How to Think Beyond a Crisis Leading a team and satisfying customers isn’t easy in a crisis. Here’s how three chief financial officers did it — and what practices they’ll keep in the future. Give your customers a break: Square decided to refund software as a service (SaaS) fees to its customers in March and […]
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How to nurture a digital workforce/company Adopting new technology is just one part of becoming a digitally savvy organization When it comes to digital transformation, most businesses focus on technology and new tools as they vie to keep up and find new ways to appeal to customers Companies that invest in the right experience for
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The strongest leaders in the digital economy understand and appreciate the fact that they live in an ecosystem world. Most entrepreneurial traits largely fell into one of these four mindsets: 1. Producer : Organizations with this mindset are digitally savvy and operate with a sense of speed and urgency. They make disciplined decisions and get
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In June of 2020, the company announced that it would invest $400 million over five years to support Black businesses and communities and increase Black representation at Pepsi. The company was also still working on other goals, including aiming to spend $272 million with Hispanic suppliers by 2020. Simeon offered advice for other companies seeking
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Empathy: An Everyday Habit For An Entrepreneur An entrepreneur comes with his/her own history, beliefs, values, and context. Empathy is an important core value that can complement the unlearning and relearning cycle in the entrepreneurial journey As an entrepreneur, one comes face to face with thousands of challenges on a daily basis, every element of
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Starbucks raised their beverage prices by an average of 1% across the U.S, a move that represented the company’s first significant price increase in 18 months. Starbucks claims the price increase is due to rising labor and non-coffee commodity costs, but with the significantly lower coffee costs already improving their profit margins, it seems unlikely this justification
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The Questions Every Entrepreneur Must Answer Of the hundreds of thousands of business ventures that entrepreneurs launch every year, many never get off the ground. Others fizzle after the spectacular rocket starts. Like most entrepreneurs, there are some prerequisites for sustainability: Diversify your product line. Stick to your knitting. Raise capital by selling equity. Don’t
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In pure service businesses any transfer of a physical or concrete product is incidental to the service—for example, the written report of a management consultant. Top managers should ask themselves six questions about strategic management. The questions are fairly common, but the answers for service businesses are often unique. Do we fully understand the specific
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The profit-maximizing tactics Starbucks implements in its pricing strategy are vital components of a process anyone can use. Here are some of the takeaways you can apply to your own business: 1. Study your customer personas: Starbucks understands that the majority of their customer base is fairly insensitive to price, and uses small price increases
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Startup scaling is something most businesses struggle with all the time. Here are some ways to go around scaling your business: Pick the right time rather than the first opportunity: Think very carefully about the right time to expand internationally. Your staff, financials, and product all need to be in order, and you should ensure
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