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Tag: Operations & Logistics

  • What A Great Meeting Culture Looks Like (And How to Get Started) | Entrepreneur

    What A Great Meeting Culture Looks Like (And How to Get Started) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For most organizations, meeting culture is a real challenge. For many, it feels like meetings consume all available productive time, especially our most productive workday times.

    The real challenge is not the meetings themselves but the culture of meetings, who gets invited, their frequency and efficacy.

    I first learned how to address meeting culture when I became the president of a small company with an extraordinary amount of meetings, given that we only had 25 employees. To create awareness of the actual cost of meetings, we calculated the average dollar cost per person per hour.

    Related: Why Meeting Culture is Draining your Employee’s Strength and Productivity

    Secondly, we did an audit over two weeks, in which we asked leaders to track the number of people in their meetings and the length of the meeting. As you can imagine, there was an immediate decline in the number of meetings and duration due to the awareness the exercise created. At the end of the two weeks, we calculated the average cost of a meeting. The team was genuinely shocked by the actual cost of these meetings.

    Thirdly, we changed the units from dollars to product sales by calculating how many products we needed to sell to pay for a meeting. We took our most popular and largest-selling product as the unit of measure. We said, “This meeting cost 18 product A’s.” We found this was much more effective than simply giving the dollar amount since the team had an excellent appreciation for what it takes to sell that product.

    At the end of the month, I told the team, “We spent 284 Product A’s on meetings this month!” Doing this exercise once a year or every six months.

    Related: ‘Meeting Culture’ Is Costing Companies $101 Million a Year

    Using the modes of meetings to change the culture

    The first thing we had to understand was that there are three modes of meetings:

    • 1:1 meeting (one-to-one)
    • 1:n meeting (one to many)
    • n:n meetings (many to many)

    This led to a framework in which we were able to ask each person calling a meeting to choose the most effective mode of the meeting that would be most effective.

    If we were having a one-to-one meeting, it would be highly effective if both people knew how to manage distractions and stay focused. If it was a one-to-many meeting, the most effective way to do this was a webinar-style meeting. This meant having one person “host” the meeting and another presenting the content. If the meeting was on Zoom, the host managed the comments and questions in the chat while the presenter presented.

    We found that “many-to-many” meetings were clearly the least effective, least respectful and often the default mode. We reserved the ability to call these meetings to only senior-level people in the company. We intentionally restricted the frequency and kept them focused as an example of how meetings should be run.

    Related: What Your Company Meetings Say About Your Culture

    Introducing FIRE meetings

    So, this led us to change our meeting culture. Fire is an acronym for “Focused, Informative, Respectful, and Effective.”

    When setting up a meeting, we start with Focused, in which we train leaders to ask:

    • What is the right mode for this meeting?
    • What will make this meeting successful?

    The next component is Informative. We train leaders to think through the information they want to present and divide them into three categories:

    • What must they know?
    • What is the key point?
    • What additional information can I add to make the meeting more interesting and engaging? (including a great story, fun facts, etc.)

    Keeping meetings Respectful means giving people enough warning before a meeting is called to give them time to prepare or reorganize their schedules. We encourage everyone to be on the call two minutes early so that the meeting part starts on time. This is a keystone organizational habit that creates respect in the culture.

    People who run meetings right to the last minute do not leave time to arrive two minutes early to the next meeting. For this reason, we teach leaders to wrap up the meeting with five minutes to spare and end two minutes early. Once this becomes part of the meeting culture, everything changes for the team. There is a more calm and peaceful atmosphere when moving from meeting to meeting.

    Finally, we get to the element of being Effective. We encourage leaders to keep the discussions focused and to minimize rabbit trails. At the halfway mark, they can state, “We’re halfway through our meeting, and we still need to reach our objective.” At the end of the meeting, leaders need to state if the objective has been reached clearly. They need to give clear next steps as to who is doing what and by when. If the meeting ends early, don’t prolong it.

    I once ran a meeting with the team on the call three minutes beforehand, and since everybody was present, we started the meeting. We reached our objective in under two minutes and were able to end the meeting before it officially started!

    Related: How to Create a Meeting-Smart Work Culture

    Building a culture to empower FIRE meetings

    Encourage leaders to invite people based on the right time, not “just in case.” By this, I mean we often invite people “just in case” they need to be there or may need the information. This is not respectful of their time and undoubtedly ineffective for the organization. Some people need to know at some point, but the real question is whether the meeting is the right time for them to be part of the discussion.

    There needs to be cultural permission for people to say no to meetings. When a leader is willing to give that cultural permission to their team, they will find a much more productive and effective team member who feels respected and empowered. In the long term, giving culture permission for people to decline meetings profoundly affects the team’s productivity, culture and efficacy.

    FIRE meetings can dramatically change the meeting culture of any organization. It makes every team member feels respected as well as informed. Meetings are taken much more seriously when they are called in the right mood, with the right frequency, with the right people in the room, started and ended with a two-minute margin.

    Every organization can enjoy this much-needed meeting culture shift.

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    Dionne Van Zyl

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    Related: The Key to Every Successful Business is Agility

    The pitfalls of traditional strategy

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

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

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

    Challenging the assumptions of traditional strategy

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

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

    Introducing agile strategizing

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

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

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

    Related: 6 Ways Leaders Can Make Their Businesses More Agile

    The value and relevance of agile strategizing for entrepreneurs

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

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

    Putting agile strategizing into action

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

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

    Scenario 1: Urgency for change

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

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

    Scenario 2: Always-on strategy

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

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

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

    The new rules of better strategy

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

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

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

    Embrace the journey of better strategy

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

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

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

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    Marc Sniukas

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  • Score a Costco Gold Star Membership with a $30 Digital Costco Shop Card | Entrepreneur

    Score a Costco Gold Star Membership with a $30 Digital Costco Shop Card | 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.

    Between running a business, summer travel, and the upcoming back-to-school prep and holiday plans, things are busy. Having a place to get nearly all of your shopping done for work and home can take a hefty weight off your shoulders. And Costco has over 500 warehouses to accommodate that need. When you sign up for a one-year Costco Gold Star Membership, you’ll receive a $30 Digital Costco Shop Card*.

    Costco offers a variety of goods, from groceries and cleaning supplies to furniture and electronics. Get set for back to school with snacks for the kids and grab the ingredients you need to prep meals for a busy work week. On the way home, stop at the Costco Gas Station to fill your gas tank. You can even take advantage of the Costco Tire Center and have brand-name tires installed as you shop.

    You aren’t limited to shopping in person, either. If you don’t have the time, you can go to Costco.com to purchase select items like groceries and everyday essentials with two-day or same-day delivery.

    Get a Costco Gold Star Membership to help you through the busiest times of the year.

    Sign up for a Costco Gold Star Membership and get a $30 Digital Costco Shop Card* to get you started for just $60 for a limited time.

    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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  • What Logistics Providers Should Consider Before Investing in Electric Vehicles | Entrepreneur

    What Logistics Providers Should Consider Before Investing in Electric Vehicles | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With brands and consumers increasingly seeking out more sustainable shipping options, logistics leaders have started to explore making large-scale investments in electric vehicle (EV) fleets. Another driver is cost. Research, including reports from McKinsey and PwC, show EVs are becoming more economical, with battery electric vehicles on track to outperform their internal-combustion-engine (ICE) counterparts by 2025.

    With U.S. and Canadian zero-emissions regulations on the rise, EVs are poised to become the future of logistics. This raises the question: Is your company prepared to invest in, launch and operate an electrified fleet?

    There’s a lot that goes into creating a successful EV-powered logistics operation. Here are five things to consider before going all in on electric:

    Related: Paving the Way For Electric Mobility In Logistics

    1. There’s no such thing as plug-and-play EV fleets

    EVs take up a fraction of the commercial vehicle market today, so this is an opportunity for early adopters to embrace EVs and reap the benefits before the competition does. However, purchasing a fleet of EVs is one thing. Operating and maintaining a successful fleet is a complex, long-term investment, and companies must determine if it’s a commitment they are willing to make.

    It requires having the right infrastructure in place beforehand — including EV charging stations, driver training and maintenance plans. If EVs are part of your future plans, now is the time to set the wheels in motion and map out an implementation plan.

    2. Getting started depends on what you want to electrify

    You might be asking: Where should we even begin? A great place to start is clearly identifying what you are looking to electrify. Do you want to electrify last-mile deliveries? Or are you planning to use EVs to move inventory between warehouses? Similar to internal combustion engine (ICE) vehicles, there are various different classes of EVs available — from parcel vans to big rigs — so zeroing in on the purpose you want EVs to serve is foundational. From there, you’ll need to identify reliable partners — the automotive OEMs (original equipment manufacturers) — who are developing the appropriate vehicles to fulfill your electrification needs.

    3. Spend time learning about how EV range will impact routing

    Once you know the application you want to fulfill, and you have OEM partners in mind, the focus turns to ensuring your processes and systems can accommodate EV constraints and capabilities. Since the public charging infrastructure is limited, and recharging takes much longer than refueling, an electric vehicle’s range needs to be a key consideration in routing. A route that could typically be completed by an ICE vehicle may need to be adjusted to optimize the range of the EV or available charging stations along/close to the route. If an on-route charge is required, the time it takes to complete the charge needs to be considered when estimating arrival times. Dig in to learn if your processes and systems are flexible or if you’ll need to redefine your operation.

    Related: This Startup Is Electrifying Businesses By Providing EV Fleets

    4. All drivers need to be retrained for EVs

    To leverage the full potential of an EV’s range and reliability, logistics providers next need to consider their driver training and retention efforts. While battery health and the climate in which you operate play major roles in an EV’s range, the same bad driving habits that reduce fuel economy also negatively impact EVs. Driver behavior, including excessive speeding, braking and acceleration, all use up additional energy, resulting in shorter EV range capabilities. When electrifying, it’s key to identify your top drivers and get them up to speed on EV best practices.

    5. Lastly, it’s important to develop a long-term charging and maintenance plan

    When it comes to running and maintaining an electrified fleet, it is vital to identify a charging plan. Will you go the public or private charging route? If you opt into utilizing public charging stations, you’ll need to know how busy the depot gets and if you can reliably charge up your EVs when you have planned to charge them. On the other hand, the private charging route guarantees consistent charging access but may require working with a landlord for permission and the municipality for permitting and infrastructure upgrades, both of which can take a significant amount of time. Then you need to consider the actual maintenance of your fleet. Remember that, unlike gas vehicles, EVs require mechanics with an understanding of the evolving technology and software that powers your vehicles.

    EVs are the route forward for logistics providers, especially as consumers, brands and governments increasingly prioritize sustainability and accelerate zero-emissions regulations. But it’s important to remember there’s no such thing as plug-and-go fleets. Embracing EVs takes planning, commitment and diligence. Fortunately, there’s never been a better time for logistics providers to map out their electrification plans to ensure a smooth rollout and long-term success of EVs.

    Related: Powering Last-Mile Delivery With An EV and A Charger

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    Mark Ang

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  • Why Small Businesses Should Consider Self-Funded Health Insurance Plans | Entrepreneur

    Why Small Businesses Should Consider Self-Funded Health Insurance Plans | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Health insurance premiums are increasing annually, at a rate that far outpaces inflation. Both employers and employees are paying more. If this trend continues unchecked, the average family’s health insurance premium will surpass the average wage by 2055.

    A common misconception among employers, particularly within small to medium-size businesses, is the notion that a fully insured health plan — where the employer pays premiums to an insurer to cover claims — is their only choice. This often leaves employers believing they have no option but to continuously accept increasing costs, shelling out more money each passing year. While this may have once been the case, the persistent rise in premiums has now tipped the balance, reshaping the landscape of available options.

    Historically, self-insurance — where employers take on the risk and handle claims directly — was largely viewed as a feasible strategy for companies employing 500 or more individuals. However, as these plans have evolved and become more adaptable, they now present a tangible opportunity for organizations with even as few as 25 employees. This approach allows employers of all sizes to not only mitigate healthcare expenses but also enhance the benefits they provide.

    Related: Healthcare Reform: Self-Funding Pros and Cons

    The benefits of self-funded health plans

    Self-funded health plans operate on a model where instead of paying premiums, the employer directly funds the healthcare claims for their people. In this structure, actual claims are paid directly to providers via a third-party administrator who manages the process.

    This is a contrast to the fully insured models where employers shell out annually for premiums, which include not just the cost of potential claims but also considerable profit margins and markups for the insurance companies. In essence, with self-funding, employers pay solely for the actual cost of claims, steering clear of inflated annual premiums and the hidden costs of insurer profits.

    Underwriting techniques have improved over the years, and risk management tools have evolved to the point that smaller businesses are now able to enjoy the freedom and savings that come with a self-funded plan. There are also tax advantages, as self-funding eliminates state premium taxes imposed by carriers.

    The concerns of self-funded health plans

    The No. 1 reason why small businesses are intimidated by self-insurance is the fear of large claims. Certain medical conditions can generate claims in the millions for a single individual, which obviously most small businesses couldn’t shoulder.

    Stop-loss insurance is the safety net that protects employers against any unexpected surge in claims. With these policies, employers can calculate a worst-case scenario for their self-funded plan. When they do, they often find that premiums have risen so sharply that even a worst-case scenario for a self-funded health plan can end up being cheaper than the price of the annual renewal of a fully insured health plan.

    When a company shifts from being fully insured to self-funded, employees are often anxious about the ability to keep seeing their providers and receiving their medications. Involving employees in the benefit design process can help reassure them and get them excited about the benefits of self-funding, which can include features such as $0 care/copays for virtual care or navigation lead benefits. Lower costs and better benefits have a way of getting people on the same page.

    Related: You Can Cut Employee Health Insurance Costs the Same Way Big Companies Do

    Own your own data and take control

    Another advantage of self-funded health plans — one that isn’t immediately evident in dollars and cents — is you gain access to your company’s claim data. Companies with fully insured plans have no idea what their actual claim costs were or what types of claims are driving costs up. Was the total cost more or less than the premiums? There’s no way to know.

    Oftentimes an employer will get a quote for the first year of a self-funded plan and see little to no difference compared to what they are paying in premiums to an insurance carrier. With the newfound access to claims data, the value becomes crystal clear in the second year, third year and beyond.

    Self-funded employers can analyze trends, forecast claim spending and better understand the healthcare needs of their group. It allows a company to optimize, customize and tailor its benefit plan. For instance, if telehealth and virtual care are going to be prominent within the group, tailoring coverage that way is an option.

    By tailoring benefits to align with historical usage, employers enhance the likelihood of ending the year with a surplus. While it’s important to prepare for the worst-case scenario, any more favorable outcome means the plan will undershoot the budget — a situation that is unheard of with fully insured plans.

    Offering healthcare navigation services can also help lower costs for the employer and members. Benefit navigators help employees find cost-effective care without sacrificing quality. The best way to deal with large claims is to avoid them in the first place.

    Level-funded health plans serve as a bridge

    While fully insured and self-insured health plans are the two main options on opposite ends of the spectrum, there is something in between. Level-funded plans are a sort of combination of the two that can serve as a bridge for employers to make the transition.

    A level-funded plan is set up so an employer makes predictable monthly payments, like with a fully insured plan, but gets a refund at the end of the year if there is a surplus, like with self-insurance.

    The regular payments, which cover anticipated claims, the stop-loss premium and administration expenses allow for more predictable expenditures for the company. When end-of-the-year costs are assessed, employers receive a refund if there’s a surplus. If claims exceed the predicted amount, the stop-loss premium will be adjusted upon renewal.

    Related: How Small-Business Owners Can Win the Health Insurance Game

    The future of self-funding is here

    As the benefits of self-funding become increasingly clear to a rising number of employers, there’s no doubt that this market will continue in its momentum forward. The advent of new technologies and member-centric programs are being born out of necessity, ushering in an era of unprecedented efficiency and user experience, while lowering costs.

    These advancements are setting a new bar in the industry, empowering employers to take an active role in their healthcare strategy. Employers are at a pivotal moment in history, where the potential to transform healthcare for their employees is within their reach. Working hand-in-hand with their benefit consultants to explore these innovations and stay abreast of the industry trends is no longer an option but a requisite.

    The future of self-funding is here, and it’s catalyzing a revolution that promises to redefine employer-sponsored healthcare benefits as we know it.

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    Michael Waterbury

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  • The Question Every Business Owner Needs to (But Doesn’t) Ask Themselves | Entrepreneur

    The Question Every Business Owner Needs to (But Doesn’t) Ask Themselves | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    During the Great Recession, I went to an Entrepreneurs’ Organization Learning Event where the speaker changed my life. He said that all 50 of the business owners in the room were inevitably working on their biggest problems, trying to fix them. And in that treacherous economic time, we each had plenty of problems! He knew we thought about those problems all the time — at night, in the shower, while driving, on the weekends — and that we had our very best people working on them, too. All of our resources were focused on fixing problems. That’s human nature.

    The thing he said that stuck with me is simple yet brilliant: Rather than focusing on problems, we should find what is going right and put our resources toward doing more of it.

    My company followed his advice, found the thing that was going right and did more of it. It saved the company and inspired a full pivot to an even better business. That statement literally changed my life!

    Related: Want a Successful Business? Focus on These 5 Things

    Ask the right question

    If you search the internet for questions you should be asking about your business, most concern expense control, profitability and solving issues. I even queried AI, and while I got a list of 12 great questions, they didn’t include, “What is going right?”

    The company growth and execution systems used by business accelerator programs do not typically prompt entrepreneurs with this critical question. In fact, they often direct resources at identifying your largest issues — encouraging business owners to work on up to 10 issues all the time.

    Now, I am not saying that time should not be spent fixing problems. Problems that could kill the company must be addressed. What I’m asking is:

    What would happen if you spent an equal amount of time amplifying what is going right?

    Make peace with quitting

    Doing more of what is going right often gets backburnered in favor of Ms./Mr. “Fix It” and the notion of never giving up. But if quitting something in favor of doing something that produces better results grows the company, why not?

    In Annie Duke’s book, Quit, she outlines all kinds of situations where it makes more sense to quit than continue. The 336-page book has 11 chapters of examples. I am not saying you must immediately quit certain things to make space for amplifying others. But make peace with the idea that it’s okay to deemphasize some issues or put them on the back burner and turn your focus toward what is going right to see what you can do.

    Related: 7 Ways to Refocus on What’s Truly Important

    Identify what is going right

    So, what could be going right in your business? There are many possibilities:

    1. Is one product line more successful than the others?
    2. Is there a type of customer who is buying more and appreciating you more?
    3. Is there a way of delivering your product that is getting more traction than another?
    4. If you have multiple locations, is one doing better than another?
    5. Are there certain types of people who are more successful in your organization?
    6. Do some of your marketing and advertising methods perform much better than others?
    7. Is one distribution channel working better than another?
    8. Operationally, which methods of running your business are working well?

    Why not double down on these winning ways? Look for things that succeed with little effort or come naturally — things that are flywheel-ish. Intentionally apply less effort to the things that are hard to do, require a ton of effort, and feel like pushing rope in order to free up resources for doubling down on what is working.

    As you ponder this, an important tip is that the thing going right might be a small thing. So look high and low, and involve your team — because everyone sees your business from a different viewpoint. For example, let’s say you have 50 customers and three newer ones are nuts about your product. That could be one of the things you identify as going right. Ask yourself what those three customers have in common and how you can find more of them.

    Break free of the past

    Another common scenario is that something that worked well in the past just is not working well now because of increased competition or another factor. Is it time to deemphasize that in favor of something else? Just because you started that way does not mean you have to stick with it. For example, maybe retail was working well, but now your new online approach or wholesale shows more promise.

    A friend of mine runs a business in which they track what advertising source each sale comes from in a traffic log. One of the big questions that came up in my search to ask yourself was, “How do you increase sales?” This friend was always pursuing that. He continuously invested in new methods of advertising. In areas that were getting poor results, he would try to tweak the wording or ad placement. I suggested he double down on the top three sources rather than trying to improve the poorly performing ones marginally. In other words, “Why not just do more of what is working?”

    He followed that suggestion and — while that was not the sole reason for it — his company revenue has since tripled. He shared that focusing on what was going right freed up all kinds of team time because it takes less time to do more of what you know versus dreaming up new strategies and fighting the tide. It also boosted company confidence, as more customers supported the company by buying their product.

    Related: If You Focus on Problems, You’ll Only Find More Problems. Here’s How to Focus on Solutions.

    Fight your ‘fix it’ nature

    One of my favorite thought leaders, Dan Sullivan, once asked our strategic coach class, “What do you get if you work really hard on a weakness for 10 years?”

    The answer: At best, a really good weakness.

    It is hard to fight our deep-down entrepreneurial desire to identify problems and try to fix them, and it feels oddly unnatural to find the thing that is going right and do more of it. But it is worth the effort! This one question has the possibility of transforming your business and growing revenues to the next level.

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    Barry Raber

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  • 4 Ways to Be Ready When the Supply Chain Heats Up Again | Entrepreneur

    4 Ways to Be Ready When the Supply Chain Heats Up Again | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    To hear the Federal Reserve Bank of New York tell it, all is finally well in supply chains. The bank’s Global Supply Chain Pressure Index has fallen to the lowest level since 2009, during the slumping demand of the Great Recession. But businesses in the United States might not agree with the bank’s assessment — and they’re finding new ways to deal with the pressures that remain.

    Early in the pandemic, supply chains were plagued with tremendous problems: lack of staff, stalled production lines and burdensome sanitary measures, to name just a few. Later, as the economy reopened in earnest, fuel prices began to rise — and they really took off after Russia invaded Ukraine. But by then, things had already started to change.

    Related: 3 Fundamentals for Building a Resilient Supply Chain

    Loosening the chains

    People came back to the supply-chain labor force as wages climbed, with especially rapid job gains in transportation and warehousing. Then, as consumers started to spend more time outside their homes, demand for goods delivered to their doorsteps stalled. By the end of 2022, businesses throughout supply chains had built up unprecedented inventories of products sitting on shelves. Meanwhile, gas prices had fallen significantly and were back in their pre-pandemic range.

    All of these factors helped to loosen the vise on supply chains. Yet all was still not well. In the Census Bureau’s survey of manufacturers for the last quarter of 2022, almost 40% said they were producing below capacity because of a lack of staff. More than a quarter said they couldn’t bring in enough raw materials. About 1 in 10 said logistics were an issue. That doesn’t sound like a big number, but it was four times higher than in the fourth quarter of 2019 before the pandemic began.

    We heard similar complaints from the hundreds of companies we surveyed for our 2023 State of Warehouse Labor report. In 2022, 34% of respondents said they had to pass up business because of a lack of staff. Among these companies, about two-thirds said the foregone revenue amounted to 25% or more of their total business. Both of these figures were up slightly from the previous year’s survey.

    A return to normalcy?

    Clearly, all is not yet well in supply chains, at least in the United States. Yet as we look forward, the economy seems to be stabilizing. Inventories have leveled off and even started to clear at major retailers. The overall utilization of the nation’s manufacturing capacity has come off its highs as demand has cooled. And with less pent-up demand and excess saving among consumers — as well as the possibility of an economic downturn — the balance of spending between goods and services is likely to be much closer to pre-pandemic norms.

    In this climate, it’s not surprising that businesses are more confident in their ability to deal with demand. For 2023, 76% of the ones we surveyed expected to be effective at recruiting workers, and 85% said they were effective at retaining workers. Both of those figures were higher than in the previous year’s survey, where only 59% said they were effective at recruiting and 76% said the same about retention.

    One reason for their confidence has been their improving access to flexible labor, which gives them extra agility in responding to changes in demand. The use of flexible and temporary labor rose from 57% to 69% among these businesses between 2021 and 2022, and a majority said they could fill at least three-quarters of the extra shifts they needed. They also rated flexible workers better in terms of skills, training and reliability than they had in the previous year’s survey.

    Related: 5 Ways of Effectively Navigating Supply Chain Disruptions

    Preparing for volatility

    That’s good news since payrolls are becoming increasingly difficult to manage. The volatility of labor demand in supply chains has never been higher. Two decades ago, employment in transportation and warehousing typically fluctuated up or down by around 2% over the course of the year. Even just before the pandemic, that volatility had risen to about 5%. So swings in employment are more than twice as wide as they used to be, especially at inflection points in the economic cycle.

    How can businesses anticipate this volatility and manage the eventual return of demand? Here are some tips:

    1. Watch what’s happening further up the supply chain. Some of the earliest signs of a recovery will come from orders by manufacturers for raw materials and other supplies. They’ll be preparing for expected orders from wholesalers and retailers. You can track these signs in your industry or at a national level using tools like the Institute for Supply Management’s Purchasing Managers Index.
    2. Put a plan in place that’s not just for the short term. Booms in the United States tend to last a long time, with only four recessions in the past 40 years. When demand returns, it will probably be here to stay — at least barring some unexpected event like a pandemic. So try to avoid high-priced, short-term contracts that play on uncertainty.
    3. Talk to your customers and use your network. It may be obvious, but you don’t have to sit on your hands and wait for new business to come in as if by surprise. You already have good relationships with your long-term customers — you can pick up the phone and ask them what they’re seeing in the market without having to give them a sales pitch.
    4. Diversify your payrolls for maximum agility. Today companies can bring in job sharers, gig workers and flexible shift workers as well as traditional full-time and part-time employees. By diversifying payrolls across these groups, managers can reduce the risks of downtime, overtime and idle hours, as well as the resulting variations in overall pay.

    The pandemic’s disruptions undid much of the fine-tuning that had characterized supply chains over the past couple of decades. But after last year’s cooling-off period, it’s time to regain that agility and look toward the future. Demand could return like a trickle or a tsunami. Either way, it will pay to be prepared.

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    Daniel Altman

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  • 5 Ways Retailers Can Unload Excess Inventory | Entrepreneur

    5 Ways Retailers Can Unload Excess Inventory | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The struggle is all too real when it comes to excess inventory in retail. Market volatility and unpredictable events make it difficult for merchants to accurately forecast demand, resulting in excess stock.

    That, coupled with inflation and the fact that consumers are being more mindful of discretionary spending, means retailers today are holding on to more inventory than they’re comfortable with.

    Retail Customer Experience reports that half of U.S. retailers are dealing with excess stock and 27% wrote off surplus inventory as a loss in 2022. And if that weren’t concerning enough, 53% indicated their business will face “dangerous ramifications” if the excess stock remains unsold.

    In light of these challenges, it’s crucial to implement strategies that address excess inventory head-on. That way, you can minimize financial losses, create space for new merchandise and improve overall business performance.

    Let’s look at five ways to do just that.

    1. Be proactive with stock transfers

    If running multiple stores, regularly review stock levels across different locations. Optimize inventory distribution by strategically unloading (i.e., transferring) surplus stock from locations with high inventory counts to those with greater sales potential.

    For instance, if a certain SKU is underperforming in one store, but is doing well in another, consider initiating a stock transfer sooner rather than later. Don’t wait until the end of the season to take action. Pay attention to your daily and weekly sales data, then take preemptive measures accordingly.

    Quick, decisive action is possible if you have a centralized retail inventory management platform for all your locations. By ensuring all your stores are managed from a single system, you gain better visibility into your inventory levels and streamline operations.

    Related: Free Up Your Finances By Avoiding the Pitfalls of Excess Inventory

    2. Leverage your online store and marketplaces

    Expand your reach beyond brick-and-mortar by setting up shop online. This doesn’t just mean selling on your website; in many cases, retailers will benefit from selling on social media and online marketplaces.

    These platforms provide access to a vast online audience actively seeking products, so by listing your excess inventory on these sites, you’ll be able to get more eyeballs on them—and potentially more sales.

    3. Re-merchandise products

    In some cases, it isn’t the product that’s stale; rather, it’s the merchandising strategy behind it.

    Unloading excess stock doesn’t necessarily mean donating products or selling them for a massive discount. If you’re sitting on surplus products, you may be able to sell them faster by changing how they’re displayed.

    Perhaps you can showcase unique ways to use an item. Maybe you can implement a bit of storytelling in your windows or shelves. Think outside the box and get creative with your displays to make surplus products more enticing to customers.

    Related: The Best Way to Move Your Excess Inventory

    4. Implement promotions

    Sales and promos are classic tactics for getting rid of surplus stock, and for good reason: they work. Research from Google reveals 87% of shoppers say that getting a good deal is an important consideration when deciding which retailer to buy from.

    As for which type of offer to implement, consider the following.

    Discounts: Incentivize customers to purchase surplus stock by offering discounts. This can include seasonal sales and clearance events. In some cases, you could instill a sense of urgency by running flash sales or limited-time promotions to encourage customers to take action ASAP.

    Buy One Get One (BOGO): Get rid of surplus stock faster by selling them two (or more) at a time. BOGO promos lend themselves well to categories like apparel and accessories; shoppers appreciate the opportunity to mix and match. BOGO also works well for beauty products, as customers enjoy the chance to stock up on cosmetics and skincare items.

    Gift with purchase: If you’re having difficulties unloading excess inventory, offer them as freebies. This tactic clears out excess stock and can improve basket size and order values, especially when you offer gifts with qualifying purchases.

    5. Negotiate return to vendor agreements

    Consider using return-to-vendor (RTV) agreements to address excess inventory. RTV contracts allow retailers to return unsold merchandise to the original suppliers.

    Depending on your relationship with vendors, it may be feasible to negotiate the ability to return unsold products. Remember that an RTV agreement could mean paying more per unit.

    RTV agreements can also add complexity to your operations, especially if you’re running multiple stores. Coordinating the logistics of packing, shipping and tracking unsold goods can be difficult and lead to operational costs.

    Final words

    Getting rid of excess stock requires a strong inventory management system and a proactive approach to inventory management. You can reduce the negative impact of surplus stock by keeping a close eye on your inventory reports and taking proactive steps to correct course.

    From there, ensure you cover all your sales channels to get merchandise in front of as many shoppers as possible. And if you want to boost conversions, add some promotions to the mix. Finally, consider negotiating RTV agreements with your vendors to minimize the risk of surplus stock.

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    Ana Wight

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  • Struggling in Franchising? You Need to Think Bigger. | Entrepreneur

    Struggling in Franchising? You Need to Think Bigger. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, I was speaking to some friends and colleagues about a vision I had for a new franchise restaurant. I told them the brand had a unique concept and could quickly be on track to 1,000 worldwide locations. The responses were fairly consistent: incredulity and laughter. And these people were supposed to be my friends!

    The brand we talked about was The Halal Guys, a company I work with. After an extremely successful 2022, one in which the company opened its 100th location — and with 300-plus more in development — it was tempting to then ask them, “Who’s laughing now?”

    The plan was aggressive from the jump: We’d target the 50 largest markets in North America, then go international. Most of those major metro areas are covered now, and international expansion has begun with the UK and South Korea. Pulling this all off as quickly as we’d envisioned seemed impossible to a great many, but that ambitious mindset worked.

    Here are some essential strategies I’ve applied in the course of taking more than 10 such brands worldwide.

    Related: 5 Strategies You Need to Build Your Brand

    Think positively

    There’s nothing a failing person likes to see more than someone else fail. So, it’s okay if someone doesn’t see your vision: It wasn’t their vision anyway, it’s yours.

    My story about The Halal Guys isn’t an outlier. When you’re building, many people are going to root for you to tank simply because they aren’t winning, which often means that they’ll give you bad advice, encourage you to back off and/or withhold a helping hand. That’s why it’s so important to think positively about your brand’s potential and growth plan. Because challenges arise for young franchises daily, and panic doesn’t put money in the bank.

    When I was helping PayMore through its initial franchise launch, it seemed that we couldn’t sell to anyone. Despite great unit economics and a scalable business plan, many thought its buy-sell-trade model seemed too much like a pawn shop, and in truth, we weren’t doing the company any favors by presenting it like one.

    Still, there was no panic. We stayed positive and altered our presentation. It’s been a little more than a year now since we launched franchising, and over the last two months have completed more than a dozen deals encompassing 60-plus units. Put simply, positivity paid off.

    Think aggressively

    It’s important to have brand standards, but it’s also important to know when to bend them. You may be dead-set on only allowing multi-unit deals, for example, but the right single-unit deal can get the ball rolling for a stagnant brand, including attracting good press, which could lead to a multi-unit franchisee down the road.

    Also, think about how you can incentivize franchisees to expand their territories because encouraging them to embrace affordable conversions could lead to quicker growth (keep in mind that this requires having the right design and brand standards in place). Thinking aggressively means being prepared to act fast when opportunities arise, so plan accordingly when building your business strategy.

    Part of thinking aggressively is thinking big: Don’t be content with small, steady growth if your concept can handle rapid expansion. Don’t be afraid to go for it.

    Related: As a Leader, You Need to Be Both Positive and Aggressive

    Think beyond yourself

    Building a brand that aims to be a household name is a lot easier with a solid team in place. I’ve always enjoyed getting my hands dirty, and I’ve never worked harder than I did for real mentors and with other people who have taught me about the industry.

    Case in point: I’m working with a new brand out of Chicago called Cilantro Taco Grill. Their story is inspiring — run by a family of first-generation immigrants from Jalisco, Mexico, who built the restaurant as a tribute to their father and as a celebration of the authentic flavors they grew up with. They’ve dominated the quick-service Mexican scene in Chicago, in part because their business plan was born out of familial love. The company’s story and standards are authentic, and its food tastes better because of that.

    This is just part of why it’s so vital to share your goals, and even more so to share your success. Team members should also be in line with the business plan and where the brand is headed — should be thinking positively and aggressively right alongside you. Of course, that requires the right workplace dynamic: People naturally invest themselves in people who take care of them, so incentivize success, offer quality benefits and provide a comfortable workplace.

    Related: Why Are Companies Still Holding Back on Investing in Employees’ Development?

    Think about the future

    The goal for any franchisee should be to get wealthy, certainly, which involves building towards an exit. This business, like virtually all others, is about growing an asset that has the potential to sell at peak value. That’s why you need to be positive, prioritize aggression and focus on building a team — with the very possible goal of attracting a buyer. A profitable five-unit franchise chain that sells at eight times its yearly income could potentially set you up for life — a return most other industries can’t offer in a comparable timeframe.

    You shouldn’t be looking to create a job — heck, you can go find a job. Your future in franchising should be building generational wealth — for your family, your kids and yourself.

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    Dan Rowe

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

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

    Prevention is better than a cure

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

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

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

    Putting the right levers in place

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

    1. Authorization and approval controls

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

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

    Related: How to Protect and Retain Control Over Your Business

    2. Feedback controls

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

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

    3. Concurrent controls

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

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

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

    Leveraging internal controls for small businesses

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

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

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    Dan Conner

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  • How to Give Constructive Feedback That Actually Changes People | Entrepreneur

    How to Give Constructive Feedback That Actually Changes People | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Providing good feedback to colleagues is important for professional and personal growth. Yet for many people, giving feedback can be uncomfortable and even anxiety-inducing. You worry about offending others, saying the “wrong” thing, or coming across as too critical. But avoiding difficult feedback conversations prevents opportunities for improvement and stagnates workplace performance. The key is learning how to structure and deliver feedback in a sensitive yet impactful manner.

    With practice, uncomfortable feedback discussions get easier, and you’ll see that thoughtfully pointing out both strengths and growth areas helps people develop, strengthens relationships and ultimately makes you a better colleague and leader.

    Related: How Entrepreneurs Can Use Effective Feedback to Stay Resilient and Agile

    Focus on behavior, not personality

    When providing feedback, focus on specific behaviors and actions that someone can change, rather the person’s innate qualities. For example, say “The last report had many typos and formatting errors” rather than “Your work is usually sloppy.” This keeps the feedback professional, constructive and actionable.

    Related: Employee Feedback Is Only Effective If It’s Done Right. Here’s How to Make Sure It Lands.

    Preserve the relationship

    Even necessary criticism should maintain the other person’s dignity and self-esteem. Start by acknowledging strengths and good intentions. Explain the purpose behind your comments. As I mentioned earlier, focus on the work, not the person.

    Four key principles underlie high-quality feedback:

    1. Specificity — Call out concrete examples of what the person did well or poorly. Saying “You did a great job” lacks meaning. But saying, “You handled that difficult client conversation very skillfully by focusing on shared interests,” will leave a more lasting impression.

    2. Timeliness — The sooner you give feedback, the more accurately the other person will remember the situation and the more useful your comments will be. Delays can lead to misunderstandings. Aim to provide feedback within a day or two of an event or interaction.

    If you frequently work with someone, aim to provide feedback on an ongoing or routine basis rather than just at major milestones. Regular feedback is also seen as more credible and encourages better habits early.

    3. Relevance — Your feedback should relate directly to the person’s work responsibilities and goals. Avoid getting personal or venturing into areas beyond your purview. Stick to professional issues that can be improved through feedback.

    4. Empathy — Showing genuine care and concern for the other person puts them at ease and makes them more receptive to your message. Start by acknowledging their good intentions, then explain how their approach could be refined.

    Provide honest yet tactful feedback that considers the other person’s feelings. Avoid shaming, harsh language or hyperbole — even if the feedback is critical. A more empathetic tone is kinder and keeps the discussion constructive. Phrases like “I know you put a lot of work into this but …” can soften critical feedback.

    Highlight specific examples

    Back up your feedback with concrete examples and specifics wherever possible. Saying, “Your presentation lacked structure” is vague, but “The introduction didn’t set up the topics in a logical order” points to a clearer action the person can take. Examples make the feedback feel real and highlight areas for improvement.

    Suggest alternative behaviors

    Don’t just point out what someone did wrong – also propose positive alternatives they could try next time. Saying, “You reacted aggressively during that exchange,” is less useful than “Taking a moment to calm down before responding likely would have produced a better outcome.” This gives the person practical options to implement your feedback.

    Related: 9 Ways That will Help Promote Actionable Feedback in Your Organization

    Be Solution-Focused

    Avoid dwelling on past mistakes and instead focus your feedback on finding constructive solutions. Phrases like “Next time, try ..” or “In the future, it would be better to … ” help make the feedback about moving forward productively. This keeps the discussion positive and solution-oriented.

    Use “I” statements and listen actively

    Frame your feedback using “I” statements that are less accusatory and more impartial. For example, “I felt the introduction lost people” instead of “You lost people with that introduction.” This makes the feedback about your perspective rather than an attack on the person. It also increases the chances they will be receptive.

    After giving your feedback, actively listen to the other person’s response and perspective. Ask open-ended questions, paraphrase what they say, and resist the urge to interrupt. This shows that you value their thoughts and are more interested in a genuine exchange than being “right.”

    Related: 10 Telltale Phrases That Indicate Somebody Isn’t Telling the Truth

    Follow up on progress

    After providing feedback, check in periodically to see if the person found it useful and how they plan to implement it. Offer additional suggestions or clarification if needed. This shows you’re invested in truly helping them improve, demonstrating your value as a colleague and mentor.

    With these principles in mind, your feedback will help others improve and reflect well on you as a thoughtful leader. If you’re looking for a more streamlined way to manage feedback and performance reviews for your team, consider using Hana Retail as your point-of-sale system.

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    Murali Nethi

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  • Want to Build Trust? Focus on Data Privacy | Entrepreneur

    Want to Build Trust? Focus on Data Privacy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that 422.14 million people were impacted by data compromises in 2022 in the US alone? With increasing instances of data breaches and unauthorized data use, it’s no wonder that data privacy has become the top priority for customers. A Cisco report states that 76% of people say they would not buy from a company they do not trust with their data.

    As a result, you must apply comprehensive data safety measures to retain your customers’ trust in your company. This is especially crucial in marketing because customer data collection, storage and analysis drive modern marketing.

    If you are wondering how you can take measures to safeguard customer data while marketing and bolster their trust in your company, you’re at the right place! I’ve put together this guide to help you understand data privacy in marketing in simple terms. It will also help you devise cost-effective strategies to adhere to customer data regulations.

    Related: 8 Ways a Data Breach Could Take Out Your Company Tomorrow

    Understanding data privacy in marketing

    Data privacy in marketing refers to protecting and responsibly handling consumer information collected throughout your marketing endeavors. Why is this crucial?

    Marketers engage in a plethora of data collection and handling activities. This includes personal and behavioral data that help them gain insights into their target audience and provide personalized experiences. However, the threat of data privacy breaches is growing daily, and a breach can have severe consequences.

    These include reputational damage, legal repercussions, financial loss and loss of customer trust. So, every marketer must prioritize customer data security and comply with privacy regulations. Let’s understand how this works.

    Related: Schools Are Getting Slammed By Cyberattacks and Student Data Is No Longer Safe. Here’s How to Navigate Cybersecurity in the New, Digital Classroom

    Ensuring customer data protection

    First, you must ensure your website is secure, and consumer data is used for legitimate purposes. After all, the Harvard Business Review found that 84% of consumers avoid shopping from brands with suspicious websites. But there’s more! Here are the critical methods you must apply carefully to safeguard your consumer’s privacy and trust.

    1. Compliance with data protection regulations

    The most important step is to ensure compliance with data protection regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. These two acts are the primary customer data regulation frameworks, and if not followed, they lead to substantial fines and reputational damage.

    CCPA, which was enacted in 2020, grants consumers the right to know about collected personal data and request the deletion of their information. It mandates the organizations to provide a list of third-party organizations that will have access to the data upon request from the customer. Enterprises failing to comply with the regulation can face statutory damages that range from $100 to $750 per consumer per incident.

    GDPR was enacted in 2018. It grants individuals control over their data. Businesses that comply must obtain informed consent for data collection, provide privacy policies and notices and implement measures to protect the data. Noncompliance can result in a fine of €20 million or 4% of total revenue, whichever is higher.

    By incorporating stringent measures as per these laws, you will fulfill the legal requirements and instill confidence in consumers regarding their information and strengthen the brand reputation.

    2. Implementing Multi-factor Authentication (MFA)

    Multi-factor authentication is an added layer of security for enhancing data security in marketing, and it is growing in use due to its effectiveness and ease of use. Under MFA, users must provide multiple forms of verification, such as a password or code sent to their phone number or email.

    As a marketer, you can implement MFA across customer portals, employee access, and administrative dashboard. You can also go a step ahead and implement advanced methods such as biometric systems to strengthen security further.

    With MFA, you can significantly decrease the risk of a data breach by allowing only authorized individuals access to sensitive customer data. This will naturally bolster consumer trust regarding your data handling practices.

    Related: Safeguarding Your Corporate Environment from Social Engineering

    3. Implementing Decentralized Finance

    DeFi is an innovative technology that uses blockchain to create a decentralized ecosystem for secure financial data management. As per a recent survey report by Antier Solutions, about 15-20% of small businesses are already utilizing DeFi services for financing successfully. This indicates that Defi is living up to its promise of safety and reliability. But what makes it so effective, you may ask?

    DeFi platforms use ledger technology and cryptography to decentralize data storage and eliminate potential risks. Moreover, DeFi uses smart contracts to ensure transparency between both entities. Smart contracts are self-executing contracts that automatically execute predefined conditions and are stored in blockchain. You can utilize smart contracts to obtain consent from consumers regarding data collection and usage.

    In contrast to Defi, traditional centralized financing has data storage systems that pose inherent vulnerabilities to data breaches. So, vulnerability at even a single point can allow hackers to extract data.

    4. Prioritize Supplier and Vendor Security

    Marketers who collaborate with third-party suppliers and vendors may provide access to consumer data. If you are amongst them, it is necessary to conduct due diligence when selecting partners. Furthermore, your contracts with them should include provisions that require third parties to comply with the same data protection and privacy standards as you.

    5. Establish Incident Response Plans

    Despite all measures, there’s always a risk of things going south as technologies develop rapidly! So, developing a comprehensive incident response plan is vital as it helps you effectively address and mitigate the impact of any data breaches or privacy issues. Here’s what you must do to establish an effective incident response plan-

    • Start by establishing a cross-functional incident response team. This must comprise individuals from different departments, such as IT, communication, legal, etc., to bring together a range of expertise.
    • You must have an escalation plan ready to ensure incidents are promptly forwarded to the appropriate management level.
    • Develop clear communication protocols for both the internal stakeholders and external parties, such as the affected customers and regulatory authorities.
    • Designate official spokespersons for prompt and transparent communication because it helps maintain trust and demonstrates a commitment to addressing the incident responsibly.

    Lastly, don’t wait for emergencies! Conduct regular tabletop exercises and simulations to test the effectiveness of your plans and identify areas for improvement.

    Summing up

    Data privacy has become the most fundamental aspect of maintaining customer trust and building strong relationships in the era of data-driven digital marketing. Its importance cannot be overstated in a world where data breaches are rising in frequency and customers are increasingly sensitive about their data safety.

    So, remember to analyze and implement the points in this guide carefully and always stay up-to-date with the latest privacy regulations, data security threats, and customer expectations. The area of data safety is constantly evolving, and only the most agile and vigilant marketers will find lasting success.

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    Vikas Agrawal

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  • How to Mitigate Cybersecurity Risks Within Supply Chain Relationships | Entrepreneur

    How to Mitigate Cybersecurity Risks Within Supply Chain Relationships | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The advent of the digital era has seen a progressive escalation of cyber threats targeting the global supply chain — a matrix-like network composed of manufacturers, suppliers, distributors and retailers. A single vulnerability within this intricate network can provide a gateway for adversaries to infiltrate and compromise the entire supply chain.

    Of particular concern are partners and vendors, who often possess privileged access to systems and data. This access, if not properly secured, could serve as a launching pad for cyber criminals.

    Understanding the supply chain cybersecurity landscape

    Supply chain cybersecurity refers to the gamut of strategies, practices and technologies deployed to shield the supply chain from digital threats. As our global economy grows more intertwined and digitized, the importance of implementing robust cybersecurity measures within the supply chain has never been more critical. The rise in high-profile cyber attacks, such as the SolarWinds hack, has underscored the vulnerability of supply chains, revealing the potential magnitude of these breaches and the consequent fallout.

    Identifying potential cybersecurity risks within the supply chain

    Cybersecurity threats pervading the supply chain are manifold and include advanced persistent threats (APTs), ransomware, spear phishing and Distributed Denial of Service (DDoS) attacks. The repercussions of these threats are far-reaching, leading to severe outcomes such as data theft, interruption of business continuity, reputational damage and substantial financial losses. A case in point is the NotPetya attack, which resulted in widespread disruption across multiple industries, culminating in global losses estimated to be around $10 billion.

    Detailed analysis of risks related to partners and vendors

    Partners and vendors, owing to their privileged access to sensitive data and critical systems, can inadvertently become conduits for cyber threats. The risks can stem from various factors such as inadequate security controls, lack of employee cybersecurity training, use of legacy systems and the absence of regular patching and updates. A notable example is the infamous Target breach, where cybercriminals exploited a vulnerability in an HVAC vendor’s system to gain unauthorized access to Target’s network.

    Partner risk assessment

    The complex risk landscape associated with partners and vendors necessitates regular partner risk assessments. Such assessments involve a thorough examination of a partner’s security posture, gauging the robustness of their security controls, compliance with relevant cybersecurity regulations and their capability to respond to incidents.

    Advanced tools and methodologies can be employed to facilitate these assessments. The use of standardized questionnaires such as the Standardized Information Gathering (SIG) or Vendor Security Alliance (VSA) questionnaire provides a structured way to assess a partner’s security controls. On-site audits offer a firsthand evaluation of a partner’s processes, while third-party certifications like ISO 27001 provide reassurance about a partner’s commitment to cybersecurity.

    Potential impact scenarios of cyber attacks on partners and vendors

    A cyber attack on a vendor or partner can have a domino effect. Consider a scenario where a threat actor compromises a vendor’s system, distributing malicious firmware updates to unsuspecting customers. Unknowingly, customers install these compromised updates, infecting their systems with malware, leading to widespread disruption and data theft. In another scenario, a cybercriminal could infiltrate a partner with high-level access privileges to your systems, making your network an easy target for exploitation.

    Cybersecurity mitigation strategies for supply chain partners and vendors

    Mitigation of cybersecurity risks requires a strategic, layered approach. It’s crucial to incorporate cybersecurity considerations right from the vendor selection process, choosing partners that demonstrate a robust security posture and adherence to best cybersecurity practices. Contractual agreements should clearly spell out cybersecurity expectations and requirements.

    Continuous monitoring and regular audits of partner and vendor security practices are paramount. This helps ensure that security standards are consistently maintained and that any deviations are quickly detected and addressed. Additionally, having an Incident Response (IR) plan detailing roles, responsibilities and actions during a cyber incident can expedite recovery and minimize damage.

    Technology’s role in securing the supply chain

    Emerging technologies such as artificial intelligence (AI) and machine learning (ML) can be instrumental in detecting and mitigating cybersecurity threats. These technologies can sift through vast amounts of data, identifying patterns and anomalies that could signify a security breach. Blockchain technology can further augment supply chain security by enhancing transparency and traceability, making it arduous for attackers to manipulate the system.

    Legal and regulatory aspects of supply chain cybersecurity

    Adherence to legal and regulatory frameworks governing cybersecurity in supply chains, such as the European Union’s General Data Protection Regulation (GDPR) or the U.S. Department of Defense’s Cybersecurity Maturity Model Certification (CMMC), is critical. Non-compliance could result in significant penalties and loss of trust. Regularly updating your knowledge of the evolving regulatory landscape and embedding these requirements into contracts with partners and vendors is a prudent practice.

    Implementing a collaborative approach to cybersecurity

    Supply chain security necessitates a culture of collaboration and clear communication about cybersecurity expectations. Cultivating this culture means viewing cybersecurity as a business imperative that demands commitment from all levels within the organization. The Defense Industrial Base (DIB) sector’s threat information sharing initiative serves as an excellent example of the success of collaborative approaches.

    Future trends in supply chain cybersecurity

    With rapid advancements in technology, the cybersecurity landscape is also evolving. We anticipate trends such as AI-driven threat detection and the rise of quantum computing, which presents its unique challenges and opportunities. Businesses should strive to stay abreast of these trends, adapting their cybersecurity strategies as necessary.

    Securing the supply chain is a complex, continuous endeavor, and partners and vendors play a pivotal role. This necessitates a comprehensive understanding of the risks, thorough assessments of partner and vendor security practices, deployment of robust security controls, strategic use of technology, adherence to legal and regulatory requirements and fostering a culture of collaboration. In an increasingly interconnected world, prioritizing cybersecurity in supply chain management strategies is not an option but a business imperative.

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    Jim Koohyar Biniyaz

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  • How to Balance Entrepreneurship and Parenthood Without Losing Your Cool | Entrepreneur

    How to Balance Entrepreneurship and Parenthood Without Losing Your Cool | Entrepreneur

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    Like many parents, I thought things would get “back to normal” after the pandemic. My kids would start attending school in-person and I’d finally be able to get my work done during the day without any interruptions.

    I was wrong.

    Sure, my kids are back in school. But they’re still home quite often due to breaks and other unexpected reasons. Beyond that, I often cut the workday short to attend their events or take them to various appointments. Is this all part of the job? Absolutely. Is it still frustrating at times? Yep! And, it creates an interesting paradox.

    I work so I can give my kids the resources and opportunities they need. But they often interrupt my work, and it’s usually to tell me something about the resources and opportunities they need.

    So if you’re also balancing the world of entrepreneurship and parenthood, the latest episode of the Launch Your Business podcast is for you. We’re joined by parenting expert and licensed educational psychologist Reena B Patel. Get ready to take some notes as she shares the secret to getting your work done while still giving your kids the attention and support they deserve.

    You can check out some of my key takeaways below.

    Work-life balance is a myth

    Reena started our time together with some myth-busting. Although many of us get into entrepreneurship for flexibility, many of us expect to find some kind of perfect equilibrium between our work life and our real life/family time.

    But perfection doesn’t exist – you might get one day a year that feels like the exact right balance of each. “There is going to be a give-and-take,” Reena said. “There are going to be days where you’re going to have to put in more hours at work because you might have a deadline, and there are gonna be days where your children really do need you.”

    But Reena also says that the give-and-take can actually be good for our kids:

    “I think that fluidity and flexibility is the one life skill, if we can give to our kids (but also teach ourselves) is really important.”

    Having a schedule is your friend

    While committing to being flexible is important, Reena said it’s also critical to maintain a schedule and a routine. This can look like getting dressed for work after you make the kids breakfast, or setting your preferred work hours and looping in your partner.

    You can still arrange this schedule around your kids (Reena said she made sure she took her lunch break at the same time her kids did during the pandemic), but the main point is that there is a schedule and shared expectations of what your time looks like.

    “I think that’s really important to establish an environment, a workspace that’s conducive for you to be productive,” Reena said. “The last thing we wanna do is finish the day and feel like we got nothing accomplished.”

    When your child is your coworker, use novelty to keep them busy

    The younger the kid, the harder this is – but Reena said that one key to keeping your child entertained is bringing novelty to your child’s time at home (or in your office/workspace). Give them a designated place for them to play, and cycle through different kinds of toys/puzzles/games.

    “You don’t want all the toys out at all times,” Reena said. “You wanna rotate them because that keeps that novelty and excitement there. Put the things that they haven’t engaged with in a long time in that bin. And so there’s that excitement, there’s that newness.”

    Some other ways this could work: Bring in books they haven’t read from the library, add some new toys or crafts to the mix from the dollar store, and reserve “headphones on” activities for when you really need to work uninterrupted – like when you’re hopping on a Zoom call.

    Bonus: Be annoying

    Here’s one of my favorite tips from Reena, teaching your child empathy. Of course, this is an important trait to instill, but Reena provided a unique way of doing so.

    Start by having your kids engage in an activity they enjoy. Let’s say it’s coloring for example. Then, continually interrupt them while they’re engaging in that activity. Get obnoxious with it to the point where they get frustrated.

    Once that happens, say something along the lines of “You don’t like being interrupted when you’re doing this, and I don’t like being interrupted while I’m working, so let’s find a way to give each other space when we need it.”

    In the best-case scenario, your kids learn how to keep themselves occupied when you absolutely must focus on your work. Worst case scenario, at least you’ll have some fun messing with them!

    Next steps

    Ready to learn more from Reena so you can get your work done while still giving your kids the attention they deserve?

    Visit Reena’s website to access her latest guides and tools.

    Follow her on Instagram and LinkedIn

    And of course, listen to the full podcast episode below.

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    Terry Rice

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  • How to Harness Cloud-based Enterprise Resource Planning to Boost Your Business Productivity | Entrepreneur

    How to Harness Cloud-based Enterprise Resource Planning to Boost Your Business Productivity | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Enterprise resource planning (ERP) is essential for increasing the productivity of organizations — from multinational corporations to small businesses.

    Over the past few years, providers of ERP systems have been following the general trend in business platforms, and shifting their services to the cloud.

    But what advantages does that offer? And why should you bother with ERP in the first place?

    In this article, we’ll be taking an in-depth look at what ERP is, how it can benefit your business, and the advantages of cloud-based systems.

    Related: The Complete Beginners Guide to Cloud ERP Small Businesses

    What does ERP mean?

    Enterprise resource planning is an umbrella term for the processes and workflows involved in coordinating your business’ project management, procurement, accounting and supply chain operations, risk management and compliance. It also covers budgeting and financial reports.

    In short, ERP is all the organizational work involved in handling your business’ various resources.

    ERP software is designed to help you centralize all these workflows. Instead of juggling numerous and confusing shared spreadsheets and databases, you have all the information involved in a central repository that all your team members can access.

    Related: Choosing and Implementing ERP – Top Challenges Faced by Organizations

    What is cloud-based ERP?

    Cloud ERP means that enterprise resource planning software no longer lives on company-internal servers. In the past, team members had to sit at their workstations with an Ethernet connection to their business’ local network to access your ERP platform. These days are over.

    Instead, cloud ERP solutions are hosted on the provider’s server. All you need to access them is an account and a password, no matter where you or your team members are.

    Most of these solutions are subscription-based. Businesses pay a set sum every month to get access to the platform’s features and customer service. This means addressing issues and installing updates is easier than on-premise solutions.

    Cloud-based ERP solutions have several other advantages over the traditional on-premise approach.

    What are the advantages of cloud ERP?

    To start with, cloud ERP allows you to access your system, data and analytics anytime and anywhere. Not only does this allow you to maintain maximum flexibility during remote work and business trips. It also provides an invaluable safeguard in unforeseen circumstances or extreme situations — such as the pandemic or natural disasters. No matter what happens or where you are, your data is safe in the cloud.

    Another upside is that it offers enhanced security measures. With cybercrime on the rise, securing your company’s data is more important than ever. Cloud ERP providers guarantee high-level security and encryption, safeguarding your information for you.

    A third crucial advantage is the easy scalability. With on-premise solutions, outgrowing their technical capabilities was a serious issue. That is not the case for cloud ERP. If your business thrives, it’s easy to add users or upgrade to another plan. There’s no longer a need to completely overhaul your ERP approach or pay for a new software provider.

    Finally, cloud ERP also has the massive upside of integrating with other cloud-based business platforms and even IoT components. This helps you increase data flow, eliminate operational silos and make informed decisions to improve customer experience.

    How to integrate cloud ERP with other business platforms

    Regarding integrating cloud ERP with other business platforms, there are two options — native integrations and integration tools.

    Native integrations are provided as a standard feature by the provider. That means the cloud ERP platform can immediately and directly link to other cloud-based business tools. However, this is limited to tools that the ERP vendor has selected and included in the functionalities.

    In contrast, integration tools are Swiss army knives. They are made by third-party providers specializing in building data highways between cloud-based platforms, including ERP. Integrators like DCKAP, Zapier and IBM Connect are flexible and versatile and let you shape your own connections and network of business tools without having to worry about compatibility.

    How to find a cloud ERP provider?

    One of the trickiest challenges small businesses face with cloud ERP is how to find the right provider. There’s a huge range of vendors out there, which can make it difficult to pinpoint the one that best suits your current and likely future needs.

    The first step in choosing the right ERP provider is actually outlining exactly what these needs are. You’ll need to specify who will be using it to enter and share data, what your current business processes are and how they could be improved, and whether there are any legacy systems you want to replace or continue using.

    Once you have that set down and ranked in order of priority, you need to research cloud ERP providers in your niche. Find vendors that cater to other companies like yours in terms of industry and size. Check their reviews and testimonials. Then, compare pricing and see what best fits with your budget.

    As a last step, you can book a demo or a call with a sales rep to answer any outstanding questions and ensure you have found the best solution for you.

    Final thoughts

    Cloud ERP solutions bring significant advantages to small businesses — from flexibility to scalability and inbuilt cybersecurity safeguards. It is well worth comparing vendors and figuring out how to best integrate your ERP platform with your existing network of business tools. While it will take time and resources, it will help you boost your efficiency and overall business productivity.

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    Hasan Saleem

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  • 7 Methods to Make Your Business More Eco-Friendly | Entrepreneur

    7 Methods to Make Your Business More Eco-Friendly | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Today’s businesses need to focus on more than just getting the all-mighty dollar. With the rise of corporate social responsibility (CSR) and sustainability, companies are expected to do more for their communities and to give back. A tricky feat, but necessary for companies that want to stay relevant and successful. Why should businesses care about doing their part? Let’s talk about it.

    Incorporating CSR and sustainability into business strategies is essential for success no matter the size of your business. I have used the methods we will discuss to enhance my company’s business reputation, engagement of employees and foster customer loyalty. These initiatives attract individuals who share your values which will improve work culture and build stronger customer relationships.

    Related: 5 Tips to Instill Corporate Social Responsibility Into Every Aspect of Your Brand

    Examples of CSR in modern business

    My main company, Strategic Advisor Board, recognizes the importance of environmental sustainability and has established the “Environmental Stewardship Initiative” as part of its corporate responsibility program. This initiative aims to reduce the company’s environmental footprint and contribute to the preservation and protection of the environment.

    We’ve incorporated the following components that you might consider, too:

    • Energy conservation: My board members actively promote energy conservation practices within our offices and operations. This includes implementing energy-efficient technologies, optimizing heating, ventilation and air conditioning systems, and encouraging employees to minimize energy consumption.
    • Waste management: My company has implemented a comprehensive waste management system that focuses on reducing, reusing, and recycling. Recycling stations are available throughout the premises and employees are educated about proper waste segregation and responsible disposal practices.
    • Paperless operations: I am very committed in all my companies to reducing paper usage and transitioning to digital processes whenever possible. This includes utilizing electronic document management systems, promoting online communication and collaboration tools and encouraging employees to minimize unnecessary printing.
    • Sustainable procurement: One of our major focuses is prioritizing sustainable procurement practices by sourcing products and services from environmentally responsible suppliers. Factors we consider are the supplier’s environmental policies, use of eco-friendly materials and adherence to ethical and sustainable practices.
    • Employee engagement: The Environmental Stewardship Initiative actively involves employees in promoting environmentally friendly practices. As CEO, I encourage our leadership to organize awareness campaigns, workshops and training sessions to educate our employees about sustainability, conservation and the importance of individual actions in reducing the ecological footprint.
    • Community outreach: My board of directors extends its commitment to environmental stewardship beyond its own operations. It collaborates with local environmental organizations and community groups to support initiatives such as tree-planting drives, beach clean-ups and environmental educational programs. These initiatives aim to raise awareness and engage the community in environmental conservation efforts.
    • Impact measurement and evaluation: To ensure the initiative’s effectiveness, my company monitors and measures its environmental performance regularly. Key metrics such as energy consumption, waste reduction and paper usage are tracked to identify areas for improvement and set targets for continuous progress.

    Related: 10 Ways to Make Your Business More Socially Conscious

    Challenges and obstacles

    While social responsibility and sustainability may seem easy, companies may face a few issues when they begin adopting new practices. The first is that many business owners don’t understand what these policies can look like. Company owners will often say they care about the environment and their staff, but they won’t have well-defined initiatives to show how they’re following through.

    Reluctance to change is one of the biggest obstacles to promoting sustainability. Company leaders might believe the task is too daunting and think business is already going well so they don’t see a reason to change it. They also might wonder what the metrics would look like to measure the changes. Since there’s no one step or framework to CSR, many businesses don’t know where to start.

    My recommendation is to start with smaller initiatives that get everyone in the organization on board, including the customers. A local highway cleanup would be a great place to start as it’s easy to organize and will make a community-wide impact.

    Strategies for incorporating CSR into business operations

    Integrating CSR and sustainability into your business practices may appear challenging, but I have some strategies to help you put your plans into action. You’ll need leadership commitment and support. In order to do this, get down to what customers want. Create a customer survey and find out what social causes your current customers support and care about.

    According to the 2023 Business of Sustainability Index, 74% of consumers care about the environmental impact of the products they buy. Consumers are specifically searching for companies that are socially responsible to buy products from but need help recognizing which companies are environmentally friendly.

    Make it easy for your consumers to see you have CSR initiatives established in your organization. This can be done by incorporating it into your mission statement, using clear labels on your products and getting third-party tested. Make it known on your social media pages and website you can be counted on as a company that participates in CSR.

    There’s been a shift over the years to consumers willing to pay more for products that are environmentally friendly. The same report goes on to say in 2023, 68% of consumers are willing to pay more for environmentally friendly products vs. 64% in 2021. So take that into consideration when making changes to include CSR in your business and benefit from a more positive reputation and loyal clients.

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    Jason Miller

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  • 6 Strategies for Hiring Good Employees in 2023 | Entrepreneur

    6 Strategies for Hiring Good Employees in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you having trouble attracting good employees? It’s become a big problem for many companies in today’s job market. A lot of hiring managers say posting ads on job boards and employment sites simply don’t draw many quality applicants.

    If you’re feeling like it’s time to get creative, here are some underrated hiring strategies you can use to attract the best candidates starting today.

    Related: Stop the Ever-Expanding Job Description from Hurting Your Company

    1. Mobilize your current employees

    Your greatest resource might not be a job board but your team members. Your workers may know someone who’d be a good fit for your company. As a group they can provide a network far larger than yours, so why not mobilize them to start asking around?

    One way to do this is through social media. The average social media user has several hundred friends and followers. Some of these people may not even be local or otherwise connected to your company. Ask your team to start messaging friends to see if they’re looking for a job.

    It’s shocking how well this strategy can work. But it makes sense — your workers are likely connected to other professionals, and their network will most likely be larger than your own.

    Try incentivizing your existing team to find leads. You might pay them to make the initial contact or offer a bonus to everyone who leads you to a quality candidate or successful hire.

    Related: Hire Your Next Remote Team Member from One of These 20 U.S. Tech Hubs

    2. Look for people in real life

    Think about all the people you interact with on a day-to-day basis. Maybe it’s the barista at Starbucks or the customer service rep at the hardware store. Have you ever thought, They’d be an amazing fit for the company? Why not ask them?

    It might sound a little bold, but that’s the point. Instead of posting a want ad and waiting for them to come to you, you have the option to actively go after people who catch your eye and who you want working for you. Chances are that no one else is offering these people jobs this way, which gives you an edge.

    If you’re not meeting candidates through your normal routine, switch it up a bit. Where would your ideal worker be found right now? The best way to catch a fish is to wade into the river.

    Make sure you work on your “elevator pitch.” This should be a 30-to-60-second description of the job and its benefits.

    Face-to-face interaction gives you a chance to persuade potential applicants, answer any questions they may have and offer insights into your company culture. Don’t force a decision right away, but make plans to follow up in the hopes that they consider your offer. You can be sure that they will.

    Related: How to Attract Smart Millennials Through Better Job Descriptions

    3. Give people a taste of what it would be like on the job

    Traditional job advertisements present candidates with a job description, a list of essential benefits, and a compensation package. Although these details are important, they don’t answer one of the most important questions on applicants’ minds: What’s it like to actually work there?

    Candidates want to know more about your company culture. What’s the work environment like? Who would I be working with? If you can answer these questions, you’ll be more likely to weed out less qualified candidates and energize your best possible talent.

    An interview is an opportune time to do this, though that assumes you’ve generated quality applicants who’ve made it to the interview process. Some companies include short videos in their job advertisements to offer a glimpse into the workplace environment. You might try doing the same.

    A video doesn’t have to have high production values, though it should feature interviews with relevant people and reflect the day-to-day operations of your company. You can incorporate these videos into your job listings or share them over social media to generate potential leads.

    Related: What are Pulse Surveys, and How They Can Help Your Company?

    4. Be patient, but don’t settle

    Depending on your industry, you might set aside four to six weeks to hire a new employee. But with many companies facing a talent shortage, you might need to extend this deadline just a bit. After all, finding a candidate who fits your culture could be more important than finding one who fits your timeline.

    This also means that you should avoid settling on a candidate who seems like they “might” be a good fit. The only thing worse than a vacancy is a bad hire. You might find yourself stuck with that person until they either improve or you have sufficient grounds for termination.

    Instead, stay focused on your talent acquisition and screening processes. If you’re a recruiter, make sure senior management understands current HR challenges and will back your continued search for the right person.

    For some positions, a lengthy search process may be required, so it also helps to have provisions in place to cover the workload in the meantime.

    Related: 5 Things to Consider Before Hiring a Marketing Consultant

    5. Source from others you know

    Job referrals are worth their weight in gold. Some of these referrals can come from your employees (see above), though you can also source referrals from others you know.

    Think about your professional network. Chances are that you already have relationships with other business owners, some of whom are in industries that overlap your own. Although these businesses might not be eager to part with their employees, they might know of outside professionals who would be a good fit for your organization.

    Don’t neglect your social circle, either. You might be able to source referrals from your friends, family, or any community outside of work that you’re a part of. You’d be surprised how many people are eager to help others land a job or help you fill a vacancy.

    6. Focus on your story

    Every job description should tell a story. That story is designed to captivate potential candidates and show them how they’d benefit from being part of your team. In essence, your job description is a sales pitch, and as such, it should contain more than just the basic facts of the position.

    If you’re unsure where to start, consider the words you would use to describe the ideal candidate. Lead with something like, “We’re looking for innovators who are passionate about building customer relationships” or, “Do you value creativity? So do we.”

    Alternatively, you could start by identifying the problem your business is designed to solve or the need you seek to fill. How would the ideal candidate solve this problem or need? A job description that presents a compelling story will generate far more interest than the usual bland list of responsibilities and requirements.

    You might even ask your existing employees about their hiring and onboarding experience. Their insights can help you learn what made your company attractive in their eyes, which may help you connect with future job candidates.

    Related: Looking to Hire a Marketer? Here’s Why You Should Think Twice.

    Strategies that work together

    These tips aren’t meant to be mutually exclusive. You might gain more traction by combining several of the aforementioned strategies. For example, if you create a video to showcase your company culture, you can share this content with your network and encourage your team members to do the same.

    It also helps to be open with your people about your recruitment strategy. They might even offer input that influences the direction of your talent acquisition process or provide useful feedback to help you craft a narrative about your business.

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    John Boitnott

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  • How Entrepreneurs Can Meet Demands While Training a Skilled Workforce | Entrepreneur

    How Entrepreneurs Can Meet Demands While Training a Skilled Workforce | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    By focusing on innovation, collaboration and adaptability, entrepreneurs can meet an industry’s demands and contribute to the growth and development of an economy.

    Entrepreneurs in France’s technician training industry play a crucial role in shaping the country’s skilled workforce. This article explores the significance of technician training, the challenges entrepreneurs face in the field, and their strategies to succeed.

    Recognizing the importance of technician training

    Technician training programs are essential for meeting the growing need for skilled professionals in various sectors. In a rapidly evolving technological landscape, entrepreneurs in the field understand the significance of equipping individuals with the necessary technical skills and knowledge to excel in their respective industries. By offering comprehensive training programs, entrepreneurs provide aspiring technicians with the foundation they need to succeed in their careers.

    The formation of technicians is crucial for filling the skills gap in industries such as manufacturing, construction, automotive and information technology. These technicians are the backbone of the workforce, playing vital roles in troubleshooting, maintenance, repair and overall operational efficiency.

    Related: What New Aviation Practices Can Teach Us About Collaboration and Innovation

    Navigating challenges in the technician training industry

    Entrepreneurs in the technician training industry face various challenges as they strive to create successful businesses and provide quality education. One significant hurdle is navigating regulatory requirements and ensuring compliance with educational standards. Entrepreneurs must stay updated with the ever-changing regulations, accreditation processes and licensing requirements to ensure their training programs meet the necessary criteria.

    Another challenge is securing adequate funding to establish and maintain training facilities, acquire modern equipment and hire qualified instructors. Entrepreneurs often must explore different funding sources, such as grants, loans and partnerships with industry stakeholders, to overcome financial constraints and invest in their training infrastructure.

    Additionally, staying abreast of technological advancements is crucial in technician training. Entrepreneurs need to continuously update their curriculum and teaching methods to align with industry trends and emerging technologies. Embracing digital platforms, virtual reality simulations and online learning tools can enhance the effectiveness and accessibility of technician training programs.

    Related: Consumer Demand Driving Growth in the Tech Sector of Franchise

    Strategies for entrepreneurial success in technician training

    Entrepreneurs in the technician training industry employ various strategies to establish and grow successful ventures. Building strong partnerships with industry stakeholders, such as local businesses, trade associations and professional organizations, is vital for understanding market demands, aligning curriculum with industry needs and providing students with valuable industry exposure. These collaborations can lead to internships, apprenticeships and job placement opportunities, ensuring that graduates are job-ready.

    Moreover, entrepreneurs must prioritize recruiting and retaining qualified instructors who possess both industry experience and teaching expertise. By assembling a knowledgeable and passionate faculty, entrepreneurs create an engaging learning environment and foster the development of practical skills.

    Investing in modern training facilities and equipment is another key strategy for success. Up-to-date labs, workshops and simulation centers provide students with hands-on experience and practical training opportunities. Entrepreneurs should continuously assess and update their facilities to meet industry standards and technological advancements.

    To set themselves up for success, entrepreneurs in technician training should also embrace technology as a tool for innovation and education. Integrating e-learning platforms, online assessments, and interactive learning resources can enhance the learning experience and prepare students for the digital era.

    Additionally, entrepreneurs should actively engage with industry trends and developments, attending conferences, workshops and industry events to stay updated on the latest advancements. This knowledge allows entrepreneurs to adapt their curriculum and training methodologies to meet evolving industry needs.

    Entrepreneurs in technician training must also prioritize continuous improvement and quality assurance. Implementing rigorous evaluation processes, feedback mechanisms and student performance assessments can help entrepreneurs monitor and enhance the effectiveness of their training programs. By actively seeking feedback from students, industry partners and employers, entrepreneurs can identify areas for improvement and make necessary adjustments to ensure their graduates meet industry expectations.

    In expanding their reach and impact, entrepreneurs in technician training should consider establishing partnerships with educational institutions, both locally and internationally. Collaborating with universities, vocational schools and other training providers can create pathways for students to pursue higher education or advanced certifications, further enhancing their career prospects. These partnerships also enable entrepreneurs to access additional resources, share best practices and foster a culture of continuous learning and innovation.

    Furthermore, entrepreneurs should prioritize fostering an entrepreneurial mindset among their students. Encouraging creativity, problem-solving and critical thinking skills can empower technicians to not only excel in their roles but also explore entrepreneurial opportunities within their industries. By instilling an entrepreneurial spirit, entrepreneurs contribute to the growth of small businesses, startups and innovation-driven enterprises.

    In conclusion, entrepreneurship in the technician training industry plays a vital role in nurturing a skilled workforce for France’s future. Through innovation, collaboration and adaptability, entrepreneurs are equipping individuals with the technical skills and knowledge necessary to excel in various industries. However, they must navigate challenges such as regulatory compliance, securing funding, and staying abreast of technological advancements.

    By implementing effective strategies, building strong partnerships, embracing technology and fostering a culture of continuous improvement, entrepreneurs can ensure the success of their technician training programs. As they continue to shape the future of technician training, entrepreneurs contribute to the growth and competitiveness of the French economy while empowering individuals to thrive in their careers and drive innovation in their respective industries.

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    Henri Al Helaly

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  • The Dos and Don’ts of Recession Cost-Cutting | Entrepreneur

    The Dos and Don’ts of Recession Cost-Cutting | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The “will it… won’t it?” recession has been on just about every business owner’s mind for the better part of the past year. And if you’ve been keeping up with downturn-related news, you’ve likely seen countless articles on how companies and their operations and logistics professionals are preparing. Many of these focus on cutting costs, and perhaps for good reason. During a recession, consumers tend to have less spending money, of course, and when sales decrease, profits do, too. To counter this, the classic move is to scale back expenses, but there are critical factors to consider first.

    Don that green visor

    Break out that general ledger, drill down into your expenses, and see exactly where the money is going. According to a study by Motley Fool’s The Ascent, if you’re like four-fifths of Americans, you waste more money than you should.

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    Mike Kappel

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  • The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

    The Rising (and Expensive!) Cost of “Free” Shipping | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Covid-19 cemented the expectation of two-day and next-day shipping for “free” with Amazon Prime. Just before Jeff Bezos stepped down in 2021, Amazon had added 50 million subscribers over the pandemic. Back then, Prime was $119 a year, a price set in 2018.

    Now, it’s $139 a year. Amazon recently announced it had updated its inventory management system and search algorithms to reduce the number of touchpoints in the delivery system to keep delivery times low. It’s also added a $1 fee for returning packages when an Amazon pickup/return center is reasonably close by. This and other minimum order limits have shown the shift towards moving costs back onto the consumer for home delivery. It’s not just Amazon, though.

    Walmart has had less luck in the optics of this shift, recently receiving vocal outcry on Twitter about their high delivery prices. If you’re not a Walmart Plus member, you’ll pay up to $9.95 for a delivery fee on regular orders. “Express” delivery is an additional $10, no matter if you’re a Plus member or not.

    So, why now?

    Amazon was trying things during Covid-19, like every huge ecommerce company. There were new problems to solve and plenty of money coming in, but now they’re done throwing spaghetti at the wall. Amazon is cutting back, with over 27,000 people laid off this year and programs like the Scout delivery robots, brick-and-mortar bookstores and Halo health device being shut down. With the experimentation phase over, the main concern is making costs.

    Related: Amazon Increases Prices for Prime Members Once Again. Is It Still Worth It?

    Bezos is gone, so there’s a responsibility to shareholders. Amazon is too large to be a completely lean and trimmed organization, but the core delivery service (200 million subscribers use) must work. To match consumer expectations, they’ve shifted to AI and robotics, emphasizing the “regionalization” techniques to get products delivered faster. They’ve shifted to AI and robotics to match consumer expectations. And it works. It’s good. But…

    Even though Amazon has such expansive warehouse distribution, it’s never going to be perfect. No matter what you have, logistics and robots, 90% will be good… but never 100%. The fully automated sci-fi future is still a ways away, so, for now, we need to be aware of the human element in delivery.

    Drivers, both short and long-haul drivers, are a key human element in the delivery system. People are necessary to move products, either between warehouses or to someone’s front door. Working conditions are tough. There’s no time for breaks, and there are expectations to get packages to as many doors as possible every day. In California, an Amazon Delivery Service Partner organized a union with the Teamsters to secure safety protections and pay increases.

    Related: ‘Amazon Is Too Big to Listen to Anyone’: Dum-Dums Says It Is Losing Millions to Amazon Seller Scam

    My dad is a long-haul driver, and it takes a lot of planning to maintain any semblance of work-life balance. Just to be able to work out, he had to find a gym membership that had locations along his routes in New Jersey. The human element is a limit that can’t be pushed within the delivery infrastructure, or you run the risk of dehumanizing your workforce.

    Drones have been talked about as an option for smaller products. Amazon even announced its new drone last year, but it is still limited in where and what it can deploy — it drops its payload from 12 feet in the air. There’s a “last meter problem” with drone delivery. It has to be safe for the package and everyone on the ground.

    For now, drones will be expensive to monitor and maintain. DroneUp, a Walmart-backed startup, had to lay off part of its workforce, saying new hires will come in the future. Scaling drones to cover the delivery process will work eventually, but that will take time.

    Where does that leave consumers today?

    Do you remember back in 2020 when all anyone could talk about was the supply chain? Container rates were soaring. Delays at L.A.’s ports were growing. It was the only thing we could talk about — until we all stopped talking about it. For a moment, though, there was a collective understanding of how difficult it is to move products around the world.

    Related: What Does ‘Free Shipping’ Really Mean for Retailers?

    As the world slowly bounced back from Covid, and many businesses, like Amazon, came out on top with the monumental shift to buying online, consumers forgot about those supply chain woes. It’s easy to forget — until it starts to hurt their wallets.

    And that’s precisely where they don’t want to feel it. Consumers don’t necessarily want fast. They want cheap. In a survey, shipping cost was 2.85 times more important than shipping speed. Consumers enjoy getting their products faster, but not at the expense of cost.

    It’s a miracle that two, one, or same-day shipping is accomplishable. The amount of advancement in delivery capabilities and logistics in just the past ten years amazes me. I remember when a delivery taking four to six weeks was the average. As our expectations for quick delivery have been surpassed, it may mean we need to pump the brakes for infrastructure to catch up.

    Maybe consumers learn to pay the extra price for delivery, or companies like Amazon and Walmart market a new, relaxed delivery tier; there are ways to put less stress on the system, and it may lie in putting the concept of “free” shipping to rest. Consumers need to know fast delivery isn’t magic and isn’t free.

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    Tyler Metcalf

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