Success Secrets From One of the World's Richest Restaurateurs http://ift.tt/2nA4XCw On this episode, Entrepreneur Network partner Business Rockstars sits down with Tilman Fertitta, CEO and chairman of Landry's, Inc. one of the nation's largest restaurant companies, to talk about his passion for business. "When I was in college -- in high school -- I used to say, 'I want to have my first jet when I'm 35 years old,'" says Fertitta. "I just knew, even though I wasn't a great student, academically, at all. I just knew that I knew business." Sure enough, Fertitta bought his first jet when he was 35 years old. Watch the video to learn more about how he did it. Related: The CEO of FUBU Started Selling Pencils When He Was 6 Years Old Watch more great interviews on Business Rockstar's YouTube channel. Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre. EN is partnered with hundreds of top YouTube channels in the business vertical and provides partners with distribution on Entrepreneur.com as well as our apps on Amazon Fire, Roku and Apple TV. Click here to become a part of this growing video network. Business RockstarsBusiness Rockstars is the first integrated, multi-platform media company featuring entrepreneurs, startups, and CEO's. With award-winning content creators and influencers, we are connecting and growing a community of entrepren... Read moreBusiness via Entrepreneur: Latest Articles http://ift.tt/1V7CpeP March 29, 2017 at 02:11AM
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3 Ways Technology Influences Generational Divides at Work http://ift.tt/2nA05xB What do an iOS developer, a social media intern, a UX designer and a big-data architect have in common? As recently as 10 years ago, their job titles were rare (or didn't exist at all). Today, these titles are a dime a dozen for young professionals. In 2008, there were zero big-data architects on LinkedIn. In 2013, there were 3,440. (It might not come as a surprise that nearly 70 percent of parents admit they don't have a clear understanding of their children's jobs). Technology's rapid evolution has led to a surge of digital tools in the workplace. In some cases, it's created entirely new industries. But it's also created a gap between generations. If companies hope to address the challenges of a multigenerational workforce, it's critical for leaders to embrace these differences as opportunities. 1. Technology changes the way generations communicate.More than 74 percent of millennials believe new technology makes their lives easier, compared to 31 percent of Generation X and just 18 percent of Baby Boomers. Younger generations simply have a different outlook when it comes to technology, and that translates directly into their attitudes at work. For example, younger workers might bring their smartphones to take notes at meetings or find information online or via social apps such as Twitter. Older workers, on the other hand, tend to stick to a notepad and pencil. These choices can be perceived as rude or antiquated, depending whom you ask. Related: 4 Ways Businesses Can Bridge the New Generation Gap This divide quickly can grow as more companies move away from email as a primary mode of communication and toward digital tools like Google Hangouts and group-messaging applications. For Simon Rakosi, cofounder of management training software company Butterfly, the true tipping point has been the normalization of tools such as Slack. Companies use use the instant-messaging platform to enable real-time communication among employees. “Slack is truly the embodiment of the millennial generation's view on work culture," Rakosi says. "It's fast, it's instant, and it has personality. For people who have been in the workforce for decades, Slack might be a jarring transition away from emails and memos." That doesn't mean this gap can't be closed. There are many ways leaders can ease the transition into new technologies. Mentoring programs, for example, can encourage cross-generational knowledge sharing in both directions. Related: The Generation Gap at this IT Firm Has Nearly Disappeared. Two Staffers Explain How. 2. Technology creates a new set of workplace skills.The rise of technology also has created a demand for tech skills. A study from Manpower Group revealed a lack of available talent has caused 39 percent of U.S. employers difficulty in hiring new employees. When they do find talent, it's typically in the younger employee. The median age of workers at successful tech companies is well below 35. Elizabeth Gibson, editor and messaging strategist at EZ Landlord Forms, says she confronts this skills gap every day with her clients. The landlords she deals with are either tech-savvy or only have hard-copy expertise. “Generation is the single biggest predictor for difficulty," she explains. Gibson says the company is bridging this skills gap by simplifying forms to make them as intuitive as possible. Older generations may find themselves puzzled by the buzzwords their children use to describe their jobs. But the confusion around language doesn't mean their kids are performing job duties beyond their reach or understanding. Every generation has experienced change and can learn new skills. Related: 7 Ways to Help Your Employees Become Better Problem-Solvers 3. Technology affects the perception of work-life balance.Younger workers place high value on creativity, innovation and flexibility in the workplace. That can lead to tension with older generations who may appreciate the more traditional work model -- putting in time, paying dues and then going home for the day. As mobile and remote workers become a larger part of the workforce, companies are embracing digital collaboration and communication models that make remote work more effective. Younger workers perceive this technology as a perk that empowers them to be productive from anywhere, but older generations may see these trends in a more negative light. Related: Age and Experience Don't Matter. Mindset Does. To combat this, companies should position remote work, tech-driven communication tools and related benefits as policies that value every generation's flexible needs. A young millennial may have a side-gig she want to work on in the evening, a Gen Xer might need to pick up his kids from school, and a Baby Boomer may need to care for an aging parent. Putting forward policies designed to serve everyone allows companies to take advantage of diverse talent and use technology to bridge many of the gaps it has created. Kim CassadyKimberly Cassady is the Vice President of Talent at Cornerstone OnDemand. In this role, Kimberly drives all internal talent initiatives for Cornerstone’s more than 1,600 global employees, including talent acquisition, talent operation... Read moreBusiness via Entrepreneur: Latest Articles http://ift.tt/1V7CpeP March 29, 2017 at 02:11AM David Einhorn is the second activist to target GM in two years one chart explains why (GM)3/29/2017
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David Einhorn is the second activist to target GM in two years — one chart explains why (GM) http://ift.tt/2nv5CDZ Greenlight Capital's David Einhorn is gunning for General Motors. The investor has turned activist and rolled out an unprecedented proposal to create two classes of GM stock, one driven by growth and the other supported by a permanent dividend. After studying Einhorn's proposal for seven months, GM rejected the plan as well as his goal of getting four seats on GM's board. Thus far both Moody's and S&P have sided with GM's argument that Einhorn's idea would sink the carmaker's investment-grade credit rating and poses an unnecessary risk. GM has also insisted that two classes of stock would create management conflicts. Which group of investors would GM put first as it weighed big decisions? For CEO Mary Barra, this is the second go-round with an activist in just two years. In 2015, GM gave in to Harry Wilson's much more straightforward demand to increase the speed at which it was buying back its own shares. Andy Kiersz/Business Insider US auto sales have boomed, setting records in both 2015 and 2016, and through this expansion, GM has been steadily profitable, as consumers have favored full-size pickups and SUVs over low-margin passenger cars. The carmaker's market-share position in the US is also solid: it's the biggest carmaker, controlling nearly a fifth of the total market. Again and again, analysts have pointed out that GM is undervalued relative to its earnings. The company has addressed this by taking its free cash flow, above what it requires to keep adequate cash on the balance sheet, and returning it to investors through buybacks and a dividend yield now above 4%. Buying and not buyingRuben Sprich/Reuters Einhorn's is buying GM — Greenlight holds about 1% of the available shares, with options to take that 2.5% — but he isn't buying Barra and her executive team's financial strategy. He thinks there's a whopping $38 billion in additional market cap that could be realized if GM's accepts his plan (the company's current valuation is $54 billion). GM's languishing stock price is a mystery to many observers. The typical fear expressed now about getting in is that all the sales growth is in the rearview mirror and a downturn in the US will arrive soon. But that fear has been a constant feature of the auto industry for two years, even as new sales records have been set. If a cyclical downturn does take hold in 2017, the market is unlikely to fall below 15 million to 16 million in annual sales, and GM is structured to be profitable in a market that plunges to 10-11 million annually. And in any case, GM's mix of products, especially pickups and SUVs, would enable it to maintain relative profitability even if sales have peaked. The ultimate conclusion? GM is a victim of its own success. Einhorn sees great fundamentals but a stock price that the markets are getting wrong. He wants to do something about it. NOW WATCH: Clinton calls the GOP health care bill failure a 'victory for all Americans' See Also:
SEE ALSO: David Einhorn's terrible idea could not have come at a worse time for GM Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 02:09AM
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Everything you need to know about post-Brexit immigration in 5 minutes http://ift.tt/2oaIXzS REUTERS/Francois Lenoir/Illustration LONDON — Prime Minister Theresa May triggered Article 50 on Wednesday afternoon, paving the way for Britain to begin the formal two-year exit process from the EU. Many questions remain as to how upcoming negotiations between the UK and EU will shape major areas of policy after Brexit. While many parts of existing EU law will initially be wrapped into UK law under the "Great Repeal Bill," Britain will have the freedom to try and shape its own policy on touchstone issues including immigration — which is often cited as a major reason Britons voted to leave the EU in the first place. So what will immigration policy look like after Brexit? Business Insider spoke to Dr. Patricia Hogwood, a reader in European Politics at the University of Westminster, who explained some of the options on the table for May and her cabinet — as well as some of the hurdles the prime minister will have to clear during negotiations. What will happen to EU nationals who are already in Britain?May and senior cabinet colleagues have consistently refused to guarantee the right to remain to the 3 million European Union nationals who already live in the UK. Trade minister Liam Fox has described EU nationals living in the UK as one of the government's "main bargaining chips" in upcoming negotiations, and May has argued that the UK would be left "high and dry" in negotiations by guaranteeing the rights of EU nationals without receiving similar assurances for UK nationals living in the EU. The consensus appears to be, however, that May is unlikely to follow through with the implicit threat of deporting EU nationals from the UK after Brexit. I don’t think for a minute [May] would start to deport current EU immigrants en masse "I don’t think she intends to exclude EU nationals," Hogwood said. "She wants to hold this issue back as a bargaining chip, which has gone down very badly with European partners, and it’s also raised a lot of concerns in the UK from EU residents. "I don’t think for a minute she would start to deport current EU immigrants en masse, so I think she is prepared to give concessions to the EU. It doesn’t make sense to say during negotiations, 'Well I won’t allow EU nationals to stay in the UK,' because that would invite reciprocal sanctions on UK residents living in EU countries," she said. Business immigration lawyer Adam Williams, a partner at law firm DMH Stallard, also told Business Insider that it was "it is unlikely that we will end up with the government taking a short, sharp, hard line in relation to removing the rights" of European nationals to work in the UK. When will May guarantee residency rights to EU nationals?The question of when, during the next two years, May would be able to guarantee the rights of EU citizens in the UK is a difficult one, because even the agenda for Brexit negotiations has not yet been agreed, and the UK and EU have different priorities. "The UK and Europe want different things," Hogwood said. "Most of the European heads of state want a guarantee EU residents' rights in the UK first, and want to settle that quickly. They would also like to see some progress on how to calculate how much UK will pay the EU on exit." Meanwhile, "the UK would prefer to get the idea of free trade settled — so I can see a conflict even over the agenda, over which issue we resolve first," Hogwood said. "At the moment we have no information about potential agenda and that won’t be fixed until Article 50 has been triggered at the very earliest. I’m sure they’ve got plans ready, but it’s not in the public domain. So we can’t really say at the moment how soon this issue is likely to be resolved." What about tourists coming from the EU?The Home Office is proposing the idea of an electronic visa waiver scheme for EU citizens visiting Britain, similar to the US electronic system which fast-tracks visitors from certain preferred countries, according to Hogwood. She said the Home Office "would want to facilitate tourism and people coming into spend their money in the consumer sector, but to lock down labour immigration as far as possible." What will happen to EU immigration?May has pledged to end EU freedom of movement after Brexit, the policy which allows EU citizens to move to, live in, and work in EU member states without having to apply for visas. It is one of the union's founding principles. Hogwood says there are "several ideas running around" about what will replace freedom of movement after Brexit, and divisions in the cabinet about how to regulate the flow of EU workers into Britain. Many ministers who supported Remain are advocating a "Free Movement Minus" regime, which imposes only minimal restrictions on free movement "The ministers who supported Remain tend to advocate as few restrictions on EU migrants, workers, and people already resident in the EU as possible," she said. Those cabinet ministers are advocating a "Free Movement Minus" regime, which imposes only minimal restrictions on free movement, Hogwood said. It would consist of a cap on migrant numbers and an emergency break if they felt that too many were coming in. Other ministers however, want to end freedom of movement altogether. Hogwood said: "The pro-Brexit ministers want to end free movement and introduce a work permit system for EU citizens as well as non-EU citizens. The government would then decide how many EU citizens would be allowed into the UK every year to take up a job offer — they would have to have a job offer. Even though May and Home Secretary Amber Rudd and Theresa May supported the Remain campaign, Hogwood said they are expected to prefer this plan. Earlier this week, Brexit Secretary David Davis admitted on TV that Britain's cap on migrants from the European Union post-Brexit is going to constantly increase or decrease, depending on when the government sees fit. Will certain sectors be more adversely affected than others?The government is reportedly considering a sectorial work permit system for incoming EU migrants, which would mean that labour migrants faced different rules depending on what sector they work in. Ministers intend to consult businesses and industry on the idea during the summer, Hogwood said, adding that — from limited evidence — the government "looks set" on favouring this approach. She said, however, that the scheme would be "very, very complicated" to implement, and said an attempt by the EU to introduce a similar scheme in 2016 — called the blue card directive — to recruit highly-skilled labour into Europe had been unsuccessful. "It looks as though the UK is set on a highly restrictive and complicated system that would be very difficult to implement" "The EU’s blue card directive was supposed to recruit highly-skilled labour into the EU, but it turned out to be very un-competitive with countries like the US," she said. "It just wasn’t very attractive to highly-skilled workers. If highly-skilled workers are hedged around with caveats and facing difficult, complicated residency rules, they will prefer to go to the US, which has a system of preferring highly-qualified individuals, rather than treating them sector-by-sector." Hogwood added: "It looks as though the UK is set on a highly restrictive and complicated system that would be very difficult to implement." Will EU citizens have to apply for the same visas as non-EU citizens?"I think some preferential deal will have to be cut for EU citizens during the Brexit negotiation process" Hogwood said: "There is one proposal at the moment that EU citizens should come through exactly the same work permit channels as non-EU citizens, but that would be very, very costly to implement. Many economists are quite aghast at the thought that that would apply to incomers whether they were EU citizens or not." "I think some preferential deal will have to be cut for EU citizens during the Brexit negotiation process. Though Theresa May is likely to prefer a work permit system for all, I think there needs to be some kind of concession for EU workers," she said. NOW WATCH: These are the watches worn by some of the most powerful men in finance See Also:
Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 02:09AM How to make a LinkedIn page that wows recruiters according to the man who just overhauled its design3/29/2017
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How to make a LinkedIn page that wows recruiters, according to the man who just overhauled its design http://ift.tt/2ogAPL0 Skye Gould/Business Insider; Hari Srinivasan/LinkedIn Professional networking site LinkedIn revamped its entire user experience in January, and there's a good chance you're not using its features to their full potential. Business Insider spoke with its lead designer to help you out. Hari Srinivasan, head of identity products at LinkedIn, and his team redesigned the profile with both the user and viewer in mind. When you learn the basics, you'll be able to design a page that will stand out to recruiters. And even if you aren't looking for a new job, refining your page can help you make connections that can take your career to the next level. With Srinivasan's guidance, we'll break down how you can easily and quickly do this. Skye Gould/Business Insider; Hari Srinivasan/LinkedInMake a great first impression.Srinivasan said that he and his team wanted the "top card," as they refer to the first portion of your profile, to mimic an interaction you'd have at a conference or meeting. The first thing a stranger would notice is how you present yourself, and then would take a glimpse at your name badge. Then the two of you would introduce yourselves by exchanging quick descriptions of who you are and what you do. LinkedIn found that profiles with photos receive 21 times more views and nine times more connection requests. Srinivasan said you don't need a professional headshot in formal wear if that means you're going to drag your heels and leave the space blank, which reduces your chances of making connections. The app now features a photo editing tool, soon to be released on desktop, that makes photo selection and refining less of a hassle. As for the background photo, add something with a bit of color and personality — Srinivasan recommends an image of where you are in the world, of the team you work with, or of something related to your job. Plus, members who include their locations get 19 times more profile views, according to LinkedIn data. Then, make sure to fill out your summary. "There's no right or wrong way to do a summary," Srinivasan said. "It's actually the area where I say that you can be kind of the most authentic about who you are and how you want to tell your story." Skye Gould/Business Insider; Hari Srinivasan/LinkedIn Share stories and blog posts.LinkedIn has always been good at filling you in on someone's background, Srinivasan said, and with the redesign they wanted to give you a better idea of what someone is thinking. He encourages you to try writing an article on your page and interacting with users. For example, Srinivasan writes blog posts about his work at LinkedIn and thoughts about what he's learned in his career. There's no need to force it, but if you've got something to say or want to tell the world about an exciting new project you've completed at work, give it a shot. Also, the more you interact with your page and with others, the more attention you'll draw to your own profile. Skye Gould/Business Insider; Hari Srinivasan/LinkedIn Include all experiences, but focus on your current role.You may have noticed that there are more drop-down menus on your profile with the new design. That feature is intended to allow viewers to take a glance at your list of experiences and focus on your current role, which is most important. In a traditional résumé, you may want to cut internships from your college years as you progress in your career, but Srinivasan said that "one of the beauties of the LinkedIn profile is that you can expand it as you go," so you don't need to omit anything. Make sure that you select your company's name from LinkedIn's official list, for search purposes as well as for getting an eye-catching corporate logo. And don't forget to include your tenure at each role, since it's one of the first things viewers will notice when they go through this section of your profile. See the rest of the story at Business Insider See Also:
SEE ALSO: 15 podcasts that will make you smarter Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 02:03AM A financial planner explains why starting a new job is the best time to negotiate salary http://ift.tt/2o7cmdV Sophia Bera, a certified financial planner and the founder of Gen Y Planning, explains why you should negotiate your salary when starting a new job. Following is a transcript of the video. So what a lot of people don't realize is that the best time to actually negotiate a salary is when you get a new job. So a lot of times, we are so excited to be offered a new job that we forget that we can actually negotiate our salary or we forget that we are actually in a really good position to be able to do so, that his company really wants us and that we are bringing a unique set of skills to the table and so I really recommend that you always negotiate your salary. The other thing is your employer is expecting you to do this and so, that was the other thing that I didn't realize when I was younger and I actually made this money mistake. Early on, my first job in financial planning, they made me an offer, they were like, "we are going to pay you", you know, "$40K a year" and I thought that I had won the lottery. I thought this was the most money that I had, you know - I just didn't even think that I would be earning that much money at 23 and I quickly said yes and was very excited about it. But what was interesting is when I was getting into this profession, it was around the height of the market so they had the budget to be able to offer me a competitive salary and then the stock market crashed and guess what, our 401K match, got taken away and then the next year, salaries were flat, and then the next year, I switched jobs and was really trying to negotiate that new salary but because of the market downturn, you know, I got like a $2K raise but they weren't paying for my health insurance premiums anymore. So I basically made about the same amount of money my first five years in the financial planning profession because I didn't negotiate that first salary and I really feel like I learned a lot from that experience and I don't want you to make the same mistake. See Also:
Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 02:03AM RAOUL PAL: 'Everyone is going to be on the wrong side of the boat at the wrong time' (TLT TBT)3/29/2017
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RAOUL PAL: 'Everyone is going to be on the wrong side of the boat at the wrong time' (TLT, TBT) http://ift.tt/2njdRSB Real Vision Television The bond market may be setting up for a disaster, but not the way that everyone thinks. Following the election, speculators piled into the short side of the market, running longer dated yields up as much as 80 basis points on the belief that President Donald Trump's protectionist trade agenda, along with his plans to cut taxes, roll back regulations, and spend $1 trillion on infrastructure, would bring back inflation to the United States. Shortly after the election, Jeffrey Gundlach, CEO of DoubleLine Capital, predicted the 10-year yield could climb as high as 6% over the next four or five years. He wasn't the only one suggesting a big move up in yields. Bank of America's Michael Hartnett said, "If Brexit marked a 5,000-year low in global interest rates, Trump marked the moment investors started to position for a bond bear market." But things have not yet gone according to plan. The Trump administration's attempt to repeal and replace Obamacare failed to make its way out of the House, and that has many on Wall Street questioning whether or not the other items on Trump's agenda will get done. "The market narrative is reflation. Trump. Amazing." said Raoul Pal, a former hedge fund manager who retired at the age of 36 and is now CEO and cofounder of RealVision. "The actual stuff is that everything is going to weaken dramatically and I think the Atlanta Fed is starting to capture this." The latest GDPNow reading from the Atlanta Fed released on March 24 shows real gross domestic product is tracking at just 1% for the current quarter, well below the 3% target that has been touted by the Trump administration. "Now this is going to catch the markets offside," Pal said. "The speculative positioning in bonds up until about a week and a half ago, two weeks ago, was the largest ever short position in the history of the bond markets." Business Insider/Andy Kiersz, data from Bloomberg The benchmark 1o-year yield touched a high of 2.63% on March 14, a day before the Federal Reserve hiked rates for the second time in four months. Since then, the 1o-year has fallen to 2.40% as traders price in the potential impact of tighter monetary policy. But Pal thinks the reversal in the bond market is just getting started. "I know the speculators are record short bonds so that gives me an advantage where I think the probability is that everyone is going to be on the wrong side of the boat at the wrong time."
NOW WATCH: 7 mega-billionaires who made a fortune last year See Also:
SEE ALSO: The US economy is sounding an alarm that everyone is ignoring Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 01:51AM
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RBC: There's a simple reason why David Einhorn's GM proposal is a 'non-starter' (GM) http://ift.tt/2oaCcxW General Motors stock price has given back most of its gains since the start of 2017. After what looked like a breakout, GM remains stuck in the range between $28 and $40 that has been in place since 2013. On March 28, activist investor David Einhorn, president of Greenlight Capital, proposed splitting GM stock into two classes in an effort to spur investor interest. The proposal would split GM stock into a dividend income class for investors looking for a steady stream of income and a capital appreciation class for investors seeking growth. In a note sent out to clients on Wednesday, RBC's equity research team led by Joseph Spak called the proposal a "non-starter" for one simple reason: The dividend class would be treated as a debt instrument and lead to a lower credit rating for the company. Why would this be bad? Well RBC sees a series of ramifications:
RBC is urging investors to take a cautious approach to North American automakers overall. The analysts believe that the US auto cycle is already in the late stages and that there is currently more downside risk than upside potential. The bank also does not see how GM could push its margins higher than the 10%+ estimates that currently exist. RBC has a "Sector Perform" rating on GM stock and a $37 price target, GM closed March 28 at $35.56 a share. Click here for a real-time GM chart. Markets Insider NOW WATCH: 7 mega-billionaires who made a fortune last year See Also:
Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 01:51AM
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6 Lifelines That Could Save Your Failing Business http://ift.tt/2mPIqD9 Reader Resource Tune in April 7 and find out how to provide stellar customer care with social media in our free webinar. Register Now » Business failure is indeed a reality. Many entrepreneurs have failed in the past, and the sad truth is many more will fall short in the future. If you're reading this article, chances are you're either about to give up on your company or you're desperately seeking strategies to help revive your dream. Whichever the case, I have some good news. First, though, reconsider why you're considering packing up your business. When we're faced with the very real possibility of failure, it's tempting to give up. But it's those days of near-failure that will test the strength of your business strategy. Giving up is easy. Toughing it out is the real challenge. Borrow a page from collegiate football coach Nick Saban, who sums up his philosophy in "How Good Do You Want to Be?" He writes, "Do not relax when you are far ahead or dominating your marketplace. That is the time to push even harder." Related: 7 Reasons Your First Business Will Fail Before you give up on your business, you owe it to yourself (and any employees) to devote some concentration to these six concepts. 1. Know what is going wrong.Plenty of business owners seek positive input from customers. You also should create a system to collect negative feedback. When things go awry, this is usually where you can learn a large part of the “why" behind it. 2. Be objective.Business owners often are unable to separate themselves from their companies. You are not your business. Coming to terms with this will help you be more objective and keep your head in the game. Some ventures fail due to irresponsible owners. You can't afford to eat up profit simply because your name is on the paperwork. Reach an understanding on salary review for yourself and staff members to determine what's viable at this time. You also must be willing to ask questions. You aren't the first person who's experienced this phase of business. When my second business was failing, I sought advice from a colleague whom some might have considered less experienced or influential. Yet my company's salvation came as a direct result of that objective action. Reach out. If you need to, engage a professional business consultant. You are not an island, and you don't hold all the business knowledge -- even about your own venture. Be open to new ideas. Yours may be very good, but they aren't the only way to achieve success. You might find out that your bright ideas don't always translate into the real world. Related: Feeling Stuck in a Rut? Here's How to Burst Out and Thrive. 3. Invest in your team.Your team has played a significant role to get your business to this critical point. Now, more than ever, you need to transform your staff into an asset. It's possible your employees don't understand your business model or the business itself. Some might be barely there for the paycheck. This isn't good for any business. Nothing grows a business like having a dedicated team whose members commit themselves to its success. Your employees must believe they are committed stakeholders and an active part of the business. By extension, your executives must become master salespeople. As the saying goes, two are better than one because they receive a better reward for their labor. You'll be shocked at the magic that can be worked by a determined group. Related: How to Make Employee Engagement a Top Priority 4. Crown your customers.Pitch what your customers want, not what you feel like selling. Remember your business exists to offer services that resonate with your clients. Demand and supply remains the crux of economics. Your business survival depends on knowing your customers and fulfilling their needs. Make client satisfaction a key priority. Invest in an extensive and encompassing market survey. Engage your customers to discover what they truly want from your business. Then align your product model and marketing plan to suit their demands. Your business won't survive solely on existing customers. To grow your income, you need to add new clients. Create awareness for your product by investing in low-cost advertising methods. Meet people one-on-one if you must -- in fact, depending on your industry, you should be doing this anyway. 5. Go back to the drawing board.Return to the root of the problem. There must be reasons why you are where you now find yourself. If you've started collecting data and monitoring negative feedback, you should have more than idea of the true causes. Now, what can you do about it? Go back to the proverbial drawing table and ask yourself some hard questions. Are you paying out more in salaries than your incomes can carry? Do you need to lay off some staff, make adjustments to compensation packages or consider other cost-cutting measures? Redefine your value proposition, if you deem it necessary. It could be that the very thing setting you apart from other businesses in your marketplace is a reason for your failure. Consider following the working trend, if only as a marketing test. Being different isn't best in every circumstance or space. Related: How Small-Business Owners Can Avoid Sears' Fatal Mistake Carefully set new goals that are clear, definite and specific. Craft a select few, as chasing too many objectives at this point will not help you right the ship. Your business needs more cash flowing in, so your immediate goals should revolve around marketing and bringing in sales as quickly as possible. It's also worth researching whether you might qualify for a grant. Federal, state, county and even local development programs exist because these agencies and organizations have a deep interest in fostering small businesses. Related: What You Need to Know About Government Small-Business Grants 6. Make a plan for your assets.If your business fails today, your company's assets may be your only consolation. Assets are meant to yield money for your business, and that shouldn’t change in the midst of dire circumstances. The money you could realize from trading these assets might be the lifeline you need to stay afloat. You can lease out buildings and core machinery for a handsome fee. At this point you'll definitely feel the temptation to sell, but don't make the decision as a knee-jerk reaction. You could lose out big, and there is no shortage of people who are waiting to capitalize on such a costly mistake. David Webb, owner of Hudson and Marshall auctions, gave this analysis of his company's clients: "A large percentage of our customers buy buildings from failing businesses who just don’t have it in them to carry on." If you can reach agreeable terms, it's often best to enter a rental or leasing arrangement. If you absolutely must sell, endeavor to retain some proprietary rights in the property. Related: 13 Actionable Strategies From 13 Entrepreneurial Podcast Chidike SamuelsonChidike Samuelson is an expert in relationships of all kinds. As a counselor, he has helped countless people get through their relationship crisis and issues with Interpersonal relationships, Business relationships, Romantic relationships a... Read moreBusiness via Entrepreneur: Latest Articles http://ift.tt/1V7CpeP March 29, 2017 at 01:50AM
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Chatbot revenue is on the upswing http://ift.tt/2oyd00w BII This story was delivered to BI Intelligence Apps and Platforms Briefing subscribers. To learn more and subscribe, please click here. [24]7, a company that develops chatbots for messaging apps and web sites, is expecting a significant uptick in revenue over the next 12 months, according to Reuters. The company projects its revenue to grow between 30% and 35% in the upcoming financial year, reaching up to $400 million by March 2018, CEO PV Kannan said. Improvements in AI have enabled chatbot makers to create more effective automated responses. This helps generate sales and boost user satisfaction. This, in turn, is driving up investments in chatbot companies, according to ROKO Labs research shared with BI Intelligence. Investments in the nascent chatbot industry grew 229% between 2015 and 2016. In comparison, investments in the much more mature app industry during the same period grew 66% YoY. Business-to-business (B2B) bots are proving especially attractive to investors, more so than consumer-facing bots. Although consumer-facing chatbots, like those found on Facebook Messenger, have received a bulk of media attention, businesses appear to see more initial value in bots targeting B2B interactions — such as an HR bot that can quickly retrieve internal data requests. Chatbots have the potential to help businesses significantly cut labor costs. While complete automation of the customer service workforce is not feasible — and in many cases, ineffective — automating customer management and sales positions in the US where possible through chatbots and other automation technologies could result in considerable savings.
Advancements in artificial intelligence, coupled with the proliferation of messaging apps, are fueling the development of chatbots — software programs that use messaging as the interface through which to carry out any number of tasks, from scheduling a meeting, to reporting weather, to helping users buy a pair of shoes. Foreseeing immense potential, businesses are starting to invest heavily in the burgeoning bot economy. A number of brands and publishers have already deployed bots on messaging and collaboration channels, including HP, 1-800-Flowers, and CNN. While the bot revolution is still in the early phase, many believe 2016 will be the year these conversational interactions take off. Laurie Beaver, research associate for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on chatbots that explores the growing and disruptive bot landscape by investigating what bots are, how businesses are leveraging them, and where they will have the biggest impact. The report outlines the burgeoning bot ecosystem by segment, looks at companies that offer bot-enabling technology, distribution channels, and some of the key third-party bots already on offer. The report also forecasts the potential annual savings that businesses could realize if chatbots replace some of their customer service and sales reps. Finally, it compares the potential of chatbot monetization on a platform like Facebook Messenger against the iOS App Store and Google Play store. Here are some of the key takeaways:
In full, the report:
To get your copy of this invaluable guide, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of chatbots. See Also:
Business via Business Insider http://ift.tt/eKERsB March 29, 2017 at 01:45AM |
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