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Showing posts from July, 2022

Starbucks Uses This Simple $4 Customer Service Trick. It's a Genius Employee Retention Strategy

Admittedly, I've never been cool enough to be part of the Starbucks cult. But in need of a caffeine-fueled pick-me-up on a 90-degree day, I went to the drive-through for a $4 iced coffee.  I soon found myself stuck in the single car-width lane for more than 20 minutes. After daydreaming about how much momentum I'd need to get over the embankment and through the wall of dense shrubs (as one does), my sensibilities won out. I settled on the simple hope that the barista would at least acknowledge the wait. To my surprise, I got more than I had hoped for.  I got an apology and a free coffee.  Almost instantly, my angst towards one of the nation's notoriously slow fast-food chains dissipated--as did the vow I had made to myself to never return. With that, a new daydream sprung to mind: Was I actually frugal as I thought, or just cheap? Regardless, I drove off happy.  In the grand scheme, a free coffee from a multinational chain may not seem like a...

14 Valuable Lessons Smaller Tech Companies Should Learn From Big Tech’s Example

The Big Tech companies—such as Google, Meta, Microsoft, Apple and Amazon—are frequent subjects of headlining news stories, both for reasons they’re proud of and for occasional blunders. All this attention on these industry giants isn’t just valuable (or embarrassing) press attention for them—it’s also an ongoing, practical learning experience for smaller companies. Keeping on top of and learning from the high-profile “lessons” Big Tech provides on topics ranging from the user experience to data protection can be a boon for smaller tech companies navigating a highly competitive industry. Below, 14 members of Forbes Technology Council share both clear and less obvious lessons every tech company can learn from Big Tech. Members of Forbes Technology Council share valuable lessons smaller tech companies should learn from Big Tech’s example.  1. Constantly Measure Customer Impact Most startups work in an ad hoc way, in which features are developed based on intuition. Converse...

Here’s How To Build a 6-Month Emergency Fund

We may be a country sorely lacking in financial literacy, but we all have one core principle ingrained in us: We must have an emergency savings fund. In theory, it sounds pretty simple: You make a certain amount of income, and set a certain amount of that aside in an account that you only tap into when the going gets especially tough and you need to shell out dough for something like a new car part or a surprise medical bill. But embarking on building a six-month (the recommended amount) emergency fund can be challenging. Where do you begin? With the help of finance experts, we've laid out a multi-step plan of attack. Go In With the Right Mindset "Saving is primarily a mental game that you can win," said Adam Garcia, founder of The Stock Dork. "Setting away even a tiny amount of money on a regular basis can eventually lead you to your objective, no matter how low your starting point is. Time and a little self-control are all that is required." Get a...

Here are 5 Ways you Can Prepare for a Possible Recession

While the big money on Wall Street is preparing for a mild recession, Memphis experts agree, we all should be doing the same. MEMPHIS, Tenn. — Americans are feeling the challenges of inflation as many work to navigate skyrocketing prices at the pump and the grocery store. The financial stretch is even sending many families to food banks to make ends meet. According to a new report from ABC News, Wall Street is betting on a recession sometime within the next 12 to 18 months. While Wall Street is preparing for a mild recession, 901 Economics President Dr. John Gnuschke says we all should be doing the same. "Most people are afraid of inflation. They ought to be afraid of a recession,” said Gnuschke. “The recession is going to impact people more than the price of gas. If you're unemployed, you can't buy gas." This hasn't happened in years. Our country's last recession started in 2007 and lasted until 2009, also known as ‘The Great Recession.’ Accordin...

Reinventing the Manager's Role in the New Workplace Reality

Over the past two years, we've focused our writing on the myriad of challenges and evolving realities facing the “modern workplace” due to the COVID-19 pandemic. It's clear that no one anticipated not only the duration of the pandemic, but also the effects it would have on both the physical workplace environment itself, as well as — and more importantly — the ways we do work. For those of us involved in the hiring process, there isn’t a candidate who doesn't ask about remote and/or hybrid working situations. For those of us actively hiring, we're faced with the reality that employees are no longer interested in a traditional office environment. Now that companies are developing plans for a return to the office — at least in some capacity — there are new challenges that must be addressed.   Training and Mentoring   Many companies are facing the reality that they have a growing number of employees who have never been in the office. In their minds, they've been...

Five Reasons Why Leadership And Management Skills Are Different—And Why It Matters

CEO of Sales Readiness Group (SRG), author and speaker with a passion for coaching teams to peak sales performance Leadership and management skills often get confused and interchanged when talking about developing more effective front-line sales managers (FLSMs). But there are some key differences. While one is not necessarily more important or better than the other, both need to be understood and developed in order to get the most out of your sales team. Managers often get trapped in the daily grind of running the day-to-day operations of their team. But understanding and executing key leadership principles enables them to look toward the future and inspire their team to achieve even greater levels of success. Here are five principles of being a good leader. 1. Leadership is about having a vision. Good leaders have a clear vision about where they want to take their team. Even within a small sales team, a good leader has a clear picture of what they can do to improve per...

Testing Is Key to Turning an Innovative Idea into a Successful Commercial Medical Device

Formulating an innovative idea is only the first step in creating a successful commercial product. Design and engineering teams make countless decisions as they bring the idea to life. Testing provides an objective way for these teams to assess progress and improve the design at each stage of development. Creating a successful commercial product is a challenging endeavor. It requires marketing insight, design creativity, and technical expertise. Whether a team is developing a complex laboratory instrument, a novel medical device, or an innovative consumer product, the effort is a dynamic process that requires the team to make a thousand decisions (or more!) as they work to bring the product to market. How can a team ensure that all those decisions result in a product that will excite customers and create a profitable business? Purposeful testing at each stage of development is the key. Different types of tests are needed at each stage of development. These tests serve as objecti...

Is It Time to Turn Your Side Hustle into a Full-Time Business?

The pandemic has changed a lot of things, including the way many of us think about work. People are leaving their jobs in droves, but where are they going? And can you go there too? If you have a side hustle--a hobby or gig you do outside the hours of your full-time job--maybe it’s time to think about turning that into your primary source of revenue. Here’s what you can learn from people who’ve turned their side hustle into a small business. Do What You Love A side hustle is often a way to engage your passion for something that’s different from your “day job.” According to The Hiscox Side Hustle to Small Business™ study, most side hustlers started their side gig to follow a passion, and a majority did so in a different industry from the one they last worked in.  Kat Carney of Swell & Stone always wanted to be a photographer, but it was only a side hustle for several  years. When she decided to make it her full-time job, she began shooting traditional weddings bu...

Web Design Tips To Avoid A Slowdown In E-Commerce Sales

A digital commerce expert and the co-founder at Kinex Media Inc, a creative digital agency in Toronto. Websites are undoubtedly the new storefronts. Today, people rely largely on digital platforms to do online shopping, and this trend has given a great boost to the e-commerce industry. Merchants and business owners strive to create a great online presence for their e-commerce business when it comes to attracting more and more buyers online. More often, they try to accomplish this by choosing an optimal web design for their web platform. A good e-commerce website design can be an effective strategy to skyrocket business sales. It can have a great impact on customers "walking" in and out of your online store. It is worth noting here that a good website is not just about aesthetics, but about its usability and accessibility too. From the smallest venture to the biggest enterprise, building an online website that is catchy and that offers a rich user experience can generat...