Business planning tips during an uncertain economy
Managing a business and planning during an economic landscape of rising interest rates, inflation, and a possible recession is challenging. Patrick Novack, VP, Relationship Manager at Coastal Community Bank, talks to his customers regularly about the current economy and how to plan for the present and the future in the current uncertain climate.
“I talk to my customers regularly about their concerns about the economy,” Novack said. “It’s a real concern. I think that more business owners are just thinking, OK, how can I strategically position my business to weather events that may happen down the road.”
When having these discussions, Novack regularly recommends they think about liquidity, and their network of trusted professionals and reminds them the economy is cyclical and constantly evolves.
Novack explained that liquidity is a topic he regularly discusses with clients. “If you’re able to have more cash in the bank, you’re able to
8 qualities of highly successful leaders
Marc L. Goldberg
“Leadership is not the ability to tell people what to do,” according to Cameron DeBoer of McLean & Company. Leadership is influence and empathy. Leadership doesn’t always entail having a title. It has more to do with actions. So what are the qualities of a leader?
Integrity: Integrity in leaders refers to being honest, trustworthy and reliable. Leaders with integrity act in accordance with their words — in other words, they practice what they preach — and own up to their mistakes, as opposed to hiding them, blaming their team or making excuses. They are transparent in their communications presenting an authentic, believable individual who generates enthusiasm and loyalty. They take the “high road” when addressing values-based decisions and therefore set the example for their team.
Having and sharing a vision: Leadership vision is the ability to concentrate on the most important aspects of self or business,
20 Solopreneur Business Ideas – Small Business Trends
Some small businesses require a team. But it is possible to start your own company and run it as a solo operation. If you’re ready to start your own business and want the freedom and cost savings of a solopreneur, here are some ideas.
What is a Solopreneur?
Solopreneurs are small business owners who operate without additional employees. Some solo business ideas can be done with only one person, and other solopreneurs may outsource certain operations rather than hiring.
Solopreneur Opportunities in 2022
Becoming a solo business owner is an increasing popular option thanks to the popularity of remote work, outsourcing, and automation. Many solopreneurs take a business idea they’re passionate about and simply work on it in their spare time. Other businesses do require lots of time and planning, but entrepreneurs often rely on technology and outside contractors to handle any extra workload.
Why You Should Start Your Own
A Tufts Summer Program Gets Down to Business with Innovative Ideas
“We are grateful for this opportunity to scale up our support for young entrepreneurs,” said Elaine Chen, director of the Derby Entrepreneurship Center at Tufts and Cummings Family Professor of the Practice in Entrepreneurship. “This gift will help the center empower a new generation of entrepreneurs to realize their dreams, and their impact in society, through new venture creation.”
Tina Weber, program director for the Tufts Venture Accelerator and a lecturer at the Derby Entrepreneurship Center, said strategic investments will include broadening the array of experts who are central to the program’s success; she especially looks forward to bringing on board diverse mentors and instructors who will help reinforce equity and inclusion goals. Another impact of the gift is increasing the size of the grants awarded to students as part of seeding their ideas.
“Our job is to help nurture ideas,” Weber said. “With this new funding, we enrich all
3 Tips to Keep in Mind When Merging With Another Business
If you’re a business owner, your primary goal (aside from providing your customers with quality service) may be to see your company grow. There are various ways you can potentially accomplish this goal.
In some cases, one way to help a business grow is by merging with another business. However, this can be a challenging process if you don’t have much experience with mergers and acquisitions.
Thus, if you anticipate merging with another company in the near future, you can ensure the process runs as smoothly as possible by keeping certain basic tips in mind. They include the following:
Define Your Goals
A merger can be difficult not only for a business owner, but for numerous other employees. People are often very protective of their brands and businesses. Some fear that merging with another business will have unanticipated negative side effects.
This is one of many reasons it’s critical
10 Tips for Helping Your Business Thrive Through the Many Changes of 2022
The business world is always changing – but especially so after the past few years. So entrepreneurs need to adapt to keep up with the trends and consumer expectations. Here are tips from members of the online small business community for making it in business in 2022.
Choose the Right Virtual Event Platform
When planning an in-person event, selecting the right venue is essential. It’s just as important to choose the right platform when hosting a virtual event. In fact, Mike Allton of the Social Media Hat argues that you should do so before even creating an agenda. BizSugar members also shared their own thoughts on the post here.
Work from Home as a Graphic Designer
With more and more entrepreneurs operating remotely, there are more opportunities than ever to build a business you love. If you’re passionate about design, working from home as a graphic designer may be for
Five Tips On Recruiting The Best Talent For Your Small Business
Founder at JustReachOut.io – 5K+ businesses use our software to pitch podcasts, publications, blogs to get featured without help of PR firms
Most people like the idea of working for a big-name company, and small businesses are up against these big brands when competing for talent.
Not only have I turned down the chance to work for an A-list company, but I did so to start my own business. In 2014, rather than joining Google, I started JustReachOut after spending two years growing the startup Polar from zero to more than 40 million pageviews before Google acquired it.
The hustle was on. I knew that the key to building a successful business was to employ the right people. Talented employees are more productive and can grow a business 100 times faster than mediocre employees.
My business was new with a small customer base and a modest revenue. How was
7 Tips to Recession-Proof Your Business, From Leaders Who Have Been There
Nearly all of the jobs lost during the pandemic have been recovered. In June, the US added 372,000 jobs, beating expectations, and the unemployment rate remained cemented at 3.6 percent — the lowest in more than 50 years — according to data released by the Bureau of Labor Statistics today.
Despite the buoyant labor market, the overall economic mood feels increasing pessimistic. No business owner wants to hear the “r” word. But depending on whom you ask, the country could be talking itself into a recession, or we could already be in one.
Wells Fargo argues that this latest jobs report should squash the conversation about whether the US economy is in a recession — but not everyone shares that confidence. A group of forecasters surveyed by the Wall Street Journal put the odds of a downturn over the next year at 44 percent, up from 28 percent in April.
6 Tips to Find Out What Your Customers Really Want
Starting a small business is not easy, but it is worth it once the rewards start. However, it can be frustrating in the beginning. Small business owners agree that the business they initially started is very different from the business they have now, but that is not a big thing. Gathering information from your customers and target audience is essential to continue growing and developing as a business. There is always room for growth, especially targeted development with larger goals.
1. First, Find Your Niche and Target Audience
The first step all small business owners should take is to establish the purpose of the company, the specific niche, and the target audience. Truthfully, this step can feel daunting since it is heavily research-based.
Experts recommend widening your searches and your bubble. Although friends have opinions on businesses and the products they sell, there is always bias. Instead, paying a non-related
Sustainable business: 5 tips to boost code efficiency
In recent years, adopting sustainable business practices has become an important aspect of corporate branding and an expected factor in doing business.
Customers, partners, and channels are now routinely inquiring about companies’ sustainability strategies. Employees are proud to contribute to ecologically sensitive companies that make responsible decisions regarding the environment.
However, as more organizations compete based on their data insights, applications with big data analytics and AI/ML models are creating a huge and fast-growing carbon footprint. According to recent research from ByteDance AI Lab, the number of computations used to train deep-learning models has increased 300,000x in six years, raising concerns about the environmental impact.
[ Also read How Cloud AI Developer Services empower developers. ]
5 steps to reduce carbon emissions from software
Software that contains a large number of nonessential functions, or bloated code, can make excessive demands on computer resources, resulting in wasted energy. Companies need to