As business owners and entrepreneurs, we are often consumed by our passion for our ventures, working tirelessly to bring our dreams to life. And so it’s no wonder it’s so easy to neglect the importance of work-life balance. However, maintaining a healthy equilibrium between our professional and personal lives is crucial for long-term success and overall well-being.
In the ever-evolving world of consumer behavior, small business owners face a continuous challenge in understanding how consumers want to learn about products. In fact, research shows that almost 90% of consumers view the experience the company provides as JUST AS important as the product or service they’re selling. That’s huge.
To thrive in a competitive market, it is vital for businesses to adapt and cater to the changing preferences of consumers. Here’s a look at some specific examples of how consumer learning has transformed, along with some actionable tips for small business owners to effectively promote their products or services with the customer experience in mind.
This first point is hardly surprising (but still worth addressing), and that is the significant shift in consumer behavior towards digital platforms. Consumers now turn to websites, social media, online reviews, and search engines to...
Being a business owner is like riding a roller coaster; there are plenty of exhilarating highs…and just as many stomach-churning lows. You’ll be having the time of your life one minute, and the next, you’ll think, WTF am I doing? You need a strong stomach, be willing to take risks, and accept that the whole thing might crash and burn.
Of course, that’s easier said than done. Because it’s one thing to TALK about hypothetical dollars used, resources exhausted, hours spent, and all the what-ifs and maybes.
It’s quite another thing to put all that talk into action.
But that’s what separates the Greats from the Really Greats. You think Elon, Bezos, or Jobs achieved what they did from pure dumb luck? Hardly. They took calculated risks. They were willing to push boundaries and redefine what is possible. And while your plans might not be as ambitious as starting your own aerospace or logistics company, you can still take a page...
Finding the right employees can be like a game of Where’s Waldo. Sometimes you’ll spot them right away, but more often than not, you’ll spend a maddening amount of time trying to see past a chaotic mass of nonsense and distractions.
While there’s no shortcut to building a team of A-players that embodies your company’s vision and values, there are certain strategies you can use to cut through the clutter. Today, we will look at five questions you should always ask, five questions you should never ask, and five questions to consider asking to help you locate the ideal candidates for your business.
"Good to the last drop."
"Snap! Crackle! Pop!"
"Taste the rainbow."
"Just Do It."
"Easy, breezy, beautiful…"
"You're in good hands."
If we were to put money on it, we'd wager you know exactly which companies we're talking about. Without mentioning names, your mind immediately went to the businesses they represent.
Creating a strong brand identity is critical for success in today's competitive business landscape. Everyone wants a piece of the same pie, but there are only so many slices to go around. If you don't want to go hungry (both physically and metaphorically), you've got to position yourself strategically within your industry to "secure your slice" and avoid being left behind.
A well-crafted slogan is an essential tool to help you reinforce your brand identity. It can help you capture the attention of your target audience and serve as a concise representation of your unique selling proposition, offerings,...
Customer service can be kind of like a first date; screw it up badly enough, and you probably won’t get a second one. Not only that but in today’s world of Yelp reviews and (ugh) viral TikToks, if you piss off the wrong person, that one “date” can have some serious long-term repercussions. Excellent customer service is expected, and if you fall short, you (and the rest of the internet) are going to hear about it.
Now, we aren’t suggesting you need to bend to the whims and fancies of the entitled, perpetually unhappy, or fame-seeking nuisances who will always find something to bitch about. Nor are we saying you should approach customer service from a place of fear. Remember, your customers are your business's greatest asset; building and maintaining relationships should be a priority because you want to meet their needs, not because you’re afraid they’ll leave a nasty online review.
If you’re looking for ways to up...
Freelancing. Contract work. Solopreneurship. Whatever you call it, it’s on the rise. The old American dream is dead, and more and more people are turning to alternative solutions for economic stability. In fact, it’s estimated that nearly 45% of the population has some sort of side hustle…and that number is expected to grow.
As perpetual champions for the small biz owner, we love these numbers. We think everyone should - and can - own some type of business. (We wrote a book about it, that’s how much we believe it.) From part-time side hustles to passive income streams, the possibilities are endless.
But with those possibilities come problems, and if you don’t treat your business for what it is…a business…those problems are really going to put a cramp in your journey to financial independence, particularly when it comes to finances.
With that in mind, here are five common problems entrepreneurs, solopreneurs,...
As a small business owner, you're constantly juggling multiple tasks and wearing multiple hats to keep your business running smoothly. With limited resources and time, it's easy to get caught up in the day-to-day operations and neglect the bigger picture. However, taking the time to strategize and plan for the future is crucial for success.
Explore these five examples of how strategic planning can help our business.
It helps you clarify where you want to go:
Imagine taking a trip without a map, GPS, or destination. You’d probably end up wandering aimlessly and wasting time and resources. The same applies to your business. Without a clear strategy, you may make hasty decisions or get lost in the ever-changing market dynamics. Strategic planning helps you set clear goals, define your mission and vision, and identify the steps to get where you want to go.
It can help you maximize resources:
Small businesses often operate with limited...
As a small business owner, you're (hopefully) well aware of the typical liabilities that come with the territory (rent, employee salaries, taxes, and so on). However, a few lesser-known liabilities can catch you off guard if you're unprepared - potentially leading to financial loss or legal disputes. Check out these six lesser-known liabilities you should be aware of to ensure your business remains protected.
Cybersecurity Breaches: In today's digital world, cybersecurity breaches are becoming as common as - well, the common cold - and small businesses are not immune to them. Cyber attacks, such as ransomware, data breaches, or phishing attacks, can mean significant financial losses, damage to your reputation, and legal liabilities. Unfortunately, small businesses are often targeted because they are less likely to have robust cybersecurity measures in place. As a business owner, it's crucial to invest in cybersecurity measures such as firewalls, antivirus software, regular data...
There's a laundry list of attributes that sets successful business leaders and entrepreneurs apart from the rest. A strong work ethic. Visionary thinking. Unafraid to take risks. Resiliency. And let's be honest, a little bit of swagger or a dash of charisma never hurts, either.
But one of the most often overlooked - yet highly essential - characteristics is their ability to communicate timely and effectively. On episode 73 of The Liquid Lunch Project podcast, our guest, Brenden from Master Talk, pointed out that we often set goals for things like revenue, attracting more customers, or expanding operations, but very rarely do we pay attention to our ability (or lack thereof) to communicate. We treat it like a chore rather than a skill that needs to be practiced. But as your business scales, your communication skills must grow with it.
It's also important to keep in mind that good habits start at the top. Being routinely late for meetings, overlooking important...