Why A Great Credit Score Will Grow Your Business
Is your credit score below 760? That’s the score at which you are likely to get the best interest rates on a mortgage. If you’re not interested in buying a home but need to rent a new apartment, it will still be a challenge if your credit score is below 600-650 (higher for more expensive units), regardless of your income. In some cases, even your job may depend on maintaining good credit! While only time and good credit habits will boost your credit score dramatically, if you are close to your desired level, there are some things you can do...
read moreWhat Motivates Gig Economy Workers
The gig economy workforce is growing. A new Pew Research Center survey on the sharing economy shows that 8% of American adults earned money from an online employment platform in the last year across industries, such as ride hailing, online tasks, and cleaning/laundry. These gig economy workers are driven by a range of motivations, from lacking other jobs to wanting control over their schedule to seeking social connection. But there are big differences separating those who are more financially reliant on gig work (56% of workers surveyed) and...
read moreHow Successful People Network with Each Other
As you advance in your career, you have more experience and more connections to draw on for networking. But chances are you’ve also become a lot busier — as have the really successful people you’re now trying to meet. How do you get the attention of people who get dozens of invitations per week and hundreds of emails per day? And how do you find time to network with potential new clients or to recruit new employees when your calendar is packed? The typical advice that’s given to entry-level employees — Invite people to coffee! Connect with...
read moreWhat Great Listeners Actually Do
Chances are you think you’re a good listener. People’s appraisal of their listening ability is much like their assessment of their driving skills, in that the great bulk of adults think they’re above average. In our experience, most people think good listening comes down to doing three things: Not talking when others are speaking Letting others know you’re listening through facial expressions and verbal sounds (“Mmm-hmm”) Being able to repeat what others have said, practically word-for-word In fact, much management advice on listening...
read moreDigital Marketing Strategy
Digital marketing is essential in today’s world. With both competitors and potential customers constantly online, digital marketing is the only way to stay ahead. When you’re a small business owner the online world can seem intimidating. Here is a list of five simple digital marketing strategies that any business owner can implement to help their business grow. 1. Setting a Goal: You’re looking for ways to help your small business grow. You might want more customers, more recognition or maybe you’re looking to get...
read moreDeveloping a Successful Business Model
Business models are perhaps the most discussed and least understood aspect of the web. There is so much talk about how the web changes traditional business models. But there is little clear-cut evidence of exactly what this means. In the most basic sense, a business model is the method of doing business by which a company can sustain itself — that is, generate revenue. The business model spells-out how a company makes money by specifying where it is positioned in the value chain. Some models are quite simple. A company produces a good...
read moreHow to Focus on Improving your Systems
We all have things that we want to achieve in our lives — getting into the better shape, building a successful business, raising a wonderful family, writing a best-selling book, winning a championship, and so on. And for most of us, the path to those things starts by setting a specific and actionable goal. At least, this is how I approached my life until recently. I would set goals for classes I took, for weights that I wanted to lift in the gym, and for clients I wanted in my business. What I’m starting to realize, however, is that...
read more6 Steps To A Better Business Budget
Why Budgeting Is Important Estimating and matching expenses to revenue (real or anticipated) is important because it helps small business owners to determine whether they have enough money to fund operations, expand the business and generate income for themselves. Without a budget or a plan, a business runs the risk of spending more money than it is taking in or, conversely, not spending enough money to grow the business and compete. Budgeting Techniques Every business owner tends to have a slightly different process, situation, or way of...
read moreDifferentiation is the Essence of Strategy
Differentiation is the essence of strategy, the prime source of competitive advantage. You earn money not just by performing a valuable task but by being different from your competitors in a manner that lets you serve your core customers better and more profitably. The sharper your differentiation, the greater your advantage. Consider Tetra Pak, a company that in 2010 sold more than 150 billion packages in 170 markets around the world. Tetra Pak’s carton packages extend the shelf life of products and eliminate the need for refrigeration. The...
read moreStrategic Business Planning 101
How to use systematic planning and goal-setting to see real results Q: What do successful companies have in common? A: They identify what works, find opportunities for growth and then strategically decide the best path to achieve their goals, which includes developing a written action plan to implement strategies. These top companies take time to develop and update their strategic business plan every year. They get their management team out of the office for an uninterrupted one- or two-day retreat facilitated by a professional strategic...
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