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Tag: Operations & Logistics

  • How to Solve 5 of The Biggest Global Payroll Challenges | Entrepreneur

    How to Solve 5 of The Biggest Global Payroll Challenges | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Building a global workforce is a smart way to boost growth and productivity. But to make it successful, you need to handle the challenges of a compliant global payroll.

    After all, there’s no point in having a global workforce if you can’t pay them properly. By managing compliant international payroll, you can capitalize on the potential of your global team and drive your business forward.

    Navigating the complex global payroll landscape can be daunting for businesses. From unfamiliar tax regulations to complex compliance requirements, organizations face significant challenges in managing international payroll effectively.

    However, by mastering these challenges, businesses can unlock untapped growth opportunities and harness the power of a global workforce. Let’s examine the five biggest global payroll obstacles and look at practical strategies to overcome them.

    Related: The Rise of Self-Employed in the Global Workforce and What Business Owners Need to Know

    Exploring the five challenges of global payroll

    1. Local tax laws and regulations.

    To ensure employees are taxed correctly, regardless of where they are, organizations need to plan and follow tax payment rules carefully. Companies must stay updated on the changing regulations and policies set by foreign governments to meet these requirements.

    2. Worker categorization.

    It is necessary to understand the differences between employee and contractor classifications when dealing with international employees. Correctly categorizing them is essential to avoid legal penalties and protect a company’s intellectual property. Misclassifying employees can result in severe consequences such as hefty fines, penalties, damage to reputation and ultimately, enough challenges to make staying in the country not worthwhile.

    3. Data protection policies.

    The confidentiality of employee payroll information is essential and requires strong security measures. While payroll companies may be familiar with data protection regulations in their own countries, managing global payroll necessitates compliance with data laws in various locations, such as GDPR in Europe or PDPA in Singapore.

    4. Payment currency.

    Determining the method and timing of payment for employees working in different countries is pivotal. It’s important to consider that the location can influence the currency used and the applicable employment laws. If payroll teams are unaware of the latest rates and don’t ensure timely payments, foreign exchange fees can pose a problem in various markets.

    5. Employee benefits.

    Companies must pay close attention to the different statutory benefits offered to their global workers in each country. Obligations such as pensions, sick leave, health insurance and maternity leave can vary significantly from one country to another. Failing to meet the specific benefit requirements of a country may result in attracting the attention of local authorities.

    Related: Practical Solutions for the Top 5 Challenges for Founders in 2023

    Overcoming global payroll hurdles

    Global payroll compliance presents significant challenges, but solutions are available. Here are three proven strategies to overcome international payroll challenges effectively.

    1. Outsourcing global payroll.

    One approach to handling global payroll is to explore international payroll companies that specialize in managing all aspects of payroll for expanding businesses.

    International payroll providers typically operate within the country where the organization does business. This advantageous setup provides a complete understanding of local labor laws and regulations, ensuring proper protection for workers.

    By partnering with a payroll company, organizations can delegate crucial responsibilities such as tax management, compliance, handling paid time off and other payroll-related tasks. This is especially helpful for new international businesses because it allows them to focus on their core operations while experts manage payroll matters.

    2. Employer of Record (EOR).

    A global Employer of Record (EOR) is a valuable resource for businesses seeking to hire, onboard and pay workers from other countries without setting up an expensive and time-consuming legal entity.

    Managing payroll obligations can be complex and time-consuming. An EOR simplifies the entire process by taking charge of all aspects of employee compensation. This includes fulfilling payroll requirements, managing voluntary benefits, facilitating smooth onboarding and offboarding procedures, handling expense reimbursements and more.

    3. Shadow payroll system.

    Another innovative solution for paying global employees is a shadow payroll system. It ensures that taxes and social security payments are correctly handled for employees working in a foreign country while still meeting their obligations in their home country.

    A person assigned to work internationally might be paid by their home country’s payroll, employer’s payroll or both. The shadow payroll comes into play when the employee is not paid directly in the country they’re working in.

    It calculates and reports the taxes and benefit contributions that would be required if the employee were paid in that country without actually making the salary payments to the employee.

    Related: Audits are Getting More Attention Because of Financial Irregularities at New-Age Ventures

    Don’t let payroll compliance slow global growth

    By proactively addressing the biggest global payroll obstacles and implementing the strategies outlined in this piece, businesses can transform the daunting task of managing international payroll into a streamlined and compliant process.

    Embracing innovative solutions like outsourcing, Employer of Record (EOR) services and shadow payroll systems can further boost efficiency and accuracy. Organizations can now conquer payroll challenges and unlock the full potential of a global workforce.

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    James Peters

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  • 9 Key Tips for Managing a Multi-Site Web Publishing Business | Entrepreneur

    9 Key Tips for Managing a Multi-Site Web Publishing Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Operating a web publishing business with a portfolio that has over 20 websites is quite an endeavor. I know because I’ve been doing that for the past few years.

    Fortunately, not all of the sites in our portfolio are of equal weight. For all practical purposes, we focus our efforts on six sites: our revenue locomotives and sites where we see significant potential for growth.

    But even managing only six sites on a daily basis can feel like a juggling act. In fact, many successful publishers focus on a single site for years and shudder at having to deal with as many as two sites.

    Each of our sites is different, covering specific niches and catering to varied audiences. The challenge lies with ensuring each site receives unique attention while keeping operational efficiency across our company.

    Here are nine battle-tested best practices that help me give each website the attention it deserves.

    Related: How to Write Website Content That Sells

    1. Establish brand guidelines

    We have branding guidelines that help our content creators use the same language and express the same values across entire sites.

    For example, our cat-focused site’s brand guidelines focus on promoting the core values of responsible pet ownership. They guide our content creators towards encouraging practices such as spaying and neutering while condemning declawing.

    This unified messaging elevates the site’s credibility and simplifies the job for our content teams.

    2. Centralize key tasks

    In many ways, our team operates a web content assembly line. And just like with any assembly line, specialization increases efficiency. That’s why we have dedicated teams handling specialized tasks.

    For example, we have a media team solely focused on image optimization across all our websites. These media specialists know how to choose the right stock photos, optimize and edit them, and add them to our articles. This kind of streamlining speeds up workflow and maintains quality across different websites.

    3. Leverage shared databases and online tools

    The tech stack you use can make or break your operational efficiency. A centralized task management platform or shared databases like Google Suite are vital when the same people collaborate in managing multiple websites.

    For example, our setup employs Google Classroom to create training routines that benefit teams working across different websites. Information is stored in a company-wide Google Drive, where team roles determine access.

    4. Automate where possible

    We make ample use of platforms like ClickUp to automate task routing between our various teams. Each article goes through a uniform workflow, reflected in automated changes in status, assignees and dates.

    Each one of the sites has its own space on Clickup, where we utilize the same automation to create a unified streamlined workflow for all our content production operations.

    Related: 3 Things to Consider When Automating Your Workflows

    5. Foster open communication

    In a remote work setting such as ours, open lines of communication are essential. We have weekly Zoom check-ins and Google Chat channels dedicated to different project streams, ensuring everyone stays in the loop.

    These channels of communication allow our team members to continuously learn from one another. When something works — or doesn’t work — for a specific site, the information flows around so it can be implemented on a different site if applicable.

    6. Create detailed strategies

    We aim to create unique strategy playbooks for each site, focusing on their specific audience and content themes.

    Strategies can range from aggressive SEO tactics for our tech blogs to user engagement for our lifestyle websites. A visual niche could be a good candidate for Pinterest promotion, whereas one with community aspects could work better with shareable content pushed across multiple social media platforms.

    Tailoring the strategy to the site is key when managing a large portfolio. Not doing so leads not just to mediocrity but sometimes to utter failure.

    7. Have dedicated site operators

    To make sure each site gets individual attention, we’ve organized our operations into “pods.” Each pod manages a cluster of websites.

    The sites in each cluster aren’t necessarily thematically related. The idea is to balance the workload, allowing each pod manager to effectively act as a site operator for one or more of our sites. Site operators can be like having mini-CEOs focused on micro-goals, which roll up into our macro-objectives.

    8. Stay organized

    With so many moving parts, being organized isn’t just a virtue; it’s a necessity.

    We use task management software where each site has the same structural format, making it easier for team members to switch between projects without missing a beat.

    The key here is not to drop the ball on anything important across all of the sites.

    Related: This Highly Rated App Could Help Business Owners Stay Organized

    9. Remain flexible

    In the ever-evolving digital landscape, flexibility is key. We don’t just adapt to new technologies; we embrace them. From AI-generated content to emerging social media platforms, our agility allows us to stay ahead of the curve.

    This is important even when managing a single website. It becomes dizzyingly crucial when juggling multiple ones.

    Related: 3 Principles for Scaling Content With AI Without Sacrificing Quality

    The challenges are always there

    Running a multi-site web publishing business comes with its own set of challenges. Establishing these best practices and being nimble in your approach can help you meet some of these challenges, mitigate risks and ultimately benefit from the rewards.

    The digital landscape evolves rapidly, and new tools that enhance efficiency are on the horizon. I’m eager to test management AI solutions and other emerging technologies across our multi-site operations when viable options become available.

    By staying nimble and keeping an eye on the next waves in web publishing, we can continue to optimize our processes. While the platforms may change, the best practices of organization, automation and communication will remain fundamental to our success.

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    Anat El Hashahar (Anne Moss)

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  • How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

    How This Simple Approach to Goal-Setting Will Ensure Your Productivity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As business leaders, we’re often faced with the difficult and overwhelming task of deciphering exactly what leadership strategies and practices are most effective. Besides just being an expert in your respective field, you have to be responsible for overseeing the business and team.

    Creating bookends in life means establishing a routine that supports each side of your day, but what exactly does this look like in business settings? Bookending in business is a simple yet highly effective technique leaders can use to support productivity and create meaningful success in their roles.

    While some entrepreneurs may be familiar with the concept of bookending, the vast majority do not realize just how valuable it is. By implementing even a few strategies into their workday, entrepreneurs and startup founders can level up their leadership skills and stay on top of business priorities.

    Related: 5 Goal-Setting Frameworks to Help You Live Your Dream

    Make your mindset work for (not against) you

    It all starts with your mindset. Your ability to adopt the right mindset indicates how productive you will be and implore your team to be. For me, the ideal mindset encompasses a positive approach, accountability and transparency. Ideally, these tenets are a preface for working towards a desired outcome. This is especially important in situations where you are responsible for making difficult decisions, and there are circumstances beyond your control.

    For you, this could mean continuous self-improvement, learning from your mistakes, adapting your business or attempting to master new skills. For example, you may be unable to control the fact that you must have an uncomfortable conversation later that day or tomorrow. However, by controlling your mindset going into the meeting, you are contributing to the overall productivity of it. This practice allows you to hone in on your priorities and avoid getting sidetracked.

    Having the right mindset is part of the blueprint for productivity in business and can lead to exponential shifts in outcomes. In other words, consistency is key, allowing you to seize new opportunities. The next part is ensuring that you set clear goals.

    Related: 6 Tips for Goal-Setting That, Trust Me, They Don’t Teach You in College

    A roadmap to leading with intention and goal setting

    Now that you’ve prefaced your ‘routine’ with the right mindset, setting intentions and clear, measurable goals will help you stay on track. There are a few ways to put this into practice, but generally, this means outlining a roadmap for achieving desired outcomes to maximize productivity throughout each interaction, initiative or project.

    Take, for instance, networking as a goal. You can go into events or conversations by reframing the outlook of networking as solely transactional. Instead, consider what an engagement or experience may afford and align your expectations accordingly. In doing so, compartmentalizing short-term or immediate actions based on how they tie into long-term goals will ensure you make the best decisions.

    Related: Effective Networking: The Difference Between Access, Opportunity and Being a Part of the Noise

    It’s also important to note that goals should be realistic and achievable for where you are. As I mentioned, a mindset of accountability and transparency is at the start. Without it, you run the risk of making misaligned decisions. While some goals may be achieved faster than others, it does not mean they are less valuable to the overarching business picture. Remember, you already have a strong sense of judgment, so trust your instincts and consider the goals as a guide.

    Reflect on the results

    Reflecting on your results ensures productivity. Allowing time for daily reflection will create new insights that drive new behaviors, decisions and outcomes. Part of reflecting is assessing what worked and what didn’t, essentially establishing the ‘bookend’ of your day. This will allow you to create a clean slate for maximizing your time and efforts the next day.

    Ask important questions and consider how your goals compare to the outcomes. Reflect on each relevant action that day and ensure they return to an intention. Understanding that not everything will go as planned, be prepared to pivot directions and evolve your goals as necessary. When this happens, it is always valuable to bookend with reflection as a means of reverting back to the necessary mindset.

    Practicing self-reflection is an ongoing task. However, in doing so, you will hone in on your strategic thinking skills, improve your levels of self-awareness and improve the quality of your relationships with investors and your team, all of which are invaluable. This is all to say: lead by example and frequently check in with yourself.

    Establishing your mindset and reflecting on performance are the bookends of productivity. Your ability to create efficiencies and execute on goals will set yourself, your team and your business up for success. While it takes time and effort, the work that really matters is mastering the techniques you are using to ensure each day is as productive as the last. Focus on the bookends, and the right decisions will come in between.

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    Mike Carpenter

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  • How to Create Decision Frameworks That Drive Business Growth | Entrepreneur

    How to Create Decision Frameworks That Drive Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    No company can rely on a single person to make decisions. According to a study by McKinsey, managers at a typical Fortune 500 company waste more than 500,000 days a year on ineffective decision-making. The more diverse your team, the better their decisions, so it pays to empower all your team members to make decisions autonomously.

    As the CEO of an 8-figure technology company responsible for hitting the KPIs of our publicly traded parent company, I see firsthand the benefits of getting this right. Our unique approach to leadership has led directly to 7-figure annual growth year over year, even during a market downturn.

    From the start, my leadership philosophy is that no single person should be burdened with all the decision-making. This can create a bottleneck and limit what your team can accomplish. Instead, it’s vital to create frameworks for decision-making that empower each individual on the team to make consequential decisions while still being accountable to me as a leader.

    If you want to increase the efficiency of your teams, read on for my five-step process to take you out of the day-to-day and accelerate your business growth.

    Related: 4 Leadership Methods for Empowering Employees and Building Strong Teams

    Empowering your team

    The key to successful decision-making lies in trust. You need to empower your team members to make decisions while still giving them the guidance and authority they need to do so correctly.

    This means that you have to be clear about expectations from the start by setting up an environment where everyone is aligned around a common goal and vision for the company’s growth and development.

    One of our main strengths is that we are a small, flexible and agile organization. We have a startup culture where the structure needed to be established from the ground up, and establishing the foundational framework has helped to shape the organization. We don’t have too many layers of bureaucracy, so our team members are able to act on their decisions quickly and efficiently.

    Build a system to your company’s method for making decisions, such as “anything under $500 to fix, decide for yourself” or other types of guidelines. This demonstrates that you trust their ability to make decisions and bolsters the team’s trust to carry out their roles and responsibilities.

    Without some level of autonomy, decision-making can become bogged down and slow. And that’s the last thing you want regarding business growth.

    Compartmentalizing responsibility

    The great thing about creating frameworks for decision-making is that each team member has a defined role and responsibility. This makes it easier for them to make decisions without worrying about stepping on someone else’s toes.

    For example, each member of our sales development team is expected to work on their own initiative to identify potential leads, develop relationships and close deals. This allows everyone on the team to focus on what they do best and act quickly without having to check with me for approval every time. Plus, it also creates a sense of ownership among team members. Everyone feels like they have a stake in the success of the company and are doing their part to contribute.

    Establish a balanced combination of servant, situational and adaptive leadership to build your decision frameworks. The focus is on solving problems with innovation. For example, stay involved in the training process upfront for the team to activate around customer acquisition and sales, instead of taking a permanently directive “ivory tower” approach. Once they understand the structure and how you think, each member of the team can take their role and run with it. That way, you understand the intricacies of their day-to-day overall operations and understand every decision the team makes over the long term. This helps to bring everyone together and communicate clearly.

    Related: 6 Ways to Encourage Autonomy With Your Employees

    Reducing risk and setting boundaries

    Of course, that’s not to say you should throw caution to the wind and let your team run wild without oversight.

    On the contrary, setting boundaries and managing risk is essential when creating decision-making frameworks for your team. Outline a transparent chain of command so everyone has a sense of who is responsible for what and when. If something goes wrong, each team member knows who to turn to first and who will ultimately be held accountable.

    It’s essential that your staff know when they can act independently and when they need to refer a decision up the chain. This gives them a sense of freedom while also providing guidance and structure in their decision-making process.

    Setting boundaries for an autonomous team requires trust, effective communication and a commitment to a shared purpose. By providing guidance and structure while respecting their decision-making capabilities, you can create a team that excels while maintaining a healthy level of autonomy.

    I provide a clear understanding of the team’s overall goals and objectives. When team members know what KPIs they are working towards, they can make decisions that align with these goals. I also give team members access to relevant information, data and context that can aid in their decision-making process. This enables them to make well-informed choices within the defined boundaries.

    Building a culture of trust

    The greatest asset of any company is its people; creating an environment of trust is essential for successful decision-making. It starts with communication — keeping your team informed about updates and changes.

    Schedule regular daily, weekly or monthly check-ins with the team, formally and informally. This helps you keep abreast of any issues they might face and offer guidance when needed. Consider quarterly strategy meetings to evaluate the progress in relation to the KPIs and highlight any areas of improvement.

    Finally, celebrate successes and recognize individual contributions. People need to feel appreciated for their efforts in order to stay motivated. A culture of trust and respect will also encourage open dialogue, feedback and collaboration, which is essential for innovative decision-making.

    Related: 4 Ways to Guide Your Employees Toward Empowered Decisions

    Build a framework for your success

    The key to successful decision-making is a framework that lets your team make powerful decisions while still being accountable for them. Empowering each individual on your team by giving them clear expectations and autonomy is essential in creating an environment of trust.

    Ultimately, by creating transparent decision-making frameworks, you can foster an environment of collaboration and innovation that will drive your business growth and success for years to come.

    By setting clear expectations, compartmentalizing responsibility, building a culture of trust and managing risk through clear boundaries, you’ll be able to ensure that each team member is making the right decisions, on the right subjects, at the right time, to help your business excel.

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    Sebastian Huelck

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  • The Future Is Not Just Flexible — It’s United. How American Flexibility is Redefining Business Practices Worldwide. | Entrepreneur

    The Future Is Not Just Flexible — It’s United. How American Flexibility is Redefining Business Practices Worldwide. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the bustling marketplace of global business, American practices shine as a lighthouse of innovation, adaptability and advancement. Renowned for being the most advanced, they have been exported and embraced across continents. A recent survey conducted by the INSEAD Emerging Markets Institute and Universum provides a tapestry of insights into how American flexibility is redefining business practices worldwide. Similar information comes from a survey published in the Harvard Business Review, called the Survey of Business Uncertainty and jointly run by the Atlanta Federal Reserve Bank, the University of Chicago, and Stanford, which surveys senior executives at roughly 500 U.S. businesses across industries and regions each month.

    Related: Is The Future of Work Flexible — Or Not? Governments Are Making Moves to End The Debate Once and For All.

    Flexibility and return to the office

    America’s approach to flexibility is not just an operational strategy; it’s a cultural ethos. The U.S., known for its innovative spirit, has long been a pioneer in adapting to new work landscapes. With the INSEAD survey finding that 50% of U.S. respondents rated remote productivity as 5/5, the embrace of flexible work arrangements has become a defining characteristic of American business. This isn’t a fleeting trend but a foundational shift that has resonated across the globe.

    In the APAC region, the longing for physical office spaces is like an ode to community and hierarchy. Indeed, peer-reviewed research published in Knowledge and Process Management shows that Asian collectivism impedes remote work. But even here, America’s flexible approach is making inroads, creating a hybrid model that balances traditional values with modern efficiency.

    Europe finds itself at a crossroads, aligning with both traditional office culture and the new frontier of remote work. It’s a dance between the old and the new, with the American influence acting as the choreographer, creating a harmonious blend.

    The low levels of return to office in the U.S. are not just a response to current circumstances; they are a blueprint for a new way of working. This success story has become an export, a lesson plan for businesses around the world looking to adapt, innovate and thrive.

    From boardrooms in Sydney to startup hubs in Berlin, the ripples of American flexibility are being felt. The influence goes beyond mere imitation. The perceived ideal mix of days working at home versus in the office reveals a global conversation shaped by American influence. APAC, EMEA, and the Americas are crafting unique blends, reflecting regional needs and global trends. America’s leading role in this conversation is evident, setting the stage for a future where flexibility is the norm, not the exception.

    Indeed, the Harvard Business Review article points out that American business practices are recognized widely as the best around the world, which paves the way for broader adoption of remote work worldwide. The most recent iteration of the survey, conducted in July 2023, asks, “Looking forward to five years from now, what share of your firm’s full-time employees do you expect to be in each category [fully in-person, hybrid, fully remote] in 2028?” The current share of in-person, hybrid, and remote workers is 75%, 14%, and 10%. In 2028, the 500 executives expect the share of in-person, hybrid, and remote workers to be 73%, 16%, and 11%. So, despite the extensive headlines about returning to the office after Labor Day, the reality is that the future will see more flexible work in the U.S., not less. And if the future is more flexible work in the U.S., it means the future is more flexible work globally as well.

    Remote productivity — the American blueprint

    In the Americas, 50% of respondents rated remote productivity as 5/5, a statistic that speaks volumes about the confidence and competence with which American businesses have adopted this new paradigm. This success story isn’t confined within national borders; it’s a lesson being studied and applied worldwide.

    American businesses have bridged the physical gap with technology and innovation. From cutting-edge collaboration tools to advanced cybersecurity measures, the technological prowess of American companies has enabled a seamless transition to remote work. This technological blueprint is now being exported, guiding global businesses in building their virtual bridges.

    Regions like APAC and EMEA have their unique cultural contexts, but the American model of remote productivity is influencing these landscapes. The lessons learned from America’s success are helping these regions navigate the challenges and opportunities of remote work.

    The lower concerns about productivity in the Americas (11%) compared to APAC or EMEA (both 22%) aren’t just numbers; they’re a reflection of a well-crafted approach that balances efficiency and wellbeing. American businesses have not only maintained productivity but have enhanced it, creating an environment where employees thrive. This balanced approach is a model for global businesses seeking to create a productive and healthy remote work culture.

    American businesses have shown remarkable agility in adapting to the remote work environment. This agility is not reactive but proactive, driven by a vision of a future where work is not confined to physical spaces. The adaptability of American businesses is a guiding star for global companies seeking to be future-ready. That’s what I observe in my 5-10 conversations with global leaders every week who are trying to figure out how to adapt the best practices in the U.S. for hybrid work to their own contexts so as to boost productivity while improving retention and cutting costs.

    The human aspect — beyond technology

    Happy employees make thriving businesses. The Americas, with their flexible approach, score high on engagement (3.6/5), while EMEA and APAC lag (both 3.2/5). It’s a dance of satisfaction, where the rhythm of flexibility creates a joyous performance.

    High employee engagement in the Americas is more than a metric; it’s a philosophy. It reflects a commitment to creating a work culture where employees feel valued, connected, and empowered.

    The embrace of remote work in the United States is not merely a technological triumph; it’s a human achievement. It’s about creating virtual spaces that foster connection, collaboration, and community. It’s a holistic approach that recognizes that business is not just about transactions but about relationships.

    In the American business landscape, emotional intelligence is no longer a soft skill; it’s a vital asset. Leaders are learning to navigate virtual spaces with empathy, understanding, and compassion. They are not just managing tasks but nurturing teams, building trust in an environment where face-to-face interactions are limited.

    American businesses have recognized that remote work, while offering flexibility, also presents challenges to mental wellbeing. Initiatives focusing on mental health, work-life balance, and employee wellness are not just trends; they’re integral to the American approach to remote work. They reflect a deep understanding that productivity and wellbeing are intertwined.

    American companies are pioneering ways to build virtual communities that transcend the screen. From virtual coffee breaks to online team-building activities, they are crafting experiences that replicate the camaraderie and collaboration of physical offices. These practices are lessons for the world on how to turn virtual spaces into vibrant communities.

    Recognition and rewards are taking new forms in the virtual world. American businesses are innovating in celebrating successes, acknowledging efforts, and fostering a culture of appreciation. These practices are inspiring global businesses to reinvent their recognition strategies in a remote work environment.

    The concern about missing social connections is not unique to the Americas (78%), but the way American businesses are addressing this concern is noteworthy. They are not just connecting employees; they are reconnecting humanity in a virtual world.

    Mentorship and collaboration have found new expressions in the American virtual workspace. Mentorship is no longer confined to office corridors but extends across digital platforms. Collaboration is not just about projects but about shared learning, growth, and innovation.

    American businesses are leveraging remote work to foster diversity and inclusion. Remote work is not just breaking down office walls; it’s breaking down barriers and creating a global family that celebrates diversity, inclusivity and unity.

    Related: Our Brains Will Never Be The Same Again After Remote Work. Forcing Your Employees To Readapt to The Office Is Not The Answer.

    Conclusion: The dawning of a shared era

    The tale of American flexibility is not a chapter in a national story; it’s a volume in the annals of global business. Renowned for being the most advanced, American practices are not merely setting standards; they are weaving a narrative of shared growth, mutual respect and universal adaptability.

    As businesses across the globe learn from America’s wisdom, they too will evolve, becoming more flexible, more connected, more human. This shared journey towards a brighter, more resilient future is not mere imitation; it’s evolution, it’s collaboration, it’s the dawn of a new era.

    This snapshot, rich and insightful, is a window into a world that’s continually transforming, guided by the pioneering spirit of America’s expertise and vision. The world is on the brink of a new age, and America’s advanced practices are the compass, the guide, the inspiration.

    The future is not just flexible; it’s united, it’s promising, and it begins here. Let us not just observe this transformation but be part of it, guided by wisdom, enriched by diversity, and united by a common goal. The curtain is rising, the world is watching, and the show is only just beginning.

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    Gleb Tsipursky

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  • Get a One-Year Costco Membership Plus a $30 Digital Costco Shop Card for $60 | Entrepreneur

    Get a One-Year Costco Membership Plus a $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.

    The average business owner’s schedule doesn’t leave much room for running errands. A survey conducted by Score found that 33% of small-business owners reported working more than 50 hours per week, and 25% said they worked more than 60. That leaves little room for time wasted on long drives to pick up groceries and other home essentials.

    Costco may be a time-saving alternative due to the wide range of products and services available at more than 500 Costco warehouses. Start shopping by getting a Costco one-year Gold Star Membership and a $30 Digital Costco Shop Card* for $60.

    See how you can save time and money by shopping at Costco.

    Costco has a wide selection that could help you cut down on trips to other stores. Shop for brand-name products, fresh produce, office snacks, and you could even grab a hot lunch at a Costco food court.

    Need a fresh look for the office? See what’s available online or in person for home and office decor. You could even use your $30 Digital Costco Shop Card* to help offset some of the cost of redecorating or upgrading your electronics.

    Whether you’re taking the company car or your personal vehicle, be sure to stop by a Costco Gas Station to fill your tank with gasoline. If your car needs a little more attention, drop by the Costco tire center for brand-name tires.

    One-year of Costco shopping.

    Get a Costco 1-year Gold Star Membership plus a $30 Digital Costco Shop Card* for $60.

    Prices subject to change.

    *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.

    *Services are provided to Costco members by third parties.

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    Entrepreneur Store

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  • Building a Successful Business on a Foundation of Feedback | Entrepreneur

    Building a Successful Business on a Foundation of Feedback | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Alok Ahuja started Trexity, a last mile, local delivery platform, after realizing there was a specific need for a software platform that offers efficient, same-day delivery from small businesses to the doorsteps of customers. This realization came when Alok was juggling the multiple responsibilities that came with being a stay-at-home dad and caring for his ill father, making it impossible for him to step away from home.

    This gap in the market propelled Alok to change the local delivery game. Back in 2019 when Trexity was first created, he sought out the advice of Uber drivers in order to better understand the industry he was breaking into.

    “I went to those driver’s cars, and I knocked on their windows one by one, and I asked them, ‘Why do you do this? What do you love about it? What do you hate about it? What would you do if you were in charge?’” Alok said. “I started to get a tremendous amount of feedback from these drivers… Now, the crazy thing is, those drivers in 2019 are still my same focus group drivers. They’re still working with Trexity, so I love them. But from day one of deciding to build this out, I only made my decisions based on the feedback I got from the couriers that were already doing it.”

    In addition to seeking feedback from those in the business, Alok highlights how crucial it is to dive deep into the needs and wants of your customer base—and the best way to do that is to listen to them.

    “For me, feedback and focus groups are a part of every decision we make as a company. And it’s so important to stay in touch with making sure you’re actually solving a problem that needs to be solved.”

    Although his business is built on feedback, Alok knows that the number of reviews a company receives can be overwhelming. While it might seem impossible to sift through the commentary, Alok’s personal tip is to allocate a small part of your week to read through what your customers are saying.

    The key is to remember that reviews are written by real humans who typically want to help your business improve. While critical feedback can sting, reviews that are three stars or fewer are the ones Alok pays particular attention to when looking for ways to improve his business.

    “Go to the darkest places of your feedback [from] actual shoppers that have constructive feedback on something that you can do to improve. If they truly care about your business or the value of goods that they’re getting, they’ll give you real feedback,” he said. “It’s not hard to get nowadays. So my advice is to those business owners, don’t be overwhelmed by the amount of feedback you get, but try to home in on the ones where you know you can improve as a business.”

    Reading through reviews is only half of the battle. The next step is deciding how to incorporate feedback. Alok’s advice? Never make knee jerk reactions. Instead, take ample time to think about what is being said so you’re never making decisions based on a temporary emotion. Second, don’t try to get a genuine, critical review removed—that’s the equivalent of silencing your customer.

    Creating a dialogue with reviewers humanizes your business and gives you an opportunity to provide great customer service. Not every reviewer will give you a second chance, but other potential customers will see how you responded or tried to resolve any issues. You might even find some reviewers are open to talking about their experience and just need you to listen.

    For example, Alok shared that a customer might say: “‘Listen, thanks for reaching out. I appreciate you guys trying to solve this problem, but I’m still upset.’ And that is an opportunity for you to go offline and show the humility you have as a company for the issue they went through because of something you couldn’t deliver on or something you couldn’t provide them with.”

    More lessons Alok has learned that other entrepreneurs can apply to their businesses include:

    • Don’t take your company so seriously that you can’t enjoy yourself. Never forget the real reason you started—to fulfill people’s needs while being able to do what you love and are passionate about.
    • As the owner of a business, show humility and grace. Talking to your customers yourself can help you understand them on a deeper level and help you build brand loyalty.
    • Set boundaries. Your business is important, but so is work-life balance. Avoid burnout by taking time away from work and delegating important tasks to your team.

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

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

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    Emily Washcovick

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  • How Women Can Beat the Odds in the Tech Industry | Entrepreneur

    How Women Can Beat the Odds in the Tech Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Women are underrepresented in the tech industry, holding less than a third of computer and mathematical occupations. It’s only getting worse with the rise of automation and artificial intelligence, as a new McKinsey report found women are 1.5 times more likely to be impacted by generative AI in their work. As a woman working with clients in tech, it can often feel isolating.

    However, most days, I view it as an advantage because women have a different natural skill set than men. Our empathy helps in listening to clients and understanding the design process. We are less transactional and more inclined toward human connection, which is a great trait to help build a strong team. We also have different perspectives of the world, and various perspectives are essential for long-term success.

    Related: 4 Strategies to Empower Women in the Workplace

    This gender gap in technology is long-standing and caused by a variety of societal issues, ranging from stereotypes, bias and hostile work cultures to lack of early exposure and STEM educational pathways.

    Companies like Amazon developed AI hiring bots to screen applicants, and, despite being proven to favor male applicants, they are still in use. Not only that, but women were also disproportionately impacted by recent big tech layoffs. Axios and Layoffs.fyi found that 45% of 3,404 workers confirmed laid off from tech employers between October 2022 and June 2023 were women, despite companies like Meta having 63% male workers in their workforce. These layoffs also focused largely on departments like Human Resources, which is nearly 73% female.

    Web3 does get better. Some organizations like Boy’s Club, SheFi and Surge do an amazing job combatting this by onboarding, retaining and curating female-oriented events to onboard more women into the ecosystem. This sector still inherits the same Web2 bias, though.

    Boss Babes surveyed Gen Z about Web3 and found young women were 36% more likely to lack any formal education about the sector. Boston Consulting Group partnered with People of Crypto Lab to find only 13% of Web3 startups include a female founder, and only 3% of those were all-female founding teams.

    All-male founding teams in Web3 raised an average of nearly $30 million each, compared to only $8 million for the all-female teams.

    Related: Gen Z Is Seriously Misunderstood — Here are 3 Secrets Young CEOs Employ to Disrupt Industries

    This gender gap exists in venture capital firms (where only 15% of VCs are women, and only 3% of funds go to all-female teams) and extends to tech sales teams, where women make up only 25% of salespeople and 12% of sales leadership. In school, 80% of AI professors are men, and after graduation, only 10 to 15% of AI research staff at companies like Facebook and Google are women.

    Even just by existing as a woman, tech can threaten me, regardless of whether I work. Research shows that 96% of deepfakes online in 2019 were women, and generative AI is known to accentuate biases while disproportionately affecting women.

    There’s no reason for any of these problems to exist, either. A McKinsey report on diversity found companies with at least 30% female executives are up to 48% more likely to outperform their least gender-diverse counterparts. In fact, both gender and racial diversity from the entry-level to the C-suite can increase a company’s bottom line.

    Building this foundation as an entrepreneur is especially important as you scale beyond your garage into a multinational company. There are ways to succeed as a female entrepreneur in the tech space.

    Getting ahead as a female entrepreneur

    I can’t understate the importance of continuous learning. It’s easy as we get older to remain stuck in our ways, but the more knowledge you have, the more confident you’ll be in every aspect of your life. That’s why it’s important to learn something new every day, whether directly related to the business or not.

    Sometimes, we can learn something in a completely unrelated field that can be applied to our own, so always stay open to new experiences.

    Related: 4 Research-Backed Reasons Why Women Belong in Tech

    Don’t be afraid to be unabashedly who you are. Speak your mind, take the lead, and be willing to win or lose as yourself. We all battle imposter syndrome, and I realize it’s difficult to “be yourself” when you aren’t entirely sure who you are. Still, you should stand confident and follow your dreams, regardless of how difficult the road can sometimes be.

    As a woman, also be prepared to go the extra mile. My business partner and I regularly attend business conferences like Consensus and NFT.NYC, and speaker panels are often filled with men. We’re lucky to account for 10 to 20% of the speaker slots, which means we must compete harder and bring our A-game.

    It’s also vital to lean into your strengths–while you may have a steeper hill to climb, you can remain competitive by focusing on your core skillsets. Everything else can be outsourced as you build a team of specialists in areas you struggle in. It doesn’t mean you can’t still struggle through and learn new things, but your bread and butter should focus on what you’re best at.

    More than anything, understand that change is slow. We’re living in the 2020s, and my challenges are not much different than those my mother and grandmother faced at my age. You’ll still face adversity no matter how hard you work or climb.

    Gender diversity isn’t just a moral imperative; it’s a business imperative. Innovation thrives on diverse perspectives, and women are essential to this ecosystem.

    Being a woman entrepreneur has unique challenges, but it’s not impossible. In fact, overcoming these hurdles helps us refine our skills and come out stronger on the other end. Tech bros may run the world, but that doesn’t mean we can’t claim our space, disrupt the status quo, and lead with passion and resilience.

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    Lena Grundhoefer

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  • A Step-by-Step Guide to Achieving Organizational Alignment | Entrepreneur

    A Step-by-Step Guide to Achieving Organizational Alignment | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a CEO, you put valuable time and effort into mastering your business strategy. It shapes your business structure and operations by providing life to your vision, purpose and values, driving the way you work.

    But no matter how solid your strategy, it’s only impactful if every team member is onboard, in sync and focused on the most important things.

    In my experience, achieving organizational alignment starts with me as the leader. The only way to do it successfully is from the top down.

    Related: ‘The Alignment Factor’: The Keys to Internal Alignment

    Why is organizational alignment important?

    Organizational alignment means that all employees have clarity about their roles and responsibilities, specifically in regard to how they contribute to the company’s success. It involves creating a sense of purpose and clarity around the individual tasks that they do each day.

    A business cannot scale without top-down alignment. The key is to create a unified front of team members working harmoniously toward the same goals.

    Achieving organizational alignment requires deliberate action and a systematic approach. Here are the key steps that CEOs can follow to build organizational alignment within their companies:

    Step 1: Build the right team

    Hiring the right people for the right roles may seem obvious, and yet so many companies get it wrong. Companies often hire people based on experience and skillset alone, but they forget about another incredibly important factor: culture fit.

    Should culture fit be the top priority when it comes to hiring? Probably not. But nonetheless, it can’t be disregarded because it has a high impact on organizational performance. Having people on your team who believe in and agree with your company values is critical to moving the organization forward. If an employee’s values are not in line with those of the company, they won’t be motivated to contribute to achieving the mission, and therefore, they are more likely to underperform.

    Step 2: Rally the team around a shared purpose

    Your purpose must resonate with all other foundational aspects of your business — vision, mission, etc. All team members should know, understand and commit to upholding the company’s purpose. It’s important to consistently remind team members of the “why” behind their daily work to maintain motivation. Attributing each goal to achieving a larger mission helps keep the larger mission in sight, even when narrowing it down to individual tasks.

    Step 3: Set and track collaborative goals

    With the broader strategy in place, break down the overarching goals by teams. Here you can enlist the help of your management team to break down the goals further into individual roles.

    In order to set and track goals properly, you must be on board with establishing a culture of transparency and accountability. Being transparent about individual responsibilities ensures that no two team members are stepping on each other’s toes, and everyone knows who is working on what.

    Furthermore, all employees should know how their teammates are progressing on targets. Making this data visible encourages team members to hold themselves and each other accountable. When employees encounter roadblocks, they should know who to approach for guidance and support.

    Consider using OKR software tools for optimal goal management.

    Step 4: Implement good communication habits

    We know that communication is often the root cause of workplace failures. It’s essential to not only strengthen the communication skills of your team members but also to establish systems and processes that will streamline effective communication.

    Teams should have daily stand-up meetings, also called huddles. Daily huddles are quick meetings structured to include updates on goals to keep everyone in the loop on the team’s performance. Managers should also have consistent one-on-one meetings with their direct reports to review targets on a more in-depth level and facilitate effective communication between managers and employees.

    In addition to tools like Slack and Zoom, you may also consider adopting an integrative workspace system with communication capabilities to streamline conversations.

    Related: Why Aligning Your Company Values is Crucial for Long-Term Success

    Step 5: Encourage teamwork

    By having employees work together to achieve goals, you yield better collaboration and faster results. Employees bring diverse perspectives, skills and experiences to the table, which can lead to innovative solutions and improved efficiency.

    In addition to being proven to boost morale, promoting teamwork in the workplace reinforces the concept of working together to achieve common goals, promoting alignment among team members.

    6. Focus on employee engagement

    Employee engagement is a key indicator of business performance and alignment. It’s important to consistently show appreciation to your employees and remind them that their contributions are meaningful.

    Consider using culture-building tools, like surveys and the Employer Net Promoter Score (eNPS), to gauge how well your culture is performing. These tools measure workplace engagement and satisfaction and can also provide insights into how employees perceive their work’s impact on the company’s mission, vision and values. By addressing any misalignments, CEOs can strengthen organizational alignment and improve performance.

    The common theme among all these steps is that they all involve the team. I would argue that in any successful organization, your people are your best asset. Refining, empowering and driving forward employees falls on the shoulders of the CEO. This is why it’s critical to get every step right and ensure you are actively working toward strengthening your team at its core.

    An empowered and aligned workforce is a productive one, and as the leader of the team, it starts with you.

    Related: How To Align Your Company Goals To Breed Success

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    Doug Walner

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  • 7 Things Companies Should Consider Before Going Public | Entrepreneur

    7 Things Companies Should Consider Before Going Public | Entrepreneur

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    Pursuing an Initial Public Offering (IPO) is something many entrepreneurs will only experience once, and it’s important to get it right. 2021 was the biggest IPO year ever with extraordinary volumes globally. The global IPO market delivered 2,682 IPOs and raised $608 billion. The largest IPO globally in 2021 was the $13.7 billion IPO of Rivian Automotive on NASDAQ. During 2022, the market saw a dramatic decline in IPOs after a year of incredible IPO growth. Despite this, micro-cap and small-cap companies continued to dominate the 2022 IPO market in the U.S.

    To date, there have been 101 IPOs on the U.S. stock market in 2023 raising more than $60.9 billion. It’s a huge amount of money and yet, this is -25.78% less than the same time in 2022, which had 136 IPOs by this date. As you say, the markets go up and down constantly. Companies now have a new host of considerations when it comes to choosing the right time to go public. In today’s current economic climate, most entrepreneurs feel fearful going into this environment wondering, will it be a success? In order to go public, the company becomes very exposed to scrutiny, the costs are high, and the complexities are many. It is important to make the right choices to establish the best chances of success.

    As the CEO of Exchange Listing, LLC which helps micro-cap and small-cap companies list on the senior USA stock exchanges like NYSE and Nasdaq, we have seen it all. In this environment, we advise companies to focus on what we call “IPO readiness,” so that a company can IPO as soon as market conditions are practical for their goals. Whether you are a company founder looking to take your business to the next level, an investor seeking to understand the risks and rewards of small-cap and micro-cap IPOs or a professional advisor helping clients navigate the IPO process, here are the seven things to consider before going public:

    Related: How to Get Your Business IPO Ready

    1. Get committed

    Be clear that this is a direction for you. If you’re not sure, don’t start getting on a roller coaster, because once you’re on it, it’s dangerous if you try to get off in the middle. It sounds exciting to take a company public, and it is. But the evolving landscape and fluctuations demanded along the way can derail you unless you are convinced this is the best course of action for the success and growth of the company.

    2. Prepare before taking action

    Preparation for a micro-cap or small-cap IPO needs to begin well before the IPO date. Ideally, a company should start assessment anywhere from 18-24 months before the actual IPO date. Going public is gratifying, but it requires significant internal and external resources. In addition, the complexities, cross-functional participation and interdependencies of going public require effective management and a clear understanding of the content and process. Therefore, preparation and groundwork are critical to a smooth execution process. Brian Cox, the CEO of SurgePays Inc. which went public in November 2021, attested to the value of having brought Exchange Listing on early in the Nasdaq Uplisting process. The company was able to prepare for its IPO well in advance and ultimately was able to raise a total of $19.78 million.

    3. Ensure the right business model

    One of the most fundamental criteria for success includes having a business model best suited for the public markets. We ensure that a company will be ready to IPO from a regulatory position. Business IPO readiness requires the coherent articulation of the core elements of the business, which will be unique to the company in question. Generally, it will encompass critical areas such as the business’s strategy, markets, products, sales, marketing, operations, financial statements and metrics. You need a company deck, a one- or two-page teaser and a comprehensive financial model.

    4. Tighten your organizational readiness

    For private companies that are planning a micro-cap or small-cap IPO, a strong executive team and a board of directors are critical. A well-positioned team will increase the value of the company and provide confidence to potential investors. The assembly of a management team, advisors and board, including the form and structure of management compensation, is critical. The management team, advisors and board need to be optimally aligned with the company’s strategic objectives and public market expectations so that they can guide the company’s operations successfully and provide public market reporting.

    Related: 5 Things You Need to Know Before Taking Your Business Public

    5. Align with SEC compliance

    The S-1 registration statement may sound unfamiliar. Preparing the S-1 registration statement involves the creation of a basic business description consistent with the SEC regulatory requirements. This involves a summarized explanation of the business, its customers, its competition and other information relevant to investors who want to make an informed investment decision regarding the company and its prospects. It includes business and financial information designed to inform prospective investors and outline all material business risks.

    6. Prepare for scrutiny

    While audits may sound scary, these are a mandatory part of the process of preparing for the IPO, and it’s important to get the details right. Footnotes and schedules are required when compiling the company’s financial statements to ensure that the company’s financial reporting complies with industry standards. The footnotes also provide reasonable assurance that the financial statements are presented fairly, free from material misstatement, and thus can be relied upon by investors.

    7. Get your finances in order

    If the company’s financials have been sloppy, now is the time to track each detail and category to ensure confidence from investors and approval. Prepare two years of profit and loss, balance sheet, cash-flow statements, related footnotes and supporting schedules. It is vital to have your financials in order to present the most accurate and thorough picture of the company’s health and the opportunity to the investors.

    Although the broader IPO market seems to be on pause due to less-than-ideal marketplace conditions, know that these market conditions are not here to stay, at least not forever. Companies that are considering an IPO would be wise to use the current pause period to hustle while they wait and prepare to become IPO ready. Thorough preparation requires that your company not only takes the proper steps and does the right things but also invests in the right partners, resources, technology tools and team. Taking these actions now will set you up for the best chance of success when the time is right to execute your first or next IPO.

    Related: To Be IPO Ready, You Need to Prepare for These 5 Potential Pitfalls

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    Peter Goldstein

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  • The Secret to An Extraordinary Website? It Starts With the Team Behind It | Entrepreneur

    The Secret to An Extraordinary Website? It Starts With the Team Behind It | Entrepreneur

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    Remember when a “webmaster” comprised an entire website team? In the early days of the internet, these folks — who typically took on everything from web development to design to IT and technical maintenance — truly held the keys to the company’s digital presence. Of course, websites were simpler then (the Wayback Machine shows just how far we’ve come), and a single person could feasibly develop and maintain what were essentially digital flyers.

    Fast forward to today and websites are much more complex: business results turbines that drive organizational velocity and performance, integrating everything from brand storytelling and ecommerce to communication, data collection, content, customer communities and more. While some organizations still have brochure websites, most run “essential websites” — an online hub for customer activity. Essential websites drive leads, product trials and purchases. They direct traffic to articles that generate ad revenue, facilitate enrollment for schools and persuade donors to contribute to social causes. Essential websites are core to most organizations’ go-to-market strategy, and while technology has come a long way in facilitating these web functions, so too have the roles needed to support a digital experience with multiple sites and stakeholders.

    Case in point: the proliferation of the WebOps (Website Operations) director, who oversees a cross-functional team that shares responsibility for co-creating a website. As websites have become the center point for an organization’s online presence, building a team that is highly invested in advancing web work is a critical part of the formula for digital progress.

    Here’s what I’ve learned about optimizing a website team (and what other marketing leaders can learn, too).

    Related: How Good Website Content Helps You Earn Potential Customers

    Get the right people doing the right work

    You don’t need a large team to get big results, but you do need the right people doing the right work. This comes down to establishing clear ownership of tasks: getting people aligned and empowered to make the changes they need. For example, content creators need to be able to publish content and campaigns — without having to wait for IT or web developers to give them access.

    I’ve seen this scenario play out numerous times: a new head of marketing needs to boost leads, conversions or sales, but their hands are tied because they can’t make timely changes to the website. This was the case with one of my company’s clients, B2B insurance company Zelros. After its new CMO realized the dev team couldn’t prioritize the changes she needed, she shifted website ownership to her marketing team. Armed with the right tools and tech, they could control their own projects and timelines — freeing them up to create landing pages, campaigns and sales features that helped grow web traffic by 82%.

    So who are the “right people?” The best web teams include people who are passionate about advancing the site and able to take the reins. While three is often the minimum number needed — usually a developer, designer and content specialist — the web team should be the organization’s most inclusive and collaborative team. And these people don’t need to be marketers.

    In fact, a recent survey we conducted revealed 63% of marketing leaders say less than half of their company’s web team is part of the marketing organization. Website stakeholders often come from IT, HR and other departments in the form of subject matter experts, or from external agencies who bring expertise in areas such as SEO, paid ads and app development. The best thing a CMO or WebOps director can do is to give these stakeholders ownership and empowerment. With solid style guides, many stakeholders can be empowered to design extraordinary, on-brand experiences that are executed seamlessly.

    Related: Your Website’s Success Depends on Collaboration. Here’s How to Get It Right (and Make More Sales in Return).

    Leverage tools and partners that alleviate the load

    Web work can be fast and furious, as was evidenced during pandemic lockdowns when many companies were faced with a quick pivot to digital-first offerings — including a web presence that could withstand increased demand. At one Japanese research institute, media coverage of its pandemic shifts caused a spike in web traffic that could have taken the site down. But because the institute had a partner in place to monitor demand, the website kept ticking while its teams focused on other projects.

    The kinds of tools and partners you need will depend entirely on the size of your team — and your site. Our survey revealed that, on average, in-house web teams handle 11 of the 16 most common functions, including data analytics and customer support, but often outsource more technical functions — 53% outsource UI/UX design; 45% outsource infrastructure development; and 42% outsource web development. This allows internal teams to be agile and keep the momentum going while big builds and routine tasks are taken care of externally.

    If your developers or web teams are consumed with tasks like security patching, which can be tedious and time-consuming, they often don’t have the capacity for creative work. But the right tools and partners can support internal efficiencies — and automate tasks like site security — so team members can focus on more strategic priorities like hosting online events or developing personalized customer experiences.

    Related: How to Develop a Great Business Website

    Define and measure success as you go

    The success of your website depends on more than people and tools. The goals you set and track are critical to your team’s understanding of whether they’re hitting the right marks.

    There are many standard web metrics marketers like to track. Our survey respondents favored traffic and click-throughs, but many teams also consider search rankings, leads and conversions. I prefer to divide WebOps success into three categories: credibility (the peace of mind of core website performance), productivity (the ability to deliver on time and within budget) and impact (achieving results that are essential to the business). Too many web teams get caught up in vanity metrics, like the number of visits. But a website’s success is only relevant if the results are meaningful in the context of your business. Focusing on metrics such as form completions, quality of leads and conversions is far more valuable from a business perspective. It can better inform web teams as to where they need to focus their energies.

    There’s no formula for a perfect web team, but the most successful teams I’ve worked with empower their members with clear goals, valuable data and tools, encouragement to experiment and the ability to move quickly. Ultimately your customers will decide whether your website succeeds, but the right web team should be able to respond to their ever-changing needs.

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    Christy Marble

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  • How AI Can Revolutionize Our Broken Supply Chain | Entrepreneur

    How AI Can Revolutionize Our Broken Supply Chain | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The Covid-19 pandemic sent shockwaves through the global supply chain, exposing vulnerabilities and inefficiencies that were previously hidden. From inventory mismanagement to port backlogs, the pandemic magnified a myriad of issues that challenged even the most robust supply chains. As businesses search for innovative solutions to address these problems, Artificial Intelligence (AI) stands out as a powerful ally. We explore how AI-driven predictive analytics can support and enhance experienced human decision-making in the face of evolving global supply chain dynamics.

    The power of AI in tackling supply chain challenges

    The pandemic brought to light several key challenges that businesses must address to ensure smooth operations in their supply chains. By leveraging AI, organizations can gain insights into crucial aspects such as inventory management, container allocation, demand fluctuations, freight pricing and port operations. Let’s examine how AI can help tackle some of these challenges.

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    John Monarch

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  • A Cybersecurity Expert Reveals Why You’re a Cybercriminal’s Next Target — and 5 Things You Can Do to Beef Up Your Defense. | Entrepreneur

    A Cybersecurity Expert Reveals Why You’re a Cybercriminal’s Next Target — and 5 Things You Can Do to Beef Up Your Defense. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If your company was hit by ransomware today, who would you call? Or perhaps a better question: How would you call them? It sounds absurd, but as a cybersecurity expert, I’ve seen organizations paralyzed in the first hours after an incident simply because nobody knows anyone’s cell number anymore. Without access to email or messaging systems, communication grinds to a halt and workers, customers and suppliers are all left wondering what is going on. Panic rapidly escalates into a crisis.

    There’s a tendency to think about cybersecurity as being the responsibility of the IT or security department. But protecting your company comes down to two things: organizational culture and planning. That’s why some of the most important people on cyber defense aren’t in the IT team — they’re in human resources.

    The HR team is uniquely placed to embed cybersecurity preparedness into the everyday working of an organization. It’s responsible for building the policies and processes to mitigate risks and ensure the business has the competencies to be resilient to foreseeable challenges — and those include cyberattacks. And as the custodians of employees’ sensitive personal information, HR teams are themselves prime targets for hackers.

    Unfortunately, this vital role is often overlooked. So here are five ways HR can help make your business a tough target for cybercriminals.

    Related: 78% of Employers Are Using Remote Work Tools to Spy on You. Here’s a More Effective (and Ethical) Approach to Tracking Employee Productivity.

    Build a cybersecurity culture

    Eternal vigilance is the price of our liberty to roam the internet. The number of threats is mind-blowing — a recent report found the average education institution faces more than 2,300 attempts to breach its systems in a week, while healthcare organizations fend off more than 1,600 attacks. With so many digital grenades being lobbed, it’s incredibly hard to catch them all. However, a strong cybersecurity culture helps an organization defend against attacks and limits the blast radius when one does get through. The tough part: Everyone has to be on the same page when it comes to online behaviors.

    Step one is to ensure you have the training tools so that employees know what they should and should not be doing. Most organizations are reasonably good at this. Whereas, many fall short by not putting that information into practice every day.

    The best way to ensure that everyone considers cybersecurity a fundamental part of their responsibilities is to build it into performance reviews. This should not take the form of calling out workers for every dodgy link they click on. Instead, it should be a constructive conversation about how they’re keeping up with their cyber literacy training. There are cyber health-check tools that workers can use to analyze their online behavior and address weaknesses (like reusing Pa$$w0rd across half the internet or not using two-factor authentication) and often these can be used to track progress toward cybersecurity goals at an organizational level.

    When safety precautions are regularly discussed, they just become part of how you do business.

    Protect your crown jewels

    HR has custody of some of the most sensitive information in an organization — and hackers know this. In the past five years or so, many companies have adopted platforms that enable employees to self-serve routine tasks like vacation requests. However, third-party platforms come with risks. Hackers target them in so-called supply chain attacks, knowing that if they get lucky, they can access troves of information from multiple companies. In 2021, more than 300 organizations were breached in a hack of a widely used file transfer system. One of these was the University of California, which said the information exposed included employees’ social security numbers, driver’s licenses and passport details (the UC system offered its staff free ID monitoring services).

    Job one for HR professionals is to ensure employee data remains confidential. Perform extensive due diligence before your organization signs up for any third-party HR service. Only consider companies that comply with international standards (SOC 2 and ISO 27001 are the main ones to look out for) and check online for reports of security incidents at the site in the past few years. Also, look into where your data is being stored and how it is being backed up. Depending on your location and industry, you may have to comply with data residency laws.

    Stop hoarding data

    Updating the data retention policy should be on the to-do list of every HR department. I say updating because every company has a data retention policy whether they know it or not. If yours isn’t written down, then your policy is simply to keep everything forever. And that exposes you to considerable risk. The more data you have, the worse a breach can be — it’s especially bad if you’re hoarding data you no longer need. Many jurisdictions have limits on how long companies should retain sensitive information — it’s often around seven years for records on former employees.

    Figure out who will call the shots when a breach happens

    Cybersecurity may be everyone’s day-to-day responsibility, but when an attack gets through there should be one person in charge of the response. In cybersecurity lingo, we call this the incident commander. While everyone can have an opinion on the best course of action, decision-making power rests with them.

    The job spec for incident commander only has one line: It’s whoever best understands cybersecurity issues in your organization. Depending on the size of your business, that might be a cybersecurity leader, the head of IT or it could be Joanne in accounting who took a few courses on this stuff. Whoever it is, make sure you’ve identified them before an incident happens and have clearly communicated that to your team. Once a cybersecurity incident happens, events move quickly — in one case I was involved in, the hackers gave a 45-minute warning before starting to post sensitive information — so you don’t want to waste time figuring out who’s in charge.

    Run some drills

    Planning is only one half of the equation. Practice is the other. Plenty of research has shown that people don’t think clearly in stressful situations. We perform drills for fires and earthquakes to give us a framework to fall back on in an emergency. The same idea works for cybersecurity incidents. Set aside two hours once a year to run a tabletop exercise with key staff that simulates what you’ll do if the company is hacked. In these exercises, someone takes the role of a moderator to explain the nature of the attack and what’s been affected, while everyone else plays out how they’d respond.

    The first time you conduct the exercise, it’ll likely be a mess — but that’s the point. The scramble to figure things out will reveal the gaps in your plans. Over time, the drills will become second nature.

    Related: So, You’ve Been Hacked. These are the Best Practices for Business Leaders Post-Hack

    And write contact information down — on paper

    Put the incident team’s phone numbers down on paper and update the list regularly. Yes, it’s old school. Yes, it’s annoying. And yes, one day you’ll be thankful you did.

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    Claudette McGowan

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  • AI Is Coming For Your Jobs — Anyone Who Says Otherwise Is In Denial. Here’s Why. | Entrepreneur

    AI Is Coming For Your Jobs — Anyone Who Says Otherwise Is In Denial. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It was not long ago that my office was a hive of human activity. The soundtrack? The busy clicks and clatters of a dedicated executive assistant masterfully juggling my appointments, memos and ceaseless travel plans. Fast forward to today, and the buzz of the office is decidedly different. It’s the steady hum of AI tools, seamlessly managing those same tasks with a level of efficiency that’s hard to match.

    Despite the countless articles out there insisting that executive assistants can never be replaced by machines, as the CEO of a public company, it’s actually the very first place I looked to integrate AI. Today, I use three specialized AI tools to automate most of the tasks my executive assistant used to handle. One for scheduling, one for drafting standardized communications and one for travel planning. Pleasantly, it’s been an incredible success.

    This integration of AI hasn’t just streamlined my own day-to-day – it’s a powerful symbol of a larger change sweeping across our business landscape. AI is indeed coming for people’s jobs, and anyone who insists otherwise is sticking their head in the sand.

    Instead of wallowing in denial, the authors of these articles need to realize that although AI will take away some jobs, it will also create new jobs. The AI revolution will be an incredibly potent catalyst, triggering the development of a wave of new roles and opportunities. The landscape will shift from a large number of lower-level support roles to a smaller number of more advanced tech-forward support roles.

    Some executive assistants might morph into AI tool gurus, masters of these digital resources. Others might decide to take a different path, leveraging their skills in entirely new ways. This dynamic, ever-changing scenario is what our AI-influenced world is really about — not job eradication, but evolution and adaptation.

    Just think about the new roles that AI is already starting to create. Roles focused on AI ethics, keeping us grounded in our values as we navigate this technological frontier. Or the growing demand for pros who can steer these intricate AI systems, interpret the torrent of data they produce and guide businesses on how to weave AI into their operations most effectively.

    • Already, AI’s influence is reshaping sectors like healthcare, manufacturing and customer service, birthing roles we couldn’t have imagined a few years ago. It’s not spelling doom for our workforce; it’s inspiring a fascinating job evolution, blending human creativity and AI’s analytical power. We’re standing at the precipice of an exhilarating wave of professional growth and adaptation, with a horizon full of promise.

    A couple of decades ago, AI and machine learning were the stuff of sci-fi movies. But today, they’re right here, integral parts of our daily lives. The New York Times aptly called this an “A.I. explosion,” but that doesn’t mean it’s cause for alarm. Change can be daunting, sure, but it’s also an opportunity for growth, for evolution, and for pushing boundaries.

    Instead of fretting over the changes that AI brings, let’s flip the narrative. We’re not being replaced; we’re being given the chance to soar higher, fueled by AI’s empowering boost. So let’s embrace it, roll with the changes, and shape the future we want to see.

    Transforming the way the world does business

    There is no doubt that AI is changing work as we know it. Just a few years ago, automation and technology in work environments were mostly limited to repetitive, manual tasks. Generative AI technology like ChatGPT has placed these technologies firmly within the realm of white-collar work.

    Whether you are using AI-powered applications to deliver social media content, accelerate your research of new subjects or help you draft an eye-catching cover letter, generative AI can support those tasks.

    While that may not be enough to alleviate all fears surrounding AI and other emerging technologies, now is the time to realize that AI is here to stay. Rather than fighting its growing presence, forward-looking companies and their leaders need to embrace this technology and learn to leverage it to build their businesses.

    Automating repetitive tasks was one of the first areas of business in which AI proved invaluable. AI technology simply outperforms humans when it comes to data analysis by crunching far larger amounts of data more accurately and in a shorter time. AI also recognizes patterns within the data and presents them to human decision-makers.

    Plus, AI delivers the kind of data-driven insights that leadership teams have been dreaming of for decades. Integrating AI analysis into tasks like understanding customer behavior can give your business an unparalleled competitive advantage and enhance future decision-making today.

    AI can also contribute to your customer experience. When customers need help, AI-powered chatbots, and virtual assistants are excellent first points of contact. Even if they cannot resolve the customer’s issue, they can guide the query toward the best person and let the customer know their concern is being dealt with.

    Even the earliest incarnations of AI had customer experience at their heart. Remember the first personalized product recommendations you received on online shopping platforms? Like the viewing suggestions on streaming services, they are AI-based ways of improving customer service.

    How to foster innovation and growth in your organization

    At its core, AI looks at problems differently from how humans would. The technology may be mimicking human behaviors, but it is not exactly copying them. This means it brings an entirely fresh perspective to the table, offering innovative solutions and pinpointing previously unseen market opportunities.

    So, how can businesses encourage their teams to embrace rather than fear AI? The key lies in empowering individual team members to use these tools and leverage them for their work. Education and skills development is one of the foundations of empowerment. Modern workplaces have long encouraged lifelong learning, and AI is no exception. Making resources for AI training accessible online is one way of encouraging more of your employees to learn more about their capabilities.

    The modern workplace must commit to this ethos of continuous learning, especially in the context of AI. By offering readily accessible AI training resources online, organizations can nurture an environment that encourages employees to continually expand their understanding of AI, thus demystifying the technology and promoting its adoption.

    Undoubtedly, one of the most widespread anxieties related to AI is its potential to render certain jobs redundant. This concern is not unfounded. History bears witness to numerous technological transitions, where machines eventually took over tasks once performed by humans. However, this shift allows for evolution by creating a need for highly skilled professionals to supervise and orchestrate these advanced tools.

    AI does not exist to replace human capabilities, but to augment them. It thrives when paired with human intellect and creativity, thus leading to an ecosystem where humans and AI coexist and collaborate. By encouraging this synthesis and providing avenues for learning and growth, organizations can mitigate the threat of job loss. Instead, they can catalyze a transformation that redefines jobs, creating a new breed of roles that leverage both human creativity and AI’s computational prowess. The future is not about AI vs. humans, but rather AI and humans, working together to foster innovation and drive growth.

    5 step framework for cultivating an AI-forward organizational culture

    Navigating the evolving business landscape requires a dynamic approach, particularly when it comes to embracing AI. Instilling a culture that is AI-forward within your organization isn’t a mere switch you flip overnight. It’s an ongoing journey requiring commitment and collaboration from every part of your business. This journey may seem daunting, but with a strategic five-step plan, we can turn perceived challenges into tangible advantages, fostering a thriving ecosystem that leverages AI’s potential to its fullest.

    1. Educate yourself and your team

    Most people fear what they do not understand. Learning more about AI helps break down barriers. Because technology is developing extremely fast, it is important to commit to staying informed about the latest advancements and opportunities. Ensure that your business allocates sufficient resources for continuous learning and development across the entire organization.

    2. Evaluate and identify areas for AI integration

    How would AI benefit your business the most? Assess the organization’s workflows, customer interactions and decision-making processes to identify the areas where AI can truly add value. Look for spaces where AI could improve process efficiency or enhance the user experience of a website or an app. Once you have quantified the potential impact and the feasibility of potential initiatives, it becomes easier to choose the most promising options.

    3. Foster a culture of innovation and collaboration

    Big transformations like the transition toward emerging technologies are rarely made without some degree of experimentation or trial and error. Encourage this experimentation with AI among your team and make it clear that not every trial is going to be a success. Create a supportive environment for your employees to develop their ideas, share insights, and experiment with AI-based tools and systems.

    4. Implement ethical AI practices and policies

    The U.S. government recently called upon leading AI developers like Google CEO Sundar Pichai and OpenAI’s Sam Altman to make ethical AI developments a priority. If your company is struggling to overcome concerns about this technology, putting ethics at the heart of your transition toward AI may help.

    Develop clear guidelines and principles for the responsible use of within the business and review them regularly. Ensure that AI-driven decisions across all levels of the company are transparent, unbiased and respect individual privacy. The easiest way to do this is to involve relevant stakeholders in all aspects of the transition process.

    5. Measure and celebrate success

    Do not be afraid to evaluate the impact integrating AI has had on your organization. Mark milestones and celebrate successes, but be ready to make adjustments as well. The company’s overall performance, customer satisfaction and employee engagement are all excellent indicators. Sharing success stories will generate trust as will being open about setbacks. Adapting your AI integration strategy should be part of your plan.

    Conclusion

    AI-based applications, tools and solutions are here to stay, and these technologies will change the way we think about and conduct work. Embracing these technologies at an organizational and individual level now will prepare companies and their employees for a successful future.

    For anyone in a C-suite role, it is time to rethink how to make the best use of assistants. Most of us no longer need to follow the traditional one-to-one executive assistant model. What we will need, though, is someone skilled enough to handle AI tools and platforms on behalf of the entire C-Suite. Whether that role will become known as an AI manager or remain an executive assistant is not critical. What matters more is that we need to prepare our current assistants for the near future where there is a new need for fewer, more advanced support roles.

    Overcoming fears of the unknown and an all-too-human resistance to change is instrumental to securing the future of the business. It will also help improve AI as we currently know it. Start by assessing the opportunities for your business now, and leverage AI proactively. Together, we can create a better future for individuals and businesses alike.

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    Jessica Billingsley

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  • Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

    Jon Taffer of Bar Rescue on Succeeding in the Reaction Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In Jon Taffer’s eyes, the restaurant industry isn’t just about serving food and beverage — it’s about creating REACTIONS.

    The Bar Rescue host and executive producer knows the importance of understanding the psychology behind customers’ reactions. It’s at the core of his business philosophy.

    Jon Taffer‘s journey to becoming host and executive producer of Bar Rescue on Paramount was not without challenges.

    Despite initial doubts from friends about his ability to be a TV star, the famed businessman has held onto two powerful lessons that continue to shape his success: the importance of believing in oneself and the value of long-term vision over short-term gains.

    As Jon Taffer tells Restaurant Influencers host Shawn Walchef of Cali BBQ Media, “The only person who can say no to you — is you — don’t ever forget that.”

    Before stepping into the limelight as star of Bar Rescue, Jon Taffer had already tasted lots of success in his career.

    This pre-existing experience gave him the leverage to keep authenticity as a non-negotiable going into his famous hospitality series. Refusing to “sell his soul,” he stood ground when some producers suggested adding fake elements for dramatic effect.

    Jon Taffer‘s commitment to real and authentic content not only saved the show and made it a big hit, but also strengthened his brand. His unwavering authenticity is a cornerstone of his identity, both on and off the screen.

    He stresses the significance of remaining true to oneself in the world of content creation.

    “I had an understanding with the network that if it wasn’t real, I would walk away because my brand still meant a lot to me before I was on TV.” says Jon Taffer. “I’m me. I’m no different talking to you now, than I am on TV. That’s really important. No matter what we do in a content world, authenticity is critical.”

    Restaurateurs who can consistently generate positive reactions from their patrons, whether through culinary excellence or impeccable service, are the ones who stand above the rest.

    As he puts it, the restaurant business is about creating reactions, not just making meals.

    Taffer believes that success lies in how effectively restaurateurs can evoke responses from their customers. To him, a dish on the table is not merely an entree, but a vehicle to elicit a reaction from the diner.

    Jon Taffer‘s approach to the restaurant industry is characterized by his dedication to creating meaningful experiences for customers. He emphasizes that it’s not about simply serving food or pouring drinks but rather orchestrating moments that evoke delight and satisfaction.

    “I don’t believe you’re in a restaurant business. I don’t believe you’re in the food and beverage business. You’re in a reaction business. Your cook and kitchen is not making an entree. That is not the product. He’s producing a reaction.”

    Jon Taffer’s journey from being told he would never be on television to becoming an Executive Producer of a hit series has been fueled by an unwavering belief in himself and a commitment to authenticity.

    Success is not about the products or services we offer but about the reactions we elicit from our audience.

    ***

    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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  • 3 Investments That Will Transform Your Small Business | Entrepreneur

    3 Investments That Will Transform Your Small Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I’ve been fortunate to spend more than a decade of my career serving the small business industry. One thing that I’ve seen consistently over the years — whether it’s a brick-and-mortar restaurant in Missouri, an ecommerce business based in Virginia or a hair salon in Texas — is that in order for a small business to grow and thrive, owners must invest strategically in tools and technologies to help them succeed.

    This extends beyond simply going online to order a laptop for all your business dealings or setting up a company website — although those are good places to start! The right tools can help power a business, taking it to the next level of growth while making the owner’s life easier and more manageable.

    Here are three areas business owners should consider investing in that can help transform their operations and catapult their growth.

    Related: A Small Business Owner’s Guide to Managing Funds and Investments

    1. Unlocking the power of AI and automation

    Artificial intelligence is the hot, new buzzword — the technology trend that’s generating the most excitement around its potential use cases, particularly as more and more people experiment with generative AI like ChatGPT.

    For business owners who are strapped for time, the opportunity to automate tedious and time-consuming tasks is extremely appealing. In fact, according to a recent survey we did, almost all small business owners are eager to automate operational tasks with the help of AI: from expense management (69%), to invoicing (68%) and completing payroll (51%). They look forward to offloading some of these monotonous but important tasks to technology solutions.

    I recommend evaluating key areas of your business operations that are critical to your cash flow, for example, monthly invoicing. Finding ways to improve efficiency by automating repetitive tasks will help save time and money every month, compounding the overall benefit.

    The impact of the potential time savings from AI is huge, with 43% of business owners saying they’d use the time to develop customer relationships and 36% would develop more products and services with the extra time. The true power of AI is it creates the capacity to focus on building relationships, creating new offerings and innovating — areas where the human touch is still essential to success.

    2. Managing the employee experience

    Another area where technology can make a huge difference is the complicated process of onboarding, managing and paying employees. Personal relationships between a business owner and employees are of course crucial, but by investing in a human capital management (HCM) software solution upfront, business owners can greatly simplify some routine tasks.

    Calculating payroll for hourly workers, managing schedules and deducting appropriate taxes are all things HCM solutions can effectively take off a business owner’s plate. This results in significant time savings (similar to the monthly invoicing example above, these are tasks that repeat consistently, compounding the overall benefit). It also ensures greater peace of mind as tax compliance is an area that many business owners struggle to navigate with confidence. Finally, it helps employees, as it provides greater transparency and accessibility to paystubs and other important financial documents.

    Related: Three Reasons Why It’s Never Too Early to Invest in HR

    3. Reach new and existing customers with breakthrough marketing

    According to our recent survey, half of small business owners agree that customer retention is among the most important business metrics for judging the success of a business. Businesses need customers to buy their products and services, but 20% of businesses said acquiring customers is the biggest obstacle inhibiting their growth, second only to the rising cost of inflation.

    Automation tools can help with both of these challenges by making it faster and more efficient to manage your company email and social media marketing. Whether it’s leveraging an email marketing solution to reach new and existing customers or experimenting with paid ads on social media platforms, more and more companies are taking the guesswork out of marketing for business owners so they can better target, reach and communicate with their intended audiences. Now businesses can leverage the templates, insights and best practices that are available to them via these platforms rather than reinventing the wheel with every ad or email blast. Additionally, the metrics and insights provided on the backend can help businesses to test and learn, seeing what resonates with their audiences and truly moves the needle.

    Our survey found that four in five small business owners plan to invest in digital tools this year. That’s great news for all of us who love and support small businesses, as it will undoubtedly help many companies continue to grow and reach new goals. For any entrepreneurs ready to invest in their brand’s future but unsure where to start, I recommend exploring the capabilities of AI and automation and how tools can help streamline the employee management experience, customer communication and marketing. With the help of technology and tools, the sky is truly the limit for small businesses everywhere.

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    Rich Rao

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  • 5 Areas Where Every Business Should Be Using Cognitive AI Today | Entrepreneur

    5 Areas Where Every Business Should Be Using Cognitive AI Today | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) has made significant advancements recently, with AI systems driven by perceptual intelligence already being utilized to varying degrees in many industries. However, perceptual intelligence is not everything. In fact, the true potential of AI lies in cognitive intelligence, and there are still big challenges to overcome on that front.

    That being said, cognitive AI offers many opportunities and has the potential to revolutionize industries by enhancing the efficiency, precision and user-friendliness of processes and services. But, since this field is constantly evolving, adoption is still lacking.

    However, to truly maximize the potential benefits of cognitive AI, companies need to implement it and start building domain-specific, highly relevant databases. And there are many areas where AI is already gaining significant traction. Here are five key areas where every company can leverage cognitive AI’s power.

    Related: Nearly 3 out of 4 Marketing Professionals Use AI to Create Content, New Study Shows

    1. Generating insights through automated data analysis

    The global data volume being created annually is expected to reach around 175 zettabytes to 180 zettabytes by 2025. With such a copious amount of data being created and processed each year, companies are, unsurprisingly, inundated with vast amounts of information they have to process. This data can be challenging to interpret and utilize effectively.

    Since cognitive AI excels in data analysis, companies implementing a cognitive computing system can easily derive valuable and accurate insights from complex datasets, enabling faster data-driven decisions. Businesses can also leverage machine learning algorithms and cognitive computing to identify trends and patterns while keeping costs low efficiently.

    Domain-specific databases are crucial for this since they provide relevant data that is tailored to specific industries or sectors, including structured and unstructured data. This enables AI systems to learn based on domain-specific knowledge, leading to more accurate and actionable insights.

    2. Enhancing cybersecurity and preventing fraud

    As the digital landscape constantly shifts, digital threats also continue to evolve. Further, with data taking up such a prominent spot in today’s world, the legislative landscape is also ever-changing. Data privacy and protection laws, like the GDPR, CCPA and the PIPL, have been passed around the globe and are constantly getting adjusted.

    Consequently, companies are faced with mounting challenges when it comes to data privacy and security. Cognitive AI offers a powerful defense mechanism against cyber threats due to its ability to analyze massive amounts of data in real time, enabling it to identify patterns of malicious behavior and predict potential security breaches. Additionally, it can help companies adapt and adhere to changing regulations.

    The global market for AI-based cybersecurity products amounted to roughly $15 billion in 2021, and it is forecast to reach a value of around $134 billion by 2030. With cyberattacks on the rise, the advanced protective capabilities of cognitive AI are now necessary to protect consumer and corporate data.

    Related: 4 Simple Ways To Leverage AI Skills For Passive Income From Home

    3. Onboarding and managing employees

    Employee onboarding, training and management are essential tasks that cognitive AI can greatly enhance. By streamlining and automating these processes, companies can free up valuable time for their human resources departments to develop and implement more efficient strategies.

    With cognitive AI, companies can identify top talent and match candidates with job requirements to improve the efficiency and effectiveness of onboarding, training and employee management. Additionally, it can be utilized to create personalized employee experiences, which can improve the productivity and satisfaction of employees.

    Related: How to Keep Employees Engaged and Productive in the Age of AI

    4. Cognitive AI to enhance customer engagement

    Customer engagement is crucial to any business, and cognitive AI can greatly improve the customer experience. For example, intelligent chatbots and virtual assistants can increase customer satisfaction and drive engagement by quickly and accurately analyzing customer queries, understanding context and providing personalized responses.

    Additionally, cognitive AI enables companies to offer real-time support at any time of the day while massively reducing wait times. Further, it can help streamline the experience by providing businesses with insights into consumer behavior to increase the efficiency of customer interactions in their contact and service centers.

    Not only does this increase customer engagement and satisfaction, but it also reduces support costs. According to Gartner, conversational AI alone will reduce global contact center costs by $80 billion in 2026. Xiao-I has already been enabling banks to build cheaper and more effective contact centers with its AI technology for nearly a decade.

    Cognitive AI is also increasingly being deployed to improve various finance services, such as algorithmic trading, asset management, or blockchain-based finance. Further, global IT spending by insurance companies on cognitive AI reached more than $570 million in 2021, representing a nearly 700 percent increase from 2016. So, not only is cognitive AI improving customer engagement, but it is also improving the services offered to consumers.

    5. Optimizing supply chain management

    Supply chain management is a complex process that involves numerous interconnected internal and external actors. Companies can utilize cognitive AI to optimize supply chain management through data analysis and process optimization.

    Cognitive AI can help companies optimize inventory management and reduce costs by predicting demand and improving supply chain visibility. Additionally, this technology enables businesses to adapt to changes in demand or supply quickly.

    With supply chains around the globe having been plagued with troubles in the past years, the implementation of cognitive AI in supply chain management is a good way to create more agile and resilient supply chains.

    Moving forward, and the future significance of data for AI

    Cognitive AI has the potential to reshape numerous industries by enhancing human capabilities and streamlining processes. While perceptual intelligence has seen significant progress and adaption, cognitive intelligence remains an ongoing pursuit.

    By leveraging cognitive AI in key areas, such as customer service, data analysis, cybersecurity, human resources and supply chain management, companies can unlock immense value and stay ahead in this fast-paced digital era. Among other things, cognitive AI can help companies achieve higher efficiency, accuracy and customer satisfaction.

    So, besides implementing cognitive AI, companies need to start building or acquiring databases that can be utilized for their specific needs. With continued advancements in the sector, embracing cognitive AI is a strategic imperative for companies that are looking to thrive in the digital age.

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    Hui (Max) Yuan

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Focus on happy teams

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

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

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

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

    Simplifying with tech

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

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

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

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

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

    Job satisfaction linked to better operational metrics

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

    How business leaders are the gatekeepers to warehouse innovation

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

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

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

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

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

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    Johannes Panzer

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  • Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

    Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

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    In 2021, Wall Street and private equity firms invested 12 billion dollars in startups consolidating popular brands sold on Amazon. These aggregators of brands seemed like they would be the next big thing. By 2022, that number had risen to 16 billion dollars in capital raised. It was a “cool” time to be in ecommerce.

    The tone around aggregators has begun to shift, though, as it’s difficult to maintain this kind of growth non-stop. These aggregators are now aggregating themselves as rising interest rates and sinking online demand change the mood.

    Thrashio is the largest aggregator in the spotlight, notoriously the first unicorn aggregator. It raised billions and bought hundreds of brands selling on Amazon. This reorganization was an indicator of an industry rightsizing — aggregator growing pains. Amazon seller acquisitions declined in 2022 but didn’t stop completely. Strategic players, such as holding companies and private equity funds, continued to buy, but most Amazon aggregators saw the writing on the wall: the gold rush was over.

    Every aggregator is different, but generally, their funding takes the form of one part equity and three parts debt. The debt was used for acquiring Amazon sellers, while the equity expanded the aggregator’s operations. As the initial loan covenants prevented aggregators from selling assets below a set amount, they have to be revised for these new deals and acquisitions.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Aggregator giants like Thrashio, SellerX Group and Razor Group are shoring up for uncertain times. Capital isn’t flowing like it was in 2020; the threat of recession is right around the corner. If you’re wondering why these large mergers are happening now, the key to understanding it all lies in the special recession we’re having— a rolling recession.

    As Loyola Marymount University economics professor Sung Won Sohn identified, we aren’t seeing the economy-wide recession many were expecting. Instead, it affects industries and sectors in waves. According to Sohn, the Federal banks’ transparency in its rate-hike campaign and general access to information online, promote action in advance. The tech sector, including aggregators, has been acting accordingly.

    So, where does this leave all the Fulfillment By Amazon brands looking to get scooped up by an aggregator?

    I’ll start by saying we were very fortunate to have this sort of energy injected into the e-commerce industry and the Amazon marketplace. We shouldn’t be disappointed it’s over, but grateful it happened in the first place. Aggregators, as a whole, aren’t going to disappear. They’re now a cornerstone in e-commerce, and deals will continue.

    Related: Want to Sell Your Amazon FBA Business? Here Are 5 Lessons From Someone Who’s Overseen $100 Million in FBA Acquisitions

    As all the aggregators merge and mix, we’ll continue to see those select few giants establish themselves on the larger stage. Eventually, it will be a clear divide, like Coca-Cola and Pepsi. And just like Coke or Pepsi, they’ll keep acquiring the smaller innovating brands.

    We’ll see this new ecommerce model start solidifying in the coming years: create a brand, build it up, sell it to an aggregator and exit. It’s an option for liquidity in what has traditionally been a non-liquid industry (pun intended).

    Plus, you don’t have to bank on selling to an aggregator. For each Coca-Cola and Pepsi, there’s a Red Bull. Red Bull continues to maintain its autonomy, unbeholden to investors. Its brand is independent, built from its own capital. It’s similar to how Anker built up its brand on Amazon. Most of these aggregators were inspired by Anker’s ability to grow as an Amazon-native brand. It tapped into multiple categories, spun off its own brands like Soundcore and Eufy, and became a household name. It’d be like if Coca-Cola and Pepsi had started by trying to replicate Red Bull’s success. Is that sustainable for aggregators, though? Can they solidify their own brands?

    Related: The New Pandemic and Its Effects on Amazon Aggregators

    I’m curious to see what will happen in the next five years. We know aggregators have reached a limit and won’t be growing like they used to. Investors will eventually want their exits. Will aggregators need to downsize? Will they be focusing exclusively on the brands that they’ve acquired? Will we see dramatic restructuring? We’ll have to wait and see.

    For the Amazon-native brands out there looking to capitalize on the aggregator landscape, I say: aim to be Red Bull. Strengthen your brand, but be open to that potential liquidity. If you’re lucky, you might be aggregated. If you’re even luckier, you’ll inspire another whirlwind movement in e-commerce.

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    Tyler Metcalf

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  • 34 Years of Success: How Sandra’s Next Generation Continues to Impress | Entrepreneur

    34 Years of Success: How Sandra’s Next Generation Continues to Impress | Entrepreneur

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    Sandra’s Next Generation, a soul food restaurant in New Haven, Connecticut, is #56 on Yelp’s 2023 Top 100 Places to Eat in the U.S. It’s been a local staple for 34 years, with owner Sandra Pittman cooking in the same kitchen since 1989.

    Sandra and her husband Miguel have perfected their working dynamic, playing to their own strengths and supporting one another to keep the restaurant running after all these years.

    “The reason why we are where we are today is because we really divide and conquer. He has his role. I have my role. And we respect each other’s role,” Sandra said.

    “When you speak about the restaurant business, the reason why it’s so challenging and it’s forever changing is because it has so many moving parts. And all the parts have to work together as a unit. And I guess that’s part of our success of being in business for 34 years,” Miguel added.

    While solidarity seems to be the secret sauce at Sandra’s, the owners are well aware that their customers expect exceptional food, atmosphere, and service when they visit.

    “You are only as good as your last meal because the people, they’re gonna remember the last meal. So as a business owner, you have to be on the top of your game,” Miguel said.

    According to Yelp reviewer and community manager Alex T., the Pittmans are hitting the nail on the head: “It’s pretty amazing. The second you walk in, you can just feel the vibe and the energy of Sandra’s Next Generation. You are gonna smell so many delicious scents and flavors.”

    Those welcoming aromas are all thanks to Sandra’s 84-year-old mother, who passed down her recipes. However, like many family recipes, there was a history and meaning behind them that Sandra had to discover before she could fully appreciate the legacy she was preserving.

    “As a little girl, I used to always hear my mom’s stories about how hard she worked on a farm growing up, working from sunup to sundown, and how she would raise her own sweet potatoes. She talked about all these stories, but they didn’t really connect to me because I never had an opportunity to really see it until I actually went to the South when I was 16 years old and saw the cotton fields and saw how they grew their vegetables. It connected with me then—just to be able to share her recipes and keep her inspiration going and just keep her fight going. Let her know that everything that she did wasn’t in vain.”

    That fight and inspiration from her mother’s history translates into everything Sandra wants to provide for her customers.

    “When people come, I want them to feel the vibes. I want them to be inspired. I want them to know that any dreams that you have, it doesn’t matter how big it is, you have to believe that you could do it. You have to fight. You have to get up every single day with a mindset. The mindset is everything, no matter what, because there’s gonna be many failures in your life. Where we are today is because of our failures. You can’t quit. You gotta get up. You just gotta keep on going.”

    Restaurants and businesses in any industry can learn more from Sandra’s story, including:

    • Being authentic while also mixing it up. Providing a traditional experience or genuine recipes doesn’t mean you can’t get creative. Explore the trends in your industry that you can incorporate to wow current customers and attract new ones.
    • Becoming a force for good in your community. “Be the change you want to see” can apply to a nation or a neighborhood. Your local business serves a community, so uplifting that community and being a positive influence can be a boon to revenue and everyone around you.
    • Intentionally hiring and supporting your staff. Motivating your team and leading with honesty and empathy highlights the humanity of your business. Everyone has bad days, but if they work in an understanding environment, they’ll be more likely to show up for you and give you their best.

    Listen to the episode below to hear directly from Sandra, Miguel, and Alex, and subscribe to Behind the Review for more from new business owners and reviewers every Thursday.

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

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    Emily Washcovick

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