Owners of small and medium businesses never expect to fail, but every year, thousands of companies close shop, anyway. Reasons for failure vary from cash flow problems to poor product-market fit, but in many cases, company leaders could have avoided the worst if they’d known what to expect. Keep an eye out for these common mistakes so you can prevent them: 1. Failure to Delegate When you start…
The concept of wellness is an old one. Originating thousands of years ago, wellness describes a harmony between one’s body, mind, and spirit. Wellness gained steam in the West in the 1980s, and soon, the workplace wellness program was born. In the 40 years since, a lot has changed. For one, wellness programs were once found primarily at enterprises. Today, they’re actually more common at startups, where 85…
Over the past 20 years, corporate innovation has evolved from a powerful differentiator into a vague buzzword. Companies that claim to offer innovative solutions may or may not keep their word, and truly innovative companies have to struggle to prove their uniqueness. Sometimes, businesses get ambitious and go too far in their quests to innovate. Google Glass famously crashed and burned. Juicero somehow raised more than $120 million…
As a CEO, you’re at least partially responsible for directing, inspiring, and leading a team of employees. Most people take this as a cue to be as professional and distant as possible, setting a firm standard of stoic, duty-focused professionalism for others to follow. An impression of strength removes vulnerabilities and allows others to trust you, right? However, it’s often even more valuable to break down those walls…
If you’re looking for a good deal in influencer marketing, there’s one platform where you’ll find it: YouTube. According to influencer marketing agency Mediakix, just 11 percent of marketers plan to spend most of their influencer money on the social video platform this year. Compare that to Instagram, where 69 percent of marketers will sink the majority of their influencer dollars. But it isn’t just less competition that…
By now, marketers understand that members of Generation Z aren’t just younger Millennials. The latest generation to join the workforce has its own unique preferences, and brands that fail to acknowledge those differences will struggle to connect. Research from McKinsey found that Gen Zers prioritize individuality more than their older peers. They don’t see differences between the people they meet online and the people they meet in person.…
When you have an employee who needs to go, you might feel tempted to leave a resignation letter template lying on the copier. While that might work in some cases, passive-aggressive strategies rarely leave employees feeling good about their departures. Just like ending a business partnership, ending an employment agreement can be painful. No one enjoys firing an employee who genuinely wants to do well. Letting people go…
If you run a small business, your 2018 taxes were probably far higher than expected. The reason: The 2017 Tax Cut and Jobs Act significantly modified the tax code. These changes didn’t become evident until Americans filed their 2018 taxes. At their heart, the changes aimed to lower taxes for corporations. While this mostly means bigger companies, forming or modifying an LLC can help reduce your tax burden.…
Imagine spending decades building a team, turning it into a national brand, moving it to another city — and then a hurricane blowing the whole thing to pieces. That’s exactly what happened to George Shinn, the former owner of the Hornets basketball team, when he moved it from Charlottesville to New Orleans. “Growth means change and change involves risk, stepping from the known to the unknown,” Shinn famously…
Every business partnership has ups and downs. Usually, the lowlands and peaks balance each other out. When the valleys become the status quo, however, it may be time to dissolve the partnership. The good news for partners in this predicament is that there are always other entrepreneurial fish in the sea; you can even use a dating app to find them. In the meantime, though, you have to…