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Quiet Quitting: What to Know & Why Business Owners Need to Stop Calling It a “Problem”

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Quiet Quitting: What to Know & Why Business Owners Need to Stop Calling It a “Problem”

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It seems like just yesterday ‘The Great Resignation’ was the biggest phenomenon being experienced and discussed across virtually every industry. Now, however, there is a whole new trend happening in the workplace that is swiftly gaining traction with employees: quiet quitting. Countless news outlets are currently abuzz with this topic, and many business owners are now wondering what this movement is all about. A lot of company leaders are also labeling “quiet quitting” a “problem” and trying to figure out how to prevent it from happening in their enterprise.

Are you worried about quiet quitting happening in your own business? Do you want to know the signs that your employee is quiet quitting and what it means? Well, in my own journey as the co-founder and Operating Partner of CiteMed, I have seen other business leaders in my network experience quiet quitting in their own enterprise. Here is what to know about this movement and where the “problem” actually lies:

What Exactly is Quiet Quitting?

Let me say this first: quiet quitting has always been seen in the workforce — it just wasn’t a popular topic until a TikToker posted a video about it that went viral in July 2022. In the video, he says that when you quiet quit, you don’t outright quit your job; you just quit the idea of going above and beyond at work, as your life isn’t defined by your work output. So basically, when an employee quiet quits, they perform the duties they are being paid to do but don’t take on additional projects or responsibilities, strive to over-achieve, or allow their work to cause them any stress in their personal lives.

Signs an Employee Has Opted to Quiet Quit

It is quite easy to tell if your employee has quiet quit at work. Do they log off their computers or leave the office at the exact same time every day? Do they refuse to work more than the eight hours a day they were hired to do, even if projects are not yet complete? Do you ever ask them to take on additional tasks and they flat out tell you “no” without explaining why? Do they show no interest in team bonding activities outside of work hours? If you answered “yes” to any of these questions, then your employee has likely quiet quit.

How the COVID-19 Pandemic Boosted the Quiet Quitting Phenomenon

While quiet quitting has always been apparent in the workforce, I definitely believe that it has increased since the pandemic began. This is because the pandemic forced employees to stay at home for long periods of time, which gave them a lot more time to reevaluate their lives and what they consider to be the most important for their overall fulfillment. They also have seen their peers join the Great Resignation that stemmed from the pandemic, which showed them that they too are not stuck in the companies they work for.

Employees are now in the driver’s seat and know companies are desperate to prevent the high turnover that is seen in virtually every industry. So these employees know they can work the minimum they are expected to work without being fired.

Are Certain Age Cohorts More Likely to Quiet Quit Than Others?

Gen Z and millennials are definitely more susceptible to quiet quit than older generations. This is because they are much more connected on social media networks, where they are heavily influenced by others who post their journeys of quiet quitting and finding paths towards greater life fulfillment. Older generations will stay and grow with the same company for decades because they place high importance on security and comfort, while Gen Zers and millennials have no issue leaving jobs that don’t make them feel fulfilled.

How Quiet Quitting Varies Between Work Operation Models

Remote workers are much more susceptible to quiet quit than in-person employees. This is because those who work from home can easily turn off their laptops or computers for the day once the clock hits 5pm, while in-person employees can have trouble saying “no” when their bosses ask them face-to-face if they can work late. Also, in-person employees can be influenced to work longer hours when they see their coworkers also working longer hours.

STOP Calling Quiet Quitting a “Problem”

While I believe that quiet quitting is very apparent all over the workforce right now, I wouldn’t label it a “problem”. Employees are just standing up for their rights and ensuring they are not being taken advantage of by the businesses and large corporations they work for. And why should employees be expected to work more and take on more projects than they are being paid to do? Why should they “go above and beyond” for companies that don’t compensate them for it?

Quiet quitting isn’t the problem — the main issue is these businesses that think it’s fine to overwork their employees without giving them a pay raise. This is what causes a major drop in employee morale and costly turnover for businesses. Employees want to work for businesses that care about them. Thus, the real changes need to happen in the companies’ operations — if projects will require longer hours or more manpower, businesses should hire a contractor or give their employees a pay raise to incentivize them to take on the extra work.

Find the Opportunity When an Employee Quiet Quits

Staff members are the backbone of a company, and their wellbeing should be of utmost importance to any business leader. Quiet quitting is an employee’s way of ensuring that they can maintain a healthy work-life balance while still doing the required work they are being paid to do. That said, if you notice that a staff member is showing any of the aforementioned signs of quiet quitting, this can be a real opportunity to enact positive change in your enterprise and enhance employee loyalty across your whole organization.

For example, quiet quitting can be a sign that you are not giving your staff members enough opportunities to level up their careers with exciting promotions and associated pay increases. Providing these opportunities can really enhance your employees’ morale and pique their interest in excelling in their positions and growing with your company.

Or, quiet quitting can be a sign that your work culture has become stale and boring, which could lead to other staff members actually flat out quitting to pursue positions at other companies. So it would be in your best interest to set up fun events and employee engagement initiatives that will help create a positive culture in your enterprise.

To Wrap It All Up

Quiet quitting is a major movement happening in workplaces across virtually every industry. However, rather than calling it a “problem”, it can be a major indicator of issues in a company’s overall operations and culture. So quiet quitting really presents an opportunity for business leaders to enact positive change in their enterprise.

Author’s Bio

Ethan Drower is the Co-Founder and Operating Partner of CiteMed, which is revolutionizing the European Union Medical Device Regulation (EU MDR) process. Literature Search and Review is the cornerstone of medical device companies’ Clinical Evaluation Report, and CiteMed has made this process more streamlined and optimized than ever. The CiteMed team was formed to deliver a high volume of beautifully written and formatted Literature Reviews on timelines that will enable companies to meet their EU MDR goals. CiteMed’s top goal is to help companies get their medical products to market as quickly as possible, all while maintaining state-of-the-art compliance with the European Commission regulations. A renowned business expert, Ethan educates others on the fundamentals of launching a successful software product, tips for aspiring entrepreneurs, and more. www.citemedical.com

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How Remote Business Owners Can Prevent Burnout & Stay Sane While Working from Home

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How Remote Business Owners Can Prevent Burnout & Stay Sane While Working from Home

Do you manage your own business from home? If so, you likely love all of the many benefits of working from home which includes not having a long and inconvenient commute to and from an office, lower overhead costs from not having to pay for a workspace, the ability to wear pajamas every single day if you wanted to… the list goes on. However, there is one big issue that plagues many home-based business owners at some point or another: dealing with burnout.

Ray Blakney  the CEO and co-founder of Live Lingua, a renowned online language school, has shared his insight with us on how to prevent burnout and stay sane while working from home

He said “In my journey of managing both the Live Lingua online language school and Podcast Hawk (a SaaS product that helps people get booked on podcasts) from home, I’ve seen firsthand how vital it is for home business owners to take preventative measures to keep themselves from getting burned out. I, myself, have experienced a huge bout of burnout in the past and know how much it can negatively impact a business owner’s motivation, inspiration, and entrepreneurial fire, ultimately posing a threat to their company’s growth and progression.

That all said, here are my tried-and-true tips on ways to prevent burnout while managing your business from home each day.

Stick to a Daily Work Schedule

Understand that there will always be more emails to respond to and a mountain of tasks to complete. However, this doesn’t mean you should work 10-12 hours a day or late into the night to try to get more things done — overextending yourself is a recipe for burnout! In order to keep your morale, motivation, and entrepreneurial spirit high, it is vital that you set a schedule of your daily working hours and make it a priority to stick to it. Shut down your computer at a certain time each day so that you can recharge and maintain a healthy life balance.

Take Breaks — You Deserve It!

In an in-office environment, coworkers will want to take lunch breaks with you or meet you in the break room for coffee and a quick chat. You will also sometimes leave your cubicle or office for in-person meetings with colleagues. However, while working from home, it is so easy to spend hours staring at your computer screen without getting up to take any breaks. There is also a high probability that you don’t even take a real hour-long lunch break to relax and regroup — you just eat a quick meal at your desk while sending emails to your team members.

To get a productivity boost in the middle of the work day, take a much-needed break! Go into the kitchen to make a healthy and delicious lunch that you will really enjoy and then go for an invigorating walk around your neighborhood. You can also go grocery shopping or run another quick errand to give your brain a break from staring at your computer screen. Or, simply take half an hour to sit outside in your backyard, meditate, and breathe in the fresh air! Breaking up the day will help re-energize you and prevent an afternoon slump in productivity.

Work in New Environments

Every morning, do you usually just wake up, make a cup of coffee, and then start answering emails right away? This can definitely get monotonous and lead to burnout — consider switching up your environment once or several times a week by taking your laptop to work elsewhere! You can work in your favorite local coffee shop, in your city’s library, or even in a park if you have a portable wifi hotspot. Getting a change of scenery each week can help spark new ideas for client strategies — on top of this, you may end up connecting with other home-based business owners that you can partner with on future projects!

Make Time for Your Hobbies

The last thing you want to do is be a workaholic that constantly stresses over business tasks. To recharge and recuperate throughout the workweek, engage in your favorite hobbies on a regular basis. For example, make time for that weekly pottery class you’ve always wanted to do or plan to meet up with your friends at a hot yoga session every Wednesday morning. Or, if you love to read, take the time to relax on the couch with a fantastic book each day. Taking part in your favorite activities is a surefire way to prevent burnout and stay balanced.

Take a 1-Week-Long “Rest Vacation” At Least Once a Year

This has been absolutely pivotal in keeping me balanced and preventing burnout. Way earlier in my entrepreneurial journey, I was incredibly burned out and filled with stress from not taking a day off for years. My wife saw that I was struggling and then surprised me with a 1-week vacation at an all-inclusive resort — it completely changed my life and reignited my entrepreneurial passion! By the end of the trip, I was completely rested, happy, and excited to get back to work. This vacation was a total game-changer for me.

I recommend all business leaders to take a “rest vacation” for one week at least once a year. During a “rest vacation”, it is vital to disconnect from work entirely — let your employees and associates know that you won’t be available for calls and that you will have extremely limited time on the internet and for answering emails. Keep in mind, however, that this shouldn’t be a trip where each day’s schedule is packed with sightseeing tours! The goal is to relax and recharge by lounging by the pool, getting beachside massages, and simply resting.

After a few days, you should feel de-stressed, re-energized, and at ease. Also, by the 6th or 7th day, you will likely be excited to get back to working on your business! You may even realize that your productivity and work output is much higher than usual for months after your trip!

Summing It All Up

Burnout can be drastic for home-based entrepreneurs, as it can cause them to lose motivation and forget why they started their companies in the first place. If you manage your own enterprise from home, prevent burnout by sticking to a daily work schedule, taking much-needed breaks, and working in new environments. Also, make time for your favorite hobbies and take “rest vacations” every year! These preventative measures will help you keep burnout at bay and always stay motivated and excited about your entrepreneurial pursuits”.

 

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Is Your Future Leader Working In Your Company Now? How To Grow A CEO.

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As companies face new challenges in a rapidly changing world, leadership has never been more important. Business owners and boards are looking for strong CEOs, but what’s the best way to find them?

One study shows that CEOs hired from outside a company don’t perform as well, on average, as those who are internally promoted to the top spot. A benefit of grooming a CEO in-house are that person’s familiarity and alignment with the company’s culture and growth processes, but today’s demands and disruptions require special leadership qualities that need to be honed and observed at every step up the corporate ladder, says Benjamin Breier (www.benbreier.com), ForbesBooks author of Intentional Disruption: Leadership lessons in Healthcare, Business, and Beyond.

“Company owners and boards of directors can be ahead of the game if they grow and produce C-suite leaders, especially CEOs, from within,” says Breier, formerly CEO of Kindred Healthcare LLC. “Targeting that potential early on, providing the necessary experiences and promoting professional development leads to a CEO who can transition smoothly to what will be the company’s most challenging role.

“Soft skills such as emotional intelligence, authenticity, communication, and empathy are paramount in today’s CEO. They have to figure out how to grow the business, how to be strategic, and how to mix the business with the mission.”

Breier offers the following tips to business owners about grooming a CEO from within the company:

Challenge them in different roles. Breier says one way to identify and build high-potential leaders who can become CEOs is to challenge them with tough assignments in different jobs and give them minimal support. Those who produce consistent results will gain confidence and valuable experience.

“Any young person with leadership aspirations has to be willing to perform any job that they as a leader might ask somebody to do,” Breier says. “No job should be beneath you. See what you can learn, how different jobs work, how to problem-solve, and what people in that space are going through.” The result, Breier says, is that when one who has traveled that path becomes CEO, “they can talk to anyone at any level and have credibility as a leader. They can relate to all employees and make a connection.”

Give rising leaders broad authority. “The buck stops with the CEO, so on the way up to that role, it’s important for the company to provide top managers who are CEO candidates with wide decision-making authority,” Breier says. “Create opportunities where your leaders oversee budgets, strategy and people. You want to breed leaders who are decisive. Encourage them to think like CEOs, with a strong focus on metrics and value creation.”

Look for resilience. Climbing the corporate ladder virtually guarantees some falls along the way, Breier says, and owners or board members looking for strong leadership need to find people with resilience – a proven ability to bounce back quickly from setbacks. “When you’re the CEO and times are tough, everybody in the company is looking to see what your body language is going to be, and what your attitude is,” Breier says. “Part of your job as CEO is to be optimistic, courageous, and forward-looking when the big rock needs to be pushed up a high hill.”

See if they can disrupt in a direction-changing way. Breier says today’s ever-changing world demands CEOs who cannot only handle disruption but prompt it in a way to move their company forward. He calls this intentional disruption, which he defines as “a bold, purposeful, personal and business strategy to create opportunities and kindle successes while counteracting the inevitable disruptions wrought by external forces in volatile times.”

The most successful leaders, Breier says, are proactive rather than reactive and make the best positive disruptors. “Intentional disruption means going on offense and letting the problem weigh your company down. Top leaders must develop skills and tools to counteract forces that are capable of destroying their companies and their future leadership opportunities.”

“The long journey to becoming a CEO does not come from a straight line of victories,” Breier says. “It comes from an accumulation of experiences, good and bad, that expand the knowledge, sharpen the focus and strengthen the conviction of a well-developed leader who’s earned everyone’s trust.”

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Benjamin Breier (www.benbreier.com) is the ForbesBooks author of Intentional Disruption: Leadership lessons in Healthcare, Business, and Beyond, and the former CEO of Kindred Healthcare LLC. He serves on the board for the Federation of American Hospitals, is a member of the Wall Street Journal CEO Council, and a founding member and chairman of the board of the Louisville Healthcare CEO Council. He oversaw multiple acquisitions that turned Kindred into the largest provider of post-acute healthcare services in the country. Modern Healthcare magazine named Breier one of the 100 Most Influential People in Healthcare on three occasions and, in 2010, rec­ognized him as one of the young leaders aged 40 and under making a difference in healthcare. A graduate of the Wharton School of Business, where he earned a bachelor’s degree in economics, Breier received an MBA and MHA from the University of Miami.

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What Every Small Business Should Be Implementing

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The majority of the difficulties associated with establishing a business stem from failing to accomplish the small things correctly. The basics will lead you to the top, as any competent instructor has stated at some time.

If you’re thinking of starting a small business, make sure you follow these 10 small business rules:

1. You must keep track of your finances.

Lack of capital, is the leading cause of small business failure. You must undertake proper financial planning and fully comprehend the business levers that might affect your cash flow.

Do you purchase stock?

-What amount of cash should you have on hand?

-Do you have a system in place to collect money from clients?

-How long do you have to wait for them to pay you?

-Do you have any loans that you need to repay?

-Do you rely on suppliers whose prices fluctuate according to market conditions?

2. You must create a data-driven culture.
The better your business decisions are, the more data you can track and utilize to make them. Business often necessitates certain “intuition feel” judgments, but it’s preferable to provide your instincts with as much knowledge as possible.

Tracking your company’s key performance indicators (KPIs) and understanding why they rise or fall may help you make decisions that will help you develop and stay on track.

3. You must participate in Lean Planning.

Rather of creating a long-written document that you utilize once and then file away, it’s critical to create a strategic and financial plan and track it on a frequent basis.

Planning is a continuous tool that should be used to understand the assumptions you have about your business and whether or not those assumptions are valid, or whether you need to make changes and adapt your assumptions.

60 percent of small companies in America fail due to a lack of cash, not a lack of profits—by utilizing Lean Planning, you can rapidly determine if you have made any financial assumptions that will have a negative impact on your cash. Maybe you assumed you’d get paid every 30 days on the dot.

By engaging in ongoing planning and then tracking the actual results of your business against your plans, you can quickly determine if you are getting paid every 45 days, and if so, you can increase your credit line quickly and appropriately, keeping your business cash healthy—before you get into trouble.

4. You must have a strategy in place for attracting and keeping top employees.

We are continuously on the lookout for top talent in our industry, therefore we make it a point to follow talent in our region on a regular basis and design outstanding retention programs and rewards.

Take some time to consider your company’s culture and what you want it to be, and make sure that culture is factored into your recruiting selections. We utilize LinkedIn on a daily basis to follow and acquire talent.

5. Every day, you must listen online.

Even if you just operate from 9 a.m. to 5 p.m. Monday through Friday, your business is “always on.” Every company should set up internet alerts to monitor what their customers are saying about them, their rivals, and the market in general.

Google Alerts is a fantastic (and free) tool for “listening” to what’s going on online. Be the first to know when a consumer leaves a negative review or when someone praises your company online. Use these methods to remain ahead of the conversation and capitalize on it. You need to get a business phone number too.

6. You must engage in marketing that generates a return on investment.

Small companies frequently tell us that they have no idea what marketing is. What should they spend their money on? Is it effective? Is it better to promote on the radio or on the internet? Should they believe the Groupon or Comcast salesperson who tries to persuade them to distribute discounts to the general public or buy local TV ads? What is it that works?

What does not work?

Small company operators should begin in venues that are both free and simple to access. Begin by forming relationships with local companies and company owners. Find out what it is that they do that is effective. Find out how visitors find your website and where they come from by using Google Analytics and your website.

Customers should be questioned about how they learned about you. And if you do decide to promote, make sure you know how to track it. Make a unique offer and keep track of it. Only provide one type of service or product. Repeat your successful marketing efforts after learning what works and what doesn’t. If you won’t be able to measure the results, don’t invest the money.

8. You must communicate with your clients.

Every company should communicate with its clients as frequently as feasible. If you own a retail store, talk to your customers at least once a week (if not every day). Discover what they enjoy—and what they despise.

If you own an online business, send a brief survey to your consumers or ask a few survey questions after they check out. Make a call to them. People enjoy talking and being asked for their viewpoint. Negative feedback might be difficult to hear, but it’s important to hear it and understand how you can improve your business for your consumers.

9. You need to know your competitors.

Both your direct and indirect rivals must be known and understood. You should always be aware of your rivals’ activities, including what they are doing, how they promote, and how they price their products.

You may be the only one of your kind in your town or sector, but that doesn’t mean you don’t have indirect competition. In my town, a small do-it-yourself tie-dye store has no direct competition.

They do, however, provide activity-based events and compete with all of the other businesses that host birthday parties and group activities. They also compete with other tie-dye merchants at Saturday Fairs and Markets. Even if they don’t have direct competition, they need to know how to position themselves against all of their indirect competitors.

10. You must have a larger goal in mind: a mission.

People like to work for companies that are more than a simple money-making machine. That isn’t to say that you can’t set sales or profit targets; it only means that if your employees believe they are part of a larger purpose, they will work harder and be more loyal.

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Is Your Boss A Grinch? How To Show Holiday Gratitude – And Retain Employees.

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The holiday season is a reflective time, and as company leaders look back on the past year of challenges and accomplishments, it’s important that they show gratitude to their employees – and not make it a rare occurrence.

Research has shown a strong correlation between employee recognition and employee retention. Specific to the holiday season, one survey found that about 60% of employees would be more likely to stay in their job if they received meaningful holiday gifts from their employer. As the “Great Resignation” sweeps the country, employers should be mindful of making the holidays the “Great Appreciation” for their best employees and making it a habit. says Michele Bailey (www.michelebailey.com), ForbesBooks author of The Currency of Gratitude: Turning Small Gestures into Powerful Business Results.

“As leaders reflect, those who haven’t made gratitude a core value of their organization should strongly consider it going forward into next year,” Bailey says. “The current context of workers leaving in droves basically demands it. And the holidays are the perfect time for leaders to set a new tone and show they are sincere about showing appreciation on a consistent basis.

“This really benefits everyone in an organization; led by the leader, everyone is influenced to show gratitude for each other. When you make gratitude a habit and recognize the value of the contributions of your colleagues, you encourage them to strive for greater results. And your business will inevitably grow as your team members champion your brand.”

Bailey offers five ways leaders can express gratitude to employees during the holidays and make the practice a regular feature of their organization:

Prioritize mental health. The nearly two-year-long pandemic has added anxiety for millions of workers, and every holiday season many people experience increased stress and depression. Therefore, Bailey says it’s vital that company leaders keep these factors in mind and check on the mental health of their employees. “Lots of employees feel burnout this time of year, and remote workers can feel more isolated,” she says. “Make sure to check in with your people one-on-one and in small groups. Let them know that you care.”

Give praise. “By publicly praising an employee or team who has done an outstanding job, you make them feel valued,” Bailey says. “This can boost their confidence and their enthusiasm for the company. A personal handwritten note also goes a long way with an employee. The holiday season is an ideal time for the leader to champion their top people and energize them going forward into next year.”

Make gifts meaningful. Bailey says leaders should put a good amount of thought into gift-giving as a reward for employees, showing a personal touch and making it something useful and memorable. “They don’t have to be expensive,” she says. “The value is in the thought. And along with material gifts, consider experiential gifts, which allow the recipient to have an experience that ties in with their interests.”

Give paid holiday leave. “Extra time off during the holidays to be with family is a bonus in itself,” Bailey says. “As work-life balance becomes more important to employees nowadays, this is the time of year when employers should show they’re sincere in making that happen.”

Survey your teams on what they need for next year. This is a way of paying your gratitude forward, Bailey says. “The holiday season and end of the year are a great time to tune in to your teams and listen to how you can help them do their jobs better next year. Being heard and having their thoughts turned into action by management help your employees feel appreciated.”

“If your work culture is not operating with gratitude,” Bailey says, “not only will the holidays feel a bit empty, but your potential as a company will remain unfulfilled.”

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Michele Bailey (www.michelebailey.com) is the ForbesBooks author of The Currency Of Gratitude: Turning Small Gestures Into Powerful Business Results. She also is founder/CEO of The Blazing Group, a brand and culture agency born of her strategy-first approach to business and desire to enhance employee wellness in pursuit of business goals. She is also the founder of My Big Idea®, a mentoring program designed to propel individuals toward their personal and professional goals. Bailey has been recognized for contributions to women and entrepreneurship with honors such as the Bank of Montreal Expansion & Growth in Small Business Award and the Women’s Business Enterprise Leader Award in 2020. Bailey is a popular speaker and is also the author of a previous book, It’s NOT All About You, It’s About the Company You Keep.

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3 Ways to Take Your Company From Product-Focused to Customer-Centric

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The data: Companies that focus on being customer-centric can position themselves better for success than companies that don’t. Research shows that customer-centric companies are 60% more profitable, people will spend 17% more for a good experience, and 76% of customers expect businesses to understand their needs.

The expert’s take: Dr. Debbie Qaqish (www.drdebbieqaqish.com), ForbesBook author of From Backroom to Boardroom: Earn Your Seat With Strategic Marketing Operations, says more CEOs and executive teams must figure out how to transform from being product-centric to being customer-centric in a digital world.

“For decades, companies took a product-focused approach,” says Dr. Qaqish, Partner/Chief Strategy Officer of The Pedowitz Group. “Marketing flooded prospects with product messaging and product conversations. Today, some companies are fleeing from this approach. The conversation is about customer problems and how they can be addressed.

“But many companies still struggle to know how to truly make customers the center of their businesses. It’s essential now in our digital world. CEOs need to realize that the customer is in control, and that companies can no longer win on product strategies alone. Business leaders need to create a corporate capability that allows the company to sense and respond to customer changes in real-time. They must have actionable customer data and use systems that track smart engagement with the customer.”

Dr. Qaqish uses a customer pyramid model to analyze how company leaders can transform their business from being product-centric to customer-centric:

-Change the mindset. To take on a customer-focused viewpoint, Dr. Qaqish says it’s essential that leaders first want to understand the customer. This could entail sitting in on customer service calls. “To get the entire company on board and engaged requires leadership implementing an action plan, including employees being empowered to make decisions geared toward customer satisfaction,” she says.

-Broaden the skill set. Dr. Qaqish lists four capabilities company leaders and employees need to become customer-centric: tech/data/analytics, marketing, business acumen, and customer knowledge and insights. “The shift to a customer focus is about building a strategic capability as a response to new strategic directions,” she says. “One big change is today’s digital customer. With a few clicks or swipes, the digital customer is firmly in control of their own journey with your company. In response, the company’s capability must include mapping, auditing, and optimizing the customer journey.”

-Sharpen the tool set. “The biggest changes in the tool set involve how technology is purchased, managed, integrated and administered,” Dr. Qaqish says. “The way your marketing technology is stacked is a highly visible indicator of your company’s true intentions regarding a customer-centric focus.” She suggests testing the marketing technology to see if it’s aligned to support and enhance the customer journey. “In the middle of a sheet of paper, draw a picture of your customer’s journey from being a prospect to a repeat buyer,” she says. “List the stages of the journey and note all of your technologies around it. Determine how much they support or enhance the stages of the customer journey. A similar exercise can be conducted with data. List the customer data sources and the type of data generated.”

“The digital age has changed the dynamic of the company-customer relationship, and businesses that don’t prioritize more attentive relationships with their customers will likely struggle,” Dr. Qaqish says.

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Dr. Debbie Qaqish (www.drdebbieqaqish.com) is Queen of Revenue Marketing™,  a term she coined in 2011. She is ForbesBook author of From Backroom to Boardroom: Earn Your Seat With Strategic Marketing Operations and Partner/Chief Strategy Officer of The Pedowitz Group, where she manages global client relationships and leads the firm’s thought leadership initiatives. Passionate about marketing’s new role as a revenue creator and growth driver, Dr. Debbie inspires others to embrace revenue accountability in the customer-driven economy. She has been helping B2B companies drive revenue growth for over 35 years and is a motivational speaker, a columnist for numerous marketing publications, host of Get Real with Revenue Marketing, and teaches an MBA class at The College of William & Mary on Revenue Marketing.

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Scaling a Small Business to Meet a Growing Demand: 9 Points to Cover

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Starting a business is easier than ever, but making a business successful has never been easy. In addition to that, today’s focus on ecommerce can lead to a sharp increase in demand if your product gains enough attention or goes viral.

So, how do you keep up with that kind of demand? The key is to scale carefully in a calculated way to ensure your business is prepared. Here are some helpful tips to guide you in the right direction and away from some common pitfalls.

1. Make Sure You’re Ready for Growth

All it takes is one viral TikTok video or Instagram post to send a small business with an online presence from obscurity to ubiquity. The internet is fickle, but it doesn’t take much to step into online stardom — and it’s easy to get overwhelmed with new orders coming in from all around the world.

Business owners need to start by figuring out if they’re ready for growth. Is there a plan in place to scale things up, or will a slew of new orders leave the company scrambling? Don’t start pursuing growth unless the infrastructure to support that growth is already in place.

2. Identify and Address Barriers to Growth

With a plan in place, the next step is to identify any barriers that might prevent that growth. Are supply chains an issue that could create problems? This has been a growing problem throughout the COVID-19 pandemic and it may be a while before things start to get back to normal.

Are there legal barriers that might interfere with international markets? Are there barriers within the business itself, in the form of people or policies that might cause growth to stagnate? Take a close look at the ins and outs of the business before you start trying to edge into new markets.

3. Focus on Quality and Consistency

Good, Fast, Cheap. Pick two. Companies that create a good product fast can’t do so cheaply. Ones that create a cheap product fast can’t focus on quality. Speed is valuable in a world that values instant gratification so highly, but don’t compromise quality and consistency for speed when trying to keep up with demand. Focus on quality and consistency first, especially when trying to meet a new or growing demand.

Compromising quality in favor of speed is just going to chase away all the new customers when they realize they’re not getting the best you have to offer.

4. Take Advantage of Outside Expertise

Businesses may offer unique takes, new products, or previously unknown services. But when it comes to dealing with new growth, there’s always someone who has been there before. Don’t assume you know everything. This is where networking can become a valuable tool for companies facing challenges sorting through a sudden increase in demand.

Make friends in the industry and tap into their knowledge and experience. This is often the best source of information and can help small businesses navigate the uncharted waters of growth.

5. Make Sure Customers Know Who You Are

There is so much information on the internet at any given time that it’s nearly impossible to sort through all of it — and it is easy to get overwhelmed, especially for consumers working to research a new company before they start spending money. It’s important to set up a comprehensive “About Us” page to make it easy for new customers to understand what the company offers and what they’re all about. You know a good template when you see it.

It sounds simple, but it can have a massive impact on growth. The style and design of the About Us page can decide whether that impact is positive or negative.

6. Build a Great Team

A company is only as good as the people who hold it together. It’s up to the business owner to build a great team that works together well: one they can trust to get the job done.

Start by choosing experts in the field — business, manufacturing, marketing, etc. — and work with them to find the perfect balance. It sounds simple, but it’s anything but. Finding a team of people who both succeed in their respective fields and work well together is like finding the Holy Grail.

7. Look Forward, Not Back

Where a business has been before can teach a lot of valuable lessons. Learning from failures and reworking plans that didn’t work in the first place are useful tools to help ensure business success in the future. But lingering on the past will make sure a business stays there.

Don’t let the past hold you back. Instead, learn from it and look to the future. Focus on where the company is going rather than where it’s been.

8. Learn From the Competition

Nearly every industry is fiercely competitive, but that doesn’t mean new ventures can’t learn from those who came before, even if those other companies stand in direct competition.

Unless a business owner is blazing the way in an entirely new field, there is always someone who left footprints in the sand. Follow them. Figure out what they did to succeed and what didn’t work for them, and then use that information to plan your next move.

9. Don’t Stray Too Far From Your Values

The temptation is great when moving into larger markets or growing exponentially, to betray some of what made a small business appealing in the first place. Maybe that means treating employees poorly or straying too far from the values that were established when the company first opened its doors.

Don’t give in to that temptation. The values established as a company defines what it is, and maintaining that appearance is more important than any profit margin or sale.

Celebrate The Wins and Learn From the Failures

For a small business, going global or experiencing substantial growth can be an overwhelming proposition. But that intimidation shouldn’t scare away anyone savvy enough to start a business in the first place. Start by ensuring the company is ready for growth by going over all the little details and determining what might interfere. From there, simply take things one day at a time and be ready to adapt to any new challenges that arise.

The internet is a valuable tool for small businesses, but one viral video can shoot a company to previously unforeseen heights that they might not be ready for. Be careful and ready for anything. Learn from any failures and celebrate successes as they manifest.

pandemic
Archives, Commentary, Global Trade Daily

Is Your Company Designed for a Post-Pandemic Future?

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Executives are under a tremendous amount of pressure in today’s post-pandemic knowledge-driven economy. They began to listen and respond to the plethora of information in the form of articles, books, and models attempting to provide effective leadership to help impact not only the productivity and profitability of the organization but also competitive advantage. This article is set in place to inspire leaders to effectively lead their companies to meet and exceed the global challenges today. It is about getting the information needed to be successful in the right hands of executives worldwide in a post-COVID world.

Today‘s post-pandemic knowledge-driven economy is placing more pressure on companies to achieve a high level of knowledge-driven performance and organizational competitiveness. There are many academic studies that focus on the organizational and managerial factors that drive knowledge-driven performance and organizational competitiveness. Knowledge is one such area that plays a critical role and is a strategic prerequisite for business success in the post-pandemic knowledge-driven economy.  Executives that manage knowledge and use it as an important driving force for business success find their organization to be more competitive and on the cutting edge in the new economic normal. For now, executives can develop conducive organizational climates that foster an atmosphere of trust and openness in which knowledge, as a driver of improved knowledge-driven performance.

This article blends scholarly concepts with real-world application and places a great deal of emphasis on the literature on organizational resources as significant indicators for knowledge-driven performance and organizational competitiveness. This also has several implications for practitioners. First, it adds to a relatively small body of business literature and develops our understanding of today’s post-pandemic knowledge-driven economy. Second, it develops a new and dynamic conception of organizational resources. Particularly, I advance the current literature on the post-pandemic knowledge-driven economy by offering novel insights into how organizational resources affect knowledge-driven performance and organizational competitiveness. Further, I show that a firm’s ability to enhance knowledge-driven performance, create competitive advantage and also recognize the global changes occurring in the post-COVID business environments and effectively respond to them can be significantly affected by organizational resources.

The Pillars of Post-Pandemic Knowledge-Driven Economy

In a post-pandemic world, the business environment is constantly changing. Knowledge is a crucial part of hypercompetitive environments. Organizations can design, copy, or update products and services easier with more adaptability than ever today. Organizations compete globally but must think locally if they expect to exceed. And new markets place demands on the roles of change leaders in organizations operating in this modern environment.

Today‘s knowledge-driven economy is placing more pressure on organizations to employ effective leaders who are capable of developing knowledge-based organizations and creating competitive advantage. Culture, structure, strategy, networks, and stakeholders are internal resources that can increasingly facilitate knowledge-driven performance and improve the search for knowledge.

Executives are now introduced to The Proposed Model

Based on an integrated framework of the above ideas and scholarly research, I depict an applicable and reliable model for executives as Figure 1. This framework of the model highlights a relationship between organizational resources and knowledge-driven performance and organizational competitiveness. In Figure 1, organizational resources have sizable impacts on knowledge-driven performance which also leads to better competitive advantage. In fact, better strategy, better culture, better structure, better networks, and better stakeholder orientation can lead to higher knowledge-driven performance and organizational competitiveness.

Figure 1: The New Proposed Framework

There are some executives that like to look at academic journals but unfortunately,  crossover literature has not reached them enough. I attempt to blend scholarly concepts with real-world application. Insufficient consideration of the impacts of organizational resources on knowledge-driven performance and organizational competitiveness has been exposed. Thus, for executives, this article can portray a more detailed picture of the effects of these organizational factors on knowledge-driven performance and organizational competitiveness that have been mentioned but not placed in a model in the past.

In Conclusion

This article raises vital questions as to how executives can successfully contribute to knowledge-driven performance and subsequently improve competitiveness at all levels of the organization and overcome threats to one’s survival as a company. It also offers practical contributions for managers at all levels of the organization. I stress that knowledge is a strategic resource for organizational portfolios in a post-pandemic world. Many organizations still implement knowledge development initiatives without sufficient consideration of their organizational resources. When executives ensure the effectiveness of organizational resources they increase knowledge-driven performance and organizational competitiveness and also lessen operational risk.

This piece suggests that five organizational factors of culture, structure, strategy, networks stakeholder orientation constitute the foundation of a supportive workplace to improve knowledge-driven performance and organizational competitiveness. The nature of the interactions between these organizational resources and knowledge-driven performance and organizational competitiveness can suggest several complementary insights for the existing business literature.

This focus is based upon the critical role of these organizational resources which allows a rich basis to understanding the mechanisms by which knowledge-driven performance and organizational competitiveness are influenced. It articulates a different approach. I simply extended the business literature by showing how executives can also contribute to knowledge-driven performance and organizational competitiveness by fostering a trust-based culture, a flexible structure, an agile strategy, and more effective networks stakeholder orientation.

These five factors coupled with knowledge-driven performance and organizational competitiveness are presented as a new approach for executive implementation.

e-commerce customer-obsessed
Archives, Global Logistics, Global Trade Daily, Special Reports

5 Practical Ways to Increase E-commerce Profitability

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E-commerce businesses continue to be an indispensable part of the retail industry. As more and more people continue to shop online, setting up an e-commerce store is relatively easy, especially when you have platforms like Amazon or Shopify. However, growing your e-commerce business, expanding your operations, and generating more revenue proves to be a challenge in a cutthroat industry.

It becomes harder to foster customer loyalty when there are hundreds of thousands of e-commerce stores, and it doesn’t help that customers are pickier than ever.

According to the US Census Bureau, e-commerce sales will continue to grow in the United States by a whopping 20% between 2018 and 2022 and it’s expected to reach 380 million by 2022. This is exciting news for e-commerce businesses but knowing which e-commerce stores will generate the maximum revenue during this period is unpredictable.

We’ve listed five practical ways to increase e-commerce profitability to increase your chances of generating maximum income and revenue.

1. Design a Great Website

It only takes less than a second for visitors to decide if they want to continue browsing your website or not. So, if your website does not have a clear value proposition that can hold your visitor’s attention longer, your bounce rate will be sky-high.

Effective visual communication is crucial to the performance of your e-commerce store. 80% of your visitors remember what they see on your website, while 10% never forget what they read. Pay attention to how your visitors navigate your website and use this information to improve your site navigation.

Another important factor you want to remember is the presentation of your products and services. You want to present them in a way that catches their attention and piques their interest. This could be in the form of images, videos, and website design.

Your About Us page should also catch your audience’s attention. According to Marketing Sherpa, around 7% of visitors on the Home Page click on the About Us next. And among those who click on the About Us, 33% are more likely to convert into potential customers.

2. Establish Customer Loyalty

Did you know that your existing customers are more receptive to your marketing efforts? Aside from that, they are likely to spend more money, order more frequently, and recommend your store to friends and family.

Customer churn – or losing your old customers to competitors – is a major problem among e-commerce businesses, so it’s crucial to prioritize customer loyalty when creating strategies for your marketing plan.

Focus on keeping your existing customers happy by offering discounts, loyalty cards, provide exceptional customer service, ask for feedback, and strive to continually improve. Before you may significant changes to your e-commerce website, be sure to consider your existing customers first. These strategies can help establish customer loyalty and ultimately improve your bottom line.

3. Consider Offering Subscription Products

The subscription business model has gained a lot of traction over the years. We’ve seen companies like Dollar Shave Club (razors), Blue Apron (meal kits), and Birchbox (beauty) connect with influencers to market their products.

If you’re not familiar with subscription products, here’s how it works: You offer a product or a curated set of products each month and encourage people to subscribe for a fee and receive the items.

Many people love subscription products because they love being surprised by deliveries, curating “random” or “assorted” boxes allows you to offload unsold items in your inventory, and the monthly revenue stream makes it easier for you to improve your e-commerce business.

4. Stay on Top of Your Finances

Regardless of the size of your e-commerce store, it’s important to adopt proper bookkeeping strategies. Keep records of all financial transactions and receipts and keep them organized. You can also use the best debt payoff app and bookkeeping software like QuickBooks to keep your finances in order.

5. Enhance Your Website Security Measures

Keeping your website secure should be one of your priorities. A complicated checkout process can likely expose your customers’ financial information. As a business owner, it’s your responsibility to keep your customers’ information safe. Plus, a security breach scandal is something a small business cannot afford.

Invest in professional security for your website and servers. This might cost you a significant amount upfront, but consider this purchase as a long-term investment that can help you and your customers in the long run.

Professional security services are effective in preventing data losses and hacks. A security company can also help your site in case of a malfunction.

What’s Next?

The key to running a profitable e-commerce store is to keep your customers top of mind. Structure your website in a way that’s easy to navigate. If your customers need to click 300 times to purchase something, they will likely shop with your competitor.

logistics
3pls, Archives, Global Logistics, Global Trade Daily, Trucking

Things To Consider Before Starting a Logistics Business

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Are you thinking of starting your own business? Then a transport and logistics business can be a good option because it’s booming at this moment and its growth is not going to come to a halt as people are now more inclined towards things being brought to them at their doorsteps without having to venture out and spend time in doing so. But there are certain things to consider before you finally get ready to start.

Build a customer base

It is seen that people start their business with little capital and solely rely on the revenue to be generated to cover all the incurring costs. In this way, they taste failure at a very early stage of their endeavor. The first and foremost thing to do would be to build a strong customer base by portraying the business plan as transport contacts don’t happen just from anywhere or at any time.

Consider the capital and the cost

Decide on the source of the capital you are thinking of to start the business. It may be from an investor. A bank loan can also be a good option. Considering investing money from your savings should be the last resort. Once the initial capital arrives, chalk out a budget that will cover expenses like maintenance cost, license cost, staff salaries, toll expenses, operating costs, etc. Marketing your business may be too early to think of but that will also involve a lot of money later. Besides, you will have to arrange for the security deposits for the vehicles (if you intend to take lease) you would be using. Insurance cost is another yearly expense to be kept in mind.

So, accurately managing the capital is the most crucial thing to do at the onset of your business. If you succeed in doing so, then you are sure to gain recognition as a reputed transport and logistics association in no time.

Buy the right vehicles

If you are thinking of buying a fleet of vehicles for the business, you should minutely go through the service plans and the warranty the vehicle company is willing to offer. Purchasing the right vehicles depends on two major factors –

a) The type of goods you would be transferring

b) The volume of the supplies the vehicles would be carrying

c) The area (or the distance) you want to cover initially while transporting the goods

d) The terrains your vehicles would be covering

There are other factors to look for before buying the vehicles, but summed up above are the most important ones. Once you have these things sorted out you can easily figure out how to run the business efficiently.

Get a proper training

As a newcomer in this business, you might lack confidence. So, you can get proper professional training carried out by various transport agencies. They will provide you with a certificate after the training process which will give you the much-needed qualification for the business.

Conclusion

Whether you are intending to start with a small van or a huge fleet of trucks, you might face tough competition from your fellow businessmen. Always look for ways to improve your business status. Keeping your customers satisfied should be your priority, not only in this business but in every business.