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Tag: Operations & Logistics

  • How to Grow Your Business With Social Media | Entrepreneur

    How to Grow Your Business With Social Media | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Personal trainer Miriam Fried built her business, MF Strong, primarily by posting how-to videos on her social media channels, like Instagram, TikTok, and Facebook. But when it was time to expand from a virtual presence to a brick-and-mortar location, she realized there was more heavy lifting to do. She needed a way to advertise her business locally and attract in-person clients.

    As a one- or two-person company working in the virtual space until this year, Miriam wasn’t sure she was a big enough business to justify creating a Yelp Page. Once she sat down with Yelp’s Small Business Expert Emily Washcovick, however, Miriam saw the benefits immediately.

    “I’d love to have a Yelp Page. I just had never sat down to do it,” she said. “[Emily] gave me that accountability of yeah, this is a good thing. We should have this, especially since we opened our own brick-and-mortar studio this year. A lot of people in the neighborhood don’t know we exist. If anybody lives in the area and they’re searching for personal trainers, I always want to be the first one that shows up for people, and Yelp is a really good way to do that.”

    As Miriam discovered, setting up and claiming her Yelp Business Page was easy since she already had all the information she needed on hand. In addition to adding basic business information, like contact details and location, she was able to add high-quality photos and a business description that tells potential customers who she is, what she believes in, and what she offers—something Miriam learned is more important than telling people what she doesn’t do.

    “Sometimes when I talk about my business, I’ll say we don’t do diet culture. We don’t do the shame and the blame and the guilt,” she said. “So it was very important for me to edit and say what we do offer versus what we don’t offer. If someone’s searching, I want the stuff we offer to pop up.”

    Within a short period of time, Miriam started to notice an uptick in search results and new clients. By changing the way she thought about her messaging, she could better convey MF Strong’s unique stance on fitness, focusing on health and happiness rather than weight loss.

    Miriam also asks each new client how they heard about MF Strong when they sign up so she has an accurate picture of how, and if, her marketing efforts (and dollars) are working. Because it’s free to be on Yelp, Miriam didn’t have to spend anything to get set up and going.

    Before setting up her Yelp Page, she said, “Most of our clientele come through social media. That’s our biggest funnel of clients. So I definitely take note when I see them coming from elsewhere..”

    Now that the business has taken off, Miriam has handed MF Strong’s social media channels to a social media manager, an important delegation strategy that shows how robust the business has become.

    “It’s so important to be able to delegate and be able to say, ‘I could do this, but it’s just a thing I don’t need to do.’” she said. “As a business owner, making those distinctions is so vital for the business but also for your own mental health to say, ‘Where am I needed and where is it non-essential for me to be controlling the situation?’”

    There are more lessons from Miriam and Emily that could help your small business on this episode of Behind the Review, including:

    • List your business categories and specific services on your Yelp Page. There are more than 1,500 categories on Yelp to choose from, and you can choose up to three. Displaying your niche is key to helping potential customers find you, so be sure to select your specific services and describe the outstanding ones in your Specialties section.
    • Be yourself. On social media and your Yelp Page, showing up with an authentic voice goes a long way with potential and current customers.
    • Get ahead with artificial intelligence (AI). AI can help you draft content like polite and professional communications to customers or social media captions. The key is using it sparingly and always maintaining a personal touch in every correspondence.

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

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

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    Emily Washcovick

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  • Why Communication Training Will Transform Your Team | Entrepreneur

    Why Communication Training Will Transform Your Team | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s fast-paced professional world, effective communication skills are essential for success. Whether a manager, an employee, or an entrepreneur, our ability to convey ideas, collaborate with others, and build relationships can make or break our career. Our company recently surveyed over 1,200 full-time working Americans and found that 85% of them would be significantly better at their job if they had access to better communication training, yet 75% of those individuals had never even been offered communication training at their current job.

    That’s why attending at least one communication training should be a priority for everyone in a professional job. In this article, I will explore why honing our communication skills is crucial and how attending training sessions (free or paid) can benefit our careers.

    Related: Effective Communication Is Something You Learn, Not Something You’re Born With

    Enhancing interpersonal relationships

    Communication is the cornerstone of any successful relationship, both personal and professional. Attending communication training gives us the tools and techniques to foster positive and productive relationships with colleagues, clients and superiors. We will learn how to listen actively, express ourselves clearly and assertively, and resolve conflicts constructively. These skills enhance teamwork and collaboration and establish a foundation of trust and respect.

    Effective leadership and management

    Effective leaders are excellent communicators. They can inspire, motivate, and guide their teams toward shared goals. Communication training equips professionals with the skills to communicate their vision, set clear expectations, provide feedback and delegate tasks effectively. By improving our communication skills, we will become more influential and respected leader, capable of driving our team’s success.

    Increased productivity and efficiency

    Miscommunication can lead to costly mistakes, wasted time, and missed opportunities. By attending communication training, professionals can learn strategies for clear and concise communication, improving overall productivity and efficiency in the workplace. We can discover effective email and written communication techniques, learn how to conduct impactful meetings and master the art of delivering presentations that engage and inspire. These skills enable us to convey our ideas more efficiently, resulting in enhanced collaboration and smoother workflows.

    Related: The Role of Effective Communication in Entrepreneurial Success

    Building a professional network

    Networking plays a crucial role in career advancement and opportunities. Attending communication training workshops allows professionals to sharpen their networking skills. We will learn how to initiate conversations, make memorable first impressions and develop meaningful connections. Effective communication opens doors to new career prospects, mentorship opportunities and partnerships that can propel our professional growth.

    Developing strong negotiation Skills

    Negotiation is an integral part of the professional world. Whether we are discussing project timelines, budgets, or contract terms, the ability to negotiate effectively is essential. Communication training equips professionals with valuable negotiation techniques, teaching them to understand others’ perspectives, communicate their interests persuasively and reach mutually beneficial agreements. By honing our negotiation skills, we can achieve better outcomes in both personal and professional interactions.

    Related: 8 Negotiating Tactics Every Successful Entrepreneur Has Mastered

    Personal and professional confidence

    Confidence in one’s communication abilities has a profound impact on professional success. Attending communication training provides professionals opportunities to practice and receive feedback in a supportive environment. Your confidence grows as you improve your communication skills, allowing us to present ideas convincingly, engage in challenging conversations and handle difficult situations with poise. Increased confidence in our communication skills translates into increased self-assurance, positively impacting our career trajectory.

    Related: 9 Best Practices to Improve Your Communication Skills and Become a More Effective Leader

    How to choose the right communication training for you and your team?

    To identify the best communication training, consider the following five criteria:

    • Reputation and Reviews: Look for training programs with a strong reputation and positive reviews from previous participants. Seek recommendations from colleagues or professionals in your field.
    • Expertise and Credentials: Ensure that the trainers leading the program have relevant expertise and credentials in communication training. They should have a solid background and experience in the field.
    • Comprehensive Curriculum: Review the training program’s curriculum to ensure it covers various communication skills and techniques. Look for programs that address verbal and nonverbal communication, listening skills, conflict resolution, presentation skills and emotional intelligence.
    • Interactive and Practical Approach: The best communication training emphasizes practical application and allows participants to practice their skills. Look for programs that include role-playing exercises, simulations, case studies and real-life scenarios.
    • Customization and Flexibility: Effective communication training should be tailored to your specific needs and goals. Look for programs that offer customization options or allow you to choose specific modules that align with your communication challenges.

    Consistent practice and real-world application are crucial to improving your communication skills. Seek opportunities to implement what you’ve learned from training programs in your everyday interactions.

    Which training should I take or offer to my team?

    There are many reputable and good communication training programs you can take and offer (from free to paid) that can help you enhance your public speaking and communication skills in the professional world:

    • Dale Carnegie Training: Dale Carnegie offers a range of courses focusing on public speaking, effective communication and leadership skills. Their flagship program, “The Dale Carnegie Course,” is designed to help individuals overcome the fear of public speaking and develop confidence in their communication abilities.
    • Toastmasters International: Toastmasters is a worldwide organization that provides a supportive and structured environment for improving public speaking and leadership skills. Members can give speeches, receive constructive feedback and practice impromptu speaking through regular club meetings.
    • TED Masterclass: TED offers an online course called TED Masterclass, which guides creating and delivering TED-style talks. The course covers storytelling techniques, content development and stage presence to help individuals deliver compelling and memorable presentations.
    • Executive Communication Coaching: Consider working with an executive communication coach who can provide personalized guidance and feedback tailored to your specific needs. Hired coaches can help you and your team refine your speaking style, overcome challenges and elevate your communication skills in professional settings.

    Effective communication has become a non-negotiable skill for professionals in the digital age. Attending communication training can transform your ability to connect, collaborate and lead. By enhancing interpersonal relationships, developing strong negotiation skills and increasing productivity, professionals can unlock new levels of success in their careers.

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    Ryan Avery

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  • How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

    How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As someone who is a huge tech enthusiast, I have been privileged to witness the continuous evolution of technology throughout my career. From groundbreaking innovations like the iPhone to cutting-edge advancements like 5G, the pace at which our world changes never ceases to amaze me. However, amidst this ever-changing landscape, one particular technology has captured my attention and sparked my curiosity: generative artificial intelligence (AI).

    Generative AI, at its core, is a remarkable fusion of human ingenuity and machine learning. Its capacity to go beyond our preconceived limits and generate, imagine and produce is truly awe-inspiring. As someone who has always been captivated by the transformative potential of AI in various industries, encountering generative AI took my fascination to an entirely new level.

    When I first witnessed the capabilities of generative AI, I was left in awe. It’s almost as if the AI possesses its own inherent creative instincts, blurring the boundaries between the realms of human imagination and machine intelligence. While the notion of machines creating art, music, or writing that can rival human creativity might appear daunting to some, with fears of the automation apocalypse rampant, I think otherwise.

    In the 2023 edition of its annual Future of Jobs Report, the World Economic Forum reports that out of the 803 businesses that it surveyed from around the world, 25% believe that the integration of AI tech will lead to job losses, while 50% believe that it will create job growth. AI can only replace humans if you think it will and stop progressing and upskilling alongside it.

    The potential for AI to push the boundaries of what we thought was possible is truly inspiring, and that can be illustrated in the way that it can reimagine the 9-to-5 workday.

    Related: Why Are So Many Companies Afraid of Generative AI?

    Reimagining the 9-to-5 workday

    The traditional 9-to-5 work schedule has long been the standard in the corporate world, but with the rapid advancements in artificial intelligence (AI), the concept of “clocking in” and “clocking out” is undergoing a profound transformation. AI technologies are revolutionizing work, allowing flexibility, personalized schedules and reimagining the traditional workday.

    Every position within every organization holds the potential for reinvention. Accenture conducted a manual assessment of 200 language-related tasks to gauge the impact of generative AI. The aim was to identify which tasks were more likely to be automated or augmented through AI. The results showed that generative AI is projected to influence approximately 40% of individuals’ working hours.

    In this article, we will explore how AI is reshaping the 9-to-5 paradigm and empowering individuals to “flex out” of rigid work schedules

    Related: How ChatGPT and Generative AI Can Transform the Way You Run Your Business

    Embracing flexibility

    Within any given role, generative AI will help automate certain tasks while others will be assisted, freeing up individuals to focus on more meaningful endeavors. Rather than being bound by inflexible schedules, workers now have the chance to embrace flexible work setups that cater to their personal preferences and productivity patterns. Companies can optimize workflows, automate repetitive tasks and streamline processes, increasing employee flexibility.

    Additionally, there will be tasks that remain unaffected by the technology. The advent of generative AI will also usher in many new responsibilities for human workers, such as ensuring the responsible and accurate utilization of new AI-powered systems. This contributes to creating new job roles like AI system managers, AI ethics experts and prompt engineers.

    The rise of remote work

    AI has also played a crucial role in facilitating the surge of remote work, granting individuals the freedom to work from any corner of the globe. The advancements in communication and collaboration technologies, combined with AI-driven virtual meeting platforms, have simplified the process of remote collaboration for professionals.

    The flexibility offered by AI-powered remote work helps eliminate the need for lengthy commutes, reduces overhead costs for companies, and expands opportunities for individuals in remote locations. Moreover, AI-enabled remote work allows organizations to tap into a global talent pool, accessing a diverse range of skill sets and perspectives that can fuel innovation and foster growth.

    Related: How The AI Revolution Is Liberating Workers from the Office

    Redefining work-life balance

    The conventional 9-to-5 work model frequently falls short when it comes to striking a healthy work-life balance. AI is helping reshape this paradigm, granting individuals the liberty to manage their time in a manner that aligns with their personal obligations and outside responsibilities. Nobel Prize-winning economist Christopher Pissarides believes that AI can enable humans to work just four days a week.

    With the aid of AI, flexible work schedules empower individuals to allocate dedicated time to personal endeavors like quality family moments, pursuing hobbies, or prioritizing self-care activities. By nurturing a more harmonious work-life balance, AI isn’t just bolstering employee satisfaction and well-being but also improving productivity and overall job performance.

    A flexible and personalized approach to the 9-to-5 workday

    With the continuous advancement of AI, the inflexible 9-to-5 work model is gradually being replaced by a more adaptable and personalized approach. Professionals now have the chance to break free from the confines of the traditional workday structure.

    Embracing this transformation facilitated by AI can result in heightened productivity, increased job satisfaction, and a more balanced and fulfilling work-life equilibrium. As we progress, it becomes crucial for individuals and organizations to harness the potential of AI to reshape work hours and unlock the full capabilities of the modern workforce.

    Related: It’s Time to Prepare for the Algorithmic Workforce

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    Asim Rais Siddiqui

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  • 7 Strategies to Conquer Mergers and Acquisitions | Entrepreneur

    7 Strategies to Conquer Mergers and Acquisitions | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Mergers and acquisitions (M&A) are complex transactions that require careful negotiation and due diligence. Negotiating for M&A involves a variety of considerations, including valuation, deal structure, financing, legal and regulatory compliance and post-merger integration.

    Let’s explore some key strategies and best practices for negotiating successful M&A deals.

    1. Conduct thorough due diligence

    Before entering into any negotiation, conducting thorough due diligence on the target company is essential. Due diligence helps to identify potential risks and opportunities associated with the acquisition, including financial and operational risks, legal and regulatory compliance issues, intellectual property rights and customer and supplier relationships. This information is critical to determining the target company’s value and identifying any deal breakers.

    For example:

    • You’ll want to clearly understand and have documentation substantiating the capitalization of the target. The last thing you want is for an unknown stockholder to come out of the woodwork after the deal closes.
    • You want to ensure the target owns all of its intellectual property (or has sufficient license rights, as applicable) and there are no major risks of infringement claims against the target.
    • Has the target been involved in litigation? Or is someone threatening litigation?

    2. Determine the deal structure

    The deal structure refers to how the acquisition will be financed and structured. The most common types of deal structures include stock purchases, asset purchases and mergers. Each structure has different legal and tax implications, and it is important to consult with legal and financial advisors to determine the most advantageous structure for the deal.

    Related: We Can’t Rely on Venture Capital Funding to Build a Just and Thriving Entrepreneurial Economy. Here’s What to Do Instead

    3. Set realistic valuation expectations

    One of the most challenging aspects of negotiating an M&A deal is determining the value of the target company. Both the buyer and the seller will have different valuation expectations based on their respective financial models and industry market conditions.

    To reach a successful negotiation, both parties must be willing to compromise and adjust their valuation expectations. Having a thorough understanding of the target company’s financials, market position and growth potential is essential to developing a realistic valuation.

    4. Establish clear goals and objectives

    Successful negotiations require clear goals and objectives. Both parties should identify their respective priorities and interests as well as their areas of flexibility and non-negotiables. The parties should work together to develop a mutually beneficial agreement that satisfies their respective goals and objectives.

    For example:

    • Both the buyer and target need to decide how important risk mitigation is to them. A risk-averse buyer will want tight indemnification rights for future liabilities arising from issues with the target. A risk-averse target will want less onerous indemnification obligations and low caps on such obligations. If the target is more willing to take risks, they may agree to buyer-friendly indemnification terms in favor of some other ask on other terms.
    • Some deals are a mix of cash and stock — which gets more complicated if the buyer is a private company. In such deals, as the target, you need to decide what you care about more — cash or stock. If you value one more than the other, where certain consideration is contingent, you will want the consideration you value more not to be subject to as many contingencies.
    • If the deal has earnouts, as a target, you will want to negotiate protections. For example, if the earnout requires specific revenue goals post-acquisition, what if the buyer stops selling your product/service? Or stops putting resources into it? There are deal terms that would protect you in such events. As a buyer, on the other hand, how much do you want your hands tied to help the target receive earnouts? You want as much freedom as possible.

    Related: 7 Deadly Sins of Merger and Acquisition Negotiations

    5. Develop a negotiation strategy

    Developing a negotiation strategy is critical to achieving a successful M&A deal. The parties should identify their respective bargaining strengths and weaknesses, as well as the potential risks and opportunities associated with the deal. As discussed in our last article on negotiations, it’s paramount to identify an alternative to the agreement if it cannot be reached.

    The parties should also consider the timing and sequencing of negotiations, the use of concessions and trade-offs and the importance of maintaining good working relationships throughout the negotiation process. From a timing perspective, it often makes sense to get big-ticket items out of the way early so that no one wastes their time on details when no deal is possible.

    In addition, using advisors like lawyers and bankers to do a lot of the negotiating can help preserve relationships. Let your lawyer play bad cop for a while, and you can swoop in at the end. This mitigates the harm from you as the principal having fights over the entire process.

    6. Focus on post-merger integration

    The success of post-merger integration often determines the success of an M&A deal. A comprehensive integration plan developed by both parties should address key issues such as culture, leadership, communication, technology and operations. The parties should also consider successfully retaining key employees, maintaining customer relationships and ensuring a smooth transition for all stakeholders.

    From an employee perspective, this can take different forms. Sometimes you can negotiate re-vesting of deal consideration for some key employees, which requires them to stay employed for some time post-acquisition. Also, non-compete agreements, common in M&A, can incentivize key employees to remain employed with the buyer post-acquisition.

    Those, of course, are “stick” approaches rather than “carrot” approaches. Buyers are often much more well-resourced than their targets. So, higher salaries and bonuses and post-acquisition equity issuances can provide positive incentives to retain employees.

    Clear and unified messaging is important for customer and vendor relationships. Providing prompt notice and assurances of continuing dedication to the relationship is often enough. Of course, individual outreach is often recommended for particularly sensitive situations or priority partners/customers.

    Related: How to Avoid Post-Merger Identity Crisis

    7. Consider alternative dispute resolution mechanisms

    In some cases, disputes may arise during the negotiation or implementation of an M&A deal. To avoid costly and time-consuming litigation, the parties should consider alternative dispute resolution mechanisms such as mediation or arbitration. These mechanisms can help to resolve disputes in a timely and cost-effective manner while preserving the relationship between the parties.

    Negotiating for M&A requires a strategic approach, which involves complex legal and financial issues requiring specialized expertise. It is essential to seek the advice of experienced legal and financial advisors to navigate these complexities and ensure the deal is structured and executed properly. However, by following these best practices, parties can increase the likelihood of reaching a successful M&A deal that benefits all stakeholders.

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    Mital Makadia

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  • Sam Fonseca of Roll-Em-Up Taquitos on Simplicity for Successful Restaurants | Entrepreneur

    Sam Fonseca of Roll-Em-Up Taquitos on Simplicity for Successful Restaurants | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Roll-Em-Up Taquitos and its COO Sam Fonseca follow a deliberate approach to keeping their menu — and business — simple and successful.

    “My role is to make sure that our focus is on our taquitos.” says COO Sam Fonseca to Shawn Walchef of CaliBBQ Media. “When you add other things, it actually devalues what we do best. It’s going to take our attention away just even a smidgen for something else.”

    In honor of the original inspiration, Mama Karen, Sam Fonseca and team at Roll-Em-Up Taquitos understand the true desires of their customers and strive to surpass expectations with every “Bomb AF” Taquito rolled.

    Though they stay consistent to their simplified menu, that doesn’t mean Fonseca isn’t flexible enough to make adjustments necessary to enhance the business.

    In a serendipitous meeting with an overzealous customer while working at a previous job, Fonseca quickly understood the importance of listening to customer desires. The customer came to the door early in the morning during a team meeting, thinking the restaurant was open due to the amount of cars in the parking lot.

    Sam Fonseca instantly recognized the opportunity to change business hours and attract a new sector of customers by simply allowing employees to fill the parking lot with their cars and opening the doors at 9 in the morning.

    Recognizing the immense power of social media storytelling for restaurants, with over 100K followers on TikTok and Instagram for Roll-Em-Up Taquitos, Fonseca has observed a shift in customer behavior. Fewer people these days are connected by shared memories of Saturday morning cartoons or favorite network TV shows, while more are finding connections through social media platforms.

    The digital landscape has allowed customers to easily reach out, inquire about Roll Em Up locations, and stay connected with the brand.

    “Social media is just this powerful, powerful tool, right, that can reach folks in different countries, in different states.” says Sam Fonseca. “It’s just an amazing marketing tool.”

    Roll-Em-Up Taquitos embodies the idea of simplicity by focusing on their expertise, engaging customers through social media platforms, and capitalizing on customer connections. Roll Em Up Taquitos continues to flourish, and Fonseca’s approach ensures that the company remains a beacon of culinary excellence, bringing joy to taquito enthusiasts who come to their locations with high expectations.

    ***

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    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • How Data Analytics Can Transform Your Business | Entrepreneur

    How Data Analytics Can Transform Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The digital age has ushered in a new era where data reigns supreme, providing businesses with valuable insights into customer behavior, market trends and overall business performance. In order to thrive in today’s highly competitive landscape, entrepreneurs must not only recognize the significance of data analytics but also leverage its power to drive their organizations forward.

    At its core, data analytics involves the systematic examination of raw data with the purpose of drawing meaningful conclusions. By embracing this approach, businesses gain the ability to understand their operations at a granular level, make data-driven decisions, accurately predict future trends and ultimately foster growth and profitability. Let us delve deeper into the ways in which data analytics can revolutionize your business.

    Related: Eight Ways Data Analytics Can Revolutionize Your Business

    How data analytics can transform your business

    Enhancing customer experience:

    One of the greatest benefits of data analytics lies in its capacity to help businesses better comprehend their customers. By analyzing various data points, such as purchasing habits, social media interactions and website visits, organizations can create comprehensive profiles that encompass customers’ preferences and behaviors. Armed with this knowledge, businesses can tailor their product offerings, personalize marketing messages and ultimately enhance the overall customer experience. Consequently, this leads to increased customer satisfaction, loyalty and a competitive edge in the market.

    Streamlining operations:

    Data analytics serves as a powerful tool for uncovering inefficiencies within a business’s operations. By examining production data, for example, businesses can identify bottlenecks within their manufacturing processes. Similarly, studying sales data may shed light on underperforming products or regions. Armed with these insights, businesses can take the necessary steps to streamline their operations, reducing waste and enhancing overall efficiency. Ultimately, this results in cost savings and improved productivity, thereby giving businesses a competitive advantage.

    Mitigating risks:

    Inherent to any business endeavor is an element of risk. However, data analytics empowers businesses to anticipate and mitigate potential risks effectively. By closely analyzing data, businesses can identify patterns and trends that may indicate forthcoming issues. This allows organizations to take proactive measures, ranging from real-time detection of fraudulent transactions to predicting future market volatility. By staying one step ahead, businesses can better protect their interests, reduce financial losses and ensure long-term stability.

    Guiding strategic decision-making:

    Data analytics eliminates much of the guesswork associated with decision-making processes. By providing factual insights, it serves as a reliable guide when it comes to making strategic choices. Whether it involves entering new markets, launching innovative products or investing in cutting-edge technology, businesses can rely on data-driven decision-making to reduce uncertainty and increase the likelihood of success. Armed with accurate information, entrepreneurs can make informed choices that align with their long-term objectives.

    Related: Leverage the Power of Data to Boost Your Sales — and Your Customer Connections

    How can you effectively harness the power of data analytics within your business?

    Embrace a data-driven culture:

    To embark on a successful data analytics journey, it is crucial to foster a data-driven culture within your organization. This entails training employees to understand and utilize data in their day-to-day work, encouraging them to base their decisions on concrete data rather than relying solely on intuition.

    Invest in the right tools:

    The market offers a wide array of data analytics tools, catering to various business sizes, industries and specific needs. From robust business intelligence platforms, such as Tableau and Power BI, to advanced machine learning tools, it is essential to carefully select the tools that align with your organization’s unique requirements.

    Hire or outsource expertise:

    Interpreting data and extracting meaningful insights necessitates specific skills. If your organization lacks in-house expertise, consider hiring data analysts or data scientists to fulfill these roles. Alternatively, you may choose to outsource your data analytics needs to specialized firms that possess the necessary knowledge and experience.

    Prioritize data privacy:

    In an era marked by frequent data breaches and privacy scandals, handling data responsibly is of paramount importance. It is crucial for businesses to ensure that their data practices comply with relevant regulations and industry standards. This includes implementing robust data privacy measures to protect sensitive information and maintaining transparency in how customer data is collected, stored and used. By prioritizing data privacy, businesses can build trust with their customers and safeguard their reputations.

    In conclusion, data analytics has the potential to be a game-changer for businesses in today’s information-driven landscape. By harnessing the power of data, organizations can gain valuable insights into customer behavior, optimize their operations, mitigate risks and make informed strategic decisions. However, reaping the benefits of data analytics requires a deliberate and strategic approach.

    It begins with embracing a data-driven culture within the organization, where employees are empowered to utilize data in their decision-making processes. Investing in the right data analytics tools is crucial, as it enables businesses to effectively collect, analyze and interpret data. Depending on the organization’s resources and expertise, hiring data analysts or outsourcing data analytics services may be necessary to extract meaningful insights from the data.

    Furthermore, businesses must prioritize data privacy and ensure compliance with relevant regulations. Protecting customer data and maintaining their trust is essential in the age of increasing privacy concerns. By adopting these practices, businesses can unlock the full potential of data analytics and drive growth, efficiency and innovation.

    Related: Using Data Analytics Will Transform Your Business. Here’s How.

    In today’s digital landscape, data is no longer just a byproduct of business operations. It has evolved into a valuable asset that holds the key to unlocking opportunities and staying ahead of the competition. Embracing data analytics is no longer an option but a necessity for businesses that aim to thrive in this dynamic and data-centric environment.

    So, seize the power of data analytics, and embark on a journey to transform your business. Embrace the insights that data can offer, streamline operations, enhance customer experiences, mitigate risks, and make informed decisions that propel your organization toward success. Remember, in the age of data, the possibilities are endless, and the businesses that effectively leverage data analytics will gain a significant competitive advantage in the marketplace.

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    Aidan Sowa

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  • Why Healthcare Professionals Need These 9 Business Skills | Entrepreneur

    Why Healthcare Professionals Need These 9 Business Skills | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Combining an entrepreneurial background with a medical career can unlock a world of innovative opportunities to improve patient care, transform healthcare systems and drive positive change. By leveraging your entrepreneurial skills, creativity and business acumen, you can bring a unique perspective to the medical field.

    In this article, we will explore practical ways to integrate your entrepreneurial background into medicine, with specific examples showcasing how these skills can be applied in various aspects of healthcare.

    1. Identify unmet needs and innovate

    Entrepreneurs excel at identifying gaps in the market and developing solutions. In medicine, apply this skill by observing the healthcare system and identifying areas for improvement.

    For example, you may notice a lack of accessible healthcare services in underserved communities. Using your entrepreneurial mindset, consider innovative solutions such as telemedicine platforms or mobile clinics to provide care to those in need. Collaborate with healthcare professionals and community organizations to bring these ideas to life.

    Related: Making the Move from Medicine to Entrepreneurship

    2. Embrace technology and digital health

    Entrepreneurs understand the transformative power of technology. In medicine, leverage your technological know-how to improve patient outcomes and streamline healthcare processes. For instance, you could develop a mobile app that allows patients to easily access their medical records, schedule appointments and receive reminders.

    Alternatively, you could explore the application of artificial intelligence in medical diagnostics to enhance accuracy and efficiency. By embracing technology, you can revolutionize how healthcare is delivered and make a tangible impact on patient care.

    3. Pursue healthcare startups and innovation

    Entrepreneurs thrive in startup environments, and the healthcare industry offers numerous opportunities for entrepreneurial ventures. Consider joining or creating a healthcare startup that addresses a specific need or problem. You could launch a digital health platform that connects patients with specialized doctors for remote consultations.

    By leveraging your entrepreneurial background, you can navigate the challenges of building a startup, securing funding and scaling the business while improving healthcare access and quality.

    Related: Why Medical Schools are Pumping out Entrepreneurs

    4. Enhance operational efficiency

    Entrepreneurs are skilled at optimizing processes and maximizing efficiency. Apply this expertise in healthcare by identifying inefficiencies in healthcare systems and streamlining operations.

    For instance, you could develop a software solution that automates administrative tasks, reducing paperwork and freeing up time for healthcare providers to focus on patient care. By improving operational efficiency, you can enhance the healthcare experience for both patients and providers while optimizing resource utilization.

    5. Promote patient engagement and education

    Entrepreneurs prioritize customer engagement and satisfaction. In medicine, focus on empowering patients through education and engagement. You could create an online platform that provides patients with reliable medical information, personalized health recommendations and tools to track their progress. Promoting patient engagement enables individuals to take an active role in their healthcare, leading to better health outcomes and increased patient satisfaction.

    6. Advocate for policy changes

    Entrepreneurs are catalysts for change, which can influence healthcare policy. Utilize your entrepreneurial skills to advocate for policy changes that improve the healthcare landscape. For instance, you could join forces with other healthcare entrepreneurs to lobby for increased funding for medical research or implement regulations that promote healthcare innovation. You can contribute to an environment that fosters entrepreneurship and advances patient-centered care.

    7. Collaborate with healthcare institutions and professionals

    Entrepreneurs understand the power of collaboration and partnerships. In medicine, forge alliances with healthcare institutions, professionals and organizations. For example, you could partner with a hospital or clinic to pilot-test a new healthcare solution or collaborate with researchers on cutting-edge medical technologies. By building strong networks, you gain access to the expertise, resources and support necessary to bring your entrepreneurial ideas to fruition.

    Related: How Entrepreneurs Can Capitalize on the Digital Healthcare Revolution

    8. Seek mentorship and continued learning

    Successful entrepreneurs often have mentors who guide and inspire them. In medicine, seek mentorship from experienced physicians or healthcare entrepreneurs who can provide valuable insights and advice. Continue your education by enrolling in courses or programs focusing on healthcare innovation and entrepreneurship. This ongoing learning will deepen your understanding of the industry, keep you updated on emerging trends and equip you with the necessary skills to drive entrepreneurial endeavors in medicine.

    9. Embrace failure and adaptability

    Entrepreneurship is accompanied by the possibility of failure. Embrace failures as learning opportunities and adapt your strategies accordingly. Medicine is no different, and setbacks may occur. Learn from these experiences, iterate on your ideas and persist in the face of challenges. Embrace a growth mindset, continuously improve your skills and remain adaptable in the ever-evolving healthcare landscape.

    Related: Why Success Makes No Sense Until You Embrace Your Failures

    Integrating your entrepreneurial background into medicine opens up possibilities to revolutionize patient care, improve healthcare systems and drive innovation. You can make a tangible impact in the field by identifying unmet needs, embracing technology, pursuing entrepreneurial ventures, enhancing operational efficiency, promoting patient engagement, advocating for policy changes and collaborating with healthcare professionals. With determination and creativity, you can leverage your entrepreneurial skills to shape the future of medicine and positively impact patients’ lives.

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    Adam Ramsey, MD

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  • How to Use New Technology to Combat Phone Scammers | Entrepreneur

    How to Use New Technology to Combat Phone Scammers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2019, Congress passed the TRACED Act to give the Federal Communications Committee (FCC) additional tools to combat robocalls. It’s a problem plaguing public sector call centers and constituents; people still receive millions of robocalls (automated or pre-recorded messages) and scam calls (made by criminals) every year in the U.S.

    It is incumbent that government agencies utilize the technological tools available today to combat fraudulent, phone-related activity, boosting public trust and the constituent experience.

    The not-so-smartphone problem

    The household landline is steadily declining; roughly one-third (37%) of homes still have one. In an incredible technological revolution, smartphones have become the preferred telephone device for most homes and individuals. Smartphones are powerful, but their ability to root out scam calls is still decidedly inefficient. Today’s smartphones don’t pull caller ID data from a centralized registry of phone numbers. Instead, they rely on information from your contact list to identify incoming calls. Essentially, you tell your phone who’s calling — not the other way around.

    Most people don’t realize cell phones lack a caller ID, causing problems for public agencies trying to reach beneficiaries or constituents. To deal with the over 3 billion spam calls received per month, most people simply ignore numbers they don’t recognize.

    Due to this breakdown in public trust, many government agencies won’t initiate contact via phone. Rather, they’ll return calls from consumers who request help. However, if a recipient misses a call, they’re faced with the daunting prospect of returning it — only to navigate endless menus and jump through hoops to reach a live person on the other end. The result is a further breakdown in trust and loss of confidence in the efficacy of public sector call centers.

    Phone service providers have developed technical ways to alleviate the problem of eroded trust. Many major providers employ a certification system for phone numbers registered to customers. This development resulted from the STIR/SHAKEN caller identification framework set forth by Neustar Management and mandated by the FCC as part of the TRACED Act.

    With caller ID authentication standards like STIR/SHAKEN, phone service providers verify a caller’s actual number matches the caller ID information, enabling higher trust for the receiver of the call. It’s a small step, but it indicates how the public sector can better leverage technological tools to solve these problems. Unfortunately, the scammers have a vote in this process too, and they’re not going away without a fight.

    Related: Rising AI Threat Sounds Like Your Loved One on the Phone — But It’s Not Really Them

    Robocalling isn’t going anywhere

    Robocalls and scam calls aren’t subsiding anytime soon — they’re too lucrative for the fraudsters who perpetrate them. In 2021, fraudulent calls cost Americans over $29 billion. Without positive identification in the form of verified caller ID, the public is never sure they’re talking to a legitimate service. The result is a concerning loss of trust in government call centers.

    Fraud doesn’t stop at government call centers. Law enforcement agencies have seen an alarming jump in a spoofing technique known as swatting. The basic concept is the same, but the agency is the initial victim of the scam — with potentially deadly consequences for those whom agencies are charged with protecting.

    Many government call centers have tried to combat spoofing practices by eliminating initial contact with customers via telephone, but millions of people fall for these scams every year. Some agencies send public reminders that they won’t call about an issue, but scammers make their calls convincing enough to succeed.

    Related: How To Avoid Spam Calls And Focus On Important Ones

    How technology can help

    All is not lost. Scam calls are a technical problem that requires a technical solution. There are many tools public agencies and private organizations can implement to rebuild trust with consumers. One example is emerging technology in providing better caller ID by applying a token to verified phone numbers or displaying a branded logo on the receiver’s phone. Services like this allow organizations to ensure outbound calls aren’t mislabeled as spam calls or blocked by the telephony system and that they actually originate from the correct entity.

    It’s similar to your fingerprint: difficult to fake and uniquely tied to your identity. Calls can be certified as they’re routed by verifying the phone number belongs to the person (or call center) placing the call.

    Major cell phone providers often use each other’s databases as trusted sources, too, so this tool isn’t limited to a single provider. It can also stop spoofed outbound calls at the source and identify likely fraudulent calls so people can screen them appropriately.

    Another emerging caller ID technology has worked remarkably well for the Virginia Department of Health (VDH). During the height of COVID-19, the VDH reached out to patients and close contacts daily. When only an unidentified phone number was displayed, many calls went unanswered, wasting the department’s time and resources.

    When the VDH branded the calls as they displayed on recipients’ phone screens, presenting the department’s logo and name on the recipient’s smartphone, its first-time answer rate jumped 105% almost immediately.

    Related: This Saas-Based Startup Is Disrupting Call Centre Market With AI-Based Voice Bots

    Tools to repair trust

    Scammers are constantly innovating, but the technology sector innovates alongside them. Call carriers, third-party service providers and the federal government continue to develop new anti-spoofing tools, processes and policies to protect consumers — and public sector agencies must be sure to use them. Through constant vigilance, they can combat fraudulent phone calls, bolster public trust and improve the customer service experience.

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    Scott Straub

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  • The Growing Trend of Personal Injury Impacts on Small Business | Entrepreneur

    The Growing Trend of Personal Injury Impacts on Small Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The personal injury industry is worth roughly $53.1 billion as of 2022. The majority of these claims fall under motor vehicle accident claims or medical malpractice.

    With more than 64,000 personal injury law firms in the United States, it’s an increasing reality that small business owners will face a claim against them or their insurance provider over the years.

    Although a car accident claim may not be directly relevant to all small business owners, other types of personal injury claims are. More relevant claims would likely involve product liability or a workplace accident lawsuit.

    For small businesses to grow, businesses to incorporate more services and offer their expertise to more people. But as business owners increase their reach, many will eventually encounter a situation involving a personal injury claim.

    Personal injury claims are among the most common types of lawsuits filed. For example, in 2020, personal injury/product liability increased by 97% over the previous year.

    Related: 7 Workplace Injuries That Can Put You Out of Business

    Suppose someone is injured while on your property or by one of your products; you and or your insurance provider may be in a position to be held liable for the injury. But how could this have been avoided in the first place? Various factors play into establishing fault.

    Accidents and the unforeseen occur constantly. It’s critical, though, to think as critically as possible and prepare yourself and your staff for the possibility of this situation. Savvy small business owners will know to not only be ready for this possibility but assume it will happen eventually.

    Protect your team through adequate insurance coverage

    At a minimum, small business owners are recommended to carry commercial general liability insurance. This will help support your staff in case of an injury on your property. It goes in tandem with creating a safe work environment, which is also critical. Keep floors clean, walkways available, and doors are clearly marked. If you work with specialized equipment, ensure all staff members are trained and certified to use said equipment.

    Be up to date on the law and keep an evolving record

    The rules that govern local small businesses include employment, environmental and product liability laws. Knowing the latest changes and amendments to these and related laws are essential, as they will impact your business operations. Keeping digital and printed records of all rules is recommended for quick accessibility and reference. Document everything if something occurs on your property leading to an accident, injury, or complaint. If you are sued or face a legal challenge, showing all your steps with written documentation can be hugely beneficial.

    Related: What Happens When Self-Driving Cars Crash? The Legal Ramifications of Automation

    Keep a written policy on customer service and be responsive to customer complaints

    To minimize confusion and help your staff interact with customers, display your customer service policy for any patrons visiting your establishment or office. This policy should include clear guidelines for an emergency involving an injured guest or staff member. If anyone is injured on your premises, request medical assistance immediately. Taking any injuries seriously in this situation is paramount.

    It may not be easy but keep a positive outlook

    It’s understandable to feel stressed when faced with injuries and a potential personal injury suit against you or your insurance policy. You should consult with an experienced legal counsel in these scenarios. Many personal injury lawyers often also provide defense litigation services. Talking with a legal expert who knows both sides of the personal injury coin can go a long way in helping to provide you relief in a stressful situation.

    Small business owners are expected to keep their products and property safe. This was what’s commonly referred to as the duty of care. Many personal injury claims will revolve around the legal claim that this duty was broken.

    Duty of care is typically defined as a base requirement that a person be attentive, exercise caution, and be mindful while in public. The small business owner and their patron/user are expected to follow this. A personal injury case could be possible if one party is found to have acted in a directly negligent fashion.

    Related: 5 Reasons Personal Injury Law Firms Are Thriving

    Defending yourself and your business from an accusation of negligence will be a significant deciding factor in the validity of the case. This is why thinking ahead is crucial to running a successful business. In addition, speaking to a trusted legal counsel on potential issues that could arise in connection with your business will help to minimize risk and protect all parties.

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    Hank Stout

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  • How You Structure Your Business to the IRS Matters. Here’s Why. | Entrepreneur

    How You Structure Your Business to the IRS Matters. Here’s Why. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The business formation structure you chose at startup may no longer be the best one for your business. As you grow, your company’s legal entity can affect your tax bill, personal assets and ability to attract investors, raise money and expand your business.

    Those are many variables, so let’s explore your options.

    Related: Which Business Structure Is Right for You?

    Sole proprietorships

    Most startups in the U.S. start — and stay — as sole proprietorships. Of 33 million U.S. small businesses, the Internal Revenue Service (IRS) says 28.3 million are nonfarm sole proprietorships.

    Sole proprietorships are the simplest form of legal business entity. The setup process is easy. While sole proprietorships without employees don’t need an Employer Identification Number (EIN), it’s recommended since many banks won’t let you open a business account without one.

    There is a downside, however. There is no legal separation between a sole proprietor and the business. So, you are personally liable for any debts, obligations and lawsuits against your company. If your company is sued, your personal assets (property, bank accounts, etc.) can be at risk.

    For tax purposes, sole proprietors report their profits and losses on their individual tax returns (IRS Forms 1040) and attach a Schedule C Profit or Loss From Business, showing income, expenses and allowable tax deductions. In addition to income taxes, sole proprietors pay self-employment taxes of 12.4% for social security and 2.9% for Medicare. Taxes are due April 15.

    Partnerships

    Many entrepreneurs start businesses with family or friends or look for partners when their businesses grow. Like sole proprietorships, there is no legal separation between the partners and the company, so the partners’ personal assets are at risk if something goes wrong.

    Unless specified differently in the partnership agreement, all partners are equally responsible for paying taxes. Partnerships use IRS Form 1065, Schedule K, to list partners and the business’s revenues and expenses. Plus, all partners must pay self-employment and estimated taxes. Partnership tax returns are due March 15.

    Related: 5 Tips for Structuring Your New Business Like a Pro

    LLCs offer liability protection

    As their businesses grow, many entrepreneurs become uncomfortable with their personal assets being at risk and explore incorporating their companies.

    There are two ways to incorporate: forming a Limited Liability Company (LLC) or a C Corporation. Both structures are considered separate legal entities and protect business owners from the company’s liabilities, shielding their personal assets.

    Owners of LLCs are called members. Single-member LLCs are taxed like sole proprietorships using tax form 1040 and Schedule C. Multi-member LLCs are taxed like partnerships and use partnership forms 1065 and Schedule K and K-1. LLC members must still pay self-employment taxes. You can also opt for an S Corp election (see below).

    You must file Articles of Organization with your state to form an LLC. And while not required, it’s recommended that you create an operating agreement. An operating agreement defines the roles and responsibilities of a multi-member LLC.

    LLCs are becoming increasingly popular due to their relatively simple management structure, fewer compliance requirements and flexible tax treatment. They’re essentially a “have your cake and eat it too” option. For instance, multi-member LLCs can allocate percentages of the company’s profits and losses to the members as they see fit.

    LLCs have fewer and less complex compliance responsibilities than C Corps. They don’t have to elect officers or a board of directors. There are some ongoing compliance requirements — check with your state to learn more.

    The biggest disadvantage of owning an LLC is that you can’t issue company stock, making it more challenging to raise money.

    C Corps offer robust liability protection

    As your business grows, you may want stronger liability protection and opt to form a C Corporation. While C Corps are more complex to form and operate, they provide the most robust liability protection for the company’s shareholders. C Corps must file Articles of Incorporation in the state where you operate.

    A C Corp is a separate business entity and files a tax return on its profits and losses using IRS Form 1120. But the owners/shareholders are considered corporation employees, receive W-2s and are taxed as individual taxpayers, often called “double taxation.”

    However, C Corps can deduct employee-related costs, like wages, health care, retirement plans, operational expenses and fringe benefits like company cars. Ultimately, the current C Corp flat tax rate of 21% may be lower than what sole proprietorships and partnerships pay,

    In C Corps, the company and its employees each contribute 6.2% of the employee’s wages to Social Security and 1.45% to Medicare. Plus, employers contribute to their state-run unemployment insurance funds (SUI).

    It’s easier to raise money and attract investors since C Corps can offer unlimited numbers of shares and multiple classes of stock.

    C Corps typically have higher registration costs and more compliance requirements, including adopting bylaws, submitting annual reports, holding shareholder and board of director meetings and more.

    Related: The 5 Biggest Tax Differences Between an LLC and Corporation

    The S Corp tax election

    LLCs and C Corps can elect to be taxed as S Corporations, allowing them to divide profits into wages and dividends. While dividend distributions aren’t subject to employment taxes, shareholders must be paid reasonable compensation as defined by the IRS. Electing to be taxed as an S Corp can lower your overall tax bill while maintaining liability protection. S Corps use IRS Form 1120-S, and tax returns are due on March 15. To elect S Corp status, you must file IRS Form 2553 no later than March 15 of the tax year the election is to take effect.

    However, only American citizens and residents can be S Corp shareholders, and only 100 shares can be issued, so check with your accountant before choosing this path.

    Get advice

    It’s crucial to weigh the advantages and disadvantages of the different business structures. For many entrepreneurs, the liability protection and possible tax savings outweigh the added costs and complexity of incorporation.

    With so much at stake, it’s recommended that you consult with your accountant or attorney to help determine which structure is best for your business today and for future growth.

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    Nellie Akalp

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  • A Comprehensive Guide to Fractional Leadership | Entrepreneur

    A Comprehensive Guide to Fractional Leadership | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a business owner, I know firsthand the countless challenges that come with running a company. With responsibilities ranging from financial management to marketing strategies, it can often feel overwhelming just to keep your head above water. It’s for this reason that expert support is valuable, and fractional executives can provide a service that addresses challenges and promotes growth.

    As the founder of a fractional leadership firm, I have worked with businesses in various growth stages. From managing rapid expansion to making critical operational decisions, fractional partnerships allow clients to receive executive-level support at a fraction of the cost, time and effort, empowering them to succeed efficiently. While this success is easily attainable for most businesses, having the right team is a crucial aspect of such success.

    In this article, I’ll discuss the role and benefits of fractional executives and how to choose the right ones for your needs.

    Related: Why Fractional Executives Are the Best Investment For Your Business

    What are fractional executives?

    Fractional executives provide cost-effective part-time or interim support for growing businesses, offering expertise in areas like strategic planning, operational streamlining, revenue operations, marketing, finance and sales. They also stay updated with the latest efficient infrastructure for your business, ensuring it’s customized to your specific stage and scale.

    Signs that you may need a fractional executive

    • You need expertise in a specific area.

    • You have ambitious growth goals and require help achieving them.

    • You’re facing a critical business challenge and need guidance navigating and resolving it.

    • Your rapidly growing business lacks the structure to support growth.

    • You need leadership support during a transition or restructuring period.

    • You find yourself working in your business rather than on your business.

    • You want to implement new technologies, systems or processes, but you lack the appropriate resources or expertise to do so.

    • You lack the capacity to stay current with industry and technology trends.

    • You want to improve leadership practices and company culture but need guidance on where to start and how to create lasting change.

    • You lack a cohesive system for connecting outsourced functions and aligning them with your business goals.

    Benefits of a fractional executive

    Cost savings:

    Fractional executives offer a flexible solution for businesses that need experienced executives without the commitment and cost of a full-time hire. Unlike hiring a full-time executive, you can work with fractional executives on an as-needed basis, allowing you to enjoy the benefits of a seasoned executive without committing to a long-term, super-high expense. This can be especially beneficial for small to mid-sized businesses that want to grow but have limited resources.

    Expertise and experience:

    Fractional executives’ exposure to diverse systems, companies, processes, structures and challenges from working with numerous businesses (often hundreds) gives them a significant edge over full-time executives, who typically hold only 5-6 positions in their careers. This extensive experience provides fractional executives with unparalleled expertise and insights, enabling them to deliver faster, more effective solutions for your business.

    Flexibility and scalability:

    As a full-time executive, I found that 80% of my time was spent on tasks that could be done by more junior staff, given the right guidance. This observation reinforced my belief that many companies don’t necessarily need a full-time executive, as the role doesn’t always warrant constant high-level attention. Fractional executives can be hired on a flexible basis, ranging from just a few hours a week to a longer-term commitment over several months. This can allow you to scale up or down as your business needs change, ensuring that you have the right amount of support whenever you need it.

    Objectivity and perspective:

    Fractional executives offer an outsider’s perspective to your operations, strategy and business practices, providing unbiased feedback and advice to help you make informed decisions. This partnership allows for a more even relationship, working at eye level rather than the traditional, more restrictive manager-employee relationship. This approach can be especially valuable when identifying blind spots or areas for improvement, as fractional executives bring a unique perspective thanks to their experience with a multitude of businesses.

    Related: How a Fractional Executive Can Take Your Business to the Next Level

    Types of fractional executives

    Outsourcing specialized roles like CFO and CMO gave rise to fractional executives, now covering roles like COO, CTO, CHRO and more. This approach lets businesses customize their executive teams to match their goals and needs, tapping into the unique skills and expertise of fractional professionals.

    Fractional executives can be:

    • Interim executives: for short-term leadership gaps

    • Project-based executives: for specific project expertise or guidance

    • Strategic advisors: for long-term planning and opportunity identification

    • Ongoing support: for smaller companies needing continuous assistance

    How to choose the right fractional executive

    Identify your needs:

    Identify critical areas, and seek a fractional executive with the right expertise. Consider using their insights to spot gaps and help you refine your search, securing the perfect fit for your business.

    Evaluate relevant experience:

    Choose a fractional executive based on a successful track record, relevant experience, positive references and commitment to fractional work as a career (rather than a side or temporary hustle).

    Assess their style:

    Look for an executive who is responsive, proactive and able to communicate clearly and effectively. Schedule an initial consultation to get a sense of their working style and consider whether it aligns with your own.

    Align expectations:

    Choose a fractional executive who shares your passion and can work collaboratively to achieve your objectives. Keep an open mind, and consider their suggestions, as their experience can offer valuable insights.

    Consider your readiness:

    During the initial consultation, assess your readiness to delegate control. If you’re not prepared to treat this as a partnership and loosen the reins, a fractional executive may not be the right fit. Trust is key, so choose someone you’re comfortable collaborating with, and formulate a transition plan that cultivates that trust.

    By partnering with a fractional executive, you can tap into their specialized skills and expertise, giving your company a competitive edge and positioning it for long-term success. So, whether you’re seeking to grow your business or address critical challenges, consider that a fractional executive could very well be the missing piece that propels your business to success.

    Related: How to Grow Your Business With Intention

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    Adi Vaxman

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  • How to Profit from Acquiring Distressed Businesses | Entrepreneur

    How to Profit from Acquiring Distressed Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Since the start of 2023, leading companies, including Vice Media, Virgin Orbit, David’s Bridal, Bed Bath and Beyond and Jenny Craig, have filed for bankruptcy. More broadly, underlying economic conditions have resulted in a flurry of business failures, with a 77% increase in commercial Chapter 11 bankruptcy filings for the first quarter of 2023. Business failures across all industries have created uncertainty for investors but great opportunities for competitors and buyers.

    Far from causing concern, entrepreneurs should look at this as an opportunity and follow self-made billionaire Warren Buffet’s advice to “buy when there’s blood in the streets.” Distressed companies can be acquired at a fraction of the multiples that healthy companies trade at and therefore offer entrepreneurs a unique and cost-efficient way to grow their businesses.

    As CEO of a Nasdaq company, I grew by acquiring great distressed companies. The valuations were phenomenal – and each came with its unique challenges and opportunities. With a backdrop of more than 20 acquisitions, here are some lessons I learned during the journey to grow my business.

    Before pursuing a distressed company, a few basic questions must be answered to ensure that the transaction makes sense.

    First, is the valuation low enough and the potential upside high enough to compensate you for the risk that comes with acquiring a distressed company? The most attractive element of buying distressed companies is their price, and without a low enough valuation, the business shouldn’t be considered for purchase.

    Related: How to Value a Business: 9 Ways to Calculate a Business’s Worth

    Second, does this business fall within your area of expertise? Buyers who don’t understand the business fundamentals of a market sector should be very cautious. Consider that the leadership of the distressed business presumably had more than a cursory understanding of their industry and opportunities but still failed to succeed.

    Finally, what do you bring to the table that will enable you to succeed in turning around the business? You will need resources the owner didn’t have or a plan they never created or couldn’t execute to turn the business around and increase profits. Generally, the ability to turn a business around will rest less upon identifying great ideas you could bring to a company and more upon addressing the problems that caused the company’s current state of distress. You must act like a doctor and identify the cause of your patient’s symptoms before administering the cure. Generally speaking, the quality of your post-transaction team will drive your success, your ability to use technology and automation, and your ability to stabilize your customer base and exceed their expectations going forward.

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

    Finding a business in financial distress that matches your area of expertise usually occurs through a broker specializing in distressed company transactions. However, finding failing companies through word of mouth, searching business information sites, or poring through online bankruptcy court filings in your area is also possible.

    After deciding to pursue the distressed business, it makes sense to ensure you have a team that can succeed. You should consider the benefit of hiring a lawyer specializing in distressed business transactions. If the business is pursuing bankruptcy protection, you can start with a clean slate once the company is purchased and the deal finalized, but to get there, you’ll need to navigate a complex transaction with many moving parts successfully. Creditors’ concerns will need to be addressed, bankruptcy and auction time frames must be followed, and the judge overseeing the case will need to hear and approve your proposal.

    Regardless of how you acquire a distressed business — through bankruptcy or a non-bankruptcy ‘firesale’ — performing thorough due diligence is critical. This will include talking with the company’s employees (so far as is legally allowed) to gain a better sense of the internal state of the company. It isn’t uncommon for employees within financially strained companies to begin looking for work elsewhere as they become anxious about the company’s future. However, you’ll need to find a way to retain the very best workers and align their interests with yours.

    Related: Four Survival Principles For Start-Up Entrepreneurs Amid Crisis

    If the business is service-based, then speaking with customers (as permitted) and understanding their perspectives and intentions will be especially important. Customers generally can’t terminate contracts with companies during a bankruptcy proceeding, and the problems this can create for your potential customers as they wait throughout the bankruptcy process can destroy the business’s credibility with them. Customers who lose their goodwill toward the business may decide against the continued use of your service once the company resumes business under your leadership.

    Acquiring distressed complementary companies can be a cost-efficient way to grow your customer base and revenues. However, buying distressed businesses comes with unique risks and rewards, so it’s important that you carefully assess the opportunities and assemble the right team to ensure success.

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    Stephen Snyder

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  • Andy Hooper of Hart House on Pioneering a Plant-Based Revolution | Entrepreneur

    Andy Hooper of Hart House on Pioneering a Plant-Based Revolution | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the ever-evolving landscape of the restaurant industry Hart House is committed to creating a space where plant-based food options are more accessible to all.

    “This is plant-based food for the people…” Hart House CEO and co-founder Andy Hooper tells host Shawn Walchef of CaliBBQ Media. “…an opportunity to take food that is objectively delicious in its own right that just so happens to be made from something different than it’s normally made from.”

    Hart House is an innovative quick-service restaurant concept founded by Kevin Hart and partners. The company is committed to the future of food, as well as the overall wellbeing of its customers.

    “I founded Hart House to create a good experience that combines the joy of coming together over food, with the power of purpose,” Kevin Hart said on the Hart House website.

    Drawing inspiration from renowned restaurant brands, CEO Andy Hooper envisions a melding of their successes with a goal of creating a job structure that empowers individuals managing Hart House units. Therefore offering them real equity and the opportunity to thrive.

    “What would it look like if we took the best of Chick-Fil-A, the best of Outback’s Managing Partner program, the best of what Darden (Restaurants) has done to build their brand with full service over time. The best of what Cheesecake Factory did with their single unit operators.

    “And rolled that all into a job that gave real equity to the people managing these units?” says Hooper. “Thinking about it more as an investment thesis than a cost management approach.”

    This employee facing experience aligns seamlessly with Hart House’s overarching mission to create a space that is both hospitable to customers and serves the employee.

    Andy Hooper recognizes that a restaurant’s success transcends its physical offerings. Taking cues from industry giants like McDonald’s, Hooper understands that building a lasting brand necessitates careful consideration of every detail that contributes to the broadest possible appeal.

    With Hart House, the team is aiming to embrace the investment thesis that emphasizes the long-term benefits of cultivating a skilled, dedicated, and motivated workforce.

    Hooper’s pursuit of his vision was amplified when he met with multi-hyphenate entertainer extraordinaire and health enthusiast Kevin Hart. During this initial meeting, Hooper posed an important question to Kevin.

    “Candidly, my first question was, why do you need this?” he recalls. “Restaurants, as you know well, are not exactly a get rich quick scheme, especially for somebody who honestly probably has more to lose than to gain, at least on the surface. My question was like, why?”

    Luckily, Hart’s answer aligned with Hooper’s vision and the two set the wheels in motion for what would become Hart House.

    As we witness the birth of a new level of accessibility in plant based foods, the possibilities for both customers and employees in the realm of hospitality are expanding.

    Hart House stands as a testament to Hooper, Hart, and team’s audacity and unwavering dedication to creating a paradigm shift in the restaurant industry and usher in a new era of quick-service food.

    ***

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    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • 4 Steps My Startup Took to Land a Fortune 100 Client in 3 Years | Entrepreneur

    4 Steps My Startup Took to Land a Fortune 100 Client in 3 Years | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When starting a business, it’s natural to go after small clients: It generates revenue, sharpens your offering and lets you make mistakes on a lesser scale. But it’s not the only way to grow.

    My company was three years old when we landed our first multi-million dollar contract with a U.S. telecommunications company — at the time, we had fewer than 10 employees. Landing a Fortune 100 client may seem a far reach when you’re a startup, but it can be done.

    The total market cap of Fortune 100 companies reached an all-time high of $33.2 trillion in 2023 — a 48% increase in just one year — for a combined profit of $1.8 trillion. Winning even a small percentage of that business can bring major rewards to any startup; however, doing so requires strategic planning and grit.

    Here are four key lessons I’ve learned in landing business with some of the biggest companies on Earth.

    Related: 6 Ways Small Businesses Can Win With Big Corporations

    1. Create an irresistible value proposition

    In the wireless industry, companies compete solely on product and price. Landing a big contract meant going up against global tech giants, who heavily subsidize their products or merge the costs into other service models. We were never going to win on those selling points alone.

    To even be considered, we knew we had to create an irresistible value proposition, one that would solve pain points our competitors weren’t attuned to. To do this, we went to the source: the client. At every major company we targeted, we asked their support team what their customers’ most common paint points were.

    It turned out, at the time, a customer would be cut off by their service provider if they hadn’t used a certain amount of minutes within a specified time frame. Another common problem involved battery installation: back then it was illegal to ship devices with batteries pre-installed. So they would arrive separately, causing end-user confusion.

    Once we knew what our prospects’ biggest customer issues were, we were able to customize a solution that fixed the whole problem: a quick-start guide that addressed setup issues and automated reminders to use minutes before the cutoff date.

    We were no longer competing against incumbents on product and price, we were offering a solution no one else had — one that not only met the stipulated requirements but also reduced call center costs and customer churn.

    When you’re a startup, finding creative ways to compete on value can not only give you the confidence you need to pitch big clients; it can differentiate you from competitors with long-standing relationships.

    Related: 3 Tips for Doing Deals With Big Companies

    2. Identify your inner champion

    Selling to big companies is time-consuming. Outdated policies and bloated org charts perpetuate inefficiencies and change happens slowly, particularly when it comes to onboarding new partners.

    Not only is it hard to get all the necessary decision-makers in one room, but you then need to get them aligned: Internal politics become a major factor in this process. I’ve seen billion-dollar projects go south due to one executive not wanting to be outshined, at the expense of the company.

    For this reason, it’s critical you build strategic relationships with company insiders who have the power to champion your proposition and guide you through office politics.

    Look for the people who ask logical questions in the first meeting — this hints that they’re engaged, understand strategy and may be willing to support you. if you can convince these people your company can provide significant value, they may become strategic partners and help you close the deal. Even if you miss out on the first one, maintaining these internal relationships can lead to deal flow down the road.

    3. Offer white glove service

    Large companies often have bad customer service and that’s where startups have an advantage.

    At a large corporation, it can take days just to identify the specific person responsible for fixing a customer problem and once they are found, they may not be empowered or incentivized to act on it. When you’re a 10-person team, this is a challenge you don’t have to navigate.

    If an issue arises for one of our clients, we get to the heart of it quickly while maintaining exceptional communication with the strategic partners we’ve built inside. If a request is out of scope, we let it be known, but often we’ll still help troubleshoot it if it means maintaining the longevity of the relationship.

    As a startup, it’s in our DNA to hustle and beat client expectations. Offering a level of service that our larger industry peers can’t compete with has enabled us to achieve a 100% retention rate — a near-impossible achievement when servicing smaller companies.

    Related: 6 Tips on How to Work with High-Profile Clients

    4. Solidify deal terms upfront

    I often say I’ve learned more from the 1,000 things I’ve done wrong in business, than the 100 I’ve done right. One of these key lessons is the importance of having deal terms clearly laid out in an ironclad contract, upfront.

    When working with SMEs, deal terms are generally well understood between the key decision-makers. Paperwork is important, but there’s less risk of a deal falling through because a standard operating procedure wasn’t approved by a nameless stakeholder.

    Multinational corporations can have dozens of stakeholders involved in the closing of any one deal and if each one doesn’t sign off, all the time you spent building relationships and negotiating the contract may have been in vain.

    C-level executives leave companies and projects get canceled when leadership changes hands. That’s why it’s critical you don’t engage in any speculative work. The good news is, once you do sign off on a big contract, a large corporation’s slow-to-change culture works to your advantage, resulting in less churn and higher revenues.

    There’s no perfect litmus test to gauge if you’re ready to go after big business or not, but if you don’t take the risk, you’ll never realize the reward. If you view every mistake as a learning opportunity and don’t give up on the prospect, you can compete for world-class clients and your company will emerge stronger for it.

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    Robert Morcos

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  • The Inevitable Challenges You’ll Face as Your Business Grows | Entrepreneur

    The Inevitable Challenges You’ll Face as Your Business Grows | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The allure of business growth is strong, and for many entrepreneurs, it’s a dream from the very start. In fact, many professionals see expansion as a key indicator of success. But increasing the size of your organization inevitably comes with growing pains. From managing a larger team to navigating complex market dynamics, there are countless obstacles that are hard to avoid along the way.

    Growing pains are a necessary part of the process, and by being proactive and informed, you can anticipate these challenges before they crop up and consider innovative ways to overcome them. And that process starts with acknowledging the need for an operational shift.

    Related: Is Your Company Experiencing Growing Pains? Here’s How to Thrive Through Them

    Communication and other skills you need will change

    When you first get a business off the ground, it’s easy to communicate and execute because your team is right next door. You can catch mistakes quickly. But when you start growing, all of a sudden, everything becomes more spread out. Marketing, support, development and sales can be in totally different parts of the building or even a separate building altogether. Suddenly, it’s harder to get a clear picture of what’s really going on within your own organization.

    As this shift happens, it becomes critical to gather data from all corners of your business. Otherwise, you won’t have a thorough understanding of your business’s day-to-day operations and what your people may need from you. But it’s not just about data; you also need specific processes in place that hold everyone accountable and provide clear direction.

    Adjusting to these new ways of communicating and operating can be uncomfortable. Not everyone will be able to keep up, and you might have some people who don’t stay with you. That’s OK. But your job as a leader is to help shape the attitude of the company overall and enable your team to understand that these adjustments are necessary for success.

    Part of that maturity is being able to discern whether you need to bring in new skill sets to achieve the business’s goals. There has to be a willingness to evaluate what you were doing, admit that those approaches aren’t working anymore and explore the possible ways to evolve — and you have to do it quickly.

    Be ready to remove some hats

    Leaders of small companies are often a jack-of-all-trades. You’re used to answering all the phone calls and responding to customer emails because, in the beginning, the success of your business solely relied on you. One of the hallmarks of entrepreneurship is wearing a lot of hats to make something work.

    The game changes when expansion starts. There comes a point where you cannot logistically handle everything on your own. At that point, you have to decide whether you can recruit someone from the inside to take on a role or if you need to hire talent from the outside.

    Remember, not everyone who’s with you is necessarily ready to lead or grow. Even if you can promote someone from within, they might still need some guidance and support as they take on new responsibilities. On the other hand, hiring externally comes with a different set of challenges — you have to trust that they’ll be able to do the job well and mesh with the rest of the team. One of the biggest growing pains you’ll have to deal with is transitioning into the mindset of needing to hire other people and having faith that your business won’t fall apart if you hand off responsibilities.

    Related: 5 Tips for Expanding Your Small Business (The Right Way)

    Closed-loop learning and development don’t stop

    Most growing businesses understand the importance of moving quickly to stay on top of innovative technology that can help them get ahead of the competition. This was certainly the case at Vagaro, where we not only had to look at what competitors were doing and what options already were out there, but we also had to develop our own software. We’re still constantly researching and tweaking to improve.

    But the same research and development concept applies to all of your products. To create something that’s different and unique, you have to constantly look at what’s available. In the beginning, you don’t have a marketing team to do that. You have to rely on yourself to identify and develop a product that would set your business apart.

    Once your company starts gaining traction and your sales increase, you now need a sales department. You start needing people who can do customer support. Hiring people becomes harder because you have to set clear expectations and teach them how to do things the way you’ve been doing them.

    There’s a real need to balance your expectations and training with a good dose of humility — you have to accept that you don’t know it all and remember that you’re bringing in new people because they have fresh ideas and skills. This is one of the reasons I’ve intentionally made the choice to let my team manage what they can on their own and allow them some room to experiment and sometimes fail. I know I need to share what I’ve tried and be clear about the costs I’m willing to embrace so they can make some mistakes.

    This growing pain of always having to research, adjust and hire doesn’t end. But that’s part of what makes developing a company thrilling. You’ll always have a new problem to solve, and the achievements and improvements resulting from the healthy pressure to find answers and solutions keep you excited.

    Related: How to Tackle the 5 Challenges Every Expanding Business Faces

    Many professionals who talk about growing a business focus on all of the good things that happen, and that’s inspiring. But the best entrepreneurs know that there’s also going to be some discomfort along the way. Rather than shy away from their growing pains, they realistically anticipate them and work proactively to handle them well, such as seeking advice from mentors or building solid feedback infrastructures. Seek the same type of perseverance and preparedness in your own business, because it’s during the discomfort that you’ll learn how to thrive rather than survive.

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    Fady

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  • 7 Ways Data Helps Your Restaurant Succeed | Entrepreneur

    7 Ways Data Helps Your Restaurant Succeed | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Data makes the world go around. While not every restaurant takes advantage of the wealth of data, it’s essential in making smarter decisions. Cloud-based POS systems are equipped with numerous restaurant analytics and insights that generate data every time your staff takes an order, processes a credit card payment or closes a check.

    While each piece of information may provide some insight into your restaurant’s sales performance, when collected and analyzed together, they tell a complete and compelling story about your business.

    But once you have all this data, what can you actually do with it?

    1. Optimize your menu

    It’s easy to assume that your most popular menu item is also your most profitable. This might not be the case, however. By analyzing your data, you can get a clearer picture of your menu performance and understand which items bring you repeat customers and make you the most money. For example, if burgers are one of your best-selling items, but those customers don’t return, it’s time to investigate.

    The same is true for your lower-selling items. Some of your lower-performing items could have a lot of untapped potential. Your restaurant analytics software can tell you which items have a higher-than-average return rate for guests. With this new data, you can make decisions to improve your menu, like highlighting a particular item or updating the description and picture to tap into that potential.

    Related: Here’s How Data Analytics Is Improving Dining Experiences While Helping Increase Revenues for Restaurants

    2. Measure staff performance

    How well do you know your staff? Staff performance can be directly linked to your profitability. Staff reports let restaurants track productivity, efficiency and customer service levels. While some staff might be doing great, others might need more training. With this data, you can quickly identify rockstar employees and reward them, but also determine which employees aren’t measuring up to the mark and give them additional training to reach their potential.

    3. Uncover strengths – and weaknesses

    Is one server a pro at upselling? If a server is the best at selling high-priced menu items like wine bottles, this is an opportunity to pair them with other staff for training purposes. Pair high-performing staff with servers with low-performance numbers for shadowing and other exercises to help improve their sales.

    Is your best customer coming in next weekend? Make sure you schedule at least one of your best-performing staff members to make their experience memorable.

    4. Decrease turnover

    Turnover is a huge issue in the restaurant industry. Restaurant owners have been scrambling to find new ways to hire and keep staff. Keeping a closer eye on their performance could be the difference between staff that stays for the long haul or finding a new employee. By regularly looking at staff performance, you can better understand the employees that are struggling and might need more training or a change of role.

    Related: Using Data-Driven Concepts To Unlock Incremental Growth

    5. Increase staff happiness

    Staff performance can also give you insights into employee happiness levels. Sometimes the environment needs to change to keep staff happy and performing at their best. If you notice a pattern of decreased productivity across staff, it might be time to sit down for a chat with them or to start looking at how the current environment might be affecting the team.

    6. Create repeat customers

    How often are customers coming back? What are they ordering? Knowing these key pieces of data will help you determine how to shape your menu and how you upsell or interact with customers. With 360 analytics tools that connect operations, customer data and payments into your reports, you can get eye-opening data you can act on.

    Each time a credit card is swiped, the restaurant analytics software generates a unique profile for every guest. This provides insights into their preferred menu items, purchase history, frequently used payment methods, preferred location and other details. With this information, you can pinpoint VIP customers and elevate their experience with tailored promotions or complimentary items.

    Related: 25 Ways You Can Turn a One-Time Buyer Into a Repeat Buyer

    If a guest has dined at your restaurant six times in the last four weeks, you can access their guest profile to identify their favorite drink or appetizer and offer it to them as a complimentary item. This gesture is an excellent way to show your appreciation and build customer loyalty.

    7. Improve stock management and reduce waste

    If you’re constantly running out of ingredients or always have specific ingredients leftover from under-ordered items, it’s time to take a look at your inventory.

    Proper inventory management is an essential part of running a successful restaurant. By analyzing inventory data, restaurants can identify trends in food waste and improve profitability. Restaurants can also use inventory data to optimize ingredient usage and reduce the risk of running out of popular menu items.

    With inventory management software like Lightspeed Inventory, restaurants can make the most of their ingredients, eliminate manual stock counting, reduce human error and simplify their inventory management with real-time deductions as items are sold and automatic replenishment when you get fresh inventory.

    Every day is an opportunity to get new insights into your business. Data can help you do everything from optimizing your operations to improving the overall guest experience. Not sure where to start? All it takes is partnering with the right restaurant management software.

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    Peter Dougherty

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  • How to Attract Investors During Tough Times | Entrepreneur

    How to Attract Investors During Tough Times | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Whether the economy is doing well or in a phase of uncertainty, the fundamentals of building an investable start-up remain the same. You don’t need to be a mind reader to determine what investors want to know.

    Here are five tips to help convince potential investors that your solution solves a big problem for a large market and that your team has the talent, creativity and character to deliver on your business plan in favorable or uncertain market conditions.

    1. Be clear about the problem

    It is more important than ever to be clear with investors about the problem your company solves. The number one thing that matters today is how quickly and clearly an entrepreneur can articulate the problem that her startup solves. Why? Because investors know that when a startup fails, it is usually because there is insufficient demand for the product. What specifically about your solution will make customers change what they are currently doing and pay for your new product?

    Related: 5 Things to Do Now to Propel Your Business in 2023

    2. Know your audience

    Determine beyond any doubt that you are working in a space that an investor cares about and that your vision and goals align with theirs. Investors in technology-driven high-growth companies are looking for hyper-growth in specific industries, for example, advanced materials, information technology or biotechnology — large markets with tremendous opportunities. If your vision isn’t stoked by the risk and endurance it takes to build and scale those businesses, high-growth entrepreneurship is likely not the right path for you.

    3. Provide the evidence

    Nothing beats demonstrating your first-hand understanding of your market. Entrepreneurs who have lived with a problem in previous roles or their personal lives uniquely understand the impact and the potential gains of their solution. Suppose that’s your backstory, great. If not, describing what you learned and how you pivoted from surveys, interviews and by listening to customers builds credibility—especially when some of those customers are willing to become early adopters and go through multiple iterations to prototype your technology and prove your business model. Convincing customers helps convince investors.

    Investors expect entrepreneurs to be enthusiastic. When that passion is combined with an understanding of customers’ needs and of the impacts that your startup solving their problems can have on their bottom line, investors pay attention. Focusing on your customer’s pain points and the payback of your solution encourages investors to focus on you.

    Related: A Good Story Isn’t Enough to Get Your Startup Funded. Here’s What Else
    You Need

    4. Understand the economics

    What has to happen for your new business to achieve 20, 50 or 100% year-over-year growth? Investors will listen when you demonstrate your clear understanding of the business unit economics for your company. Show how you can gain enough traction with the first feature set and early adopters to prove the market and technical viability of your solution and market. Sometimes entrepreneurs are so focused on a specific solution that they become less open to a solution that could be better. Show that you know how to listen for signals and to narrow up or pivot if that’s what it takes to scale.

    While there may be multiple longer-term markets and product enhancements, don’t dilute your team’s focus. Can you build the solution? Is there a gap in the solution? Can you plug in? Focus on business development, not product innovation. Prove scalability in the first market and generate enough revenue to secure follow-on funding to support additional growth.

    Related: 5 Things Investors Want to Know Before Signing a Check

    5. Show your flexible mindset

    Investors want to collaborate with high-integrity, coachable entrepreneurs. Every interaction with you influences whether you are someone investors will trust and want to invest in. Balance the tightrope between ego and confidence. Be willing to acknowledge what you know and what you don’t. It’s rare to find an entrepreneur who hasn’t made mistakes.

    Eventually, almost every startup will need a flexible mindset to pivot on some aspect of their business plan. Seek trusted advice, then follow your instincts. Successful entrepreneurship always comes back to the basics — market validation, product/market fit and staying focused on the business plan.

    Trustworthy, confident and coachable entrepreneurs don’t allow an uncertain economy to distract them from executing their business plan.

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    Kristy Campbell

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  • 3 Ways Dairy Farming Made Me a Better Entrepreneur | Entrepreneur

    3 Ways Dairy Farming Made Me a Better Entrepreneur | Entrepreneur

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    For more than 60 years, my family has owned and operated a mid-sized dairy farm in Junction City, Wisconsin. I spent many of my formative years at the barn working alongside my grandparents, parents, uncles, aunts and cousins milking, “sweeping in” and making hay. And while I’m sure I caused them more work and stress from having to fix my daily mistakes, the experience working on that farm influenced how I’ve approached entrepreneurship and made me a better technology company founder.

    It’s well known that farm life is insanely hard work, both physically and mentally (which is why I got a marketing degree). However, beyond grit and determination, there were several less obvious lessons I learned from my family during my childhood about what it takes to own and operate a successful venture.

    These are a few of the lessons I learned and how working on a dairy farm made me a better tech entrepreneur.

    Related: The 8 Lessons Entrepreneurs Could Learn From Farmers

    Make hay while the sun shines

    There is no way (yet) to control the weather. Meteorologists can predict it, and we can plan for it, but we can’t dictate when and how much it rains. Farmers never receive “perfect circumstances,” especially in the unpredictable weather conditions of the Midwest. Farmers often have a very narrow window in which they can plant and harvest crops throughout the summer months, without any real control over what the weather will bring them. The expression, “You need to make hay when the sun shines,” still holds true to this day and is equally relevant to building a software company.

    As a tech entrepreneur, I’ve come to accept that you’ll never own or control all of the market conditions. Oftentimes, you’ll need to adapt or adjust to the macro-environment to make your business work. The benefit of doing this with software, of course, is that you don’t have the machinery or livestock that you need to pivot with (although aligning teams around a new strategic direction, particularly the larger you are, can feel like herding cattle).

    At my last company, Disco, we had a great product that solved a problem for customers; However, for almost three years, the market viewed it as a “nice-to-have.” The dynamics of the market needed to change and mature in order for the narrative around Disco to become necessary for business operations.

    There were two “hay-making” windows for Disco. First, when platforms like Slack and Microsoft Teams began building out their ecosystems, we were able to launch our app alongside that momentum to accelerate our initial growth, signal market interest and raise capital. Second, when Covid and remote work became mandatory, our value proposition around building culture across a distributed workforce was table stakes. We were able to double our revenues in a 6-month stretch, secure a Series A term sheet and have a great outcome in selling the company to Culture Amp.

    Although the conditions might not always be ideal for your venture, if you have a good product that solves a customer problem, a committed team and the revenues to sustain your business and support, be patient and know that the weather can change at any point. And when it does, make hay.

    Related: What the American Farm Can Teach Business Leaders About ‘Sowing’ Success

    Operate on the horizons

    AI and automation are improving efficiencies across every industry, farming included. We’ve seen the evolution of automated milking machines, and more recently, the introduction of autonomous farming equipment and IoT devices to monitor crop and animal health to optimize yield with data. These innovations are exciting, but the reality is that farmers need to be selective with these investments to ensure they can sustain their daily operations and keep the cream flowing.

    What I observed was how our family tested new concepts, all while minimizing capital outlay and disrupting daily operations. They approached innovation through creative and strategic financing to pilot hardware and new workflows, and they isolated tests to smaller portions of the farming operation before investing more capital. Additionally, they’d occasionally hire less expensive help (like a pudgy kid with a bad bowl cut, ahem, yours truly) to do the jobs that could be put on auto-pilot. This was my first exposure to the practice of Horizon Planning, where projects were resourced and staged according to experience and skill and during times that would minimize disruption to our cash cows.

    While building my last company, we were faced with similar opportunities and questions around how, where and when to innovate. We were often forced to evaluate the tradeoffs of paying down technical debt or building a boring but crucial HR systems integration versus developing a feature like rewards that we knew would delight our customers.

    By splitting our team and product priorities into horizons, as well as separating a smaller group to focus on “delighter features,” we could keep our operation going, pay down our technical debt and more cost-effectively deploy resources and capital on tasks that required less mindshare from our more senior engineers.

    Related: I’ve Been a Tech Entrepreneur for Over 20 Years — Here Are 5 Key Lessons I’ve Learned Along the Way

    Math and margins matter

    Imagine Leonardo DiCaprio from The Wolf of Wall Street walking into his office with Dickies pants and boots. Farmers are basically day traders with less cocaine and hair gel. The financial models involved in understanding agricultural derivatives are no joke. Not only do farmers need to endure the physical aspects of their job, but in most cases, they’re playing the role of part-time stockbroker.

    I observed my family actively monitor the market rates for milk to understand their margin and calculate COGS based on the inputs from feed prices, as well as improved operational efficiencies from investments in technologies that could help the farm scale. It taught me to look at a balance sheet and the importance of cash burn. I also learned how critical it was to stay informed of market conditions and how they impacted commodities, and more specifically, how to use tax, subsidies and legislation to help your company survive.

    At Disco, these observations and lessons helped us run an incredibly lean operation while making the company profitable. This is rare for a young, growing software business, and it’s ultimately the reason it was able to survive dry periods when growth stalled.

    There are many other reasons I’m grateful for the farming experience — dealing with ambiguity (animals are predictably unpredictable), overcoming a fear of heights and the joy of working toward creating a product that does a body good.

    While these baby-soft hands have softened over time, I’m grateful for how much dairy farming prepared me to be a technology entrepreneur. But more than anything, it taught me how fortunate I was to have that time and those lessons with my family. And for the record, I’m confident the cows are happier in California than in Wisconsin. Just ask them in January.

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    Justin Vandehey

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  • Why Spending the Most Really Does Win the Most Customers | Entrepreneur

    Why Spending the Most Really Does Win the Most Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    “Whoever can spend the most, wins.” This is an adage in marketing that happens to be 100% true. If your business is prepared to meet the ever-increasing customer acquisition cost in today’s hyper-competitive digital and traditional media landscape, you are well on your way to dominating the market.

    However, this does not mean that you can simply throw money around willy-nilly and hope to get the results you want. Being willing to spend big to win big is great, but it’s only half of the battle. You also need to be strategic about how you spend your money to win over the competition.

    Related: Why the Best Days of Digital Media Are Ahead of Us — and Other Trends for 2023

    Companies with deep pockets that can spend more to acquire a customer will get more customers. If this sounds like you, keep reading to learn the most effective ways to put “whoever can spend the most, wins” into practice.

    1. Invest in the right digital media channels

    Spending on digital advertising is expected to exceed $600 billion in 2023. Your business needs to be heavily invested in this space if you want to maximize your market share.

    Of course, where you spend your advertising budget is an important consideration. Google Ads provides multiple robust pay-per-click campaign options (e.g., text and display ads). With Google Local Services Ads, businesses in select industries can dominate local search results for professional services. You will likely need to invest in social media ads on one or more platforms, too.

    All of these channels are highly competitive and, therefore, expensive. However, once you determine how customers find your business (i.e., via organic and paid search, social, etc.), you can start spending on digital ads that will maximize your visibility and drive customers to you over the competition.

    2. Don’t ignore traditional media

    Investing in traditional advertising (such as television, billboards, etc.) is still well worth your time and money if it means reaching your target customers on a massive scale. Mass media is a tried-and-true strategy for bombarding the market with your message. Not everyone will convert, but spending the money to make your name inescapable will drive far more customers than a limited investment in traditional channels.

    We see this with legal advertising. The law firms you see all the time on TV, on bus benches, on billboards, etc., are counting on the millions of dollars they spend to drive multi-million-dollar cases.

    It might seem strange to invest in traditional media when digital has taken over the space previously occupied by television and other strategies. However, considering that you are likely thinking of a local law firm’s slogan or phone number, there is no disputing the effectiveness of a major investment in TV and other traditional advertising venues.

    3. Invest in your employees

    Relationships are a cornerstone of marketing. While much of the discussion centers on engaging customers digitally, you should never underestimate the importance of hiring customer-facing employees, training them to be the “face” of your business, and empowering them to bring you new customers.

    Related: 4 Ways to Provide Excellent Customer Service

    This goes beyond fully staffing your office to handle phone calls and emails. Depending on your industry, it might mean hosting community events, wining and dining business prospects, and more.

    Customers are the lifeblood of your business. You don’t want to cheap out when it comes to hiring customer success managers, event planners, and other employees who can take your business to the next level.

    4. Define your brand

    Inconsistency is one of the greatest dangers when making a massive investment in marketing. Although you can distribute your message across seemingly endless advertising channels, your return on investment (not to mention your market dominance) will suffer if the message is unfocused and inconsistent.

    Before making a big splash and getting more customers than your competitors, you need to nail down your brand identity and key messaging. The brands people love have a clear identity and a consistent message. They also know their customers and tailor their marketing and advertising to maximize sales.

    You don’t have to be a multinational corporation to dominate your market. However, you have to understand your unique offering and consistently communicate to customers why they should buy from you over anyone else.

    Related: Define Your Brand Identity in 3 Steps

    5. Follow the money

    As the saying goes, “Fortune favors the bold.” The businesses with the money and the mindset to shoot for the moon and take the biggest piece of the pie are the ones that typically find the greatest success.

    However, your dollars must be tempered with sense. You must carefully identify your target audience by age, demographic, income, buying habits and other key characteristics. In addition, you need to understand what your competitors offer and how you can stand out. Finally, you must drill down on the geographic area you want to target.

    Related: 5 Ways Small Business Owners Can Embrace Rapid Digital Change to Get Closer to Their Customers

    With all these components in place, you can develop an intelligent strategy for maximizing the business you gain from a substantial marketing and advertising spend. Both digital platforms and third-party vendors should provide detailed reporting on how your money is being spent, the results of each campaign, and your return on investment.

    You won’t achieve dramatic growth if you are overly concerned about being cost-effective. However, a strategic approach that relies on data and tracking only ensures that you spend money wisely. This reduces the customer acquisition cost and results in higher profits.

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    Sean Allen

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  • 3 Key Trends that Can Signal Change | Entrepreneur

    3 Key Trends that Can Signal Change | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs and small and medium-sized business (SMB) owners are typically lauded for their abilities to operate agile companies that flex and grow with changing market conditions, resulting in sustained business success. Whether during times of prosperity or adversity, they are often the trailblazers who forge a path into unknown territory and develop innovative products, services and solutions to swiftly address opportunities or issues, which help pave the way for longevity in the marketplace.

    Savvy leaders understand that operating based on the status quo is not an option but rather adhere to the mantra that change is vital to their existence and success. Due to their size, SMBs have a significant advantage with regard to embracing change because leaders often recognize positive/negative trends within their client base sooner, which typically become indicative of the global marketplace in general. This knowledge enables them to act quickly by making informed business decisions/adjustments to meet the current state of business.

    As entrepreneurs and SMB leaders continue to remain relevant, they should be aware of three key events that can signal a change to business operations — shifts in the economy, deviations in the competitive landscape and fluctuations in the labor market.

    Related: How Agility and Resiliency Help Small and Medium-Sized Businesses Succeed

    1. Economic conditions

    Tracking economic conditions is central to business operations because inflation, interest rates, tax rates, supply/demand, consumer confidence and more dictate numerous aspects of business operations – from product pricing and employee wages to advertising/marketing and company growth – impacting a company’s bottom line.

    When leaders keep economic conditions top of mind, they are better equipped to make informed decisions about increasing profits and reducing losses. For example, during good economic times, expanding product/service offerings, increasing pricing and bumping advertising/marketing budgets can help boost revenues. During a poor economy, a greater focus on controlling expenses, streamlining processes and seizing missed opportunities can help companies weather the storm.

    In both scenarios, people-focused business leaders realize that economic conditions significantly impact employees from a professional and personal perspective, so taking care of their people — a company’s most valuable asset — is paramount, including financial assistance/perks, clear communication, mental health/wellness programs and unwavering support. When employees are treated as valued members of a team, engagement and performance increase resulting in a positive effect on the bottom line.

    2. Competitive landscape

    While business leaders should always be aware of the competitive landscape and make decisions accordingly, there are certain situations that may justify changes to business operations that can be a differentiating factor in the marketplace. Companies can explore opportunities to invest in new programs, such as introducing a new product/service, developing brand ambassadors, forming strategic alliances, boosting industry-related technology and increasing customer service initiatives.

    If there are budget constraints, there are still ways for SMBs to make changes to help them stand out in the crowd, such as positioning themselves as thought leaders for editorial opportunities, speaking engagements at tradeshows and panel discussions facilitated by trade associations. Companies can also become more active on social media platforms to increase their influence in the marketplace. Volunteering in local communities is another way to not only give back, but also increase brand awareness and a company’s reputation.

    Significant changes in the competitive landscape can impact employees who may want to jump ship for perceived better opportunities. SMBS must create and nurture a company culture that encourages employee retention through training and development programs, mentoring programs and defined career paths. They should point out ways that SMBs not only feel like family, but also how they offer greater access to executive leadership and faster advancement opportunities with more responsibilities.

    Related: The Tech Landscape Has Changed and It’s Time Tech Leadership Change With It.

    3. Labor market

    Even before the ramifications created by the Great Resignation and/or the Great Reshuffle, SMBs were no strangers to the challenges of the labor market. Historically, they have competed with larger companies for top talent, but the still-tight labor market continues to add another degree of difficulty to attracting and retaining employees. According to the most recent report by the U.S. Bureau of Labor Statistics, the number of quits was just under 4 million in March.

    Although SMB leaders are conditioned to the challenges, it should inspire many companies to change their recruitment strategies to attract top talent. For example, implementing employee referral programs; using social media to reach qualified candidates; improving the process to treat applicants with respect; and offering internships that lead to permanent employees are ways to fill open positions.

    Of course, one of the best ways to address the labor market is to have a great culture that employees want to be a part of, resulting in increased employee retention and a pipeline of job seekers. When employees are taken care of from an individual and professional standpoint with programs that address health/wellness; financial perks; reskilling/upskilling; career paths within the company; and flexible/hybrid scheduling, it brings out the best in them and leads to a loyal, long-term workforce.

    As entrepreneurs and SMB leaders position their companies for the second half of 2023, they should evaluate their business operations to identify areas where change can be leveraged to address fluctuating market conditions for optimal results, further demonstrating their agility and resilience in the economy.

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    Steve Arizpe

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