Importance of Groundwork when Opening a New Business Outlet

While the UK economy may have grown at a rate 0.7% during the second quarter of 2015, the level of sentiment that existed after the Conservatives landslide victory has dissipated somewhat. With a potential collapse in the Chinese economy and issues surrounding Britain’s future relationship with Europe, it is crucial that businesses remain vigilant and pay attention to even minute details if they are to succeed in 2015 and beyond.

Importance of Groundwork and Optimising your Outlets

In simple terms, it is every entrepreneur and business owner’s duty to safeguard their own business venture in 2015, while also remaining aware of potential economic shifts that could undermine the commercial climate. This is particularly relevant for firms that are planning to open brand new retail outlets or stores, as it is imperative that costs are minimised in order to optimise profitability. Such lofty ambitions can be challenging, especially if you are required to complete groundwork prior to opening your new location to the public.

5 Customer Onboarding Mistakes Every Business Must Avoid

Attracting, converting, and retaining customers are goals of every onboarding strategy. It may sound simple, but with so much competition for people’s attention, it takes a well-executed strategy to succeed in gaining people’s interest and loyalty. A customer’s first experience with your website can make a lasting impression, and so it’s important that you ensure that two of you get off on the right foot and develop a strong rapport immediately. When it comes to onboarding, the biggest mistake is likely the lack of a solid plan, but in addition to that, here are some of the most common onboarding mistakes and how you can steer clear of them.

Not Setting Goals

If you don’t have something to aim for, you won’t succeed in hitting your target. Before your initial interaction with a customer, make sure that you have clearly delineated goals for onboarding. Identify and prioritize your objectives, and make sure that you can measure your progress. It’s OK if your goals end up changing as you implement your strategy. In fact, adjusting to new information and situations is a sign of a flexible plan.

Meet the Fampreneur: Why Over Half of New U.S. Businesses Are Family Run

While the term “family business” may still bring to mind the little Mom and Pop store on the corner, the reality is that family businesses make up a huge segment of the economy, in the United States and worldwide.

Earlier this year, The Center for Family Business at the University of St. Gallen produced the Global Family Business Index, which lists the 500 largest family-owned businesses worldwide. With huge names like Wal-Mart, Ford Motor Company, and Berkshire Hathaway included, it’s not surprising to find that the combined annual revenue of these 500 firms is over $6.5 trillion!



In other words, these 500 family-owned businesses represent the third largest economy in the world behind the U.S. and China!

In nearly all these cases, these are long-established corporate behemoths in which the founding family has maintained a majority stake in the company and decision-making rights in company policy and leadership. The average age of these companies is 88 years, so several generations have already been involved.