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A major goal of starting a business is to become profitable. Exactly when that happens will depend on your unique business and industry. Startups typically become cash flow positive after three to four years, according to the Massachusetts Institute of Technology (MIT). At that point, small business owners usually ask themselves one very important question: Is now the time to reinvest back into my business? Deciding when — and how — to do this is important. The way you move forward could impact your long-term success and sustainability.
Let’s talk about some important considerations and
Pushback. It’s a word that often carries negative connotations in the business world, evoking images of conflict, resistance, and roadblocks. However, what if I told you that pushback didn't have to be an adversary to be conquered but could be an invaluable asset to be harnessed?
With decades of experience leading organizations through periods of transformation and growth, I’ve found that a leader's true power lies not in managing pushback but in transforming it into progress. When approached with the right mindset, it can transform stagnant processes, spark creativity, and drive an
The mere mention of "team-building activities" will elicit groans and eye rolls across an organization. Employees shuffle into meeting rooms, conjuring up images of forced camaraderie, awkward icebreakers, and the contrived exercises that await them.
It's no secret that many employees view team-building activities as nothing more than obligatory interactions that steal precious time away from their already packed schedules. The sentiment is understandable — after all, who hasn't cringed at the thought of participating in trust falls or endless rounds of corporate bingo? This is a scene that
When you think of your customer's biggest concerns, is price transparency on the list? If not, your ecommerce business might be missing out on an opportunity to build its customer base.
Now more than ever, consumers insist on finding market rates and making price comparisons before completing a purchase. In fact, the modern consumer puts so much time and effort into researching prices that 74% say they've walked away from purchases because the decision was so overwhelming.
Sure, you can hide your pricing information from the public. But if your potential customer can't find the numbers on your
Entrepreneurship is a journey marked by resilience. In the often glossed-over narratives of success, an entrepreneur's hardships are a crucial part of their story, but these are the tales often left untold.
Challenges aren't mere stumbling blocks, they are transformative crucibles that test the mettle of visionaries across the business landscape. But how do entrepreneurs power through tough times? The most successful business leaders embrace hardships with a fervor that turns adversity into a catalyst for innovation.
It's all about digging into their passion arsenal. I'm talking about a mix of
Like many CEOs, I love sports. As a young adult, I played basketball, baseball, and soccer as a kid, overachieved in golf and tennis (for my talent level, anyway), and became a fervent skydiver in college. Now, I am passionate about skiing and scuba diving. Competing in sports taught me to stretch past my mental and physical comfort zones, work in teams, and learn from failure. Talk about transferable skills.
Business leaders often say they like to hire athletes. Generally, athletes who played high-level sports, particularly in college, possess many traits that define success. They set
Beyond the conventional emphasis on positivity and motivation, leaders are increasingly recognizing the urgency of creating psychologically safe environments — where employees feel empowered to express themselves without fear of judgment or repercussion.
As organizations continue to adapt to the complexities of a globalized and digitized world, psychological safety is of utmost importance. What shifts in mindset, policies, and behaviors are essential for leaders to transcend the confines of traditional leadership paradigms and embrace a more holistic approach that prioritizes psychological
There’s a reason diversification is an important part of financial health — whether we're talking about your investment portfolio or your business, putting all your eggs in one basket is a big risk.
For small business owners, diversifying your revenue streams can help you balance out seasonal lulls or unexpected headwinds. According to research from U.S. Bank and the National Federation of Independent Businesses, 82% of small businesses fail due to cash flow issues. Diversifying your revenue streams can help shore up stability and growth. Here are seven potential ways to do it.
1. Enter new
Leaders continually explore ways to sharpen their business edges, a process that's exhilarating and uncomfortable. Consider generative AI, for instance. Some CEOs might respond, 'Yes, take it somewhere else." However, most want to know how artificial intelligence tools can benefit their businesses. I certainly want to know, so I asked ChatGPT this: "How can you benefit my crane, crane service, and below-the-hook solutions business? Tell me in 100 words." Here's how ChatGPT responded:
I can elevate your Crane, Crane Service, and Below-the-Hooks Solutions business by optimizing operations
The only true certainty about consumer behavior is that it’s always changing.
Unfortunately for business owners, that’s particularly true over the past several years. We’re still dealing with the fallout from the worst inflation spike in nearly four decades, along with many other repercussions of the COVID-19 pandemic. Meanwhile, unprecedented developments in AI and other tech have and will continue to change how people spend their money.
Even in the best of times, it’s a tough case to crack. A recent survey shows that over two-thirds of Americans let their day-to-day feelings influence
Nothing in business stays the same. That applies to everything from changes in consumer behavior, executing business growth strategies, implementing innovative technologies, and employee benefit expectations — but it also pertains to leadership styles as well.
Leadership has had to transcend the conventional notions of command and control. It isn't about issuing orders and expecting compliance, it's about creating a culture that empowers employees, fosters innovation, and ensures long-term success. This new focus on leadership is transformative, and it isn't only obvious in the organization
In today's corporate landscape, the concept of employee wellness has transcended from a mere buzzword to a fundamental necessity for the success of any organization.
Business leaders across every industry have felt this paradigm shift: where elevating employee wellness internally has gone from a passive consideration to an active part of a company's business strategy. The symbiotic relationship between the health — both physical and mental — of employees and business performance is undeniable. Companies must prioritize the physical and mental health of their workforce in order to achieve
We're living in an era defined by rapid global transformations, shifting demographics, and a growing awareness of environmental and social concerns. In response to this era, the role of sustainability in business has evolved from a mere forward-thinking aim to a pivotal pillar of strategic decision-making.
Across industries, business leaders grapple with the imperative to not only ensure the ongoing success of their organizations but also to align their strategies with sustainable principles that are shaping the future. It's clear that sustainable business practices are of critical importance
Innovation remains the cornerstone of business triumph. Entrepreneurs and driven leaders persistently pursue excellence to nurture their enterprises and vie for distinction within their sectors.
Savvy leaders comprehend that glancing beyond their own fences often yields invaluable insights, aiding their navigation of the intricate business terrain. This approach gives rise to a nuanced art: one that involves extracting lessons from competitors while steadfastly upholding originality.
The realm of business brims with educational prospects. We can appraise rivals' accomplishments while being
It’s easy for small business owners to get bogged down with day-to-day operations — there’s probably no shortage of urgent tasks that need your attention. As a result, setting aside time to check on your business’s financial health might get pushed to the back burner.
The truth is that running a smooth business and tending to its financial health are equally important. If you’re having trouble juggling both, consider these five strategies you can use to measure the financial well-being of your business.
1. Do a cash flow analysis
According to QuickBooks data, 61% of small businesses that
In the midst of the 'Great Resignation' era, where top talent is reevaluating their professional choices, leaders are faced with a pivotal challenge: how to surpass the changing expectations of their employees.
Workplace loyalty is no longer guaranteed, and the days when a steady paycheck and basic benefits were enough to satisfy employees are a thing of the past. Workers now seek purpose, growth opportunities, and an environment that fuels their passion. They demand leaders who can navigate the shifting tides of the corporate landscape and steer their organizations toward success. It is
Employee benefits are no small thing, especially in a competitive job market. More than half of job seekers give heavy consideration to a company’s health, dental and vision plans, according to one Fractl survey. But employee perks don’t stop there. If you have the resources, offering fringe benefits that go beyond what’s required can be a great way to attract and retain talent.
What are fringe benefits?
A fringe benefit is employee compensation that’s awarded on top of regular wages. That could include everything from a gym membership to flexible work arrangements.
While some employers
Volunteering and entrepreneurship don’t exactly go hand-in-hand. After all, the whole point of the latter is for a founder to execute their business vision -- to seek financial and commercial success for themselves and their companies. Entrepreneurship is a pursuit that, almost by definition, centers on a founder and their ideas.
This isn’t to say that an entrepreneur can’t have a passion for helping those in their greater community; their business could provide a desperately-needed service to a hungry market, fulfill a nonprofit function, or take an active role in fulfilling community needs
Picture this: a bustling office, the hum of productivity, and employees voicing their ideas and concerns. Now, ask yourself, is this a workplace led by an executive with a closed-door policy or someone who is actively present in the office?
One common issue spanning the business world is employees not feeling heard at work. One survey found that 83 percent of its participants didn't feel heard by their organization's leadership, with 40 percent believing their views and opinions were being outright ignored. Most business leaders would probably be quick to downplay this reality within their
Entrepreneurship is a dynamic and challenging journey. You'll celebrate many successes along the way, but you'll encounter a number of hurdles as well. Some of these hurdles will be outside of your control, which is why the most resilient entrepreneurs know to plan for the unexpected. Yet, perhaps the most frustrating hurdles you'll experience are the ones you've created for yourself.
The inevitability of mistakes is something that doesn't get talked about enough amongst business leaders. Mistakes are going to happen, no matter how extensive your background is. But it's not the mistakes
Government contracts may be an untapped revenue stream for your small business. A common misconception is that they’re only awarded to large businesses and corporations, but smaller companies have as good a shot as anyone else. It comes down to understanding how government contracts work — and where to find them. Getting into this market could change the trajectory of your business.
What are government contracts?
The U.S. government is a massive entity with lots of different agencies. Like any large organization, it has practical needs in terms of logistics and operations. Small businesses
For the vast majority of Americans, work and family have long stood as two distinct spheres, coexisting in uncomfortable isolation and connected by the frail string of a commute. Once clocked in, workers were expected to leave their personal obligations at the office door and focus on their professional to-do lists. Conversations about kids and families were limited to brief water-cooler chatter; leaving work to care for family members was allowed grudgingly, if at all. The United States is one of just a few countries that doesn’t mention the word “family” in its Constitution -- and in our
If the healthcare sector aims to produce healthy people and communities, its success cannot be measured by the number of patients treated or the length of their hospital stays. Instead, it should be measured by the industry's ability to keep patients healthy over their lifetimes.
This means that patients should not only be making fewer trips to doctor's offices, hospitals, physical rehabilitation centers, and other healthcare facilities, but they should be spending less time there as well. This is the goal of value-based care, to make healthcare more proactive rather than reactive. While
The COVID-19 pandemic has brought about a paradigm shift in our professional and personal lives, forcing us to adapt to new ways of working, learning, and socializing. The pandemic has also had a significant impact on mentorship, a vital aspect of career development and personal growth. Traditional forms of mentorship, such as in-person meetings and networking events, had become challenging or impossible due to social distancing measures and remote work arrangements. As a result, mentorship programs have had to evolve to meet the needs of mentees in the current context.
However, instead of
Every corporate leader stands to hone their interpersonal skills and become a better person by lending a simple hand to those in need.
Consider America’s corporate titans as examples. Microsoft co-founder Bill Gates created a foundation with his now ex-wife, Melinda, to improve public health and eradicate poverty worldwide. Warren Buffett gave $2.9 billion of his personal fortune to nonprofits just this year -- and plans to part with all but one percent of his wealth over the next few decades. Michael Bloomberg, the majority owner and co-founder of Bloomberg L.P., regularly supports complex
If you had to identify one hurdle preventing you from achieving your career goals, what would it be?
If you list productivity as a dominant weakness of yours, you have something in common with more than half the workforce. Over 50 percent of employees struggle with staying on task at work. Technology is partly to blame. All of these employees admit that their smartphones are a curse to their productivity. But then there's all the other factors that contribute to ineffectiveness: boredom, burnout, and lack of on-the-job training, just to name a few.
Productivity is such a shared struggle that
