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When should the commercial lease end?
Dale Willerton and Jeff Grandfield RetailChoosing a commencement date for your commercial lease can be easy enough; however, stating a specific expiration date may be more difficult. That's fair enough, as it is impossible to forecast what the future will hold. Will you be successful at your chosen location? Will an anchor store in the commercial property move out and leave you needing to relocate? Will your own health affect your business operations and result in your selling your business? The short answer is for you to choose your lease term's expiration date based on what's best for you and your business.
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The future of fast food includes more vegan options
Bambi Majumdar Food & BeverageMcDonald's introduction of vegan McNuggets in Norway makes for an interesting choice for fast-food diners in the country. It seems U.S. locations may see the same on their restaurants' menus in coming years. The healthier options in some markets show that new-age McDonald's customers want better choices, even in their fast food. The new vegan "chicken" nuggets contain potatoes, onion, carrots, chickpeas, and corn inside a fried, breaded coating. A recent report published by Global Data shows food trends shifting towards veganism and meat-free substitutes. Clearly, the fast-food giant has been paying attention.
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Looking to land classier clients? Follow the formula
Fred Berns Business Management, Services & Risk ManagementIn their quest to work with higher caliber clients, many small businesses play "follow the leader." They'd be much better off playing "follow the formula." You're unlikely to succeed if you copy the leaders in your field in your efforts to connect with more affluent clients. Marketing and networking exactly like other companies won’t help you get the results you want. That's because you make a great you, but a lousy somebody else. You'll have a far better chance of establishing long-term relationships with blue chip buyers if you implement this five-step formula.
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7 common mistakes business owners make and how to avoid them
Roberta Matuson Business Management, Services & Risk ManagementI've been in business for over 20 years and have seen my share of mistakes made by business owners — many that certainly could have been avoided. Here’s my list of common mistakes business owners make, along with advice on how to avoid following suit. For example, think about a job that you worked in that didn't work out. Was it because you didn't have the skills to do the job, or was it because your values did not align with the organization's?
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How to improve Google Ads for your e-commerce business
Emma Fitzpatrick MarketingJust like we were talking about recently, knowing the latest features of each digital marketing channel makes all the difference. That’s especially true on a platform where you’re paying for users' attention. When was the last time you did a deep dive into Google AdWords? The average small business spends between $100,000 and $120,000 a year on Google paid search campaigns, while giant retailers can spend up to $50 million dollars a year, according to WordStream data. Regardless of how much you spend, each retailer pays between $1 and $2 for a click in a Google Ad.
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Why your subscription-based customers may be jumping ship
Terri Williams MarketingSubscription-based services can provide a reliable source of revenue for your company. Netflix, Dollar Shave Club, Blue Apron, Shoe Dazzle, Graze and Birchbox are just some of the popular companies with a subscription business model. However, customers are likely to bolt at any moment, and according to subscription business expert, Robbie Kellman Baxter, author of “The Membership Economy: Find Your Superusers, Master the Forever Transaction, and Build Recurring Revenue,” they rarely leave because of pricing.
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Credit this: Big banks step up loan approvals to small business owners
Seth Sandronsky Business Management, Services & Risk ManagementBig banks, those with assets of $10 billion or more, are feeling the love for small businesses. Loan approval rates with large banks rose in February versus January, according to the Biz2Credit Small Business Lending Index. "Overall, the cost of capital is relatively low," said Biz2Credit CEO Rohit Arora, in a statement. "Small businesses are looking to secure funding, and for many companies, recent financial performances have made them creditworthy borrowers." Biz2Credit's monthly research comes from over 1,000 small business credit applications on the firm's online lending platform.
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5 sales-boosting strategies you’ve never tried — but should
Lisa Mulcahy RetailAs a retailer, you want to keep your sales environment as fresh and as customer-friendly as possible — and the most surprising details can have a big positive impact in helping you do it. Want to give your sales a fast and easy boost? Science has you covered. Try the following research-proven tips to positively influence your customer base and move that merchandise like never before.
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Are you being served? What about your customers?
Linda Popky Business Management, Services & Risk ManagementWho do you know who would purposely understaff an airport rental car location at a major resort locale so customers are kept waiting for two hours for pre-reserved, prepaid rental cars? When would you set up an interactive voice-response system so confusing that customers are forced to spend long periods of time to navigate their way into the right queue — only to then be disconnected? Not many of us would ever want those things to happen to the customers of our businesses. And yet, much too often, they do.
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How retailers can still thrive in an Amazon-led world
Linda Popky RetailThe daily news is full of retail stores that are cutting back their operations or closing shop completely. Toys R Us, Sears/Kmart, Gymboree, Abercrombie & Fitch, BCBG, Bon-Ton, Payless, Dollar Tree, and even Victoria’s Secret are on the recent list. Is it Amazon’s fault all these chains are struggling to the point that many have had to declare bankruptcy? Or is there more to it? E-commerce is certainly a major factor. But it’s not the only reason.
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