Michael Babyak – Marketer

Is It Time to Scale My Business?

Starting a business, let alone one that is successful, is no small feat. With so many uncontrollable variables that can have positive and negative effects on your business, knowing when it’s time to scale can be tough. While some businesses wait until they have the backing of venture capitalists, others may feel that there’s no better time than like the present to make things happen. But since approximately 50 percent of all businesses fail within the first five years, acting too soon or not soon enough can impact a company’s longevity. Even with little to no room for error, there are ways to know whether it’s the right time to take things to the next level.

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How to Tailor Your Business' Niche

Your business isn’t for everyone. That sounds like it flies in the face of all conventional business wisdom, but look at that statement one more time: Your business isn’t for everyone. There are billions of people on Earth, and while it would be great if you could personally help each of them to receive some sort of benefit, that’s never going to happen. If you exhaust your personal resources and your business’ financial resources trying to market your company to everybody everywhere, you’ll be exhausted and bankrupt before your new business celebrates its first birthday. Here’s a look at how to tailor your business’ niche, and why effectively doing so will keep your doors open for decades to come.

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How to Be a Successful Communicator

Communication is vital for the maintenance of any healthy relationship. It’s also fundamental when it comes to conducting business deals, marketing products, networking with other professionals, and other work-related endeavors. However, professional communication has its own rules and regulations that differ from personal communication. That’s why professionals should understand what makes successful communication work, and why that success is so important to smooth business operations and career development.

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How Entrepreneurs Differ From Leaders

Entrepreneurship and leadership are often presented as the same things. However, these positions have very different meanings. To put it simply, entrepreneurship involves the ability to imagine and create a business, while leadership is about effectively and appropriately executing the vision of an entrepreneur.

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Business Tech for Boosting Productivity

Productivity. It’s becoming a popular buzzword amongst businesses of all shapes and sizes, and for good reason. Traditionally, the mathematical calculation for productivity is the average output divided by the total cost of consumed goods, both for a given period. However, productivity has taken on new forms in today’s businesses, becoming a multi-faceted menagerie of tasks required to produce goods and services alike. Business tech has generated new avenues of productivity. These are some of the best technologies for improving overall output by employees.

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What Is Fintech and Why Is It on the Rise?

It seems like new avenues of business tech are opening up with each passing day. One of the major contemporary developments for businesses is Fintech, which is used by businesses from countless industries around the world. If you’re new to the concept or are curious as to why it’s on the rise, read on to learn more.

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Top Communication Tools for Businesses

In writing about productivity, I mentioned the importance of communications for businesses. With three-quarters of employees worried they’re in the dark about company happenings and 60 percent of companies lacking long-term internal communications strategies, now is the time to start thinking about improving communications on an intracompany level. To help you get started, here are some of the top communications tools for businesses.

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Scaling Your Small Business

As any entrepreneur will attest, starting a business is just the beginning. The process of long-term development and growth requires vigilant planning, goal setting, and introspection. Marketing mogul HubSpot differentiates scaling a business from growing a business, writing, “Scaling your business means you’re able to handle an increase in sales, work, or output in a cost-effective, reasonable manner.” While growing requires investments and perhaps temporary losses, scaling means long-term, exponential growth. For small businesses, scaling can be fairly daunting. What is the right time to scale, and how can smaller businesses handle it?

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Balancing Long-Term and Short-Term Goals

Balance. The ability to dedicate equal time to various tasks is important in any career, and it’s vital when running a business. As with any strategic plans, business plans utilize short-term and long-term goals. Typically, long-term goals involve increasing profitability and market share, while short-term goals can include investments, outreach, and other similar factors. With all of the effort that goes into operating businesses day-to-day, it can be difficult to so much as think about the future, much less plan for it. However, goal-setting is an essential element of the business strategization process, and balancing short-term and long-term goals is what will keep your business running smoothly and successfully.

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How to Encourage Communication Between Employees

In recent years, communication has become one of the most-desired skills among applicants. It’s not hard to see why—with internal and external conversations influencing business trajectory, organizations want to hire people who are able to express their thoughts clearly and concisely, as well as those able to strike the right tone in a complex conversation. However, business hierarchy still silences the voices of newer, starting-level employees. The question becomes, how can employers encourage communication and conversations at all levels of a company?

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How to Modernize Your Business Plan

The dramatic growth of business technology, both longitudinally and latitudinally, can often outrun businesses. No business wants to be left behind in a cloud of dust, which makes it important to update not only how the business goes about its daily tasks, but also how the business goes about achieving its overarching goals. In this regard, modernization of the business plan is an essential step in maintaining your business’ relevance and market share.

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Business Strategy Writing For Entrepreneurs

Breaking out into an industry can be an exciting time for entrepreneurs; the prospect of sharing a product or service that you truly care about and watching your vision come to life is something that every entrepreneur works towards. However, the uncertainty of it all sets the successful, strategic entrepreneurs apart from those who simply “go with the flow.” If you’re an entrepreneur who wants to craft the perfect business strategy, you’ll need to follow these tips.

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Benefits of the Family Office Concept

Ultra-high-net-worth (UHNW) investors often seek management and advice from family offices. These private advisory groups offer perspective on handling large amounts of wealth, but as that wealth continues to grow, they may adopt a lifestyle management approach. Because each family’s wealth needs differ, the role of the family office can change as well. Regardless of how you define family offices, the concept offers several benefits that can help prepare families for a financially sound future. These are just a few of the ways that a family office can help your own family manage assets and life.

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Wealth Management vs Asset Management

When it comes to securing your financial future, money management is vital. Unfortunately, the financial world can be confusing with all of its jargon and titles. This is where having a financial advisor becomes useful. Both asset and wealth management have risen in popularity in recent years, and while they might sound rather similar, they both provide different services. Read on to discover the right service for you.

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Technologies That Are Changing Wealth Management

Technology has taken customer service to another level. Companies such as Netflix and Amazon are able to improve customer experience in a myriad of ways due to artificial intelligence and predictive analytics. This has set a new standard for customer experience and shows the power of technology as a business tool. Wealth management has also begun to take advantage of technology, with these digital upgrades serving as the modern centerpiece for how advisors, investors and financial institutes conduct business.

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How Embracing Weaknesses Can Help Your Business Grow

Often, weakness is viewed as something to be eliminated. If it cannot be removed, many people will choose to deny its existence. However, this perspective can lead to an exacerbation of the weakness. When you’ve identified a shortfall in your professional endeavors, it’s important to accept it and work to manage it. You can’t always climb right over the mountain. Instead, you have to find a way to get around the mountain.

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Artificial Intelligence and Business Strategy

Artificial intelligence software can accomplish a variety of tasks, from predicting who will win a competition to writing entire screenplays. With all of these breakthroughs, it’s no wonder that many businesses are examining how AI can help them grow. As AI software becomes more powerful, it can complete an increasing number of tasks. In this sense, it allows the human members of your team to focus on more complex situations, or put more focus on connecting with your clientele. Utilizing artificial intelligence as part of your business strategy can be daunting, so here are a few considerations to get you started.

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Is Pivoting a Smart Business Strategy?

When talking about a business, the word “pivot” often refers to some type of large business change. Typically, pivoting is meant to assist a business in recovering from a difficult period, or in order to keep pushing after new competition or other factors complicate strategy. The real question is whether pivoting is actually a viable business strategy, or is it just a final attempt to save a failing business?

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Why HR Should Be Involved In Business Strategy

In today’s rapid-fire business world, human resources have become increasingly more vital to running a business. Not only is HR involved in the recruiting and employee development aspect of a business, but it’s also responsible for bringing solutions to the table that contribute to bringing the company closer to its business goals. A survey from 2015 found 65 percent of CEOs agree that the opinions of their human resources teams carry more weight than with senior management. In addition to this, 73 percent of CEOs had already incorporated the data given to them by HR into their business strategies. But why exactly are the opinions of HR teams and leaders valued so much?

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How Inflation Affects The Stock Market

Inflation is not a new term and it is definitely not new to financial professionals. But if you are just starting out on your own investing journey, you may be curious exactly how inflation will affect your investment portfolio. Committed investors will be sure to continually monitor the level of inflation in our economy and the impact on their current investments.

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Investment Behavior and Weather Changes

Some investors ponder the effect that weather has on the stock market, but financial analysts assure us that there is no correlation. Even so, many still debate the issue and seem to find evidence for their opposing viewpoints. While the idea that weather can impact how well stocks perform can seem ridiculous, a deeper look reveals very real reasons to consider this possibility.Investment Behavior and Weather Changes.

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How To Stress-Test Your Business

You have your business strategy all laid out, and you feel like things are looking up, but will it always be that way? You started up your business based on some assumptions, but what if things change? What if a new technology comes along and makes the widgets your company produces obsolete? To be successful in small business, you need to be able to assess the strengths and weaknesses of your business strategy accurately, but how?

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Why It's Important To Include Personal Goals In Your Business Goals

When your business is planning short and long term goals, it’s important to blend in personal goals as well. Personal goals help you as a business owner develop more as a person which not only improves yourself but business productivity as well.

With a strategy that promotes personal goals that blend in its long term business model, there is more potential for growth. Personal and professional achievements you want to accomplish should not only be for yourself but for other employees as well. Setting the expectation helps everyone understand the level of performance that is expected. There are five questions you can ask yourself when choosing what to accomplish.

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Navigating A Small Business Partnership

In small businesses, partnerships are great opportunities that can help a business to achieve greater prospects of financial stability and market penetration. Entering in a small business partnership is a favorable opportunity for every small business entrepreneur. Successful navigation of small business partnerships requires much due diligence and planning. Here are some crucial aspects that can help you navigate a small business partnership.

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