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

December 06, 2019
The most popular local shops over the past 12 months on Google search:
 
  • Coffee Shops
  • Flower Shops
  • Print Shops
  • Tire Shops
SOURCE: searchengine.com, 10/3/19
December 06, 2019
According to Maryse Cheviere, a sommelier and James Beard award-winner, you only need one “all-purpose” glass. So, if you are new to wine, or considering a gift to someone who is, what should you look for in an “all-purpose” glass?
 
  • Pick a clear, thin-lipped, “cut rim” stemmed glass with a U-shaped bowl that is wider at the stem and narrows slightly as it gets up to the rim. Cheviere says it’s “the wine glass equivalent of the perfect pair of jeans.”
December 06, 2019
A VR headset’s ability to block out the real world makes it easy to get lost in the flow of exercise disguised as a game. Here’s what to know before you get started:
 
Get a good headset. Recommended: the $400 Oculus Quest which costs about the same as a cheaper stationary bike or treadmill. Once you bring the headset home, don’t forget to clear furniture and other obstacles out of the way.
 
December 06, 2019
In downtown Kitchener, Ontario, Canada, someone left a plate of macaroni and cheese, complete with fork, sitting atop a steel road barrier, which caught the interest of a Reddit poster. No one knew where it came from or if someone would be back to retrieve it, but a day later an anonymous citizen made it into an art installation, by adding a museum-like tag beside it. “Abandoned Snack (2019) – Macaroni and sundried tomato on ceramic – Unknown Artist,” read the placard.
 
SOURCE: Funny Times, November 2019
December 06, 2019
The last issue of Accelerator highlighted the best small business FINANCE AND ACCOUNTING apps.
 
Here are two of the top small business apps for WORK COMMUNICATION:
 
Slack – Slack streamlines how your team members communicate and collaborate with one another. You can build chat groups for various departments or projects, instead of having to message every single employee via SMS or email. You can also make videos.
Lite version: FREE; Upgraded version: starts at $8/month
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