. Once done, the metal arms move the bowl down the line.

    In the testing phase, Hyphen makes bins and augers, spiral-shaped tools, from 3D printers.

    Hyphen uses 3D printers to make production tools only during the research and development phase. The 3D printers allow the startup to test new designs in a timely manner as they perfect the assembly-line process.

    Hyphen uses 3D printers by Formlabs to make production tools during the research and development phase. Hyphen via BI

    Some of the equipment used to hold food are made using 3D printers. Augers, or spiral-shaped tools, are also made with 3D printers.

    Fukuba said Hyphen is using 3D printers to make production tools only during the research and development phase. The 3D printers allow the startup to test new designs in a timely manner as they perfect the assembly-line process.

    “We have three printers working 24/7,” he said. “Speed is essential as a startup.”

    The next stop on the line is toppings. Roasted and salted cashews top the bowl. Portioning is automated using algorithms based on the order size.

    Cashews are dispensed automatically on the bowl. Hyphen's makeline for Chipotle.

    Cashews are dispensed automatically on the bowl. Hyphen via BI

    Fukuba said The Makeline is programmed to dynamically portion ingredients based on the order size.

    “Algorithms dynamically adjust to the order size,” he said.

    The Makeline will “scale up” each item if the customer chooses only a few toppings. But if someone orders a lot of add-ons, the system will reduce each portion size to ensure everything fits in the bowl. Protein portions are never reduced, Fukuba said.

    Dynamic portioning means chains like Chipotle can deliver a consistent meal every time. Fukuba said it solves issues restaurants have with customers complaining they’ve received “under portioned” meals.

    The bowl continues down the Makeline until all the ingredients are prepared. The Makeline can crank out between 120 to 180 bowls per hour depending on the number of ingredients on the menu.

    Hyphen's bowl continues down the automated makeline.

    Hyphen’s bowl continues down the automated makeline. Hyphen via BI

    How does automation compare to a human?

    Hyphen said one person can make about 20 to 30 bowls per hour.

    Besides volume, chains like Chipotle can count on Hyphen’s automation to be more accurate than a human.

    “So generally, across the board, we’re always more accurate than a comparable person running at the same rate,” Fukuba said. “It is more consistent and accurate than a person normally would be going at the same speed.”

    A tablet at the end of The Makeline shows the progress of the bowl as it goes down the line. The tablet will indicate when an order is complete.

    Hyphen has a tablet indicating the bowl is complete.

    Hyphen’s automated makeline has a tablet indicating when the bowl is complete. Hyphen via BI

    Once the bowl is completed, it is put in a lift and sent to the top of the Makeline. At that point, a human steps in. A worker then grabs the bowl, puts a lid on it, and gets it ready for pickup.

    Chipotle is tapping Hyphen to help streamline its digital orders, which surpassed $3 billion in sales last year.

    Chipotle doorstep delivery

    Digital orders include takeout and delivery orders placed through the Chipotle app or through third-party aggregators like DoorDash. Nancy Luna/Insider via BI

    Since Brian Niccol became CEO in 2018, the chain has been focused on building its digital business.

    Mobile orders can be picked up using Chipotle’s drive-thru lanes, dubbed Chipotlanes. Restaurants also have pickup shelves for delivery and takeout orders made through the chain’s app or third-party delivery services like DoorDash.

    The chain is also testing new store designs, focusing solely on digital orders.

    In 2022, Chipotle’s digital business surpassed $3 billion in revenue. In the third quarter of 2023, digital sales represented 38% of the chain’s food and beverage revenue.

    Automating the preparation of digital orders is among a handful of tech initiatives Chipotle is piloting. The chain is also testing Chippy, a robotic tortilla chip maker.

    Chippy robot Chipotle

    Cutting limes. Chipotle via BI

    Chipotle’s Chippy uses artificial intelligence to replicate Chipotle’s exact chip-making recipe, the company said. Chippy is a one-store test for now.

    The chain is also testing internally an avocado-cutting robot named Autocado. The robot is expected to slice guacamole preparation time in half. It’s set to eventually use artificial intelligence and machine learning to evaluate the quality of the avocados to help limit waste.

    Hyphen’s The Makeline is expected to enter Chipotle restaurants next year.

    Someone dolloping guacamole on a Chipotle bowl.

    Chipotle is testing Hyphen to automate digital orders. Employees will still prepare in-restaurant orders. Joe Raedle

    Niccol said earlier this year that the chain will likely install the first automated makelines in new restaurants.

    Hyphen and Chipotle are working to design the robotic makeline so it will “work with our existing restaurants,” Niccol said.

    The chain, which operates more than 3,250 restaurants, plans to more than double in size over time to 7,000 restaurants.

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    Nancy Luna

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  • Insider Secrets That Will Help You Build a Thriving Startup | Entrepreneur

    Insider Secrets That Will Help You Build a Thriving Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Launching a startup is no small feat; it’s a thrilling ride but also a bumpy one, and it takes more than a bright idea to navigate it successfully. Securing funds, putting together a dream team, setting appropriate goals and managing the daily hustle are all part of the gig.

    Over the years, not just working with startups but also founding one myself, I’ve seen firsthand that there’s no one-size-fits-all process. However, having the right mindset and a few solid strategies can take you a long way, and these strategies work across the board as success is usually dependent on your approach and commitment.

    Related: 8 Practical Tips for Successfully Launching Your Startup

    Time and resources

    Mastering time and resource management is a critical element in the formula for startup success. My entrepreneurial journey taught me that trying to juggle all balls at once can often lead to dropping them all; it’s important to remember that not every task demands your direct input and many could be managed more efficiently by others.

    However, this isn’t merely about shifting tasks; it’s about empowering your team, enhancing their skills and freeing up your schedule to focus on pivotal aspects. As a founder, your prime responsibility should be steering the strategic course, envisioning your venture’s future and tracking progress. Operational tasks, while vital, can and should be delegated.

    Executive leadership

    Teaching and guiding require effort, and this is where fractional executives step in. They handle crucial business areas for specific projects or durations, adding much-needed agility to your startup’s dynamic pace. A fractional Chief Operations Officer (COO) can optimize operations, while a Chief Human Resources Officer (CHRO) addresses talent issues, freeing you to strategize and drive results.

    It’s important to note that “fractional” doesn’t mean “disengaged.” In fact, these executives are deeply committed to your business’ success, providing expertise as needed. This gives you timely support without the commitment of a full-time role.

    Leveraging their rich knowledge, fractional executives can significantly elevate your operations and strategy. And before making any commitments, you have the opportunity to experience specific roles or individuals, which significantly reduces hiring risks. Also, their vast networks can introduce you to potential investors, partners, vendors and clients.

    I’ve personally witnessed fractional roles like COO, CHRO, CTO or CEO making significant positive impacts. The primary advantage? Cost-effectiveness. You receive top-tier expertise without the full-time executive cost.

    Funding

    One of the biggest mistakes I’ve seen startups make is chasing funds without a solid plan on how to manage them. After all, money has a sneaky way of slipping if you’re not keeping a close eye on it. Bringing in a finance wiz, like a fractional Chief Financial Officer (CFO), right from the get-go, may be one of the best things you can do. An experienced Fractional COO can help attach numbers and dates to your goals, helping put investors’ minds at ease when making the decision to invest.

    You may be thinking, “But I can do all this myself,” and if so, that’s great! However, if you spend all of your time worrying about budgets and timelines, you will have a harder time finding the bandwidth to strategize and work toward your company’s growth potential.

    Bringing someone on board helps you understand your burn rate and project revenues and helps you align expenses with growth plans, almost effortlessly. They can establish a robust financial plan that builds investor trust — the key ingredient needed to secure and sustain funding long-term — while allowing you to focus on your product, service or market.

    Related: 8 Bulletproof Ways of Turning a Startup Into a Thriving Business

    Systems and processes

    As your startup scales, your operational volume will increase rapidly. The capability to manage this surge without a corresponding hike in complexity, risk and cost is crucial for viability. A seasoned pro like a COO, with a resume spanning across industries and companies, can use their sixth sense to avoid unnecessary risk, spot inefficiencies and create processes to optimize growth.

    A good COO establishes scalable systems and workflows that evolve with your startup, ensuring smooth and effective operations throughout multiple growth stages and eliminating the need for constant process reevaluation.

    Technology

    In the fast-paced startup world, leveraging technology can fuel growth. Incorporating AI and machine learning can streamline complex processes, provide valuable customer insights and enable trend analysis and prediction, giving your startup a competitive edge, faster.

    However, it’s crucial to remember that technology is not a one-size-fits-all solution. It should strategically align with your startup’s unique needs and overarching business strategy.

    Having a technology expert well-versed in the startup landscape, such as a fractional COO, CIO (Chief Information Officer) or CTO (Chief Technology Officer), can provide support tailored to your needs. They can implement suitable technologies, create growth plans and offer insights on tech options that complement your mission, preserving the human touch amid the automation race.

    Networking and strategic partnerships

    Through my experiences, I’ve come to recognize something important: The most valuable opportunities and lessons often emerge when we least expect them, and only by keeping an open, adaptable and receptive mindset can we truly seize such opportunities.

    We can sometimes fall into the illusion of having all the solutions, but truth be told, we don’t, and it’s important to acknowledge our limitations. In fact, when we become immersed in our business bubble, we can develop blind spots that limit our ability to think outside the box and explore new possibilities. In comes networking.

    Networking goes beyond expanding your business connections — it can not only enhance existing strategies but also uncover innovative ideas, foster collaborations and ultimately drive your startup toward its next breakthrough in the most efficient way possible. So, I encourage you to step outside of your comfort zone, collect new perspectives and use your interactions to enhance the way you operate.

    There’s incredible strength in acknowledging that you shouldn’t do it all alone. In fact, the secret to a thriving startup lies in your ability to recognize and admit when you need assistance. So, surround yourself with experts who can contribute to your growth, and remind yourself that asking for help isn’t a sign of weakness, but rather a cornerstone to success.

    Related: 5 Must-Haves for Entrepreneurs and Their Startups to be Successful

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    Adi Vaxman

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  • If You Cancel a Meeting With the Boss At This Company, Something Odd Happens | Entrepreneur

    If You Cancel a Meeting With the Boss At This Company, Something Odd Happens | Entrepreneur

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    At the company I lead, anyone can opt out of any meeting, at any time, for any reason — even if it’s with me. Zero judgment. Zero repercussions.

    The way I see it, meetings are more than just gatherings of people; they are structures to build healthy respect for people’s time and talents. I want those ideals to be core to my company.

    Also, let’s face it: Most meetings suck.

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    Sarah Kellogg Neff

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  • How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

    How Tech Can Help Retailers Manage Product Returns More Efficiently | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Imagine if 10-30% of all the items you gifted this holiday season came back to you because the recipient didn’t want them. What would you do? Recycle them? Regift them? Trash them?

    Retailers face this 365 days a year. In-store purchases have an average return rate of 8-10%, while ecommerce averages can reach 30% or more. If a retailer struggles to manage returns processing efficiently, high volumes can drain money and resources, as well as burden the environment with extra packaging waste and transportation emissions.

    Returns management doesn’t have to be expensive, difficult or wasteful. Supply chain technology has significantly matured to address reverse logistics processes. Rather than returns driven by manual tasks, today’s tech-driven returns bring big gains in efficiency, profitability and customer satisfaction.

    Related: The Secret to Long-Term Customer Loyalty Is an Easy Return Policy

    Returns conundrum: A burden turned opportunity

    When a return is made, it’s usually seen as a negative experience for both the customer and the retailer. But technology can change this perception by making returns an opportunity to re-engage and delight the buyer.

    Customers expect an online customer portal for initiating returns, but intelligent returns technology can take it a step further: It can automatically refund the customer if certain conditions are met or even incentivize them to make the return at the nearest store rather than ship it.

    At the warehouse, returns technology automates tasks and helps the team process the return faster, which gets the customer their refund, credit or exchange sooner. Tech-driven returns are a win-win for all parties.

    The impact of inefficient returns

    A ReverseLogix study of eCommerce retailers found that 80% of respondents said the cost of managing returns is “significant to severe.” Returns also have a staggering impact on the planet: In the U.S., return shipping transportation creates the equivalent emissions of +3 million cars annually, according to Gartner.

    Return rates are growing faster than revenue rates for 91% of retailers, as reported by Appriss Retail. We’re at the point where returns are either a threat to the bottom line and customer loyalty or a positive differentiator that keeps costs low and buyer happiness high. Technology will decide the difference.

    Related: 4 Things to Know About Ecommerce Returns to Minimize Lost Profits and Keep Customers Happy

    Rise of tech-driven returns

    Retailers are already using technology to optimize warehousing, order management, transportation and every other part of the supply chain. Using tech to drive returns management, however, has mostly been overlooked. But with skyrocketing return volumes and customer demands for fast and easy (and free!) returns, new technology has burst onto the scene to address these specific issues.

    When a product arrives at the store or warehouse, the team member scans in the return. A product image appears on the screen with important identifying details like the serial number, which is important for verifying it isn’t a fraudulent return.

    Depending on the item’s condition, the software auto-routes the product to the store location with the highest predicted resale value. If it’s gently used or damaged, it can be sent to a re-commerce site to recoup some of the value. The customer is automatically notified about the status of their return, eliminating the need for calls and emails about their refund, credit or exchange.

    A fast and frictionless returns process is a game-changer for a retailer’s operations and for turning a frustrating customer experience into one that builds loyalty.

    Sustainable returns: A win-win for retailers and the environment

    Returns technology addresses the huge environmental impact of returns. If a customer lives within five miles of a store, for instance, they can be incentivized to return the item there rather than through the mail and learn how this saves emissions and packaging. Returns technology can direct a damaged item to be recycled rather than landfilled or a gently used item to go to a secondhand re-commerce site.

    Practical tips for retailers

    Adopting returns technology can be challenging because returns don’t usually fall under a single leader or pyramid. Instead, it’s a patchwork of facility teams, supply chain leaders and customer experience leaders. So, if you’re considering a returns technology project, form a team or name an individual to champion it. Ideally, organizations with high return volumes would create a Chief Returns Officer role to head this essential part of the supply chain.

    Work with your returns technology partner to identify your business goals. Do you want to create an easier process for customers? Do you need more automation because of workforce constraints? Do you need to support corporate sustainability goals? Identifying goals will help you choose the right returns technology and ensure it has features that address your needs.

    Understand your existing tech stack: What supply chain systems do you currently have? How easily can returns technology integrate with them?

    Returns technology has a customer-centric advantage but also one that team members will adopt. It must be easy to train on and quick to learn, ultimately making their work faster and easier.

    Related: 5 Easy Strategies to Prevent Costly Retail Returns

    The future of tech-driven returns

    As the challenges of returns management mount, the features and capabilities of technology are accelerating to anticipate what’s next. AI is playing a big role in this.

    Virtual dressing rooms help consumers make informed buying decisions so they can avoid buying many sizes and colors (only to return most of their orders). AI-powered return policies can be flexible based on the customer profile, such as giving high-value customers more return options or a more lenient returns policy.

    For more sustainable returns, AI can compare a return’s condition against geography, seasonality and other factors to determine the best location for routing the return and capturing the highest resale value.

    The future of tech-driven returns is AI, and AI is happening now. Retailers that use returns technology are capitalizing on faster returns processing, lower costs, happier team members and customers who are delighted at every phase.

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    Gaurav Saran

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  • 4 Viral Campaigns That Can Teach Us About Going Viral | Entrepreneur

    4 Viral Campaigns That Can Teach Us About Going Viral | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this digital age, where content overflows and battles are for a sliver of attention, the power of virality is unmatched. I’ve seen and analyzed countless marketing campaigns, but only a few can shake the web and etch themselves in our collective memory.

    What is it that propels a campaign to such stellar heights?

    The elements of a viral campaign

    It’s not just the magnitude of reach but the depth of connection it forms with its audience. Relatability is the cornerstone; people rally around what resonates with them. Building an emotional bridge is paramount, too; it’s not about how many see it but how many feel it.

    Then comes shareability, then innovation — will your audience proudly become your brand’s ambassadors? These are the golden pillars of marketing in our times. And as we dive into iconic campaigns that exemplify these principles, let’s unravel the magic behind their success.

    Related: We Are Disillusioned and in an Influencer Overdrive — Here’s How to Find Authentic Guidance via Social Media Influencers

    ALS Ice Bucket Challenge — (2014)

    Speaking of resonating campaigns, let’s cast our minds back to 2014. A year where a simple act of pouring icy water over oneself became a global phenomenon: The ALS Ice Bucket Challenge.

    ALS (Amyotrophic Lateral Sclerosis) is a severe nerve disease, often leading to muscle weakness and impairment. The pressing need for research and funding gave birth to this campaign, urging the public to empathize and act.

    How did the challenge work? It was brilliantly straightforward. Pour a bucket of icy water over your head, record it, nominate others and encourage donations for ALS research. The challenge’s beauty lies in its simplicity and the ripple effect of nominations.

    This seemingly fun challenge caught wildfire. Not only did everyday folks participate, but celebrities from Bill Gates to Oprah Winfrey joined in, catapulting its visibility.

    The results were staggering. Over $115 million was raised in the U.S. alone, which changed the trajectory of ALS research. The Ice Bucket Challenge is a testament to the potential of community-driven initiatives. It underscored that it becomes unstoppable when a campaign leans on relatability, emotional connection and a purpose bigger than any brand or product.

    Related: How the Ice Bucket Challenge Exemplifies Viral-Marketing Serendipity

    Dove’s Real Beauty Sketches — (2013)

    Picking up from the theme of emotional resonance, 2013 brought us another campaign that touched the hearts of millions. Dove, a brand synonymous with gentle skincare, took on a much broader mission: challenging and redefining societal beauty standards.

    The campaign’s core concept was a profound one. Dove invited several women to describe themselves to a forensic artist, shielded from his view. Then, strangers described these same women to the same artist.

    The result?

    Two contrasting sketches for each woman – one based on self-perception and the other on a stranger’s perspective. The sketches unveiled a universal truth: women often see themselves more critically than others do. This revelation wasn’t just an “aha” moment for the participants but resonated with women worldwide.

    The video quickly became one of the most-watched online, garnering more than 114 million total views. The campaign didn’t just promote a product. It addressed a deep-seated issue, encouraging women everywhere to see their genuine beauty. The campaign’s magic lay in its authenticity, tapping into a global shared experience and feeling among women.

    The takeaway? Genuine, heartfelt content that speaks to universal truths can break the internet, transcending mere advertising to spark meaningful conversations.

    Share a Coke — (2011-2014)

    From heartfelt campaigns that spark meaningful conversations, we transition to another equally influential campaign, but this time, it’s all about personalization.

    Remember the thrill of spotting a Coke bottle with your name on it? That was the genius of Coca-Cola’s “Share a Coke” campaign.

    Taking a step away from its usual global branding, Coca-Cola decided to add a personal touch, quite literally. They started replacing their iconic logo with popular first names on bottles and cans.

    The idea? Encourage people to find bottles with the names of their loved ones and share a Coke. This seemingly simple shift transformed Coca-Cola’s interaction with consumers. Suddenly, buying a Coke wasn’t just a thirst quencher but a personalized experience and an Instagrammable moment. The ripple effect was enormous.

    Social media platforms were flooded with people sharing their personalized Coke bottles, connecting the brand with moments of joy and camaraderie. The numbers spoke for themselves. After years of decline, Coca-Cola reported a significant boost in sales, marking the campaign’s undeniable success.

    So, what’s the lesson from Coca-Cola’s playbook? Personalization isn’t just a marketing buzzword. It can be a game-changer, making consumers feel seen and valued. And when brands can achieve that, they don’t just sell products; they create memories.

    Related: Storytelling Could Bring Your Brand to Life and Strengthen Your Marketing Impact

    Old Spice’s “The man your man could smell like” – (2010)

    In the wake of such personal connections made by Coca-Cola, another brand was crafting its unique magic, not through personalization, but with a splash of humor and surprise.

    In 2010, a charismatic man on horseback, Isaiah Mustafa, transformed our screens with the campaign “The Man Your Man Could Smell Like.” Once seen as an older-generation’s brand, Old Spice needed rejuvenation.

    Waiting to shake off the “old-brand” image and appeal to a younger audience, they unleashed their secret weapon: Isaiah Mustafa and his undeniably captivating charisma.

    Using a blend of wit, rapid scene changes and the consistent character of Mustafa, the ads were nothing short of entertaining. “Look at your man, now back to me,” he quipped, a line that soon became part of the pop culture lexicon.

    The result? A rejuvenated brand image. The commercials didn’t just get laughs; they breathed new life into Old Spice, making it trendy and relevant once again.

    The lesson? Well-executed humor isn’t just catchy; it embeds your message in viewers’ minds.

    Conclusion

    Navigating these iconic campaigns, we see vitality’s heart: authentic connection. From Coca-Cola’s personal touch to Old Spice’s humor, genuine resonance wins — it’s not about big budgets but touching hearts.

    Learn, innovate, and you might just craft the next web-shaking campaign.

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    Mohamed Elhawary

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  • This Trading Analysis Bundle is Only $29.99 (reg. $200) | Entrepreneur

    This Trading Analysis Bundle is Only $29.99 (reg. $200) | Entrepreneur

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    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.

    Trading can be lucrative. At the same time, if you decide to dive into the stock market without any foundational understanding, then you can set yourself up for major losses, confusion, and trouble. Before you start investing in assets, invest in yourself and take some time to study up. An affordable and effective place to start — this Candlestick trading and analysis masterclass bundle is currently just $29.99 (reg. $200).

    This informative and in-depth bundle features five courses and seven hours of content on candlestick trading and analysis. Its top course is The Ultimate Candlestick Trading & Analysis Masterclass, which consists of 40 lessons and two total hours of tips and insights into the foundations of this subject. The program introduces students to Candlestick basics, doji Candlesticks, continuation Candlestick patterns, pattern examples with diagrams, and more. In this first course, you can learn a candlestick day trading strategy that’s been proven to be successful.

    Fibonacci 101: Simplified Guide to Stock Trading with Fibonacci features one hour of content across 23 lessons exploring the background of Fibonacci, market basics, and more. The course will show you how to improve your technical analysis skills in a way that can be applied to investing and trading. It also covers finding exit and entry points in the market, and profitability in the market.

    These courses are taught by Travis Rose — a stock market day trading and investing professional who has been a full-timer in the field for over half a decade. He has a remarkable instructor rating of 4.4/5 stars on average.

    Get this ultimate Candlestick trading and analysis masterclass course bundle, which is on sale for just $29.99 (reg. $200).

    Prices subject to change.

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    Entrepreneur Store

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  • How Logistics Leaders Can Edge the Competition by Embracing Industry Problems | Entrepreneur

    How Logistics Leaders Can Edge the Competition by Embracing Industry Problems | Entrepreneur

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    The logistics and supply chain industry is embarking on a new era characterized by significant advancements in technology and sustainability. As the sector moves forward, inspiration for continued progress comes from an unexpected source: SpaceX.

    SpaceX has earned its place as the leader in space, but it’s not because the company dedicated all its attention to one single service or solution — quite the opposite. SpaceX was founded in 2002 to make more affordable rockets. The team famously obsessed over space-related problems and, in time, decided to aim higher and expand its mission. This resulted not only in more affordable rockets but also multi-use rocket and communication technologies that have disrupted the global space industry.

    The takeaway for logistics leaders here on the ground? A lot of good comes when you keep focus on the problems you’re trying to solve rather than fixating solely on your solution.

    Related: New Trends And Technologies Evolving Supply Chain And Logistics

    The benefits of obsessing over the problem

    SpaceX is a perfect example of an organization that never takes its focus off the problem it’s trying to solve. This philosophy encourages teams to evaluate big challenges their industry and customers face from different angles, staying attuned to shifts that may affect their approach. When teams are constantly re-evaluating whether there is a better way, they are driven toward new and comprehensive solutions that could ultimately benefit customers, individual organizations, industries and even society at large.

    When logistics leaders hone in on industry challenges, these three benefits will follow:

    Long-term sustainability

    Solutions that stem from a deep understanding of an issue are more likely to be sustainable in the long term. This rings especially true in logistics where labor shortages, fuel costs, lack of warehousing space, inventory management, supply chain disruptions, delivery delays and heightened consumer expectations are on the rise. Fortunately, renewing focus on the industry’s challenges — and how these problems came to be — presents an opportunity for leaders to see lasting benefits.

    By understanding the root causes of core problems, leaders can focus on addressing the underlying issues rather than develop temporary Band-Aid solutions that only temporarily relieve the symptoms.

    Unobstructed innovation

    Like SpaceX, continually obsessing over a problem allows teams to examine each challenge from varying perspectives over time, which could lead to brand-new solutions. By evaluating problems from different angles, logistics leaders can infuse innovative thinking into every corner of their company and culture.

    As an example of innovation, let’s take another look at the word “sustainability.” We’ve touched on long-term sustainability from a business perspective, but what about sustainability from an environmental standpoint?

    It’s estimated that today’s retail supply chain accounts for some 25% of global emissions. High carbon emissions in the sourcing, manufacturing, warehousing and shipping processes as well as material waste and energy consumption throughout the supply chain are to blame. Simply investing in carbon offsetting won’t make a difference. Logistics leaders need to think beyond a quick fix and get comfortable exploring bold alternatives, like electrifying their delivery fleets and providing carbon-neutral deliveries. If leaders empower their teams to stay focused on the problems at hand and think about possibilities beyond their service or solution, providers might unearth planet-positive innovations.

    Related: 6 Ways to Grow Your Logistics Business as an Entrepreneur

    Elevated customer satisfaction

    Obsessing over solving the problems industries and customers face can lead to increased customer satisfaction. Why? Because customers want to be heard and want their needs addressed — and they’ll stay loyal to companies that provide a positive experience.

    With an understanding of the challenges plaguing the logistics industry, leaders can take a customer-centric approach to problem-solving. It’s a strategy that ensures solutions are tailored to exceed customer needs and expectations. The same goes for key stakeholders. When every player in a logistics operation understands the problem — and continually assesses where things stand and how they impact partners and end customers — it’s easier to gain consensus on solutions that better serve the company, partners and their shared customers.

    This approach also helps leaders avoid unnecessary risks. By understanding the problem, leaders better grasp the potential risks and how they affect customers and stakeholders. Rather than wandering too far down the wrong path, leaders can develop strategies to mitigate risks and instead focus time and energy on how to best serve customers.

    The logistics industry is experiencing pivotal shifts, but there are lessons to be learned from entrepreneurs in other verticals. Regardless of industry, there are endless opportunities to enact positive change. Leaders who obsess over industry problems and their root causes — and how they impact key stakeholders — have a powerful edge over their competition to develop innovative and lasting solutions.

    Related: #5 Key Areas Logistics Businesses Should Focus for Growth

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    Mark Ang

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  • How Do You Know If You Should Rebrand? Here’s Some Advice | Entrepreneur

    How Do You Know If You Should Rebrand? Here’s Some Advice | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Should you rebrand? On average, 74% of the S&P companies rebrand within the first seven years. Rebranding is a significant endeavor that can evoke a mix of emotions for companies. It involves many variables and can be both exciting and scary. There are a lot of questions my clients have on whether or not they even need to rebrand.

    At my company, Strategic Advisor Board (SAB), we help clients through opportunity analysis and strategic planning. Sometimes in the strategic plan, we advise the clients to rebrand. If our clients are the ones who bring up wanting to rebrand, we always ask them a few key questions first:

    1. Why do you want to rebrand now?
    2. Have your clients changed?
    3. Is your brand out of date?
    4. Is your growth potential being impacted?
    5. Is your brand no longer in line with your current clients’ needs and wants?
    6. Have you outgrown your brand?
    7. Is it difficult for your clients to tell your brand apart from your competitors?
    8. Has your services or business model changed?

    The first question holds significant importance. At times, businesses consider rebranding simply because it’s been a while since they did any changes to their image. But the why behind the rebrand is what gives way to your brand strategy.

    Related: Is Rebranding the Right Move for Your Company? Here’s How I Knew It Was Time

    When rebranding, what key areas do you need to focus on?

    Brand audits are crucial for aligning your brand identity with your new brand strategy. There are three types of rebranding: brand refresh, partial branding and full branding. A brand refresh will only change a few minor elements, usually within the visual side of things.

    This could include changing a few elements in a logo and or slightly modifying the brand color palette to keep it modern. A partial rebrand would include changing some elements but not others. A full rebrand would change all elements of the brand as if you were a brand-new company. Whichever route you decide to go down, keep in mind that a brand strategy has to do with your company’s positioning in the marketplace and there needs to be a goal in mind of why the strategy is being done in the first place. These are elements of your brand you could change to suit your strategy:

    Business name

    Rebranding can include changing your business name. Start with your brand name. Does your name still connect with your audience? If you’re trying to reach a new audience, does it connect with them? A good name is unique and uses clear, easy-to-remember words. Stay away from trendy words or slang since words can change meaning over time.

    Mission and vision statements

    Do they still align with your company’s focus? Remember, a good mission statement should include a company’s ethics, values, culture and goals and it should affect how your employees and stakeholders operate. It should be clear and concise and easy to understand the first time it’s read and keep it around 1-3 sentences long. Make sure you re-evaluate your values and see if they fit with your new image. A good vision statement should include looking into the future and explaining where the company is going. Also, it should be 1-2 sentences max.

    Related: How to Rebrand Without Losing Your Search Engine Rankings

    Logo design

    I’ve included typography and brand colors in this section as they’re all a part of the visual components of your brand. Brand colors can increase brand recognition by 80%. When most small business owners start creating their brands they’re not thinking about the psychology of colors and how they play on human emotions.

    There’s a whole world behind brand the psychology of color theory and if you look at certain industries you’ll notice there are some common themes in colors. For example, in the restaurant industry, red is used in order to create an appetite. So don’t underestimate the power of brand colors in your logos! A good logo will be simple, look good on all scales, whether it’s on a business card, website or billboard, and it will evoke a sense of feeling of what the brand’s personality is like. If you’ve noticed, in most of the mentioned categories of rebranding, a common theme is simplicity. It’s no wonder that 95% of the top 100 brands in the world only use one to two colors in their logos.

    Brand voice

    Your brand voice is the personality that comes out in all of your marketing and it must be consistent in all communication you have with your clients. From your online presence to the way your employees conduct themselves within their customer service roles.

    It’s important to stay consistent. I would argue this is one of the most important parts of your brand because it’s how you directly connect to your clients. So when you’re rebranding think about if your current voice reaches a demographic you want to continue reaching, or if you want to branch out to another demographic, will they resonate with your brand personality? Maybe your current demographic has connected well to your informal voice but in order to expand to another demographic you would be better off adding a bit of humor to the mix.

    Related: Does Your Company Need A Rebrand? Here’s Why, When and How You Should Do It.

    Tagline

    Taglines aren’t necessary for your brand but they do help in creating first impressions of what your business is all about. A good tagline is short, relevant and creative and it helps with your company’s brand identity and recognition in turn setting you apart from your competitors.

    There are a lot of great reasons to rebrand, just keep in mind that your rebrand should help drive brand loyalty and engagement, create excitement, increase revenue and have a clear purpose and strategy behind it. By updating either some or all of your branding through your business name, mission and vision statements, logo, voice and tagline, you’ll be able to reach new markets, stay modern and stand out from competitors.

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    Jason Miller

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Starting with the end in mind

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

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

    1. Carving out the time necessary

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

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

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

    2. Making sense of a sale prior to the sale

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

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

    3. Balancing business continuity and succession planning

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

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

    4. Arriving at a smart fiscal decision

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

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

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

    5. Putting the pieces together

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

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

    Related: 4 Lessons on Succession Planning for Entrepreneurs

    Getting what it’s worth

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

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

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

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    Larry Guess

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  • How to Determine the Best Location for Your Business | Entrepreneur

    How to Determine the Best Location for Your Business | Entrepreneur

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    Some of the most successful companies in the world started off in the family garage — like Apple and Amazon, for example. For many entrepreneurs, evenings spent working on a side hustle slowly transform into days running a full-fledged business, leading entrepreneurs to a key question: Where — literally, where — do I take this next?

    Knowing where, when and how to move your business from an informal setting to a true base of operations can be daunting. There are many factors to determine the best fit — such as commercial real estate costs, building amenities, location within your central business district or office park, parking and more. Understandably, the process can be intimidating.

    While there may be headaches that come with finding the perfect space and location, here are some considerations to make the transition feel more manageable.

    Related: Ready for a Legit Office Space? Think About These 4 Things Before Starting Your Search.

    Where will your business thrive?

    Every business has different needs for the perfect location to service its clients and customers, whether that be office space, a boutique or small storefront, a workshop or even an online marketplace.

    A good starting point is to determine whether your business’s primary footprint should be a physical location or online. In a recent Bank of America survey of more than 500 small business owners, we found their top three concerns when determining the best location for their businesses are customer service, employee needs and their community’s needs. Sixty-five percent of business owners surveyed said they have a physical storefront as their business’ primary footprint, but there are many pros and cons to consider for each option.

    Today’s business owners say they are experiencing challenges with their current physical location, including high utility costs and property taxes. Many also note that they had issues finding enough physical space to satisfy their business’s needs. Contrarily, almost half of business owners who run a primarily online operation said a virtual format is more cost-effective, and nearly half also reported that an online marketplace is the easiest option for them to reach their target audience. So, ask yourself — which model will be best for my business while also providing the best service to my customers?

    Related: 10 Questions to Ask Yourself Before Choosing an Office Space

    When do you make your move?

    Beyond tactical considerations for your business’s long-term future, looking at the current real estate landscape, state of the economy and your business’s cash flow are crucial steps to determine when you should put your plan into action. While you may decide that a physical location is the perfect place for your business to flourish, there could be limitations outside of your control.

    1. Real estate considerations

    If real estate prices in your area are soaring or rapidly fluctuating, purchasing real estate may not be the best decision, and you may want to table a planned expansion until prices settle. Pricing should also factor into your decision on whether to rent or purchase space. Once you have budgeted accordingly to pay for a physical space, it’s smart to establish a timeline that feels realistic — to meet your expansion goals in a timely fashion while still managing the day-to-day realities of running a business. Depending on the products and services your business provides, and how large of a space that requires, it can take a while to get up and running.

    2. Economic impacts

    With shifting economic conditions, including cooling inflation and high interest rates, some entrepreneurs are undoubtedly wondering if now is the best time to invest in their business location. In fact, 20% of the business owners we recently surveyed said interest rates are making them more likely to not have a physical location. As you consider your own business’s primary footprint, evaluate all relevant economic impacts to ensure you are maximizing the value of your business’s footprint.

    3. Cash flow capabilities

    I’d highly recommend confirming that your cash flow is in a good position to comfortably establish your physical location or digital capabilities. If you’re unsure where to start, SCORE provides a very useful cash flow template that can help you manage your business’ expected revenue and expenses.

    Related: 5 Simple Rules to Follow When Looking for Office Space

    How do you make your move?

    Once you’ve determined the best fit for your business, it’s exciting to jump in and take the next step. However, if you realize you’ll need additional financing to move forward, you should start by looking into financing options. There are numerous options available to help make your dreams a reality, like lines of credit, Small Business Administration (SBA) loans or real estate loans, depending on your needs.

    If all of these questions and considerations sound overwhelming, maybe it’s time to take a step back and evaluate your business plan. Banks, such as Bank of America, provide resources and advice that can help you navigate the ins and outs of business ownership — whether you’re starting from scratch and need help starting your business or have determined you’d like a physical location but don’t know where to begin. If you have a relationship with a business banker, I’d recommend working closely with them throughout this process as a resource and sounding board.

    There are many outside forces that can influence where, when and how you choose to structure your business. With a solid business plan in action, you can find more clarity on the business footprint that works best, allowing you to focus on growing your business.

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    Sharon Miller

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  • Your Business’ Growth Starts With Trust — Here’s How to Build It. | Entrepreneur

    Your Business’ Growth Starts With Trust — Here’s How to Build It. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How many entrepreneurs are positive about achieving lofty revenue projections over the coming months? According to a 2023 Bank of America survey of mid-sized company owners, 75% said they were headed toward expansion. Their enthusiasm is refreshing amid dire headlines regarding the high rate of current and anticipated bankruptcies. This optimism shows pluck and determination, which is exactly what everyone would expect from startup founders.

    Yet moxie isn’t enough to push a business from one level to the next; major growth within organizations happens when there’s a widespread sense of trust between all interconnected parties. Whether this trust is built upon the Lencioni Trust Pyramid or a similar trust triangle concept doesn’t matter. The point is this: You can have great people doing great work, but if there’s a lack of trust throughout the organization at any level, you’ll never scale.

    Healthy trust matters. When you have trust, you can “go there” transparently and enter the danger on topics without holding back. You’re able to set your reservations off to the side and have difficult conversations and respectful debates. People are more willing to listen, make commitments and be accountable when they trust each other. Plus, they become more open to following a shared vision.

    As savvy leaders know, a solid corporate vision is key to growth because it serves as a North Star. With enough trust in this collective vision, your people are able to see how they can contribute without barriers. They can see the forest for the trees and be assured that their “tree” contributes to the greater whole. When people put their guard down, they can share the excitement of scaling bigger and accomplishing company goals. With trust and shared vision, people feel like more than just a cog in a machine. Instead, they’re adding something special to the mix and experiencing genuine purpose — something around two-thirds of people told McKinsey & Company they wanted from their employment.

    When you don’t have trust, you have people moving in different directions and doing different things for different reasons. In that type of mismatched environment, there’s simply not enough traction for significant growth. You can build minimally viable products or set up sprints, but you can’t scale up effectively until you establish a baseline of trust.

    So, how do you align all your team members and stakeholders toward a common vision that promotes a high degree of trust?

    Related: Your Team Will Succeed Only If They Trust Each Other

    1. Know who your players are

    It’s impossible to engage your stakeholders if you don’t know who they are (and you can be sure that you have a matrix of stakeholders). Your job is to foster trust with all the relevant players, or else you’ll be dealing with a wavering house of cards that isn’t glued together by trust.

    At our organization, we’ve spent considerable time listing out our various stakeholders for this reason. Our stakeholders include folks on our leadership team, mid-managers, individual contributors, partners, board members, investors, sponsors and layers of customers buying different branded products from us. Our list ended up with 26 groups of stakeholders we serve, much longer than anticipated. Your list will probably be longer than you expect, too.

    When we saw how diverse our list was, we realized how important it was to build trust among and within those groups through intentional actions and communications. Trust wasn’t going to happen by coincidence in a group that large, a fact we might have overlooked without seeing our expansive stakeholder list laid out before us.

    Related: Do You Know What Your Team Needs? Here Are 5 Ways to Find Out

    2. Engage with your stakeholders frequently

    Recent research shows that most of us know when communication feels clunky or unclear. Expert Market dug into the topic and noted that 86% of workers agreed that poor communication was a top reason for business failure. In other words, if your stakeholders aren’t being engaged and enlightened, you’re not likely to fuel the productivity and performance necessary to meet your growth goals.

    The solution to this problem is to stay in touch with all stakeholders early and often. Whether it’s asking them for thoughts on a project or sharing important information and news, you must keep them in the loop. We hold quarterly State of the Company updates for some of our stakeholders to teach them about where we’ve been, where we are and where we’re going. Keeping the lines of communication open and reiterating everything from your core values to your anticipated product development is essential to building up valuable “trust credit.”

    3. Collect and use feedback from stakeholders

    Are your stakeholders walking the same path you are? Do they agree you’re on the right track? You can’t be sure until you validate those answers with feedback. Begin to ask deeper questions like, “Where have we not been as clear as we should?” or open-ended invitations such as “Help me understand your concerns.”

    It’s critical to remember your customer and user stakeholder groups during this process. Listening to and learning from users about what they need allows you to build and expand your product or service while eliminating gaps in your relationship with them. For instance, you might ask about how you’re performing from their point of view; doing so will give you a valuable reality check. It’s hard to hear when stakeholders are disappointed or want to go in another direction, but if you’re not having conversations with them, you’ll never truly gain their insight and trust.

    Related: Open vs. Anonymous Employee Feedback — Which Is Better?

    Coca-Cola, for example, uses a social listening strategy that collects data to improve its products, services and marketing campaigns. This constant feedback loop allows the company to understand its customers’ wants and how to provide for them. At EOS, we like to have conversations with users using a tool we call “DOS” — the dangers, opportunities and strengths of our products. Getting clear on a potential danger, like an economic impact, makes us think deeper about how to serve that stakeholder group while still moving toward a bigger vision. While not everything unearthed during DOS requires immediate action (discernment is essential), it is all valuable to understand and envision solutions for our customers.

    Moving forward — no matter what the market’s doing — it takes effort, positivity and practical thinking to grow and scale a business. It takes trust, too. In all your growth planning, stay focused on solidifying the trust between everyone who’s integral to your success. Don’t wait to start building the relationships that’ll build your company. You’ll soon see a positive shift in everything from your brand reputation to your bottom line.

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    Kelly Knight

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  • We’re Not in a Recession — It’s All Hype. Here’s Why. | Entrepreneur

    We’re Not in a Recession — It’s All Hype. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The so-called post-Covid recession initially emerged as a global economic downturn following the widespread impact of the Covid-19 pandemic on businesses and economies. Characterized by widespread unemployment and reduced consumer spending, the “recession” dealt a severe blow to industries heavily reliant on human interaction.

    It is said that the “recession” prompted a shift in consumer behavior, with increased emphasis on ecommerce, remote work and digital services, accelerating the adoption of technological advancements.

    While some industries floundered, others experienced unexpected growth, such as pharmaceuticals, online entertainment and certain segments of the technology sector. As vaccination efforts progressed and the pandemic’s grip began to loosen, economies cautiously started to recover, but the long-term repercussions continued to shape policy decisions and economic strategies for years to come.

    The whole economic picture has made me wonder whether there has ever been a real recession.

    My stance on this: The great post-Covid recession wasn’t real. It was inflated and hyped by the media. Here is how it happened.

    Related: Our ‘Rolling Recession’ Is the Latest Economic Meme — But What Does It Actually Mean?

    Budget surplus

    The world printed a lot of money to get through Covid-19, probably too much. The global response to the COVID-19 pandemic prompted countries to adopt expansive monetary policies, resulting in a significant increase in money supply as governments aimed to stabilize their economies.

    Remarkable fiscal measures were taken, including printing money, lowering interest rates and enacting extensive stimulus packages. These interventions averted an immediate economic catastrophe and led to an unexpected outcome for some countries: budget surpluses.

    Increased government spending and reduced economic activity due to lockdowns meant that the money injected into the economy often exceeded the actual demand for goods and services. Certain sectors of the economy remained relatively stagnant while the money supply continued to grow.

    While a budget surplus might seem like a positive outcome, it also brought challenges. While it offered opportunities for financial resilience and investment in key areas, it also posed challenges in terms of managing the money supply, preventing inflation and making strategic allocation decisions.

    Related: 5 Ways to Get Media Coverage for Your Brand

    Financial market bubble

    The surplus created a bubble in financial markets, spurring the initial media frenzy capturing the attention of experts, investors and the general public alike.

    Memories of past market crashes and economic downturns fueled the media frenzy, surrounding the post-Covid bubble. Experts weighed in on the potential consequences of such inflated valuations, warning of the risk of a sudden and dramatic correction that could wipe out gains and impact broader economic stability.

    As a result, regulatory bodies and central banks faced heightened pressure to monitor and manage the situation. Striking a delicate balance between sustaining economic recovery and preventing speculative excesses required careful policy decisions and timely interventions to avoid a potential market collapse.

    Strong labor market activity

    What’s important to note is that the labor market activity remained strong, thereby offsetting the potentially catastrophic impact of the inflated markets with real economic growth.

    Contrary to the prevailing narrative of widespread economic disruption during the COVID-19 pandemic, the labor market activity in some sectors exhibited surprising resilience, demonstrating that not all industries were equally affected.

    While many businesses faced closures, restrictions and job losses, certain sectors experienced remarkable stability and even growth amid the crisis.

    One such sector was technology and remote work. As lockdowns and social distancing measures took effect, the demand for digital services and technology solutions surged. Companies in the tech industry rapidly transitioned to remote work models, which not only preserved jobs but also created opportunities for professionals specializing in software development, IT support and digital communication tools.

    Related: Corporate Productivity in the Tech Industry Is Down: What Is the Real Reason?

    Growth of the ecommerce sector

    The ecommerce industry also saw significant expansion during the pandemic. With traditional brick-and-mortar stores constrained by closures and reduced foot traffic, online retailers flourished. This led to increased demand for warehouse workers, delivery personnel and customer service representatives to handle the surge in online orders and maintain high service standards.

    As traditional brick-and-mortar stores faced restrictions and closures, online retailers surged to meet the increased demand for remote shopping, leading to an expansion in job opportunities within the ecommerce ecosystem. The warehousing and logistics sectors witnessed substantial growth, driven by the need to fulfill online orders efficiently. Warehouse workers, packers and delivery drivers became essential roles as companies hired and scaled up operations to cope with the surge in online shopping. Moreover, customer service representatives and support staff were in high demand to ensure smooth order processing, address customer inquiries and manage returns.

    The expansion of ecommerce led to openings in various domains, including digital marketing, web development and data analysis, as companies sought to enhance their online presence and optimize customer experiences. Additionally, roles related to supply chain management, inventory control and last-mile delivery gained prominence to ensure the seamless flow of products to consumers’ doorsteps.

    The ecommerce labor market growth wasn’t only a response to immediate needs but also reflected a broader shift in consumer behavior, accelerating the ongoing digital transformation of retail. Remote work opportunities also emerged in fields like online customer engagement and technical support as businesses aimed to replicate in-store experiences virtually.

    News-driven recession

    We would never have known the whole story from listening to the news.

    Sensational headlines and dramatic news coverage contributed to the atmosphere of heightened uncertainty and fear regarding the state of the economy.

    Some media outlets focused on worst-case scenarios, exaggerating the scale of job losses, business closures and economic contraction. The media’s portrayal of economic hardships at times failed to acknowledge the resilience of certain sectors and industries that managed to adapt and even thrive during the crisis.

    While there were undoubtedly challenges, the media’s tendency to amplify negative aspects created an inaccurate perception of an all-encompassing economic collapse.

    What conclusions can we draw?

    Take media rhetoric with a grain of salt. Not every day is doomsday.

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    Max Faldin

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