Lauree Ostrofsky

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Taking the time to conduct due diligence before partnering with another business can save both time and money. A collaboration between entrepreneurs has the potential to significantly drive business growth by exposing both parties to new audiences and new opportunities. However, entrepreneurs must proceed with caution before agreeing to or signing anything. Every potential partnership may look good in theory, but the reality of combining forces may not match up to expectations if proper due diligence is not conducted beforehand. Asking key questions before signing on the dotted line can save both entrepreneurs time and money in the event that the partnership doesn’t work out as planned. To help, a panel of Newsweek Expert Forum members each share one question business owners should consider before setting up a new partnership.

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Relying more on the help of others can reduce the strain entrepreneurship places on leaders. Business leaders carry the weight of their organizations on their shoulders. In addition to ensuring ideas come to fruition and customers are satisfied, executives also have the added pressure of ensuring employee needs are being met. These priorities can place a considerable strain on a leader even in times when a business is fairing well. Rather than accepting that burnout may be an ever-present downside to entrepreneurship, leaders can begin shifting the operations of their businesses to move out of that mindset. Relying more on the people who help run the business can help, but executives have to be ready to make active changes in their lives. Below, the members of Newsweek Expert Forum offer expert advice on how executives can begin moving in the right direction again after feeling burned out.

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Test your product with real users to work out the bugs and prepare for your official launch. When you’re launching a new product, one of the best ways to make it more effective is by running user tests. Many companies rely on user testing to better understand what their customers need and how they can improve their products for their users. To help you improve your user testing techniques, nine members of Newsweek Expert Forum shared their approaches to implementing smarter user tests. Follow their advice to stay in sync with your users and their feedback and improve your product prior to launch day. 

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Transparency in your customer communications is a surefire way to encourage loyal, lasting relationships with them. Open, honest communication is the cornerstone of any good relationship, including that between a business and its customers. Without transparency from a brand, consumers can be left feeling vulnerable and uncertain about whether a company will fulfill their wants and needs. When internal concerns stretch an organization thin, a good customer service experience can be hard to replicate over and over again. However, there are techniques that can ease communication between companies and the customers who support them. Below, a panel of Newsweek Expert Forum members shared their top recommended ways to leverage transparency and increase customer loyalty. 

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To survive in business long term, leaders must be able to respond and adapt to sudden changes. Nothing is ever certain in business. The products and services provided by companies solve real, current problems, but the mission that fuels a business is bound to change as time goes on. Leaders must be able to pivot and adapt their organizations in a changing environment. Despite the challenges presented by a fluctuating market or evolving times, it’s still possible to effectively make and achieve goals that help secure a business’s future. Below, members of Newsweek Expert Forum share their expert advice on the best strategy leaders can use to create a vision for the future of their organization among uncertainty.

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When even small decisions can have a big impact on your business, removing bias is a critical step in the decision-making process. To be an entrepreneur is to expect change. The business world is rarely static, and leaders who are able to meet obstacles head-on and create solutions are better able to survive long term. This is why decision making plays such an important role in a successful business.  When time is limited and decisions have to be made, an objective approach can help ensure the best conclusion is reached. However, considering how big of a role people play in business and how often emotions can take over, remaining objective can be a challenge. Here, the members of Newsweek Expert Forum share strategies for letting go of assumptions and approaching the decision-making process with an unbiased view.