NEWS

March 16, 2020

According to statistics published in 2019 by the Small Business Administration, about 20 percent of business startups fail in the first year. About half succumb to business failure within five years. By year 10, only about 33 percent survive.

It’s not enough to just deliver what you delivered last year. There is no normal anymore. To evolve and grow, keep in mind the following:

  • Disruption is the new normal. No matter your business, assume that it will be disrupted by a trend, technology, consumer or competitor. Pay attention to what your current or future customer will need and begin to test or offer that service or product now. Disrupt yourself before someone else does.
  • Niche expertise becomes more important. As ecommerce and services become more competitive, you will need your product or service to have specific capabilities or expertise. For example, rather than offering accounting advice, consider services related to the coming transfer of wealth from baby boomers to their Gen X or Millennial children.
  • Remote work. With competition comes higher costs. Consider hiring a talented remote employee without the resulting overhead expenses.
  • Data analytics are becoming critical. The hidden value of your company is the data it generates or the data you can acquire to better understand your customer. How do you know what to offer your customers next if you don’t really know what problems the customer is really trying to solve?
  • Automation/outsourcing of redundant tasks. How much of your employees’ time is spent on redundancy or repeating their tasks each week/ Outsource or automate those tasks and have employees focus on increasing your current customer service levels or generating new sales.
  • Population is aging. Over the next 15 years, 70 million baby boomers will hold tremendous financial and real estate wealth. Most will want to spend their wealth trying to live an amazing life as they try to avoid death. Analyze the research data on this group. What product or service can you offer them to help them achieve their goals?

 

SOURCE: forbes.com, 2/24/2020

February 21, 2020

According to U.S. Bureau of Labor Statistics, about half of small business employees do not have access to the same quality work-based retirement plans as workers at large employers.

February 21, 2020
February 21, 2020

In 1964, AT&T, the most valuable company in the United States, had 758, 611 employees; Microsoft employs just 144,000. Instagram had just 13 employees when Facebook acquired it for $1 billion in 2012.

 

February 21, 2020

This year’s CES – the consumer tech industry’s biggest annual showcase – revealed the best and “weirdest” of the latest tech products.

 

  • Prinker, a temporary tattoo printer: This new device makes temporary tattoos mobile for spontaneous people who don’t want to commit to forever ink. The handheld printer can apply cosmetic-grade ink to the skin in black or color just by quickly passing it once over the chosen body part. Images are selected from a companion app. While the final product doesn’t smudge or fade much, it does wash off easily with soap...
February 21, 2020
  • Male dung beetles haul 1,100 times their body weight.
  • Elephants have been observed removing tranquilizer darts from friends, or tending to their wounds.

 

SOURCE: New York Times book review of Remarkable Discoveries About Animals and the Revolutionary New Ways to Show Them Compassion by Gene Stone, 1/12/2020

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