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

November 15, 2019
If you are new to YouTube’s BookTube, a community of readers who make videos about books, get started with these channels:
 
HarperCollins’s Book Studio 16
The publishing house shares short interviews with authors, as well as cover reveals...
October 23, 2019

1,022 – that’s the number of nouns recognized by Chaser, thought to be the world’s smartest dog, who died in July at age 15. Chaser’s owner, a psychology professor, trained her by holding up an object, like a dog toy or Frisbee, repeating its name over and over, and then hiding it and asking her to find it.

SOURCE: New York...

October 23, 2019
  • It wasn’t always called the Pumpkin Spice Latte. One of the original name ideas for the latte was Fall Harvest Latte. It became “PSL” because baristas needed an abbreviation for cups.
October 23, 2019

According to Harvard Business Review, “we’ve all been in the awkward situation of meeting someone new and having to build rapport quickly – at networking events, industry conferences, charity events, etc.  You probably break the awkward silence with this standard question: ‘So, what do you do?’”

October 23, 2019

Hey, Tweety Bird – Sylvester might never have been your biggest problem. Turns out that bird bones first thought to be the remains of an ancient eagle actually belonged to a prehistoric bird scientists came to name, “Squawkzilla.” At about 3 feet tall, the bird would probably have stood nearly as tall as the average American 4-year-old.

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