How to Ensure Love Doesn’t End Your Business

Surely you have ever heard that mixing love and business is not a very good option, which is not necessarily true, since the success of a business will always depend on how its owners manage it and not on their kinship.

The simple fact of starting a business is a great challenge that generates fear, and if your idea is to start with your partner, this can become an even greater challenge, which few dare to try. According to figures from the 2016 Global Entrepreneurship Monitor (GEM) Annual Report, approximately 34% of entrepreneurs are afraid of failure.
So that this does not happen to you, it is necessary that you take into account the following tips, which will be very useful when starting a business together with your partner:

1. Define objectives: before starting your business, it is important that you define the objectives you want to achieve in the short, medium and long term, as this will help you to have a guide for decision making.

2. Make a budget: it is essential that from the beginning they consider what expenses they will have month after month and that they keep an updated record of their income and expenses. To do this, I recommend you download the Monthly Budget format for free, with which you can significantly improve your business finances.

3. Establish their functions: discuss and agree on what functions they will have, the position they will carry out and the specific and general objectives. This will help them to have a better organization and avoid conflicts.

4. Separate personal finances: when they have defined what functions they will perform, it is necessary that each one has a salary assigned, since one of the worst financial mistakes they can make is to take the money that is destined for the business to pay your personal expenses.

5. Emergency fund: they must take into account that if they decide to work in the same business, all income will depend on a single source of work, so if the business stops operating, the income of both can be seriously threatened. For this reason, they must have a cash emergency fund that allows them to cover at least three months of their monthly expenses and which they only use for a true emergency.

Remember that love should not be an impediment for a business to grow and be maintained, undertaking as a couple can also bring you great benefits that improve your relationship. The only thing that must be maintained is communication and organization.

By: Alejandro Saracho

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TEDx Talks

Community growth expert and business mentor Best-selling author and business strategist Jadah Sellner believes that all business is personal, and that love has a very important role in the workplace. Why You Should Listen: At no other time in our history have humans been so connected — and so lonely. And companies that can tap into our innate need to be part of a tribe will stand head and shoulders above the crowd.

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Black Businesses Receive Tech Industry Push Ahead Of Holiday Shopping Bonanza

The Covid-19 pandemic has dealt Black-owned businesses a tough hand. Stifled by stay-at-home orders, on-again off-again store closures and stricter limits occupancy limits, many businesses are struggling to outlast the seemingly unending virus outbreak.

Although they’ve rebounded slightly in recent months, Black-owned stores have experienced the greatest decline this year, plummeting from 1.1 million businesses in February to 640,000 in April—a 41% drop.

But spurred by a national movement to support Black businesses, which kicked off this summer, a new number of corporations are taking small steps to put the Black in Black Friday.

Black Friday online sales pulled in a record $7.4 billion in 2019— the second largest online shopping day ever and a 19.6% increase over the previous year—while the holiday season overall generated more than $72 billion in online sales, according to Adobe Analytics. Online sales for this Black Friday are projected to generate $10.3 billion.

The surge in digital spending over the holiday season and the heightened visibility that’s been awarded to small businesses through corporate sponsorships could have a considerable impact on Black businesses in particular, sustaining them through the a few more months of the pandemic.

Facebook, for one, launched its #BuyBlackFriday initiative and a corresponding toolkit and gift guide in October as part of a broader three-month campaign to buttress small businesses during the holiday season.

The gift guide features products from Black-owned businesses and was curated alongside the U.S. Black Chambers and several corporate partners. 

“Black-owned businesses have been hit especially hard by the pandemic, closing at twice the rate of other small businesses,” Facebook COO Sheryl Sandberg wrote in a blog post announcing the initiative. She added, “But we know that millions of people want to help.”

The campaign runs through Black Friday on November 27, a symbolic starting gun for the holiday shopping season.

More recently, Google partnered with Grammy-winning musician Wyclef Jean and the U.S. Black Chambers to promote its #BlackOwnedFriday campaign, an effort to make November 27 “Black-owned Friday” and galvanize shoppers to buy Black beyond the Thanksgiving weekend.

The tech giant has also showcased Black-owed businesses on its social platforms since mid-October and now allows users to find nearby stores that identify as Black-owned through its search engine.

“I’ve seen firsthand the strain and struggle that Black-owned businesses face,” Jean said in a statement. “For many of them, this holiday season will be critical to their survival.”

TikTok, the latest viral social media platform, threw its weight behind Black-owned businesses months after facing censorship allegations from Black creatives in June. Earlier this month, the video sharing platform, which has about 200 million monthly active users in the U.S., launched Support Black Businesses, a digital hub to amplify Black entrepreneurs. 

TikTok also announced #ShopBlack, an in-app campaign that allows users to create videos spotlighting their favorite Black-owned businesses or to share their experience as a Black entrepreneur.

As small businesses reel from the pandemic’s economic disruption, many big retailers have had breakaway growth. Amazon’s profits and sales exceeded analysts’ expectations, reporting a 37% sales growth and tripling its third-quarter profits as more shoppers turn to the e-commerce giant during the pandemic. 

But celebrities and influencers alike have started to leverage Amazon’s omnipresence to highlight Black sellers on the platform. Nearly 70% of the products on Oprah Winfrey’s highly anticipated annual list of her favorite things are created by Black-owned or Black-led businesses this year and all are available for purchase on Amazon.

This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

The billionaire media mogul has partnered with Amazon on the list since 2015 and her yearly picks have provided brands with considerable gains in sales since the list’s 1996 advent.

Black Americans have developed a growing presence among small businesses owners and could stand to gain considerable sales from dedicated shopping holidays like Small Business Saturday, which raked in an estimated $19.6 billion in 2019. And while physical distancing measures will significantly curb foot traffic this year, more than 112 million Americans visited a small business on that day last year, a record high.

As shoppers increasingly reject winding lines that snake around the store, a trend that’s long been in the making but was exacerbated by the pandemic, they’re also looking to support independent local businesses—a potential boon for niche Black businesses with an online presence this holiday season. Follow me on Twitter. Send me a secure tip.

Ruth Umoh

 Ruth Umoh

I’m a reporter covering the various aspects of diversity and inclusion in business and society at large. Previously, I was a reporter at CNBC, where I focused on leadership and strategic management. I’ve also dabbled in video journalism, working as a breaking news digital producer for New York Daily News, followed by a yearlong stint as a producer at Rolling Stone. My work has been featured on New York Daily News, Yahoo Finance and Time Out. I’m a proud alumna of Columbia University Graduate School of Journalism, receiving honors for my investigative thesis on the alarming number of physicians dying by suicide. Tweet me @ruthumohnews or send tips to rumoh@forbes.com.

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MarketWatch

Black business ownership fell more than any demographic group since the beginning of the COVID-19 pandemic. We spoke to some across the nation who are still fighting to survive. See this video on MarketWatch: https://www.marketwatch.com/video/sec… MarketWatch provides the latest stock market, financial and business news. Get stock market quotes, personal finance advice, company news and more: https://www.marketwatch.com/ Follow MarketWatch on Facebook: https://www.facebook.com/marketwatch Follow MarketWatch on Twitter: https://twitter.com/MarketWatch Follow MarketWatch on Instagram: https://www.instagram.com/marketwatch/ Follow MarketWatch on LinkedIn: https://www.linkedin.com/company/mark…

Market Alignment With Segmentation and Differentiation

This is the second in an exclusive series of articles from Total Alignment authors Riaz Khadem and Linda Khadem titled “The Alignment Factor.” Check back in every Thursday for new installments. 

Businesses small and large are being impacted by the pandemic, and entrepreneurs are not immune. In order to survive and prosper during these difficult times, it might be necessary to reinvest in your business concept and redesign your offerings.

As a successful entrepreneur, you have been aligned with your market, but are you still aligned? Do your customers need the same things as before, with the same mode of delivery? For example, imagine a previously successful restaurant that has lost its customers during the pandemic. Does the owner truly understand the current needs of his customers beyond the menu it used to offer or the ambiance it had created before? 

Related: The Alignment Factor’: The Keys to Internal Alignment

What Is Market Segmentation?

In a nutshell, it’s grouping heterogenous people into homogeneous groups, or segments, by some criteria related to their needs. By defining a segment and focusing on the needs of that segment, and aligning products or services with those needs, you have taken steps toward market alignment. The key characteristics of a market segment could be similar customer needs or preferences. In a company with multiple locations, a segment will likely account for geography, demography and choices people make, the type of services they value and the quality they expect. In a smaller company, it could be a subset of these criteria.

Let’s look again at restaurants. Assuming the wearing of masks is a pretty universal requirement, the first pressing issue for owners is how to proceed over the next few months. Should the restaurant continue to offer inside dining? If so, how do you protect the customers? Usually, this is met by distancing the tables farther apart, requiring the servers to wear masks and hopefully the kitchen staff to wear masks and gloves. But what about the substantial number of people who now want to-go meals? Should they be forced to walk into a restaurant where people are eating (obviously without masks) to pick up the food? Or, more conveniently, can the restaurant offer to bring the food to the car? What about payment? Does the customer need to enter the dining room and present his credit card? Or can they pay over the phone or on the website when ordering?

These issues are not unsolvable, yet many restaurants seem unable to adapt. Perhaps it is a rigidity in the way the owners see their establishments and an unwillingness to re-evaluate the new needs of the market segment they were serving. It’s crucial to re-evaluate your customers and perhaps re-segment your market in line with the new reality. Otherwise, precious resources can be wasted on activities that are no longer in alignment. Flexibility and creativity at this juncture can mean the difference between success and failure.

What Is Differentiation?

After re-defining your market segments, you will have to identify what is important to customers in a segment likely to buy your product. Value drivers could be cost, quality, features, safety, buying experience, after-sale support, etc. In a restaurant, they could include the cost of items on the menu, the quality of the food (e.g. organic or not; using meat and poultry and sea food from sources that care for the animals well in a healthy environment), the variety in the menu, safety in the process of acquiring the food and eating, the restaurant experience and treatment received after the service is completed.

For each segment, evaluate the importance to the customers of each appropriatevalue driver on a scale of low to medium to high. For example, quality might be high for a segment while cost is a medium. Safety could be high, and follow-up support could be low. The evaluation should be based on data, not just opinion. You may need to use customer surveys to hear the voice of the customer.

Next, evaluate the same value drivers in terms of how your offering is different from your competitors. For example, is the quality you offer significantly better than your competitors? Is the cost you offer substantially lower than your competitors? Are the features you offer unique to you and unavailable to the customer from other suppliers? As you evaluate your value drivers, you can assign a low, medium or high rating to each. For example, if your value driver is features, and you offer unique features no one else is providing, your differentiation would be high. If everyone offers the same features, then your differentiation is low. Again, the evaluation should be based on data. 

After evaluating your differentiation on each of the value drivers, you have a set of two evaluations for each one: The first is how important the value driver is to the customer in a segment, and the second is the differentiation of that value driver from your competitors. You can plot the two evaluations on a two-dimensional grid, the scale being low, medium and high on both axes

The value drivers that fall in the (High:High) category should become your primary focus, both in terms of the message you send to the customers in that segment and in terms of making absolutely sure that those value drivers are perceived by your customers as you promised — or even better. For example, if quality and safety have been evaluated as (High:High), your resources should be directed toward making sure your customers are aware of your differentiation and that your quality and safety are, in fact, at the highest possible levels.

Strategies for Each Segment

Your market segments don’t all deserves the same attention. You could close out some segments and put your investment into others, especially during these challenging times. As entrepreneurs, you will have a preference based on emotional attachments. This is dangerous, as your pet offering might not be appropriate for all segments. Having re-segmented your market during this pandemic, you are in a position to decide where to put your energies and investment. You will have to choose the segments to grow, those that could stay at the same level of growth and those you should exit.

How do you make such decisions? There are guides in the management literature to help you do this. Essentially, for each segment, you perform a two-fold evaluation: How strong is your segment compared to your strongest competitor in terms of the internal processes that deliver value to the customer? And how attractive is the segment to an investor?

If you are much stronger than your strongest competitor, then your strength in that segment would be high. If you are at the same level as your strongest competitor, your strength would be medium, and if you are weaker than your strongest competitor, your evaluation in that segment would be low.

As for market attractiveness, you will have to evaluate whether the market in a segment is extremely favorable, (considering a set of external criteria) or not. The external criteria could include the size of the market, the growth of the market and the profitability of the market. If the market segment is favorable, then the evaluation for that segment would be high. Otherwise, it could be medium or low. The value of this exercise is that it will enable you to see the relative position of your different segments compared to each other.

The segment with high strength and high market attractiveness (High:High) is the one that deserves your attention the most, and the segment that has low strength and low attractiveness (Low:Low) can be divested unless it provides input into an attractive segment. Other segments will require appropriate strategies based on their evaluation.

Related: The One System That Changes Employees’ Behavior

Strategic Mindset

The strategic mindset we are proposing in this article will help you arrive at a set of strategies appropriate to each of your market segments. To develop a strategy, you need to have identified your market segments, differentiation and the relative position of your segments on the business strength/market attractiveness continuum.

Choosing where to put your time and investment will be key to your survival and growth, enabling you to make sound decisions and use your precious financial and human resources to deliver maximum value to your customers.

By: Riaz Khadem and Linda Khadem Business Strategy Experts

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tutor2u 112K subscribers The STP (segmentation, targeting & positioning) model of marketing is outlined in this revision video. #alevelbusiness#businessrevision#aqabusiness#tutor2ubusiness#alevels#edexcelbusiness#businessalevel

https://www.tutor2u.net/business/reference/market-segmentation

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