Diane Helbig

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Before moving your business to a new industry, it's best to get a full understanding of that current market. Moving your business into a new industry can bring with it the opportunity to expand your current business offerings or go in a completely different direction. However, before jumping into a new endeavor, it’s important to carefully think through each move and fully understand the potential consequences of what you do. While an entrepreneur may have experience in a given field, that experience may not translate well to a new setting. To help entrepreneurs make a successful change, a panel of Newsweek Expert Forum members share common mistakes entrepreneurs encounter as they attempt to pivot into a new industry.

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Offering additional benefits can increase the chances of not only drawing in attractive candidates, but also retaining your current workforce. In today’s job market, a high salary alone is no longer enough to entice high-quality candidates. Companies instead will need to consider offering additional benefits that appeal to job seekers looking for flexibility in their work lives and more meaning from the work they do.  From the ability to work from home and more PTO to programs dedicated to developing employees professionally, adopting these benefits may allow employers to draw in more prospects and retain their current workforce. Below, 10 members of Newsweek Expert Forum each share one perk companies should consider offering to attract top candidates in today’s competitive work environment. 

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Focusing on developing the skills of employees can also benefit employers. Organizational leaders have the unique position of driving business goals, but employees are the true lifeblood of an organization. A successful business meets those business goals by providing needed products and services to customers, but if employees aren’t motivated to do their best, the chances of true success are slim to none. Managers that place an emphasis on catering to their employees’ needs and developing the skills of their workforce are more than likely to create an environment that produces and retains top-notch employees. To help leaders bring out the best from the employees working with and below them, a panel of Newsweek Expert Forum each share tips on how to build a supportive work environment.

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Building long-lasting relationships with peers requires moving away from competition and toward supporting their successes. In a business setting, it’s difficult not to think of your peers as competition. Whether they are within your immediate team or running their own company with an offering similar to yours, it’s inevitable that you’ll begin comparing yourself to them, assuming that their every success may mean lost opportunities for you. The true reality is that people can occupy the same spaces at the same time without feeling threatened by one another. The first step is recognizing that no matter how similar a situation may seem, no two people walk the same path. To help professionals escape from a competitive mindset and build healthy relationships, 10 Newsweek Expert Forum members give advice on how to connect with peers without comparing yourself to their successes.

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Actively meeting the needs of employees can inspire respect for leaders while also having a direct impact on the business's bottom line. Being a great leader requires more than delegating tasks to employees and meeting business goals. Each individual employee within an organization has different needs, and the role leadership plays in meeting those needs and empowering employees to contribute their expertise can have a direct impact on a business’s bottom line.  Though all leaders aspire to be someone worthy of guiding others, the challenge is ensuring each action taken signifies interest in and commitment to the well-being of employees. To help, the members of Newsweek Expert Forum offer recommendations for how those in power can earn the loyalty of those around them and become leaders people will want to follow.

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The wide adoption of technology for communication is proving that there is a considerable need for virtual networking tools. The connections built between people can create bonds that drive success for both individuals and organizations. Though the formation and maintenance of these connections has been completely transformed over the past year and a half, the strength of those bonds still holds true. The wide adoption of video conferencing software like Zoom has shown that regardless of the obstacle—be it a global pandemic or a considerable distance—there is a great need for more virtual options in the world we live in today.  Expanding the ways in which people can connect in an increasingly digital world means that the future of connecting may be uncertain, but examining the changes that have taken place so far can offer valuable insight. Below, 13 members of Newsweek Expert Forum members share their expert predictions on how networking will look in the future and how leaders can begin preparing for changes now.

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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.

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When you're having trouble buckling down and focusing, taking a step back to ground yourself can help you get back on track. Some days, it’s easy to lock into a productive mindset and get everything done efficiently. Other days, it’s a little (or a lot) harder to maintain that focus. This can be especially challenging when you’re on a tight deadline or have many competing priorities. Whether you’re feeling overwhelmed, exhausted or simply “out of it,” you know you need to recalibrate, but might not be sure where to begin. To help you recenter and get your work done, 15 members of Newsweek Expert Forum share their tried-and-true tips.

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Great outreach is all about understanding the needs of prospective customers and providing them with something valuable. Whether it’s through emails, webinars or phone calls, there are a variety of different ways businesses can interact with prospects. Direct outreach can help a business land sales while also building and maintaining relationships with potential and current consumers. However, at the forefront of any outreach should be the desire to meet the needs of your customer base. How can leaders conduct outreach that leads to results? Eight members of Newsweek Expert Forum share secrets that can help business leaders craft effective B2C outreach strategies and outline why these strategies are critical in today’s saturated business environment.

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When you exhibit true interest in learning and helping, you telegraph how valuable the customer is.

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Actively leaning into feedback from employees can help leaders create workplaces that foster open communication. The creation of an inclusive workplace starts long before an employee officially joins an organization. It’s in the structure of decision making. It’s in the language used in the recruitment process. It’s also in the value leaders place on ensuring employees feel heard and safe once they are a part of the team.  While employers are well aware of the benefits of diversity and inclusion, they may not know the best way to go about actively implementing those initiatives in the workplace. Below, 10 members of Newsweek Expert Forum share recommendations on how leaders can practically develop and maintain inclusiveness as a core component of the workplace.

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Business challenges can be difficult to face, but they can also provide an incredible learning experience for company leaders. Every difficult situation and mistake offers an opportunity to learn something valuable for the future. This is especially true for business leaders, who deal with challenging situations on a near-daily basis. Amid these tough decisions, it can be hard to discern the “right” path. However, each step forward and challenge faced is another lesson learned. Below, 13 members of Newsweek Expert Forum share the significant business challenges they believe can become a great teaching experience for leaders. Here's why they think these situations are such excellent teachers. 

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It's easier than ever to share information—which means leaders must take extra care to ensure that information spread throughout their company is factual. The ease of access to information today is a great public utility. However, this means there is also greater access to misinformation. When business leaders are sharing anything with their teams, they have to be sure the information is accurate and fact-based. Otherwise, something may be interpreted incorrectly and the rumor mill may start turning at your organization. To help leaders ensure they're not contributing to the spread of misinformation, 15 members of Newsweek Expert Forum shared their best tips for businesses.

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A company's core values are the most important part of its culture and ethos. As a leader, it's your job to enforce and live those values every day. The modern employee and consumer want to know that companies care about more than just sales and profit. People are more motivated to work -- and consumers are more likely to patronize a brand—when they believe a company's values align with their own. As a business, messaging about your core values should come from the top and be enforced within your culture every day. Below, 15 members of Newsweek Expert Forum share their tips for strengthening a company's core values and making sure that they are enforced. Follow their recommendations to ensure your team and your customers know exactly what you stand for.