CUSTOMERS DRIVING THEIR BUSINESS FORWARD

Owning a business can be tough, but that doesn’t keep people from doing it year after year. As the New York Times reports, even in “good times,” one out of five businesses don’t make it past the first year. In a particularly challenging time, when unemployment is high and people are supposedly tightening their belts, is …

What does a company need to do to thrive and grow? You might think that increasing the size of its customer base, selling more of its products or services, and introducing new products are all keys to increasing profits. While it’s true that creating value is a crucial way for a company to set itself …

Whether they take place over Zoom, Google Meet, Microsoft Teams, or any of the other video conferencing platforms out there, video calls make remote meetings and conferences possible. They can also be more draining, physically and emotionally, than in-person meetings. As more and more people shifted to remote work as a result of the pandemic, …

The news that two vaccines against COVID-19 were approved for emergency use in the U.S. at the end of 2020 was welcomed by many. Although the initial rollout of the vaccines was slow, production and availability of each, as well as potential new vaccines, is expected to increase by spring of this year. The vaccines …

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP) in March 2020. The goal of the loan program was to provide much-needed funds to businesses, allowing them to keep their team employed and providing financial support for other business operations. The loans were guaranteed by the U.S. Small Business …

Around 20% of all small businesses in the U.S. are family-owned businesses, according to the Small Business Administration. A family-owned business is one that is operated by at least two members of the same family and one where the family has the majority of ownership control of the company. Just as things can get a …

As the owner of a business, you might already know all too well the expense involved in adding new members to your team. You might also be familiar with the cost of bringing on the wrong hire. Some estimate that bringing on a bad hire can cost companies hundreds of thousands of dollars. When money …

As the end of the year approaches, there are some things your business needs to do to ensure its success in the coming year, whether this has been your first year in business, your 10th, or your 50th. There are many loose ends to tie up before the clock strikes midnight on December 31. Working …

At this point, it might be an understatement to say that 2020 has been a challenging year. Businesses were forced to make many tough decisions, from laying off key employees to deciding where to focus their energy and attention. Some companies had to press pause on plans to expand and grow while others were forced …

Improving Profit Margins One way to measure the financial health of your business is to look at its profit margin. The profit margin shows how your company makes money. It’s a ratio that’s usually calculated by dividing business income by revenue. The most commonly referenced profit margin is the net profit margin, which shows how …

What does your business need to succeed? You might be surprised to learn that it’s not the best product or the most innovative service. It’s not offering the lowest price, nor is it breaking certain records. Your business’ continued health and longevity depend in large part on the health of its relationships. Those relationships might …

Life and business both have their ups and downs. As the COVID-19 pandemic continues to keep many businesses shuttered and continues to wreak havoc on the economy, many business owners are finding themselves up against previously unforeseen challenges. Your emotional resilience influences how you respond to those challenges, both on a personal and professional level. …