By: on November 8, 2020
Due to evolving technologies, changing customer trends, new market regulations and an unprecedented global crisis, preparing for change has become one of the most critical success factors for any business. Change management requires new technology implementations, process updates, maintaining compliance, restructuring teams or customer service improvements. If a company is planning to make major changes, it should deploy a change management strategy, but many entrepreneurs don’t know where to...
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By: on November 8, 2020
If you are running a business and have people working for you, you are bound to receive complaints from time to time. The complaints can range from something minor in nature to issues that are quite serious. It’s up to you to determine whether complaints are legitimate, and how you should respond to them. That said, having unhappy employees can hurt your business, in addition to making things unpleasant at the office. When employees are unhappy, their productivity suffers, which can affect yo...
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By: on November 8, 2020
When studying leadership approaches, you may have seen the term “servant leadership,” which can be confusing to some entrepreneurs, since it’s not fully commonplace yet. To get a handle on what this leadership style entails, it’s a good idea to go back in time a bit to understand its origins. The term “servant leadership” was first coined by Robert K. Greenleaf in his 1970 essay, “The Servant as a Leader.” In his essay, Greenleaf wrote, “The servant-leader is servant first… It begins with the...
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By: on November 1, 2020
Every entrepreneur has to negotiate at some point or another, whether it’s because of a major customer sale or it involves the price of rent. Here are 17 tips that can help business owners improve their negotiation skills to achieve positive outcomes while making their clients and customers happy. Let the Other Party Make the First Offer Ask the other individual to propose the offer first. That way, you can better understand what the other party wants and the reasons why they need to make a ...
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By: on November 1, 2020
Most fractional CFOs have experience with many different companies and industries that have unique challenges. This allows them to assist entrepreneurs in both understanding and improving the financial well-being of your company. Fractional CFOs can handle various financial operations and financial management responsibilities of multiple companies on a part-time basis. Here are a few tasks that a fractional CFO can perform for early-stage startups to large enterprises. Define key performan...
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By: on November 1, 2020
Many businesses need a CFO to help them plan out the future from a financial perspective, but not everyone can afford a full-time CFO. In some cases, a “fractional” CFO may be just what the company needs to power forward. A fractional CFO is a chief financial officer who handles various financial operations and financial management responsibilities of multiple companies on a part-time basis. With a fractional CFO, you can access high-end knowledge and expertise at just a fraction of the cost....
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By: on October 25, 2020
The emerging post-pandemic challenges are driving entrepreneurs to rebuild or reimagine their business’ processes, which will influence next year's budgets significantly. Entrepreneurs are working hard to create 2021 budgets right now, and are aiming to include plans for everything from marketing to staffing and beyond. A budget is essentially a business’ financial plan that sets out its projected income and expenditures over a given period. Budgeting allows you to allocate your business fund...
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By: on October 25, 2020
The business world is vastly different today than it was a year ago, and most of that change can be attributed to the impact of the coronavirus pandemic. Although the virus has affected some businesses more than others, everyone in the industry has felt at least some impact from COVID-19. Many leaders have learned a lot of important lessons due to the experience. Some entrepreneurs are reviewing their business’ core operational processes, from spending to remote working arrangements. Business...
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By: on October 25, 2020
Many startups avoid bringing on a CFO because they don’t realize they need one, while some other business owners think CFOs are only for huge mega-companies. But startups can grow faster if they have someone who knows their financial goals and can help map out a plan to achieve them. A CFO can play a critical role in strategic decision-making to help startups prepare for the future and optimize their processes. Entrepreneurs who want the security of a CFO’s advice but don’t want to hire someo...
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By: on October 17, 2020
Did you know that if your company runs on an extremely small scale, you may actually be considered a microbusiness (and not technically a small business)? According to the U.S. Small Business Administration’s Office of Advocacy, a small business can be defined as one that has fewer than 500 employees, with certain exceptions and clarifications. For example, a book publisher could have up to 1,000 employees and still be considered a small business. However, there's a category even smaller, and...
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By: on October 17, 2020
Every day, thousands of people dream about becoming entrepreneurs, but the biggest thing holding them back is often money. And while starting a company with a lean budget can be challenging, the truth is, you don’t always need millions to start a business. In fact, there are myriad businesses you can start for just a few thousand dollars. Take the case of Stewart Vernon of Macon, Georgia, who saved up a few thousand dollars while in college and bought some chemicals and a truck to open a pool...
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By: on October 17, 2020
Over the last few years, social media has grown tremendously in importance. According to a report released by We Are Social last year, almost 3.5 billion people actively use social media — that’s about 45 percent of the world’s total population. Certainly, these people are interested in looking up to someone to help them make decisions. In the world of social media, these “someones,” called “influencers,” are individuals who have built a reputation for their specialized knowledge, authority o...
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