The evolution of DEI over the past several years has been marked by corporate fickleness, with several brands and businesses pledging public commitments and setting up frameworks that have since fallen short of true impact and action. In its first wave, DEI was seen as a moral imperative and compliance issue; the second wave will reveal how the brands that made DEI a true priority will start to see the payoff, literally, in the pockets of shareholders.

It’s more important than ever to make sure your brand content is authentic and racially appropriate — not just for your brand reputation, but to build and maintain a loyal and active consumer base.

When diversity and inclusion are recognized as a strategic advantage, it rewards the boardroom and beyond. True DEI not only benefits employees and society at large but also translates into tangible financial returns for shareholders.

Related: Companies Are Deprioritizing DEI. Why They Shouldn’t and How to Recommit.

Opening the aperture

Thirty-nine percent of your purchasing audience is multicultural, which means inclusive communication can unlock this market. When you reach a wider audience, your ad dollars go further, new customers are acquired, and shareholders are happy.

Entrepreneurs who are looking for new ways to drive their business forward, look no further than DEI. It’s easy to understand the importance of diversity and inclusion across the board, but these efforts are often misunderstood when it comes to marketing.

That’s why I founded XStereotype, an AI-powered platform that helps businesses predict how effective content will be across demographics. We’ve quantifiably proven that inclusivity sells. The more inclusive your advertising is, the more money you’ll make.

Our data shows that these traditional demographic markers hold less and less power over purchasing behavior. Socioeconomic status, region and education don’t impact intent to purchase as much as lived experiences, including markers of ethnicity, gender, emotion and more. These are more significant signals as to whether or not they’ll make a purchase.

Our data reveals a strong correlation between positive emotional responses and positive interpretations of diversity in content. In fact, of the ads we’ve analyzed, purchase intent scores improved by 10% across the board for ads that received high inclusion scores. And that just makes sense: People are more likely to buy from your brand when they see themselves reflected in the content they’re consuming.

From “targeting” to “inclusion”

Now is the time for brands to update their marketing strategies from “targeting” to “inclusion.” When we’re “targeted” as a demographic, we’re often treated as a monolith — that’s where the dangers of stereotyping can come into play.

Targeted media can make us feel like a walking statistic, as opposed to consuming content that resonates with us and makes us feel heard. Targeting is the old way of approaching marketing: It leads to negative brand sentiment, and it’s innately segregating.

Many brand leaders make the mistake of trying to laser-focus on just one target audience, when in reality, the ads and content that work best appeal to all audiences. To optimize your ROI, reexamine the inclusivity of your message and brand personality.

Companies that close their aperture and put their dollars solely towards more targeted groups are going to shrivel up and shrink and shutter. Opening the aperture is the way to survive: Since 39% of your purchasing audience is multicultural, why not speak to them too?

Related: The Key to Developing More Informed and Inclusive DEI Marketing Strategies

Inclusion sells. Authenticity sells.

Here’s a basic example: Let’s say a local hair salon has posters in their windows showcasing the beautiful styles they offer. Solid strategy, right? But what if these photos only feature white women, and half of the local community are people of color? A Black woman might walk past that salon every day without stopping in — not because she doesn’t need a trim, but because the ads don’t resonate. Authentic representation matters — not just because it’s inclusive, but because it gets the consumer through the door.

You don’t need to create a whole new product or service, just make it more relatable. It’s not that these audiences don’t want or need what you’re selling; it’s that your value proposition didn’t speak to them because they couldn’t connect with your content.

This is the benefit of being inclusive: You make your ad work harder, smarter and better. Multicultural understanding will help these ad dollars go farther and reach a greater audience. Your marketing budget will be optimized when focused on developing content that speaks to a broader audience in a real, non-stereotypical way.

So, next time you’re wondering how to boost sales or really nail that next product launch, consider the audiences you might be missing. Prioritize diversity, speak authentically, and watch DEI turn into ROI.

According to Goldman Sachs, the economic stage for 2024 appears to be a bullish one, as it predicts an annual global GDP growth of 2.6%, which should buoy spirits if you’re a leader hoping for happy returns. Be careful, though: Growth and scaling aren’t always synonymous. If you have unrealistic expectations when it comes to the latter, you could well hamper the results of the former.

The simple fact is that the vast majority of companies don’t have an unlimited capacity to scale. At some point, rapid and unchecked growth can cause them to buckle and break in operation and logistics, which upends vision, brand and broader intentions.

At EOS Worldwide, we have a cultural ethos that everyone should fight for the greater good, which is seen in our core values, as well as in our focus and marketing strategy. Everyone moves forward because of that shared vision and care. And the payoffs go far: Team members feel confident in their purpose, as well as empowered because they know they’ve been chosen specifically for a unique set of talents. Scaling happens naturally as a result.

Related: 7 Ways To Scale Your Startup or Business

A solid foundation-vision

Among the critical considerations in avoiding overextension is determining which pace is uniquely right for you, certainly, but also that your vision be more than words.

Begin with a documented “North Star” concept to be embraced today, tomorrow and far into the future. Make it at once compelling and clear, and be certain that it resonates with all team members. If behaviors among some staff members aren’t aligning, for example, it might well be that vision training hasn’t been sufficient. This can be frustrating as you start to scale, which makes it an absolutely critical step.

Keep in mind, too, that instilling a vision effectively isn’t cheap in any sense: it means investing money, time and energy, and you might have to give up some efficiency in the process. There is, after all, an inherent inefficiency in driving toward a shared goal, because you need to make room for creativity and exploration.

Your vision also needs to be protected. It sets core values, and so it’s vital to avoid bending or breaking it in order to attain scaling ambitions. For example, one of our company’s core values is to “do the right thing.” Sounds disarmingly simple, but we make a point of following through on it via another core principle: “helping first.” This means that we train our teams to give without expecting anything in return. Again, this isn’t always efficient, but it keeps us grounded and consistent.

Related: Core Values: What They Are, Why They’re Important, and How to Implement Them Today

We’re still scaling, to be sure, but simply aren’t willing to sacrifice purpose, or to stray outside niche or core competencies. Consequently, our 10-year growth target is doable, because it has just enough dynamic tension to keep everyone stretching toward an ambitious objective while also having the right amount of “give” so the challenge doesn’t break everyone.

Has your company lost its way in an effort to scale without restraint? Then consider putting the following measures in place:

1. Break big “Rocks” into smaller ones

You likely already have one-, three- and 10-year targets. Perfect, but to make sure you’re moving in a steady and manageable direction, my suggestion is that you create something analogous to what we term at EOS Worldwide a 90-Day World™ and individual “Rocks” (objectives) therein. It’s a structure specifically designed to mark each quarter-year contribution towards annual goals and has resulted in measurably greater success.

Your version might include giving every team member a weekly scorecard that includes key tasks towards meeting 90-day expectations. It’s then the responsibility of managers to work to ensure employees are hitting scorecard numbers — making progress toward personal and company objectives. This process also keeps an organization from scaling too fast, as it’s a form of reverse engineering that starts with a broader vision: Nothing can suddenly get added (like a new product line) that doesn’t mesh with that mission focus.

2. Make sure you’ve got the right mix

Every person has two roles at work: the one they play today and the one they’ll play in the future. However, you can’t just scale big and hand out dozens of promotions in a year, or teams wind up feeling overwhelmed and unprepared.

So, employees need to be given the capacity, time and energy necessary to grow. For example, say you’ve mapped out an accountability chart that anticipates the staff knowledge and expertise you’ll need in one year or three years. Is the current team going to be the one to executive effectively? Do they have the capacity and resources?

Knowing the answers to these questions early means you can prepare accordingly, which might or might not include rearranging a team. In a 2021 survey, the Pew Research Center revealed that a stunning 63% of workers were ready to leave their employers because of a lack of promotional opportunities. This means that if you’ve hired the wrong people and can’t provide advancement, you owe it to them to either find a way to upskill or say goodbye in a respectful and responsible way that aligns with your vision.

Related: Builders and Boosters — A Leader’s Guide to Forming a Resilient Team

3. Let culture evolve organically

Another pitfall of scaling too quickly is an inability to maintain a preferred culture. To avoid a forced or brittle atmospheric shock during robust growth, it’s pivotal to treat company culture with intention, and patience.

Consider Starbucks and its scaling challenges, detailed in part in a Branding Strategy Insider article. It’s a powerhouse now, but it hit growth boundaries the hard way. For the first couple of decades, growth was modest, then came a flexion point where the company added 200-plus locations annually. As its former CEO, Howard Schultz, explained in his 2012 book, Onward: How Starbucks Fought for Its Life without Losing Its Soul (Rodale Books), the business scaled so quickly that it broke its ability to properly service customers. Their people could no longer create or control the desired experience, and the culture suffered. Fortunately, the now-35,000-plus-location colossus made this realization early and righted the ship.

Related: 3 Ways To Invest In Coffee, Other Than Drinking It

Infinite scaling may sound like the fast track to profitability, but it’s a unicorn dream: Don’t fall for that temptation. Instead, plan growth based on vision, people and culture. You’ll then operate with thoughtful restraint and be faced with fewer preventable problems.

Business leaders are finding themselves at a crucial juncture. The year has seen both unprecedented technological advancements and lingering economic uncertainties. To secure a path for sustainable growth in 2024, leaders must not only reflect on the successes and challenges of 2023 but also fortify their organizations for new opportunities. It’s important to acknowledge that economic ambiguity can manifest in many forms — including shifting market demands, supply chain disruptions or broader economic downturns. In my experience, a robust company culture that thrives on change serves as a shield against these variables, fostering adaptability, collaboration and innovation.

In the realm of leadership, it’s easy to get distracted by the promising advancements of AI — but now more than ever, leaders must not forget the irreplaceable value of establishing a productive and inclusive company culture. While tools for digital transformation are undeniably crucial, the cornerstone of any business is its team. This comprehensive guide outlines key strategies for driving high-performance business amidst economic ambiguity, emphasizing the importance of a resilient company culture.

Related: 5 Rock-Solid Leadership Strategies That Drive Success

1. Fueling efficiency and innovation through diversity

In today’s dynamic business landscape, diversity isn’t just a buzzword; it’s an absolute necessity. What’s more, the ability to approach challenges from multiple viewpoints becomes a strategic advantage in the face of economic uncertainties. Research shows that diverse teams are 87% more efficient at decision-making, and diverse management teams lead to 19% higher revenue.

Diverse corporations are also 35% more likely to outperform their competitors and 70% more likely to capture new markets. From decision-making efficiency to innovative problem-solving, diversity in the workforce is a catalyst for success — however, its real power unfolds when leaders actively foster an inclusive environment.

Having led several large corporations with diverse teams, I’ve witnessed firsthand how the benefits of diversity extend beyond theoretical advantages. I believe that great ideas can come from anywhere and that the strongest workforces are rich with wide-ranging perspectives, ideas and experiences.

A workforce comprised of people with varied backgrounds holds vast potential for innovation — but only when leaders foster a collaborative environment. While all employees are responsible for maintaining an empathetic and curious mentality, establishing a safe, generative environment begins with the C-suite.

The C-suite sets the tone for a workplace where all voices are heard and valued, and the magic happens when all feel welcome and encouraged to speak.

Related: What Industry Leaders Are Doing to Support Diversity

2. Leveraging generational dynamics

From a resilience perspective, the variety of skills and perspectives offered by a multigenerational workforce positions companies to adapt quickly to changing market demands. Leaders must recognize each generation’s unique dynamics and how leveraging these dynamics might help combat the challenges of an uncertain economy. From recent graduates to seasoned professionals with decades of experience, each generation contributes distinct perspectives, workstyles, and expectations. Bridging these generational differences — and finding a common language for effective collaboration — is a core challenge modern companies face.

Younger generations, often characterized by their tech-savviness and group-mindedness, thrive in fast-paced, collaborative settings, gravitating towards technology-driven tools. Unlike younger generations, who prefer fast action, older workers tend to lean towards independence, valuing the ability to make decisions autonomously after careful evaluation.

While manufacturing, engineering and supply chain teams tend to have a more seasoned workforce (with employees in their forties and fifties), the marketing and design departments see an influx of younger professionals in their twenties and thirties. However, by acknowledging and appreciating these varied dynamics, the organization can tap into a broad spectrum of talents and competencies that cater to the various facets of the business. Leaders must focus on how they may ultimately deliver better products and services to their diverse consumer base. Creating balance among the workforce necessitates each team undergo a trial-and-error process to comprehend the merits and fallacies of different generational approaches. The ultimate goal is to unite these diverse team members, operating as one cohesive unit. Leadership is pivotal in this process, effectively uniting team members under shared goals while valuing and respecting their unique contributions.

3. Fostering continuous improvement

Given the turbulence of the economy and the momentum of modern businesses, leaders must face the threat of industrial Darwinism: evolve or go extinct. To prepare for the future, businesses must provide their workforce with the skills and knowledge required to adapt to changing consumer behaviors. The focus is on skill development, ensuring that employees can stay at the forefront of industry shifts. Even when formal training programs may not be in place, the company must foster a culture of continuous learning, with cross-functional project teams and new product development initiatives serving as platforms for skill enhancement.

4. Addressing work-life balance

Creating a supportive and accommodating workplace for everyone, regardless of life stage or personal circumstances, contributes to a positive cultural reputation capable of weathering complex economic times. A company’s commitment to fostering work-life balance becomes a distinguishing factor in the competitive landscape for top talent.

Post-pandemic, prioritizing work-life balance isn’t just a perk anymore; it’s expected. Many offices still operate with hybrid schedules, and there’s plenty of talk about the four-day workweek. That said, the needs of employees differ slightly based on their life stages. For leaders, the challenge of achieving work-life balance is particularly evident among middle-aged employees who have childcare responsibilities. To keep up with the modern values that continue to evolve with technology, leaders must recognize the importance of flexibility in accommodating these specific life stage needs.

A company’s focus on work-life balance reflects its commitment to employee well-being and aligns with broader diversity and inclusion strategies. Employees will often look into a company’s cultural reputation before applying for a role. For example, companies like Google, Boeing, Etsy, and General Motors are known for their flexibility and accommodations, including paid time off, on-site amenities, well-being programs, and other benefits.

Related: 10 Growth Strategies Every Business Owner Should Know

Open communication is also crucial to navigating the modern workforce successfully. Leaders must encourage employees at all levels to share their ideas and creativity, providing various channels for such suggestions. Such channels may take various forms, including frequent in-person town halls or company-wide Zoom meetings. Leaders must be present and active in these events, demonstrating how employees at all levels must engage in cross-functional brainstorms to stimulate meaningful and strategic growth.

This commitment to innovation and continuous improvement ensures that the company remains a dynamic and forward-thinking organization, well-prepared for the industry’s ever-changing challenges.

Unlike a static view of capability, a growth mindset flourishes when faced with challenges, viewing failure not as a sign of a lack of intelligence but as an encouraging platform for development and expanding current skills. At its core, a growth mindset is about the belief that one’s fundamental qualities are things that can be cultivated through effort, strategies and help from others.

Still, it isn’t uncommon for a lot of us to strive for success and avoid failure at all costs. We see it as a way of maintaining a sense of being smart or skilled. When we adopt a fixed mindset, challenges are avoided, effort is seen as fruitless, and persistence in the face of obstacles is minimal.

For entrepreneurs, adopting a growth mindset is not just beneficial but essential. The entrepreneurial journey is replete with challenges, uncertainties and setbacks. A growth mindset empowers entrepreneurs to embrace these challenges, learn from failures and persistently innovate and adapt. It transforms the way entrepreneurs approach their business — seeing opportunities where others see obstacles and continually evolving to meet the ever-changing demands of the market.

Here’s a harsh truth: unemployed people are having a hard time finding a new job because many companies halt their recruiting efforts during the last quarter of the year. This is not new – it is a well-known fact that big companies often do a headcount at the end of the year, and they often significantly slow down their hiring process.

Instead of unsuccessfully searching for opportunities when there is little to no hiring, many look to expand their arsenal of skill sets, which can propel their pursuit of better, bigger opportunities in the few months to come.

For those looking to embark on the journey of acquiring new skill sets during the slower pace that winter months often offer, I’d like to delve into five unique avenues to discover inspiration for skill sets that can benefit your life and career in the near future.

Related: Master New Skills From the Comfort of Your Home With This Bundle, Now Less Than $175

Exploring LinkedIn job applications

One valuable resource for finding inspiration for new skill sets is right at your fingertips: LinkedIn job applications. Start by identifying professionals with positions similar to your current role, your desired career path, or roles with the title of the person you used to report to in your last job. Take a closer look at the job description for those roles, paying close attention to the skills and qualifications they require.

For example, if you’re in marketing and aspire to move into a leadership role, analyze profiles of Marketing Managers or Directors. Note the skills they require or those with that job title have honed over the years, such as data analysis, digital marketing or project management. These insights can guide your skill acquisition journey, helping you align your skill set with your career aspirations.

Mentorship and networking

Seek out mentors who can offer guidance on skill acquisition. If you are still close or have a great relationship with the last person you reported to, you may seek them for advice, asking which skill sets would be valuable for you to acquire if you intend to continue to pursue growth in your current career path.

Conversations with mentors and industry peers can provide valuable insights into skill sets that have contributed to their success. These personal anecdotes and recommendations can steer you toward acquiring skills that align with your goals and aspirations.

If you’re not in touch with them anymore or would rather avoid contact with them, engage in mentorship and networking activities to discover skill sets that have proved valuable for others. Attend industry events, webinars, or virtual conferences where you can connect with experienced professionals who may have a similar career path to the one you’re pursuing.

In my experience, I found people I highly admire and invited them to step into a virtual group call once every other month. In our one-hour meetings, we discuss what’s been working for each of us and provide valuable guidance for everyone in the group. I like to call this exercise “Business Therapy,” in which we often discuss our past experiences and challenges and how we overcame them.

Learning from the experiences of others may end up saving you years of continuous hustle. Never rely solely on your experiences when you can learn from the experiences of others.

Related: Looking for a Mentor? The 7 Best Places to Start.

Personal interests and hobbies

Sometimes, inspiration for new skill sets can emerge from your personal interests and hobbies. Consider activities you’re passionate about outside of your professional life. These interests can be a foundation for acquiring skills that bring joy and fulfillment.

For instance, if you’re an avid photographer, you may explore photo editing or digital marketing courses to promote your work effectively. Blending your passions with skill acquisition can lead to a well-rounded skill set that enhances your personal and professional life.

Fun fact: that’s how my journey in the technology industry began. I am an Architect by profession, but I am such a tech nerd that I always sought to acquire technical skills, which is how I came up with the business idea that ended up becoming Replay Listings, the company I’ve led for over seven years now.

Related: How to Turn Every Adversity You Face into an Advantage

Tapping into industry trends

As industries evolve, new demands arise, creating opportunities for individuals to acquire relevant skills. For instance, if you’re in the technology sector, consider the rise of artificial intelligence and machine learning. These cutting-edge technologies are shaping various industries, from healthcare to finance.

By understanding industry trends, you can pinpoint relevant skill sets and future-proof your career. Stay updated with the latest industry trends and advancements. Explore industry-specific publications, blogs, or podcasts to gain insights into emerging skills in your field.

Online learning platforms and courses

Online learning platforms offer various courses on various subjects, making skill acquisition more accessible than ever. Platforms like Coursera, Udemy, and LinkedIn Learning provide various courses, from technical skills to soft skills like leadership and communication.

Browse these platforms to discover courses that align with your career goals or personal development objectives. The flexibility of online learning allows you to acquire new skills at your own pace, making it a convenient option for the winter months.

The bottom line is the slow winter months often present a unique opportunity to embark on a skill-acquisition journey. Whether you draw inspiration from LinkedIn profiles, industry trends, mentors, personal interests, or online courses, acquiring new skill sets can enrich your life and open doors to exciting possibilities. Embrace the season as a time of growth and discovery, and you’ll emerge with valuable skills that can shape your future success.

Predictable revenue is the number one goal for sales leaders. It is the ability to consistently generate a steady stream of revenue, month after month, without relying on unpredictable spikes or one-time deals. Why is this more important than ever? According to Ebsta, sales cycles were 32% longer, and 25% more stakeholders were involved in the process this year. In Q4 of 2022, a mere 29% of salespeople made quota, down 14% YoY. Selling is fundamentally getting harder, and businesses must re-evaluate their strategy if they want to drive consistent growth.

As an agency, we’re using the predictable revenue framework as a foundation for client success. Here’s how it can transform your sales team, as well as some strategies and tips for mastering it.

Related: The 4-Step Process for Building a Scalable Sales Machine

What is predictable revenue?

Predictable revenue is a sales strategy that creates a consistent and repeatable sales process. It is about building a system that generates a steady revenue stream rather than relying on sporadic deals or one-off sales.

The concept of predictable revenue was popularized by Aaron Ross, who used it to help Salesforce.com grow from $5 million to $100 million in annual recurring revenue. In his book of the same name, Ross outlines the critical components of predictable revenue and how it can be implemented in any organization.

The two types of revenue:

According to Ross, there are two types of revenue: predictable and unpredictable. Unpredictable revenue results from intermittent deals, one-time sales or relying on a few key clients. This type of revenue is not sustainable and can lead to a rollercoaster of highs and lows.

On the other hand, predictable revenue results from a consistent and repeatable sales process. It is the bedrock of a successful business and allows for steady growth and scalability.

The predictable revenue framework

The predictable revenue framework comprises four key components: specialization, lead generation, qualification and closing. Let’s look closely at each of these components and how they contribute to predictable revenue.

Specialization:

Specialization is the process of dividing your sales team into specialized roles. This allows each team member to focus on their strengths and responsibilities, increasing efficiency and productivity.

The two main roles in the specialization process are the sales development representative (SDR) and the account executive (AE). The SDR generates and qualifies leads, while the AE is responsible for closing deals.

By dividing these roles, you can create a more efficient and effective sales process. The SDR can focus on generating a high volume of leads, while the AE can focus on closing deals and building relationships with qualified leads.

Lead generation:

Lead generation is the process of identifying and attracting potential customers. This can be done through various methods, such as cold calling, email marketing, social media and content marketing.

A targeted and consistent approach is key to successful lead generation. This means identifying your ideal customer profile (ICP) and tailoring your lead generation efforts to reach them.

Qualification:

Qualification is determining whether a lead is a good fit for your product or service. This is where the SDR plays a crucial role. They are responsible for qualifying leads and passing them on to the AE for further nurturing and closing.

Qualification involves asking the right questions and understanding the needs and pain points of the potential customer. This ensures that the AE only spends time on leads with a high chance of converting into paying customers.

Closing:

Closing is the final step in the predictable revenue framework. This is where the AE takes over and works to close the deal. By this point, the lead has been qualified and nurtured, making the closing process more efficient and effective.

The key to successful closing is building relationships and understanding the customer’s needs. This allows the AE to tailor their approach and address any objections or concerns the potential customer may have.

Related: The No. 1 Reason You’re Not Experiencing Consistent Revenue in Your Business

Tips for mastering predictable revenue

Now that we have covered the key components of the predictable revenue framework, let’s dive into some tips for mastering it.

Implement a scalable sales process:

A scalable sales process is essential for achieving predictable revenue. This means having a process that can be replicated and scaled by your sales reps as your business grows.

To create this, you need to have a clear understanding of your target market, ICP and the steps involved in your sales process. This allows you to identify areas for improvement and make adjustments as needed.

Focus on lead quality, not quantity:

While it may be tempting to focus on generating a high volume of leads, the key to predictable revenue is to focus on lead quality. This means targeting leads that are more likely to convert into paying customers, which means understanding who your target audience is, where they are and what they need at each stage of the buying journey. This will result in a higher conversion rate and a more efficient sales process.

Leverage technology:

Technology plays a crucial role in achieving predictable revenue. There are various tools and software available that can help streamline your sales process and improve efficiency.

At the bare minimum, a customer relationship management (CRM) system can help you track and manage leads, while a sales enablement platform can provide your team with the resources and tools they need to be successful.

Continuously train and coach your sales team:

Training and coaching are essential for mastering predictable revenue. This involves providing ongoing training and communication that covers messaging, objection handling and competitor insights.

By doing this, you can ensure your team is equipped with the knowledge and skills they need to win.

By implementing the predictable revenue framework and following these tips, you can transform your sales team and achieve consistent growth month after month.

Whether you are a small startup or a large enterprise, mastering predictable revenue can help you reach your sales goals and drive the success of your business. So, take the time to implement these strategies and see the results for yourself.

Related: 10 Ways to Maximize Your Sales Team’s Performance

As a small or medium-sized business (SMB), do you have your sights set on expanding your reach to new customers by entering a new market … specifically a market overseas?

As CEO of INS Global, I have seen firsthand how SMBs can expand effortlessly by studying the lessons of expanding multinational companies (MNCs). Here are five actionable ways to achieve new market entry without having to start from scratch.

Related: Successful Leaders Think Globally — How to Expand Your Business Abroad For Maximum Success

1. Look before you leap: Conduct market research

Entering a new market that at first glance looks profitable and stable is an exciting proposition. However, take time to deeply understand the market you are about to enter. MNCs often conduct extensive research prior to entry, and SMBs can collect the same kind of information on a smaller scale. When car maker Toyota entered the U.S. market, it manufactured cars that were reliable, spacious and comfortable, as American consumers value these qualities. Its market research paid off, and Toyota is a leading automaker in the U.S. today. Be sure to analyze your target market prior to entry:

• Collect data directly from the new market: This may come in the form of government reports, trade association communications and following thought leaders in the new market.

• Identify your target market and research the competitors: What are their strengths and weaknesses, and where can you differentiate yourself from the competition?

• Prevent potential roadblocks: Are there special regulations that apply to your industry or product category? What is the current and forecasted level of demand for your product or service?

2. Set goals for small progress

Don’t let planning become a form of procrastination. Your primary goal of expanding your business should stay front and center. Otherwise, you risk spending all your time focusing on “what if” instead of focusing on “what’s next.” Focus on taking small steps forward and adjusting as you go, making sure to get out of your own way.

Starbucks has widely been hailed for finding success in China’s marketplace in a way that has been elusive to other MNCs. At first, Starbucks launched a single store in China to test receptivity. It did not wait until it had the perfect model, the perfect menu or the perfect long-range plan in place. The company started with a small step into the Chinese marketplace. Because it initially focused on optimizing one store, it was able to quickly make needed adjustments prior to full-blown expansion. As of 2023, Starbucks is now opening more than one store every day in China.

3. Collaborate with other SMBs in your new market — even competitors

By collaborating with other small businesses currently in the existing market or those looking to enter the same new market, you can lower the risk, share costs and gain access to shared resources. For example, in 2009, competing cell phone companies Vodafone and Telefónica formed together a strategic partnership to enter new European markets. As an SMB, consider partnering with a company that can help navigate a new business expansion. At INS Global, we help companies expand with success, by specializing in finding local candidates that are perfect to fill the job in your new location. The best part is our clients don’t need a legal entity in the new country. We hire and pay their employees legally as their representative.

Related: Here’s How to Make Your Expansion Into New Markets a Success

4. Stay visible and build your network

You may be thinking to yourself, “I don’t have time to put out a newsletter, scroll through LinkedIn daily or post on social media.” Networking may seem like the first item to fall off of your to-do list, but if you don’t grow your company’s online visibility or fail to tailor your company’s value proposition to new markets, you could be missing out on access to new opportunities and increased brand awareness.

Building relationships through intentional networking can help you gain access to new opportunities within new markets. You can also find another SMB that has successfully entered a new market (possibly even your new target market!) and seek their mentorship, guidance and coaching on business growth, the local market and cultural nuances.

5. Avoid autopilot at all costs

SMB entrepreneurs aren’t the only ones who suffer from hitting the “easy button” when entering a new market. As you look to enter a new global market, take time to learn from the mistakes of MNCs. It’s hard to imagine a multinational company like Target struggling to find success, but that’s exactly what happened when Target tried to simply duplicate its U.S. business model.

The cultures and market seemed so similar, what could go wrong? Due to its lack of understanding the local Canadian market, the foreign exchange rates and Target’s inability to quickly adapt to such challenges, Target’s 2013 entry into the Canadian market was deemed a failure. Just two years later, the retailer closed all of its stores in Canada.

Target’s failure does not mean you will inevitably fail if you enter a new market with the exact same product and business model that you are currently using. But by staying vigilant and adaptable, you can overcome any unforeseen challenges that you may not have originally considered.

Entering new global markets can be a great way to expand your small business, even though it can be an intimidating journey to begin. By following the tips in this article, you can increase your chances of success and accelerate your growth.

Related: Is Your Business Ready for International Expansion? Here’s What You Need to Know.

In today’s highly competitive legal landscape, law firms are constantly seeking ways to optimize their operations. Efficiency has become more than just a buzzword; it is a requisite for staying ahead and delivering top-notch service to clients.

As the complexities of legal practice increase, embracing new strategies for improving efficiency can set a firm apart. Let’s delve into some of the strategies law firms can deploy to enhance their workflow and maximize productivity.

Related: 6 Transformative Methods for Boosting Workplace Efficiency

Efficiency matters: Time is money for law firms

In the legal realm, every second counts. Not only do lawyers bill by the hour, but the nature of their work demands acute attention to detail within tight deadlines. For a law firm, wasted time translates directly into lost revenue and potential missed opportunities.

Efficient practices can drastically reduce operational costs. Furthermore, by minimizing wasted time and maximizing billable hours, firms can enhance their profitability. The ripple effect of increased efficiency not only boosts the firm’s bottom line but also leads to more satisfied clients. In a competitive legal market, the firms that prioritize efficiency are the ones that will stand out and excel.

The legal industry is characterized by its dynamic nature. With ever-changing regulations, case laws and client demands, attorneys are always on their toes. Efficiency is the secret weapon that can help them stay ahead. It ensures that they can adapt quickly, offer competitive rates and deliver optimal results. After all, a more efficient lawyer can provide faster, more accurate services, which is what every client hopes for when hiring legal representation.

1. Timeboxing is a must

The concept of timeboxing revolves around allocating specific blocks of time for particular tasks. By setting clear boundaries for how long a task should take, lawyers can prevent themselves from going down rabbit holes. It’s a method that works wonders in keeping distractions at bay. Ensuring each task receives undivided attention maximizes efficiency.

By adhering to the time allocated for a task, legal professionals maintain focus and productivity. This method ensures that they are working effectively and efficiently. Timeboxing also ensures that there’s ample time left for other essential obligations. In essence, it’s about working smarter, not just harder.

2. Provide top-tier technology

The digital age has revolutionized the way law firms operate. To remain competitive and provide the best service, firms must invest in the latest technological advancements. Among the selection of tech tools available, artificial intelligence (AI) has emerged as particularly transformative for legal research. AI can analyze vast amounts of data in minimal time, streamlining the research process.

Furthermore, certain AI-driven platforms come equipped with quick summary features. These tools allow lawyers to swiftly grasp the essence of extensive documents. Leveraging such technology aids in faster and more informed decision-making. In a profession where time is of the essence, these tech solutions are indispensable.

Related: How to Enhance Business Automation and Unlock New Levels of Operational Efficiency

3. Reduce administrative tasks

Administrative tasks, though necessary, can be time-consuming. Such tasks can eat into the hours that could otherwise be dedicated to legal work. Outsourcing or automating these tasks can significantly free up a lawyer’s time. Leveraging technology for appointment management or routine paperwork can simplify these operations.

By reducing manual administrative duties, legal professionals can focus more on their core competencies. This means more time for client consultations, court appearances and case research. Moreover, it allows for more strategic planning and case preparation. Ultimately, streamlining administrative tasks enhances overall efficiency and client service.

In the world of law, time is a precious commodity. For firms, the goal is to ensure that every minute spent is valuable and contributes positively to the bottom line. Efficiency isn’t just about speed; it’s about making the best use of available resources and time. Firms that successfully harness the strategies mentioned above can expect not only enhanced productivity but also improved client satisfaction. Maximizing the value of time means working smarter, not necessarily harder. When legal professionals make the most of every moment, it results in higher quality work, better client relationships and a more fulfilling professional experience. That makes the legal industry better for all parties involved.

Related: 3 Key Steps to Make Your Business More Efficient and More Profitable

Enhanced efficiency has a cascading effect on a law firm’s overall operations. By streamlining processes, firms can serve their clients better, faster and with higher accuracy. This not only bolsters the firm’s reputation but also fortifies client trust. Moreover, this relentless pursuit of efficiency stimulates a proactive environment where attorneys and support staff are encouraged to consistently perform at their peak, leading to a workplace that nurtures success and job satisfaction.

In the end, an efficient law firm isn’t just about saving time or reducing costs — it’s about creating a culture that values innovation, continuous improvement and, above all, client satisfaction. So, as you move forward, remember that boosting efficiency is an ongoing journey, one that reaps significant rewards for both the firm and its clientele.

Only 54% of sales professionals go beyond selling their product and help buyers solve a problem or achieve a goal, according to our 2023 SalesFuel survey of B2B decision-makers. The best of what’s left will ask smart discovery questions to figure out how to help.

The elite sales pros, however, the ones who are the most valuable trusted advisors to their customers, can anticipate their needs and stay ahead of the curve. They know how to practically read their customers’ minds.

I first learned about the importance of this from the father of a woman I was dating. This woman was special, and I knew I wanted to marry her. First, I had to make it through the difficult conversation with her father. Fortunately, he gave his permission, along with some advice. He told me, “You need to learn to read her mind.” When I replied I wasn’t a mind reader, he repeated his advice but didn’t elaborate.

Though it took me a while, I figured out what my father-in-law meant. I needed to understand my future wife so well that I could practically read her mind. This advice has also served me well in business.

Now, more than ever, buying decisions made by customers and prospects involve multiple people. Our research shows that buyers are checking out sellers long before they make initial contact.

To understand what’s on the minds of your customers, you need to track the activities of several types of buying influencers.

Related: 3 Ways to Read Your Customers’ Minds

What their CEO is saying

Your knowledge-building process should start with what their company’s CEO is saying, because what’s important to him/her becomes important to their employees and purchasing decision-makers. In smaller organizations, no purchasing takes place without the approval of the CEO. Sellers too often ignore the CEO, believing them to be beyond reach.

You may not be able to reach them, but you can educate yourself about their thoughts and activities. Start by conducting a simple online search on the CEO to learn where they’ve been quoted and where they’ve appeared publicly. You can also identify the CEO’s opinion on key business issues by reading the articles they post on their LinkedIn account.

What their buying team is doing

The employees on your customer’s buying team will be downloading position papers and signing up for webinars. They may also be visiting specific pages on your website. Using the right tracking tools, you’ll see the topics that interest them and have further insight into what is on their minds.

What their customers are saying (and doing)

Your market research on the customer’s typical buyer, their priorities and behavior can help you understand who they ultimately need to satisfy. In addition, every business wants to know what customers think of their product or service. Checking out the online reviews by customers is mandatory because you must understand your prospect’s reputation as part of your effort to read their mind.

What similar customers of yours are saying

If similar customers of yours in the same industry are experiencing a specific challenge, such as a supply-chain problem, your customer might be as well. You can speak authoritatively by introducing the topic with a phrase such as, “Some of my other accounts tell me…” Be careful to avoid any specifics that might breach confidentiality.

Related: How to Understand Customer Needs

What industry experts are saying

Your customer’s buyers may not be actively posting comments or articles about the latest trends in their industry, a situation that will make mind-reading a challenging proposition. You can improve your competitive position by tapping into the content produced by industry experts. Reading industry websites and blogs and listening to podcasts and vlogs allows you to identify the changes that are taking place, along with the pace of those changes. You’ll also learn what your customer’s competitors are doing.

With this information, you know what should be on your customer’s mind, and you’ll sound knowledgeable when you include a reference to the latest product launch or industry merger in your initial email message or during casual conversation.

What their marketing people are saying

This content reveals what they want the public to know about them. You should know it, too. Start with their website and their blog. Check LinkedIn for what they want other businesses to know. Facebook, TikTok, YouTube and other social media indicate what they are communicating to prospects and customers.

The proof

We listen to our clients about why they buy our products. We also survey their customers to find out what they ultimately need to help them succeed. These steps are not always enough to give us transparency into our customers’ minds.

When one of our smallest clients casually mentioned that they were using our proprietary research to be more credible with their clients, I perceived a way to anticipate needs and develop an opportunity. Because many business professionals seek — but are not sure how — to obtain credibility.

By listening to clients and projecting industry trends, we foresaw that today’s sales professionals navigate an increasingly competitive business climate where decision-making happens online and where buyers form opinions about sellers based on what they discover online. This online discovery process makes it crucial for sellers to possess sterling credibility.

To meet the need for enhanced credibility, we introduced a new product line, and I started writing my second book on sales credibility. Our buyers now have the tools they need to optimize their online presence and their credibility. Through our SalesCred product, they also learn how to read their prospects’ minds.

Nothing shows a customer that you care more than when you deliver a product or service before they have fully envisioned it. These people will not always openly share their thoughts. But if you are observant, attentive and caring, you can learn to read their minds. Maybe that’s why my father-in-law was such a good salesperson back in his day.

Related: Learn How to Stay Ahead of the Curve By ‘Futurecasting’

As an entrepreneur juggling multiple businesses, I’ve come to understand the value of time and the necessity to work efficiently. Over the years, I’ve honed some handy techniques that have helped me greatly streamline my workflow, minimize distractions and maximize my productivity.

Here are my eight favorite hacks for working efficiently, which I’m confident can help empower any entrepreneur to take charge of their time and achieve more with less. I use these methods every single day while running my cat brand tuft + paw, and they’ve worked exceptionally well for us.

Related: 5 Simple Keys to Greater Productivity

1. Batch emails to reclaim focus

Email can easily become a constant source of interruption, stealing precious time from focused work. To combat this, adopt the habit of batching emails. Utilize tools like “batched inbox” to set specific times for email delivery, limiting it to twice a day. I like to dedicate focused time in the morning and the end of the day for email management, which frees up the rest of the day so I can concentrate on essential tasks and projects.

2. Create email filters for “unsubscribe”

Maintaining an organized inbox is so important for clear thinking. Set up email filters that direct any email containing the word “unsubscribe” into a separate “newsletter” folder. This declutters your primary inbox and your mind space, allowing you to prioritize and address critical emails more efficiently. When you have time, you can go through your newsletters and pick and choose what you want to read.

3. Batch similar tasks together

Context-switching between different types of tasks can be mentally taxing and inefficient. Embrace task batching by grouping like-tasks together in your to-do list or project management tool. For instance, on Asana, I schedule all email marketing tasks for Wednesdays and all my media buying tasks for Mondays. This approach can save you significant mental bandwidth and help you maintain focus on specific activities throughout the day.

4. Silence Slack and phone notifications

Phone distractions can be the biggest productivity killers, so for the love of God, turn off Slack and phone notifications while you’re working — there’s nothing like the “knock knock” sound of a Slack message for breaking your concentration and momentum. By silencing these notifications, you create an environment conducive to deep work. If you can maintain a deep work state for, say, 40% longer every day, you can see huge benefits for your business over time.

Related: 10 Hacks to Save Time and Boost Productivity

5. Prioritize communication and avoid being a blocker

Quick, effective communication is vital for smoothly running a business. Structure your day so you’re not a blocker to anyone else doing their job. In my instance, I make it a top priority to address emails, chats and messages from my team at the beginning of the workday. By promptly responding to your team’s needs, you remove potential blockers that could hinder their progress. Once you’ve dealt with immediate communications, you can immerse yourself in deep, uninterrupted work.

6. Limit meetings and opt for efficient alternatives

Meeting fatigue is a real thing, so try to schedule as few meetings as possible. Meetings often consume significant amounts of time and, just as often, yield minimal results. Furthermore, most people hate meetings but still suggest them because they feel obligated. If someone suggests a meeting to me that seems unnecessary, I usually respond, “I’ve been trying to reduce meetings — any chance we could do this via email instead?” People are usually more than happy to oblige because they didn’t want a meeting either. It’s a win-win.

7. Embrace asynchronous communication

Today’s work world is so interconnected, but more often than not, these connections end up being distractions. To take tip #6 a step further, I recommended implementing an asynchronous communication platform wherever appropriate. Tools like Loom, where you can play back video messages at 2x speed, or threaded discussions in project management platforms are so much more efficient than live Zoom calls or continuous Slack chats. This allows recipients to process and respond to information at their convenience, promoting a more flexible and productive workflow.

Related: 36 Insanely Useful Productivity Hacks

8. Reserve Slack for urgent matters only

Slack can be a fantastic tool for real-time communication, but it can also lead to constant interruptions. Only use Slack for urgent matters, and encourage your team to do the same. By setting this norm within your company culture, you create an environment where everyone can focus on their tasks without feeling overwhelmed by constant notifications. If every little message is urgent, then nothing is urgent.

As entrepreneurs, time is one of our most valuable assets, and we need to treat it as such.

By implementing time-saving practices, you can reclaim focus, minimize distractions and achieve higher levels of productivity. Remember, efficiency is not just about doing more work in less time, but rather about achieving better results with the time you have. By incorporating these strategies into your daily routine, you can unlock your true potential as an entrepreneur and, by extension, unlock the potential of your team.