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Choosing the wrong business name can limit your growth and prevent you from connecting with your customers. Learn the eight traits of a great business name. When you’re starting a business, your company’s name is one of the foundational elements. A great business name will stand out to potential customers and help you build a strong brand identity. Here are eight traits to keep in mind if you’re trying to name your business.
Want to oversee operations without being stuck behind a desk? Discover technologies that turn any internet-enabled device into a mobile office. Technology enables entrepreneurs to oversee day-to-day operations and communicate from anywhere with an internet connection. Indeed, “93% of small businesses are using at least one technology platform,” according to the Chamber Technology Engagement Center (C_TEC). With cloud computing, you don’t have to wait until you get back to the office to handle an issue or double-check the numbers. Instead, you can access business-critical information on the spot.
If you’re ready to grow and expand your business, joining a local business group can be a great way to start. Joining a local business group can help you and your business to continue to expand your company and network with other local business owners. Additionally, there are multiple resources available on the type of local business groups you can join depending on the stage of your business.
Leaders share their best practices for creating an effective diversity strategy. Three strategies critical to crafting a diversity strategy that drives real results:. “Build a knowledge base about employees’ concerns so you know where to make improvements,” said Sheri Crosby Wheeler, Global Vice President of Diversity, Equity, and Inclusion at design company Fossil Group.
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Family, friends, and other loved ones can be a lifeline of support for entrepreneurs, especially during uncertain times. Family and friends are our single biggest support network in life and, sometimes, in business. Community and family support often help business owners maintain their excitement and passion for the future amidst an uncertain economy and business environment.
A recent study from the APA shows that internal diversity messaging doesn’t work when it's focused on the benefit to the business. Numerous articles and research reports have shown that diversity, equity, and inclusion (DEI) initiatives have a positive impact on a business’s overall success, including its profitability. However, a new study from the American Psychological Association (APA) shows that diversity messaging can backfire when it’s too focused on the “bottom line” benefit.
Lower attrition can increase your profitability and growth rates. Explore seven ways to reduce churn and boost your business. You may have trouble brewing if your churn rate is higher than expected. Poor experiences and unengaged clients can result in more turnover, reducing your revenue and increasing your cost of customer acquisition. However, corrective actions can keep subscribers loyal to your brand. Take steps to improve your customer churn rate and reach your business goals.
Score your competitors by stepping into a customer’s shoes to get an objective look at their products, positioning, pricing, and more. When you conduct a competitive analysis, you’ll need to spend time identifying your competitor’s strengths and weaknesses. On the surface, this seems like a relatively straightforward task. However, there are many facets of each merchant that you could evaluate. How do you approach assessing your competitors’ strengths and weaknesses?
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Try to avoid a price war by performing a pricing analysis and using a combination of tactics to appeal to customers beyond price. Price is almost always a factor when a customer makes a purchase decision. While your company can win on convenience, delivery speed, customer service, or branding, ultimately many customers simply choose the more affordable option.
The number of women-owned businesses continues to grow. Here are some of the best-known names in female-founded companies. According to the National Association of Women Business Owners, more than 11.6 million firms are owned by women and employ nearly 9 million people in the United States. These numbers are no small feat when you consider that just 50 years ago, there were only around 400,000 women-owned businesses in the country.
There are many types of competitive analysis that can tell you more about your consumers, your brand positioning, and your growth potential. Performing a competitive analysis on a semi-regular basis can help you spot market opportunities, keep tabs on customer trends, and adjust your product mix to stay ahead of the competition. Use one of these methods to assess where your competitors may be outperforming your brand, and evaluate your strategy accordingly.
The power of a brand to drive sales is well known. Now, companies are learning that a new sort of brand can also drive employee recruitment and retention. New phrases like the ‘Great Resignation,’ ‘quiet quitting” and “Say No to RTO’ (return to office) point to a fundamental shift in the power dynamic between employer and employee.
Losing customers isn’t a sign to slash prices. Do some analysis to see where your business can improve against your competitors. When it seems like customers are abandoning your business for a competitor, it’s tempting to respond by slashing prices and offering deep discounts. However, while that may win you back market share in the short term, it’s not a long-term solution. Reducing prices may inadvertently start a price war, which could be bad for everyone. If you find you’re losing customers, here’s what to do to assess and remedy the situation.
Maximizing is a style of shopping that emphasizes the less-is-more approach to buying new things. There’s a new consumer trend that brands are starting to notice: maximizing. And unlike our newfound reliance on curbside pickup and same-day delivery, this trend could actually benefit the planet. Maximizing is a consumer...
Coworking spaces are a budget-friendly option for new or small businesses. Keep these factors in mind when choosing a coworking space to find the best fit for your company. When choosing a coworking space for your company, the most important thing to consider is your own business. Are you a small company that could benefit from the networking afforded to you in a coworking space? Do you want to maximize productivity and minimize distractions?
Price isn’t everything when it comes to customer loyalty. Here’s how to avoid a price war and connect with customers. Evidence shows that when companies engage in a price war, it can be bad for customers, companies, and eventually, the entire industry. Experts from Harvard Business Review argue that in a price war, there are no winners. The airline industry is a perfect example: In an effort to compete in the early 90s, airlines slashed prices, which led to record volumes of air travel—and record losses. Air travel continues to rank among the worst-rated customer experiences today.
Avoid using corporate speak and focus on the audience to present your next pitch like a pro. As an entrepreneur, you’ve probably put a lot of time and effort into honing your idea, building a business plan, and working on an elevator pitch. When the time comes to approach investors, you’ve thought of every detail. The last piece of the puzzle is your delivery. Can you convey the excitement, passion, and energy you’ve put into this idea?
Babylist, Eterneva, and Liteboxer share the secrets of their viral success on the short-form video platform. Babylist, which offers customizable baby gift registries, has successfully incorporated TikTok into its larger marketing strategy, including connecting it with real-life events. Eterneva, which converts the ashes of lost loved ones into diamonds, has...
Pets have become part of the family, fueling opportunities for gourmet pet food, pet insurance, boutique vet clinics, nutritional supplements, and pet tech. Americans spent $123 billion on their pets in 2021, up 13% over the previous year. Over 114 million U.S. households own a dog or a cat. With...
Interest in second chance hiring has increased, yet barriers remain. Explore new data about hiring workers with a criminal record. More businesses are willing to take a chance on hiring formerly incarcerated workers. According to Indeed.com's economic research arm, the Hiring Lab, “In May 2022, 2.5% of US job postings on Indeed advertised fair chance hiring, up from 1.9% in May 2019.” The data suggests that more employers are willing to give formerly incarcerated individuals a second chance. However, business owners and hiring managers still have risk and productivity concerns.