With inflation rising, businesses are being challenged to balance profit and customer satisfaction. Maintaining the delicate balance between profit and customer satisfaction is a constant challenge. These days, business owners find themselves in the tough position of needing to raise prices to maintain balance in a world plagued by inflation. In a competitive market, price changes can be a double-edged sword, potentially boosting revenues or driving customers away. To navigate this terrain successfully, it's crucial for businesses to identify the one sign that indicates it might be time to raise prices. To help, 18 Newsweek Expert Forum members delve into the intricacies of pricing strategy and explore the key factors that signal when your business should consider this significant step.
Inviting employees to share their input in workplace changes helps ensure the creation of an inclusive and empathetic space. The idea of what constitutes a safe working environment has changed significantly in today’s global business environment. Where before the focus was primarily on physical safety, many organizations have evolved to now include well-being and psychological safety as well, resulting in increased productivity and decreased turnover. While many businesses are committed to creating and maintaining a safer work environment, knowing where to start and what to focus on can be challenging. To help, 17 Newsweek Expert Forum members each offer one essential factor business leaders should consider when working to build a safer working environment in a business.
To make lasting, sustainable change, leaders have to be willing to throughly examine their existing culture and make needed changes. A business’s culture is its organizational backbone. As potential customers and employees have become increasingly interested in learning what a business is all about beyond its product or service offerings, culture can set an organization apart from its competitors on the market. Leaders, however, have to be mindful of the culture that is created and preserved. Maintaining the wrong kind of culture is an action that can devastate a brand long term, but the damage can be reduced if leaders seriously commit to making a change. To help, 13 Newsweek Expert Forum members each share one essential step leaders must take when they begin the work of cultural change.
Though an uncertain market can be challenging for entrepreneurs, it can also be an opportunity to grow. While market downturns can devastate companies across industries, they can also be full of potential. By leaning in on being agile and flexible, business leaders can effectively navigate uncertainty, find new opportunities and execute needed change. As experts, the members of Newsweek Expert Forum members have dealt with their own share of market challenges. Below, 15 of them each share one way companies can look for new business opportunities in a market downturn and secure a bright future.
When a partnership with a client isn’t working as well as it used to, it can be hard to let go of both the relationship and the steady work. While a steady supply of new clients is critical to helping a business get off the ground, returning customers play an equally important role in a business’s lasting success. Establishing a long-term partnership with a client can be incredibly beneficial on both sides, resulting in effective collaboration, increased efficiency and a deeper understanding of the other party. However, not all relationships are meant to last forever. When issues keep occurring and relations become strained or toxic, it’s time to take an objective look at the partnership to determine whether it should continue. Below, 15 Newsweek Expert Forum members each share one warning sign that a partnership with a client has turned toxic and needs to be ended.
Though an investment of time, effort and money do make entrepreneurship easier, leaders should still expect to encounter challenges. The entrepreneurial journey is full of highs and lows for every business leader. And even when a leader has considerable resources, there is no way to completely avoid encountering business challenges. While these hurdles can completely shake a business, they can also double as valuable learning experiences that help entrepreneurs grow and develop their skills as leaders. Below, 17 Newsweek Expert Forum members each share one specific business challenge they believe usually results in a great teaching experience and what lessons leaders can carry forward into the future.
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