Business Management News

As anyone who’s ever been managed can tell you, good leadership is a skill that takes plenty of practice – and it might just be the factor that transforms your company culture for the better.

When a customer walks by your storefront, do they know you want their business? Do they receive a welcoming SMS message with an offer tailored to their needs?

In the age of big data, large start-ups and corporations have already harnessed the power of information to better target their customers, giving them all sorts of competitive advantages over small businesses.

Corporate America has already ditched the cubicle for the conference room, and water cooler small talk for a string of Slack chat notifications. When rapidly-shifting work cultures make leading a team challenging during the best of times, how do you manage a remote workforce on top of everything else?

If you work in food service, trying to keep up with the rapid advances in restaurant technology can be daunting. Whether you own your own food truck or a small chain, robust POS platforms, customer analytics, and back-of-house management programs are changing how restaurants conduct business, reach new customers , and retain regulars .

If you’re a restaurant manager, you know how important repeat business is to your bottom line. Not only do returning customers outspend new ones by 67% , but a loyal fan base can also provide you with the social proof you need to convert new customers into regulars.

No matter what industry you work in, finding the right candidate for the job is crucial. High employee turnover can cost companies big. According to HR firm Zane Benefits , turnover could cost as much as 20% of a mid-range employee’s salary. That’s a big chunk of your bottom line.

New restaurants operate on razor-thin margins, which means you need all the new and return business you can drum up. And while there are plenty of robust marketing tools that will put your menus in front of new customers, that outreach won’t mean anything unless your food service and internal processes are impeccable .

As we move deeper into 2017, the time for New Year’s Resolutions and annual strategic planning initiatives is over. Now, it’s time for action.

So you think you’re ready to go into business? That’s great! Forbes contributor Jeff Rose calls entrepreneurship one of the best ways to build wealth fast , and if you make the leap, you’ll count yourself among the 28 million U.S. business owners who are driving 40% of all retail sales in the country.